Churchill Downs Inc 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March31, 2026OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromtoCommission file number 001-33998 Churchill Downs Incorporated (Exact name of registrant as specified in its charter) 61-0156015 (I.R.S. Employer Identification No.) (502) 636-4400Registrant's telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to suchfiling requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growthcompany" in Rule 12b-2 of the Exchange Act. Accelerated filer☐Smaller reporting company☐Emerging growth company☐ Large accelerated filer☒Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ CHURCHILL DOWNS INCORPORATEDINDEX TO QUARTERLY REPORT ON FORM 10-QFor the Quarter Ended March31, 2026 Part I-FINANCIAL INFORMATION Item 1.Financial Statements (Unaudited)Condensed Consolidated Statements of Comprehensive Income for the three months endedMarch31, 2026 and2025Condensed Consolidated Balance Sheets atMarch31, 2026 andDecember31, 2025Condensed Consolidated Statements of Shareholders' Equity for the three months endedMarch31, 2026 and 2025Condensed Consolidated Statements of Cash Flows for the three months endedMarch31, 2026 and 2025Notes to Condensed Consolidated Financial StatementsItem 2.Management's Discussion and Analysis of Financial Condition and Results of Operations25Item 3.Quantitative and Qualitative Disclosures About Market Risk34Item 4.Controls and Procedures34 Part II-OTHER INFORMATIONLegal Proceedings Item 1.Item 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignatures 3535353535353637 CHURCHILL DOWNS INCORPORATEDCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Unaudited) CHURCHILL DOWNS INCORPORATEDCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited) LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities: The accompanying notes are an integral part of the condensed consolidated financial statements. CHURCHILL DOWNS INCORPORATEDCONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY(Unaudited) FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 20265 CHURCHILL DOWNS INCORPORATEDCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) The accompanying notes are an integral part of the condensed consolidated financial statements. CHURCHILL DOWNS INCORPORATEDCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)(Unaudited) 1. DESCRIPTION OF BUSINESS Basis of Presentation Churchill Downs Incorporated (the "Company" or "CDI") financial statements are presented in conformity with the requirements ofthis Quarterly Report on Form 10-Q and consequently do not include all of the disclosures normally required by U.S. generallyaccepted accounting principles ("GAAP") or those normally made in our Annual Report on Form 10-K. The December31, 2025Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosuresrequired by GAAP. The following information is unaudited. All per share amounts assume dilution unless otherwise noted. This report should be read inconjunction with our Annual Report on Form 10-K for the year ended December31, 2025. In the opinion of management, all adjustments necessary for a fair statement of this information have been made, and all suchadjustments are of a normal, recurring nature. In August 2025, the Company completed the acquisition of 90% of the outstanding equity interests of PPE Casino Resorts NHHoldings, LLC i