LOUISVILLE, Ky., Jan. 07, 2026 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “the Company”) announced today that the Company will release fourth quarter and full year 2025 financial results after the market closes on Wednesday, February 25, 2026, and host a related conference call to discuss the quarter on Thursday, February 26, 2026, at 9 a.m. ET. Investors and other interested parties may listen to the call by accessing the online, real-time webcast at http://ir.churchilldownsincorporated.com ...

Company Highlights - Churchill Downs Incorporated (CDI) reported record third quarter net revenue of $683.0 million, an increase of $54.5 million or 9% compared to the previous year [6] - Net income attributable to CDI was $38.1 million, down $27.3 million or 42% due to a one-time, non-cash impairment [6][18] - Adjusted net income attributable to CDI increased to $77.1 million, up $5.0 million or 7% [6][37] - Adjusted EBITDA reached a record $262.3 million, an increase of $27.0 million or 11% [6][37] Consolidated Results - Net revenue for the third quarter of 2025 was $683.0 million compared to $628.5 million in 2024 [3] - Net income attributable to CDI was $38.1 million in 2025 versus $65.4 million in 2024 [3][18] - Diluted EPS attributable to CDI decreased to $0.54 from $0.86 [3] - Adjusted net income attributable to CDI was $77.1 million, up from $72.1 million [3] - Adjusted EBITDA increased to $262.3 million from $235.3 million [3] Segment Results Live and Historical Racing - Revenue increased to $305.7 million in Q3 2025 from $252.4 million in Q3 2024 [5] - Adjusted EBITDA rose to $116.4 million from $93.0 million [5] Wagering Services and Solutions - Revenue increased to $127.2 million from $118.7 million [9] - Adjusted EBITDA increased to $46.0 million from $42.5 million [9] Gaming - Revenue decreased to $265.5 million from $270.3 million [11] - Adjusted EBITDA remained consistent at $123.3 million [12] Capital Management - The company repurchased 515,527 shares at a total cost of $53.5 million during Q3 2025 [15] - The Board of Directors approved a $0.438 per share dividend, marking the fifteenth consecutive year of increased dividends [16] Tax Impact - The enactment of H.R. 1 in July 2025 is expected to significantly reduce the company's cash tax expense due to reinstated bonus depreciation rules and interest expense deduction limitations [17]

Core Points - Churchill Downs Incorporated (CDI) will release its third quarter 2025 financial results after market close on October 22, 2025 [1] - A conference call to discuss the quarterly results will take place on October 23, 2025, at 8 a.m. ET [1] - Investors can access the call via an online webcast or by registering for a teleconference [2] - An online replay of the call will be available by noon ET on October 23, 2025 [2] - A news release with financial and statistical information will be accessible on the company's website [3] Company Overview - Churchill Downs Incorporated has been providing entertainment experiences for over 150 years, starting with the Kentucky Derby [4] - The company is headquartered in Louisville, Kentucky, and has expanded through acquisitions and operations in live and historical racing, online wagering, and regional casino gaming [4]

Core Points - NBC Sports will present the Kentucky Oaks in primetime for the first time on May 1, 2026, at 8 p.m. ET on NBC and Peacock, enhancing the event's visibility and audience reach [2][3] - The Kentucky Derby, America's oldest major sporting event, will take place on May 2, 2026, and the previous year's event was the most-watched since 1989, peaking at 21.8 million viewers [3] - Churchill Downs Incorporated (CDI) has extended its partnership with NBC Sports, making NBC the longest-running broadcaster of the Kentucky Derby, covering 32 editions from 2001 to 2032 [4] Company Overview - Churchill Downs Incorporated (CDI) has been creating entertainment experiences for over 150 years, with a focus on the Kentucky Derby and expansion into live racing, online wagering, and casino gaming [5]

