Churchill Downs Incorporated reports record net revenue in Q1
Net revenue increased 3 per cent year-over-year.
US.- Churchill Downs Incorporated (CDI) has released its results for the quarter ended March 31, 2026. Net revenue was a record of $663m, up 3 per cent year-over-year. Net income was $83m, up 8 per cent and adjusted EBITDA was $257m, an increase of 5 per cent.
The wagering services and solutions segment reported $118m in revenue, up $2m from Q1 2025. Adjusted EBITDA was $45m, up $4m, primarily due to lower legal expenses in the racing business and growth in retail sports betting.
The gaming segment posted $262m in revenue, down $5m from the same period in 2025. First quarter 2026 adjusted EBITDA was $123m, down $1m. The live and historical racing segment reported $301m in revenue, up from $277m, and $113m in adjusted EBITDA, up from $102m.
In February, the company opened Marshall Yards Racing & Gaming in Southwestern Kentucky. In April, it announced a definitive agreement to purchase the intellectual property of the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Maryland LLC for $85m.
