Canterbury Park Holding Corporation Reports 2025 Fourth Quarter Results
Rhea-AI Summary
Canterbury Park Holding Corporation (Nasdaq: CPHC) reported fourth quarter and full-year 2025 results for the period ended December 31, 2025. Q4 net revenues rose 3.9% to $12.4M and Adjusted EBITDA increased 52.8% to $2.3M, while Q4 GAAP net loss was $0.4M. For full-year 2025, net revenues declined 3.2% to $59.6M and Adjusted EBITDA fell 12.9% to $9.4M. The company reported no debt, cash and short-term investments of approximately $17M, TIF receivables near $20M, and continued real estate development progress including an amphitheater opening scheduled June 2026.
Positive
- Q4 net revenues +3.9% to $12.4M
- Q4 Adjusted EBITDA +52.8% to $2.3M (18.4% margin)
- No corporate debt and ~$17M cash and short-term investments
- Residential portfolio occupancy ~84% and multiple developments highly leased
Negative
- Full-year net revenues -3.2% to $59.6M
- Full-year Adjusted EBITDA -12.9% to $9.4M
- Full-year GAAP net loss ($0.5M) vs prior-year net income $2.1M
News Market Reaction – CPHC
On the day this news was published, CPHC gained 0.45%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CPHC showed a slight pre-news decline of 0.21% while peers were mixed: CNTY -7.69%, BALY -2.69%, FLL +20.72%, GDEN +0.39%, and MSC flat in sector scans. Momentum data flagged only MSC moving down, opposite the scanner’s "up" direction for CPHC, suggesting stock-specific positioning rather than a clear sector rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 15 | Dividend declaration | Positive | -1.2% | Announced quarterly cash dividend of $0.07 per share, annualized at $0.28. |
| Nov 06 | Earnings update | Negative | -1.3% | Q3 2025 revenues and Adjusted EBITDA declined year over year amid casino softness. |
| Sep 10 | Dividend declaration | Positive | +0.0% | Reaffirmed $0.07 quarterly dividend tied to ongoing racetrack and casino operations. |
Recent dividend and earnings announcements often saw flat-to-negative next-day moves, even when news was shareholder-friendly, indicating muted market responsiveness to company updates.
Over the past six months, Canterbury Park’s key news centered on steady dividends and softening operating results. Two dividend declarations on Sep 10, 2025 and Dec 15, 2025 set a recurring $0.07 quarterly cash payout (annualized $0.28), yet shares were flat to slightly down afterward. The Q3 2025 earnings release on Nov 6, 2025 showed net revenues of $18.3M and Adjusted EBITDA of $2.8M, both down year over year, with the stock slipping about 1.3%. Against that backdrop, this 2025 full-year update extends a narrative of pressured casino revenues but ongoing capital returns.
Regulatory & Risk Context
An effective Form S-3 shelf filed on Sep 15, 2025 allows Canterbury Park to offer up to $100,000,000 of securities, carrying forward previously registered unsold amounts under Rule 415(a)(6). The shelf is currently marked as not effective in this context, with 0 recorded usages and no disclosed takedowns, so no dilution activity from this shelf is reflected here.
Market Pulse Summary
This announcement details a mixed year: stronger Q4 with net revenues of $12.4M and Adjusted EBITDA of $2.3M, but a 2025 full-year revenue decline to $59.6M and Adjusted EBITDA of $9.4M with a small net loss. Management emphasized a debt-free balance sheet, more than $17M in cash and investments, and roughly $20M in TIF receivables, alongside ongoing real estate development. Investors may watch future casino trends, JV performance, and any use of the $100M Form S-3 shelf.
Key Terms
adjusted ebitda financial
non-gaap financial
diluted eps financial
ebitda financial
adjusted ebitda margin financial
form 10-k regulatory
table games technical
pari-mutuel technical
AI-generated analysis. Not financial advice.
