Churchill Downs Earnings Call Transcripts
Fiscal Year 2026
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Record Q1 revenue and adjusted EBITDA driven by strong HRM and wagering growth, new venue openings, and strategic acquisition of Preakness IP. Kentucky and Virginia markets remain robust, with Derby Week expansion and hospitality upgrades fueling future growth.
Fiscal Year 2025
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Record revenue and Adjusted EBITDA were achieved in 2025, driven by strong Derby performance, HRM expansion, and disciplined capital allocation. Outlook for 2026 is positive, with incremental Derby EBITDA, continued investment, and strong free cash flow expected.
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Record Q3 net revenue and adjusted EBITDA were driven by strong growth across all segments, with major investments in Derby Week, HRM venues, and technology. Capital allocation remains disciplined, with leverage expected below 4x in 2026 and continued share repurchases and dividend growth.
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Q2 2025 delivered record revenue and adjusted EBITDA, driven by strong HRM and Derby performance. Growth catalysts include new NBC contract, capital investments, and expanding HRM footprint, with robust free cash flow and a new $500M share repurchase program.
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Record Q1 revenue and adjusted EBITDA were achieved despite economic and weather challenges. Major capital projects were paused due to macro uncertainty, but smaller renovations and disciplined investments continue, with strong Derby and HRM performance expected to drive growth.
Fiscal Year 2024
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Record 2024 results with 11% revenue and 13% Adjusted EBITDA growth, driven by all segments and major new projects. Multi-year Churchill Downs Racetrack expansion and strong HRM performance in Virginia and Kentucky set the stage for continued growth in 2025 and beyond.
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Record Q3 net revenue and adjusted EBITDA were driven by strong HRM growth in Virginia and Kentucky, with major Kentucky Derby and HRM expansion projects underway. Free cash flow rose 32% year-over-year, and a 7% dividend increase was approved.
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All-time record Q2 revenue and adjusted EBITDA were driven by a record Kentucky Derby and strong HRM and casino performance. Major capital projects and technology integration are fueling growth, with leverage expected to decline and further expansion planned in key markets.