Churchill Downs Reports Record 2025 Results

Company sees strong performance across business segments, plans Kentucky Derby expansions

Published on Feb. 26, 2026

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Churchill Downs (NASDAQ:CHDN) executives reported the company delivered record net revenue and record Adjusted EBITDA in 2025, surpassing prior highs set in 2024. The strong results were supported by robust performance at the Kentucky Derby, continued expansion of the company's historical racing machine (HRM) footprint, and growth in its wagering technology business.

Why it matters

Churchill Downs' record-breaking 2025 results demonstrate the company's ability to capitalize on its diversified portfolio of live racing, casino, and online betting operations. The planned expansions and upgrades to the Kentucky Derby experience also position the iconic event for continued growth.

The details

CEO Bill Carstanjen said 2025 marked 'another very strong year,' with record Adjusted EBITDA in both the Live and Historical Racing segment and the Wagering Services and Solutions segment. The Regional Gaming portfolio also posted solid performance. CFO Marcia Dall highlighted record results across business lines, including the Kentucky Derby, Kentucky HRM, Virginia HRM, and Wagering Services and Solutions.

  • In 2025, Churchill Downs reported record net revenue and Adjusted EBITDA, surpassing prior highs set in 2024.
  • The 2025 Kentucky Derby produced record handle for the race, Derby Day program, and full Derby week, along with the highest television ratings in nearly 40 years.
  • For the upcoming 2026 Kentucky Derby, the company expects to generate $15 million to $20 million of incremental Adjusted EBITDA, citing the NBC broadcast renewal, additional Derby week race days, strong ticket sales, increased sponsorship interest, and continued wagering growth.

The players

Bill Carstanjen

CEO of Churchill Downs Incorporated.

Marcia Dall

CFO of Churchill Downs Incorporated.

Churchill Downs Incorporated

A leading American entertainment and gaming company best known for operating the Churchill Downs racetrack in Louisville, Kentucky, home of the annual Kentucky Derby.

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What they’re saying

“2025 marked 'another very strong year,' with record Adjusted EBITDA in both the Live and Historical Racing segment and the Wagering Services and Solutions segment.”

— Bill Carstanjen, CEO (MarketBeat)

“The 2025 Kentucky Derby produced record handle for the Kentucky Derby race, Derby Day program, and the full Derby week, along with the highest television ratings in nearly 40 years.”

— Bill Carstanjen, CEO (MarketBeat)

What’s next

For the upcoming 2026 Kentucky Derby, the company plans to unveil the newly renovated Mansion and complete renovations of the Finish Line Suites. The company also expects to finish its Victory Run project in time for the 2028 Kentucky Derby, adding premium suites, box seating, and dining options.

The takeaway

Churchill Downs' record-breaking 2025 results and planned investments in the Kentucky Derby experience demonstrate the company's ability to capitalize on its diversified portfolio and iconic events. The continued growth and upgrades to the Derby position the company for sustained success in the years ahead.