SHAKOPEE, Minn., March 09, 2026 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (Nasdaq: CPHC) today reported financial results for the fourth quarter and full year ended December 31, 2025.
| ($ in thousands, except per share data and percentages) | |||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||
| Net revenues | ( | ||||||||||
| Net income (loss) (1) | ( | ( | ( | ( | ( | ||||||
| Adjusted EBITDA (2) | ( | ||||||||||
| Basic EPS | ( | ( | ( | ( | ( | ||||||
| Diluted EPS | ( | ( | ( | ( | ( | ||||||
| (1) | Net income and basic and diluted EPS for the twelve months ended December 31, 2024, benefited from a | |
| (2) | Adjusted EBITDA, a non-GAAP measure, excludes certain items from net income, a GAAP measure. Non-GAAP financial measures are not intended to be considered in isolation from, a substitute for, or superior to GAAP results. Definitions, disclosures, and reconciliations of non-GAAP financial information are included later in the release. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of net revenues. | |
Management Commentary
Randy Sampson, President and Chief Executive Officer of Canterbury Park, commented, “Fourth quarter results are consistent with historical seasonality and conclude a year of transformation and diversification. Fourth quarter revenue increased
“2025 marked a pivotal year of our growth and diversification strategy, as the process of creating a unique regional destination to live, stay, work and play is now well underway. Portfolio-wide, residential occupancy has reached
“Our real estate development is exceeding expectations - both with respect to the diversity of new development projects that have been built as well as the quality of the projects. This is all occurring in one of the fastest growing markets in the Twin Cities which gives us confidence about the future real estate development prospects at Canterbury Park. Throughout 2026, we will be exploring additional entertainment and hospitality opportunities for the remaining trackside parcels that would add to the nearly 1,000 residential units, four restaurants, brewery, two music and entertainment venues, 57,000 square-feet of office space, and other amenities already open or under construction. We are excited about the prospects for the new 19,000-capacity amphitheater, operated by Live Nation, the Twin Cities’ first large-scale outdoor concert venue which is on schedule to open in June. The 2026 schedule of approximately 40 concerts is in the process of being announced with headliners including Chris Stapleton, Dave Matthews Band, John Mellencamp and Guns N’ Roses, and initial ticket sales are strong. We are also working in partnership with the City of Shakopee on a market analysis study to identify the highest and best use for our prime, 25 acres of land near the amphitheater that could include hotel, office, retail, hospitality, entertainment venues or other opportunities. The success of our growth and diversification strategy continues to validate our development as a unique regional destination while unlocking the value of our real estate for shareholders.
“While our growth and efficiency initiatives are focused on maximizing cash flows from our existing gaming, F&B and expanding entertainment operations, we continue to believe that Canterbury’s record of consistent cash flow, return of capital through quarterly cash dividends and strong balance sheet are not reflected in our current valuation. Canterbury has no debt and our cash, tax increment financing (TIF) receivables and real estate joint ventures are valued at over
Canterbury Commons Development Update
The Company’s barn relocation and redevelopment plan is complete with over 300 new stalls and new backside roads and infrastructure completed and in operation. Swervo Development Corporation continues to make progress on the construction of its state-of-the-art 19,000-capacity amphitheater, which will be operated by Live Nation Entertainment, and is scheduled to open for a full season in June of 2026. Canterbury also completed an additional new road adjacent to the amphitheater which will unlock the high-value development potential of approximately 25 acres of prime land in that portion of the site.
Residential and commercial construction updates related to joint ventures include:
- Phase II of The Doran Group’s upscale Triple Crown Residences at Canterbury Park are approximately
94% leased, which allowed for the refinance of this property in January 2026.- In addition, Phase I of the Triple Crown Residences is now
67% leased.
- In addition, Phase I of the Triple Crown Residences is now
99% of the 147 units of senior market rate apartments at The Omry at Canterbury are leased.- The pizza restaurant, fitness center and BBQ restaurant in the 10,000 square-foot commercial building within the Winners Circle development, all of which opened in 2025, finished their first year of business with positive patronage.
- Construction of an additional 28,000 square-foot commercial office building within the Winners Circle development is now complete.
- Danny’s Construction occupies the entire second floor, and Edward Jones is putting the finishing touches on their build out of the first floor.
- The building is
66% leased and marketing is underway for the remainder of the available space with strong initial interest. We are nearing a lease execution with a tenant in one of the first floor suites which would bring leasing to approximately80% .
- Canterbury’s joint venture partner, Trackside Holdings, LLC, completed construction and transferred the building to the operating entity, Boardwalk Kitchen & Bar.
