Churchill Downs Incorporated reported record net revenue of $696 million and adjusted EBITDA of $264 million; expects regional gaming asset sales by year-end, authorized a $750 million share repurchase program, and targets bank leverage below 3.0 times after sales.
CHDN · Churchill Downs Inc
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Churchill Downs Incorporated’s Board approved a $750 million share repurchase program on October 27, 2026, replacing the prior $500 million authorization from July 2025 and including $306 million remaining as of October 27, 2026.
Churchill Downs Incorporated appointed Michael Tucker as an independent Class II Director effective October 27, 2026; his term expires at the 2028 Annual Meeting, and the board expands to eight members.
Churchill Downs Incorporated reported nine-month net revenue of 2,339 and Adjusted EBITDA of 998, up 79 and 40, respectively. On July 29, 2026, it began exploring a sale of nine regional gaming properties representing 280 to 300 million of annual Adjusted EBITDA.
Churchill Downs Incorporated reported for the quarter ended September 30, 2026 record net revenue of $696 million, up $13 million or 2%, net income attributable to CDI of $80 million, up $42 million, and Adjusted EBITDA of $264 million, up $2 million or 1%.
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Quarterly results
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AI Brief
Q2 FY26 earnings call · Jul 30, 2026TL;DR. Churchill Downs delivered record Q2 results with $980M revenue and $477M adjusted EBITDA, driven by a record Kentucky Derby Week with all-time wagering and viewership. The company announced a strategic review to sell nine wholly-owned regional gaming properties to reduce leverage and fund share repurchases.
- + Live and Historical Racing segment adjusted EBITDA grew 7% with Churchill Downs Racetrack up $16M on Derby strength.
- + NBC broadcast revenue increased $10M under new agreement with first-ever primetime Kentucky Oaks reaching 2.4M viewers.
- + Generated record first-half free cash flow of $474M ($6.70 per share), supporting reinvestment and capital returns.
- − New Hampshire venues EBITDA declined $2M due to planned closure of temporary Casino Salem during Rockingham Grand Casino construction.
- − Corporate All Other adjusted EBITDA deteriorated $5M due to reduction of corporate legal-related fees in prior year quarter and captive insurance claim development.
- − Current debt maturities of $663M represent significant near-term refinancing obligation.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
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Guidance & track record
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Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Gambling — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
CHDN
this stock
Churchill Downs Inc
|
$6.84B | -12.4% | +13.3% | 15.2 | 7.9% |
|
GRKZF
Greek Organisation of Football Prognostics S.A.
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$18.00B | — | — | — | 0.0% |
|
DKNG
DraftKings Inc.
|
$16.84B | -45.2% | +27.0% | — | 4.8% |
|
FLUT
Flutter Entertainment plc
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$14.11B | -62.3% | +16.6% | — | 9.8% |
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LOTMY
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$7.09B | +16.5% | — | — | 0.0% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Oct 28, 2026
- This year
- 17
Churchill Downs Incorporated reported nine-month net revenue of 2,339 and Adjusted EBITDA of 998, up 79 and 40, respectively. On July 29, 2026, it began exploring a sale of nine regional gaming properties representing 280 to 300 million of annual Adjusted EBITDA.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| CHDN | +1.8% | +22.1% | +20.0% | +5.2% | -12.4% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -0.8% | +23.2% | +19.5% | +5.3% | -23.0% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.