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Churchill Downs (CHDN) investor relations material

Churchill Downs Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary24 Jul, 2025

Executive summary

  • Achieved all-time record net revenue of $934.4M and adjusted EBITDA of $450.9M for Q2 2025, marking the fifth consecutive record second quarter.

  • Net income attributable to shareholders rose to $216.9M, with diluted EPS at $2.99.

  • Growth driven by strong Derby Week performance, new property openings, and expansion in HRM venues.

  • Announced acquisition of 90% of Casino Salem in New Hampshire for $180M, expanding geographic footprint.

  • Board approved a new $500M stock repurchase program, with $250M+ in share repurchases in Q2.

Financial highlights

  • Q2 2025 net revenue: $934.4M (up $43.7M year-over-year); adjusted EBITDA: $450.9M (up $6.1M year-over-year).

  • Net income attributable to shareholders: $216.9M; diluted EPS: $2.99.

  • Free cash flow for H1 2025 was $455M ($6.29/share); cash flows from operations: $486.1M.

  • Returned $250.4M to shareholders via share repurchases in Q2.

  • Ended Q2 with net bank leverage of 4.2x.

Outlook and guidance

  • Project capital expenditures for 2025 expected at $250M–$290M, with ongoing investments in new and expanded venues.

  • New federal tax legislation expected to reduce 2025 cash tax expense by $50M–$60M and increase operating cash flow.

  • Bank covenant net leverage expected to remain in low 4x range for 2025, declining below 4x in 2026.

  • Management anticipates sufficient cash flow and credit facility availability to fund operations and capital needs.

  • Continued capital investments in HRM venues and Derby-related projects to drive long-term growth.

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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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