- The food and beverage and entertainment space of the facility opened in late June and is experiencing a strong and positive reception from the public.
- The restaurant and event space continue to create buzz with a strong social media presence, programming and entertainment.
Residential and commercial construction updates related to prior land sales include:
- Pulte Homes of Minnesota has completed development of the 110-unit Canterbury Crossing townhome project, and all the units have been sold with the exception of the model/sales unit which is being readied for sale.
Summary of 2025 Fourth Quarter Operating Results
Net revenues for the three months ended December 31, 2025 increased
Operating expenses for the three months ended December 31, 2025, were
The Company recorded a net loss of
The Company recorded income tax benefit
The Company recorded a net loss of
Adjusted EBITDA, a non-GAAP measure, was
Summary of 2025 Full-Year Operating Results
Net revenues for the year ended December 31, 2025, decreased
Operating expenses for the year ended December 31, 2025 were
The Company recorded a gain on transfer of land of
The Company recorded a net loss of
The Company recorded an income tax benefit of
The Company recorded a net loss of
Adjusted EBITDA, a non-GAAP measure, was
Additional Financial Information
Further financial information for the fourth quarter and full-year ended December 31, 2025, is presented in the accompanying tables at the end of this press release. Additional information will be provided in the Company’s Annual Report on Form 10-K that will be filed with the Securities and Exchange Commission on or about March 10, 2026.
Use of Non-GAAP Financial Measures
To supplement our financial statements, we also provide investors with information about our EBITDA and Adjusted EBITDA, each of which is a non-GAAP measure, and which exclude certain items from net income, a GAAP measure. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as earnings before interest income (net of interest expense), income tax expense or benefit, depreciation and amortization, as well as excluding stock-based compensation (which includes our 401(k)-match expense as this match occurs in Company stock), gain on the transfer of land, depreciation and amortization and interest expense related to equity investments and their joint ventures. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net revenues. Neither EBITDA, Adjusted EBITDA, or Adjusted EBITDA margin are measures of performance calculated in accordance with generally accepted accounting principles ("GAAP"), and should not be considered an alternative to, or more meaningful than, net income as an indicator of our operating performance. See the table below, which presents reconciliations of these measures to the GAAP equivalent financial measure, which is net income. We have presented EBITDA as a supplemental disclosure because we believe that, when considered with measures calculated in accordance with GAAP, EBITDA gives investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes, and it is a widely used measure of performance and basis for valuation of companies in our industry. Other companies that provide EBITDA information may calculate EBITDA or Adjusted EBITDA differently than we do. We have presented Adjusted EBITDA as a supplemental disclosure because we believe it enables investors to understand and assess our core operating results excluding the effect of these items and is useful to investors in allowing greater transparency related to a significant measure used by management in its financial and operational decision-making. Adjusted EBITDA has economic substance because it is used by management as a performance measure to analyze the performance of our business and provides a perspective on the current effects of operating decisions.
About Canterbury Park
Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing both poker and table games. The Company also conducts year-round wagering on simulcast horse racing and hosts a variety of other entertainment and special events at its Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com.
Cautionary Statement
From time to time, in reports filed with the Securities and Exchange Commission, in press releases, and in other communications to shareholders or the investing public, we may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans. These statements are typically preceded by the words “believes,” “expects,” “anticipates,” “intends” or similar expressions. For these forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in federal securities laws. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties which could affect our actual results and cause actual results to differ materially from those indicated in the forward-looking statements. We report these risks and uncertainties in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. They include, but are not limited to: we may not be successful in implementing our growth strategy; sensitivity to reductions in discretionary spending as a result of downturns in the economy and other factors; we have experienced a decrease in revenue and profitability from live racing; challenges in attracting a sufficient number of horses and trainers; a lack of confidence in core operations resulting in decreasing customer retention and engagement; personal injury litigation due to the inherently dangerous nature of horse racing; material fluctuations in attendance at the Racetrack; material changes in the level of wagering by patrons; any decline in interest in horse racing or the unbanked card games offered in the Casino; competition from other venues offering racing, unbanked card games or other forms of wagering; competition from other sports and entertainment options; increases in compensation and employee benefit costs; the impact of wagering products and technologies introduced by competitors; the general health of the gaming sector; legislative and regulatory decisions and changes; our ability to successfully develop our real estate, including the effect of competition on our real estate development operations and our reliance on our current and future development partners; our obligation to make improvements in the TIF district that will only be reimbursed to the extent of future tax revenue; temporary disruptions or changes in access to our facilities caused by ongoing infrastructure improvements; inclement weather and other conditions affecting the ability to conduct live racing; technology and/or key system failures; cybersecurity incidents; the general effects of inflation; our ability to attract and retain qualified personnel; dividends that may or may not be issued at the discretion of our Board of Directors; and other factors that are beyond our ability to control or predict.
