Churchill Downs Q3: Net revenue grows 1.9% to record $696m, net income totals $80m

Churchill Downs Incorporated has reported its financial results for Q3 2026, having set a new quarterly record with $696m of net revenue – up 1.9% – as well as generated a 110.5% increase in net income to $80m. 

Along with its Q3 2026 financial results, Churchill Downs also approved a $750m share repurchase program and named Michael Tucker to its Board of Directors on October 28. 

Not only that, the operator also received local approvals to relocate its existing historical racing machine (HRM) entertainment venue in Henry County, Virginia, replacing the existing Rosie’s Game Room facility in Collinsville. 

The new space will feature 150 HRMs, simulcast racing, and food and beverage offerings, having received approval for a Special Use Permit from the Henry County Board of Zoning Appeals.

As a result of the increases in net revenue and net income during the quarterly period, Churchill Downs’ adjusted EBITDA also managed to grow 0.8% to $264m. 

Live and historical racing accounted for $308m of Churchill Downs’ Q3 revenue, equating to a 2.7% increase year-over-year. Despite generating $116m of revenue for Q3, wagering services and solutions revenue fell 1.7% to $116m. 

Churchill Downs’ gaming revenue climbed 2.6% to $272m during Q3, driven by $51m of revenue stemming from operations in New York, as well as $34m from businesses in Indiana. 

Live and historical racing revenue at Churchill Downs Racetrack increased 9.1% to $12m for Q3, although revenue from total Louisville operations remained stagnant at $54m. Virginia revenue decreased 0.7% to $139m during the quarterly period. 

Churchill Downs also managed to decrease operating expenses by 5.5% to $553m, helping operating income grow 45.9% to $143m. 

In February, the operator hosted the grand opening ceremony for its new Marshall Yards Racing & Gaming facility, a 23,000 sq ft venue which features 225 historical racing machines, a retail sportsbook and simulcast wagering.

Marshall Yards Racing & Gaming will help support purse funding for Oak Grove Racing, Gaming & Hotel in Kentucky and represents the eighth historical racing and entertainment venue launched across the state by Churchill Downs.