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Churchill Downs (CHDN)
NASDAQ:CHDN
Earnings Data
Report Date
Apr 29, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.02Last Year’s EPS
1.07Same Quarter Last Year
Strong Buy
Based on 8 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasizes multiple strong positives: record revenue and adjusted EBITDA, robust free cash flow ($700M), successful HRM expansion and technology (Exacta) driving a 7% adjusted EBITDA increase in Wagering Services, significant capital returns to shareholders, and confident forward guidance around the Kentucky Derby (projected $15–$20M incremental adjusted EBITDA) and continued project execution. Offsetting items are largely transitory or execution-timing related: modest margin pressure (-0.8 points) in regional gaming, early-stage ETG rollout, weather and local disruptions, tariff-related sales-cycle volatility earlier in the year, and routine legislative/regulatory uncertainty. Overall, highlights materially outweigh the lowlights and the tone is optimistic regarding 2026 growth and deleveraging.Company Guidance
Record Revenue and Adjusted EBITDA
Company reported record net revenue and record adjusted EBITDA for 2025 (also record Q4 net revenue and adjusted EBITDA), marking nine consecutive years of record revenue and adjusted EBITDA excluding 2020.
Kentucky Derby and Derby Week Strength
Generated record handle for the Kentucky Derby race, Derby Day program and Derby Week overall, achieved the highest television ratings in nearly 40 years, and expect the 2026 Derby to deliver $15 million to $20 million of incremental adjusted EBITDA.
Significant Free Cash Flow and Capital Returns
Generated record free cash flow of $700 million ($9.75 per share) in 2025; repurchased more than 4.2 million shares and returned over $456 million to shareholders through repurchases and dividends; 15th consecutive year of dividend per share increases.
HRM Portfolio Expansion and New Investments
Expanded HRM footprint with openings (Owensboro, Marshall Yards, Roseshire) and progress on The Rose; announced $180 million to $200 million investment for Rockingham Grand Casino in Salem, New Hampshire.
Wagering Services Growth (Exacta)
Adjusted EBITDA for the Wagering Services and Solutions segment increased 7% in 2025, driven primarily by growth in Exacta and expanding B2B deployments (new customers in Kansas and Alabama).
Introduction of Electronic Table Games (ETGs)
Received regulatory approval in Kentucky and introduced roulette ETGs in early February, establishing a new product avenue expected to augment HRM offerings and future ETG development (e.g., potential craps and blackjack).
Operational Enhancements at Churchill Downs Racetrack
Completed renovations (starting gate Pavilion for ~8,100 guests, redesigned Paddock) and ongoing projects (Mansion renovation, Finish Line Suites on time/on budget) with Victory Run project to add ~1,400 seats (22% increase in that area).
Disciplined Capital Allocation and Leverage Profile
Maintenance capex was $70 million in 2025 (expect $90–$110 million in 2026); project capex $205 million in 2025 (expect $180–$220 million in 2026); bank covenant net leverage 4.1x at year-end 2025 and expected to decline below 4.0x during 2026.
CHDN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CHDN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 25, 2026 | $96.14 | $90.37 | -6.00% |
Oct 22, 2025 | $95.85 | $103.28 | +7.75% |
Jul 23, 2025 | $108.74 | $113.31 | +4.21% |
Apr 23, 2025 | $104.63 | $87.65 | -16.23% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Churchill Downs (CHDN) report earnings?
Churchill Downs (CHDN) is schdueled to report earning on Apr 29, 2026, After Close (Confirmed).
What is Churchill Downs (CHDN) earnings time?
Churchill Downs (CHDN) earnings time is at Apr 29, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CHDN EPS forecast?
CHDN EPS forecast for the fiscal quarter 2026 (Q1) is 1.02.