The forward-looking statements in this press release speak only as of the date of this press release. Except as required by law, Canterbury assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
# # #
| Investor Contacts: | |
| Randy Dehmer | Joseph Jaffoni, Christin Armacost |
| Senior Vice President and Chief Financial Officer | JCIR |
| Canterbury Park Holding Corporation | 212-835-8500 or cphc@jcir.com |
| 952-233-4828 or investorrelations@canterburypark.com | |
| - Financial tables follow – |
| CANTERBURY PARK HOLDING CORPORATION'S | |||||||
| SUMMARY OF OPERATING RESULTS | |||||||
| Three months ended | Twelve months ended | ||||||
| December 31, | December 31, | ||||||
| 2025 | 2024 | 2025 | 2024 | ||||
| OPERATING REVENUES: | |||||||
| Casino | |||||||
| Pari-mutuel | 1,108,470 | 1,125,731 | 7,686,348 | 8,226,047 | |||
| Food and beverage | 1,045,392 | 1,038,071 | 8,244,692 | 7,968,157 | |||
| Other | 810,896 | 819,092 | 6,549,788 | 6,593,382 | |||
| Total Net Revenues | 11,977,537 | 61,562,288 | |||||
| OPERATING EXPENSES | (12,116,434) | (12,075,269) | (57,105,967) | (56,861,654) | |||
| Gain on transfer of land | - | - | - | 1,732,353 | |||
| INCOME FROM OPERATIONS | 329,084 | (97,732) | 2,461,618 | 6,432,987 | |||
| Other loss, net | (828,182) | (1,587,787) | (3,276,049) | (3,396,260) | |||
| INCOME TAX (EXPENSE) BENEFIT | 109,000 | 440,116 | 285,000 | (923,885) | |||
| NET INCOME (LOSS) | ( | ( | |||||
| Basic Earnings (Loss) Per Share | ( | ( | ( | ||||
| Diluted Earnings (Loss) Per Share | ( | ( | ( | ||||
| RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA | |||||||
| Three months ended | Twelve months ended | ||||||
| December 31, | December 31, | ||||||
| 2025 | 2024 | 2025 | 2024 | ||||
| NET INCOME (LOSS) | ( | ( | ( | ||||
| Interest income, net | (515,641) | (478,835) | (1,966,803) | (2,071,511) | |||
| Income tax expense (benefit) | (109,000) | (440,116) | (285,000) | 923,885 | |||
| Depreciation and amortization | 1,053,141 | 944,807 | 3,998,041 | 3,620,899 | |||
| EBITDA | 38,402 | (1,219,547) | 1,216,807 | 4,586,115 | |||
| Stock-based compensation | 399,808 | 373,103 | 1,601,556 | 1,447,430 | |||
| Loss on disposal of assets | 65,198 | 55,714 | 56,248 | 49,214 | |||
| Gain on transfer of land | - | - | - | (1,732,353) | |||
| Depreciation and amortization related to equity investments | 917,450 | 1,516,772 | 3,187,396 | 3,456,695 | |||
| Interest expense related to equity investments | 866,760 | 771,376 | 3,348,259 | 2,997,810 | |||
| ADJUSTED EBITDA | |||||||
FAQ
What were Canterbury Park (CPHC) Q4 2025 revenues and Adjusted EBITDA?
Why did Canterbury Park (CPHC) record a full-year 2025 net loss?
How much liquidity does Canterbury Park (CPHC) report at Q4 2025?
What is the status of Canterbury Park (CPHC) real estate and development projects?
How did Canterbury Park (CPHC) gaming segments perform in Q4 2025?
