Churchill Downs
Runs the Kentucky Derby alongside racing, online wagering, and regional casino operations.
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Profile
Runs a U.S. platform of live and historical racing, online horse-race wagering, and regional casino gaming. The Kentucky Derby anchors an operating model organized across racing, wagering services, and gaming, all shaped by location-specific licenses and approvals.
Operates live and historical-racing venues, online horse-race wagering through TwinSpires, and regional casino properties. Its three reportable segments are Live and Historical Racing, Wagering Services and Solutions, and Gaming.
The Kentucky Derby at Churchill Downs Racetrack, first run in 1875, anchors a platform that extends beyond Louisville across several U.S. states. Recent additions have included Colonial Downs, Virginia historical-racing venues, casino properties in New York and Iowa, Exacta Systems' historical-horse-racing technology, and a majority interest in Casino Salem.
Exacta Systems serves third-party historical-horse-racing operators within the TwinSpires business. Racing and gaming operations depend on location-specific licenses and regulatory approvals.
Company facts
Categories
Key statistics
Year to date −19.7% · Average volume (30d) 1.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior target | Target |
|---|---|---|---|---|
| Jun 12, 2026 | Truist Financial | Target | $165 | $145 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $3.45 | $3.45 | 0.0% | $977.4M | $980.0M | +0.3% | −6.60% |
| Apr 22, 2026Q1 FY26 | $1.06 | $1.21 | +14.2% | $661.2M | $663.0M | +0.3% | +10.09% |
| Feb 25, 2026Q4 FY25 | $0.85 | $0.97 | +14.1% | $660.1M | $665.9M | +0.9% | −6.00% |
| Oct 22, 2025Q3 FY25 | $0.97 | $1.09 | +12.4% | $656.3M | $683.0M | +4.1% | +7.75% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $642.6M | $934.4M | $683.0M | $665.9M | $663.0M | $980.0M | |
| Gross profit | $189.5M | $392.1M | $204.3M | $196.7M | $203.0M | $980.0M | |
| Operating income | $134.6M | $327.7M | $98.0M | $125.2M | $144.0M | $357.0M | |
| Net income | $76.7M | $216.9M | $37.9M | $49.8M | $81.0M | $241.0M | |
| Diluted EPS | $1.02 | $3.00 | $0.53 | $0.71 | $1.16 | $3.44 | |
| Gross margin | 29.5% | 42.0% | 29.9% | 29.5% | 30.6% | 100.0% | |
| Operating margin | 20.9% | 35.1% | 14.3% | 18.8% | 21.7% | 36.4% |
Fiscal years (4-quarter sums)FY21 $1.60B · FY22 $1.81B · FY23 $2.46B · FY24 $2.73B · FY25 $2.93B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $196.0M · Total debt $4.78B · Total assets $7.52B · Shareholders' equity $1.34B
Dividends
Raised for 32 straight years — most recently to $0.438 from $0.409 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Dec 5, 2025 | Dec 5 | Jan 6 | $0.438 | raised from $0.409 |
| Dec 6, 2024 | Dec 6 | Jan 3 | $0.409 | raised from $0.382 |
| Nov 30, 2023 | Dec 1 | Jan 5 | $0.382 | raised from $0.357 split-adjusted |
| Dec 1, 2022 | Dec 2 | Jan 6 | $0.714 | raised from $0.667 |
| Dec 2, 2021 | Dec 3 | Jan 7 | $0.667 |
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 69.70M · Float 65.78M · 94.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 6.20M | 8.90% | 13F | Aug 7, 2026 |
| Vanguard Capital Management | 3.50M | 5.01% | 13G | Jul 31, 2026 |
| Vanguard Portfolio Management LLC | 3.21M | 4.60% | 13F | Aug 13, 2026 |
| FMR LLC | 2.95M | 4.23% | 13F | Aug 13, 2026 |
| London Co of Virginia | 2.46M | 3.54% | 13F | Aug 14, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- PENN® Entertainment
Regional casino, racetrack, and digital-gaming operator
- Caesars Entertainment
Regional casino, racino, and online-wagering operator
- Flutter Entertainment
Horse-race ADW through TVG and FanDuel Racing
- Boyd Gaming
Regional casino operator with B2B and B2C online gaming
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Churchill Downs | $89.90 | +0.02% | $6.27B | 15.4 | 12.5 | 2.1 | +4.9% |
| PENN® Entertainment | $17.36 | +0.03% | $2.32B | — | 11.9 | 0.3 | +5.2% |
| Caesars Entertainment | $29.74 | +0.02% | $6.06B | — | — | 0.5 | +3.0% |
| Flutter Entertainment | $101.53 | −0.24% | $17.66B | — | 16.4 | 1.0 | +3.3% |
| Boyd Gaming | $79.95 | +0.63% | $5.77B | 3.5 | 10.7 | 1.4 | +0.0% |
| Median | 3.5 | 11.9 | 0.8 | +3.1% |