Canterbury Park (CPHC) Q2 2026 earnings summary

Executive summary

• Net revenues for Q2 2026 increased 3.2% year-over-year to $16.2 million; six-month revenues rose 3.0% to $29.7 million.

• Adjusted EBITDA grew 29.3% to $2.6 million for the quarter and 31.8% to $5.5 million for the six months, reflecting operational improvements and expense discipline.

• Net loss for Q2 2026 was $148,000 ($0.03 per share), primarily due to a $419,000 impairment charge related to prior period horseracing purse overpayments; six-month net income was $22,000.

• Significant balance sheet value includes over $11 per share from cash, TIF receivables, and real estate joint ventures.

• Casino, pari-mutuel, and food and beverage revenues all increased, with food and beverage up nearly 20% year-over-year due to more live race days and improved service.

Financial highlights

• Casino revenue rose 1.5% year-over-year for the quarter, driven by higher table games drop.

• Pari-mutuel revenue increased 2.6% for the quarter, attributed to more live race days.

• Food and beverage revenue surged 19.6% for the quarter, benefiting from increased visitation and a new point-of-sale system.

• Operating expenses increased 4.3% year-over-year, mainly due to the impairment charge and higher food and beverage costs.

• Adjusted EBITDA margin improved to 16.3% for the quarter and 18.4% for the six months.

Outlook and guidance

• Management expects continued growth in core operations, supported by increased activity at the property and new entertainment venues.

• Joint ventures are expected to become increasingly cash flow positive, reducing the need for further capital contributions.

• The company remains focused on leveraging growth opportunities and unlocking balance sheet value for shareholders.

• Company remains supportive of legislative action for sports betting and horseracing purse enhancements.