Company Highlights - Churchill Downs Incorporated (CDI) reported record net revenue of $934.4 million for Q2 2025, an increase of $43.7 million or 5% compared to Q2 2024 [6] - Net income attributable to CDI was $216.9 million, up $7.6 million or 4% year-over-year [6] - Diluted earnings per share (EPS) increased to $2.99 from $2.79 in the prior year [6] - Adjusted EBITDA reached an all-time high of $450.9 million, up $6.1 million or 1% from the previous year [6] Segment Results Live and Historical Racing - Revenue for this segment was $540.9 million in Q2 2025, up from $490.2 million in Q2 2024, reflecting a $50.7 million increase [5] - Adjusted EBITDA for Live and Historical Racing increased to $296.5 million from $279.2 million [5] Wagering Services and Solutions - Revenue increased to $168.4 million in Q2 2025 from $159.9 million in Q2 2024, a rise of $8.5 million [9] - Adjusted EBITDA for this segment rose to $48.0 million from $46.2 million [9] Gaming - Revenue decreased to $266.3 million in Q2 2025 from $274.4 million in Q2 2024, a decline of $8.1 million [11] - Adjusted EBITDA for Gaming fell to $127.3 million from $140.7 million [11] All Other - Revenue increased to $2.3 million in Q2 2025 from $1.9 million in Q2 2024 [13] - Adjusted EBITDA improved slightly to -$20.9 million from -$21.3 million [13] Capital Management - The company repurchased 2,565,964 shares at a total cost of $250.4 million during Q2 2025 [14] - As of June 30, 2025, approximately $184.2 million of repurchase authority remained under the 2025 Stock Repurchase Program [14] Subsequent Events - CDI announced the acquisition of 90% of Casino Salem in New Hampshire for $180 million, which will include the development of a charitable gaming and entertainment destination [16] - A new $500 million stock repurchase program was approved by the Board of Directors on July 22, 2025 [17] Financial Position - As of June 30, 2025, total assets were $7,375.7 million, up from $7,275.9 million at the end of 2024 [33] - Total liabilities increased to $6,311.6 million from $6,172.6 million [33]

Core Points - Churchill Downs Incorporated (CDI) will release its second quarter 2025 financial results on July 23, 2025, after market close [1] - A conference call to discuss the quarterly results will take place on July 24, 2025, at 9 a.m. ET [1] - Investors can access the call via an online webcast or by registering for a teleconference [2] - An online replay of the call will be available by noon ET on July 24, 2025 [2] - A news release with financial and statistical information will be accessible on CDI's website [3] Company Overview - Churchill Downs Incorporated has been providing entertainment experiences for over 150 years, starting with the Kentucky Derby [4] - The company is headquartered in Louisville, Kentucky, and has expanded through acquisitions and operations in live racing, online wagering, and regional casino gaming [4]

Core Insights - Churchill Downs Incorporated (CDI) set new all-time records for wagering during the Kentucky Derby Day program and Derby Week, indicating strong growth in the betting segment [3][4][5] Wagering Records - Total wagering on Kentucky Derby Day reached $349.0 million, surpassing last year's record of $320.5 million [3] - Wagering on the Kentucky Derby race alone hit a record of $234.4 million, up from $210.7 million last year [3] - All-sources handle for Derby Week increased to $473.9 million, exceeding last year's $446.6 million [3] Performance of TwinSpires - TwinSpires, the official betting partner, recorded a new high of $108.0 million in wagering for the Kentucky Derby Day program, compared to $92.1 million last year [4] - TwinSpires' handle for the Kentucky Derby race was $73.0 million, up from $60.9 million in the previous year [4] Company Financial Expectations - CDI anticipates that Adjusted EBITDA for Derby Week will rank among the top two results in the company's history, although it is expected to be $2 to $4 million lower than last year's record [5] - The company expressed optimism about future growth following the successful 151st running of the Kentucky Derby [6] Company Overview - CDI has been a leader in entertainment experiences for over 150 years, primarily through the Kentucky Derby and has expanded into various gaming and wagering sectors [8]

Core Insights - Churchill Downs Incorporated (CDI) successfully hosted the 151st Longines Kentucky Oaks, with Good Cheer winning the race in challenging weather conditions [1][3] - The event attracted over 100,000 attendees, highlighting its significance in the horse racing calendar [1] - Total wagering for the Kentucky Oaks race day reached $73.9 million, with a 4% increase in all-sources wagering on the Kentucky Oaks race itself compared to the previous year [2] Financial Performance - All-sources wagering on the Kentucky Oaks race was $22.7 million, reflecting a 4% increase from the prior year [2] - TwinSpires set a new record with $20.9 million in wagering for the Kentucky Oaks Day program, surpassing last year's record of $20.3 million [2] Horse Racing Highlights - Good Cheer, trained by Brad Cox and ridden by Luis Saez, won the race by 2 1/4 lengths with a final time of 1:50.15, and has accumulated lifetime earnings of $1.7 million [3] - The filly is owned and bred by Godolphin, LLC, and is sired by Medaglia d'Oro [3] Community Engagement - CDI utilized the Kentucky Oaks event to support women's health initiatives, welcoming 150 breast and ovarian cancer survivors for the 17th annual Survivors Parade [4] - The Oaks charitable beneficiaries included Derby Divas and Horses and Hope, with the initiative raising over $1.5 million for women's health advocacy since its inception [5] Company Overview - Churchill Downs Incorporated has been a leader in entertainment experiences for over 150 years, with a focus on live and historical racing, online wagering, and regional casino gaming [6]

