Churchill Downs Q4 Earnings Call Highlights

• Churchill Downs Stock: Could Tariff Fears Dampen Derby Gains?

CFO Marcia Dall added that, excluding 2020, the institution has achieved 9 consecutive years of grounds gross and grounds Adjusted EBITDA. She said the 4th fourth besides produced grounds nett gross and Adjusted EBITDA, driven by integrated maturation and returns connected caller spot investments.

Dall highlighted show by concern line:

• Churchill Downs Racetrack: Record full-year Adjusted EBITDA, supported by superior investments, expanded sponsorships, grounds wagering activity, and a absorption connected operational ratio that helped prolong precocious margins.

• Kentucky HRM: Record Adjusted EBITDA successful 2025, aided by the opening of Owensboro successful February and beardown property-level show crossed the portfolio. Dall noted that contempt important January upwind events, reported statewide gaming gross grew astatine a double-digit complaint twelvemonth implicit year.

• Virginia HRM: Record Adjusted EBITDA successful 2025. The Rose successful Northern Virginia continued to ramp, delivering sequential maturation successful GGR per portion successful each 4th of 2025, according to management.

• Wagering Services and Solutions: Adjusted EBITDA roseate 7% successful 2025, chiefly owed to continued maturation successful the Exacta business, which the institution acquired successful 2024 to vertically integrate HRM technology.

• Regional Gaming: Management cited resilience contempt headwinds including roadwork and section curfews successful Mississippi and insignificant upwind impacts successful December. Same-store, wholly owned casino margins (excluding racing) declined modestly by 0.8 points versus 2024, chiefly reflecting Mississippi performance.

→ Microsoft Is Sliding—An Insider Buy and Oversold Signals Are Changing the Setup

• 3 Stocks Returning Billions to Shareholders via Buybacks