Churchill Downs IncCHDNEarnings & Financial Report
Churchill Downs Incorporated is the parent company of Churchill Downs. The company has evolved from one racetrack in Louisville, Kentucky, to a multi American-state-wide, publicly traded company with racetracks, casinos and an online wagering company among its portfolio of businesses.
Revenue
$628.5M
Gross Profit
N/A
Operating Profit
$125.9M
Net Profit
$65.4M
Gross Margin
N/A
Operating Margin
20.0%
Net Margin
10.4%
YoY Growth
9.8%
Churchill Downs Inc Q3 FY2024 Financial Summary
Churchill Downs Inc reported revenue of $628.5M (up 9.8% YoY) for Q3 FY2024, with a net profit of $65.4M (up 7.2% YoY) (10.4% margin).
Key Financial Metrics
| Total Revenue | $628.5M |
|---|---|
| Net Profit | $65.4M |
| Gross Margin | N/A |
| Operating Margin | 20.0% |
| Report Period | Q3 FY2024 |
Revenue Breakdown
Churchill Downs Inc Q3 FY2024 revenue of $628.5M breaks down across 12 segments, led by Gaming Segment at $269.7M (42.9% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Gaming Segment | $269.7M | 42.9% |
| Twin Spires | $111.3M | 17.7% |
| Louisville Property | $50.3M | 8.0% |
| Southwestern Kentucky | $39.3M | 6.3% |
| IN | $32.4M | 5.2% |
| PA | $29.0M | 4.6% |
| ME | $27.7M | 4.4% |
| FL | $23.8M | 3.8% |
| Northern Kentucky | $23.4M | 3.7% |
| Churchill Downs Racetrack | $11.7M | 1.9% |
| Western Kentucky | $9.8M | 1.6% |
| NH | $3.0M | 0.5% |
Churchill Downs Inc Revenue by Segment — Quarterly Trend
Churchill Downs Inc revenue by segment across the last 4 reported quarters, showing how each business line (such as Gaming Segment and Twin Spires) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Louisville Property | — | $53.8M | — | — |
| Southwestern Kentucky | — | — | — | $43.4M |
| IN | — | $32.4M | — | $32.6M |
Churchill Downs Inc Annual Revenue by Year
Churchill Downs Inc annual revenue history includes year-by-year totals (for example, 2025 revenue was $2.9B).
| Year | Annual Revenue |
|---|---|
| 2025 | $2.9B |
| 2024 | $2.7B |
| 2023 | $2.5B |
| 2022 | $1.8B |
Churchill Downs Inc Quarterly Revenue & Net Profit History
Churchill Downs Inc results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $663.0M | +3.1% | $83.0M | 12.5% |
| Q4 FY2025 | $665.9M | +6.7% | $51.3M | 7.7% |
| Q3 FY2025 | $683.0M | +8.7% | $38.1M | 5.6% |
| Q2 FY2025 | $934.4M | +4.9% | $216.9M | 23.2% |
| Q1 FY2025 | $642.6M | +8.7% | $76.7M | 11.9% |
| Q4 FY2024 | $624.2M | +11.2% | $71.7M | 11.5% |
| Q3 FY2024 | $628.5M | +9.8% | $65.4M | 10.4% |
| Q2 FY2024 | $890.7M | +15.9% | $209.3M | 23.5% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $890.7M | $628.5M | $624.2M | $642.6M | $934.4M | $683.0M | $665.9M | $663.0M |
| YoY Growth | 15.9% | 9.8% | 11.2% | 8.7% | 4.9% | 8.7% | 6.7% | 3.1% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $7.17B | $7.17B | $7.28B | $7.35B | $7.38B | $7.45B | $7.48B | $7.49B |
| Liabilities | $6.12B | $6.06B | $6.17B | $6.25B | $6.31B | $6.38B | $6.43B | $6.34B |
| Equity | $1.03B | $1.10B | $1.08B | $1.07B | $1.04B | $1.03B | $1.01B | N/A |
Cash Flow
| Q3 2024 | Q1 2025 | Q3 2025 | Q1 2026 | |
|---|---|---|---|---|
| Operating CF | $169.4M | $246.5M | $187.7M | $295.0M |