Churchill Downs generates record-high net revenue and adjusted EBITDA for Q2 2025

Churchill Downs has released the results behind its financial performance throughout the second quarter of 2025, having generated new record-highs in both net revenue and adjusted EBITDA as well as witnessed an increase in net income attributable to the operator. 

Net revenue and adjusted EBITDA for Q2 2025 were reported to be $934.4m and $450.9m, respectively, representing increases of 5% and 1% from the prior year period. 

Live and historical racing accounted for $509.9m of the total revenue produced in the second quarter of 2025, equating to growth of 9.7% year-over-year, while gaming generated an additional $266m but witnessed a decrease of 3% from the prior year period. 

Wagering services and solutions reported a Q2 2025 revenue of $158.4m, increasing by just under $7m from the figure produced throughout the second quarter of 2024. Churchill Downs net income for the period was reported to be $216.9m, representing an increase of 4% year-over-year. 

Under the live and historical racing sector, the Churchill Downs Racetrack actually witnessed a decrease in revenue from the prior year period, but fell by just 0.2% for a total of $227.5m throughout Q2 2025. Properties in Louisville and Virginia reported Q2 2025 revenues of $57.2m and $136m, respectively, equating to increases of 7.7% and 21.5% year-over-year. 

Good to know: Churchill Downs Racetrack agreed to a multi-year partnership renewal with Ford Motor Company on March 19 to continue serving as the exclusive automotive partner of the Kentucky Derby through 2029

The company repurchased 2,565,964 shares of its common stock at a total cost of $250.4m in the second quarter of 2025, also reaching a definitive agreement to acquire 90% of the outstanding equity interests of Casino Salem in New Hampshire on July 14. 

Churchill Downs also announced a new $500m share repurchase program as part of the results, replacing a similar program introduced in March 2025 for the same amount.

The operator reported adjusted EBITDAs for both live and historical racing as well as wagering services and solutions increased from the prior year period, rising by 6.2% and 3.9%, respectively, for totals of $296.5m and $48m generated throughout Q2 2025. Its gaming sector witnessed a decrease in adjusted EBITDA of 9.5% year-over-year for the second quarter of 2025, reported to be $127.3m by the operator. 

Kirk Geller

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