LOUISVILLE, Ky. – Churchill Downs Incorporated reported record first‑quarter revenue and adjusted EBITDA on Wednesday, citing steady growth across its racing and wagering businesses.
The company posted $663 million in net revenue for the quarter ended March 31, a 3% increase from a year earlier and the highest quarterly total in its history. Net income attributable to CDI rose 8% to $83 million, aided by a $3 million after‑tax decrease in other charges and recoveries, partially offset by higher transaction and pre‑opening expenses.
Adjusted EBITDA reached $257 million, up 5% year‑over‑year and also a quarterly record.
In its segment breakdown, CDI said its Live and Historical Racing division generated $301 million in revenue and $113 million in adjusted EBITDA, compared with $277 million and $102 million in the prior‑year period. The Wagering Services and Solutions segment reported $118 million in revenue and $45 million in adjusted EBITDA, up from $116 million and $41 million a year earlier.
The Gaming segment posted a slight decline, with revenue falling to $262 million and adjusted EBITDA slipping to $123 million, compared with $267 million and $124 million in Q1 2025. The All Other segment recorded $2 million in revenue, unchanged from last year, while its adjusted EBITDA loss widened to $24 million.
CDI said it ended the quarter with net bank leverage of 3.8x and returned $31 million to shareholders through dividends. The company paid a $0.438 per‑share dividend at the start of the year, marking its 15th consecutive annual increase.
During the quarter, CDI announced plans for a $180–$200 million investment in the Rockingham Grand Casino project in Salem, New Hampshire, expected to open in 2027. It also opened the Marshall Yards Racing & Gaming facility in southwestern Kentucky in February.
After the quarter closed, the company unveiled an $85 million agreement to acquire the Preakness Stakes and Black‑Eyed Susan Stakes.
