Canterbury Park (CPHC) Q3 2026 earnings summary

Executive summary

• Q3 net revenue rose 4.2% YoY to $19.1M; net income nearly doubled to $959K, while Adjusted EBITDA increased 27.8% to $3.8M.

• Nine-month revenue grew 3.5% to $48.8M; net income was $981K versus a $139K loss in 2025, including a $419K purse-receivable impairment.

Financial highlights

• Q3 operating income increased to $1.70M from $1.05M; operating expenses rose just 0.7% to $17.38M.

• 9M operating income was $3.04M versus $2.13M; operating expenses increased 1.6% to $45.72M.

• Q3 diluted EPS was $0.18 versus $0.10; 9M diluted EPS was $0.19 versus a loss of $0.03.

• 9M operating cash flow increased to $10.96M from $9.00M; ending cash, cash equivalents and restricted cash totaled $21.31M.

Outlook and guidance

• Management expects significantly lower capital requirements in 2027 after the current quarter, with infrastructure spending nearing completion and a final Doran Canterbury I contribution expected before year-end.

• Management expects positive joint-venture cash flow and sees 2027 as a potential “cash-harvesting” year, with meaningful improvement in cash flow and greater optionality for shareholder returns.

• Remaining TIF-related spending was $930K at quarter-end; an additional ~$900K reimbursement was expected in late 2026 or early 2027.

• Available cash, short-term investments, operating cash flow, the credit line and potential land sales were expected to cover operations and planned development costs for at least 12 months.