Every material Form 8-K Churchill Downs filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
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.
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
Churchill Downs reported record second-quarter 2025 net revenue of $934.4 million, up 5%, and net income attributable to the company of $216.9 million, up 4%. Diluted EPS was $2.99 versus $2.79 a year earlier, and the board approved a new $500.0 million share repurchase program on July 22, 2025.
Net revenue was $934.4 million, up $43.7 million or 5% from the prior-year quarter.
Net income attributable to CDI was $216.9 million, up $7.6 million or 4%; diluted EPS was $2.99 versus $2.79.
Adjusted EBITDA was $450.9 million, up $6.1 million or 1%.
On July 22, 2025, the board approved a new $500.0 million share repurchase program; the company repurchased $250.4 million of stock in the second quarter.
Churchill Downs said Executive Vice President of Gaming Operations Maureen Adams notified the company on June 25, 2025 that she will retire effective December 31, 2025. A memorandum of understanding sets out her retirement terms, including a $550,000 retention payment conditioned on her employment through that date.
Maureen Adams notified the company of her retirement on June 25, 2025, effective December 31, 2025.
Retention payment of $550,000, subject to continued employment through December 31, 2025.
Her 2025 bonus will be based on actual performance, and her outstanding RSU and PSU awards will vest.
Her Executive Change in Control, Severance and Indemnity Agreement dated July 26, 2022 is terminated.
Churchill Downs reported first quarter 2025 results for the three months ended March 31, 2025. Net revenue rose 9% to a record $642.6 million, but net income attributable to the company fell 5% to $76.7 million, and diluted EPS declined to $1.02 from $1.08.
Net revenue was $642.6 million, up $51.7 million or 9% from the prior year quarter.
Net income attributable to CDI was $76.7 million, down $3.7 million or 5%.
Diluted EPS attributable to CDI was $1.02, compared with $1.08 a year earlier.
Adjusted EBITDA was a record $245.1 million, up $2.6 million or 1%.
At its April 22, 2025 annual meeting, Churchill Downs shareholders approved the 2025 Omnibus Stock and Incentive Plan, which the board had previously approved subject to that vote. Shareholders also elected two Class II directors, ratified PricewaterhouseCoopers LLP as auditor for fiscal 2025, and approved executive pay on an advisory basis.
Incentive plan approved with 60,266,378 votes for and 1,046,437 against, with 57,304 abstentions and 6,083,883 broker non-votes
R. Alex Rankin and Andréa Carter elected as Class II directors for three-year terms, with Rankin receiving 57,498,013 votes for
PricewaterhouseCoopers LLP ratified as independent registered accounting firm for fiscal 2025 with 66,806,055 votes for and 619,835 against
Advisory vote approved named executive officer compensation with 59,339,818 votes for and 1,920,601 against
Churchill Downs reported fourth quarter 2024 net revenue of $624.2 million, up 11%, and net income attributable to the company of $71.7 million, up 24%. For the full year, net revenue rose 11% to $2.7 billion and net income was $426.8 million, up 2%, a smaller gain that reflects an $86.2 million after-tax gain on the 2023 sale of the Arlington property. Headline results improved for shareholders, but the release does not include earnings guidance for 2025.
Q4 2024 diluted EPS was $0.95 versus $0.76 a year earlier; adjusted EBITDA was $236.6 million, up 8%.
Full-year 2024 diluted EPS was $5.68 versus $5.49; adjusted EBITDA was $1.2 billion, up 13%.
The board approved an annual dividend of $0.409 per share, a 7% increase, paid January 3, 2025.
Project capital is expected to be $350 million to $400 million in 2025.
Churchill Downs Incorporated signed a Seventh Amendment to its senior secured credit agreement, lowering the interest rate margin on its Term Loan B-1 by 0.25% and eliminating a 0.10% credit spread adjustment. After the change, the loan bears interest at SOFR plus 1.75%, which lowers the company's borrowing cost on that loan.
Interest rate margin on Term Loan B-1 reduced by 0.25%
0.10% credit spread adjustment eliminated
Term Loan B-1 now bears interest at SOFR plus 1.75%
Amendment dated February 14, 2025; JPMorgan Chase Bank, N.A. is administrative agent
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Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Churchill Downs filing is on SEC EDGAR ↗. 8-K briefs of other companies →