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Churchill Downs (NASDAQ: CHDN) grows Q1 2026 revenue and earnings

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Churchill Downs Incorporated reported higher results for the quarter ended March 31, 2026. Net revenue reached $663 million, up 3% from $643 million, and net income attributable to CDI was $83 million, up from $77 million. Diluted EPS increased to $1.16 from $1.02, while record Adjusted EBITDA rose to $257 million from $245 million.

Growth was driven mainly by the Live and Historical Racing segment, where revenue rose to $301 million and Adjusted EBITDA to $113 million, reflecting strong Kentucky and Virginia HRM performance. Gaming revenue dipped slightly to $262 million with near-flat Adjusted EBITDA, while Wagering Services and Solutions delivered modest revenue and margin gains.

The company highlighted several strategic moves, including a planned $180–$200 million investment in Rockingham Grand Casino, the opening of Marshall Yards Racing & Gaming, and an $85 million agreement to acquire the Preakness and Black-Eyed Susan Stakes intellectual property. CDI ended the quarter with net bank leverage of 3.8x and returned $31 million to shareholders via dividends.

Positive

  • None.

Negative

  • None.

Insights

Q1 2026 shows steady growth with active capital deployment.

Churchill Downs Incorporated delivered modest top-line and earnings growth in Q1 2026. Net revenue rose to $663 million and net income to $83 million, with diluted EPS at $1.16. Record Adjusted EBITDA of $257 million reflects solid operating performance, especially in Live and Historical Racing.

Segment data show strength in HRM-driven markets: Live and Historical Racing revenue climbed to $301 million, while Wagering Services and Solutions and Gaming were broadly stable with small shifts by region and product. Cash from operations of $295 million in the quarter supports both growth projects and shareholder returns.

CDI is committing significant capital, including $180–$200 million for Rockingham Grand Casino and $85 million for the Preakness and Black-Eyed Susan intellectual property. Net bank leverage at 3.8% (3.8x) and planned 2026 project spend of $180–$220 million suggest future filings will further detail returns on these investments and any impact on leverage and cash flows.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net revenue $663 million Three months ended March 31, 2026 vs $643 million in 2025
Net income attributable to CDI $83 million Three months ended March 31, 2026 vs $77 million in 2025
Diluted EPS $1.16 Three months ended March 31, 2026 vs $1.02 in 2025
Adjusted EBITDA $257 million Record Q1 2026 vs $245 million in 2025
Net cash from operating activities $295 million Three months ended March 31, 2026 vs $247 million in 2025
Net bank leverage 3.8x As of end of first quarter 2026
Preakness IP purchase price $85 million Definitive agreement announced April 21, 2026
Rockingham Grand Casino 2026 planned spend $70–80 million Planned mid-2027 opening; part of total 2026 project spend
Adjusted EBITDA financial
"Record Adjusted EBITDA of $257 million, up $12 million or 5%"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Historical racing machine financial
"concentration and evolution of slot machine and historical racing machine ("HRM") manufacturing"
net bank leverage financial
"We ended first quarter of 2026 with net bank leverage of 3.8x"
equity in income of unconsolidated affiliates financial
"Equity in income of unconsolidated affiliates | 36 | | | 33"
"Equity in income of unconsolidated affiliates" represents a portion of profit or loss from investments in other companies that a business does not fully own or control. It shows how much money the company earns or loses from these partnerships or joint ventures. For investors, it indicates the financial impact of these investments on the company's overall performance.
forward-looking statements regulatory
"This news release contains various "forward-looking statements" within the meaning of the "safe harbor" provisions"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Net revenue $663 million +3% vs prior-year quarter
Net income attributable to CDI $83 million +$6 million vs prior-year quarter
Diluted EPS $1.16 up from $1.02 prior-year quarter
Adjusted EBITDA $257 million +$12 million vs prior-year quarter
Understanding 8-K Material Events →
0000020212false00000202122026-04-222026-04-22


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 22, 2026
Churchill Downs Incorporated

