Churchill Downs Incorporated reported a solid first quarter with record net revenue and adjusted EBITDA, driven by growth across its Live and Historical Racing and Wagering Services segments. The company also made strategic investments and capital returns, signaling continued operational strength and shareholder focus.
Record net revenue of $663 million, up 3% year-over-year.
positiveRecord Adjusted EBITDA of $257 million, up 5% year-over-year.
positiveNet income attributable to CDI increased 8% to $83 million.
positiveFifteenth consecutive year of increased dividend per share.
positiveEntered into a definitive agreement to purchase the intellectual property of the Preakness Stakes and Black-Eyed Susan Stakes for $85 million.
neutralAnnounced plans to invest $180-$200 million in Rockingham Grand Casino in New Hampshire.
neutralOpened Marshall Yards Racing & Gaming in Southwestern Kentucky.
neutralGaming segment revenue decreased $5 million due to cessation of HRM operations in Louisiana and decreases in Florida and Mississippi properties.
attentionGaming segment Adjusted EBITDA decreased $1 million, primarily from the cessation of HRMs in Louisiana.
attentionAll Other segment Adjusted EBITDA decreased $2 million due to claim development within its captive insurance company.
attentionTotal net revenue increased 3%, a deceleration from the 6.7% growth in Q4 2025 and 8.5% in Q3 2025.
attentionDiluted EPS attributable to CDI was $1.16, an increase of 13.7% YoY, but a significant deceleration from the +31.5% QoQ growth indicated in historical context.
attentionOperating income increased 5.9% to $143 million, a deceleration from prior quarters.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Live and Historical Racing | N/A | — | — | — |
Wagering Services and Solutions | N/A | — | — | — |
Gaming | N/A | — | — | — |
All Other | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Record net revenue of $663 million, up 3%
Record Adjusted EBITDA of $257 million, up 5%
Announced plans to invest $180-$200 million in Rockingham Grand Casino
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.