CHDN
Churchill Downs Incorporated116.89
-0.70-0.6%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A echoes Derby strength, adds AI nuggets
Q&A reinforced Derby strength, with Carstanjen highlighting ticket sales pacing ahead of last year's tariff disruptions and tax tailwinds bolstering $15-20M incremental EBITDA expectations. Kentucky HRM growth reflects product evolution and execution, while ETGs begin responsible roulette rollout without Q4 impact. Prediction markets pose no threat due to legal protections; Virginia iGaming called legislative noise unlikely to pass. AI tools now analyze races on TwinSpires, with interactive features planned. Answers largely reaffirm prepared remarks. Portfolio synergies evolve constantly for margins. Optimism high; watch Derby delivery, ETG ramp.
Key Stats
Market Cap
8.20BP/E (TTM)
21.21Basic EPS (TTM)
5.51Dividend Yield
0%Recent Filings
8-K
Record Q4 revenue, EBITDA up
Churchill Downs posted record Q4 net revenue of $665.9 million, up 7%, and Adjusted EBITDA of $247.0 million, up 4%, fueled by Live and Historical Racing growth from new Virginia and Kentucky venues. Net income fell 28% to $51.3 million on valuation allowances and higher expenses, yet full-year revenue hit $2.9 billion. Returned $456.3 million to shareholders. Gaming dipped on Louisiana exit.
10-K
FY2025 results
Churchill Downs Incorporated posted record FY2025 net revenue of $2.9B, up 7.0% y/y, with net income of $383M down 10.3% due to a $45.1M net impairment on Chasers gaming rights after acquiring Casino Salem. Live and Historical Racing surged with $637M Adjusted EBITDA, up 10.9% y/y, fueled by new venues like Owensboro (opened Feb 2025), Roseshire (Sep 2025), and The Rose's first full year, while Kentucky Derby Week set handle records. Gaming dipped to $483M Adjusted EBITDA, down 4.7%, hit by Louisiana HRM cessation; Wagering grew 7.1%. Q4 repurchased $70M shares; revolver drew to $657M. Debt covenants met. Negative shifts in public opinion on gambling risk quarterly momentum.
8-K
Record Q3 revenue, EBITDA up
Churchill Downs posted record Q3 net revenue of $683M, up 9%, with Adjusted EBITDA hitting $262.3M, up 11%, fueled by Virginia and Kentucky historical racing growth plus the $180M Casino Salem acquisition. Net income fell 42% to $38.1M from a $31M after-tax Chasers' impairment. Repurchased $53.5M in shares. Expansions drive momentum.
10-Q
Q3 FY2025 results
Churchill Downs posted Q3 revenue up 8.7% y/y to $683M, with Live and Historical Racing surging 21% to $300M on Virginia and Kentucky strength, yet operating income fell 22% to $98M from $45.1M asset impairments (net). Diluted EPS dropped to $0.54 from $0.86, reconciling to 71.0M shares. Cash climbed to $180.5M, revolver availability at $572.8M amid $5.1B total debt; closed Casino Salem asset acquisition Aug 2025 for $196.6M indefinite-lived gaming rights. Free cash flow not disclosed in the 10-Q. Operating cash strong at $673.8M YTD. Share repurchases aggressive. Regulatory shifts loom in gaming.
8-K
CHDN closes Casino Salem deal
Churchill Downs completed its $180 million cash acquisition of 90% of Casino Salem in New Hampshire on August 27, 2025, funded by its credit facility after New Hampshire Lottery Commission approval. The venue's initial phase opened July 9; CDI now plans expansions, rebranding, and new food concepts. Integration risks loom large.
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