Churchill Downs Incorporated reported its second quarter 2025 financial results, with net income attributable to CDI increasing to $216.9 million from $209.3 million in the prior year quarter. Adjusted net income attributable to CDI increased by $9.0 million. The Live and Historical Racing segment saw revenue increase by $50.7 million and Adjusted EBITDA by $17.3 million, driven by growth in Virginia and Kentucky HRM venues and Churchill Downs Racetrack.
The Wagering Services and Solutions segment also showed growth, with revenue up $8.5 million and Adjusted EBITDA up $1.8 million, primarily from TwinSpires Horse Racing and Exacta. However, the Gaming segment experienced a revenue decrease of $8.1 million and an Adjusted EBITDA decrease of $13.4 million, attributed to the cessation of HRM operations in Louisiana, a higher state gaming tax rate at Terre Haute, and regional gaming softness.
The company repurchased 2,565,964 shares of common stock for $250.4 million in Q2 2025, with $184.2 million remaining under its $500 million repurchase program. Additionally, the enactment of H.R. 1 on July 4, 2025, permanently reinstating 100% bonus depreciation and a 30% of EBITDA-based interest expense deduction limitation, is expected to significantly reduce current year cash tax expense and increase cash flow from operating activities by utilizing a $91.2 million deferred tax asset.
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