0000020212-26-000025 | 10-K | XBRL Viewer

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Supplemental Balance Sheet Information - Schedule of Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Inventory	$ 11.9	$ 11.6
Prepaid technology costs	7.4	6.4
Prepaid insurance and taxes	6.5	7.7
Other prepaid costs	14.1	16.0
Insurance deposits and other	4.3	4.7
Total assets	$ 44.2	$ 46.4

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 79.7	$ 81.5
Contract with customer, revenue recognized	$ 61.2	$ 76.1

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Least Cost

The components of total lease cost were as follows:


	Years Ended December 31,
(in millions)	2025		2024
Short-term lease cost (a) (b)	$	23.6	$	21.0
Operating lease cost (b)	7.9		9.5
Finance lease interest expense	1.8		2.3
Finance lease amortization expense (b)	3.7		4.2
Total lease cost	$	37.0	$	37.0

(a)Includes leases with terms of one year or less.

(b)Includes variable lease costs, which were not material.

Supplemental cash flow information related to leases are as follows:


	Years Ended December 31,
(in millions)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6.8	$	6.5
Operating cash flows from finance leases	1.8		2.1
Financing cash flows from finance leases	2.9		2.6

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	17.6	$	6.0
Finance leases	—		3.6

Other information related to operating leases was as follows:


	December 31,
Weighted Average Remaining Lease Term	2025		2024
Operating leases	11.2 years		5.7 years
Finance leases	8.6 years		10.4 years

Weighted Average Discount Rate
Operating leases	5.1	%	4.6	%
Finance leases	4.8	%	4.9	%

Schedule of Future Minimum Operating Leases

As of December 31, 2025, the future undiscounted cash flows associated with the Company's operating and financing lease liabilities were as follows:


(in millions)
Years Ended December 31,	Operating Leases		Finance Leases
2026	$	6.9	$	3.9
2027	6.3		4.0
2028	5.0		4.0
2029	4.1		4.1
2030	3.7		4.2
Thereafter	28.3		13.7
Total future minimum lease payments	54.3		33.9
Less: Imputed interest	15.3		6.1
Present value of lease liabilities	$	39.0	$	27.8

Reported lease liabilities as of December 31, 2025
Accrued expense and other current liabilities (current maturities of leases)	$	5.7	$	2.7
Other liabilities (non-current maturities of leases)	33.3		25.1
Present value of lease liabilities	$	39.0	$	27.8

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Short-term lease cost	$ 23.6	$ 21.0
Operating lease cost	7.9	9.5
Finance lease interest expense	1.8	2.3
Finance lease amortization expense	3.7	4.2
Total lease cost	$ 37.0	37.0
Lease term (in years)	1 year
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 6.8	6.5
Operating cash flows from finance leases	1.8	2.1
Financing cash flows from finance leases	2.9	2.6
Right-of-use assets obtained in exchange for lease obligations
Operating leases	17.6	6.0
Finance leases	$ 0.0	$ 3.6
Weighted Average Remaining Lease Term
Operating leases	11 years 2 months 12 days	5 years 8 months 12 days
Finance leases	8 years 7 months 6 days	10 years 4 months 24 days
Weighted Average Discount Rate
Operating leases	5.10%	4.60%
Finance leases	4.80%	4.90%

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 385.5	$ 429.1	$ 417.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	233.1	199.1	169.0
Equity in income of unconsolidated affiliates	(139.4)	(144.9)	(146.3)
Distributions from unconsolidated affiliates	116.0	138.7	155.1
Stock-based compensation	30.2	36.1	32.9
Deferred income taxes	86.8	44.5	47.4
Asset impairments	87.5	3.9	24.6
Gain on settlement of liability	(40.0)	0.0	0.0
Amortization of operating lease assets	6.4	5.6	6.2
Gain on sale of assets	0.0	0.0	(114.0)
Other	8.8	9.7	5.4
Changes in operating assets and liabilities, net of businesses acquired and dispositions:
Income taxes	(3.5)	(4.5)	(1.1)
Deferred revenue	(2.8)	(12.1)	34.2
Other assets and liabilities	1.2	66.5	(25.4)
Net cash provided by operating activities	769.8	771.7	605.3
Cash flows from investing activities:
Capital maintenance expenditures	(70.2)	(83.6)	(77.7)
Capital project expenditures	(204.7)	(463.4)	(598.8)
Acquisition of businesses, net of cash acquired	0.0	0.0	(241.3)
Acquisition of gaming rights, net of cash acquired	(185.3)	0.0	0.0
Proceeds from sale of assets	0.0	0.0	195.7
Other	(11.3)	1.8	4.1
Net cash used in investing activities	(471.5)	(545.2)	(718.0)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	1,098.1	965.5	1,771.1
Repayments of borrowings under long-term debt obligations	(881.7)	(900.8)	(1,536.0)
Payment of dividends	(30.8)	(29.2)	(27.1)
Repurchase of common stock	(427.8)	(186.0)	(55.9)
Taxes paid related to net share settlement of stock awards	(17.0)	(30.1)	(25.5)
Proceeds from pending equity transaction	0.0	0.0	14.4
Debt issuance costs	(0.3)	(2.6)	(13.0)
Change in bank overdraft	(2.3)	(10.9)	2.0
Other	(0.7)	(2.5)	(0.7)
Net cash (used in) provided by financing activities	(262.5)	(196.6)	129.3
Cash flows from discontinued operations:
Operating cash flows of discontinued operations	0.0	1.0	0.5
Net increase (decrease) in cash, cash equivalents and restricted cash	35.8	30.9	17.1
Cash, cash equivalents and restricted cash, beginning of year	252.7	221.8	204.7
Cash, cash equivalents and restricted cash, end of year	288.5	252.7	221.8
Supplemental disclosures of cash flow information:
Interest	294.5	306.8	283.6
Federal	46.7	83.3	67.4
Total	63.6	103.0	98.2
Illinois
Supplemental disclosures of cash flow information:
State	3.3	4.3	6.5
Virginia
Supplemental disclosures of cash flow information:
State	3.3	2.8	3.4
Kentucky
Supplemental disclosures of cash flow information:
State	2.4	3.6	5.7
Other
Supplemental disclosures of cash flow information:
State	$ 7.9	$ 9.0	$ 15.2

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Income from operations before provision for income taxes	$ 532.4	$ 573.2	$ 561.8
Deferred tax assets, valuation allowance	18.2	4.6
Operating loss carryforwards, valuation allowance	4.2
Tax credits and deductions	2.0
Unrecognized tax benefits	2.4	$ 3.2	$ 4.8	$ 6.4
Interest	0.4
Unrecognized tax benefits that would impact effective tax rate	2.2
Anticipated decrease in unrecognized tax positions	0.4
Interest Carryforward
Income Taxes [Line Items]
Deferred tax assets, valuation allowance	14.0
Foreign Tax Jurisdiction
Income Taxes [Line Items]
Operating loss carryforwards	0.5
State
Income Taxes [Line Items]
Operating loss carryforwards	$ 7.5

Stock-Based Compensation Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 30.2	$ 36.1	$ 32.9
Income tax benefit related to stock-based employee compensation	3.2	2.8	2.3
Stock-based compensation expense	30.2	36.1	32.9
Fair value of shares and units vested	$ 48.8	69.7	55.0
Award period	1 year
Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		4.1
Liability classified awards	$ 21.0	25.0
Performance Share Units (PSU) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	2 years
Performance Share Units (PSU) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan \| Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan \| Restricted Stock Units (RSU) \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	1 year
Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 30.2	$ 36.1	$ 32.9

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

4. PROPERTY AND EQUIPMENT

Property and equipment, net is comprised of the following:


	December 31,
(in millions)	2025		2024
Grandstands and buildings	$	2,425.3	$	2,258.0
Equipment	940.7		847.5
Tracks and other improvements	424.0		411.1
Land	164.3		164.3
Furniture and fixtures	202.5		199.3
Construction in progress	102.5		140.3
	4,259.3		4,020.5
Accumulated depreciation	(1,378.0)		(1,168.6)
Subtotal	2,881.3		2,851.9
Operating lease right-of-use assets	37.3		23.0
Total	$	2,918.6	$	2,874.9

Depreciation expense was $222.8 million in 2025, $188.0 million in 2024 and $161.8 million in 2023 and is classified in operating expense in the accompanying Consolidated Statements of Comprehensive Income.

Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization of definite-lived intangible assets	$ 10.3	$ 11.1	$ 7.2

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Supplemental Balance Sheet Information

13. SUPPLEMENTAL BALANCE SHEET INFORMATION

Accounts receivable, net

Accounts receivable is comprised of the following:


	December 31,
(in millions)	2025		2024
Trade receivables	$	34.5	$	37.3
Simulcast and online wagering receivables	34.5		40.2
Other receivables	29.7		26.1
	98.7		103.6
Allowance for credit losses	(5.2)		(4.9)
Total	$	93.5	$	98.7

We recognized credit loss expense of $2.5 million in 2025, $2.8 million in 2024 and $2.9 million in 2023.

Other current assets


	December 31,
(in millions)	2025		2024
Inventory	$	11.9	$	11.6
Prepaid technology costs	7.4		6.4
Prepaid insurance and taxes	6.5		7.7
Other prepaid costs	14.1		16.0
Insurance deposits and other	4.3		4.7

Total	$	44.2	$	46.4

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31,
(in millions)	2025		2024
Account wagering deposits liability	$	67.7	$	63.1
Accrued salaries and related benefits	54.8		57.7
Purses payable	40.0		35.4
Accrued interest	47.8		48.2
Accrued fixed assets	27.0		42.7
Accrued gaming liabilities	34.9		35.3
Accrued insurance	14.8		13.1
Accrued property taxes	14.5		9.7
Current lease liabilities	8.4		8.7
Other	90.6		88.1
Total	$	400.5	$	402.0

Investment In and Advances to Unconsolidated Affiliates - Affiliate Income Statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Net revenue	$ 2,925.9	$ 2,734.3	$ 2,461.7
Operating and SG&A expense	246.2	237.7	202.3
Operating income	683.8	709.0	564.0
Net income	385.5	429.1	417.3
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net revenue	843.0	851.5	864.8
Operating and SG&A expense	533.4	528.5	534.0
Depreciation and amortization	24.4	27.0	23.8
Operating income	285.2	296.0	307.0
Interest and other expense, net	(41.4)	(44.2)	(43.9)
Net income	$ 243.8	$ 251.8	$ 263.1

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

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The net result for the period of deducting operating expenses from operating revenues.