(Exact name of registrant as specified in its charter)
Kentucky
001-33998
61-0156015
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
600 North Hurstbourne Parkway, Suite 400
Louisville
,
Kentucky
40222
(Address of Principal Executive Offices)
(Zip Code)
(502)-636-4400
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐Soliciting material pursuant to Rule l4a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, No Par ValueCHDNThe Nasdaq Global Select Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐



Item 2.02.    Results of Operations and Financial Condition.
A copy of the news release issued by Churchill Downs Incorporated (the "Company") on April 22, 2026 announcing the results of operations and financial condition for the three months ended March 31, 2026 is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The information provided pursuant to this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01.    Financial Statements and Exhibits.
 (d)Exhibits
The following is being furnished as an exhibit to the Current Report on Form 8-K.
Exhibit NumberDescription
99.1
Press Release dated April 22, 2026 issued by Churchill Downs Incorporated
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

 



SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto, duly authorized.
 
CHURCHILL DOWNS INCORPORATED
April 22, 2026/s/ Marcia A. Dall
By: Marcia A. Dall
Title: Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)



image0a01a.jpg
FOR IMMEDIATE RELEASE
Contact: Sam Ullrich            
(502) 638-3906
Sam.Ullrich@kyderby.com
CHURCHILL DOWNS INCORPORATED REPORTS
2026 FIRST QUARTER RESULTS
LOUISVILLE, Ky. (April 22, 2026) - Churchill Downs Incorporated (Nasdaq: CHDN) (the "Company", "CDI", "we") today reported business results for the quarter ended March 31, 2026.
Company Highlights
▪First quarter 2026 financial results, as compared to the prior year quarter:
▪Record net revenue of $663 million, up $20 million or 3%
▪Net income attributable to CDI of $83 million, up $6 million or 8%
▪Record Adjusted EBITDA of $257 million, up $12 million or 5%
▪On January 12, 2026, CDI announced plans to invest $180-$200 million in Rockingham Grand Casino in Salem, New Hampshire, with a planned mid-2027 opening.
▪On February 25, 2026, CDI opened Marshall Yards Racing & Gaming in Southwestern Kentucky.
▪On April 21, 2026, CDI announced that it had entered into a definitive agreement to purchase the intellectual property, including all trademarks and associated rights, of the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Maryland LLC for a purchase price of $85 million.
▪On January 6, 2026, we paid a $0.438 per share dividend to shareholders of record as of December 5, 2025, which represents the fifteenth consecutive year of an increased dividend per share.
▪We ended first quarter of 2026 with net bank leverage of 3.8x and returned $31 million of capital to our shareholders through dividends.

CONSOLIDATED RESULTS
First Quarter
(in millions, except per share data)20262025
Net revenue$663 $643 
Net income attributable to CDI$83 $77 
Diluted EPS attributable to CDI$1.16 $1.02 
Adjusted net income attributable to CDI(a)
$85 $80 
Adjusted Diluted EPS(a)
$1.21 $1.07 
Adjusted EBITDA(a)
$257 $245 
(a) This is a non-GAAP measure. See explanation of non-GAAP measures below.





1

SEGMENT RESULTS
The summaries below present revenue from external customers and intercompany revenue from each of our reportable segments. All comparisons are against the applicable prior year period unless otherwise noted.
Live and Historical Racing
First Quarter
(in millions)20262025
Revenue$301 $277 
Adjusted EBITDA113 102 
First quarter 2026 revenue increased $24 million due to a $17 million increase from our Kentucky HRM venues, a $5 million increase from our Virginia HRM venues, and a $3 million increase from our New Hampshire venues, partially offset by a $1 million decrease from Churchill Downs Racetrack. The Kentucky HRM increase was due to a $6 million increase from our Western Kentucky venues, a $4 million increase from our Northern Kentucky venues, a $4 million increase from our Southwestern Kentucky venues, and a $3 million increase from our Louisville venues. The Virginia HRM increase was primarily due to a $5 million net increase from our Northern Virginia venues and a $1 million increase from our Western Virginia venue, partially offset by a $1 million net decrease from our Central Virginia venues primarily from increased competition and unfavorable weather.
First quarter 2026 Adjusted EBITDA increased $11 million due to a $9 million increase from our Kentucky HRM venues, a $3 million net increase from our Virginia HRM venues, and a $1 million net increase from our New Hampshire venues, partially offset by a $2 million decrease at Churchill Downs Racetrack. The Kentucky HRM increase was due to a $3 million increase from our Western Kentucky venues, a $3 million increase from our Northern Kentucky venues, and a $3 million increase from our Louisville venues. The Virginia HRM increase was primarily due to a $7 million net increase from our Northern Virginia venues, partially offset by a $4 million net decrease from our Central Virginia venues primarily from increased competition and unfavorable weather.
Wagering Services and Solutions
First Quarter
(in millions)20262025
Revenue$118 $116 
Adjusted EBITDA45 41 
First quarter 2026 revenue increased $2 million primarily from our retail sports betting business.
First quarter 2026 Adjusted EBITDA increased $4 million primarily from lower legal expenses in our Horse Racing business and growth in our retail sports betting business.
Gaming
First Quarter
(in millions)20262025
Revenue$262 $267 
Adjusted EBITDA123 124 
2

