LOUISVILLE, Ky., Feb. 25, 2026 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company", "CDI", "we") today reported business results for the quarter and full year ended December 31, 2025. Company Highlights Fourth quarter 2025 financial results, as compared to the prior year quarter: Record net revenue $665.9 million, up $41.7 million or 7%Net income attributable to CDI of $51.3 million, down $20.4 million or 28%Record Adjusted EBITDA of $247.0 million, up $10.4 million or 4% On Septe ...

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]

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]

Financial Performance - The company experienced an 11% year-over-year revenue growth from 2023 to 2024[14] - Adjusted EBITDA increased by 13% from 2023 to 2024[14] - In Q1 2025, the company achieved a 9% year-over-year revenue growth[16] - Adjusted EBITDA grew by 1% in Q1 2025 compared to Q1 2024[16] Segment Performance (2024 vs 2023) - Live & Historical Racing revenue increased from $2.462 billion to $2.734 billion[14] - Wagering Services & Solutions revenue increased from $1.024 billion to $1.159 billion[14] - Gaming revenue increased from $591 million to $643 million[16] Capital Investments - The company plans to spend $250-290 million on project capital investments in 2025[22] - Maintenance capital expenditure is forecasted to be $90-100 million in 2025[168] Shareholder Returns - The company has returned nearly $2.1 billion of capital to shareholders since 2015 through dividends and share repurchases[171] - A new $500 million share repurchase program was announced on March 12, 2025[173] Kentucky Derby - The 150th Kentucky Derby had 167 million average viewers on NBC[60]

Company Highlights - Churchill Downs Incorporated reported record net revenue of $642.6 million for Q1 2025, an increase of $51.7 million or 9% compared to Q1 2024 [6][3] - Net income attributable to CDI was $76.7 million, down $3.7 million or 5% from the prior year [6][20] - Adjusted EBITDA reached a record $245.1 million, up $2.6 million or 1% year-over-year [6][3] Segment Results Live and Historical Racing - Revenue for Live and Historical Racing was $276.4 million in Q1 2025, up from $248.9 million in Q1 2024 [5][3] - Adjusted EBITDA for this segment was $102.0 million, slightly up from $100.8 million in the previous year [5][3] Wagering Services and Solutions - Revenue increased to $115.8 million in Q1 2025 from $114.1 million in Q1 2024 [9][3] - Adjusted EBITDA rose to $41.3 million, compared to $39.6 million in the prior year [9][3] Gaming - Gaming revenue increased to $267.2 million in Q1 2025, up from $243.2 million in Q1 2024 [12][3] - Adjusted EBITDA for the Gaming segment was $123.5 million, slightly up from $122.8 million [12][3] All Other - Revenue from All Other segments was $2.0 million in Q1 2025, compared to a loss of $21.7 million in Q1 2024 [16][3] - Adjusted EBITDA decreased to a loss of $21.7 million from a loss of $20.7 million in the previous year [16][3] Capital Management - The Board of Directors approved a new $500 million share repurchase program in March 2025 [18][19] - The company repurchased 798,250 shares at a total cost of $89.4 million in Q1 2025 [19][3] - As of March 31, 2025, the company had approximately $434.6 million of repurchase authority remaining under the 2025 Stock Repurchase Program [19][3] Financial Position - The company ended Q1 2025 with net bank leverage of 4.0x and returned $119.5 million of capital to shareholders through share repurchases and dividends [6][3] - The total assets of the company as of March 31, 2025, were $7,347.1 million, compared to $7,275.9 million at the end of 2024 [37][3]