Live & Historical Racing was Churchill Downs’s largest segment in fiscal 2025, bringing in $1.39B of $2.93B (48%).
| Segment | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Live & Historical Racing | $614.60M | $1.05B | $1.23B | $1.39B | ||||||||||||
| Gaming | $755.90M | $968.60M | $1.04B | $1.04B | ||||||||||||
| Gaming Operations | — | — | — | — | ||||||||||||
| Wagering Services & Solutions | $436.40M | $444.90M | $469.50M | $488.20M | ||||||||||||
| Casino | — | — | — | — | ||||||||||||
| Casinos | — | — | — | — | ||||||||||||
| Racing Operations | — | — | — | — | ||||||||||||
| Twinspires | — | — | — | — | ||||||||||||
| Racing | — | — | — | — | ||||||||||||
| Online Wagering | — | — | — | — | ||||||||||||
| Big Fish Games | — | — | — | — | ||||||||||||
| Churchill Downs | — | — | — | — | ||||||||||||
| Online Operations | — | — | — | — | ||||||||||||
| All Other | $2.90M | $900.00K | $100.00K | $100.00K | ||||||||||||
| Other Investments | — | — | — | — | ||||||||||||
| Corporate | — | — | — | — | ||||||||||||
| Intersegment Eliminations | — | — | — | — | ||||||||||||
| Total | $1.81B | $2.46B | $2.73B | $2.93B |
Churchill Downs brought in $2.93B from its four segments in fiscal 2025, the year ended December 31, 2025. That was up 7.0% from $2.73B in fiscal 2024. Live & Historical Racing was the largest at $1.39B (47.7%), ahead of Gaming at $1.04B (35.6%) and Wagering Services & Solutions at $488.20M (16.7%). The remaining segment, All Other, brought in $100.00K.
Compared with fiscal 2024, Live & Historical Racing grew fastest, up 13.8% to $1.39B. Every segment above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these segments grew from $1.81B to $2.93B, a compound annual growth rate of 17.4%. Live & Historical Racing's share of the total rose from 34.0% to 47.7%.
Historical Racing was Churchill Downs’s largest product and service line in fiscal 2025, bringing in $1.02B of $2.93B (35%).
| Product and Service | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Gaming | $679.10M | $832.20M | $885.90M | $917.70M | |||||
| Historical Racing | $383.90M | $767.70M | $891.90M | $1.02B | |||||
| Live & Simulcast Racing | $462.30M | $468.20M | $469.90M | $491.50M | |||||
| Pari-Mutuel, Live & Simulcast Racing | — | — | — | — | |||||
| Product & Service, Other | $150.00M | $240.40M | $291.90M | $314.50M | |||||
| Product & Service Other | — | — | — | — | |||||
| Other | — | — | — | — | |||||
| Racing Event-Related Services | $131.60M | $152.30M | $194.60M | $185.00M | |||||
| All Other | $2.90M | $900.00K | $100.00K | $100.00K | |||||
| Corporate Non | — | — | — | — | |||||
| Total | $1.81B | $2.46B | $2.73B | $2.93B |
Churchill Downs brought in $2.93B from its six product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 7.0% from $2.73B in fiscal 2024. Historical Racing was the largest at $1.02B (34.8%), ahead of Gaming at $917.70M (31.4%) and Live & Simulcast Racing at $491.50M (16.8%). The other three lines brought in $499.60M combined.
Compared with fiscal 2024, Historical Racing grew fastest, up 14.0% to $1.02B, while Racing Event-Related Services fell the most, down 4.9% to $185.00M. From fiscal 2022 to 2025, combined revenue from these lines grew from $1.81B to $2.93B, a compound annual growth rate of 17.4%. Historical Racing's share of the total rose from 21.2% to 34.8%.
External Customer was Churchill Downs’s largest revenue line in fiscal 2025, bringing in $2.93B of $2.93B (100%).
| Customer | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| External Customer | $1.81B | $2.46B | $2.73B | $2.93B | |||||
| All Other | $2.90M | $900.00K | $100.00K | $100.00K | |||||
| Total | $1.81B | $2.46B | $2.73B | $2.93B |
Churchill Downs brought in $2.93B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 7.0% from $2.73B in fiscal 2024. External Customer was the largest at $2.93B (100.0%), ahead of All Other at $100.00K (0.0%).
From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $1.81B to $2.93B, a compound annual growth rate of 17.4%. External Customer's share held steady at about 100.0%.
Churchill Downs (CHDN) reports its revenue by segment, by product and service and by customer. In fiscal 2025, Live & Historical Racing was its largest segment, bringing in $1.39B (47.7% of the total), followed by Gaming at $1.04B (35.6%).
Live & Historical Racing was Churchill Downs' largest segment in fiscal 2025, bringing in $1.39B, or 47.7% of the $2.93B total across its four segments.
Historical Racing was Churchill Downs' largest product and service line in fiscal 2025, bringing in $1.02B, or 34.8% of the $2.93B total across its six product and service lines.
External Customer was Churchill Downs' largest revenue line in fiscal 2025, bringing in $2.93B, or 100.0% of the $2.93B total across its two revenue lines.
Among Churchill Downs' segments that make up at least 2% of revenue, Live & Historical Racing grew fastest in fiscal 2025, up 13.8% from $1.23B to $1.39B.
Every figure comes from Churchill Downs' annual financial filings, as reported. Each line keeps the name Churchill Downs gives it, and years follow its fiscal calendar.
Churchill Downs' revenue by segment goes back to fiscal 2010, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.