Churchill Downs Incorporated (CDI) has reported an all-time high revenue of $934.4 million for the second quarter of 2025, marking a 5% year-on-year increase.
The record-breaking performance was primarily fueled by the continued expansion and robust performance of its Live and Historical Racing segment. The company’s net income attributable to CDI grew by 4% to $216.9 million, while adjusted EBITDA also reached a new record of $450.9 million.
The standout performer was the Live and Historical Racing division, which generated $540.9 million in revenue, a surge of 10.3% compared to the prior-year period.
This significant growth was supported by the successful launch of The Rose historical horse racing (HRM) venue in Northern Virginia in late 2024, alongside expanded operations at CDI’s established HRM properties in Kentucky.
The company’s flagship Churchill Downs Racetrack also contributed with record wagering during Derby Week. In contrast, the Gaming segment saw a 3% revenue decline to $266.3 million, largely due to an HRM closure in Louisiana.
The company’s Wagering Services segment also posted solid gains, with revenue rising 5.3% to $168.4 million. This was driven by increased customer engagement on the TwinSpires Horse Racing platform during the 151st Kentucky Derby, which itself set new media records with an average viewership of 17.7 million.
Demonstrating a strong commitment to its shareholders, CDI repurchased over 2.5 million shares during the quarter for a total of $250.4 million. The board has also authorized a new $500 million share repurchase program.
In a strategic move to broaden its footprint, CDI has entered into an agreement to acquire a 90% stake in Casino Salem in New Hampshire for $180 million. The company also anticipates significant tax benefits from new US legislation, which is expected to strengthen its financial position heading into the latter half of 2025.
