Earnings summaries and quarterly performance for Churchill Downs.
Executive leadership at Churchill Downs.
William Carstanjen
Detailed
Chief Executive Officer
CEO
BB
Bradley Blackwell
Detailed
Executive Vice President and General Counsel
MD
Marcia Dall
Detailed
Executive Vice President and Chief Financial Officer
MA
Maureen Adams
Detailed
Executive Vice President, Gaming Operations
WM
William Mudd
Detailed
President and Chief Operating Officer
Board of directors at Churchill Downs.
Research analysts who have asked questions during Churchill Downs earnings calls.
Barry Jonas
Truist Securities
8 questions for CHDN
Also covers: BALY, BRSL, BYD +17 more
CB
Chad Beynon
Macquarie
8 questions for CHDN
Also covers: ACEL, AGS, AMC +31 more
Daniel Guglielmo
Capital One
7 questions for CHDN
Also covers: APC, ARKO, CZR +8 more
DK
David Katz
Jefferies Financial Group Inc.
7 questions for CHDN
Also covers: AGS, BALY, BYD +36 more
Jeffrey Stantial
Stifel Financial Corp.
6 questions for CHDN
Also covers: AGS, BALY, BRAG +10 more
JB
Jordan Bender
JMP Securities
6 questions for CHDN
Also covers: AMC, BALY, BRAG +14 more
SK
Shaun Kelley
Bank of America Merrill Lynch
6 questions for CHDN
Also covers: BYD, CHH, CZR +17 more
Brandt Montour
Barclays PLC
5 questions for CHDN
Also covers: BALY, BYD, CCL +23 more
JS
Joseph Stauff
Susquehanna Financial Group, LLLP
4 questions for CHDN
Also covers: BYD, DKNG, FLUT +9 more
BC
Benjamin Chaiken
Mizuho Financial Group, Inc.
3 questions for CHDN
Also covers: BYD, CCL, CUK +14 more
DP
Daniel Politzer
Wells Fargo
3 questions for CHDN
Also covers: BYD, CCL, CHH +20 more
JS
Joe Stauff
Susquehanna
3 questions for CHDN
Also covers: BRSL, DKNG, FLUT +4 more
BC
Ben Chaiken
Mitsui
2 questions for CHDN
Also covers: BYD, CCL, DKNG +10 more
DP
Daniel Politzer
JPMorgan Chase & Co.
2 questions for CHDN
Also covers: BYD, CHH, CZR +4 more
JS
Jeff Stantial
Stifel
2 questions for CHDN
Also covers: BRSL, CDRO, FLUT +1 more
TB
Trey Bowers
Wells Fargo & Company
2 questions for CHDN
Also covers: CHH, CZR, DKNG +7 more
Benjamin Nicolas Chaiken
Mizuho Securities USA LLC
1 question for CHDN
Also covers: RRR
Brandt Antoine Montour
Barclays Bank PLC
1 question for CHDN
Daniel Edward Guglielmo
Capital One Securities
1 question for CHDN
DP
Dan Politzer
Wells Fargo
1 question for CHDN
Also covers: BYD, CHH, CZR +10 more
David Brian Katz
Jefferies LLC
1 question for CHDN
Also covers: RRR
JR
Joseph Robert Stauff
Susquehanna Financial Group
1 question for CHDN
Also covers: RRR
SC
Shaun Clisby Kelley
BofA Securities
1 question for CHDN
ZS
Zachary Silverberg
Wells Fargo & Company
1 question for CHDN
Also covers: AIV, GDEN, RRR +1 more
Recent press releases and 8-K filings for CHDN.
Churchill Downs Reports Record 2025 Results and Outlines 2026 Growth Initiatives
CHDN
Earnings
Guidance Update
New Projects/Investments
- Churchill Downs reported record net revenue and Adjusted EBITDA for both Q4 and the full year 2025, marking nine consecutive years of record performance (excluding 2020).
- The company expects the Kentucky Derby to generate $15 million-$20 million of incremental Adjusted EBITDA in 2026, driven by a new NBC broadcast contract, expanded Derby week, strong ticket sales, and increased sponsorships.
