Churchill Downs (NasdaqGS:CHDN) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Company ParticipantsBill Carstanjen - CEODan Politzer - Executive Director, Equity Research – Gaming and LodgingMarcia Dall - EVP and CFOSam Ulrich - Vice President of Investor RelationsConference Call ParticipantsBarry Jonas - Managing Director and Senior Gaming Equity AnalystBrandt Montour - AnalystChad Beynon - AnalystDaniel Gugliemo - Consumer Equity Research AnalystDavid Katz - Managing Director and Senior Equity Analys ...

Churchill Downs (NasdaqGS:CHDN) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Company ParticipantsDan Politzer - Executive Director, Equity Research – Gaming and LodgingMarcia A. Dall - EVP and CFOSam Ullrich - VP, Investor RelationsWilliam C. Carstanjen - CEOConference Call ParticipantsBarry Jonas - Managing Director and Senior Gaming Equity AnalystBrandt Montour - AnalystChad Beynon - AnalystDaniel Guglielmo - Consumer Equity Research AnalystDavid Katz - Managing Director and Senior Equity AnalystJe ...

For the quarter ended December 2025, Churchill Downs (CHDN) reported revenue of $665.9 million, up 6.7% over the same period last year. EPS came in at $0.97, compared to $0.92 in the year-ago quarter.The reported revenue represents a surprise of +0.78% over the Zacks Consensus Estimate of $660.73 million. With the consensus EPS estimate being $0.85, the EPS surprise was +14.56%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determ ...

分组1 - Churchill Downs reported quarterly earnings of $0.97 per share, exceeding the Zacks Consensus Estimate of $0.85 per share, and showing an increase from $0.92 per share a year ago, resulting in an earnings surprise of +14.56% [1] - The company achieved revenues of $665.9 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.78% and increasing from $624.2 million year-over-year [2] - Churchill Downs has outperformed consensus EPS estimates three times in the last four quarters and has also topped consensus revenue estimates three times during the same period [2] 分组2 - The stock has underperformed the market, losing about 15.5% since the beginning of the year, while the S&P 500 has gained 0.7% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to those expectations [4] - The current consensus EPS estimate for the upcoming quarter is $1.11 on revenues of $659.77 million, and for the current fiscal year, it is $7.12 on revenues of $3.02 billion [7] 分组3 - The Zacks Industry Rank indicates that the Gaming industry is currently in the bottom 28% of over 250 Zacks industries, suggesting that the performance of the stock may be influenced by the overall industry outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors or through tools like the Zacks Rank [5][6]

