Churchill Downs Incorporated reported fourth-quarter 2025 net revenue of $665.9m, up 7% from $624.2m a year earlier, while net income attributable to the company fell 28% to $51.3m. Full-year revenue increased to $2.93bn from $2.73bn, and net income declined to $383.0m from $426.8m in 2024.
The results show revenue growth alongside lower earnings, relevant to investors assessing Churchill Downs’ performance and returns.
Quarter ended 30 September 2026
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Citizens Equity Research analyst Jordan Bender raised his price target for Penn Entertainment to $26 from $24 and reiterated a market outperform rating ahead of its scheduled 6 August earnings report. Bender also cited a potential sale of Churchill Downs’ regional gaming business as a possible catalyst, although the company has not said a sale is in progress. Citizens also named Red Rock Resorts among its preferred regional casino stocks.
Churchill Downs reported third-quarter revenue of $696m, up 2% year on year, and adjusted EBITDA of $264m, up 1%. Net income reached $80m, an increase of $42m; the company also said it completed the acquisition of 49% of United Tote from NYRA and extended their tote-services agreement through 2035.
Revenue for the third quarter reached a record $696 million at Churchill Downs, according to an announcement the company made on Wednesday. That represented a rise of $13 million, or 2%, from the same period a year earlier. Adjusted EBITDA set a record at $264 million, an increase of $2 million, or 1%. Net income also hit a record, at $80 million, which was $42 million higher.
J.P. Morgan analyst Daniel Politzer and Truist Securities analyst Barry Jonas expressed cautious expectations for gaming companies’ third-quarter earnings in investor notes released on Tuesday. Jonas said September regional casino revenue was on course to rise 7% from 2025, while the analysts identified differing prospects across regional, Las Vegas, Macau and online businesses.
Churchill Downs reported second-quarter revenue of $980 million, up 5% year on year, and said adjusted EBITDA rose 6% to $477 million. Separately, it agreed to acquire NYRA Content Management Solutions’ remaining 49% stake in United Tote, with closing expected around 5 August subject to customary conditions.
Analysts issued views on Genius Sports, Virginia historical horse racing and Las Vegas Strip gaming, according to the report. B Riley Securities cited active customer proposals following Genius Sports’ Legend acquisition; Jefferies reported Virginia historical horse racing revenue rose 2.5% year on year in May, while Truist said Strip gross gaming revenue increased 7% year on year in April.