Churchill Downs ( (CHDN) ) has released its Q2 earnings. Here is a breakdown of the information Churchill Downs presented to its investors.
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Churchill Downs Incorporated (CDI) is a prominent player in the entertainment industry, known for its iconic Kentucky Derby and operations in live and historical racing, online wagering, and regional casino gaming.
In its latest earnings report for the second quarter of 2025, Churchill Downs Incorporated announced record net revenue of $934.4 million, marking a 5% increase from the previous year. The company also reported a net income of $216.9 million, up by 4%, and an all-time high Adjusted EBITDA of $450.9 million.
Key highlights of the quarter included the successful running of the 151st Kentucky Derby, which achieved record viewership and wagering figures. The company also announced a significant acquisition, purchasing a 90% stake in Casino Salem, New Hampshire, for $180 million, with plans to develop a new entertainment and dining destination. Additionally, the Board approved a $500 million share repurchase program, reflecting strong confidence in the company’s financial health.
Despite a slight decline in gaming revenue due to the cessation of operations in Louisiana, CDI’s overall performance remained robust, driven by increased revenues from its racing and wagering segments. The company ended the quarter with a net bank leverage of 4.2x and returned $250.4 million to shareholders through share repurchases.
Looking ahead, Churchill Downs Incorporated remains focused on strategic growth through acquisitions and development projects, while continuing to enhance shareholder value through its share repurchase program. The company’s management is optimistic about future prospects, supported by favorable tax changes and ongoing investments in its core operations.