Churchill Downs Reports Record Q3 2026 Adjusted EBITDA Amid Strategic Asset Divestitures
Churchill Downs Incorporated (CHDN) reported strong third-quarter 2026 financial results, highlighted by a record Non-GAAP Adjusted EBITDA of $264 million. Net revenue rose 2% year-over-year to $696 million, while adjusted diluted EPS increased to $1.23 from $1.09 in the prior-year period. Growth was driven by strong performance in regional gaming properties and Kentucky historical racing machine (HRM) venues. The company is currently undergoing a strategic pivot, planning to divest nine regional gaming properties by year-end to focus on high-growth areas like Churchill Downs Racetrack, HRM operations, and TwinSpires digital wagering. To support this transition, the Board authorized a new $750 million share repurchase program. Management also signaled a goal to reduce net bank leverage below 3.0x following these asset sales.
Tickers: $CHDN
Topics: capital expenditures dividend increase EBITDA record revenue growth share buyback