LOUISVILLE, KY – July 23, 2025 – Churchill Downs Incorporated (Nasdaq: CHDN) reported a landmark second quarter for 2025, setting new all-time records in net revenue and adjusted EBITDA, driven by strong performance across its racing and gaming divisions.
The company also capitalized on the growing popularity of the Kentucky Derby and announced strategic expansion plans in the charitable gaming sector.
Robust Financial Performance
CDI reported Q2 net revenue of $934.4 million, a 5% increase year-over-year, marking the highest quarterly revenue in the company’s history. Net income attributable to CDI rose to $216.9 million, up 4%, while Adjusted EBITDA hit a record $450.9 million—a modest but meaningful 1% increase compared to the same period last year.
This continued financial strength underscores the company’s diversified portfolio and disciplined operational strategy. CDI ended the quarter with a net bank leverage ratio of 4.2x and returned $250.4 million to shareholders through buybacks.
Blockbuster Kentucky Derby
A major highlight of the quarter was the 151st running of the Kentucky Derby at Churchill Downs Racetrack, which achieved multiple records. The 2025 edition of “The Most Exciting Two Minutes in Sports” set all-time highs for all-sources handle across the Derby Race, Derby Day program, and Derby Week overall. Broadcast performance was equally strong, with average viewership peaking at 17.7 million—up 6% from last year—and a record 21.8 million at its highest point, up 8%.
These milestones reinforce the Derby's position as not only the crown jewel of American horse racing, but also a media powerhouse attracting broader audiences each year.
Strategic Growth in Charitable Gaming
In a significant post-quarter development, CDI announced on July 14 the planned acquisition of a 90% equity interest in Casino Salem, located in New Hampshire. The $180 million deal includes rights to develop a comprehensive charitable gaming, entertainment, and dining complex—further expanding CDI’s footprint into the growing charitable gaming market in the Northeast.
Shareholder Value and Long-Term Strategy
On July 22, CDI’s Board of Directors approved a new $500 million share repurchase program, signaling continued confidence in the company’s future cash flow and value creation strategy.
Taken together, these results and initiatives reflect Churchill Downs Incorporated’s commitment to growth, innovation, and shareholder return. With record-breaking events, savvy acquisitions, and a robust balance sheet, the company continues to assert itself as a leading force in the gaming, racing, and entertainment sectors.
