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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment The tables below present net revenue from external customers and intercompany revenue from each of our segments:
 Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$11.9 $11.7 $243.0 $242.8 
Louisville53.9 50.3 163.3 157.1 
Northern Kentucky26.4 23.4 84.3 73.9 
Southwestern Kentucky41.6 39.3 125.5 118.1 
Western Kentucky21.8 9.8 50.2 22.7 
Virginia139.7 110.0 405.0 333.1 
New Hampshire4.7 3.0 11.1 9.6 
Total Live and Historical Racing$300.0 $247.5 $1,082.4 $957.3 
Wagering Services and Solutions:$118.0 $111.3 $383.3 $369.6 
Gaming:
Florida$23.4 $23.8 $74.0 $76.4 
Iowa23.7 22.9 70.9 69.8 
Indiana33.3 32.4 97.5 66.3 
Louisiana26.1 32.0 102.6 113.4 
Maine28.9 27.7 80.9 81.3 
Maryland30.5 31.5 76.9 79.3 
Mississippi22.3 23.6 71.4 74.1 
New York48.0 46.8 139.0 138.3 
Pennsylvania28.8 29.0 81.0 84.2 
Total Gaming$265.0 $269.7 $794.2 $783.1 
All Other— — 0.1 0.1 
Net revenue from external customers$683.0 $628.5 $2,260.0 $2,110.1 
Intercompany net revenues:
Live and Historical Racing$5.7 $4.9 $40.6 $34.2 
Wagering Services and Solutions9.2 7.4 28.1 23.1 
Gaming0.5 0.6 4.8 4.8 
All Other2.2 2.6 6.4 4.4 
Eliminations(17.6)(15.5)(79.9)(66.5)
Intercompany net revenue$— $— $— $— 
Three Months Ended September 30, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$16.4 $86.7 $5.0 $108.1 $— $108.1 
Historical racing(a)
252.6 — — 252.6 — 252.6 
Racing event-related services4.1 — 0.1 4.2 — 4.2 
Gaming(a)
3.4 4.7 230.3 238.4 — 238.4 
Other(a)
23.5 26.6 29.6 79.7 — 79.7 
Total$300.0 $118.0 $265.0 $683.0 $— $683.0 


Three Months Ended September 30, 2024
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$15.2 $82.7 $5.0 $102.9 $— $102.9 
Historical racing(a)
205.9 — 9.3 215.2 — 215.2 
Racing event-related services5.0 — 1.4 6.4 — 6.4 
Gaming(a)
3.1 4.4 224.3 231.8 — 231.8 
Other(a)
18.3 24.2 29.7 72.2 — 72.2 
Total$247.5 $111.3 $269.7 $628.5 $— $628.5 
(a)     Food and beverage, hotel, and other services furnished to customers for free as an inducement to wager or through the redemption of our customers' loyalty points are recorded at the estimated standalone selling prices in other revenue with a corresponding offset recorded as a reduction in historical racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $15.2 million for the three months ended September 30, 2025 and $14.2 million for the three months ended September 30, 2024.
Nine Months Ended September 30, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$81.2 $292.1 $20.0 $393.3 $— $393.3 
Historical racing(a)
741.5 — 13.7 755.2 — 755.2 
Racing event-related services177.8 — 1.0 178.8 — 178.8 
Gaming(a)
9.7 12.6 669.8 692.1 — 692.1 
Other(a)
72.2 78.6 89.7 240.5 0.1 240.6 
Total$1,082.4 $383.3 $794.2 $2,259.9 $0.1 $2,260.0 
Nine Months Ended September 30, 2024
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$76.6 $277.9 $20.1 $374.6 $— $374.6 
Historical racing(a)
630.1 — 27.4 657.5 — 657.5 
Racing event-related services182.1 — 5.0 187.1 — 187.1 
Gaming(a)
9.5 14.4 645.5 669.4 — 669.4 
Other(a)
59.0 77.3 85.1 221.4 0.1 221.5 
Total$957.3 $369.6 $783.1 $2,110.0 $0.1 $2,110.1 
(a)     Food and beverage, hotel, and other services furnished to customers for free as an inducement to wager or through the redemption of our customers' loyalty points are recorded at the estimated standalone selling prices in other revenue with a corresponding offset recorded as a reduction in historical racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $45.2 million for the nine months ended September 30, 2025 and $41.7 million for the nine months ended September 30, 2024.
