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Churchill Downs (CHDN) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates

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Churchill Downs (CHDN - Free Report) reported $683 million in revenue for the quarter ended September 2025, representing a year-over-year increase of 8.7%. EPS of $1.09 for the same period compares to $0.97 a year ago.

The reported revenue represents a surprise of +1.36% over the Zacks Consensus Estimate of $673.83 million. With the consensus EPS estimate being $0.97, the EPS surprise was +12.37%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Churchill Downs performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
  • Revenue- Gaming: $265.5 million versus $264.81 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -1.8% change.
  • Net Revenue- Wagering Services & Solutions: $118 million versus $114.54 million estimated by four analysts on average.
  • Revenue- Live and Historical Racing: $305.7 million compared to the $289.64 million average estimate based on four analysts. The reported number represents a change of +21.1% year over year.
  • Adjusted EBITDA- All Other: $-23.4 million versus the four-analyst average estimate of $-23.58 million.
  • Adjusted EBITDA- Wagering Services & Solutions: $46 million versus $42.71 million estimated by four analysts on average.
  • Adjusted EBITDA- Gaming: $123.3 million versus $116.22 million estimated by four analysts on average.
  • Adjusted EBITDA- Live and Historical Racing: $116.4 million versus $112.13 million estimated by four analysts on average.

View all Key Company Metrics for Churchill Downs here>>>

Shares of Churchill Downs have returned -0.2% over the past month versus the Zacks S&P 500 composite's +1.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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