Churchill Downs Incorporated set a new quarterly net revenue record of $934.4M (up 5% year-over-year), according to a Wednesday SEC filing announcing the company\u2019s FY25 second quarter results. The company\u2019s Q2 net income also rose to $216.9M (3.6% higher y-o-y). Through six months of FY25, CDI\u2019s main business lines — live and historical racing, wagering services and solutions, and gaming — are all pacing ahead of FY24 net revenue figures.<\/p>\n
Q2, which includes the running of the Kentucky Derby, is usually the company\u2019s strongest of the year and FY25 was no exception. The 151st Derby pulled in a record all-sources handle for that single day ($349M), drew its highest average viewership (17.7M viewers) and a peak viewership of 21.8M. Derby Week ticketing revenue was lower compared to the previous year\u2019s historic 150th race — this year\u2019s race still drew roughly 147,000 fans despite rainy conditions — but the Spring Meet and Derby Week\u2019s growth in wagering and sponsorship revenue ensured that Churchill Downs Racetrack revenue was still up $4.9M year-over-year. CDI is sitting on $182.4M in cash and cash equivalents. Its long-term debt is close to $1.9B, while notes payable is $3.1B. The company ended Q2 with net bank leverage of 4.2x. <\/p>\n
It has between $250M and $290M-worth of capital projects in the pipeline, including a roughly $20M project at Churchill Downs expected to be completed before the 2026 running of the Kentucky Derby. The total capex figure excludes the roughly $900M project that CDI proposed in February — what would have been its largest single renovation project<\/a> at the venerable horseracing facility — that it then paused two months later<\/a> due to tariff-caused economic uncertainty. The project is listed as \u201cTBD\u201d in CDI\u2019s SEC filing<\/a>.<\/p>\n CDI\u2019s board approved a $500M share repurchase program this week. And the company expects to benefit from the One Big Beautiful Bill Act that was passed by Congress and signed by President Trump on July 4; many of the tax provisions in that bill are retroactive and should reduce CDI\u2019s cash paid taxes and increase cash flow from the company\u2019s operations moving forward. <\/p>\n","protected":false},"excerpt":{"rendered":"Churchill Downs Incorporated set a new quarterly net revenue record of $934.4M (up 5% year-over-year), according to a…\n","protected":false},"author":2,"featured_media":20428,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[9464,3004,101,56,54,55],"class_list":{"0":"post-20427","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-racing","8":"tag-churchill-downs","9":"tag-racing","10":"tag-sports","11":"tag-uk","12":"tag-united-kingdom","13":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/20427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=20427"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/20427\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/20428"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=20427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=20427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=20427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}