Earnings Releases·Oct 28, 2026, 4:14 PM ET

Churchill Downs Incorporated — Third Quarter 2026 Earnings Summary

Net revenue reached a record $696 million (up 2% YoY), while net income attributable to CDI surged to $80 million from $38 million in the prior year quarter, driven by a $35 million after-tax impairment charge in the prior year period; diluted EPS rose to $1.15 from $0.54.
Adjusted EBITDA hit a record $264 million (up 1% YoY), with Gaming revenue growing $7 million to $273 million and Live and Historical Racing revenue increasing $10 million to $315 million despite a $5 million new tax expense in Virginia.
Capital management included a 7% dividend increase to $0.469 per share, a new $750 million share repurchase program, and $48 million in share repurchases during the quarter, alongside the redemption of 2027 Senior Notes and the issuance of a new $500 million Term Loan B.
Strategic developments include the acquisition of 49% of United Tote Company, the extension of NYRA's tote services agreement through 2035, and the announcement of a new Thoroughbred Championship Series with NYRA starting in 2027.