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Income Taxes - Schedule of Reconciliation of Amount Computed by Applying the Federal Statutory Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income from operations before provision for income taxes	$ 532.4	$ 573.2	$ 561.8
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Federal statutory tax on earnings before income taxes	111.8	120.3	117.9
State income taxes, net of federal income tax benefit	31.7	19.7	23.5
Effect of cross border tax laws	0.0	(0.4)	(0.4)
Tax credits	(1.1)	(0.9)	(0.8)
Non-deductible officer's compensation	6.5	7.0	5.0
Other	(1.4)	(0.1)	0.7
Changes in unrecognized tax benefits - fed, state & foreign	(0.6)	(1.5)	(1.4)
Income tax provision	$ 146.9	$ 144.1	$ 144.5
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal statutory tax on earnings before income taxes	21.00%	21.00%	21.00%
State income taxes, net of federal income tax benefit	6.00%	3.40%	4.20%
Effect of cross border tax laws	0.00%	(0.10%)	(0.10%)
Tax credits	(0.20%)	(0.10%)	(0.10%)
Non-deductible officer's compensation	1.20%	1.20%	0.90%
Other	(0.30%)	0.00%	0.10%
Changes in unrecognized tax benefits - fed, state & foreign	(0.10%)	(0.30%)	(0.30%)
Income tax provision	27.60%	25.10%	25.70%

Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Indefinite-Lived Intangible Assets

Other intangible assets, net is comprised of the following:


	December 31, 2025						December 31, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:


Customer relationships	$	25.9	$	(8.0)	$	17.9	$	25.9	$	(6.4)	$	19.5
Technology asset	23.9		(8.0)		15.9		23.9		(4.6)		19.3
Gaming licenses	6.4		(3.3)		3.1		6.4		(4.7)		1.7
Other	39.7		(22.9)		16.8		39.7		(18.5)		21.2
	$	95.9	$	(42.2)	$	53.7	$	95.9	$	(34.2)	$	61.7
Indefinite-lived intangible assets:
Trademarks					121.5						121.5
Gaming rights					2,340.1						2,225.8

Total					$	2,515.3					$	2,409.0

Schedule of Finite-lived Intangible Assets

Other intangible assets, net is comprised of the following:


	December 31, 2025						December 31, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:


Customer relationships	$	25.9	$	(8.0)	$	17.9	$	25.9	$	(6.4)	$	19.5
Technology asset	23.9		(8.0)		15.9		23.9		(4.6)		19.3
Gaming licenses	6.4		(3.3)		3.1		6.4		(4.7)		1.7
Other	39.7		(22.9)		16.8		39.7		(18.5)		21.2
	$	95.9	$	(42.2)	$	53.7	$	95.9	$	(34.2)	$	61.7
Indefinite-lived intangible assets:
Trademarks					121.5						121.5
Gaming rights					2,340.1						2,225.8

Total					$	2,515.3					$	2,409.0

Schedule of Future Estimated Amortization Expense

Future estimated aggregate amortization expense on existing definite-lived intangible assets for each of the next five fiscal years is as follows (in millions):


Years Ended December 31,	Estimated Amortization Expense
2026	$	8.7
2027	7.3
2028	7.2
2029	7.0
2030	5.8

Segment Information - Schedule of Total Assets and Capital Expenditures by Operating Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	$ 274.9	$ 547.0	$ 676.5
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	269.5	534.4	663.8
All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	5.4	12.6	12.7
Live and Historical Racing \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	216.9	385.4	461.1
Wagering Services and Solutions \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	22.7	19.0	14.6
Gaming \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	$ 29.9	$ 130.0	$ 188.1

Segment Information - Reconciliation of Comprehensive Income to Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net income attributable to Churchill Downs Incorporated			$ 383.0	$ 426.8	$ 417.3
Net income attributable to noncontrolling interests			2.5	2.3	0.0
Net income			385.5	429.1	417.3
Depreciation and amortization			233.1	199.1	169.0
Interest expense			297.7	289.8	268.4
Income tax provision (benefit)			146.9	144.1	144.5
Stock-based compensation expense			30.2	36.1	32.9
Legal reserves			0.0	0.0	(1.2)
Pre-opening expenses			11.7	29.6	18.6
Arlington exit costs			0.0	0.0	9.4
Other expense, net			10.1	4.2	7.0
Transaction expense (benefit), net			5.1	(12.1)	4.8
Asset impairments			47.5	3.9	24.6
Interest, depreciation and amortization expense related to equity investments			38.6	42.0	40.2
Other charges and recoveries, net			(1.1)	(6.9)	2.4
Gain on sale of assets			0.0	0.0	(114.0)
Total adjustments			819.8	730.1	606.6
Adjusted EBITDA			1,205.3	1,159.2	1,023.9
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA			1,297.3	1,247.1	1,096.1
All Other
Segment Reporting Information [Line Items]
Adjusted EBITDA			(92.0)	(87.9)	(72.2)
Live and Historical
Segment Reporting Information [Line Items]
Asset impairments	$ 2.4	$ 3.9
Live and Historical \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA			637.0	574.6	475.4
Wagering Services and Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA			177.3	165.6	132.1
Gaming \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA			483.0	506.9	488.6
Rivers Des Plaines
Segment Reporting Information [Line Items]
Rivers Des Plaines' legal reserves and transactions costs			$ 0.0	$ 0.3	$ 0.0

Supplemental Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accounts Receivable

Accounts receivable is comprised of the following:


	December 31,
(in millions)	2025		2024
Trade receivables	$	34.5	$	37.3
Simulcast and online wagering receivables	34.5		40.2
Other receivables	29.7		26.1
	98.7		103.6
Allowance for credit losses	(5.2)		(4.9)
Total	$	93.5	$	98.7

Schedule of Other Current Assets

Other current assets


	December 31,
(in millions)	2025		2024
Inventory	$	11.9	$	11.6
Prepaid technology costs	7.4		6.4
Prepaid insurance and taxes	6.5		7.7
Other prepaid costs	14.1		16.0
Insurance deposits and other	4.3		4.7

Total	$	44.2	$	46.4

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31,
(in millions)	2025		2024
Account wagering deposits liability	$	67.7	$	63.1
Accrued salaries and related benefits	54.8		57.7
Purses payable	40.0		35.4
Accrued interest	47.8		48.2
Accrued fixed assets	27.0		42.7
Accrued gaming liabilities	34.9		35.3
Accrued insurance	14.8		13.1
Accrued property taxes	14.5		9.7
Current lease liabilities	8.4		8.7
Other	90.6		88.1
Total	$	400.5	$	402.0

Significant Accounting Policies (Details) $ in Millions	12 Months Ended
Significant Accounting Policies (Details) $ in Millions	Dec. 31, 2025 USD ($) obligation	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Revenue contract, term (in years)	1 year
Number of performance obligations \| obligation	2
Insurance cash reserves	$ 15.1	$ 8.3
Advertising and marketing expense	$ 101.9	90.7	$ 83.4
Performance Share Units (PSU)
Variable Interest Entity [Line Items]
Service period vested (in years)	3 years
Internally Developed and Purchased Third Party Software
Variable Interest Entity [Line Items]
Capitalized computer software developed or acquired for internal use	$ 19.3	18.4	13.2
Capitalized computer software developed or acquired for internal use, amortization expense	$ 12.8	$ 13.0	$ 11.2
Minimum \| Grandstands and Buildings
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	10 years
Minimum \| Equipment
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	2 years
Minimum \| Furniture and Fixtures
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	2 years
Minimum \| Tracks And Other Improvements
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	10 years
Minimum \| Other
Variable Interest Entity [Line Items]
Useful life (in years)	7 years
Maximum \| Grandstands and Buildings
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	40 years
Maximum \| Equipment
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	10 years
Maximum \| Furniture and Fixtures
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	10 years
Maximum \| Tracks And Other Improvements
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	20 years
Maximum \| Internally Developed and Purchased Third Party Software
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	3 years
Maximum \| Other
Variable Interest Entity [Line Items]
Useful life (in years)	15 years

Leases - Additional Details (Details)	Dec. 31, 2025 option
Lessee, Lease, Description [Line Items]
Lease term (in years)	1 year
Number of options to renew	1
Minimum
Lessee, Lease, Description [Line Items]
Lease term (in years)	2 years
Lease renewal term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term (in years)	10 years
Lease renewal term (in years)	5 years

