NASDAQ$CHDN
Churchill Downs Inc. · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Churchill Downs Incorporated reported record quarterly results driven by growth in Live and Historical Racing and Gaming segments, offset by a decrease in net income due to prior year gains.
Churchill Downs Incorporated reported record net revenue and Adjusted EBITDA for the second quarter of 2023. Revenue was driven by the Live and Historical Racing and Gaming segments. Net income decreased compared to the second quarter of 2022 due to a gain on the sale of the Calder property in 2022.
- Record net revenue of $768.5 million compared to $582.5 million in second quarter 2022.
- Net income of $143.0 million compared to $339.3 million in second quarter 2022.
- Record Adjusted EBITDA of $363.7 million compared to $291.2 million in second quarter 2022.
- Live and Historical Racing segment delivered all-time record revenue and Adjusted EBITDA.
Headline financials
Revenue & EPS history
Churchill Downs · Revenue · Quarterly
$769M
Revenue by segment
Churchill Downs · $248M total across 1 segment · Q2 2023
- Gaming$248M+34.5%100.0%
Forward guidance
Planned capital projects for the Company are as follows:
Tailwinds
- Churchill Downs Racetrack Paddock Project target completion May 2024
- Derby City Gaming Downtown Property Build Out target completion Fourth Quarter 2023
- Rosie's Emporia HRM Entertainment Venue Property Build Out target completion Third Quarter 2023
- Dumfries Project Property Build Out target completion Second Quarter 2024
- New Hampshire HRM Facility Property Build Out 2024
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+1.2%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+3.1%
Avg return
30 days after
60%
39 / 65 earnings
Positive
+14.0%
Q3 2011
Best reaction
-16.2%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.1% | +10.5% | -6.4% | |
| Q4 2025 | -6.1% | -2.8% | -12.1% | |
| Q3 2025 | +7.5% | +3.5% | +10.4% | |
| Q1 2025 | -16.2% | -13.0% | -11.2% | |
| Q4 2024 | -0.4% | -4.4% | -6.2% | |
| Q3 2024 | +4.4% | +5.2% | +5.7% | |
| Q2 2024 | -2.6% | +2.3% | -2.4% | |
| Q1 2024 | +4.6% | +5.4% | +7.7% | |
| Q4 2023 | +3.1% | +3.9% | +1.3% | |
| Q3 2023 | -3.0% | -2.2% | +8.3% | |
| Q2 2023 | -8.9% | -11.2% | -5.0% | |
| Q1 2023 | +13.2% | +17.5% | +8.4% | |
| Q4 2022 | +0.7% | +0.7% | +0.0% | |
| Q3 2022 | -4.9% | -0.1% | +7.5% | |
| Q2 2022 | +0.9% | -2.5% | -4.3% | |
| Q1 2022 | +3.9% | +5.6% | +1.1% | |
| Q4 2021 | +1.9% | +12.3% | +4.4% | |
| Q3 2021 | -5.7% | -4.8% | -8.8% | |
| Q2 2021 | -1.1% | -1.8% | +11.1% | |
| Q1 2021 | +0.9% | +2.4% | -8.3% | |
| Q4 2020 | +0.6% | +4.2% | +2.2% | |
| Q3 2020 | -6.6% | -6.8% | +12.7% | |
| Q2 2020 | +10.6% | +14.2% | +41.5% | |
| Q1 2020 | -1.8% | -7.7% | +30.1% | |
| Q4 2019 | -7.6% | -14.5% | -37.4% | |
| Q3 2019 | -2.0% | -6.4% | -2.0% | |
| Q2 2019 | +2.9% | -6.4% | +0.4% | |
| Q1 2019 | +5.3% | +13.8% | +7.6% | |
| Q4 2018 | -4.0% | -7.3% | -7.6% | |
| Q3 2018 | +11.0% | +9.9% | +13.9% | |
| Q2 2018 | -2.4% | -1.8% | -1.2% | |
| Q1 2018 | +7.4% | +7.3% | +19.8% | |
| Q4 2017 | -0.0% | +3.4% | -4.8% | |
| Q3 2017 | +0.4% | +2.0% | +11.8% | |
| Q2 2017 | +2.1% | +0.6% | +4.1% | |
| Q1 2017 | +1.4% | -2.0% | -0.4% | |
| Q4 2016 | -0.4% | -1.0% | +3.9% | |
| Q3 2016 | -2.9% | -3.6% | +12.1% | |
| Q2 2016 | +6.7% | +8.6% | +14.4% | |
| Q1 2016 | -6.9% | — | — | |
| Q4 2015 | +4.4% | — | — | |
| Q3 2015 | +4.3% | — | — | |
| Q2 2015 | +5.7% | — | — | |
| Q1 2015 | +5.0% | — | — | |
| Q4 2014 | +3.3% | — | — | |
| Q3 2014 | -0.9% | — | — | |
| Q2 2014 | +0.1% | — | — | |
| Q1 2014 | -0.9% | — | — | |
| Q4 2013 | -1.5% | — | — | |
| Q3 2013 | -2.3% | — | — | |
| Q2 2013 | +3.3% | — | — | |
| Q1 2013 | +1.3% | — | — | |
| Q4 2012 | +1.9% | — | — | |
| Q3 2012 | -3.9% | — | — | |
| Q2 2012 | +4.1% | — | — | |
| Q1 2011 | +5.2% | — | — | |
| Q1 2012 | +5.2% | — | — | |
| Q4 2011 | +8.3% | — | — | |
| Q3 2010 | +14.0% | — | — | |
| Q3 2011 | +14.0% | — | — | |
| Q4 2010 | +1.4% | — | — | |
| Q2 2011 | +1.4% | — | — | |
| Q2 2010 | +1.4% | — | — | |
| Q4 2009 | +1.4% | — | — | |
| Q1 2010 | -3.8% | — | — |
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