Churchill Downs Raises Quarterly Dividend to $0.438, Marks 15th Straight Year of Increases
Churchill Downs Incorporated (NASDAQ: CHDN), the horse racing and gaming company, declared a quarterly cash dividend of $0.438 per share. The payment represents the company's fifteenth consecutive year of dividend increases.
Churchill Downs Incorporated (NASDAQ: CHDN), the Louisville-based horse racing and gaming company, declared a quarterly cash dividend of $0.438 per share. The payment marks the fifteenth consecutive year the company has raised its dividend per share. Read more dividend announcements.
The dividend was paid on January 6, 2026 to shareholders of record as of December 5, 2025. The company returned $31 million to shareholders through dividends during the first quarter of 2026.
| Dividend Details | Date |
|---|---|
| Amount per Share | $0.438 |
| Record Date | December 5, 2025 |
| Payment Date | January 6, 2026 |
| Frequency | Quarterly |
First Quarter Performance
Churchill Downs reported record net revenue of $663 million for the first quarter of 2026, up $20 million or 3% from the prior year period. Net income attributable to the company reached $83 million, an increase of $6 million or 8% year-over-year.
Adjusted EBITDA for the quarter hit a record $257 million, up $12 million or 5% from the first quarter of 2025. Diluted earnings per share rose to $1.16 from $1.02 in the prior year quarter.
Recent Business Developments
The company announced plans in January to invest $180 million to $200 million in Rockingham Grand Casino in Salem, New Hampshire, targeting a mid-2027 opening. Churchill Downs opened Marshall Yards Racing & Gaming in Southwestern Kentucky on February 25, 2026.
On April 21, 2026, the company entered into a definitive agreement to purchase the intellectual property of the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Maryland for $85 million. The acquisition includes all trademarks and associated rights.
Churchill Downs ended the first quarter with net bank leverage of 3.8 times. The company's Live and Historical Racing segment generated revenue of $301 million in the quarter, up $24 million from the prior year, with adjusted EBITDA of $113 million.