In its first quarter business results report April 22, Churchill Downs Inc. reported a record-breaking first three months of 2026 in a trio of key metrics.
The Louisville, Ky.-based company reported first quarter records for net revenue, $663 million, up 3% from year over year; net income attributable to CDI of $83 million, up 8% from the first quarter of 2025; and adjusted earnings (EBITDA—earnings before interest, taxes, depreciation, and amortization) of $257 million, up 5% year over year.
In its live and historical racing segment, the company reported an 8.7% increase in revenue compared with last year to $301 million and a 10.8% increase in adjusted earnings (EBITDA) to $113 million. The company primarily credited those gains to increased play at historical horse racing outlets.
"First quarter 2026 adjusted EBITDA increased $11 million due to a $9 million increase from our Kentucky HRM venues, a $3 million net increase from our Virginia HRM venues, and a $1 million net increase from our New Hampshire venues, partially offset by a $2 million decrease at Churchill Downs Racetrack," the company reported. "The Kentucky HRM increase was due to a $3 million increase from our Western Kentucky venues, a $3 million increase from our Northern Kentucky venues, and a $3 million increase from our Louisville venues.
"The Virginia HRM increase was primarily due to a $7 million net increase from our Northern Virginia venues, partially offset by a $4 million net decrease from our Central Virginia venues primarily from increased competition and unfavorable weather."
Churchill Downs was trading at $88.94 a share at Wednesday's close. That price is down 21.83% for the year to date.
The company will provide more information on the results during a morning conference call April 23. That call is also expected to reveal more detail on the company's purchase of intellectual rights to the Preakness Stakes (G1).
