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Churchill Downs CHDN Q4 2025 Annual earnings

Reported February 25, 2026 · After market close

Revenue$665.9MBeat by $5.8M
EPS$0.97Beat by $0.12
Revenue estimate$660.1M
EPS estimate$0.85

Next report

Oct 28, 2026 (in 3 months)
Revenue estimate$703.3M
EPS estimate$1.22

Financials

Q4 2025

Income statement

See full
Revenue$665.9M+6.7%
Operating income$123.5M-2.6%
Net income$51.3M-28.5%
EPS (diluted)$0.74-22.1%

Balance sheet

See full
Cash & equivalents$289.0M+14.7%
Total debt$2.1B+11.5%
Total equity$1.0B-6.8%
Total assets$7.5B+2.9%

Cash flow

See full
Operating cash flow$96.0M-26.5%
CapEx$17.3M-48.8%
Free cash flow$78.7M-18.7%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$7.93B-19.2%
Enterprise value$9.76B-14.8%
P/E20.7×-2.3×
P/S2.7×-0.9×

Profitability

See full
Operating margin23.4%-2.6pp
Net margin13.1%-2.5pp
FCF margin23.9%-1.3pp

Returns & leverage

See full
Return on equity36.6%-6.6pp
Debt / equity2.1×+0.3×
Current ratio0.6×0.0×

Segments

By product

See full
Pari-mutuel, historical racing$261.9M+11.7%
Gaming$248.7M-2.9%
Pari-mutuel, live and simulcast racing$98.2M+3.0%
Racing event-related services$6.2M-17.3%

By segment

See full
Gaming$250.3M-2.8%

Versus estimates

Revenue

Q2 2026$980.0MBeat by $2.6MQ1 2026$663.0MBeat by $1.8M
Q4 2025$665.9MBeat by $5.8M
Q3 2025$683.0MBeat by $26.7MQ2 2025$934.4MBeat by $266.7MQ1 2025$642.6MIn line

Diluted EPS

Q2 2026$3.45In lineQ1 2026$1.21Beat by $0.15
Q4 2025$0.97Beat by $0.12
Q3 2025$1.09Beat by $0.12Q2 2025$3.10Beat by $0.07Q1 2025$1.07Beat by $0.03

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Questions, answered.

When did Churchill Downs report Q4 2025 earnings?
Churchill Downs (CHDN) reported Q4 2025 earnings on February 25, 2026 after market close.
What were Churchill Downs's Q4 2025 revenue and EPS?
Churchill Downs reported revenue of $665.9M and eps of $0.97 for Q4 2025.
Did Churchill Downs beat estimates in Q4 2025?
Revenue beat the consensus estimate of $660.1M by $5.8M. EPS beat the consensus estimate of $0.85 by $0.12.
How did Churchill Downs's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 6.7% from $624.2M a year earlier and eps grew 5.4% from $0.92.
Where can I find Churchill Downs's Q4 2025 SEC filings?
You can read the 8-K earnings release (0000020212-26-000023) and the 10-K periodic report (0000020212-26-000025) directly on SEC EDGAR. The filing index links above go to sec.gov.