Churchill Downs Incorporated reports record revenue in Q4
Revenue increased 7 per cent year-over-year.
US.- Churchill Downs Incorporated (CDI) has reported business results for the quarter and full year ended December 31, 2025. For Q4, the company reported record revenue of $665.9m, up 7 per cent year-over-year.
According to the report, net income was $51.3m, down 28 per cent, while adjusted EBITDA posted a record of $247m, up 4 per cent.
In the live and historical racing segment, revenue was $319.4m, up from $275.5m reported in the same period in 2024. Adjusted EBITDA totalled $122.1m, up from $101.6m. The gaming segment reported $250.3m in revenue and adjusted EBITDA of $108.9m.
For the full year 2025, revenue totalled 2.9bn. Net income was $383m, and adjusted EBITDA was $1.2bn.
The live and historical racing segment reported revenue of $1.44bn in 2025, compared to 2025’s $1.27bn. In the gaming sector, revenue was $1.049bn, up from $1.045bn reported in 2024, and adjusted EBITDA was $483m, up from $506.9m.
In January, the company announced plans to invest $180-$200m in Rockingham Grand Casino in Salem, New Hampshire, with a planned mid-2027 opening. This week, the company opened Marshall Yards Racing & Gaming in Southwestern Kentucky. The new 23,000-square-foot venue in Calvert City features 225 historical racing machines (HRM), a retail sportsbook and simulcast wagering.