Financial Data and Key Metrics Changes - The company reported record first quarter net revenue of $643 million and adjusted EBITDA of $245 million, reflecting strong performance despite challenges such as weather events and economic uncertainty [11][12][39] - The live and historical racing segment increased revenue by nearly $28 million or 11% compared to the prior year quarter [40] - The company generated $234 million or $3.15 per share of free cash flow in the first quarter [47] Business Line Data and Key Metrics Changes - The live and historical racing segment delivered record first quarter revenue and adjusted EBITDA, primarily due to the opening of new venues [39][40] - Kentucky HRM properties increased adjusted EBITDA by $3.1 million or 6% compared to the prior year quarter [41] - Virginia HRM properties saw a decrease in adjusted EBITDA by $2.2 million or 3% compared to the prior year quarter, impacted by weather and competition [41][43] Market Data and Key Metrics Changes - The Northern Virginia HRM venues contributed nearly $10 million of adjusted EBITDA during the first quarter, up nearly $4 million from the prior year quarter [41] - The company experienced meaningful sequential growth in gross gaming revenues each month of the first quarter [25] - The Terre Haute Casino Resort in Indiana delivered nearly $12 million of adjusted EBITDA in the first quarter, performing well compared to regional gaming properties [46] Company Strategy and Development Direction - The company is committed to strategic investments in the Kentucky Derby and HRM businesses, with a focus on long-term shareholder value [14][17] - A $900 million multiyear project at Churchill Downs Racetrack has been temporarily paused due to economic uncertainties [16][17] - The company plans to continue exploring further development in key markets, including Virginia and Kentucky [25][29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the hesitancy in consumer spending due to macroeconomic volatility but expressed confidence in the company's ability to manage through these challenges [56][58] - The leadership team remains committed to delivering excellent total shareholder return with consistent execution over the long term [38][51] - Management expects the upcoming Kentucky Derby to deliver results comparable to last year's record performance [35][63] Other Important Information - The company announced a new common stock repurchase program of up to $500 million and repurchased nearly 800,000 shares in the first quarter [49] - The company reduced its 2025 maintenance capital projection by $10 million to $90 to $100 million [48] Q&A Session Questions and Answers Question: About the softness seen in the quarter - Management noted some hesitancy in the lower-tiered play due to macroeconomic volatility, but overall performance has been consistent [56][58] Question: Impact on international visitation for the Derby - Management indicated no material change in international visitation, with expectations for strong demand for the Derby [62][64] Question: Long-term growth for the Derby - Management discussed the potential for growth in ticket pricing and experiences, with expectations for continued strong demand [70][72] Question: Implementation of electronic table games - Management highlighted regulatory and taxation challenges but expressed optimism about the rollout of electronic table games [77][79] Question: Growth opportunities at existing properties - Management emphasized organic growth in Kentucky properties and ongoing projects in Virginia, indicating a strong pipeline for future growth [91][92] Question: Trends in Virginia for existing assets - Management expressed confidence in the Virginia market, noting that it is still early in the maturity of these assets [99][101] Question: Capital allocation and buybacks - Management stated that capital allocation decisions are ongoing, with share buybacks being one of the options considered [112][114] Question: Changes for the Derby next year - Management indicated that adjustments would be based on customer feedback and data analysis post-Derby [120][122] Question: Comparability of Derby performance this year versus last year - Management acknowledged macroeconomic uncertainties but expressed confidence that these would not materially affect Derby performance [130][131]

Core Points - Churchill Downs Incorporated (CDI) announced renovations for the Finish Line Suites and The Mansion at Churchill Downs Racetrack, expected to be completed by April 2026 [1][3] - CDI has decided to pause the development of The Skye, Conservatory, and Infield projects due to uncertainties in construction costs and macro-economic conditions [1][4] - The renovations will enhance the existing 15 suites, increasing capacity to 750 guests, and will also improve the Trophy Room with updated finishes and a new feature bar [2][3] Financial Aspects - CDI plans to invest approximately $25-30 million in the renovation projects for the Finish Line Suites and The Mansion [3] Strategic Decisions - The decision to pause the Skye Terrace and Infield projects was made to maintain financial discipline in light of recent economic changes, despite the desire to meet fan expectations [4] - CDI remains committed to long-term growth and providing unique experiences for guests while ensuring best-in-class shareholder returns [4] Company Background - CDI has been creating entertainment experiences for over 150 years, with a focus on live and historical racing, online wagering, and regional casino gaming properties [7]