The tables below present net revenue from external customers, Adjusted EBITDA by segment and reconciles comprehensive income to Adjusted EBITDA:
Net revenue by segment is comprised of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Live and Historical Racing$300.0 $247.5 $1,082.4 $957.3 
Wagering Services and Solutions118.0 111.3 383.3 369.6 
Gaming265.0 269.7 794.2 783.1 
All Other— — 0.1 0.1 
Net Revenue$683.0 $628.5 $2,260.0 $2,110.1 
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended September 30, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenues$305.7 $127.2 $265.5 
Pari-mutuel taxes and purses(79.8)(6.0)(6.4)
Gaming taxes(1.8)(0.6)(81.7)
Marketing and advertising(13.5)(1.4)(9.2)
Salaries and benefits(36.8)(8.7)(41.1)
Content expense(1.7)(48.5)(2.3)
Selling, general and administrative expense(10.7)(3.3)(10.5)
Maintenance, insurance and utilities(11.9)(1.0)(10.3)
Gaming equipment rental and technology costs(13.4)(0.7)(4.4)
Food and beverage costs(3.6)— (4.0)
Other operating expense(19.8)(11.0)(16.8)
Equity in income of unconsolidated affiliates— — 44.5 
Other income 3.7 — — 
Adjusted EBITDA$116.4 $46.0 $123.3 
Three Months Ended September 30, 2024
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenues$252.4 $118.7 $270.3 
Pari-mutuel taxes and purses(65.3)(4.9)(9.0)
Gaming taxes(1.4)(0.6)(78.8)
Marketing and advertising(9.3)(1.4)(9.5)
Salaries and benefits(31.1)(8.0)(42.7)
Content expense(1.7)(45.9)(2.3)
Selling, general and administrative expense(9.4)(4.2)(11.9)
Maintenance, insurance and utilities(12.8)(1.1)(11.7)
Gaming equipment rental and technology costs(9.9)(0.9)(3.9)
Food and beverage costs(2.4)— (4.3)
Other operating expense(16.2)(9.2)(16.9)
Equity in income of unconsolidated affiliates— — 44.0 
Other income 0.1 — — 
Adjusted EBITDA$93.0 $42.5 $123.3 
Nine Months Ended September 30, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenues$1,123.0 $411.4 $799.0 
Pari-mutuel taxes and purses(267.5)(18.1)(28.5)
Gaming taxes(4.7)(1.5)(234.1)
Marketing and advertising(43.0)(8.0)(26.2)
Salaries and benefits(106.5)(25.8)(128.1)
Content expense(5.0)(169.1)(6.7)
Selling, general and administrative expense(32.0)(13.2)(32.2)
Maintenance, insurance and utilities(33.5)(3.0)(29.5)
Gaming equipment rental and technology costs(37.8)(2.2)(13.0)
Food and beverage costs(11.1)— (12.3)
Other operating expense(70.8)(35.2)(49.3)
Equity in income of unconsolidated affiliates— — 134.4 
Other income 3.8 — 0.6 
Adjusted EBITDA$514.9 $135.3 $374.1 
Nine Months Ended September 30, 2024
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenues$991.5 $392.7 $787.9 
Pari-mutuel taxes and purses(227.3)(15.8)(32.7)
Gaming taxes(4.4)(1.9)(219.1)
Marketing and advertising(31.1)(7.5)(26.5)
Salaries and benefits(94.4)(23.9)(121.0)
Content expense(5.1)(163.2)(6.7)
Selling, general and administrative expense(26.7)(13.0)(33.9)
Maintenance, insurance and utilities(34.6)(3.1)(32.4)
Gaming equipment rental and technology costs(30.5)(2.6)(11.4)
Food and beverage costs(8.8)— (12.4)
Other operating expense(55.9)(33.4)(46.7)
Equity in income of unconsolidated affiliates— — 139.9 
Other income 0.3 — 1.8 
Adjusted EBITDA$473.0 $128.3 $386.8 
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Reconciliation of Comprehensive Income to Adjusted EBITDA:
Net income and comprehensive income attributable to Churchill Downs Incorporated$38.1 $65.4 $331.7 $355.1 
Net income attributable to noncontrolling interests1.1 0.8 2.3 1.7 
Net income39.2 66.2 334.0 356.8 
Adjustments
Depreciation and amortization56.5 49.6 173.5 145.7 
Interest expense75.6 73.1 222.1 217.0 
Income tax provision 22.0 19.9 115.1 125.4 
Stock-based compensation expense 7.4 7.1 18.2 23.2 
Pre-opening expense2.4 7.8 9.0 23.6 
Other expenses, net2.9 1.0 7.7 1.3 
Asset impairments, net45.1 3.9 47.5 3.9 
Transaction expense, net1.9 (4.0)3.4 0.7 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments9.4 10.6 28.9 31.4 
Rivers Des Plaines' legal reserves and transaction costs— — — 0.3 
Other charges and recoveries, net(0.1)0.1 (1.1)(6.7)
Total adjustments223.1 169.1 624.3 565.8 
Adjusted EBITDA$262.3 $235.3 $958.3 $922.6 
Adjusted EBITDA by segment:
Live and Historical Racing$116.4 $93.0 $514.9 $473.0 
Wagering Services and Solutions46.0 42.5 135.3 128.3 
Gaming123.3 123.3 374.1 386.8 
Total segment Adjusted EBITDA285.7 258.8 1,024.3 988.1 
All Other(23.4)(23.5)(66.0)(65.5)
Total Adjusted EBITDA$262.3 $235.3 $958.3 $922.6 
Schedule of Total Assets and Capital Expenditures by Operating Segment
The table below presents total asset information for each of our segments:
(in millions) September 30, 2025December 31, 2024
Total assets:
Live and Historical Racing$4,351.1 $4,143.3 
Wagering Services and Solutions468.9 460.6 
Gaming1,544.4 1,953.7 
Total segment assets6,364.4 6,557.6 
All Other1,090.4 718.3 
Total assets$7,454.8 $7,275.9 
The table below presents total capital expenditures for each of our segments:
Nine Months Ended September 30,
(in millions)20252024
Capital expenditures:
Live and Historical Racing$177.4 $287.7 
Wagering Services and Solutions18.0 14.2 
Gaming24.3 105.4 
Total segment capital expenditures219.7 407.3 
All Other4.9 10.3 
Total capital expenditures$224.6 $417.6