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Churchill Downs Earnings Calls
| Release date | Oct 22, 2025 |
| EPS estimate | $0.97 |
| EPS actual | $1.09 |
| EPS Surprise | 12.37% |
| Revenue estimate | 654.247M |
| Revenue actual | 683M |
| Revenue Surprise | 4.39% |
| Release date | Jul 23, 2025 |
| EPS estimate | $3.03 |
| EPS actual | $3.10 |
| EPS Surprise | 2.31% |
| Revenue estimate | 667.686M |
| Revenue actual | 934.4M |
| Revenue Surprise | 39.95% |
| Release date | Apr 23, 2025 |
| EPS estimate | $1.04 |
| EPS actual | $1.07 |
| EPS Surprise | 2.88% |
| Revenue estimate | 642.808M |
| Revenue actual | 642.6M |
| Revenue Surprise | -0.0324% |
| Release date | Feb 19, 2025 |
| EPS estimate | $0.98 |
| EPS actual | $0.92 |
| EPS Surprise | -6.12% |
| Revenue estimate | 660.269M |
| Revenue actual | 624.2M |
| Revenue Surprise | -5.46% |
Last 4 Quarters for Churchill Downs
Below you can see how CHDN performed 4 days prior and 4 days after releasing the earnings report. Also, you can see the pre-estimates and the actual earnings. This information can give you a slight idea of what you might expect for the next quarter's release.
| Release date | Feb 19, 2025 |
| Price on release | $119.54 |
| EPS estimate | $0.98 |
| EPS actual | $0.92 |
| EPS surprise | -6.12% |
| Date | Price |
|---|---|
| Feb 12, 2025 | $120.90 |
| Feb 13, 2025 | $123.09 |
| Feb 14, 2025 | $122.11 |
| Feb 18, 2025 | $121.58 |
| Feb 19, 2025 | $119.54 |
| Feb 20, 2025 | $119.05 |
| Feb 21, 2025 | $116.91 |
| Feb 24, 2025 | $114.81 |
| Feb 25, 2025 | $114.28 |
| 4 days before | -1.12% |
| 4 days after | -4.40% |
| On release day | -0.410% |
| Change in period | -5.48% |
| Release date | Apr 23, 2025 |
| Price on release | $105.04 |
| EPS estimate | $1.04 |
| EPS actual | $1.07 |
| EPS surprise | 2.88% |
| Date | Price |
|---|---|
| Apr 16, 2025 | $100.99 |
| Apr 17, 2025 | $101.36 |
| Apr 21, 2025 | $100.00 |
| Apr 22, 2025 | $103.00 |
| Apr 23, 2025 | $105.04 |
| Apr 24, 2025 | $87.99 |
| Apr 25, 2025 | $88.35 |
| Apr 28, 2025 | $89.37 |
| Apr 29, 2025 | $91.42 |
| 4 days before | 4.01% |
| 4 days after | -12.97% |
| On release day | -16.23% |
| Change in period | -9.48% |
| Release date | Jul 23, 2025 |
| Price on release | $109.16 |
| EPS estimate | $3.03 |
| EPS actual | $3.10 |
| EPS surprise | 2.31% |
| Date | Price |
|---|---|
| Jul 17, 2025 | $106.27 |
| Jul 18, 2025 | $105.55 |
| Jul 21, 2025 | $105.66 |
| Jul 22, 2025 | $108.06 |
| Jul 23, 2025 | $109.16 |
| Jul 24, 2025 | $113.75 |
| Jul 25, 2025 | $113.53 |
| Jul 28, 2025 | $111.25 |
| Jul 29, 2025 | $110.60 |
| 4 days before | 2.72% |
| 4 days after | 1.32% |
| On release day | 4.20% |
| Change in period | 4.07% |
| Release date | Oct 22, 2025 |
| Price on release | $96.22 |
| EPS estimate | $0.97 |
| EPS actual | $1.09 |
| EPS surprise | 12.37% |
| Date | Price |
|---|---|
| Oct 16, 2025 | $86.75 |
| Oct 17, 2025 | $90.53 |
| Oct 20, 2025 | $95.68 |
| Oct 21, 2025 | $96.61 |
| Oct 22, 2025 | $96.22 |
| Oct 23, 2025 | $103.68 |
| Oct 24, 2025 | $101.00 |
| Oct 27, 2025 | $103.11 |
| Oct 28, 2025 | $99.60 |
| 4 days before | 10.92% |
| 4 days after | 3.51% |
| On release day | 7.75% |
| Change in period | 14.81% |
Churchill Downs Earnings Call Transcript Summary of Q3 2025
Churchill Downs delivered record net revenue and record adjusted EBITDA in Q3 2025, with particularly strong performance in Live & Historical Racing and Wagering Services & Solutions (Exacta). Key growth drivers highlighted include five catalysts for the Kentucky Derby (premium ticketing/experiences, higher broadcast fees including NBC coverage of the Kentucky Oaks, expanded wagering reach domestically and internationally, sponsorship/licensing growth, and selective capital investments). Management announced a major capital project — Victory Run — a $280M–$300M premium hospitality build for completion in time for the 2028 Derby (construction to begin after the 2026 Derby) and intends an interim guest experience for 2027. HRM expansion progress: an 8th Kentucky HRM (Calvert City) opening Q1 2026; continued ramp and expansion in Virginia (The Rose, Richmond expansion, Henrico launch); and acquisition of 90% interest in Casino Salem in New Hampshire with a planned permanent facility (~900 HRMs) targeted for 2027 and ~$180M–$200M spend. Exacta technology is scaling with third-party deployments and new market openings (including Wichita). Financial and capital management highlights: $166M free cash flow in Q3 ($2.34/share), free cash flow yield ~10% (trailing 12 months), updated 2025 maintenance capex $75M–$85M and project capex $200M–$240M (2025); project capex guide for 2026 of $160M–$200M to include Derby projects and Casino Salem; repurchased >$50M of stock in Q3; Board approved a 7% dividend increase; bank covenant net leverage 4.1x at quarter end, expected to remain ~4.1x at year-end and fall below 4.0x in 2026. Management reiterated disciplined capital allocation, focus on shareholder returns, and interest in M&A opportunities where strategic. Risks include regulatory developments (e.g., ETGs/electronic table games approvals) and ongoing enforcement issues around illegal machines in some markets.
