The tables below present net revenue from external customers and intercompany revenue from each of our segments: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2026 | | 2025 | | 2026 | | 2025 | | Net revenue from external customers: | | | | | | | | | Live and Historical Racing: | | | | | | | | | Churchill Downs Racetrack | $ | 247 | | | $ | 228 | | | $ | 250 | | | $ | 232 | | | Louisville | 59 | | | 57 | | | 114 | | | 109 | | | Northern Kentucky | 29 | | | 27 | | | 65 | | | 58 | | | Southwestern Kentucky | 49 | | | 43 | | | 93 | | | 84 | | | Western Kentucky | 18 | | | 16 | | | 37 | | | 28 | | | Virginia | 138 | | | 136 | | | 271 | | | 266 | | | New Hampshire | 3 | | | 3 | | | 10 | | | 6 | | | Total Live and Historical Racing | $ | 543 | | | $ | 510 | | | $ | 840 | | | $ | 783 | | | | | | | | | | | Wagering Services and Solutions: | $ | 167 | | | $ | 158 | | | $ | 276 | | | $ | 265 | | | | | | | | | | | Gaming: | | | | | | | | | Florida | $ | 24 | | | $ | 26 | | | $ | 48 | | | $ | 51 | | | Iowa | 24 | | | 23 | | | 48 | | | 47 | | | Indiana | 35 | | | 32 | | | 68 | | | 64 | | | Louisiana | 29 | | | 32 | | | 65 | | | 77 | | | Maine | 26 | | | 28 | | | 51 | | | 52 | | | Maryland | 28 | | | 25 | | | 49 | | | 46 | | | Mississippi | 24 | | | 24 | | | 48 | | | 49 | | | New York | 51 | | | 48 | | | 97 | | | 91 | | | Pennsylvania | 29 | | | 28 | | | 53 | | | 52 | | | Total Gaming | $ | 270 | | | $ | 266 | | | $ | 527 | | | $ | 529 | | | All Other | — | | | — | | | — | | | — | | | Net revenue from external customers | $ | 980 | | | $ | 934 | | | $ | 1,643 | | | $ | 1,577 | | | | | | | | | | | Intercompany net revenues: | | | | | | | | | Live and Historical Racing | $ | 32 | | | $ | 31 | | | $ | 36 | | | $ | 35 | | | Wagering Services and Solutions | 11 | | | 10 | | | 20 | | | 19 | | | Gaming | — | | | — | | | 5 | | | 4 | | | All Other | 2 | | | 2 | | | 4 | | | 4 | | | Eliminations | (45) | | | (43) | | | (65) | | | (62) | | | Intercompany net revenue | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2026 | | (in millions) | Live and Historical Racing | | Wagering Services and Solutions | | Gaming | | Total Segments | | All Other | | Total | | Net revenue from external customers | | | | | | | | | | | | | Pari-mutuel: | | | | | | | | | | | | | Live and simulcast racing | $ | 53 | | | $ | 133 | | | $ | 4 | | | $ | 190 | | | $ | — | | | $ | 190 | | Historical racing(a) | 265 | | | — | | | — | | | 265 | | | — | | | 265 | | | Racing event-related services | 192 | | | — | | | — | | | 192 | | | — | | | 192 | | Gaming(a) | 3 | | | 4 | | | 232 | | | 239 | | | — | | | 239 | | Other(a) | 30 | | | 30 | | | 34 | | | 94 | | | — | | | 94 | | | Total | $ | 543 | | | $ | 167 | | | $ | 270 | | | $ | 980 | | | $ | — | | | $ | 980 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | (in millions) | Live and Historical Racing | | Wagering Services and Solutions | | Gaming | | Total Segments | | All Other | | Total | | Net revenue from external customers | | | | | | | | | | | | | Pari-mutuel: | | | | | | | | | | | | | Live and simulcast racing | $ | 54 | | | $ | 125 | | | $ | 4 | | | $ | 183 | | | $ | — | | | $ | 183 | | Historical racing(a) | 252 | | | — | | | 5 | | | 257 | | | — | | | 257 | | | Racing event-related services | 173 | | | — | | | — | | | 173 | | | — | | | 173 | | Gaming(a) | 3 | | | 4 | | | 225 | | | 232 | | | — | | | 232 | | Other(a) | 28 | | | 29 | | | 32 | | | 89 | | | — | | | 89 | | | Total | $ | 510 | | | $ | 158 | | | $ | 266 | | | $ | 934 | | | $ | — | | | $ | 934 | |
(a) Food and beverage, hotel, and other services furnished to customers for free as an inducement to wager or through the redemption of our customers' loyalty points are recorded at the estimated standalone selling prices in other revenue with a corresponding offset recorded as a reduction in historical racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $16 million in each of the three-month period ended June 30, 2026 and 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | (in millions) | Live and Historical Racing | | Wagering Services and Solutions | | Gaming | | Total Segments | | All Other | | Total | | Net revenue from external customers | | | | | | | | | | | | | Pari-mutuel: | | | | | | | | | | | | | Live and simulcast racing | $ | 64 | | | $ | 214 | | | $ | 14 | | | $ | 292 | | | $ | — | | | $ | 292 | | Historical racing(a) | 522 | | | — | | | — | | | 522 | | | — | | | 522 | | | Racing event-related services | 193 | | | — | | | 1 | | | 194 | | | — | | | 194 | | Gaming(a) | 7 | | | 10 | | | 450 | | | 467 | | | — | | | 467 | | Other(a) | 54 | | | 52 | | | 62 | | | 168 | | | — | | | 168 | | | Total | $ | 840 | | | $ | 276 | | | $ | 527 | | | $ | 1,643 | | | $ | — | | | $ | 1,643 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | (in millions) | Live and Historical Racing | | Wagering Services and Solutions | | Gaming | | Total Segments | | All Other | | Total | | Net revenue from external customers | | | | | | | | | | | | | Pari-mutuel: | | | | | | | | | | | | | Live and simulcast racing | $ | 65 | | | $ | 205 | | | $ | 15 | | | $ | 285 | | | $ | — | | | $ | 285 | | Historical racing(a) | 489 | | | — | | | 14 | | | 503 | | | — | | | 503 | | | Racing event-related services | 174 | | | — | | | 1 | | | 175 | | | — | | | 175 | | Gaming(a) | 6 | | | 8 | | | 439 | | | 453 | | | — | | | 453 | | Other(a) | 49 | | | 52 | | | 60 | | | 161 | | | — | | | 161 | | | Total | $ | 783 | | | $ | 265 | | | $ | 529 | | | $ | 1,577 | | | $ | — | | | $ | 1,577 | |
(a) Food and beverage, hotel, and other services furnished to customers for free as an inducement to wager or through the redemption of our customers' loyalty points are recorded at the estimated standalone selling prices in other revenue with a corresponding offset recorded as a reduction in historical racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $32 million for the six months ended June 30, 2026 and $30 million for the six months ended June 30, 2025. The tables below present net revenue from external customers, Adjusted EBITDA by segment and reconcile net income to Adjusted EBITDA: Net revenue by segment is comprised of the following: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2026 | | 2025 | | 2026 | | 2025 | | Live and Historical Racing | $ | 543 | | | $ | 510 | | | $ | 840 | | | $ | 783 | | | Wagering Services and Solutions | 167 | | | 158 | | | 276 | | | 265 | | | Gaming | 270 | | | 266 | | | 527 | | | 529 | | | All Other | — | | | — | | | — | | | — | | | Net Revenue | $ | 980 | | | $ | 934 | | | $ | 1,643 | | | $ | 1,577 | |
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