- Strategic investments include the development of Rockingham Casino in Salem, New Hampshire, with an expected mid-2027 opening and an investment of $180 million-$200 million, alongside continued expansion of Historical Racing Machine (HRM) venues and the introduction of electronic table games (ETGs) in Kentucky.
- In 2025, Churchill Downs generated record free cash flow of $700 million ($9.75 per share), repurchased over 4.2 million shares, and returned over $456 million to shareholders through buybacks and dividends.
- Project capital for 2026 is expected to be between $180 million and $220 million, and the company anticipates its bank covenant net leverage to decrease below 4 times during 2026 from 4.1 times at the end of 2025.
2 days ago
Churchill Downs Reports Record 2025 Financial Results and Outlines 2026 Growth Initiatives
CHDN
Earnings
New Projects/Investments
Share Buyback
- Churchill Downs achieved record net revenue and record Adjusted EBITDA in 2025, marking the ninth consecutive year of record revenue and Adjusted EBITDA (excluding 2020).
- The company generated record free cash flow of $700 million or $9.75 per share in 2025, while returning over $456 million to shareholders through share repurchases and dividends.
- For 2026, the Kentucky Derby is projected to generate $15 million-$20 million of incremental Adjusted EBITDA, with strong demand and ticket sales pacing ahead of prior years.
- Strategic investments include expanding the Historical Racing Machine (HRM) footprint, developing the $180 million-$200 million Rockingham Casino in New Hampshire for a mid-2027 opening, and introducing electronic table games (ETGs) in Kentucky HRM facilities.
2 days ago
Churchill Downs Reports Record 2025 Results and Outlines 2026 Growth Initiatives
CHDN
Earnings
New Projects/Investments
Guidance Update
- Churchill Downs reported record net revenue and Adjusted EBITDA in 2025, surpassing 2024 records, and achieved record Adjusted EBITDA in its Live and Historical Racing and Wagering Services and Solutions segments.
- The company anticipates a return to consistent and meaningful growth across all metrics, including Adjusted EBITDA, in 2026, with the Kentucky Derby expected to contribute $15 million-$20 million of incremental Adjusted EBITDA.
- Strategic investments include expanding its Historical Racing Machine (HRM) footprint in Kentucky and Virginia, introducing electronic table games in Kentucky, and developing the $180 million-$200 million Rockingham Casino in New Hampshire for a mid-2027 opening.
- Churchill Downs is also expanding its Exacta HRM technology business, providing its platform to third-party properties in states like Kansas and Alabama, and exploring international opportunities.
2 days ago
Churchill Downs Incorporated Reports Q4 and Full Year 2025 Results
CHDN
Earnings
New Projects/Investments
Share Buyback
- Churchill Downs Incorporated (CDI) reported record net revenue of $665.9 million for Q4 2025, a 7% increase year-over-year, and $2,925.9 million for the full year 2025.
- Q4 2025 net income attributable to CDI was $51.3 million, a 28% decrease compared to the prior year quarter, while Adjusted EBITDA increased by 4% to $247.0 million.
- CDI expanded its operations by opening the Roseshire Gaming Parlor in Virginia in September 2025 and Marshall Yards Racing & Gaming in Southwestern Kentucky in February 2026.
- The company plans to invest $180-$200 million in the Rockingham Grand Casino in New Hampshire, targeting a mid-2027 opening, and expects $180-$220 million in project capital for 2026.
- CDI returned $456.3 million to shareholders in 2025 through share repurchases and dividends, including $425.3 million in share repurchases.
3 days ago
Churchill Downs Incorporated Reports Record Q3 2025 Adjusted Financial Results and Strategic Expansions
CHDN
Earnings
Dividends
M&A
- Churchill Downs Incorporated reported record third quarter 2025 net revenue of $683.0 million, an increase of 9% compared to the prior year quarter.
- Adjusted EBITDA reached a record $262.3 million, up 11%, and Adjusted net income attributable to CDI increased 7% to $77.1 million for Q3 2025.
- Net income attributable to CDI decreased 42% to $38.1 million, primarily driven by a one-time, non-cash impairment.
- The company expanded its operations by acquiring 90% of Casino Salem for $180 million and opening Roseshire Gaming Parlor with 175 historical racing machines in Q3 2025.
