Core Viewpoint - Churchill Downs Incorporated (CDI) will release its first quarter 2026 financial results on April 22, 2026, after market close, followed by a conference call on April 23, 2026, at 9 a.m. ET to discuss the results [1]. Group 1 - The financial results announcement will be accessible through a real-time webcast and participants can register in advance for a teleconference [2]. - Participants are encouraged to join the call 15 minutes early, and a replay will be available online by noon ET on April 23, 2026 [2]. - A copy of the news release with financial and statistical information will be available on the company's website [3]. Group 2 - Churchill Downs Incorporated has a history of over 150 years in creating entertainment experiences, starting with the Kentucky Derby [4]. - The company is headquartered in Louisville, Kentucky, and has expanded through various avenues including live racing venues, online wagering, and regional casino gaming properties [4].

Financial Data and Key Metrics Changes - The company achieved record net revenue and record Adjusted EBITDA in 2025, surpassing previous records set in 2024 [5][6] - The company generated a record $700 million of free cash flow in 2025, equating to $9.75 per share, following a record year in 2024 [22][24] - The bank covenant net leverage at the end of December 2025 was 4.1 times, with expectations to decrease below 4 times during 2026 [24] Business Line Data and Key Metrics Changes - The Live and Historical Racing segment and the Wagering Services and Solutions segment both delivered record Adjusted EBITDA [6] - The HRM properties in Kentucky generated record Adjusted EBITDA in 2025, supported by the successful opening of Owensboro [18] - The Wagering Services and Solutions segment saw a 7% increase in Adjusted EBITDA in 2025, primarily driven by growth in the Exacta business [20] Market Data and Key Metrics Changes - In Kentucky, statewide GGR grew at a double-digit rate year-over-year, demonstrating strong underlying demand [19] - Virginia's HRM venues also delivered record Adjusted EBITDA, with The Rose showing sequential growth in GGR per unit in every quarter of 2025 [20] - The company expects the Derby to generate $15 million-$20 million of incremental Adjusted EBITDA in 2026 [18] Company Strategy and Development Direction - The company plans to continue growing the Kentucky Derby, with renovations and expansions aimed at enhancing guest experience [10][11] - There are plans to invest $180 million-$200 million to develop Rockingham Casino in Salem, New Hampshire, with an expected mid-2027 opening [13] - The strategy includes expanding the HRM portfolio and enhancing the Exacta technology business, both domestically and internationally [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong momentum entering 2026, driven by the Kentucky Derby and HRM initiatives [16] - The company anticipates a favorable operating environment due to recent federal tax legislation, which may provide a tailwind for both Regional Gaming and HRM businesses [22] - Management highlighted the importance of disciplined capital allocation and operational excellence to drive long-term shareholder value [24] Other Important Information - The company repurchased over 4.2 million shares and returned over $456 million through share repurchases and dividends in 2025 [24] - The company is focused on responsible growth and careful rollout of new products, such as electronic table games [75] Q&A Session Summary Question: Insights on early pricing and demand trends for Derby 152 - Management noted strong ticket sales and positive trends heading into the Derby, with expectations for strong sponsorships and wagering [29] Question: Growth perspective on Kentucky HRMs and ETGs - Management indicated that ETGs are just being rolled out and that the growth in Kentucky is driven by product evolution and market building [33] Question: Wagering growth outlook for the Derby - Management emphasized a gravitation towards larger events like the Derby and noted that they operate under a different legal framework than other wagering platforms [38] Question: Legislative updates on iGaming in Virginia - Management expressed concerns about iGaming legislation in Virginia, stating it is not favorable for the market [43] Question: Thoughts on vertical integration and portfolio synergy - Management discussed the focus on growth margins and how different parts of the portfolio fit together to drive improvements [47] Question: Future opportunities for historical racing in other states - Management highlighted the positive impact of HRMs in states where implemented and the potential for expansion into new states [51] Question: Implementation of AI in business processes - Management outlined two categories of AI implementation: enhancing customer experience and improving business operations [55] Question: International sponsorship opportunities for the Derby - Management noted increasing interest from international markets, particularly the Middle East, and plans to leverage this for sponsorship growth [77]

