Churchill Downs Q1 Results Show Record Revenue and EBITDA

(AsiaGameHub) –   Churchill Downs Incorporated (CDI) has released its first-quarter financial results, showing modest gains overall. The firm achieved a record high in net revenue, demonstrating its robust market standing.

CDI Begins the Year on a High Note

For the quarter ending March 31, 2026, Churchill Downs recorded net revenue of $663 million, a 3% rise from the previous year. This amount establishes a new benchmark for quarterly revenue, underscoring a solid beginning to the fiscal year.

Concurrently, net income attributable to CDI totaled $83 million, an 8% increase year-over-year. This growth was driven by a $3 million after-tax reduction in other charges and recoveries, though it was somewhat countered by a $2 million after-tax rise in transaction, pre-opening, and additional costs.

During Q1, the company’s adjusted EBITDA stood at $257 million, reflecting a 5% year-over-year growth. This metric also reached an unprecedented high for a single quarter.

CDI provided a detailed breakdown of its business segments, noting that the Live and Historical Racing unit generated revenue of $301 million and adjusted EBITDA of $113 million in Q1. This compares to revenue and adjusted EBITDA of $277 million and $102 million, respectively, during the same period last year.

Meanwhile, the Wagering Services and Solutions segment posted revenue of $118 million and adjusted EBITDA of $45 million , up from revenue of $116 million and adjusted EBITDA of $41 million in the first quarter of 2025.

The Gaming division saw a minor downturn in Q1 2026, with revenue and adjusted EBITDA falling to $262 million and $123 million, respectively. In contrast, the Gaming segment reported revenue of $267 million and adjusted EBITDA of $124 million in the previous year’s quarter.

Lastly, the All Other category recorded revenue of $2 million, matching the figures from Q1 2025. However, the segment’s adjusted EBITDA dipped slightly, resulting in a loss of $24 million.

Steady Growth Remains a Focus for the Company

Early in 2026, the firm distributed a dividend of $0.438 per share, representing the 15^th straight year of dividend growth.

Notable highlights from Q1 included the disclosure of a $180-200 million investment into the Rockingham Grand Casino in Salem, New Hampshire, with opening slated for next year. Additionally, CDI launched its Marshall Yards Racing & Gaming facility in Southwestern Kentucky this past February.

CDI reported closing Q1 2026 with a net bank leverage ratio of 3.8x and returned $31 million in capital to shareholders through dividend payments.

Following the conclusion of the quarter, CDI announced an $85 million deal to acquire the Preakness Stakes and Black-Eyed Susan Stakes.