Churchill Downs 10-Q: Record Q3, $404M Nine-Month Net Income, Nine Casinos on the Block
CHDN sits 16% above its 52-week low of $73.085.
Summary
Churchill Downs' 10-Q confirms record Q3 revenue of $696 million and net income of $80 million, and discloses it is exploring a sale of nine regional casinos producing $280-$300 million of annual Adjusted EBITDA.
Key Events · Earnings and Guidance · CHDN
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Record Q3 Revenue and Profit
Net revenue rose to a record $696 million from $683 million, and net income attributable to CDI doubled to $80 million, or $1.15 per diluted share, from $38 million a year earlier.
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Nine-Month Earnings Jump
Nine-month net income reached $404 million versus $332 million, with operating income of $643 million against $560 million, helped by a record Derby Week and the absence of 2025 impairment charges.
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Nine Casinos Under Review
The company is exploring a sale of nine wholly owned regional gaming properties representing $280 to $300 million of annual Adjusted EBITDA, inclusive of retail sportsbook and market access.
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Debt Cut to $4.75B
Total debt fell to $4,748 million from $5,155 million at December 31, 2025, and the $600 million 2027 Senior Notes were redeemed on October 19, 2026 with revolver borrowings.
Analysis · CHDN · Trade & Services
The 10-Q confirms the record quarter already headlined by the concurrent 8-K — Q3 revenue of $696 million and net income of $80 million, or $1.15 per diluted share — but it also carries the full nine-month picture and a portfolio review that matters more than the quarter itself. Management is exploring a sale of nine wholly owned regional gaming properties generating $280 to $300 million of annual Adjusted EBITDA, a potential reshaping of the Gaming segment. Balance sheet deleveraging continued, with total debt down to $4,748 million from $5,155 million at year-end, and the 2027 notes were redeemed October 19, 2026 using revolver borrowings.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 30.7% of the 1698 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CHDN was trading at $84.55 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $5.7B. The 52-week trading range was $73.09 to $118.35. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.