Revenue from Contract with Customer (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of 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 March 31,
(in millions)	2026		2025
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	3	$	4
Louisville	55		52
Northern Kentucky	36		31
Southwestern Kentucky	44		41
Western Kentucky	19		12
Virginia	133		130
New Hampshire	7		3
Total Live and Historical Racing	$	297	$	273

Wagering Services and Solutions:	$	109	$	107

Gaming:
Florida	$	24	$	25
Iowa	24		24
Indiana	33		32
Louisiana	36		45
Maine	25		24
Maryland	21		21
Mississippi	24		25
New York	46		43
Pennsylvania	24		24
Total Gaming	$	257	$	263
All Other	—		—
Net revenue from external customers	$	663	$	643

Intercompany net revenues:
Live and Historical Racing	$	4	$	4
Wagering Services and Solutions	9		9
Gaming	5		4
All Other	2		2
Eliminations	(20)		(19)
Intercompany net revenue	$	—	$	—


	Three Months Ended March 31, 2026
(in millions)	Live and Historical Racing		Wagering Services and Solutions		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	11	$	81	$	10	$	102	$	—	$	102
Historical racing(a)	257		—		—		257		—		257
Racing event-related services	1		—		1		2		—		2
Gaming(a)	4		6		218		228		—		228
Other(a)	24		22		28		74		—		74
Total	$	297	$	109	$	257	$	663	$	—	$	663


	Three Months Ended March 31, 2025
(in millions)	Live and Historical Racing		Wagering Services and Solutions		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	11	$	80	$	11	$	102	$	—	$	102
Historical racing(a)	237		—		9		246		—		246
Racing event-related services	1		—		1		2		—		2
Gaming(a)	3		4		214		221		—		221
Other(a)	21		23		28		72		—		72
Total	$	273	$	107	$	263	$	643	$	—	$	643

(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 $16 million for the three months ended March 31, 2026 and $14 million for the three months ended March 31, 2025.

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 March 31,
(in millions)	2026		2025
Live and Historical Racing	$	297	$	273
Wagering Services and Solutions	109		107
Gaming	257		263
All Other	—		—
Net Revenue	$	663	$	643

Churchill Downs Inc 10-Q