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Accounting Policies	2. SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities ("VIEs") for which we or one of our consolidated subsidiaries is the primary beneficiary. We consolidate a VIE when we have both the power to direct the activities that most significantly impact the results of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. Use of Estimates Our financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP"), which requires management to make estimates, judgments and assumptions that we believe are reasonable based on our historical experience, contract terms, observance of known trends in our Company and the industry as a whole and information available from other outside sources. Our estimates affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results may differ from those initial estimates. Goodwill and Intangible Assets Goodwill and indefinite-lived intangible assets are required to be tested annually or more frequently if events or changes in circumstances indicate that it is more likely than not that an asset is impaired. An entity may first assess qualitative factors to determine whether it is necessary to complete the impairment test using a more likely than not criteria. If an entity believes it is more likely than not that the fair value of a reporting unit is greater than the reporting unit's carrying value, including goodwill, the quantitative impairment test can be bypassed. Alternatively, an entity has an unconditional option to bypass the qualitative assessment and proceed directly to performing the quantitative impairment test. If a quantitative impairment test of goodwill is required, we generally determine the fair value under the market and income valuation approaches using inputs primarily related to discounted projected cash flows and price multiples of publicly traded comparable companies. If a quantitative impairment test of our indefinite-lived intangible assets is required, we generally determine the fair value using the Greenfield Method for gaming rights and relief-from-royalty method of the income approach for trademarks. The Greenfield Method is an income approach methodology that calculates the present value based on a projected cash flow stream. Qualitative factors include macroeconomic conditions, industry and market conditions, cost factors and overall financial performance, among others. These factors require judgments and estimates, and application of alternative assumptions could produce significantly different results. Evaluations of possible impairment require us to estimate, among other factors, forecasts of future operating results, revenue growth, operating expense, tax rates, start-up costs, capital expenditures, depreciation, working capital, discount rates, long-term growth rates, risk premiums, royalty rates, terminal values and fair market values of our reporting units and assets. The estimated future revenue and operating expenses, start-up costs, and discount rates are the primary assumptions and estimates in the valuation of gaming rights. Changes in estimates or the application of alternative assumptions could produce significantly different results. We perform our annual review for impairment of goodwill and indefinite-lived intangible assets on April 1 of each fiscal year, or more frequently if events or changes in circumstances indicate that it is more likely than not the relevant asset is impaired. Adverse industry or economic trends, lower projections of profitability, or a sustained decline in our market capitalization, among other items, may be indications of potential impairment issues, which are triggering events requiring the testing of an asset’s carrying value for recoverability. Goodwill is allocated and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment, referred to as a component. We are required to aggregate the components of an operating segment into one reporting unit if they have similar economic characteristics. Our gaming rights and trademarks are considered indefinite-lived intangible assets that do not require amortization based on our future expectations to operate our gaming facilities and use the trademarks indefinitely and our historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. The indefinite lived-intangible assets carrying value are tested annually, or more frequently, if indicators of impairment exist, by comparing the fair value of the recorded assets to the associated carrying amount. If the carrying amount of the gaming rights and trademark intangible assets exceed fair value, an impairment loss is recognized. Other definite-lived intangible assets, consisting primarily of customer relationships and technology assets, are amortized over periods from seven to 15 years. Amortization expense related to the definite-lived intangible assets is provided on a straight-line basis, as it approximates the economic benefit over the estimated useful lives of the assets. With respect to definite-lived intangible assets, we periodically evaluate whether events and circumstances have occurred that may affect the estimated useful life or the recoverability of the remaining balance of such assets. If such events or circumstances indicate that the carrying amount of these assets may not be recoverable, we would estimate the future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected future cash flows were less than the carrying amount of the assets, we would recognize an impairment charge to reduce such assets to their fair value. Property and Equipment We review the carrying value of our property and equipment to be held and used in our operations whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable from estimated future undiscounted cash flows expected to result from the asset's use and eventual disposition. Adverse industry or economic trends, lower projections of profitability, or a significant adverse change in legal factors or in the business climate, among other items, may be indications of potential impairment issues. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, an impairment is recorded based on the fair value of the asset. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets as follows: 10 to 40 years for grandstands and buildings, two to 10 years for equipment, two to 10 years for furniture and fixtures and 10 to 20 years for tracks and other improvements. Our capital maintenance expenditures relate to the replacement of existing fixed assets with a useful life greater than one year that are obsolete, exhausted, or no longer cost effective to repair. Our capital project expenditures represent fixed asset additions related to land or building improvements to new or existing assets or purchases of new (non-replacement) equipment or software related to specific projects deemed necessary expenditures. Revenue Recognition We generate revenue from pari-mutuel wagering transactions with customers related to live races, simulcast races, and historical races as well as simulcast host fees earned from other wagering sites. Our racetracks that host live races also generate revenue through sponsorships, admissions (including luxury suites), personal seat licenses ("PSLs"), television rights, concessions, programs and parking. Concessions, programs, and parking revenue is recognized once the good or service is delivered. Our live racetracks' revenue and income are influenced by our racing calendar. Similarly, TwinSpires advance deposit wagering ("ADW") and United Tote revenue and income is influenced by racing calendars. Therefore, revenue and operating results for any interim quarter are not generally indicative of the revenue and operating results for the year and may not be comparable with results for the corresponding period of the previous year. We historically have had fewer live racing days during the first quarter of each year, and the majority of our live racing revenue occurs during the second quarter with the running of the Kentucky Oaks and Kentucky Derby. For live races we present at our racetracks, we recognize revenue on wagers we accept from customers at our racetrack ("on-track revenue") and revenue we earn from exporting our live racing signals to other racetracks, off-track betting facilities ("OTBs"), and ADW providers ("export revenue"). For simulcast races we display at our racetracks, OTBs, and TwinSpires' platforms, we recognize revenue we earn from providing a wagering service to our customers on these imported live races ("import revenue"). TwinSpires import revenue is generated through ADW which consists of patrons wagering through an advance deposit account. Each wagering contract for on-track revenue, and import revenue contains a single performance obligation and our export revenue contracts contain a series of distinct services that form a single performance obligation. The transaction price for on-track revenue and import revenue is fixed based on the established commission rate we are entitled to retain. The transaction price for export revenue is variable based on the simulcast host fee we charge our customers for exporting our signal. We may provide cash incentives in conjunction with wagering transactions we accept from TwinSpires' customers. These cash incentives represent consideration payable to a customer and therefore are treated as a reduction of the transaction price for the wagering transaction. Our export revenue contracts generally have a duration of one year or less. These arrangements are licenses of intellectual property containing a usage-based royalty. As a result, we have elected to use the practical expedient to omit disclosure related to remaining performance obligations for our export revenue contracts. We recognize on-track revenue, export revenue, and import revenue once the live race event is made official by the relevant racing regulatory body. We recognize revenue we earn from providing a wagering service to our customers on historical races at our historical racing machine ("HRM") facilities. The transaction price for HRM revenue is based on the established commission rate we are entitled to retain for each wager on the HRM. We recognize HRM revenue once the historical race has been completed on the HRM, net of the liability to the pool. We evaluate our on-track revenue, export revenue, import revenue, and HRM revenue contracts in order to determine whether we are acting as the principal or as the agent when providing services, which we consider in determining if revenue should be reported gross or net. An entity is a principal if it controls the specified service before that service is transferred to a customer. The revenue we recognize for on-track revenue, import revenue, and HRM revenue is the commission we are entitled to retain for providing a wagering service to our customers. For these arrangements, we are the principal as we control the wagering service; therefore, any charges, including any applicable simulcast fees, we incur for delivering the wagering service are presented as operating expenses. For export revenue, our customer is the third-party wagering site such as a racetrack, OTB, or ADW provider. Therefore, the revenue we recognize for export revenue is the simulcast host fee we earn for exporting our racing signal to the third-party wagering site. Our admission contracts are either for a single live racing event day or multiple days. Our PSLs, sponsorships, and television rights contracts generally relate to multiple live racing event days. Multiple day admission, PSLs, sponsorships, and television rights contracts contain a distinct series of services that form single performance obligations. Sponsorship contracts generally include performance obligations related to admissions and advertising rights at our racetracks. Television rights contracts contain a performance obligation related to the rights to distribute certain live racing events on media platforms. The transaction prices for our admissions, PSLs, sponsorships, and television rights contracts are fixed. We allocate the transaction price to our sponsorship contract performance obligations based on the estimated relative standalone selling price of each distinct service. The revenue we recognize for admissions to a live racing event day is recognized once the related event is complete. For admissions, PSLs, sponsorships, and television rights contracts that relate to multiple live racing event days, we recognize revenue over time using an output method of each completed live racing event day as our measure of progress. Each completed live racing event day corresponds with the transfer of the relevant service to a customer and therefore is considered a faithful depiction of our efforts to satisfy the promises in these contracts. This output method results in measuring the value transferred to date to the customer relative to the remaining services promised under the contracts. Certain premium live racing event days such as the Kentucky Derby and Oaks result in a higher value of revenue allocated relative to other live racing event days due to, among other things, the quality of thoroughbreds racing, higher levels of on-track attendance, national broadcast audience, local and national media coverage, and overall entertainment value of the event. While these performance obligations are satisfied over time, the timing of when this revenue is recognized is directly associated with the occurrence of our live racing events, which is when the majority of our revenues recognized at a point in time are also recognized. Timing of revenue recognition may differ from the timing of invoicing to customers for our long-term contracts for racing event-related services. We generally invoice customers prior to delivery of services for our admissions, PSLs, sponsorships, and television rights contracts. We recognize a receivable and a contract liability at the time we have an unconditional right to receive payment. When cash is received in advance of delivering services under our contracts, we defer revenue and recognize it in accordance with our policies for that type of contract. In situations where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts do not include a significant financing component. The primary purpose of our invoicing terms is to allow our customers to secure the right to the specific services provided under our contracts, not to receive financing from our customers. Gaming revenue primarily consists of gaming transactions. Other operating revenue, such as food and beverage or hotel revenue, is recognized once delivery of the product or service has occurred. The transaction price for gaming transactions is the difference between gaming wins and losses. Gaming wager revenue is recognized when the wager settles. The majority of our HRM facilities and gaming properties offer loyalty programs that enable customers to earn loyalty points based on their play. HRM and gaming transactions involve two performance obligations for those customers earning loyalty points under the Company’s loyalty programs and a single performance obligation for customers who do not participate in the program. Loyalty points are primarily redeemable for free wagering activities and food and beverage. For purposes of allocating the transaction price in an HRM and gaming transaction between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the loyalty point contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a loyalty point that can be redeemed for wagering activities or food and beverage. For gaming transactions, an amount of the transaction price allocated to the gaming performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. For HRM transactions, the amount of the transaction price allocated to the HRM performance obligation is the commission rate we are entitled to retain. The loyalty point contract liability amount is deferred and recognized as revenue when the customer redeems the points for a wagering transaction or food and beverage, and such goods or services are delivered to the customer. Income Taxes We use estimates and judgments for financial reporting to determine our current tax liability and deferred taxes. In accordance with the liability method of accounting for income taxes, we recognize the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the consolidated financial statements or tax returns. Adjustments to deferred taxes are determined based upon the changes in differences between the book basis and tax basis of our assets and liabilities and measured using enacted tax rates we estimate will be applicable when these differences are expected to reverse. Changes in current tax laws, enacted tax rates or the estimated level of taxable income or non-deductible expense could change the valuation of deferred tax assets and liabilities and affect the overall effective tax rate and tax provision. When tax returns are filed, it is highly certain that some positions taken will be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that will be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with the tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying Consolidated Balance Sheets, along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Cash and Cash Equivalents We consider investments with original maturities of three months or less that are readily convertible to cash to be cash equivalents. We have, from time to time, cash in the bank in excess of federally insured limits. Under our cash management system, checks issued but not yet presented to banks that would result in negative bank balances when presented are classified as a current liability in the accompanying Consolidated Balance Sheets. Restricted Cash and Account Wagering Deposit Liabilities Restricted cash includes deposits collected from our TwinSpires' customers. Other amounts included in restricted cash represent amounts due to horsemen for purses, stakes and awards that are paid in accordance with the terms of our contractual agreements or statutory requirements. The Company’s insurance captive, which was established in April 2024, maintains cash reserves to cover insurable claims. Insurance captive cash reserves totaled $15.1 million and $8.3 million as of December 31, 2025 and December 31, 2024, respectively. Allowance for Credit Losses We maintain an allowance for doubtful accounts for current expected credit losses on our financial assets measured at amortized cost which are primarily included in accounts receivable, net in the accompanying Consolidated Balance Sheets. The Company evaluates current expected credit losses on a collective (pool) basis when similar risk characteristics exist. Write-offs are recognized when the Company concludes that all or a portion of a financial asset is no longer collectible. Any subsequent recovery is recognized when it occurs. Internal Use Software Internal use software costs for our Wagering Services and Solutions' segment software are capitalized in property and equipment, net in the accompanying Consolidated Balance Sheets, in accordance with accounting guidance governing computer software developed or obtained for internal use. Once the software is placed in operation, we amortize the capitalized software over the software's estimated economic useful life, which is generally three years. We capitalized internal use software of approximately $19.3 million in 2025, $18.4 million in 2024, and $13.2 million in 2023. We incurred amortization expense of approximately $12.8 million in 2025, $13.0 million in 2024, and $11.2 million in 2023, for projects which had been placed in service. Fair Value of Assets and Liabilities We adhere to a hierarchy for ranking the quality and reliability of the information used to determine fair values. Assets and liabilities that are carried at fair value are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted market prices in active markets for identical assets or liabilities; Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and Level 3: Unobservable inputs for the asset or liability. We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Investments in and Advances to Unconsolidated Affiliates We have investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for our share of the investees' income and losses, amortization of certain basis differences as well as capital contributions to and distributions from these companies. We use the cumulative earnings approach to present distributions received from equity method investees. Distributions in excess of equity method income are recognized as a return of investment and recorded as investing cash inflows in the accompanying Consolidated Statements of Cash Flows. We classify income and losses as well as gains and impairments related to our investments in unconsolidated affiliates as a component of other income (expense) in the accompanying Consolidated Statements of Comprehensive Income. We evaluate our investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may have experienced an "other-than-temporary" decline in value. If such conditions exist, we compare the estimated fair value of the investment to the investment's carrying value to determine if an impairment is indicated and determine whether the impairment is "other-than-temporary" based on an assessment of all relevant factors, including consideration of our intent and ability to retain our investment until the recovery of the unrealized loss. We estimate fair value using a discounted cash flow analysis based on estimated future results of the investee. Business Combinations We account for acquisitions of businesses in accordance with ASC 805, Business Combinations. We initially allocate the purchase price of an acquisition to the assets acquired and liabilities assumed based on their estimated fair values, with any excess of consideration transferred recorded as goodwill. The results of operations of acquisitions are included in the consolidated financial statements from their respective dates of acquisition. Costs incurred to complete the business combination are not considered part of consideration and are expensed as incurred. Refer to Note 3, Acquisitions, for further information. Leases We determine if an arrangement is a lease at inception and categorize as either operating or finance based on the criteria of ASC 842. An arrangement contains a lease when the arrangement conveys the right to control the use of an identified asset over the lease term. Operating and finance leases are included in property and equipment, net; accrued expense and other current liabilities; and other liabilities in the accompanying Consolidated Balance Sheets. We generally do not separate lease and non-lease components for our lease contracts. We do not apply the right-of-use assets ("ROUA") and leases liability recognition requirements to short-term leases. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. These leases do not provide an implicit rate, so therefore we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future lease payments. ROUAs are recognized at the lease commencement date at the value of the lease liability, adjusted for any lease payments made prior to commencement and exclude lease incentives and initial direct costs incurred. The lease terms include all non-cancelable periods and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term for operating leases. Interest expense on the finance lease liabilities is recorded separately using the interest method. We do not have any material leases where we are the lessor. Debt Issuance Costs and Loan Origination Fees Debt issuance costs and loan origination fees associated with our term debt, Revolver (as defined in Note 11, Debt), and notes payable are amortized as interest expense over the term of each respective financial instrument. Debt issuance costs and loan origination fees associated with our term debt and notes payable are presented as a direct deduction from the carrying amount of the related liability. Debt issuance costs and loan origination fees associated with our revolver are presented as an asset. Casino and Pari-mutuel Taxes We recognize casino and pari-mutuel tax expense based on the statutory requirements of the federal, state, and local jurisdictions in which we conduct business. All of our casino taxes and the majority of our pari-mutuel taxes are gross receipts taxes levied on the gaming entity. We recognize these taxes as Live and Historical Racing, Wagering Services and Solutions, Gaming, and All Other operating expenses in our Consolidated Statements of Comprehensive Income. In certain jurisdictions governing our pari-mutuel contracts with customers, there are specific pari-mutuel taxes that are assessed on winning wagers from our customers, which we collect and remit to the government. These taxes are presented on a net basis. Purse Expense We recognize purse expense based on the statutorily or contractually determined amount that is required to be paid out in the form of purses to the qualifying finishers of horse races run at our racetracks in the period in which wagering occurs. We incur a liability for all unpaid purses that will be paid out on a future live race event. Self-insurance Accruals We are self-insured up to certain limits for costs associated with general liability, workers’ compensation and certain employee health coverage costs, and we purchase insurance for claims that exceed our self-insurance retention or deductible levels. We record self-insurance reserves that include accruals of estimated settlements for known claims ("Case Reserves"), as well as accruals of third-party actuarial estimates for claims incurred but not yet reported ("IBNR"). Case Reserves represent estimated liabilities for unpaid losses, based on a claims administrator's estimates of future payments on individual reported claims, including allocated loss adjustment expense, which generally include claims settlement costs such as legal fees. IBNR includes the provision for unreported claims, changes in case reserves and future payments on reopened claims. Key variables and assumptions include, but are not limited to, loss development factors and trend factors such as changes in workers' compensation laws, medical care costs and wages. These loss development factors and trend factors are developed using our actual historical losses. It is possible that reasonable alternative selections would produce different reserve estimates. Advertising and Marketing We expense the costs of general advertising, marketing and associated promotional expenditures at the time the costs are incurred. We incurred advertising and marketing expense of approximately $101.9 million in 2025, $90.7 million in 2024, and $83.4 million in 2023 in our accompanying Consolidated Statements of Comprehensive Income. Stock-Based Compensation All stock-based payments to employees and directors, including grants of performance share units ("PSU"), restricted stock, and restricted stock units are recognized as compensation expense over the service period based on the fair value on the date of grant. For awards that have a graded vesting schedule, we recognize expense on a straight-line basis for each separately vesting portion of the award. We recognize forfeitures of awards as incurred. The total compensation cost recognized for PSU awards is determined using the Monte Carlo valuation methodology, which factors in the achievement of the market criteria. Compensation cost for PSUs is recognized during the three-year performance and service period based on the probable achievement of the performance criteria. Compensation cost for equity-classified awards is recorded based on the grant date fair value of the award over the vesting period. Compensation cost for liability-classified awards is determined on a quarterly basis. Changes in market value of the liability-classified awards are recorded as adjustments to stock-based compensation expense over the vesting period. Computation of Net Income per Common Share Net income per common share is presented for both basic earnings per common share ("Basic EPS") and diluted earnings per common share ("Diluted EPS"). Basic EPS is based upon the weighted average number of common shares outstanding, excluding unvested stock awards, during the period plus vested common stock equivalents that have not yet been converted to common shares. Diluted EPS is based upon the weighted average number of shares used to calculate Basic EPS and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares result from applying the treasury stock method to unvested stock awards. Common Stock Share Repurchases From time-to-time, we repurchase shares of our common stock under share repurchase programs and privately negotiated transactions authorized by our Board of Directors. Share repurchases constitute authorized but unissued shares under the Kentucky laws under which we are incorporated. Our common stock has no par or stated value. We record the full value of share repurchases, upon the trade date, against common stock on our Consolidated Balance Sheets except when to do so would result in a negative balance in such common stock account. In such instances, we record the cost of any further share repurchases as a reduction to retained earnings. Due to the large number of shares of our common stock repurchased over the past several years, our common stock balance will frequently be zero at the end of any given reporting period. Refer to Note 9, Shareholders' Equity, for additional information on our share repurchases. Insurance Recoveries The Company maintains insurance policies that provide coverage for property damages and business interruption. Losses due to physical damages are recognized during the accounting period in which the loss occurs, while the amount of monetary assets to be received from the insurance policy is recognized when receipt of insurance recoveries is probable. Losses, which are reduced by the related probable insurance recoveries, are recorded as operating expenses on the accompanying Consolidated Statements of Comprehensive Income. Anticipated proceeds in excess of recognized losses would be considered a gain contingency and recognized when the contingency related to the insurance claim has been resolved. Recent Accounting Pronouncements - Adopted in 2025 In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. The amendments were effective for the Company for fiscal years beginning after December 15, 2024, and will be effective for the interim periods within fiscal years beginning after December 15, 2025. The adoption of this ASU, including retrospective application, did not have a material impact on our business. Refer to Note 8, Income Taxes and the Consolidated Statements of Cash Flows for the applicable disclosures required by this guidance. Recent Accounting Pronouncements - Effective in 2026 or thereafter In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the Securities and Exchange Commission’s ("SEC") Disclosure Update and Simplification Initiative, to amend certain disclosure and presentation requirements for a variety of topics within FASB's Accounting Standards Codification ("ASC"). These amendments align the requirements in the ASC regarding the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, announced by the SEC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company is currently evaluating the impact of this standard on the consolidated financial statements and related disclosures. In November 2024, FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. Under ASU 2024-03, a public entity would be required to disclose information about purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion for each income statement line item that contains those expenses. This standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of this standard on the consolidated financial statements and related disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses: Measurement of Credit Losses for Accounts Receivable and Contract Assets (Topic 326). The update permits entities to elect a practical expedient for estimating expected credit losses on current trade receivables and current contract assets by assuming that conditions existing at the balance sheet date will remain unchanged over the life of those assets. The updated standard is effective for fiscal years beginning after December 15, 2025, and interim periods beginning after December 15, 2026, with early adoption permitted. The Company is currently assessing the impact of this standard on the consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software. The update removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. This standard is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company is currently assessing the impact of this standard on the consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies certain interim reporting guidance. The update is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. The Company is currently assessing the impact of this standard on the consolidated financial statements and related disclosures.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We maintain a comprehensive process for detecting, assessing, and managing material risks from cybersecurity threats as part of our overall enterprise risk management system and processes. Our Chief Technology Officer ("CTO") oversees our Chief Information Security Officer ("CISO") and a dedicated team of information security professionals who are responsible for our cybersecurity risk management program. Our CISO oversees our information security professionals’ efforts to prevent, detect, mitigate, and remediate cybersecurity and other emerging technology risks and incidents and the efforts for assessing and managing our material risks from cybersecurity threats. Our cybersecurity and risk management program includes technical security controls, policy enforcement mechanisms, monitoring systems, employee training, contractual arrangements, tools, and related services from third-party providers. Our CISO has over twenty years of extensive experience in information technology and security. Our cybersecurity risk management program is informed in part by the National Institute of Standards and Technology Cybersecurity Framework ("NIST CSF") as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. This does not mean that we meet any particular technical standards, specifications, or requirements of the NIST CSF. We routinely engage consultants and other third parties to assist with our cybersecurity risk management, including third-party penetration tests of our various information technology environments and certain assessments from time to time to assist us in evaluating our program against various industry or best practice standards. Our cybersecurity risk management program includes certain components to assist in managing third-party risk. For example, we require contracts with certain third-party vendors that have access to confidential data or key systems to include certain minimum data protection and notification requirements, where applicable. We also carry cybersecurity insurance with coverage for costs associated with a cybersecurity incident. We have established an incident response plan to address and guide our employees and management on our response to a cybersecurity incident. The Company has two management committees that assist with cybersecurity incidents and cybersecurity and privacy risk management. These committees consist of senior leadership and cross-functional members from across our organization. The Consumer Data Privacy Committee assists with identifying and managing consumer data privacy issues. The Cybersecurity Disclosure Committee ("CD Committee") assists senior management in fulfilling their responsibilities for oversight of the accuracy and timeliness of disclosures made by the Company in response to cybersecurity incidents and vulnerabilities. In the event a potentially significant cybersecurity incident is identified by our information security team, such incident is reported to the CD Committee to consider applicable disclosures, with the assistance of outside counsel as needed. Senior leadership also prepares an enterprise risk management report identifying and evaluating enterprise risks, including cybersecurity risks, which is regularly presented to the Audit Committee.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We maintain a comprehensive process for detecting, assessing, and managing material risks from cybersecurity threats as part of our overall enterprise risk management system and processes. Our Chief Technology Officer ("CTO") oversees our Chief Information Security Officer ("CISO") and a dedicated team of information security professionals who are responsible for our cybersecurity risk management program. Our CISO oversees our information security professionals’ efforts to prevent, detect, mitigate, and remediate cybersecurity and other emerging technology risks and incidents and the efforts for assessing and managing our material risks from cybersecurity threats. Our cybersecurity and risk management program includes technical security controls, policy enforcement mechanisms, monitoring systems, employee training, contractual arrangements, tools, and related services from third-party providers. Our CISO has over twenty years of extensive experience in information technology and security.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our executive leadership team, along with oversight from the Audit Committee of the Board of Directors, are responsible for our overall enterprise risk management system and processes and regularly consider cybersecurity risks in the context of other material risks to the Company. The Audit Committee oversees the processes by which management assesses the Company’s exposure to cybersecurity risks and evaluates the guidelines and policies governing the Company’s monitoring, control, and minimization of such risks. Our CTO regularly reports to the Audit Committee regarding cybersecurity matters. As of the date of this report, the Company is not aware of any cybersecurity risks that have, or are reasonably likely to, materially affect us, our business strategy, results of operation, or financial condition. Although we have invested in information security and monitor our systems on an ongoing basis, there can be no guarantee that such efforts will in the future prevent compromises to our information technology systems that could have a material adverse effect on our business. For additional information concerning cybersecurity risks we face, refer to Part I, Item 1A, Risk Factors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our executive leadership team, along with oversight from the Audit Committee of the Board of Directors, are responsible for our overall enterprise risk management system and processes and regularly consider cybersecurity risks in the context of other material risks to the Company.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Cybersecurity Disclosure Committee ("CD Committee") assists senior management in fulfilling their responsibilities for oversight of the accuracy and timeliness of disclosures made by the Company in response to cybersecurity incidents and vulnerabilities.
Cybersecurity Risk Role of Management [Text Block]	In the event a potentially significant cybersecurity incident is identified by our information security team, such incident is reported to the CD Committee to consider applicable disclosures, with the assistance of outside counsel as needed. Senior leadership also prepares an enterprise risk management report identifying and evaluating enterprise risks, including cybersecurity risks, which is regularly presented to the Audit Committee. Our executive leadership team, along with oversight from the Audit Committee of the Board of Directors, are responsible for our overall enterprise risk management system and processes and regularly consider cybersecurity risks in the context of other material risks to the Company. The Audit Committee oversees the processes by which management assesses the Company’s exposure to cybersecurity risks and evaluates the guidelines and policies governing the Company’s monitoring, control, and minimization of such risks. Our CTO regularly reports to the Audit Committee regarding cybersecurity matters. As of the date of this report, the Company is not aware of any cybersecurity risks that have, or are reasonably likely to, materially affect us, our business strategy, results of operation, or financial condition. Although we have invested in information security and monitor our systems on an ongoing basis, there can be no guarantee that such efforts will in the future prevent compromises to our information technology systems that could have a material adverse effect on our business. For additional information concerning cybersecurity risks we face, refer to Part I, Item 1A, Risk Factors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Technology Officer ("CTO") oversees our Chief Information Security Officer ("CISO") and a dedicated team of information security professionals who are responsible for our cybersecurity risk management program. Our CISO oversees our information security professionals’ efforts to prevent, detect, mitigate, and remediate cybersecurity and other emerging technology risks and incidents and the efforts for assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has over twenty years of extensive experience in information technology and security.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our executive leadership team, along with oversight from the Audit Committee of the Board of Directors, are responsible for our overall enterprise risk management system and processes and regularly consider cybersecurity risks in the context of other material risks to the Company. The Audit Committee oversees the processes by which management assesses the Company’s exposure to cybersecurity risks and evaluates the guidelines and policies governing the Company’s monitoring, control, and minimization of such risks. Our CTO regularly reports to the Audit Committee regarding cybersecurity matters.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Repurchase Agreements