First quarter 2026 revenue decreased $5 million due to a $9 million decrease primarily from the cessation of HRM operations in Louisiana in May 2025 and a $2 million decrease primarily from our Florida and Mississippi properties. These decreases were partially offset by a $6 million increase primarily from our New York, Indiana, and Maryland properties.
First quarter 2026 Adjusted EBITDA decreased $1 million. Our wholly-owned gaming properties decreased $3 million primarily from the cessation of HRMs in Louisiana in May 2025 that was partially offset by an increase from our New York property. Our equity investments increased $2 million from strong performance at Rivers Des Plaines in Illinois and Miami Valley Gaming in Ohio.
All Other
First Quarter
(in millions)20262025
Revenue$2 $2 
Adjusted EBITDA(24)(22)
First quarter 2026 revenue is consistent with the prior year. All intercompany captive revenue is eliminated in consolidation.
First quarter 2026 Adjusted EBITDA decreased $2 million primarily due to claim development within our captive insurance company.
NET INCOME ATTRIBUTABLE TO CDI
The Company's first quarter 2026 net income attributable to CDI was $83 million compared to $77 million in the prior year quarter.
The following factors impacted the comparability of the Company's first quarter 2026 net income to the prior year quarter:
•a $3 million after-tax decrease in other charges and recoveries.
This was partially offset by:
•a $2 million after-tax increase in transaction, pre-opening, and other expenses.
Excluding the items above, first quarter 2026 adjusted net income attributable to CDI increased $5 million primarily due to the following:
•a $3 million after-tax increase primarily driven by the results of our operations; and
•a $2 million after-tax increase in equity income from our unconsolidated affiliates.
Conference Call
A conference call regarding this news release is scheduled for Thursday, April 23, 2026 at 9 a.m. ET. Investors and other interested parties may listen to the teleconference by accessing the online, real-time webcast and broadcast of the call at http://ir.churchilldownsincorporated.com/events.cfm, or by registering in advance via teleconference here. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are encouraged to dial-in 15 minutes prior to the start time. An online replay will be available by noon ET on Thursday, April 23, 2026. A copy of the Company’s news release announcing quarterly results and relevant financial and statistical information about the period will be accessible at www.churchilldownsincorporated.com.
3

