On October 22, 2025, Churchill Downs Incorporated released its third‑quarter 2025 financial results. The company reported net income attributable to CDI of $38.1 million, down from $65.4 million a year earlier, while adjusted EBITDA rose by $26.9 million, reflecting stronger operating performance.
Live and Historical Racing revenue grew by $53.3 million, driven by $30.1 million from Virginia HRM venues and $20.9 million from Kentucky HRM venues. Adjusted EBITDA from the segment increased $23.4 million. Wagering Services and Solutions revenue rose $8.5 million, with adjusted EBITDA up $3.5 million. Gaming revenue fell $4.8 million due to the cessation of HRM operations in Louisiana, but adjusted EBITDA remained flat.
The company repurchased 515,527 shares of common stock at a cost of $53.5 million during the quarter, and on October 21, 2025, its board approved a $0.438 per share dividend, a 7 % increase over the prior year. The new federal tax bill enacted on July 4, 2025, is expected to reduce cash taxes and improve cash flow.
The decline in net income is offset by the increase in adjusted EBITDA and the capital return program, indicating operational resilience and a focus on shareholder value. The tax bill’s favorable impact supports cash‑flow generation.
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