We repurchased the following shares under our Stock Repurchase Programs:


	For the year ended December 31,
(in millions, except share data)	2025			2024			2023
Repurchase Program	Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price
July 2025 Stock Repurchase Program	683,921	$	70.5	—	$	—	—	$	—
March 2025 Stock Repurchase Program	3,294,447	330.8		—	—		—	—
2021 Stock Repurchase Program	212,012	24.0		506,300	65.3		461,761	55.3

Total	4,190,380	$	425.3	506,300	$	65.3	461,761	$	55.3

Fair Value Of Assets And Liabilities - Schedule of Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 87.9	$ 77.2
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	87.9	77.2
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0.0	0.0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0.0	0.0
Term Loan \| Term Loan B-1 due 2028 \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Term Loan \| Term Loan B-1 due 2028 \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	285.8	288.8
Term Loan \| Term Loan B-1 due 2028 \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Term Loan \| Term Loan A \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Term Loan \| Term Loan A \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,112.3	1,172.4
Term Loan \| Term Loan A \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Revolving Credit Facility \| Revolver \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Revolving Credit Facility \| Revolver \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	657.0	377.5
Revolving Credit Facility \| Revolver \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Senior Notes \| 2027 Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Senior Notes \| 2027 Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	598.7	593.2
Senior Notes \| 2027 Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Senior Notes \| 2028 Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Senior Notes \| 2028 Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	696.1	675.2
Senior Notes \| 2028 Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Senior Notes \| 2030 Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Senior Notes \| 2030 Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,211.0	1,172.6
Senior Notes \| 2030 Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Senior Notes \| 2031 Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Senior Notes \| 2031 Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	621.9	605.2
Senior Notes \| 2031 Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	87.9	77.2
Carrying Amount \| Term Loan \| Term Loan B-1 due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	284.2	286.8
Carrying Amount \| Term Loan \| Term Loan A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,107.9	1,166.7
Carrying Amount \| Revolving Credit Facility \| Revolver
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	657.0	377.5
Carrying Amount \| Senior Notes \| 2027 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	598.7	597.6
Carrying Amount \| Senior Notes \| 2028 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	699.3	699.0
Carrying Amount \| Senior Notes \| 2030 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,190.2	1,187.9
Carrying Amount \| Senior Notes \| 2031 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	593.0	591.7
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	87.9	77.2
Fair Value \| Term Loan \| Term Loan B-1 due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	285.8	288.8
Fair Value \| Term Loan \| Term Loan A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,112.3	1,172.4
Fair Value \| Revolving Credit Facility \| Revolver
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	657.0	377.5
Fair Value \| Senior Notes \| 2027 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	598.7	593.2
Fair Value \| Senior Notes \| 2028 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	696.1	675.2
Fair Value \| Senior Notes \| 2030 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,211.0	1,172.6
Fair Value \| Senior Notes \| 2031 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 621.9	$ 605.2

