Churchill Downs Incorporated

Churchill Downs Incorporated Earnings Recaps

CHDN Consumer Discretionary 3 recaps
Q1 2026 Apr 23, 2026

Churchill Downs reported a record quarter with $663M in net revenues and $257M adjusted EBITDA, driven by strategic expansion and operational momentum, notably in Kentucky and Virginia.

Key takeaways
  • Achieved record first-quarter revenue and EBITDA, reflecting strong execution across their diversified portfolio.
  • Opened the Marshall Yards HRM facility in Kentucky on schedule, contributing positively to local industry funding and job creation.
  • Maintained a favorable legislative environment in Virginia, supporting continued racing and expansion efforts while avoiding restrictive legislation.
  • Acquired the IP rights to the Preakness Stakes, enhancing long-term brand and wagering opportunities alongside Derby upgrades.
  • Upgrades to Kentucky Derby infrastructure and international expansion plans aim to boost attendance, wagering, and premium experiences through 2028 and beyond.
Full recap
Q3 2025 Oct 23, 2025

Churchill Downs Incorporated reported record net revenue and adjusted EBITDA for Q3 2025, signaling robust growth driven by strong performances across key segments and strategic enhancements for upcoming Derby events.

Key takeaways
  • Achieved record adjusted EBITDA in both Live and Historical Racing and Wagering Services segments, highlighting operational efficiency.
  • Expanding premium ticketing experiences and recent venue enhancements expected to bolster EBITDA growth for Derby Week.
  • Significant growth in online wagering and newly established international pathways aim to enhance engagement and broaden user base.
  • Investment of $280 million to $300 million for the new Victory Run venue aims to elevate guest experiences by 2028.
  • NBC's prime-time broadcast of the Kentucky Oaks in 2026 projected to increase visibility and wagering for Derby events.
Full recap
Q2 2025 Jul 25, 2025

Churchill Downs Incorporated achieved all-time record net revenue of $934 million and adjusted EBITDA of $451 million in Q2 2025, marking the fifth consecutive second quarter of record-breaking financial performance.

Key takeaways
  • Continued robust growth in Derby Week events led to $30 million of incremental adjusted EBITDA in 2024 and sustained performance in 2025 despite challenging weather conditions.
  • Record-breaking average viewership of 18 million for the Kentucky Derby broadcast and a new 7-year contract with NBC, promising an additional $10 million in adjusted EBITDA starting in 2026.
  • Wagering on the Derby realized a significant 11% increase, with strong performance from TwinSpires and partnerships with platforms like FanDuel and DraftKings.
  • Growth in sponsorship and licensing revenues driven by expanded national and global reach across various media channels.
  • Strategic capital investments continue to enhance guest experiences at Churchill Downs, further aligning with growth initiatives.
Full recap