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AI brief of an SEC Form 8-K · Churchill Downs (CHDN)

Churchill Downs Q3 revenue rises 9% to $683.0 million; GAAP profit falls 42%

Mixed Impact 3 of 5 earnings Written later

Churchill Downs reported third-quarter 2025 net revenue of $683.0 million, up $54.5 million or 9% from a year earlier. Net income attributable to the company fell 42% to $38.1 million, driven by a one-time, non-cash impairment, while adjusted net income rose 7% to $77.1 million. The board also approved a 7% increase in the annual dividend to $0.438 per share, which matters to shareholders because the company has now raised its dividend for fifteen consecutive years.

Key points

  • Net revenue $683.0 million vs. $628.5 million a year earlier; net income attributable to the company $38.1 million vs. $65.4 million
  • Diluted EPS $0.54 vs. $0.86; adjusted net income $77.1 million, up $5.0 million or 7%
  • Adjusted EBITDA $262.3 million, up $27.0 million or 11%; after-tax impairment charges rose $31.0 million, tied to the Chasers' gaming rights
  • Dividend of $0.438 per share, payable January 6, 2026, to holders of record on December 5, 2025; company repurchased $53.5 million of stock in the quarter

The filing

CompanyChurchill Downs (CHDN)
Form8-K, current report
Filed with the SECOct 22, 2025, 4:10 PM ET
Accession number0000020212-25-000134

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 12:57 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 22, 2025.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.