CPHC earnings analysis
What we found in CPHC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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%.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.03
- Operating margin
- 1.77%
- Segment
- Casino: $9.631 million of external revenue, up 1.5% year over year from $9.489 million.
- Segment
- Horse racing/pari-mutuel: $3.819 million of external revenue, down 2.9% year over year from $3.935 million.
- Segment
- Food and beverage: $2.718 million of external revenue, up 21.2% year over year from $2.242 million.
- Segment
- Development: $0 of external revenue in both periods.
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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