Filing Flows › Churchill Downs (CHDN) › Q4 2025
Churchill Downs (CHDN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Churchill Downs (CHDN) reported revenue of $666M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -3% from the quarter before. Operating margin was 18.6%, net earnings $51.0M (7.7% of revenue).
Churchill Downs, Q4 2025: revenue $666M (+7% year over year), operating margin 18.6%, net earnings $51.0M, operating cash flow $96.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $666M | -3% | +7% |
| Operating profit | $124M | +26% | -2% |
| Net earnings | $51.0M | +34% | -29% |
| Operating cash flow | $96.0M | -49% | -26% |
| Free cash flow | $63.3M | -57% | +81% |
What changed
Revenue was $665.9M in Q4 2025, up 7% year over year and down 3% from the previous quarter. Live and Historical Racing was the largest line at 47% of revenue.
Operating profit was $123.8M, a 18.6% margin (down 1.7 points year over year). Operating profit fell $3.0M even though revenue rose $41.7M versus a year earlier, so costs grew faster than sales. Total costs grew 9% against revenue growth of 7%. Net earnings were $51.0M, down 29% year over year. The effective tax rate was 38.2%.
Operating cash flow was $96.0M (down 26% year over year), 186% of net earnings. Non-cash charges added back $59.1M of depreciation and amortization and $12.2M of share-based compensation. Working capital and other items used $26.8M. Capital expenditures of $32.7M left free cash flow of $63.3M.
Questions
What was Churchill Downs' revenue in the fourth quarter 2025?
Churchill Downs (CHDN) reported revenue of $666M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -3% from the quarter before.
Was Churchill Downs profitable in the fourth quarter 2025?
Operating profit was $124M (18.6% of revenue) and net earnings $51.0M.
Source: Churchill Downs 10-K on SEC EDGAR.