Filing Flows › Churchill Downs (CHDN) › Q3 2025
Churchill Downs (CHDN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 22, 2025
Churchill Downs (CHDN) reported revenue of $683M for the third quarter 2025 (Q3 2025), +9% from a year earlier and -27% from the quarter before. Operating margin was 14.3%, net earnings $38.0M (5.6% of revenue).
Churchill Downs, Q3 2025: revenue $683M (+9% year over year), operating margin 14.3%, net earnings $38.0M, operating cash flow $187M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $683M | -27% | +9% |
| Operating profit | $98.0M | -70% | -22% |
| Net earnings | $38.0M | -82% | -42% |
| Operating cash flow | $187M | -22% | +10% |
| Free cash flow | $148M | -15% | +152% |
What changed
Revenue was $683.0M in Q3 2025, up 9% year over year and down 27% from the previous quarter. Live and Historical was the largest line at 44% of revenue. Live and Historical added $52.5M year over year (up 21%), 96% of the total change. Gaming declined 2%.
Operating profit was $98.0M, a 14.3% margin (down 5.7 points year over year). Operating profit fell $27.9M even though revenue rose $54.5M versus a year earlier, so costs grew faster than sales. Total costs grew 16% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+19%). Net earnings were $38.0M, down 42% year over year. The effective tax rate was 36.1%.
Operating cash flow was $187.0M (up 10% year over year), 479% of net income including minority interests. Non-cash charges added back $57.0M of depreciation and amortization and $7.0M of share-based compensation. Working capital and other items added $84.0M. Capital expenditures of $39.0M left free cash flow of $148.0M.
Questions
What was Churchill Downs' revenue in the third quarter 2025?
Churchill Downs (CHDN) reported revenue of $683M for the third quarter 2025 (Q3 2025), +9% from a year earlier and -27% from the quarter before.
Was Churchill Downs profitable in the third quarter 2025?
Operating profit was $98.0M (14.3% of revenue) and net earnings $38.0M.
Source: Churchill Downs 10-Q on SEC EDGAR.