Churchill Downs Incorporated's second quarter of 2025 was marked by record-breaking revenue and EBITDA, driven by strong performance in the Kentucky Derby and HRM property expansions. Despite minor declines in specific segments, the company's strategic growth initiatives and share repurchase program indicate a positive outlook.

Company Guidance -

Q3 2025

During the Churchill Downs Incorporated 2025 Second Quarter Earnings Conference Call, the company reported record financial results, with net revenue reaching $934 million and adjusted EBITDA at $451 million. This marked the fifth consecutive second quarter of record-setting performance. The company also highlighted growth plans centered on the Kentucky Derby, with a focus on ticketing revenue, broadcast rights, and wagering. In 2024, the 150th Derby generated 20% growth, contributing $30 million in incremental adjusted EBITDA. For 2025, despite weather challenges on Derby Day, the company achieved nearly the same level of adjusted EBITDA as in 2024. Looking ahead, growth is expected in 2026, with catalysts including premium experiences, increased wagering, and a new NBC contract expected to add $10 million to adjusted EBITDA. The call also emphasized strategic capital investments for long-term growth and expansion in HRM operations, notably in Virginia and Kentucky.

Record-Breaking Revenue and EBITDA

Churchill Downs Incorporated delivered all-time record net revenue of $934 million and adjusted EBITDA of $451 million for the second quarter of 2025, marking the fifth consecutive second quarter of record-setting performance.

Kentucky Derby Growth

The Kentucky Derby continues to be a major growth driver with viewership reaching nearly 18 million (a 6% increase from 2024) and peak viewership climbing to almost 22 million (up 8%). Wagering on the Derby race was up 11% over last year's all-time high.

Expansion of HRM Properties

Significant progress in HRM operations, with growth in Virginia and Kentucky markets. New facilities in Richmond and Henrico County are on schedule and on budget, and a new venue in Calvert City is expected to open in Q1 2026.

New Hampshire Expansion

Churchill Downs announced the acquisition of a 90% interest in a Casino Salem project, expanding its market presence in New Hampshire, with plans to develop a state-of-the-art gaming and entertainment destination.

Share Repurchase Program

The Board approved a new common stock repurchase program of up to $500 million, reflecting confidence in the company's future growth prospects.

Churchill Downs (CHDN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CHDN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	1.01 / -	0.97	―	―	―
Jul 23, 2025	2025 (Q2)	2.99 / 3.10	2.89	7.27% (+0.21)	―
Apr 23, 2025	2025 (Q1)	1.04 / 1.07	1.13	-5.31% (-0.06)	―
Feb 19, 2025	2024 (Q4)	0.91 / 0.92	0.86	6.98% (+0.06)	―
Oct 23, 2024	2024 (Q3)	0.96 / 0.97	0.87	11.49% (+0.10)	―
Jul 24, 2024	2024 (Q2)	2.71 / 2.89	2.24	29.02% (+0.65)	―
Apr 24, 2024	2024 (Q1)	0.81 / 1.13	0.98	15.31% (+0.15)	―
Feb 21, 2024	2023 (Q4)	0.68 / 0.86	0.73	17.81% (+0.13)	―
Oct 25, 2023	2023 (Q3)	0.84 / 0.87	0.81	7.41% (+0.06)	―
Jul 26, 2023	2023 (Q2)	2.47 / 2.24	1.95	14.87% (+0.29)	―

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
Jul 23, 2025	$109.16	$113.75	+4.20%
Apr 23, 2025	$105.04	$87.99	-16.23%
Feb 19, 2025	$119.54	$119.05	-0.41%
Oct 23, 2024	$133.74	$139.73	+4.48%

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 Oct 22, 2025, After Close (Confirmed).

What is Churchill Downs (CHDN) earnings time?

Churchill Downs (CHDN) earnings time is at Oct 22, 2025, 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 2025 (Q3) is 1.01.

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