v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment 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)2026202520262025
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$247 $228 $250 $232 
Louisville59 57 114 109 
Northern Kentucky29 27 65 58 
Southwestern Kentucky49 43 93 84 
Western Kentucky18 16 37 28 
Virginia138 136 271 266 
New Hampshire3 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 
Iowa24 23 48 47 
Indiana35 32 68 64 
Louisiana29 32 65 77 
Maine26 28 51 52 
Maryland28 25 49 46 
Mississippi24 24 48 49 
New York51 48 97 91 
Pennsylvania29 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 $35 
Wagering Services and Solutions11 10 20 19 
Gaming— — 5 4 
All Other2 2 4 4 
Eliminations(45)(43)(65)(62)
Intercompany net revenue$— $— $— $— 
Three Months Ended June 30, 2026
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
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 services192 — — 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 RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
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 services173 — — 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 RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
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 services193 — 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 RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
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 services174 — 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)2026202520262025
Live and Historical Racing$543 $510 $840 $783 
Wagering Services and Solutions167 158 276 265 
Gaming270 266 527 529 
All Other— — — — 
Net Revenue$980 $934 $1,643 $1,577 
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended June 30, 2026
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenues$575 $178 $270 
Pari-mutuel taxes and purses(119)(8)(7)
Gaming taxes(2)(1)(81)
Marketing and advertising(16)(6)(8)
Salaries and benefits(38)(9)(41)
Content expense(1)(78)(2)
Selling, general and administrative expense(14)(4)(12)
Maintenance, insurance and utilities(13)(3)(9)
Gaming equipment rental and technology costs(13)(2)(5)
Food and beverage costs(4)— (4)
Other operating expense(1)
(37)(15)(18)
Equity in income of unconsolidated affiliates— — 50 
Other income — — — 
Adjusted EBITDA$318 $52 $133 
Three Months Ended June 30, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenues$541 $168 $266 
Pari-mutuel taxes and purses(116)(8)(7)
Gaming taxes(1)(1)(80)
Marketing and advertising(16)(6)(9)
Salaries and benefits(38)(9)(43)
Content expense(2)(76)(2)
Selling, general and administrative expense(10)(5)(11)
Maintenance, insurance and utilities(12)(1)(10)
Gaming equipment rental and technology costs(12)(1)(5)
Food and beverage costs(4)— (4)
Other operating expense(1)
(33)(13)(16)
Equity in income of unconsolidated affiliates— — 47 
Other income — — 1 
Adjusted EBITDA$297 $48 $127 
(1) Other operating expense primarily includes supplies, regulatory licenses and fees, property taxes, and third-party service fees and costs.
Six Months Ended June 30, 2026
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenues$876 $296 $532 
Pari-mutuel taxes and purses(195)(12)(18)
Gaming taxes(4)(1)(156)
Marketing and advertising(28)(8)(16)
Salaries and benefits(74)(17)(84)
Content expense(2)(121)(3)
Selling, general and administrative expense(25)(8)(24)
Maintenance, insurance and utilities(25)(5)(19)
Gaming equipment rental and technology costs(27)(3)(9)
Food and beverage costs(8)— (9)
Other operating expense(1)
(57)(24)(35)
Equity in income of unconsolidated affiliates— — 96 
Other income — — 1 
Adjusted EBITDA$431 $97 $256 
Six Months Ended June 30, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenues$818 $284 $533 
Pari-mutuel taxes and purses(188)(12)(22)
Gaming taxes(3)(1)(152)
Marketing and advertising(30)(7)(17)
Salaries and benefits(70)(17)(87)
Content expense(3)(120)(4)
Selling, general and administrative expense(21)(10)(22)
Maintenance, insurance and utilities(22)(2)(19)
Gaming equipment rental and technology costs(24)(2)(9)
Food and beverage costs(8)— (8)
Other operating expense(1)
(50)(24)(33)
Equity in income of unconsolidated affiliates— — 90 
Other income — — 1 
Adjusted EBITDA$399 $89 $251 
(1) Other operating expense primarily includes supplies, regulatory licenses and fees, property taxes, and third-party service fees and costs.
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Reconciliation of Net Income to Adjusted EBITDA:
Net income attributable to Churchill Downs Incorporated$241 $217 $324 $294 
Net income attributable to noncontrolling interests1 1 1 1 
Net income242 218 325 295 
Adjustments
Depreciation and amortization59 58 115 117 
Interest expense70 75 142 147 
Income tax provision 86 74 116 93 
Stock-based compensation expense 8 7 13 11 
Pre-opening expense2 2 5 6 
Other expenses, net— 4 2 4 
Asset impairments, net— 2 — 2 
Transaction expense, net1 2 2 2 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments10 10 19 20 
Other charges and recoveries, net(1)(1)(5)(1)
Total adjustments235 233 409 401 
Adjusted EBITDA$477 $451 $734 $696 
Adjusted EBITDA by segment:
Live and Historical Racing$318 $297 $431 $399 
Wagering Services and Solutions52 48 97 89 
Gaming133 127 256 251 
Total segment Adjusted EBITDA503 472 784 739 
All Other(26)(21)(50)(43)
Total Adjusted EBITDA$477 $451 $734 $696 
Schedule of Total Assets and Capital Expenditures by Operating Segment
The table below presents total capital expenditures for each of our segments:
Six Months Ended June 30,
(in millions)20262025
Capital expenditures:
Live and Historical Racing$93 $135 
Wagering Services and Solutions10 12 
Gaming12 14 
Total segment capital expenditures115 161 
All Other2 4 
Total capital expenditures$117 $165