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Churchill Downs Inc.

CHDN · Industrials

Last earnings Oct 28, 2026

Key results

Revenuequarter

$683.0 million

revenue of $683.0 million, up $54.5 million or 9% Net income attributable to CDI of $38.1 million, down $27.3 million or 42% driven by a one-time, non-cash impairment Adjusted net income attributable to CDI of $77.1 million, up $5.0 million or 7% Record third quarter Adjusted EBITDA of $262.3 million

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Net incomequarter

$54.5 million

revenue of $683.0 million, up $54.5 million or 9% Net income attributable to CDI of $38.1 million, down $27.3 million or 42% driven by a one-time, non-cash impairment Adjusted net income attributable to CDI of $77.1 million, up $5.0 million or 7% Record third quarter Adjusted EBITDA of $262.3 million

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Growthquarter

down $27.3 million

revenue of $683.0 million, up $54.5 million or 9% Net income attributable to CDI of $38.1 million, down $27.3 million or 42% driven by a one-time, non-cash impairment Adjusted net income attributable to CDI of $77.1 million, up $5.0 million or 7% Record third quarter Adjusted EBITDA of $262.3 million

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Adjusted net incomequarter

$77.1 million

revenue of $683.0 million, up $54.5 million or 9% Net income attributable to CDI of $38.1 million, down $27.3 million or 42% driven by a one-time, non-cash impairment Adjusted net income attributable to CDI of $77.1 million, up $5.0 million or 7% Record third quarter Adjusted EBITDA of $262.3 million

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

revenue increased $53.3 million due to a $30.1 million increase from our Virginia HRM venues, a $20.9 mill ion increase from our Kentucky HRM venues, and a $2.3 million increase primarily from our temporary facility at Casino Salem in New Hampshire.

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

revenue increased $8.5 million due to a $5.3 million increase from TwinSpires Horse Racing, a $3.0 million increase from Exacta attributable to incremental HRMs in Virginia and New Hampshire, and a $0.2 million increase from our sports betting business.

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

revenue decreased $4.8 million due to a $6.1 million decrease from the cessation of HRM operations in Louisiana, partially offset by a $1.3 million net increase primarily from our New York, Maine, Indiana, and Iowa properties.

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

NET INCOME ATTRIBUTABLE TO CDI The Company's third quarter 2025 net income attributable to CDI was $38.1 million compared to $65.4 million in the prior year quarter.

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

The following factors impacted the comparability of the Company's third quarter 2025 net income to the prior year quarter An increase of $31.0 million in after-tax impairment charges in the current year quarter related to the impairment of the Chasers' gaming rights and a $1.3 million after-tax increase in transaction, pre-opening, and other expenses.

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Excluding the items above, third quarter 2025 adjusted net income attributable to CDI increased $5.0 million primarily due to the following a $3.4 million after-tax increase primarily driven by the results of our operations and a $2.9 million after-tax decrease in interest expense.

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

AI analysis

Q3 2025 · reported Oct 22, 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Revenue · Q3 2025
$683.0M
EX-99 · Oct 22, 2025
Net income · Q3 2025
$54.5M
EX-99 · Oct 22, 2025
Growth · Q3 2025
down $27.3M
EX-99 · Oct 22, 2025
Adjusted net income · Q3 2025
$77.1M
EX-99 · Oct 22, 2025

Headline figures

MetricQ3 2025Prior qtrYear ago
Revenue$683.0 million——
Net income$54.5 million——
Growthdown $27.3 million——
Adjusted net income$77.1 million——

EX-99 · Oct 22, 2025

Guidance · company-stated

No guidance located in the held release

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

Dividend$0.438

On October 21, 2025, the Board of Directors approved a $0.438 per share dividend to shareholders of record as of December 5, 2025 and payable on January 6, 2026.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

SEGMENT RESULTS The summaries below present revenue from external customers and intercompany revenue from each of our reportable segments

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

No guidance located in the held release

Capital allocation

On October 21, 2025, the Board of Directors approved a $0.438 per share dividend to shareholders of record as of December 5, 2025 and payable on January 6, 2026.

