Churchill Downs Incorporated Q3 2026 Earnings Recap

Shares rose 11.2% after Churchill Downs reported record third-quarter revenue and adjusted EBITDA, including records in Wagering Services and Solutions and Gaming. Investors also got a year-end target for regional-property sale transactions and a new $750 million buyback authorization, though the call did not quantify expected sale proceeds or the timing of any repurchases.

Key Takeaways

• Third-quarter net revenue was a record $696 million, and adjusted EBITDA was a record $264 million.
• Wagering Services and Solutions and Gaming each delivered record adjusted EBITDA; segment figures were not provided in the excerpt.
• Management expects to announce executed transactions by year-end for the sale of nine wholly owned regional gaming properties. Proceeds are intended for debt reduction, share repurchases and selective investment.
• The board authorized a new $750 million share repurchase program, which management linked to confidence in the asset-sale process.
• Derby 153 ticket sales were ahead of the comparable pace for Derby 152 at the end of the quarter. Management said Victory Run remains on schedule and on budget for completion by Derby 2028.