Churchill Downs Earnings Call Transcripts
Fiscal Year 2026
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A new Thoroughbred Championship Series will launch in 2027, linking six major races into a season-long competition with a points-based championship. The initiative aims to modernize the sport, deepen fan engagement, and leverage national broadcast partnerships for broader reach.
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Record Q2 revenue and Adjusted EBITDA were driven by a strong Kentucky Derby week, robust HRM and wagering growth, and strategic capital investments. Plans to sell nine regional gaming properties will fund debt reduction, reinvestment, and share repurchases.
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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 in live and historical racing, wagering, and regional gaming. Major capital projects and strategic investments are expected to fuel continued growth, with disciplined capital management and a positive outlook for 2026 and beyond.
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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 net revenue and Adjusted EBITDA were achieved in 2024, driven by strong Derby and HRM performance, new property openings, and strategic capital investments. Major expansion projects are underway, with continued growth expected 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.