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
$642.6M
Gross Profit
N/A
Operating Profit
$134.6M
Net Profit
$76.7M
Gross Margin
N/A
Operating Margin
20.9%
Net Margin
11.9%
YoY Growth
8.7%
Churchill Downs Inc Q1 FY2025 Financial Summary
Churchill Downs Inc reported revenue of $642.6M (up 8.7% YoY) for Q1 FY2025, with a net profit of $76.7M (down 4.6% YoY) (11.9% margin).
Key Financial Metrics
| Total Revenue | $642.6M |
|---|---|
| Net Profit | $76.7M |
| Gross Margin | N/A |
| Operating Margin | 20.9% |
| Report Period | Q1 FY2025 |
Revenue Breakdown
Churchill Downs Inc Q1 FY2025 revenue of $642.6M breaks down across 14 segments, led by Equity Method Investment Nonconsolidated Investee Or Group Of Investees at $205.3M (31.9% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $205.3M | 31.9% |
| VA | $129.3M | 20.1% |
| Louisville Property | $52.2M | 8.1% |
| NY | $43.4M | 6.8% |
| Southwestern Kentucky | $40.5M | 6.3% |
| IN | $31.6M | 4.9% |
| Northern Kentucky | $31.2M | 4.9% |
| FL | $25.3M | 3.9% |
| IA | $23.5M | 3.7% |
| MD | $20.8M | 3.2% |
| Other | $20.2M | 3.1% |
| Western Kentucky | $12.4M | 1.9% |
| Churchill Downs Racetrack | $3.6M | 0.6% |
| NH | $3.3M | 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 Equity Method Investment Nonconsolidated Investee Or Group Of Investees and VA) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Louisville Property | — | $53.8M | — | — |
| NY | — | $45.5M | — | $47.6M |
| Southwestern Kentucky | — | — | — | $43.4M |
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 |