Churchill Downs Inc
For the period ended Sep 30, 2025. Filed Oct 22, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 22, 2025
CHDN$101.96+3.2%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Comprehensive Income for the and
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Three Months Ended September 30, · Nine Months Ended September 30, | |||||
|---|---|---|---|---|---|
| (in millions, except per common share data) · 2025 · 2024 · 2025 · 2024 | |||||
| Net revenue: | |||||
| Live and Historical Racing | $300.0 | a | $247.5 | $1,082.4 | $957.3 |
| Wagering Services and Solutions | 118.0 | 111.3 | 383.3 | 369.6 | |
| Gaming | 265.0 | 269.7 | 794.2 | 783.1 | |
| All Other | — | — | 0.1 | 0.1 | |
| Total net revenue | 683.0 | 628.5 | 2,260.0 | 2,110.1 | |
| Operating expense: | |||||
| Live and Historical Racing | 205.6 | 171.3 | 651.4 | 549.9 | |
| Wagering Services and Solutions | 77.1 | 72.3 | 235.1 | 229.5 | |
| Gaming | 191.1 | 194.8 | 574.5 | 561.7 | |
| All Other | 4.9 | 4.5 | 13.1 | 10.2 | |
| Selling, general and administrative expense | 59.3 | 59.8 | 174.7 | 172.0 | |
| Asset impairments, net | 45.1 | 3.9 | 47.5 | 3.9 | |
| Transaction expense, net | 1.9 | (4.0) | 3.4 | 0.7 | |
| Total operating expense | 585.0 | 502.6 | 1,699.7 | 1,527.9 | |
| Operating income | 98.0 | 125.9 | 560.3 | 582.2 | |
| Other (expense) income: | |||||
| Interest expense, net | (75.6) | (73.1) | (222.1) | (217.0) | |
| Equity in income of unconsolidated affiliates | 35.0 | 33.4 | 105.4 | 108.9 | |
| Miscellaneous, net | 3.8 | (0.1) | 5.5 | 8.1 | |
| Total other (expense) income | (36.8) | (39.8) | (111.2) | (100.0) | |
| Income from operations before provision for income taxes | 61.2 | 86.1 | 449.1 | 482.2 | |
| Income tax provision | (22.0) | (19.9) | (115.1) | (125.4) | |
| Net income | 39.2 | 66.2 | 334.0 | 356.8 | |
| Net income attributable to noncontrolling interests | 1.1 | 0.8 | 2.3 | 1.7 | |
| Net income attributable to Churchill Downs Incorporated | $38.1 | $65.4 | $331.7 | $355.1 | |
| Net income attributable to Churchill Downs Incorporated per common share data: | |||||
| Basic net income | $0.54 | $0.87 | $4.59 | $4.78 | |
| Diluted net income | $0.54 | $0.86 | $4.55 | $4.73 | |
| Weighted average shares outstanding: | |||||
| Basic | 70.3 | 73.9 | 71.9 | 74.0 | |
| Diluted | 71.0 | 74.6 | 72.5 | 74.6 | |
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025
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