Churchill Downs Incorporated (CDI) reported higher revenue and earnings in Q3 2026. The CDI Q3 results show growth in retail racing and casinos, while wagering services revenue declined slightly. CDI operates land-based gambling venues and digital wagering services in the US.

  • Retail racing: Revenue increased 3.3% to USD 315m (ca. EUR 271m), from USD 305m. Growth came mainly from historical racing machines (HRMs) in Kentucky, which are physical, slot-like machines using past horse race results. Adjusted EBITDA fell 4.3% to USD 111m (ca. EUR 95m).
  • Retail casinos: Gaming revenue rose 2.6% to USD 273m (ca. EUR 235m), from USD 266m. Growth came mainly from casinos in New York, Pennsylvania and Maine. Adjusted EBITDA increased 4.1% to USD 128m (ca. EUR 110m).
  • Digital wagering and services: Revenue declined 0.8% to USD 126m (ca. EUR 108m), mainly due to lower sports betting revenue. The segment includes TwinSpires online horse racing betting, sports betting and wagering technology. Adjusted EBITDA rose 4.3% to USD 48m (ca. EUR 41m), with no separate digital revenue disclosed.
  • Retail vs digital: The two mainly land-based segments generated USD 588m (ca. EUR 506m), up from USD 571m. Wagering Services contributed USD 126m (ca. EUR 108m), including non-digital activities. An exact retail-versus-digital split is unavailable, and segment figures include intercompany revenue.
  • United Tote acquisition: CDI acquired a 49% stake in United Tote from the New York Racing Association (NYRA) in August 2026. United Tote provides betting terminals and transaction processing for retail and online horse racing. The purchase price was not disclosed, while NYRA extended its services agreement through 2035.
  • Group results: Revenue increased 1.9% to USD 696m (ca. EUR 599m), while adjusted EBITDA rose 0.8% to USD 264m (ca. EUR 227m). Net income attributable to CDI reached USD 80m (ca. EUR 69m), from USD 38m, partly reflecting a USD 35m impairment charge in Q3 2025. CDI approved a USD 750m (ca. EUR 645m) share buyback programme.

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