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Churchill Downs CHDN Q3 2025 earnings

Reported October 22, 2025 · After market close

Revenue$683.0MBeat by $26.7M
EPS$1.09Beat by $0.12
Revenue estimate$656.3M
EPS estimate$0.97

Next report

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

Financials

Q3 2025

Income statement

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Revenue$683.0M+8.7%
Operating income$98.0M-22.2%
Net income$38.1M-41.7%
EPS (diluted)$0.54-37.2%

Balance sheet

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Cash & equivalents$268.5M+16.0%
Total debt$2.0B+15.2%
Total equity$1.0B-5.7%
Total assets$7.5B+3.9%

Cash flow

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Operating cash flow$186.8M+10.3%
CapEx$21.4M+42.7%
Free cash flow$165.4M+7.1%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$6.8B-31.5%
Enterprise value$8.56B-25.3%
P/E16.9×-7.2×
P/S2.4×-1.4×

Profitability

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Operating margin23.8%-1.9pp
Net margin14%-1.5pp
FCF margin24.9%-0.3pp

Returns & leverage

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Return on equity37.8%-3.7pp
Debt / equity2×+0.4×
Current ratio0.6×0.0×

Segments

By product

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Gaming$265.0M-1.7%
Pari-mutuel, historical racing$252.6M+17.4%
Pari-mutuel, live and simulcast racing$108.1M+5.1%
Racing event-related services$4.2M-34.4%

By segment

See full
Gaming$265.5M-1.8%

FAQ

When did Churchill Downs report Q3 2025 earnings?
Churchill Downs (CHDN) reported Q3 2025 earnings on October 22, 2025 after market close.
What were Churchill Downs's Q3 2025 revenue and EPS?
Churchill Downs reported revenue of $683.0M and eps of $1.09 for Q3 2025.
Did Churchill Downs beat estimates in Q3 2025?
Revenue beat the consensus estimate of $656.3M by $26.7M. EPS beat the consensus estimate of $0.97 by $0.12.
How did Churchill Downs's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 8.7% from $628.5M a year earlier and eps grew 12.4% from $0.97.
Where can I find Churchill Downs's Q3 2025 SEC filings?
You can read the 8-K earnings release (0000020212-25-000134) and the 10-Q periodic report (0000020212-25-000135) directly on SEC EDGAR. The filing index links above go to sec.gov.