v3.26.1
Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
9. REVENUE FROM CONTRACTS WITH CUSTOMERS
Performance Obligations
As of June 30, 2026, our Live and Historical Racing segment had remaining performance obligations on contracts with a duration greater than one year relating to television rights, sponsorships, personal seat licenses, and admissions, with an aggregate transaction price of $197 million. The revenue we expect to recognize on these remaining performance obligations is $2 million for the remainder of 2026, $64 million in 2027, $39 million in 2028, and the remainder thereafter.
As of June 30, 2026, our remaining performance obligations on contracts with a duration greater than one year in segments other than Live and Historical Racing were not material.
Contract Assets and Contract Liabilities
As of June 30, 2026 and December 31, 2025, contract assets were not material.
As of June 30, 2026 and December 31, 2025, contract liabilities were $51 million and $80 million, respectively, which are included in current deferred revenue, non-current deferred revenue, and accrued expense in the accompanying Condensed Consolidated Balance Sheets. Contract liabilities primarily relate to the Live and Historical Racing segment and the decrease was primarily due to the recognition of previously deferred revenue related to the 152nd Kentucky Derby. We recognized $49 million and $55 million of revenue during the three months and six months ended June 30, 2026, respectively, which was included in the contract liabilities balance at December 31, 2025. We recognized $48 million and $54 million of revenue during the three months and six months ended June 30, 2025, respectively, which was included in the contract liabilities balance at December 31, 2024.
Disaggregation of Revenue
The Company has included its disaggregated revenue disclosures as follows: 
•For the Live and Historical Racing segment, revenue is disaggregated between Churchill Downs Racetrack and historical racing properties given that Churchill Downs Racetrack revenue primarily revolves around live racing events, while our other Live and Historical Racing properties' revenues primarily revolve around historical racing. This segment is also disaggregated by location given the geographic economic factors that affect the revenue of service offerings. Within the Live and Historical Racing segment, revenue is further disaggregated between live and simulcast racing, historical racing, racing event-related services, gaming, and other services.
•    For the Wagering Services and Solutions segment, revenue is disaggregated between live and simulcast racing, gaming, and other services.
•    For the Gaming segment, revenue is disaggregated by location given the geographic economic factors that affect the revenue of Gaming service offerings. Within the Gaming segment, revenue is further disaggregated between live and simulcast racing, historical racing, racing event-related services, gaming, and other services.
We believe that these disclosures depict how the amount, nature, timing, and uncertainty of cash flows are affected by economic factors. The tables below present net revenue from external customers and intercompany revenue from each of our segments:
 Three Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$247 $228 $250 $232 
Louisville59 57 114 109 
Northern Kentucky29 27 65 58 
Southwestern Kentucky49 43 93 84 
Western Kentucky18 16 37 28 
Virginia138 136 271 266 
New Hampshire3 3 10 6 
Total Live and Historical Racing$543 $510 $840 $783 
Wagering Services and Solutions:$167 $158 $276 $265 
Gaming:
Florida$24 $26 $48 $51 
Iowa24 23 48 47 
Indiana35 32 68 64 
Louisiana29 32 65 77 
Maine26 28 51 52 
Maryland28 25 49 46 
Mississippi24 24 48 49 
New York51 48 97 91 
Pennsylvania29 28 53 52 
Total Gaming$270 $266 $527 $529 
All Other— — — — 
Net revenue from external customers$980 $934 $1,643 $1,577 
Intercompany net revenues:
Live and Historical Racing$32 $31 $36 $35 
Wagering Services and Solutions11 10 20 19 
Gaming— — 5 4 
All Other2 2 4 4 
Eliminations(45)(43)(65)(62)
Intercompany net revenue$— $— $— $— 
Three Months Ended June 30, 2026
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$53 $133 $4 $190 $— $190 
Historical racing(a)
265 — — 265 — 265 
Racing event-related services192 — — 192 — 192 
Gaming(a)
3 4 232 239 — 239 
Other(a)
30 30 34 94 — 94 
Total$543 $167 $270 $980 $— $980 


Three Months Ended June 30, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$54 $125 $4 $183 $— $183 
Historical racing(a)
252 — 5 257 — 257 
Racing event-related services173 — — 173 — 173 
Gaming(a)
3 4 225 232 — 232 
Other(a)
28 29 32 89 — 89 
Total$510 $158 $266 $934 $— $934 
(a)     Food and beverage, hotel, and other services furnished to customers for free as an inducement to wager or through the redemption of our customers' loyalty points are recorded at the estimated standalone selling prices in other revenue with a corresponding offset recorded as a reduction in historical racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $16 million in each of the three-month period ended June 30, 2026 and 2025.
Six Months Ended June 30, 2026
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$64 $214 $14 $292 $— $292 
Historical racing(a)
522 — — 522 — 522 
Racing event-related services193 — 1 194 — 194 
Gaming(a)
7 10 450 467 — 467 
Other(a)
54 52 62 168 — 168 
Total$840 $276 $527 $1,643 $— $1,643 
Six Months Ended June 30, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$65 $205 $15 $285 $— $285 
Historical racing(a)
489 — 14 503 — 503 
Racing event-related services174 — 1 175 — 175 
Gaming(a)
6 8 439 453 — 453 
Other(a)
49 52 60 161 — 161 
Total$783 $265 $529 $1,577 $— $1,577 
(a)     Food and beverage, hotel, and other services furnished to customers for free as an inducement to wager or through the redemption of our customers' loyalty points are recorded at the estimated standalone selling prices in other revenue with a corresponding offset recorded as a reduction in historical racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $32 million for the six months ended June 30, 2026 and $30 million for the six months ended June 30, 2025.