- The Board of Directors approved a $0.438 per share dividend, marking the fifteenth consecutive year of increased dividends, and the company repurchased $53.5 million of common stock during the quarter.
Oct 22, 2025, 8:10 PM
Churchill Downs Completes Casino Salem Acquisition
CHDN
M&A
New Projects/Investments
- Churchill Downs Incorporated (CHDN) completed the acquisition of a 90% majority interest in Casino Salem, a New Hampshire-based charitable gaming, entertainment, and dining venue, on August 27, 2025.
- The acquisition was for $180 million in cash, subject to adjustments, and was funded using the Company's existing credit facility.
- The initial phase of Casino Salem opened on July 9th, and CDI plans to develop future phases, including rebranding, expanding the gaming floor, and adding food and beverage concepts.
Aug 27, 2025, 12:00 AM
Churchill Downs Reports Record Q2 2025 Results and Announces Growth Initiatives
CHDN
Earnings
Share Buyback
New Projects/Investments
- Churchill Downs Inc. (CHDN) reported all-time record net revenue of $934 million and all-time record adjusted EBITDA of $451 million for Q2 2025, marking the fifth consecutive second quarter with record results.
- The company anticipates meaningful growth for the Kentucky Derby in 2026 and beyond, driven by a new seven-year NBC contract that will provide a $10 million increase in adjusted EBITDA for 2026, as well as growth in ticketing, wagering, and sponsorships.
- CHDN is expanding its Historical Racing Machine (HRM) operations, including the planned opening of the Roshire gaming parlor in Henrico County, Virginia, in October (ahead of schedule), and the acquisition of 90% of the Casino Salem project in New Hampshire.
- The board approved a new common stock repurchase program of up to $500 million, following over $250 million in repurchases in Q2 2025, and expects $50 million to $60 million in lower cash tax payments in 2025 due to new federal tax provisions.
Jul 24, 2025, 11:53 PM
Churchill Downs to Acquire Majority Stake in Casino Salem
CHDN
M&A
New Projects/Investments
- Churchill Downs Incorporated is set to acquire a majority interest in Casino Salem, a charitable gaming and entertainment venue located in Salem, New Hampshire.
- The acquisition, which involves expanding the recently opened Casino Salem, is expected to close in Q3 2025 pending regulatory approvals.
- The strategic location near Boston positions it to attract patrons from the larger New England market, with funding from Churchill Downs' existing credit resources.
- Analysts rate Churchill Downs as 'Outperform' with an average price target of $132.84, implying approximately 24.28% upside from current prices.
Jul 14, 2025, 8:56 PM
Churchill Downs Inc Reports Record Q1 2025 Results and Strategic Investment Updates
CHDN
Earnings
New Projects/Investments
Revenue Acceleration/Inflection
- Record Performance: The company delivered record Q1 net revenue of $643 million and record adjusted EBITDA of $245 million, with strong results across Live & Historical Racing and Wagering Services segments.
- Project Pause: A major $900 million multiyear project at Churchill Downs Racetrack has been paused due to macroeconomic uncertainty and rising construction costs.
- HRM Growth: Significant progress in HRM investments was noted, including the successful opening of the Owensboro venue and ongoing expansion initiatives in Virginia and Kentucky.
- Event Enhancements: The company announced smaller, low-risk projects to renovate the Finish Line suites and The Mansion at the racetrack, with an expected total spend of $25–30 million for delivery by the 2026 Kentucky Derby.
Apr 24, 2025, 1:01 PM
Churchill Downs Inc Q1 2025 Financial Results and Strategic Updates
CHDN
Earnings
Share Buyback
New Projects/Investments
- Record Q1 2025 financial results with net revenue of $642.6 million and net income of $76.7 million, reflecting a 9% increase in revenue despite a 5% decline in net income.
- Record Adjusted EBITDA reached $245.1 million, marking a modest 1% increase and showcasing strong operational performance.
- Strategic developments include the launch of Owensboro Racing and Gaming in Western Kentucky and the approval of a new $500 million share repurchase program, with $89.4 million of shares repurchased in the quarter.
Apr 23, 2025, 12:00 AM
Quarterly earnings call transcripts for Churchill Downs.
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