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Churchill Downs
Churchill Downs (CHDN) investor relations material
Churchill Downs Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor presentation summary3 Mar, 2026
Investment highlights
Kentucky Derby is a unique, iconic asset with record-breaking viewership and social media engagement, driving high-margin growth and significant free cash flow.
Diversified business model includes live and historical racing, wagering services, and regional gaming, generating strong Adjusted EBITDA and free cash flow.
Consistent growth in Adjusted EBITDA ($1,205M in 2025) and free cash flow, with high conversion rates and increasing yield.
Disciplined capital management with organic investments, strategic acquisitions, annual dividend increases, and opportunistic share repurchases.
Proven management team with a clear pathway for growth through capital investments and expansion into new markets.
Kentucky Derby and live racing
Kentucky Derby is the longest continuously held major sporting event in the US, with a week-long celebration and significant economic impact ($400M+ to Louisville).
2025 Derby achieved 21.8M peak viewership (+8% YoY), 285M+ social media impressions (+67% YoY), and record wagering ($474M for Derby Week).
Growth catalysts include expanded broadcast rights, primetime Kentucky Oaks, international qualifying races, and new premium experiences.
Ongoing capital investments at Churchill Downs Racetrack, including Finish Line Suites & The Mansion (2026) and Victory Run (2028), enhance guest experiences and revenue potential.
HRM venues in Kentucky and Virginia support strong purses and economics for racing and agricultural industries.
Wagering services and solutions
TwinSpires is the largest and most profitable legal online horse racing platform in the US, offering B2C and B2B services.
Provides 24/7 wagering on ~165,000 races at 360 tracks globally, with integrated data, streaming, and settlement services.
Exacta supplies HRM technology to company venues and third parties, with ongoing expansion in multiple states.
TwinSpires and US online wagering have grown significantly since 2019, with a 61% online handle share in 2025.
Derby premium pricing strategy impact on growth
Rockingham Grand Casino's expected market impact
Capital allocation strategy for growth vs returns
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Next Churchill Downs earnings date
Q1 202623 Apr, 2026
Churchill Downs
Next Churchill Downs earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Churchill Downs, Inc. operates as a racing, gaming, and online entertainment company. It operates through Racing, Online Wagering, Gaming, TwinSpires, Big Fish Games and Other segments. The company owns and operates the world renowned Churchill Downs Racetrack in Louisville, Kentucky, which is home to the Kentucky Derby and Kentucky Oaks; advanced deposit wagering platforms; casino facilities across several states; off-track betting facilities; online social casino platforms; a video poker network in Louisiana; an Arkansas racing license; other casino assets in Pennsylvania; an equity stake in global gaming technology platform NYX Digital Gaming U.S., LLC; and Big Fish Games U.K. (Big Fish), an online casual gaming company that offers consumers various games for PC and mobile devices.
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