$980M Revenue, $477M EBITDA: Churchill Downs Delivers Another Record Quarter
A record quarter, powered almost entirely by a single race week – and a set of segment numbers that tell a quieter story underneath.
Churchill Downs Incorporated has reported its Q2 2026 results, and the headline is a company best. Net revenue reached an all-time record $980 million for the quarter ended 30 June 2026, up 5% on the prior year. Adjusted EBITDA hit a record $477 million, up 6%, and net income attributable to the company came in at $241 million, up 11%. The engine, by the company’s own account, was the 152nd Kentucky Derby.
Why the Churchill Downs Q2 2026 results matter now
Records are easy to report and hard to read. This one rewards a closer look. CDI (Nasdaq: CHDN) runs a business built around live and historical racing, a horse-racing wagering operation, and regional casinos – and in the June quarter, one of those pillars did most of the work. The company tied its record directly to Derby Week, which means the strength of a $980 million quarter rests heavily on a handful of days in early May. That’s not a criticism. It’s the shape of the model, and it’s exactly what operators and analysts watching this space need to price in.
What the Churchill Downs Q2 2026 results actually involve
Start with the Derby itself. The 152nd running delivered what the company called an all-time record Derby Week contribution to Adjusted EBITDA, alongside record all-sources wagering. Peak television viewership reached 24.4 million, up 12% year on year, with average viewership of 19.6 million. The Kentucky Oaks aired in primetime for the first time, drawing 2.4 million viewers and setting its own all-sources wagering record for the race day card.
That flowed straight into the Live and Historical Racing segment, which posted external net revenue of $543 million and Adjusted EBITDA of $318 million – the clear standout performer. Wagering Services and Solutions, home to TwinSpires, delivered $167 million in external net revenue ($178 million total segment revenue), with quarterly TwinSpires Horse Racing wagering volume climbing to $634 million compared to $609 million a year earlier
The operator read – where the quarter gets interesting
The Gaming segment – CDI’s regional casino operations – generated $270 million in net revenue, up $4 million year-over-year. Core property growth across New York, Indiana, and Maryland was partially offset by a $4 million structural drag from exiting Louisiana HRM operations in May 2025. Meanwhile, segment Adjusted EBITDA rose $6 million to $133 million, driven by strong performance at wholly-owned properties and equity investments like Rivers Des Plaines and Miami Valley Gaming.
The caveat worth naming
Two factors temper the quarter’s headline celebration. First, event concentration carries inherent calendar risk compared to traditional regional operators. Second, CDI ended the quarter at 3.7x net bank leverage while funding major multi-year capital projects – including the Rockingham Grand Casino in New Hampshire (targeted mid-2027 completion with $70-80 million planned 2026 spend) and the Victory Run project at Churchill Downs Racetrack (targeted April 2028 completion with $25-30 million planned 2026 spend).
Can the Derby keep carrying the quarter?
While Derby Week remains CDI’s primary driver, focusing solely on May misses the year-round engine being built through Historical Horse Racing (HRM)-which contributed $13M in incremental revenue growth this quarter across Kentucky and Virginia venues. Additionally, Gaming’s modest top-line movement was primarily due to a structural comparison drag from the May 2025 Louisiana HRM exit, even as core casino properties performed well. To power the remaining 51 weeks, CDI is investing heavily in long-term developments like Rockingham Grand Casino ($70-80M 2026 spend) and Victory Run ($25-30M 2026 spend). For analysts, the real narrative isn’t just a record May, but how effectively CDI scales this year-round ecosystem.
Source: Churchill Downs Incorporated
