Churchill Downs Reports $980m Q2 Revenue as Kentucky Derby Drives Record Performance
2026-07-29
Source: Global Gaming Insider
Churchill Downs reported Q2 2026 net revenue of $980m, up 4.9%, driven by record Kentucky Derby results, while H1 net income rose 10.2% to $324m. The operator also outlined construction timelines for Victory Run and Rockingham Grand Casino projects.
Churchill Downs Inc. posted net revenue of $980m for Q2 2026, a 4.9% year-on-year increase, while first-half revenue reached just over $1.6bn, up 4.2%. The operator also saw net income climb 11.1% to $241m in the quarter, with adjusted EBITDA rising 5.8% to $477m. The strong quarterly results were fuelled by all-time record contributions from Kentucky Derby week, including a new high for all-sources wagering on the race.
Q2 Segment Performance
Live and historical racing generated the largest revenue share at $543m, up 6.5% from the prior year. The wagering services & solutions segment contributed $167m (up 5.7%), while gaming net revenue edged up 1.5% to $270m. Operating income for Q2 rose 9.2% to $357m, even as operating expenses grew 2.6% to $623m. Churchill Downs Racetrack alone accounted for $247m of live and historical racing revenue, while New York led the gaming segment with $51m.
Segment-adjusted EBITDA figures also improved: live and historical racing rose 7.1% to $318m, gaming increased 4.7% to $133m, and wagering services & solutions gained 8.3% to $52m.
H1 2026 Highlights
For the first half of the year, net income totalled $324m, up 10.2%, despite a 2.5% rise in operating expenses to just over $1.1bn. Adjusted EBITDA for H1 reached $734m (up 5.5%), and operating income grew 8.2% to approximately $500m. Live and historical racing continued to lead revenue, growing 7.3% to $840m. Wagering services & solutions revenue increased 4.2% to $276m, while gaming revenue slipped 0.4% to $527m.
Regionally, Virginia operations surpassed Churchill Downs Racetrack in H1 net revenue, generating $271m versus the Kentucky venue’s $250m. New York again topped gaming revenue at $97m, followed by Indiana ($68m) and Louisiana ($65m).
Upcoming Developments
Churchill Downs confirmed launch timelines for two key projects: the Victory Run facility at Churchill Downs Racetrack is expected to complete construction by April 2028, with a planned spend of $25–30m. The Rockingham Grand Casino in New Hampshire is slated to finish development in mid-2027, costing between $70–80m. No specific dates were provided for other ongoing projects, but the company noted planned spends of $30–50m for those under development and $55–60m for projects completed during Q2 and H1.