Investment In and Advances to Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 05, 2019
Schedule of Equity Method Investments [Line Items]
Deferred tax liability	$ 519.5	$ 432.7
Distributions from unconsolidated affiliates	116.0	138.7	$ 155.1
Midwest Gaming Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				61.30%
Carrying value of equity method investment	833.2			$ 835.0
Deferred tax liability				103.2
Equity method investment, amount	572.4	547.1
Distributions from unconsolidated affiliates	$ 68.5	92.2	111.1
Midwest Gaming Holdings, LLC \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Goodwill and indefinite-lived intangible assets				853.7
Midwest Gaming Holdings, LLC \| Land
Schedule of Equity Method Investments [Line Items]
Property and equipment, net				(13.7)
Midwest Gaming Holdings, LLC \| Grandstands and Buildings
Schedule of Equity Method Investments [Line Items]
Property and equipment, net				$ (9.5)
Property, plant, and equipment, useful life				35 years 3 months 18 days
Midwest Gaming Holdings, LLC \| Personal property
Schedule of Equity Method Investments [Line Items]
Carrying value of equity method investment				$ 4.5
Property, plant, and equipment, useful life				3 years 8 months 12 days
Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investment, amount	$ 112.2	114.1
Distributions from unconsolidated affiliates	$ 47.5	$ 46.5	$ 44.0
Rivers Des Plaines
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	61.30%
High Plaines \| Rivers Des Plaines
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	36.00%
Midwest Gaming and Casino Investors \| Rivers Des Plaines
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	2.70%
Delaware North Companies Gaming & Entertainment Inc. \| Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%

Segment Information - Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net revenue	$ 2,925.9	$ 2,734.3	$ 2,461.7
External Customer
Segment Reporting Information [Line Items]
Net revenue	2,925.9	2,734.3	2,461.7
Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue	1,394.7	1,225.6	1,047.3
Operating Segments \| Wagering Services and Solutions
Segment Reporting Information [Line Items]
Net revenue	488.2	469.5	444.9
Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue	1,042.9	1,039.1	968.6
Operating Segments \| External Customer
Segment Reporting Information [Line Items]
Net revenue	2,925.8	2,734.2	2,460.8
Operating Segments \| External Customer \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue	1,394.7	1,225.6	1,047.3
Operating Segments \| External Customer \| Wagering Services and Solutions
Segment Reporting Information [Line Items]
Net revenue	488.2	469.5	444.9
Operating Segments \| External Customer \| Gaming
Segment Reporting Information [Line Items]
Net revenue	1,042.9	1,039.1	968.6
All Other
Segment Reporting Information [Line Items]
Net revenue	0.1	0.1	0.9
All Other \| External Customer
Segment Reporting Information [Line Items]
Net revenue	$ 0.1	$ 0.1	$ 0.9

- Definition

+ References

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Debt - Schedule of Total Debt Outstanding (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt	$ 5,155.1	$ 4,938.7
Current maturities of long-term debt	(63.1)	(63.1)
Unamortized premium and deferred finance charges	(24.9)	(31.5)
Total debt, net of current maturities and costs	5,067.1	4,844.1
2027 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Total debt	600.0	600.0
2028 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Total debt	700.0	700.0
2030 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Total debt	1,200.0	1,200.0
2031 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Total debt	600.0	600.0
Term Loan \| Term Loan B-1 due 2028 \| Line of Credit
Debt Instrument [Line Items]
Total debt	285.8	288.8
Term Loan \| Term Loan A due 2029 \| Line of Credit
Debt Instrument [Line Items]
Total debt	1,112.3	1,172.4
Revolving Credit Facility \| Revolver \| Line of Credit
Debt Instrument [Line Items]
Total debt	$ 657.0	$ 377.5

Acquisitions - Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination (Details) $ in Millions	Aug. 22, 2023 USD ($)
Technology asset \| Exacta Systems
Business Combination [Line Items]
Estimated Useful Life	7 years
Customer relationships \| Exacta Systems
Business Combination [Line Items]
Estimated Useful Life	15 years
Trademarks \| Exacta Systems
Business Combination [Line Items]
Estimated Useful Life	10 years
Other \| Exacta Systems
Business Combination [Line Items]
Estimated Useful Life	5 years
Exacta Systems
Business Combination [Line Items]
Fair Value Recognized	$ 54.3
Exacta Systems \| Technology asset
Business Combination [Line Items]
Fair Value Recognized	23.9
Exacta Systems \| Customer relationships
Business Combination [Line Items]
Fair Value Recognized	21.3
Exacta Systems \| Trademarks
Business Combination [Line Items]
Fair Value Recognized	8.7
Exacta Systems \| Other
Business Combination [Line Items]
Fair Value Recognized	$ 0.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.438	$ 0.409	$ 0.382

