Churchill Downs reported revenue of a record $980 million for the second quarter, a year-over-year increase of $46 million, or 5%.
Net income was $241 million, an increase of $24 million, or 11% year-over-year. The Adjusted EBITDA of $477 million also set a quarterly record, up $26 million or 6%.
Churchill Downs Racetrack hosted the 152nd Kentucky Derby on May 2 with an all-time record Derby Week contribution to Adjusted EBITDA.
A news release said the Derby attracted 24.4 million at the highest peak viewership, up 12% versus the prior year, with highest average viewership of 19.6 million, up 11% vs. prior year
The 152nd Kentucky Oaks on May 1, telecast in primetime for the first time, drew 2.4 million viewers and record all-sources wagering for the Kentucky Oaks race day card.
Second quarter revenue increased $34 million because of a $21 million increase from Churchill Downs Racetrack, a $12 million increase from Kentucky historical racing machine venues, and a $1 million increase from Virginia historical racing machine venues.
The Churchill Downs Racetrack increase was primarily because of a record-breaking Derby Week, including increased NBC broadcast revenue, increased ticketing revenue, increased sponsorship and licensing revenue, and increased wagering revenue.
The Kentucky HRM increase was because of a $5 million increase from Southwestern Kentucky venues, a $3 million increase from Northern Kentucky venues, a $3 million increase from Western Kentucky venues, and a $1 million increase from Louisville venues.
The Virginia HRM increase was because of a $5 million net increase primarily from Northern Virginia venues, partially offset by a $4 million net decrease from Central Virginia venues primarily from increased competition.
Second quarter Adjusted EBITDA increased $21 million because of a $16 million increase from Churchill Downs Racetrack, a $6 million increase from Kentucky HRM venues, and a $1 million increase from Virginia HRM venues, partially offset by a $2 million decrease at New Hampshire venues primarily because of the planned closure of the temporary Casino Salem venue during the construction of the Rockingham Grand Casino venue.
Revenue from Churchill’s gaming properties increased $4 million primarily from strong performance sat its New York venue, partially offset by a $2 million decrease primarily from the cessation of HRM operations in Louisiana in May 2025.
Churchill Downs closed at $88.53 on the Nasdaq, down $0.69. or 0.8%.
