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Churchill Downs CHDN Q2 2025 earnings

Reported July 23, 2025 · After market close

Revenue$934.4MBeat by $266.7M
EPS$3.10Beat by $0.07
Revenue estimate$667.7M
EPS estimate$3.03

Next report

Oct 28, 2026 (In 3 weeks)
Revenue estimate$700.9M
EPS estimate$1.22

Financials

Q2 2025

Income statement

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Revenue$934.4M+4.9%
Operating income$327.7M-0.7%
Net income$216.9M+3.6%
EPS (diluted)$2.99+7.2%

Balance sheet

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Cash & equivalents$285.6M+23.7%
Total debt$1.9B+7.9%
Total equity$1.0B+1.0%
Total assets$7.4B+2.9%

Cash flow

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Operating cash flow$240.5M+10.8%
CapEx$18.9M-15.6%
Free cash flow$221.6M+13.9%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$7.23B-29.6%
Enterprise value$8.87B-24.9%
P/E16.8×-8.3×
P/S2.6×-1.4×

Profitability

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Operating margin25.3%-0.5pp
Net margin15.2%-0.4pp
FCF margin25%-7.3pp

Returns & leverage

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Return on equity41.6%-1.8pp
Debt / equity1.8×+0.1×
Current ratio0.6×0.0×

Segments

By product

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Gaming$266.0M-3.0%
Pari-mutuel, historical racing$256.5M+15.9%
Pari-mutuel, live and simulcast racing$183.2M+7.6%
Racing event-related services$172.5M-2.8%

By segment

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Gaming$266.3M-3.0%

FAQ

When did Churchill Downs report Q2 2025 earnings?
Churchill Downs (CHDN) reported Q2 2025 earnings on July 23, 2025 after market close.
What were Churchill Downs's Q2 2025 revenue and EPS?
Churchill Downs reported revenue of $934.4M and eps of $3.10 for Q2 2025.
Did Churchill Downs beat estimates in Q2 2025?
Revenue beat the consensus estimate of $667.7M by $266.7M. EPS beat the consensus estimate of $3.03 by $0.07.
How did Churchill Downs's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 4.9% from $890.7M a year earlier and eps grew 7.3% from $2.89.
Where can I find Churchill Downs's Q2 2025 SEC filings?
You can read the 8-K earnings release (0000020212-25-000102) and the 10-Q periodic report (0000020212-25-000104) directly on SEC EDGAR. The filing index links above go to sec.gov.