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	22. RELATED PARTY TRANSACTIONS Directors and employees may from time to time own or have interests in horses racing at our racetracks. All such races are conducted under the regulations of each state’s respective regulatory agency, as applicable, and no director or employee receives any extra or special benefit with regard to having his or her horses selected to run in races or in connection with the actual running of races. There is no material financial statement impact attributable to directors or employees who may have interests in horses racing at our racetracks. In the ordinary course of business, we may enter into transactions with certain of our officers and directors for the sale of personal seat licenses, suite accommodations, and tickets for our live racing events. We believe that each such transaction has been on terms no less favorable for us than could have been obtained in a transaction with a third-party, and no officer or director received any extra or special benefit in connection with such transactions. Stock Repurchase Agreement On December 18, 2023, the Company entered into the 2023 Stock Repurchase Agreement with an affiliate of TDG to repurchase 1,000,000 shares of the Company’s common stock, for $123.75 per share representing a discount of 4.03% to the closing price on December 15, 2023 of $128.95 for an aggregate purchase price of $123.8 million. The repurchase of the shares of Company's common stock pursuant to the 2023 Stock Repurchase Agreement closed on January 2, 2024, and contains customary representations, warranties, and covenants of the parties. The repurchase of shares of common stock from TDG pursuant to the 2023 Stock Repurchase Agreement was approved by the Company's Board of Directors separately from, and did not reduce the authorized amount remaining under, the existing common stock repurchase program. The repurchase of the shares was funded using available cash and borrowings under the Company’s senior secured credit facility.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities ("VIEs") for which we or one of our consolidated subsidiaries is the primary beneficiary. We consolidate a VIE when we have both the power to direct the activities that most significantly impact the results of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE.
Use of Estimates	Use of Estimates Our financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP"), which requires management to make estimates, judgments and assumptions that we believe are reasonable based on our historical experience, contract terms, observance of known trends in our Company and the industry as a whole and information available from other outside sources. Our estimates affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results may differ from those initial estimates.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and indefinite-lived intangible assets are required to be tested annually or more frequently if events or changes in circumstances indicate that it is more likely than not that an asset is impaired. An entity may first assess qualitative factors to determine whether it is necessary to complete the impairment test using a more likely than not criteria. If an entity believes it is more likely than not that the fair value of a reporting unit is greater than the reporting unit's carrying value, including goodwill, the quantitative impairment test can be bypassed. Alternatively, an entity has an unconditional option to bypass the qualitative assessment and proceed directly to performing the quantitative impairment test. If a quantitative impairment test of goodwill is required, we generally determine the fair value under the market and income valuation approaches using inputs primarily related to discounted projected cash flows and price multiples of publicly traded comparable companies. If a quantitative impairment test of our indefinite-lived intangible assets is required, we generally determine the fair value using the Greenfield Method for gaming rights and relief-from-royalty method of the income approach for trademarks. The Greenfield Method is an income approach methodology that calculates the present value based on a projected cash flow stream. Qualitative factors include macroeconomic conditions, industry and market conditions, cost factors and overall financial performance, among others. These factors require judgments and estimates, and application of alternative assumptions could produce significantly different results. Evaluations of possible impairment require us to estimate, among other factors, forecasts of future operating results, revenue growth, operating expense, tax rates, start-up costs, capital expenditures, depreciation, working capital, discount rates, long-term growth rates, risk premiums, royalty rates, terminal values and fair market values of our reporting units and assets. The estimated future revenue and operating expenses, start-up costs, and discount rates are the primary assumptions and estimates in the valuation of gaming rights. Changes in estimates or the application of alternative assumptions could produce significantly different results. We perform our annual review for impairment of goodwill and indefinite-lived intangible assets on April 1 of each fiscal year, or more frequently if events or changes in circumstances indicate that it is more likely than not the relevant asset is impaired. Adverse industry or economic trends, lower projections of profitability, or a sustained decline in our market capitalization, among other items, may be indications of potential impairment issues, which are triggering events requiring the testing of an asset’s carrying value for recoverability. Goodwill is allocated and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment, referred to as a component. We are required to aggregate the components of an operating segment into one reporting unit if they have similar economic characteristics. Our gaming rights and trademarks are considered indefinite-lived intangible assets that do not require amortization based on our future expectations to operate our gaming facilities and use the trademarks indefinitely and our historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. The indefinite lived-intangible assets carrying value are tested annually, or more frequently, if indicators of impairment exist, by comparing the fair value of the recorded assets to the associated carrying amount. If the carrying amount of the gaming rights and trademark intangible assets exceed fair value, an impairment loss is recognized. Other definite-lived intangible assets, consisting primarily of customer relationships and technology assets, are amortized over periods from seven to 15 years. Amortization expense related to the definite-lived intangible assets is provided on a straight-line basis, as it approximates the economic benefit over the estimated useful lives of the assets. With respect to definite-lived intangible assets, we periodically evaluate whether events and circumstances have occurred that may affect the estimated useful life or the recoverability of the remaining balance of such assets. If such events or circumstances indicate that the carrying amount of these assets may not be recoverable, we would estimate the future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected future cash flows were less than the carrying amount of the assets, we would recognize an impairment charge to reduce such assets to their fair value.
Property and Equipment	Property and Equipment We review the carrying value of our property and equipment to be held and used in our operations whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable from estimated future undiscounted cash flows expected to result from the asset's use and eventual disposition. Adverse industry or economic trends, lower projections of profitability, or a significant adverse change in legal factors or in the business climate, among other items, may be indications of potential impairment issues. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, an impairment is recorded based on the fair value of the asset. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets as follows: 10 to 40 years for grandstands and buildings, two to 10 years for equipment, two to 10 years for furniture and fixtures and 10 to 20 years for tracks and other improvements. Our capital maintenance expenditures relate to the replacement of existing fixed assets with a useful life greater than one year that are obsolete, exhausted, or no longer cost effective to repair. Our capital project expenditures represent fixed asset additions related to land or building improvements to new or existing assets or purchases of new (non-replacement) equipment or software related to specific projects deemed necessary expenditures.
Revenue Recognition	Revenue Recognition We generate revenue from pari-mutuel wagering transactions with customers related to live races, simulcast races, and historical races as well as simulcast host fees earned from other wagering sites. Our racetracks that host live races also generate revenue through sponsorships, admissions (including luxury suites), personal seat licenses ("PSLs"), television rights, concessions, programs and parking. Concessions, programs, and parking revenue is recognized once the good or service is delivered. Our live racetracks' revenue and income are influenced by our racing calendar. Similarly, TwinSpires advance deposit wagering ("ADW") and United Tote revenue and income is influenced by racing calendars. Therefore, revenue and operating results for any interim quarter are not generally indicative of the revenue and operating results for the year and may not be comparable with results for the corresponding period of the previous year. We historically have had fewer live racing days during the first quarter of each year, and the majority of our live racing revenue occurs during the second quarter with the running of the Kentucky Oaks and Kentucky Derby. For live races we present at our racetracks, we recognize revenue on wagers we accept from customers at our racetrack ("on-track revenue") and revenue we earn from exporting our live racing signals to other racetracks, off-track betting facilities ("OTBs"), and ADW providers ("export revenue"). For simulcast races we display at our racetracks, OTBs, and TwinSpires' platforms, we recognize revenue we earn from providing a wagering service to our customers on these imported live races ("import revenue"). TwinSpires import revenue is generated through ADW which consists of patrons wagering through an advance deposit account. Each wagering contract for on-track revenue, and import revenue contains a single performance obligation and our export revenue contracts contain a series of distinct services that form a single performance obligation. The transaction price for on-track revenue and import revenue is fixed based on the established commission rate we are entitled to retain. The transaction price for export revenue is variable based on the simulcast host fee we charge our customers for exporting our signal. We may provide cash incentives in conjunction with wagering transactions we accept from TwinSpires' customers. These cash incentives represent consideration payable to a customer and therefore are treated as a reduction of the transaction price for the wagering transaction. Our export revenue contracts generally have a duration of one year or less. These arrangements are licenses of intellectual property containing a usage-based royalty. As a result, we have elected to use the practical expedient to omit disclosure related to remaining performance obligations for our export revenue contracts. We recognize on-track revenue, export revenue, and import revenue once the live race event is made official by the relevant racing regulatory body. We recognize revenue we earn from providing a wagering service to our customers on historical races at our historical racing machine ("HRM") facilities. The transaction price for HRM revenue is based on the established commission rate we are entitled to retain for each wager on the HRM. We recognize HRM revenue once the historical race has been completed on the HRM, net of the liability to the pool. We evaluate our on-track revenue, export revenue, import revenue, and HRM revenue contracts in order to determine whether we are acting as the principal or as the agent when providing services, which we consider in determining if revenue should be reported gross or net. An entity is a principal if it controls the specified service before that service is transferred to a customer. The revenue we recognize for on-track revenue, import revenue, and HRM revenue is the commission we are entitled to retain for providing a wagering service to our customers. For these arrangements, we are the principal as we control the wagering service; therefore, any charges, including any applicable simulcast fees, we incur for delivering the wagering service are presented as operating expenses. For export revenue, our customer is the third-party wagering site such as a racetrack, OTB, or ADW provider. Therefore, the revenue we recognize for export revenue is the simulcast host fee we earn for exporting our racing signal to the third-party wagering site. Our admission contracts are either for a single live racing event day or multiple days. Our PSLs, sponsorships, and television rights contracts generally relate to multiple live racing event days. Multiple day admission, PSLs, sponsorships, and television rights contracts contain a distinct series of services that form single performance obligations. Sponsorship contracts generally include performance obligations related to admissions and advertising rights at our racetracks. Television rights contracts contain a performance obligation related to the rights to distribute certain live racing events on media platforms. The transaction prices for our admissions, PSLs, sponsorships, and television rights contracts are fixed. We allocate the transaction price to our sponsorship contract performance obligations based on the estimated relative standalone selling price of each distinct service. The revenue we recognize for admissions to a live racing event day is recognized once the related event is complete. For admissions, PSLs, sponsorships, and television rights contracts that relate to multiple live racing event days, we recognize revenue over time using an output method of each completed live racing event day as our measure of progress. Each completed live racing event day corresponds with the transfer of the relevant service to a customer and therefore is considered a faithful depiction of our efforts to satisfy the promises in these contracts. This output method results in measuring the value transferred to date to the customer relative to the remaining services promised under the contracts. Certain premium live racing event days such as the Kentucky Derby and Oaks result in a higher value of revenue allocated relative to other live racing event days due to, among other things, the quality of thoroughbreds racing, higher levels of on-track attendance, national broadcast audience, local and national media coverage, and overall entertainment value of the event. While these performance obligations are satisfied over time, the timing of when this revenue is recognized is directly associated with the occurrence of our live racing events, which is when the majority of our revenues recognized at a point in time are also recognized. Timing of revenue recognition may differ from the timing of invoicing to customers for our long-term contracts for racing event-related services. We generally invoice customers prior to delivery of services for our admissions, PSLs, sponsorships, and television rights contracts. We recognize a receivable and a contract liability at the time we have an unconditional right to receive payment. When cash is received in advance of delivering services under our contracts, we defer revenue and recognize it in accordance with our policies for that type of contract. In situations where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts do not include a significant financing component. The primary purpose of our invoicing terms is to allow our customers to secure the right to the specific services provided under our contracts, not to receive financing from our customers. Gaming revenue primarily consists of gaming transactions. Other operating revenue, such as food and beverage or hotel revenue, is recognized once delivery of the product or service has occurred. The transaction price for gaming transactions is the difference between gaming wins and losses. Gaming wager revenue is recognized when the wager settles. The majority of our HRM facilities and gaming properties offer loyalty programs that enable customers to earn loyalty points based on their play. HRM and gaming transactions involve two performance obligations for those customers earning loyalty points under the Company’s loyalty programs and a single performance obligation for customers who do not participate in the program. Loyalty points are primarily redeemable for free wagering activities and food and beverage. For purposes of allocating the transaction price in an HRM and gaming transaction between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the loyalty point contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a loyalty point that can be redeemed for wagering activities or food and beverage. For gaming transactions, an amount of the transaction price allocated to the gaming performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. For HRM transactions, the amount of the transaction price allocated to the HRM performance obligation is the commission rate we are entitled to retain. The loyalty point contract liability amount is deferred and recognized as revenue when the customer redeems the points for a wagering transaction or food and beverage, and such goods or services are delivered to the customer.
