LOUISVILLE, Ky. – Churchill Downs Inc. shares fell Monday after the company reported record wagering for Kentucky Derby Week but a decline in betting on Derby Day and the race itself.
The company said all-sources handle for Derby Week reached a record $487 million, up 3% from the previous high set in 2025. But wagering on Saturday’s Derby Day program slipped to $340 million, down from last year’s record $349 million. Betting on the Kentucky Derby race dropped to $225 million, compared with $234 million a year earlier.
Golden Tempo won the 150th Kentucky Derby, becoming the first Derby winner trained by a woman.
Despite the historic milestone, Churchill Downs stock slid 7.17% in midday trading as investors reacted to softer Derby Day numbers. The Derby and its undercard have routinely set handle records in recent years, raising expectations for continued growth.
TwinSpires, the company’s online wagering platform and the official betting partner of the Derby, reported $129 million in handle for Derby Week, a 6% increase. Its Derby Day handle rose 1%, while wagering on the Derby itself was flat year over year.
Churchill Downs said adjusted EBITDA for Derby Week 2026 reached a record as well, rising between $15 million and $18 million from last year. The company noted that Derby Week historically accounted for 25% to 30% of annual EBITDA, though that share has fallen to roughly 15% as the company expands into historical horse racing venues and regional casinos.
Ticket demand also appeared strong. Premium seating remains a major revenue driver for the event.
“We believe ticket pricing and demand were decent, based on commentary from the company’s April 23 earnings call,” Citizens Equity Research analyst Jordan Bender wrote. “Median ticket prices, excluding general admission and suites, ended at about $2,100, with premium tickets serving as the largest revenue contributor. Tickets account for roughly 60% of Derby Week revenue.”
Looking ahead, Churchill Downs does not expect major new projects to boost the 2027 Derby, but its $280 million to $300 million Victory Run renovation — replacing aging box seats and upgrading dining areas — is scheduled to be completed for the 2028 event.
Bender noted that Churchill Downs shares have historically performed well following the Derby.
“Median stock performance in the 60 days after the Kentucky Derby is +4% from 2011 to 2025, compared to +1% for the Russell 3000 over the same period,” he said.
