The earnings call highlighted strong financial results and growth in critical areas like the Kentucky Derby and HRM facilities. However, there were some challenges in regional gaming and specific operational areas. Overall, the positive developments outweigh the negatives.

Company Guidance

During the Churchill Downs Incorporated 2025 Second Quarter Earnings Conference Call, the company provided robust guidance and record-breaking metrics. They reported all-time high net revenue of $934 million and adjusted EBITDA of $451 million, marking the fifth consecutive second quarter with record figures in these areas. The company outlined growth plans centered on the Kentucky Derby and HRM businesses, with a particular focus on expanding Derby Week, which had over 370,000 attendees in 2025. The Derby Week broadcast partnership with NBC reached nearly 18 million average viewers, an increase of 6% from 2024, and produced 285 million social media impressions, up 67% year-over-year. Wagering saw significant gains, with Derby race wagering up 11%, Derby Day wagering up 9%, and Derby Week wagering up 6% from the previous year. The company also highlighted strategic capital investments, such as the Starting Gate Pavilion project, and upcoming projects, including Finish Line Suites and The Mansion renovations, expected to be completed by Derby Week 2026. Additionally, Churchill Downs discussed ongoing developments in their HRM markets, including growth in Virginia and Kentucky, and the strategic acquisition in Salem, New Hampshire. The company plans to continue capital management strategies, such as maintaining a low leverage ratio and repurchasing shares, supported by favorable tax legislation projected to reduce cash taxes by $50 million to $60 million annually.

Record-Breaking Financial Performance

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

Kentucky Derby Week Growth

Despite challenging weather, the 2025 Derby Week nearly matched 2024's record adjusted EBITDA. Plans for 2026 include a new broadcast contract with NBC and strategic capital investments.

Increased Wagering and Viewership

Derby race wagering increased by 11%, Derby Day wagering by 9%, and Derby Week wagering by 6%. Viewership also rose, with a 6% increase in average viewership and an 8% increase in peak viewership.

HRM Facility Expansion

Continued progress in Virginia and Kentucky HRM facilities, with new projects on schedule and on budget, including the opening of a new venue in New Hampshire.

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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