Churchill Downs Inc. · Full-Year 2025

Where CDI's Growth Actually Came From

Revenue growth by source, Live & Historical Racing segment — $175.4M total increase

Historical Racing Machines (HRM)

New Hampshire venues

Churchill Downs Racetrack

92%

of segment revenue growth came from Historical Racing Machine venues in Virginia and Kentucky

$0.7M

Churchill Downs Racetrack's contribution to the segment's $62.4M adjusted EBITDA growth

5th

consecutive year of record revenue for CDI overall

Source: Churchill Downs Incorporated Q4 2025 full-year earnings release (GlobeNewswire, Feb. 2026); BloodHorse