Churchill Downs Q1 Report Outlines Record Revenue, EBITDA

Churchill Downs Incorporated (CDI) has published its Q1 financials, reporting slight increases across the board. The company’s net revenue hit a new record, attesting to the company’s strong position.

A Strong Start to the Year for CDI

In the three months ended March 31, 2026, Churchill Downs reported net revenue of $663 million, marking an increase of 3% year-on-year. This figure sets a new quarterly record, highlighting a strong start to the year.

In the meantime, net income attributable to CDI reached $83 million, up 8% YOY. This was impacted by a $3 million after-tax decrease in other charges and recoveries and partially offset by a $2 million after-tax increase in transaction, pre-opening, and other expenses.

The company’s adjusted EBITDA for the Q1 period was $257 million, marking an increase of 5% YOY. This was also a new all-time quarterly record.

CDI also published a breakdown of its various segments, saying that the Live and Historical Racing division reported revenue of $301 million and adjusted EBITDA of $113 million for Q1, compared to revenue and adjusted EBITDA of $277 million and $102 million, respectively, in the prior year period.

The Wagering Services and Solutions segment, on the other hand, reported revenue of $118 million and adjusted EBITDA of $45 million versus revenue of $116 million and adjusted EBITDA of $41 million in Q1 2025.

The Gaming division, meanwhile, experienced a slight decline in Q1 2026, as revenue and adjusted EBITDA decreased to $262 million and $123 million, respectively. For comparison, Gaming reached revenue of $267 million and adjusted EBITDA of $124 million in the prior year period.

Finally, the All Other segment posted revenue of $2 million, which was consistent with Q1 2025. The segment adjusted EBITDA, meanwhile, decreased slightly to a loss of $24 million.

The Company Continues to Grow Steadily

At the beginning of 2026, the company paid a $0.438 per share dividend, marking the 15^th consecutive year of paying an increased dividend.

Other Q1 highlights included the announcement of a $180-200 million investment in Rockingham Grand Casino in Salem, New Hampshire. The venue is expected to open next year. In February, CDI also opened its Marshall Yards Racing & Gaming in Southwestern Kentucky.

CDI also said that it ended Q1 2026 with a net bank leverage of 3.8x and returned $31 million of capital share to its shareholders via dividends.

After the quarter’s end, CDI also unveiled an $85 million agreement to buy the Preakness Stakes and Black-Eyed Susan Stakes.