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

This represents the fifteenth consecutive year of increased dividend per share.

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

We ended the third quarter of 2025 with net bank leverage of 4.1x and returned $53.5 million of capital to our shareholders through share repurchases.

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

CAPITAL MANAGEMENT Share Repurchase Program The Company repurchased 515,527 shares of its common stock at a total cost of $53.5 million in the third quarter of 2025.

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

$15.0 million of repurchases were made under the March 2025 Stock Repurchase Program and $38.5 million of repurchases were made under the July 2025 Stock Repurchase Program.

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

We had approximately $461.5 million of repurchase authority remaining under the July 2025 Stock Repurchase Program as of September 30, 2025.

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Strategy & priorities

On August 6, 2025, C DI completed the expansion of Rosie's Richmond in Richmond, Virginia with 450 incremental historical racing machines.

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

We use Adjusted EBITDA to evaluate segment performance, develop strategy, and allocate resources.

SEC original ↗Churchill Downs Inc. — Earnings release (8-K exhibit)EX-99Oct 22, 2025

RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements - effective in 2026 or thereafter In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements: Codification Amendments in Response to the Securities and Exchange Commission s ("SEC") Disclosure Update and Simplification Initiative, to amend certain disclosure and presentation requirements for a variety of topics within FASB's Accounting Standards Codification ("ASC").

SEC original ↗Churchill Downs Inc. — 10-Q Quarterly report10-QOct 28, 2026

At the time the Company acquired Chasers, the valuation of the gaming rights contemplated a future expansion of the existing operations in Salem, New Hampshire.

SEC original ↗Churchill Downs Inc. — 10-Q Quarterly report10-QOct 28, 2026

Our chief operating decision maker utilizes Adjusted EBITDA to evaluate segment performance, develop strategy, and allocate resources.

SEC original ↗Churchill Downs Inc. — 10-Q Quarterly report10-QOct 28, 2026

Risks & headwinds

Legal Proceedings 41 Item 1A.

SEC original ↗Churchill Downs Inc. — 10-Q Quarterly report10-QOct 28, 2026

FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2026 15 Churchill Downs Incorporated Notes to Condensed Consolidated Financial Statements (Unaudited) We believe that these disclosures depict how the amount, nature, timing, and uncertainty of cash flows are affected by economic factors.

SEC original ↗Churchill Downs Inc. — 10-Q Quarterly report10-QOct 28, 2026

CONTINGENCIES We are involved in litigation arising in the ordinary course of conducting business.

SEC original ↗Churchill Downs Inc. — 10-Q Quarterly report10-QOct 28, 2026

We review all litigation on an ongoing basis when making accrual and disclosure decisions.

SEC original ↗Churchill Downs Inc. — 10-Q Quarterly report10-QOct 28, 2026

For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in the early stages of development or where the plaintiffs seek indeterminate damages.

SEC original ↗Churchill Downs Inc. — 10-Q Quarterly report10-QOct 28, 2026

In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated.

SEC original ↗Churchill Downs Inc. — 10-Q Quarterly report10-QOct 28, 2026

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

RELX (RELX) IndustrialsThomson Reuters (TRI) IndustrialsFedEx (FDX) IndustrialsVertiv (VRT) IndustrialsCanadian National Railway (CNI) IndustrialsAerCap Holdings (AER) IndustrialsCanadian Pacific Kansas City (CP) IndustrialsGeneral Dynamics (GD) Industrials
Documents

Filings

36 documents

Earnings releases

49 documents

Presentations

0 documents

No presentations for Churchill Downs Inc. are held in this edition of the library.

Transcripts

0 documents

No transcripts for Churchill Downs Inc. are held in this edition of the library.

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