Numerous studies have described the cardiorespiratory and kinematic responses of horses running on level and positive gradients, but little attention has been given to exercise on negative gradients, despite the fact that many horses compete over variable terrain. The purpose of this study was to describe the heart rate (HR), estimated net transport cost (COT) and stride characteristics of horses exercising at walk and trot on positive and negative gradients. Five horses (mean ± SD, 517 ± 42 kg) were acclimated in walk and trot on positive and negative gradients prior to data collection. HR and stride characteristics were measured over the last minute during walk (1.9 m s− 1) and trot (3.5 m s− 1) on a treadmill set at − 6, − 3, 0, 3 and 6%. Compared with level exercise, HR was higher at both 3 and 6%, and lower at − 3 and − 6% in walk and trot (P < 0.001). The estimated COT (beats kg− 1 m− 1 × 103) increased by an average of 30 and 48% at 3 and 6% gradient in walk, and by an average of 29 and 46% at trot compared with level exercise (P < 0.001), respectively. At negative gradients, COT decreased by 20 and 33% at walk, and by 17 and 24% at trot for − 3 and − 6% gradients (P < 0.001), respectively. Stride duration and stride length were longer, and stride frequency was lower at negative gradients compared with positive gradients (P < 0.001). In trot, the duty factor was increased in the forelimb and decreased in the hindlimb on negative compared with positive gradients (P < 0.001). Physiological workload in horses reduces from positive to negative gradients in walk and trot; however, the metabolic advantage of faster gaits, estimated by COT, diminishes as the gradient becomes more negative. This may reflect increased energy demands associated with maintaining balance and braking on negative slopes, and the locomotion strategy adopted.