Loading...
•
Sep 30
Churchill Downs Q3 2025 Earnings Report
Churchill Downs delivered record Q3 revenue and Adjusted EBITDA, although GAAP net income declined due to one-time impairment charges.
Key Takeaways
Churchill Downs posted record third quarter revenue of $683 million and record Adjusted EBITDA of $262.3 million. Despite the strong operating performance, GAAP net income declined 42% year-over-year due to a one-time impairment related to gaming rights. The company continued investing in strategic projects and returned $53.5 million to shareholders through share repurchases.
Record Q3 revenue of $683 million, up 9% YoY
Adjusted net income rose to $77.1 million, despite a one-time impairment charge
Live and Historical Racing revenue grew significantly, driven by expansion in Virginia and Kentucky
Returned $53.5 million to shareholders through share repurchases in Q3
Churchill Downs
Churchill Downs
Churchill Downs Revenue by Segment
Churchill Downs Revenue by Geographic Location
Revenue by Segment
Live & Historical Racing Revenue
CapyFin.comWagering Services & Solutions Revenue
CapyFin.comGaming Segment Revenue
CapyFin.comAll Other Revenue
CapyFin.comRevenue by Geographic Location
Kentucky Revenue
CapyFin.comVirginia Revenue
CapyFin.comNew Hampshire Revenue
CapyFin.comFlorida Revenue
CapyFin.comIowa Revenue
CapyFin.comIndiana Revenue
CapyFin.comLouisiana Revenue
CapyFin.comMaine Revenue
CapyFin.comMaryland Revenue
CapyFin.comMississippi Revenue
CapyFin.comNew York Revenue
CapyFin.comPennsylvania Revenue
CapyFin.com Forward Guidance
The company did not provide quantitative forward guidance, but emphasized growth in its racing segment and strategic investments while noting a favorable tax impact expected from recent legislation.
Positive Outlook
- Strong momentum in Live and Historical Racing from recent venue expansions
- Positive impact expected from federal tax legislation signed in July 2025
- Ongoing investment in new HRM facilities and gaming venues
- Maintained dividend growth for the 15th consecutive year
- Continued strength in TwinSpires Horse Racing operations
Challenges Ahead
- GAAP net income declined 42% YoY due to one-time impairment
- Gaming revenue decreased slightly due to Louisiana HRM exit
- Increase in asset impairments and transaction-related expenses
- Equity income from affiliates decreased modestly YoY
- No formal 2026 earnings guidance provided