Filing Flows › Churchill Downs (CHDN) › Q1 2025
Churchill Downs (CHDN) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 23, 2025
Churchill Downs (CHDN) reported revenue of $643M for the first quarter 2025 (Q1 2025), +9% from a year earlier and +3% from the quarter before. Operating margin was 21.0%, net earnings $77.0M (12.0% of revenue).
Churchill Downs, Q1 2025: revenue $643M (+9% year over year), operating margin 21.0%, net earnings $77.0M, operating cash flow $247M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $643M | +3% | +9% |
| Operating profit | $135M | +6% | +7% |
| Net earnings | $77.0M | +7% | -4% |
| Operating cash flow | $247M | +89% | -3% |
| Free cash flow | $180M | +414% | +61% |
What changed
Revenue was $643.0M in Q1 2025, up 9% year over year and up 3% from the previous quarter. Live and Historical was the largest line at 42% of revenue. Live and Historical added $27.4M year over year (up 11%), 53% of the total change.
Operating profit was $135.0M, a 21.0% margin (down 0.4 points year over year). Of the extra revenue versus a year earlier, 17% reached operating profit, below the 21% margin then. Total costs grew 9% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+11%). Net earnings were $77.0M, down 4% year over year. The effective tax rate was 19.8%.
Operating cash flow was $247.0M (down 3% year over year), 321% of net earnings. Non-cash charges added back $59.0M of depreciation and amortization and $3.6M of share-based compensation. Working capital and other items added $107.4M. Capital expenditures of $67.0M left free cash flow of $180.0M.
Questions
What was Churchill Downs' revenue in the first quarter 2025?
Churchill Downs (CHDN) reported revenue of $643M for the first quarter 2025 (Q1 2025), +9% from a year earlier and +3% from the quarter before.
Was Churchill Downs profitable in the first quarter 2025?
Operating profit was $135M (21.0% of revenue) and net earnings $77.0M.
Source: Churchill Downs 10-Q on SEC EDGAR.