10-Q · May 12, 2026
Canterbury Park Holding Corporation reported a modest increase in total revenues of $368,000, or 2.8%, to $13.51 million for Q1 2026 compared to Q1 2025. The company achieved net income of $169,878 or $0.03 per share, a…
Earnings analysis · 10-Q
CPHC earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
Canterbury Park delivered modest second-quarter growth, with revenue up 3.2% to $16.168 million and adjusted EBITDA up 29.3% to $2.634 million. Net loss and diluted EPS improved year over year, but operating income fell…
Read full summary
Canterbury Park delivered modest second-quarter growth, with revenue up 3.2% to $16.168 million and adjusted EBITDA up 29.3% to $2.634 million. Net loss and diluted EPS improved year over year, but operating income fell 33.9% as expenses grew faster than revenue, while horse-racing economics remained pressured by a $419,493 receivable impairment. Liquidity was solid, with $19.450 million of cash and restricted cash, $5.000 million of short-term investments and no revolver borrowings, although joint-venture losses and TIF reimbursement uncertainty remain significant risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.03
- Operating margin
- 1.77%
What stood out
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Revenue grew 3.2% year over year
Second-quarter net revenue increased 3.2% year over year to $16.168 million from $15.666 million. Food and beverage revenue was the primary growth driver, rising 19.6% to $2.718 million.
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Loss and EPS improved year over year
Net loss narrowed to $148,074, or $0.03 per diluted share, from a $327,406 loss, or $0.06 per share, in the prior-year quarter. Six-month results improved to net income of $21,803 from a $626,616 loss.
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Adjusted EBITDA expanded 29.3%
Adjusted EBITDA increased 29.3% year over year to $2.634 million from $2.037 million, with adjusted EBITDA margin rising to 16.3% from 13.0%.
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Casino revenue increased
Casino revenue increased 1.5% to $9.631 million, driven by higher table-games drop from increased visitation and spend per visit, partially offset by a lower average table-games collection rate.
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Liquidity strengthened
Cash, cash equivalents and restricted cash increased to $19.450 million at June 30, 2026 from $15.824 million at December 31, 2025. The company also had $5.000 million of short-term investments and $0 outstanding on its revolving credit line.
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Operating cash flow remained strong
Six-month operating cash flow was $7.488 million versus $7.756 million in the prior-year period. Additions to land, buildings and equipment were $1.315 million, representing approximately 17.6% of operating cash flow.
What to watch
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Live-racing receivable was impaired
Purse expense increased 23.6% year over year to $2.427 million, partly because the company recorded a $419,493 impairment of receivables tied to the 2024 and 2025 live-race agreements. The remaining receivable was $1.678 million and depends on future purse supplements or legislative action.
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Joint-venture losses remain material
The company recorded $1.049 million of equity-investment losses in the quarter, primarily from its Doran Canterbury joint ventures. The liability for investee losses in excess of equity investment increased to $9.146 million from $8.521 million at December 31, 2025.
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TIF reimbursement remains uncertain
The $20.558 million TIF receivable includes $16.394 million of principal and $4.164 million of interest, but reimbursement is not guaranteed and depends on future tax revenues. The company received $0 of TIF payments during the three and six months ended June 30, 2026.
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Joint-venture indemnification exposure
The company has indemnification exposure of up to $7.750 million for Doran Canterbury I and $2.750 million for Doran Canterbury II. These obligations relate to debt financing guaranteed by Doran affiliates and could require cash payments if guarantors incur losses.
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Operating leverage weakened
Operating income declined 33.9% year over year to $285,492 from $431,818, producing an operating margin of approximately 1.8%. Total operating expenses rose 4.3% to $15.882 million, outpacing the 3.2% revenue increase.
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No material risk-factor updates
Item 1A states there were no material changes to previously disclosed risk factors. Nevertheless, management continues to identify discretionary-spending sensitivity and regulatory exposure as risks; the company operates under a maximum of 80 casino tables and has $0 drawn on its $5.000 million revolving credit facility.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management stated that cash, short-term investments, available credit and operating funds should be sufficient for regular operations and planned development expenses for at least the next twelve months.
Earlier filings 4
10-K · March 10, 2026
Canterbury Park (CPHC) reports a business concentrated in Casino operations (62.3% of 2025 net revenues) with an active real estate development program on ~260 acres (as of December 31, 2025). Management is executing a…
10-Q · August 8, 2025
Canterbury Park (CPHC) reported Q2 net revenues of $15,665,734 and a net loss of $327,406 (EPS $(0.06)), driven by a larger loss from an equity investee. Operating income narrowed to $431,818 (operating margin ~2.76%)…
10-Q · May 9, 2025
Canterbury Park Holding Corporation reported Q1 2025 results showing a 6.8% decline in revenue year-over-year at $13.14M, with gross margin slightly decreasing to 91.3%. The company posted a diluted EPS of -$0.06, down…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.