Churchill Downs (CHDN) Cost of Revenue (2018 - 2026)
Churchill Downs (CHDN) recorded Cost of Revenue of $561 million in Q2 2026, up 3.5% from $542 million a year earlier and up 22.0% from the prior quarter.
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Analysis
Churchill Downs (CHDN) Cost of Revenue (2018 - 2026) Analysis & Trends
On a TTM basis, Churchill Downs' Cost of Revenue came in at $1.97 billion as of Jun 30, 2026, up 4.6% year-over-year; for FY2025, it was $1.94 billion, up 8.2% from FY2024.
- Annual Cost of Revenue has increased for five straight years, with a five-year compound annual growth rate of 17.7% (FY2020 to FY2025).
- Across earlier years, Cost of Revenue came in at $1.8 billion in FY2024 (+7.8%), $1.67 billion in FY2023 (+34.0%), $1.24 billion in FY2022 (+8.0%) and $1.15 billion in FY2021 (+33.8%).
- The Q2 2026 figure is the highest quarterly Cost of Revenue in data going back to Q1 2018.
- On a year-over-year basis, Cost of Revenue has increased for six consecutive quarters, with growth averaging 6.7% over the last seven quarters.
- Peak year-over-year performance for Cost of Revenue in the last five years was growth of 45.6% in Q3 2023, against a decline of 91.7% in Q4 2021 at the low end.
- Per Business Quant, the preceding three quarters came in at $460 million (Q1 2026), $469.2 million (Q4 2025) and $478.7 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 25.05 Bn | 11.15 Bn | 1.48 Bn | 1.67 Bn |
| 2 | Flutter Entertainment | 13.32 Bn | 6.69 Bn | 1.71 Bn | 2.61 Bn |
| 3 | Madison Square Garden Sports | 9.77 Bn | 9.37 Bn | 119.21 Mn | 159.53 Mn |
| 4 | DraftKings | 9.57 Bn | 5.23 Bn | 551.45 Mn | 891.78 Mn |
| 5 | Life Time Group Holdings | 9.03 Bn | 8.26 Bn | 412.26 Mn | 453.73 Mn |
| 6 | Wynn Resorts | 7.89 Bn | 2.18 Bn | 758.95 Mn | 1.10 Bn |
| 7 | MGM Resorts International | 7.50 Bn | -1.53 Bn | 1.98 Bn | 2.47 Bn |
| 8 | Light & Wonder | 7.12 Bn | 6.43 Bn | 618.00 Mn | 210.00 Mn |
| 9 | Caesars Entertainment | 5.97 Bn | 2.41 Bn | 1.50 Bn | 1.49 Bn |
| 10 | Churchill Downs | 5.75 Bn | 4.98 Bn | 419.00 Mn | 561.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 561.00 Mn |
| Mar 31, 2026 | 460.00 Mn |
| Dec 31, 2025 | 469.20 Mn |
| Sep 30, 2025 | 478.70 Mn |
| Jun 30, 2025 | 542.00 Mn |
| Mar 31, 2025 | 453.00 Mn |
| Dec 31, 2024 | 444.50 Mn |
| Sep 30, 2024 | 442.90 Mn |
| Jun 30, 2024 | 502.70 Mn |
| Mar 31, 2024 | 405.70 Mn |
| Dec 31, 2023 | -128.10 Mn |
| Sep 30, 2023 | 408.50 Mn |
| Jun 30, 2023 | 469.80 Mn |
| Mar 31, 2023 | 387.50 Mn |
| Dec 31, 2022 | 348.80 Mn |
| Sep 30, 2022 | 280.50 Mn |
| Jun 30, 2022 | 472.00 Mn |
| Mar 31, 2022 | 270.90 Mn |
| Dec 31, 2021 | 18.80 Mn |
| Sep 30, 2021 | 287.30 Mn |
API Access
Churchill Downs Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=CHDN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "CHDN", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=CHDN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();