Financial Data and Key Metrics Changes - The company achieved record net revenue and record Adjusted EBITDA in 2025, surpassing previous records set in 2024 [5][6] - The company generated a record $700 million of free cash flow in 2025, equating to $9.75 per share, following a record year in 2024 [22][24] - The bank covenant net leverage at the end of December 2025 was 4.1 times, with expectations to decrease below 4 times during 2026 [24] Business Line Data and Key Metrics Changes - The Live and Historical Racing segment and the Wagering Services and Solutions segment both delivered record Adjusted EBITDA [6] - The HRM properties in Kentucky generated record Adjusted EBITDA in 2025, supported by the successful opening of Owensboro [18] - The Wagering Services and Solutions segment saw a 7% increase in Adjusted EBITDA in 2025, primarily driven by growth in the Exacta business [20] Market Data and Key Metrics Changes - The Kentucky Derby generated record handle and the highest television ratings in nearly 40 years, with expectations for continued growth [7][16] - The HRM venues in Virginia also delivered record Adjusted EBITDA, with The Rose showing sequential growth in GGR per unit in every quarter of 2025 [19][20] - Despite weather disruptions, statewide GGR in Kentucky grew at a double-digit rate year-over-year, indicating strong underlying demand [19] Company Strategy and Development Direction - The company plans to invest $180 million-$200 million to develop Rockingham Casino in Salem, New Hampshire, with an expected opening in mid-2027 [9][13] - The strategic plan includes five key priorities, such as growing the Kentucky Derby, expanding the HRM portfolio, and enhancing the TwinSpires horse racing business [10][15] - The company aims to maintain disciplined capital allocation while focusing on sustainable long-term growth aligned with core competencies [15][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for the upcoming Kentucky Derby, with positive trends in ticket sales and sponsorships [28][59] - The company anticipates that the new federal tax laws may provide a meaningful tailwind to both Regional Gaming and HRM businesses [21][22] - Management remains focused on operational excellence and delivering sustainable long-term shareholder value [24] Other Important Information - The company repurchased over 4.2 million shares and returned over $456 million through share repurchases and dividends in 2025 [24] - The company introduced electronic table games in Kentucky, with plans to expand offerings in the future [9][72] Q&A Session Summary Question: Insights on early pricing and demand trends for Derby 152 - Management noted strong ticket sales and positive trends, with expectations for strong sponsorships and wagering [28] Question: Growth potential of Kentucky HRMs and impact of ETGs - Management indicated that ETGs are just being rolled out and that the continued evolution of the product will drive growth in Kentucky [32] Question: Wagering growth outlook for the Derby - Management highlighted a trend towards larger events and emphasized the importance of quality content for wagering growth [36] Question: Legislative updates on iGaming in Virginia - Management expressed concerns about iGaming legislation in Virginia, emphasizing that it is not currently law and that they believe it would not benefit the state [41] Question: Integration of AI into business processes - Management discussed the implementation of AI tools to enhance customer experience and improve operational efficiency [51][55] Question: Opportunities for media rights and sponsorships - Management noted increasing interest from international markets, particularly the Middle East, and emphasized the potential for growth in sponsorships [75]

Core Insights - Churchill Downs Incorporated (CDI) is set to open Marshall Yards Racing & Gaming on February 25, 2026, marking its eighth historical horse racing venue in Kentucky [1] - The new venue spans 23,000 square feet and includes 225 historical racing machines, a retail sportsbook, simulcast wagering, and various food and beverage options [1] - The establishment of Marshall Yards aims to support purse funding for the Oak Grove Racing, Gaming & Hotel's racing meet in Oak Grove, Kentucky [1] Company Strategy - CDI's CEO, Bill Carstanjen, emphasized the company's commitment to growth in Southwestern Kentucky, aiming to create destination experiences that foster local economic opportunities and enhance regional tourism [2] - The company has a long history of providing entertainment experiences, with over 150 years in the industry, starting with the Kentucky Derby [5] Venue Features - Marshall Yards will feature state-of-the-art historical racing machines and a variety of wagering options, enhancing the entertainment experience for visitors [1] - The venue is designed to attract both local patrons and tourists, contributing to the economic development of the region [2]

Core Insights - Churchill Downs Incorporated (CDI) announced the 152 Spring Meet and Derby Week will take place from April 25 to June 28, 2026, featuring 44 racing days, with Derby Week running from April 25 to May 2, 2026 [1][2] Event Highlights - The 152 Kentucky Derby will be held on May 2, 2026, marking the first Sunday racing during Derby Week since 2010, with various themed events planned throughout the week [2][5] - The Kentucky Oaks will take place for the first time in primetime on May 1, 2026, with a purse of $1.5 million, while the Kentucky Derby will feature a $5 million purse [5] Venue Information - Churchill Downs Racetrack, located in Louisville, spans 175 acres and includes a one-mile dirt track and a 7/8-mile turf track, accommodating approximately 60,000 guests and 1,400 horses [4]

Core Viewpoint - Churchill Downs Incorporated (CDI) will release its fourth quarter and full year 2025 financial results on February 25, 2026, after market close, followed by a conference call on February 26, 2026, at 9 a.m. ET to discuss the results [1]. Group 1 - The financial results announcement will be accessible through a real-time webcast and participants are encouraged to register in advance for the teleconference [2]. - A replay of the conference call will be available online by noon ET on February 26, 2026 [2]. - A copy of the news release detailing the quarterly results and relevant financial information will be available on the company's website [3]. Group 2 - Churchill Downs Incorporated has a history of over 150 years in creating entertainment experiences, starting with the Kentucky Derby [4]. - The company is headquartered in Louisville, Kentucky, and has expanded through various means including acquisitions and the operation of racing entertainment venues and casino gaming properties [4].

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]