Use of Non-GAAP Measures
In addition to the results provided in accordance with GAAP, the Company also uses non-GAAP measures, including adjusted net income, adjusted diluted EPS, EBITDA (earnings before interest, taxes, depreciation and amortization), and Adjusted EBITDA.
The Company uses non-GAAP measures as a key performance measure of the results of operations for purposes of evaluating performance internally. These measures facilitate comparison of operating performance between periods and help investors to better understand the operating results of the Company by excluding certain items that may not be indicative of the Company's core business or operating results. The Company believes the use of these measures enables management and investors to evaluate and compare, from period to period, the Company’s operating performance in a meaningful and consistent manner. The non-GAAP measures are a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP, and should not be considered as an alternative to, or more meaningful than, net income or diluted EPS (as determined in accordance with GAAP) as a measure of our operating results.
We use Adjusted EBITDA to evaluate segment performance, develop strategy, and allocate resources. We utilize the Adjusted EBITDA metric to provide a more accurate measure of our core operating results and enable management and investors to evaluate and compare from period to period our operating performance in a meaningful and consistent manner. Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure provided in accordance with GAAP. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited.
Adjusted net income and adjusted diluted EPS exclude discontinued operations net income or loss; net income or loss attributable to noncontrolling interests; transaction expense, which includes acquisition and disposition related charges, as well as legal, accounting, and other deal-related expense; pre-opening expense; and certain other gains, charges, recoveries, and expenses.
Adjusted EBITDA includes our portion of EBITDA from our equity investments and the portion of EBITDA attributable to noncontrolling interests.
Adjusted EBITDA excludes:
•Transaction expense, net which includes:
◦Acquisition, disposition, and property sale related charges; and
◦Other transaction expense, including legal, accounting, and other deal-related expense;
•Stock-based compensation expense;
•Rivers Des Plaines' impact on our investments in unconsolidated affiliates from legal reserves and transaction costs;
•Asset impairments, net;
•Gain on property sales;
•Legal reserves;
•Pre-opening expense; and
•Other charges, recoveries, and expenses.
4

For segment reporting, Adjusted EBITDA includes intercompany revenue and expense totals that are eliminated in the Consolidated Statements of Comprehensive Income. See the Reconciliation of Comprehensive Income to Adjusted EBITDA included herewith for additional information.
About Churchill Downs Incorporated
Churchill Downs Incorporated ("CDI") (Nasdaq: CHDN) has created extraordinary entertainment experiences for over 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of the online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties. https://www.churchilldownsincorporated.com/
This news release contains various "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "seek," "should," "will," "scheduled," and similar words or similar expressions (or negative versions of such words or expressions), although some forward-looking statements are expressed differently.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; changes in, or new interpretations of, applicable tax laws or rulings that could result in additional tax liabilities; the impact of any pandemics, epidemics, or outbreaks of infectious diseases, and related economic matters on our results of operations, financial conditions, and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; negative shifts in public opinion regarding gambling that could result in increased regulation of, or new restrictions on, the gaming industry; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation that competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine ("HRM") manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; cybersecurity risk, including cyber-security breaches, or loss or misuse of our confidential information as a result of a breach including customers’ personal information, or IT system operational disruptions, could lead to government enforcement actions or other litigation; costs of compliance with increasingly complex laws and regulations regarding data privacy and protection of personal information; reliance on our technology services and catastrophic events, system failures, errors or defects disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates, disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading "Risk Factors" in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.
We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
5

CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended March 31,
(in millions, except per common share data)20262025
Net revenue:
Live and Historical Racing$297 $273 
Wagering Services and Solutions109 107 
Gaming257 263 
All Other— — 
Total net revenue663 643 
Operating expense:
Live and Historical Racing199 190 
Wagering Services and Solutions68 67 
Gaming188 192 
All Other5 4 
Selling, general and administrative expense59 55 
Transaction expense, net1 — 
Total operating expense520 508 
Operating income143 135 
Other (expense) income:
Interest expense, net(72)(72)
Equity in income of unconsolidated affiliates36 33 
Miscellaneous, net6 — 
Total other (expense) income(30)(39)
Income from operations before provision for income taxes113 96 
Income tax provision(30)(19)
Net income83 77 
Net income attributable to noncontrolling interests— — 
Net income and comprehensive income attributable to
Churchill Downs Incorporated		$83 $77 
Net income attributable to Churchill Downs Incorporated per common share data:
Basic net income$1.16 $1.02 
Diluted net income$1.16 $1.02 
Weighted average shares outstanding:
Basic70 74 
Diluted70 74 
6

CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(in millions)March 31, 2026December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$200 $201 
Restricted cash
91 88 
Accounts receivable, net
99 93 
Income taxes receivable
6 17 
Other current assets
56 44 
Total current assets452 443 
Property and equipment, net
2,910 2,919 
Investment in and advances to unconsolidated affiliates
685 685 
Goodwill
900 900 
Other intangible assets, net
2,516 2,515 
Other assets
22 23 
Total assets$7,485 $7,485 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$218 $184 
Accrued expenses and other current liabilities397 400 
Current deferred revenue
158 55 
Current maturities of long-term debt
63 63 
Dividends payable
— 31 
Total current liabilities836 733 
Long-term debt, net of current maturities and loan origination fees
1,783 1,986 
Notes payable, net of debt issuance costs
3,082 3,081 
Non-current deferred revenue15 15 
Deferred income taxes
539 520 
Other liabilities
86 94 
Total liabilities6,341 6,429 
Commitments and contingencies
Redeemable noncontrolling interest48 46 
Shareholders' equity:
Preferred stock— — 
Common stock3 — 
Retained earnings
1,094 1,011 
Accumulated other comprehensive loss
(1)(1)
Total Churchill Downs Incorporated shareholders' equity1,096 1,010 
Total liabilities and shareholders' equity$7,485 $7,485 

7

CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
(in millions)20262025
Cash flows from operating activities:
Net income $83 $77 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization56 59 
Distributions from unconsolidated affiliates36 31 
Equity in income of unconsolidated affiliates(36)(33)
Stock-based compensation5 4 
Deferred income taxes19 — 
Amortization of operating lease assets2 2 
Other2 2 
Changes in operating assets and liabilities:
Income taxes11 19 
Deferred revenue103 94 
Other assets and liabilities14 (8)
Net cash provided by operating activities295 247 
Cash flows from investing activities:
Capital maintenance expenditures(19)(13)
Capital project expenditures(40)(67)
Other(2)— 
Net cash used in investing activities(61)(80)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations245 220 
Repayments of borrowings under long-term debt obligations(449)(251)
Payment of dividends(31)(31)
Repurchase of common stock— (87)
Taxes paid related to net share settlement of stock awards (3)(4)
Change in bank overdraft6 5 
Net cash used in financing activities(232)(148)
Net increase in cash, cash equivalents and restricted cash2 19 
Cash, cash equivalents and restricted cash, beginning of period289 252 
Cash, cash equivalents and restricted cash, end of period$291 $271 

8

CHURCHILL DOWNS INCORPORATED
SUPPLEMENTAL INFORMATION
(Unaudited)
Three Months Ended March 31,
(in millions, except per common share data)20262025
GAAP net income attributable to CDI$83 $77 
Adjustments, continuing operations:
Transaction, pre-opening, and other expense6 4 
Other recoveries, net(4)— 
Income tax impact on net income adjustments (a)
— (1)
Total adjustments2 3 
Adjusted net income attributable to CDI$85 $80 
Adjusted diluted EPS$1.21 $1.07 
Weighted average shares outstanding - Diluted70 74 

(a)The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.

Three Months Ended March 31,
(in millions)20262025
Total Handle
TwinSpires Horse Racing(a)
$375 $384 

(a) TwinSpires Horse Racing handle does not include handle generated by Velocity and national affiliates.
9

CHURCHILL DOWNS INCORPORATED
SUPPLEMENTAL INFORMATION
(Unaudited)
Three Months Ended March 31,
(in millions)20262025
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$3 $4 
Louisville55 52 
Northern Kentucky36 31 
Southwestern Kentucky44 41 
Western Kentucky19 12 
Virginia133 130 
New Hampshire7 3 
Total Live and Historical Racing$297 $273 
Wagering Services and Solutions:$109 $107 
Gaming:
Florida$24 $25 
Iowa24 24 
Indiana33 32 
Louisiana36 45 
Maine25 24 
Maryland21 21 
Mississippi24 25 
New York46 43 
Pennsylvania24 24 
Total Gaming$257 $263 
All Other— — 
Net revenue from external customers$663 $643 
Intercompany net revenues:
Live and Historical Racing$4 $4 
Wagering Services and Solutions9 9 
Gaming5 4 
All Other2 2 
Eliminations(20)(19)
Intercompany net revenue$— $— 

