Churchill Downs Incorporated reported third quarter 2025 results on October 22, 2025. The company achieved record third quarter net revenue of $683.0 million, up 9% year-over-year. However, net income attributable to CDI declined 42% to $38.1 million due to a one-time, non-cash impairment charge. Adjusted net income rose 7% to $77.1 million, and adjusted EBITDA reached a record $262.3 million, up 11%. The company completed several expansion projects, including acquiring 90% of Casino Salem for $180 million and opening new gaming venues in Virginia. The board approved a dividend increase, marking the fifteenth consecutive year of increases. Churchill Downs is also facing a dispute with the Horseracing Integrity and Safety Authority regarding unpaid assessment fees, with a hearing scheduled for March 11, 2026.
Read full analysisChurchill Downs Incorporated reported third quarter 2025 results on October 22, 2025. The company achieved record third quarter net revenue of $683.0 million, up 9% year-over-year. However, net income attributable to CDI declined 42% to $38.1 million due to a one-time, non-cash impairment charge. Adjusted net income rose 7% to $77.1 million, and adjusted EBITDA reached a record $262.3 million, up 11%. The company completed several expansion projects, including acquiring 90% of Casino Salem for $180 million and opening new gaming venues in Virginia. The board approved a dividend increase, marking the fifteenth consecutive year of increases. Churchill Downs is also facing a dispute with the Horseracing Integrity and Safety Authority regarding unpaid assessment fees, with a hearing scheduled for March 11, 2026.
Churchill Downs operates the iconic Kentucky Derby and owns a portfolio of horse racing tracks, casinos, and the TwinSpires online wagering platform across the United States. The company has announced nearly $500M in capital projects recently, including a $280M–$300M Victory Run seating structure and a $180M–$200M New Hampshire casino renovation, while opening new historical racing venues like the Marshall Yards facility debuting February 25. Today's decline reflects broad consumer discretionary weakness rather than any company-specific development.