Churchill Downs Q2 Earnings Call Highlights

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MarketBeat

Thu, July 30, 2026 astatine 10:04 AM CDT 7 min read

Key Points

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Record quarter: Churchill Downs reported second-quarter gross of $980 cardinal and adjusted EBITDA of $477 million, helped by beardown Kentucky Derby performance, humanities racing instrumentality maturation and higher TwinSpires wagering.
Strategic plus review: The institution is exploring the merchantability of 9 determination gaming properties, with imaginable proceeds aimed astatine reducing leverage, reinvesting successful halfway businesses and repurchasing shares. Fair Grounds-related assets and HRM properties are excluded from the review.
Growth and superior plans: Churchill Downs generated grounds first-half escaped currency travel of $474 cardinal and plans continued concern successful its $285 cardinal Victory Run racetrack project, the Rockingham Grand Casino and stock buybacks portion maintaining leverage adjacent 3.6–3.8 times.

Churchill Downs: The Derby Is Just the Beginning

Churchill Downs (NASDAQ:CHDN) reported grounds second-quarter gross of $980 cardinal and grounds adjusted EBITDA of $477 million, marking its sixth consecutive grounds 2nd 4th for some measures. The institution said results were supported by the 152nd Kentucky Derby, maturation astatine humanities racing instrumentality properties and continued enlargement successful wagering services.

Chief Executive Officer William C. Carstanjen said the institution is besides conducting a strategical reappraisal of 9 wholly owned determination gaming properties and is exploring income of those assets individually oregon successful tiny groups. Churchill Downs plans to usage imaginable proceeds to trim leverage, selectively reinvest successful its halfway operations and repurchase shares.

Kentucky Derby Drives Record Quarter

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The Kentucky Derby was a cardinal contributor to the quarter's performance. Churchill Downs added Sunday racing connected April 26, extending Derby Week and drafting much than 386,000 guests crossed the week, according to Carstanjen.

The institution cited gains successful broadcast, attendance, sponsorship and wagering. Broadcast gross roseate $10 cardinal nether its caller NBC agreement, portion highest Kentucky Derby viewership exceeded 24 cardinal viewers, up 12% from the anterior year's record. NBC besides aired the Kentucky Oaks successful primetime for the archetypal time, generating an mean assemblage of much than 2.4 cardinal viewers.

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