10

CHURCHILL DOWNS INCORPORATED
SUPPLEMENTAL INFORMATION
(Unaudited)
Three Months Ended March 31, 2026
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$11 $81 $10 $102 $— $102 
Historical racing(a)
257 — — 257 — 257 
Racing event-related services1 — 1 2 — 2 
Gaming(a)
4 6 218 228 — 228 
Other(a)
24 22 28 74 — 74 
Total$297 $109 $257 $663 $— $663 


Three Months Ended March 31, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$11 $80 $11 $102 $— $102 
Historical racing(a)
237 — 9 246 — 246 
Racing event-related services1 — 1 2 — 2 
Gaming(a)
3 4 214 221 — 221 
Other(a)
21 23 28 72 — 72 
Total$273 $107 $263 $643 $— $643 
(a)Food and beverage, hotel, and other services furnished to customers for free as an inducement to wager or through the redemption of our customers' loyalty points are recorded at the estimated standalone selling prices in Other revenue with a corresponding offset recorded as a reduction in historical racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $16 million for the three months ended March 31, 2026 and $14 million for the three months March 31, 2025.







11

CHURCHILL DOWNS INCORPORATED
SUPPLEMENTAL INFORMATION
(Unaudited)
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended March 31, 2026
(in millions)Live & Historical RacingWagering Services & SolutionsGamingTotal SegmentsAll OtherEliminationsTotal
Revenues$301 $118 $262 $681 $2 $(20)$663 
Pari-mutuel taxes & purses(76)(4)(11)(91)— — (91)
Gaming taxes(2)— (75)(77)— — (77)
Marketing & advertising(12)(2)(8)(22)— — (22)
Salaries & benefits(36)(8)(43)(87)— — (87)
Content expense(1)(43)(1)(45)— 9 (36)
Selling, general & administrative expense(11)(4)(12)(27)(22)— (49)
Maintenance, insurance & utilities(12)(2)(10)(24)(4)2 (26)
Gaming equipment rental & technology costs(14)(1)(4)(19)— 9 (10)
Food & beverage costs(4)— (5)(9)— — (9)
Other operating expense(a)
(20)(9)(17)(46)— — (46)
Equity in income of unconsolidated affiliates— — 46 46 — — 46 
Other income— — 1 1 — — 1 
Adjusted EBITDA$113 $45 $123 $281 $(24)$— $257 
Three Months Ended March 31, 2025
(in millions)Live & Historical RacingWagering Services & SolutionsGamingTotal SegmentsAll OtherEliminationsTotal
Revenues$277 $116 $267 $660 $2 $(19)$643 
Pari-mutuel taxes & purses(72)(4)(15)(91)— — (91)
Gaming taxes(2)— (72)(74)— — (74)
Marketing & advertising(14)(1)(8)(23)— — (23)
Salaries & benefits(32)(8)(44)(84)— — (84)
Content expense(1)(44)(2)(47)— 9 (38)
Selling, general & administrative expense(11)(5)(11)(27)(21)— (48)
Maintenance, insurance & utilities(10)(1)(9)(20)(3)2 (21)
Gaming equipment rental & technology costs(12)(1)(4)(17)— 8 (9)
Food & beverage costs(4)— (4)(8)— — (8)
Other operating expense(a)
(17)(11)(17)(45)— — (45)
Equity in income of unconsolidated affiliates— — 43 43 — — 43 
Other income— — — — — — — 
Adjusted EBITDA$102 $41 $124 $267 $(22)$— $245 
(a) Other operating expense primarily includes supplies, regulatory licenses and fees, property taxes, and third-party service fees and costs.
12


