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Churchill Downs (CHDN) investor relations material
Churchill Downs Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Achieved record third quarter net revenue of $683.0 million, up 9% year-over-year, and record adjusted EBITDA of $262.3 million, with all business segments contributing to growth.
Net income attributable to shareholders declined 42% to $38.1 million due to a one-time, non-cash impairment charge, while adjusted net income rose 7% to $77.1 million.
Major operational milestones included expansion of Rosie's Richmond, acquisition of 90% of Casino Salem, and opening of new HRM venues in Kentucky, Virginia, and New Hampshire.
Announced a 7% increase in annual dividend, marking the fifteenth consecutive year of dividend growth.
Strategic investments in Derby Week experiences, broadcast rights, and international expansion are expected to drive future growth.
Financial highlights
Net revenue for Q3 2025 was $683.0 million, up $54.5 million or 9% year-over-year, driven by Live and Historical Racing and Wagering Services and Solutions.
Adjusted EBITDA for Q3 was $262.3 million, up $27.0 million or 11% year-over-year.
Kentucky HRM properties delivered double-digit adjusted EBITDA growth and margin expansion of over three points year-over-year.
Virginia HRM properties achieved a 51% same-store margin, considered best-in-class.
Free cash flow per share rose 13% year-over-year; free cash flow yield is approximately 10%.
Outlook and guidance
Project capital spending expected at $200M–$240M in 2025 and $160M–$200M in 2026, with maintenance capital spending projected at $75M–$85M in 2025.
Bank covenant net leverage expected to remain at 4.1x for year-end, dropping below 4x in 2026.
Favorable impact on cash tax expense expected due to new federal tax legislation, increasing cash flow from operations.
Management expects cash flows from operations and available borrowings to be sufficient for business operations and capital expenditures over the next twelve months.
Anticipates $50M–$60M annual cash tax savings in 2025 and 2026 due to federal tax changes.
Quantify cash flow increase from new tax law
Revenue outlook for new capital projects?
Why did Louisiana HRM operations cease?
Victory Run: How to hit 20% unlevered IRR?
ETGs: What is the expected business impact?
Beyond Salem, what M&A regions are attractive?
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Next Churchill Downs earnings date
Q4 202519 Feb, 2026
Next Churchill Downs earnings date
Q4 202519 Feb, 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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