Churchill Downs Inc
CHDN
ISIN null / Valor 917716
Churchill Downs Inc
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About company
Churchill Downs Incorporated (CDI), headquartered in Louisville, Kentucky, is a prominent player in the gaming and racing industry, particularly known for its ownership of the legendary Churchill Downs Racetrack, the prestigious venue of the Kentucky Derby. The company operates across various segments, including online wagering through its TwinSpires platform, which is recognized as one of the largest and most profitable platforms for horse racing wagering in the United States. CDI's business extends to live and historical racing, featuring a mix of Thoroughbred and harness racing across several states, alongside historical racing machine (HRM) entertainment venues. These venues, such as Derby City Gaming & Hotel and Oak Grove Racing, Gaming & Hotel, offer a combination of racing entertainment and gaming options under the company's pari-mutuel racing license. Additionally, CDI's portfolio includes regional casino gaming properties across 11 states, further diversifying its entertainment offerings. The company's strategic expansion into both live and historical racing entertainment venues, alongside the development of its online wagering and casino gaming segments, underscores its significant footprint in the U.S. gaming and racing industry.
Summarized from source with an LLMView SourceSector: Consumer ServicesLatest Results (14.11.2025):
Churchill Downs Inc reported its second quarter 2025 earnings with record-setting figures, including net revenue of $934.4 million, net income of $216.9 million, and adjusted EBITDA of $450.9 million. The strong results reflected growth across multiple segments such as Live and Historical Racing and Wagering Services, supported by marquee events like the Kentucky Derby, while strategic capital management initiatives—namely significant share repurchases and a planned acquisition of Casino Salem—further bolstered performance.
Record Financial Results
The company achieved all-time record net revenue and adjusted EBITDA in Q2 2025, with revenue up by $43.7 million (5%) and net income increasing by $7.6 million (4%) compared to Q2 2024. These robust figures underline the overall strong performance and operational efficiency of Churchill Downs Inc during the quarter.
Segment Performance Excellence
The Live and Historical Racing segment led the charge with a $50.7 million increase in revenue, driven by strong contributions from both Virginia and Kentucky venues, along with notable growth at the Churchill Downs Racetrack during the Kentucky Derby events. Wagering Services also delivered solid gains, with revenues rising by $8.5 million due to enhanced Derby Week wagering and expansion activities, while the Gaming segment experienced a modest decline attributed to operational changes and higher gaming tax impacts.
Capital Management Initiatives
In Q2 2025, Churchill Downs Inc returned $250.4 million to shareholders through share repurchases and maintained net bank leverage at 4.2x. Additionally, the board approved a new $500 million share repurchase program, reinforcing the company's commitment to enhancing shareholder value.
Strategic Developments and Subsequent Events
The quarter’s positive outlook was further supported by significant subsequent events, including the announcement of definitive agreements to acquire a 90% stake in Casino Salem for $180 million and the favorable impact of new federal tax legislation. These initiatives are anticipated to boost future cash flows and expand the company’s gaming and entertainment footprint.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
7163 M
Market cap (USD)
676,810
Daily traded volume (Shares)
134.56 / 131.09
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
Dividend (USD)
Dividend yield (p.a.)
Est dividend (USD)
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EPS (USD)
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Ratings & reviews
Minoru Ye
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