CHURCHILL DOWNS INCORPORATED
SUPPLEMENTAL INFORMATION
(Unaudited)
Three Months Ended March 31,
(in millions)20262025
Reconciliation of Comprehensive Income to Adjusted EBITDA:
Net income and comprehensive income attributable to Churchill Downs Incorporated$83 $77 
Net income attributable to noncontrolling interest— — 
Net income83 77 
Adjustments:
Depreciation and amortization56 59 
Interest expense72 72 
Income tax provision 30 19 
Stock-based compensation expense 5 4 
Pre-opening expense3 4 
Other expenses, net2 — 
Transaction expense, net1 — 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments9 10 
Other charges and recoveries, net(4)— 
Total adjustments 174 168 
Adjusted EBITDA$257 $245 
Adjusted EBITDA by segment:
Live and Historical Racing$113 $102 
Wagering Services and Solutions45 41 
Gaming123 124 
Total segment Adjusted EBITDA281 267 
All Other(24)(22)
Total Adjusted EBITDA$257 $245 


13

CHURCHILL DOWNS INCORPORATED
SUPPLEMENTAL JOINT VENTURE FINANCIAL STATEMENTS
(Unaudited)
Summarized financial information for our equity investments is comprised of the following:
Summarized Income Statement
Three Months Ended March 31,
(in millions)20262025
Net revenue$216 $205 
Operating and SG&A expense137 130 
Depreciation and amortization6 6 
Operating income73 69 
Interest and other expense, net(10)(11)
Net income$63 $58 
Summarized Balance Sheet
(in millions)March 31, 2026December 31, 2025
Assets
Current assets$108 $109 
Property and equipment, net312 315 
Other assets, net266 265 
Total assets$686 $689 
Liabilities and Members' Deficit
Current liabilities$112 $89 
Long-term debt777 803 
Members' deficit(203)(203)
Total liabilities and members' deficit$686 $689 


14

CHURCHILL DOWNS INCORPORATED
SUPPLEMENTAL INFORMATION
(Unaudited)
Planned capital projects for the Company are as follows:

(in millions)ProjectTarget Completion2026
Planned Spend
Live and Historical Racing Segment
Churchill Downs RacetrackFinish Line Suites / The MansionApril 2026$20-25
Victory RunApril 2028$25-30
VirginiaRichmond (HRM Expansion)Completed$0-5
Roseshire (HRM Venue)Completed$0-5
Southwestern KentuckyMarshall Yards Racing and Gaming (HRM Venue)Completed$15-20
New HampshireRockingham Grand Casino (HRM Venue)Mid-2027$70-80
All Other Projects
All OtherAll OtherTBD$50-55
Total:$180-220


15

Source: View Original Filing on SEC EDGAR

FAQ

How did Churchill Downs (CHDN) perform financially in Q1 2026?

Churchill Downs reported higher Q1 2026 results, with net revenue of $663 million and net income of $83 million. Diluted EPS rose to $1.16, and record Adjusted EBITDA reached $257 million, reflecting stronger operations versus the prior-year quarter.

Which Churchill Downs business segments drove Q1 2026 growth?

Growth was led by the Live and Historical Racing segment, where revenue increased to $301 million and Adjusted EBITDA to $113 million. Wagering Services and Solutions also improved, while the Gaming segment saw slightly lower revenue with near-flat Adjusted EBITDA performance.

What major strategic investments did Churchill Downs announce in early 2026?

Churchill Downs announced plans to invest $180–$200 million in Rockingham Grand Casino in New Hampshire and agreed to buy the Preakness and Black-Eyed Susan intellectual property for $85 million. It also opened the Marshall Yards Racing & Gaming property in Southwestern Kentucky.

What is Churchill Downs’ leverage and cash flow position after Q1 2026?

The company ended Q1 2026 with net bank leverage of 3.8x and generated $295 million in net cash from operating activities. This cash flow helped fund capital projects and supported shareholder returns while maintaining a sizeable long-term debt balance on the balance sheet.

How much capital did Churchill Downs return to shareholders in Q1 2026?

Churchill Downs returned $31 million to shareholders through dividends in Q1 2026. This included a $0.438 per share dividend paid on January 6, 2026, marking the fifteenth consecutive year the company increased its dividend per share.

What are Churchill Downs’ planned capital projects and 2026 spending levels?

The company plans $180–$220 million of 2026 project spending, including $20–25 million for Churchill Downs Finish Line Suites and The Mansion, $25–30 million for Victory Run, $15–20 million for Marshall Yards, and $70–80 million for Rockingham Grand Casino.

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