Filing Flows › Churchill Downs (CHDN) › Q2 2025
Churchill Downs (CHDN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 23, 2025
Churchill Downs (CHDN) reported revenue of $934M for the second quarter 2025 (Q2 2025), +5% from a year earlier and +45% from the quarter before. Operating margin was 35.0%, net earnings $217M (23.2% of revenue).
Churchill Downs, Q2 2025: revenue $934M (+5% year over year), operating margin 35.0%, net earnings $217M, operating cash flow $240M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $934M | +45% | +5% |
| Operating profit | $327M | +142% | -0.9% |
| Net earnings | $217M | +182% | +4% |
| Operating cash flow | $240M | -3% | — |
| Free cash flow | $174M | -3% | — |
What changed
Revenue was $934.0M in Q2 2025, up 5% year over year and up 45% from the previous quarter. Live and Historical was the largest line at 55% of revenue. Live and Historical added $45.2M year over year (up 10%), 104% of the total change. Gaming declined 3%.
Operating profit was $327.0M, a 35.0% margin (down 2.0 points year over year). Operating profit fell $3.0M even though revenue rose $43.3M versus a year earlier, so costs grew faster than sales. Total costs grew 8% against revenue growth of 5%. Net earnings were $217.0M, up 4% year over year. The effective tax rate was 25.3%.
Operating cash flow was $240.0M, 110% of net earnings. Non-cash charges added back $58.0M of depreciation and amortization and $7.4M of share-based compensation. Working capital and other items used $43.4M. Capital expenditures of $66.0M left free cash flow of $174.0M.
Questions
What was Churchill Downs' revenue in the second quarter 2025?
Churchill Downs (CHDN) reported revenue of $934M for the second quarter 2025 (Q2 2025), +5% from a year earlier and +45% from the quarter before.
Was Churchill Downs profitable in the second quarter 2025?
Operating profit was $327M (35.0% of revenue) and net earnings $217M.
Source: Churchill Downs 10-Q on SEC EDGAR.