Business Segments - The Company operates through three reportable segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming[13]. - The Live and Historical Racing segment includes revenue from pari-mutuel wagering, simulcast fees, and event-related services at Churchill Downs Racetrack and other properties[14][15]. - The Gaming segment generates revenue from various gaming operations, including slot machines and table games, supporting the casino license[46]. - The company operates a total of 14,335 gaming terminals across its properties, with 646,000 square feet of casino space[47]. Investments and Developments - The Company is investing up to $30 million to renovate the Finish Line Suites and The Mansion for the 152nd Kentucky Derby in May 2026[22]. - The Company plans to invest $280-$300 million to build a new facility at Churchill Downs Racetrack, expected to be completed by the 2028 Kentucky Derby[22]. - Derby City Gaming was expanded in Q2 2023, adding a 123-room hotel and a VIP gaming area[25]. - The company opened the Terre Haute Casino Resort in Indiana in April 2024, which includes a hotel and a retail sportsbook[49]. - The company plans to sell 15-20 acres of land at Calder Casino for future retail development[48]. Racing Operations - Churchill Downs Racetrack conducts approximately 80 live race days each year and features one of the largest 4K video boards in the world[17]. - The Fair Grounds Race Course in Louisiana conducts approximately 75 live racing days each year and operates 13 off-track betting facilities[51]. Market Access and Technology - Exacta, acquired in August 2023, provides central determinant system technology for historical racing machines across multiple states[44]. - The company has executed strategic market access agreements for sports betting with Bet365 in Pennsylvania and Golden Nugget in Indiana[45]. Employment and Workforce - As of December 31, 2025, the company employed approximately 9,000 team members, including about 6,600 full-time employees[68]. Equity Investments - The company has a 61.3% equity ownership in Rivers Casino Des Plaines, which has 1,510 gaming terminals and 120 table games[57]. - The company has a 50% equity investment in Miami Valley Gaming and Racing in Ohio, which features a harness racetrack and retail sportsbook[58]. Regulatory Environment - The gaming industry is highly regulated, with gaming laws designed to protect consumers and ensure the integrity of the industry[86]. - Changes in gaming laws or regulations could have a material adverse impact on the company's gaming operations[87]. - The company is required to maintain responsible accounting practices and procedures, including reliable record-keeping and filing periodic reports with gaming regulators[89]. - The company pays substantial license fees and taxes in various jurisdictions, which are based on factors such as a percentage of gaming revenue received[102]. - The company must report and obtain approval for material loans, leases, and sales of securities from gaming authorities[101]. - The company is subject to environmental laws and regulations that may require significant capital expenditures for compliance[104]. Financial Risks - The company is exposed to market risks from adverse changes in general economic trends, which can affect consumer confidence and discretionary spending[298]. - As of December 31, 2025, the company had $2.1 billion outstanding under its Credit Agreement, which bears interest at SOFR-based variable rates[299]. - A one-percentage point increase in the SOFR rate would reduce net income and cash flows from operating activities by $14.7 million[299]. Gaming Operations - The company operates 540,000 square feet of historical racing entertainment venues with a total of 10,190 historical racing machines[23]. - Sports betting is operational in 39 states and the District of Columbia as of December 31, 2025, with the company active in eleven states for retail sports betting[82]. - iGaming is authorized in seven states, with potential expansion as Maine authorized it in January 2026[84]. - The company has faced legal challenges regarding historical horse racing operations in Louisiana, impacting revenue comparability[79].

FOR IMMEDIATE RELEASE CHURCHILL DOWNS INCORPORATED REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS LOUISVILLE, Ky. (February 25, 2026) - Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company", "CDI", "we") today reported business results for the quarter and full year ended December 31, 2025. Company Highlights | CONSOLIDATED RESULTS | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Fourth Quarter | | | | | | | Years Ended December 31, | | | (in millions, except per share data ...

LOUISVILLE, Ky., Feb. 25, 2026 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company", "CDI", "we") today reported business results for the quarter and full year ended December 31, 2025. Company Highlights Fourth quarter 2025 financial results, as compared to the prior year quarter: Record net revenue $665.9 million, up $41.7 million or 7%Net income attributable to CDI of $51.3 million, down $20.4 million or 28%Record Adjusted EBITDA of $247.0 million, up $10.4 million or 4% On Septe ...

The London Company, an investment management company, released its fourth-quarter 2025 investor letter for its “The London Company Mid Cap Strategy”. A copy of the letter can be downloaded here. In Q4 2025, US equities posted the third consecutive quarter of higher returns, with the Russell 3000 Index rising 2.4%. The market highlighted how investors balanced the optimism on earnings growth and concerns regarding AI returns and cooling macroeconomic factors. In the quarter, the portfolio returned 3.2% (3.0% ...

LOUISVILLE, Ky., Feb. 24, 2026 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) announced the grand opening of Marshall Yards Racing & Gaming (“Marshall Yards”) to the public on February 25, 2026, the Company’s eighth premier historical horse racing entertainment venue in Kentucky. The 23,000 square foot venue in Calvert City, Kentucky features 225 state-of-the-art historical racing machines (“HRM”), a retail sportsbook, simulcast wagering, and various food and bevera ...

$40-45 Million Investment Provides World-Class Entertainment While Supporting Funding for the Oak Grove Race MeetLOUISVILLE, Ky., Feb. 24, 2026 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) announced the grand opening of Marshall Yards Racing & Gaming (“Marshall Yards”) to the public on February 25, 2026, the Company’s eighth premier historical horse racing entertainment venue in Kentucky. The 23,000 square foot venue in Calvert City, Kentucky features 225 state-of ...