Churchill Downs Q3 revenue +9% to $683M, adjusted EBITDA +11% to $262.3M; dividend raised 7%

Churchill Downs Inc

Q3 net revenue $683.0M (+9% YoY); net income $38.1M (-42%) due to $31M non-cash impairment on Chasers' gaming rights.
Adjusted net income $77.1M (+7%); Adjusted EBITDA $262.3M (+11%).
Dividend increased 7% to $0.438/share; payable Jan 6, 2026 to holders of record Dec 5, 2025.
Repurchased $53.5M of stock (515,527 shares) in Q3; $461.5M remaining under July 2025 program.
Acquired 90% of Casino Salem for $180M; expanded Rosie's Richmond and opened Roseshire Gaming Parlor.

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