While Churchill Downs Inc. is a diverse company involved in historical horse racing, casino gaming, and advance-deposit wagering, it served up a reminder Feb. 26 that its flagship racetrack also played a part in a record-breaking 2025.
In a Thursday morning conference call with investors and analysts, company executives said CDI enjoyed record revenue and adjusted earnings before interest, taxes, depreciation, and amortization in 2025. On Tuesday the company released an earnings report for the fourth quarter of 2025 and the year overall.
READ: Strong 2025 Numbers for CDI's Live, Historical Racing
Some of that success is tied to Churchill Downs racetrack, specifically the Kentucky Derby (G1) race as well as the race dates ahead of it that in 2025 drew 375,000 guests from the Saturday before Derby Day through race day. CDI CEO Bill Carstanjen compared those numbers to hosting five Super Bowl crowds over those eight days—noting that the momentum enjoyed by the 150th edition of the race in 2024 continued in 2025.
"We generated record handle for the Kentucky Derby race, the Derby Day program, and Derby week overall; along with the highest television ratings in nearly 40 years," Carstanjen said. "We were just below the prior year's record earnings level, but we expect to return to consistent and meaningful growth across all metrics, including adjusted EBITDA."
CDI 2025 Fourth Quarter, and Full-Year Results
Executive vice president and chief financial officer Marcia Dall said the company expects this year's Derby week (April 25-May 2) to generate $15 million-$20 million in incremental adjusted EBITDA. Carstanjen noted that the track's investment in new seating and race-day experiences continues to pay off.
"This year our guests experienced the first year of our newly renovated starting gate pavilion and courtyard, which now offers improved seating, elevated amenities, and a more upscale social environment for approximately 8,100 guests," Carstanjen said. "2025 was the second year of operations for a redesigned paddock. This project significantly enhanced the on-track experience and strengthened both the in-person and broadcast presentation of our racing product and overall event. The paddock and related investments provide a long-term foundation for accelerated, continued growth at Churchill Downs racetrack."
Carstanjen believes substantial opportunity to further expand the Derby's reach and impact remains. With that in mind, Churchill will add an additional race day to the schedule in 2026—the Sunday before Derby Day. That April 26 afternoon card will mark the first time in 15 years Churchill has offered racing the Sunday before the Derby. The track will offer seven days of racing from April 25 through May 2, with only April 27 being dark.
Churchill will also further lean into developing the race on an international level—specifically with Japan and the Middle East. It will see this year's Kentucky Oaks (G1) moved to television's primetime (8-9 p.m. on NBC) when it's contested on its traditional date one day before the Derby.
Churchill officials said ticket sales and sponsorship interest for this year's Derby week are ahead of last year.
"We're in the latter stages of our sales process now, so we just plan on finishing strong and rolling that up as we get through Derby Day itself. So far throughout the cycle, it's been very, very encouraging," Carstanjen said. "Sponsorships look good. Wagering, we won't know until the day itself, but certainly if you look at the trends that we've seen, those have been overwhelmingly positive as we head into 2026. We have good expectations, strong expectations for that.
"I'm personally excited to add the additional day of racing. We have the interest, we have the horse stock, we have the customer base, we have the fan interest, and the global interest. We need to give our fans and our guests more of what they're asking for. So adding the extra day, I'm excited."
