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Churchill Downs Incorporated
CHDN · NasdaqConsumer — Casinos & Gaming
The economic chain
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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
—
Company details
Market cap
$7.5B
Revenue (FY25)
$2.93B
Net income (FY25)
$383M
Adj. EBITDA (FY25)
$1.2B
P/E ratio
20×
Div yield
0.4%
Profit margin
13%
Rev. growth
+7%
In plain English
Churchill Downs owns the Kentucky Derby and its namesake Louisville racetrack, but its real growth engine is historical racing machines (HRMs) — slot-like terminals whose outcomes are tied to past horse races — which it rolls out at racetrack-anchored venues in Kentucky and Virginia. Around that sit TwinSpires (online horse-race wagering) and a fleet of regional casinos, some wholly owned and some run through joint ventures. It posted record FY2025 net revenue of ~$2.93B and record net income of $383M, funded by everyday bettors, gamblers and Derby fans.
In simple terms
What Churchill Downs Incorporated really sells
Churchill Downs owns the Kentucky Derby and its namesake Louisville racetrack, but its real growth engine is historical racing machines (HRMs) — slot-like terminals whose outcomes are tied to past horse races — which it rolls out at racetrack-anchored venues in Kentucky and Virginia. Around that sit TwinSpires (online horse-race wagering) and a fleet of regional casinos, some wholly owned and some run through joint ventures. It posted record FY2025 net revenue of ~$2.93B and record net income of $383M, funded by everyday bettors, gamblers and Derby fans.
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Risk read
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