Income Taxes	Income Taxes We use estimates and judgments for financial reporting to determine our current tax liability and deferred taxes. In accordance with the liability method of accounting for income taxes, we recognize the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the consolidated financial statements or tax returns. Adjustments to deferred taxes are determined based upon the changes in differences between the book basis and tax basis of our assets and liabilities and measured using enacted tax rates we estimate will be applicable when these differences are expected to reverse. Changes in current tax laws, enacted tax rates or the estimated level of taxable income or non-deductible expense could change the valuation of deferred tax assets and liabilities and affect the overall effective tax rate and tax provision. When tax returns are filed, it is highly certain that some positions taken will be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that will be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with the tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying Consolidated Balance Sheets, along with any associated interest and penalties that would be payable to the taxing authorities upon examination.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider investments with original maturities of three months or less that are readily convertible to cash to be cash equivalents. We have, from time to time, cash in the bank in excess of federally insured limits. Under our cash management system, checks issued but not yet presented to banks that would result in negative bank balances when presented are classified as a current liability in the accompanying Consolidated Balance Sheets.
Restricted Cash and Account Wagering Deposit Liabilities	Restricted Cash and Account Wagering Deposit Liabilities Restricted cash includes deposits collected from our TwinSpires' customers. Other amounts included in restricted cash represent amounts due to horsemen for purses, stakes and awards that are paid in accordance with the terms of our contractual agreements or statutory requirements. The Company’s insurance captive, which was established in April 2024, maintains cash reserves to cover insurable claims. Insurance captive cash reserves totaled $15.1 million and $8.3 million as of December 31, 2025 and December 31, 2024, respectively.
Allowance for Credit Losses	Allowance for Credit Losses We maintain an allowance for doubtful accounts for current expected credit losses on our financial assets measured at amortized cost which are primarily included in accounts receivable, net in the accompanying Consolidated Balance Sheets. The Company evaluates current expected credit losses on a collective (pool) basis when similar risk characteristics exist. Write-offs are recognized when the Company concludes that all or a portion of a financial asset is no longer collectible. Any subsequent recovery is recognized when it occurs.
Internal Use Software	Internal Use Software Internal use software costs for our Wagering Services and Solutions' segment software are capitalized in property and equipment, net in the accompanying Consolidated Balance Sheets, in accordance with accounting guidance governing computer software developed or obtained for internal use. Once the software is placed in operation, we amortize the capitalized software over the software's estimated economic useful life, which is generally three years.
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities We adhere to a hierarchy for ranking the quality and reliability of the information used to determine fair values. Assets and liabilities that are carried at fair value are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted market prices in active markets for identical assets or liabilities; Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and Level 3: Unobservable inputs for the asset or liability. We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.
Investments in and Advances to Unconsolidated Affiliates	Investments in and Advances to Unconsolidated Affiliates We have investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for our share of the investees' income and losses, amortization of certain basis differences as well as capital contributions to and distributions from these companies. We use the cumulative earnings approach to present distributions received from equity method investees. Distributions in excess of equity method income are recognized as a return of investment and recorded as investing cash inflows in the accompanying Consolidated Statements of Cash Flows. We classify income and losses as well as gains and impairments related to our investments in unconsolidated affiliates as a component of other income (expense) in the accompanying Consolidated Statements of Comprehensive Income. We evaluate our investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may have experienced an "other-than-temporary" decline in value. If such conditions exist, we compare the estimated fair value of the investment to the investment's carrying value to determine if an impairment is indicated and determine whether the impairment is "other-than-temporary" based on an assessment of all relevant factors, including consideration of our intent and ability to retain our investment until the recovery of the unrealized loss. We estimate fair value using a discounted cash flow analysis based on estimated future results of the investee.
Business Combinations	Business Combinations We account for acquisitions of businesses in accordance with ASC 805, Business Combinations. We initially allocate the purchase price of an acquisition to the assets acquired and liabilities assumed based on their estimated fair values, with any excess of consideration transferred recorded as goodwill. The results of operations of acquisitions are included in the consolidated financial statements from their respective dates of acquisition. Costs incurred to complete the business combination are not considered part of consideration and are expensed as incurred. Refer to Note 3, Acquisitions, for further information.
Leases	Leases We determine if an arrangement is a lease at inception and categorize as either operating or finance based on the criteria of ASC 842. An arrangement contains a lease when the arrangement conveys the right to control the use of an identified asset over the lease term. Operating and finance leases are included in property and equipment, net; accrued expense and other current liabilities; and other liabilities in the accompanying Consolidated Balance Sheets. We generally do not separate lease and non-lease components for our lease contracts. We do not apply the right-of-use assets ("ROUA") and leases liability recognition requirements to short-term leases. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. These leases do not provide an implicit rate, so therefore we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future lease payments. ROUAs are recognized at the lease commencement date at the value of the lease liability, adjusted for any lease payments made prior to commencement and exclude lease incentives and initial direct costs incurred. The lease terms include all non-cancelable periods and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term for operating leases. Interest expense on the finance lease liabilities is recorded separately using the interest method. We do not have any material leases where we are the lessor.
Debt Issuance Costs and Loan Origination Fees	Debt Issuance Costs and Loan Origination Fees Debt issuance costs and loan origination fees associated with our term debt, Revolver (as defined in Note 11, Debt), and notes payable are amortized as interest expense over the term of each respective financial instrument. Debt issuance costs and loan origination fees associated with our term debt and notes payable are presented as a direct deduction from the carrying amount of the related liability. Debt issuance costs and loan origination fees associated with our revolver are presented as an asset.
Casino and Pari-mutuel Taxes	Casino and Pari-mutuel Taxes We recognize casino and pari-mutuel tax expense based on the statutory requirements of the federal, state, and local jurisdictions in which we conduct business. All of our casino taxes and the majority of our pari-mutuel taxes are gross receipts taxes levied on the gaming entity. We recognize these taxes as Live and Historical Racing, Wagering Services and Solutions, Gaming, and All Other operating expenses in our Consolidated Statements of Comprehensive Income. In certain jurisdictions governing our pari-mutuel contracts with customers, there are specific pari-mutuel taxes that are assessed on winning wagers from our customers, which we collect and remit to the government. These taxes are presented on a net basis.
Purse Expense	Purse Expense We recognize purse expense based on the statutorily or contractually determined amount that is required to be paid out in the form of purses to the qualifying finishers of horse races run at our racetracks in the period in which wagering occurs. We incur a liability for all unpaid purses that will be paid out on a future live race event.
Self Insurance Accruals	Self-insurance Accruals We are self-insured up to certain limits for costs associated with general liability, workers’ compensation and certain employee health coverage costs, and we purchase insurance for claims that exceed our self-insurance retention or deductible levels. We record self-insurance reserves that include accruals of estimated settlements for known claims ("Case Reserves"), as well as accruals of third-party actuarial estimates for claims incurred but not yet reported ("IBNR"). Case Reserves represent estimated liabilities for unpaid losses, based on a claims administrator's estimates of future payments on individual reported claims, including allocated loss adjustment expense, which generally include claims settlement costs such as legal fees. IBNR includes the provision for unreported claims, changes in case reserves and future payments on reopened claims. Key variables and assumptions include, but are not limited to, loss development factors and trend factors such as changes in workers' compensation laws, medical care costs and wages. These loss development factors and trend factors are developed using our actual historical losses. It is possible that reasonable alternative selections would produce different reserve estimates.
Advertising and Marketing	Advertising and Marketing We expense the costs of general advertising, marketing and associated promotional expenditures at the time the costs are incurred.
Stock-Based Compensation	Stock-Based Compensation All stock-based payments to employees and directors, including grants of performance share units ("PSU"), restricted stock, and restricted stock units are recognized as compensation expense over the service period based on the fair value on the date of grant. For awards that have a graded vesting schedule, we recognize expense on a straight-line basis for each separately vesting portion of the award. We recognize forfeitures of awards as incurred. The total compensation cost recognized for PSU awards is determined using the Monte Carlo valuation methodology, which factors in the achievement of the market criteria. Compensation cost for PSUs is recognized during the three-year performance and service period based on the probable achievement of the performance criteria. Compensation cost for equity-classified awards is recorded based on the grant date fair value of the award over the vesting period. Compensation cost for liability-classified awards is determined on a quarterly basis. Changes in market value of the liability-classified awards are recorded as adjustments to stock-based compensation expense over the vesting period.
Computation of Net Income per Common Share	Computation of Net Income per Common Share Net income per common share is presented for both basic earnings per common share ("Basic EPS") and diluted earnings per common share ("Diluted EPS"). Basic EPS is based upon the weighted average number of common shares outstanding, excluding unvested stock awards, during the period plus vested common stock equivalents that have not yet been converted to common shares. Diluted EPS is based upon the weighted average number of shares used to calculate Basic EPS and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares result from applying the treasury stock method to unvested stock awards.
Common Stock Share Repurchases	Common Stock Share Repurchases From time-to-time, we repurchase shares of our common stock under share repurchase programs and privately negotiated transactions authorized by our Board of Directors. Share repurchases constitute authorized but unissued shares under the Kentucky laws under which we are incorporated. Our common stock has no par or stated value. We record the full value of share repurchases, upon the trade date, against common stock on our Consolidated Balance Sheets except when to do so would result in a negative balance in such common stock account. In such instances, we record the cost of any further share repurchases as a reduction to retained earnings. Due to the large number of shares of our common stock repurchased over the past several years, our common stock balance will frequently be zero at the end of any given reporting period. Refer to Note 9, Shareholders' Equity, for additional information on our share repurchases.
Insurance Recovery	Insurance Recoveries The Company maintains insurance policies that provide coverage for property damages and business interruption. Losses due to physical damages are recognized during the accounting period in which the loss occurs, while the amount of monetary assets to be received from the insurance policy is recognized when receipt of insurance recoveries is probable. Losses, which are reduced by the related probable insurance recoveries, are recorded as operating expenses on the accompanying Consolidated Statements of Comprehensive Income. Anticipated proceeds in excess of recognized losses would be considered a gain contingency and recognized when the contingency related to the insurance claim has been resolved.
Recent Accounting Pronouncements - Adopted in 2024 and Recent Accounting Pronouncements - Effective in 2024 or thereafter	Recent Accounting Pronouncements - Adopted in 2025 In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. The amendments were effective for the Company for fiscal years beginning after December 15, 2024, and will be effective for the interim periods within fiscal years beginning after December 15, 2025. The adoption of this ASU, including retrospective application, did not have a material impact on our business. Refer to Note 8, Income Taxes and the Consolidated Statements of Cash Flows for the applicable disclosures required by this guidance. Recent Accounting Pronouncements - Effective in 2026 or thereafter In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the Securities and Exchange Commission’s ("SEC") Disclosure Update and Simplification Initiative, to amend certain disclosure and presentation requirements for a variety of topics within FASB's Accounting Standards Codification ("ASC"). These amendments align the requirements in the ASC regarding the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, announced by the SEC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company is currently evaluating the impact of this standard on the consolidated financial statements and related disclosures. In November 2024, FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. Under ASU 2024-03, a public entity would be required to disclose information about purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion for each income statement line item that contains those expenses. This standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of this standard on the consolidated financial statements and related disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses: Measurement of Credit Losses for Accounts Receivable and Contract Assets (Topic 326). The update permits entities to elect a practical expedient for estimating expected credit losses on current trade receivables and current contract assets by assuming that conditions existing at the balance sheet date will remain unchanged over the life of those assets. The updated standard is effective for fiscal years beginning after December 15, 2025, and interim periods beginning after December 15, 2026, with early adoption permitted. The Company is currently assessing the impact of this standard on the consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software. The update removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. This standard is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company is currently assessing the impact of this standard on the consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies certain interim reporting guidance. The update is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. The Company is currently assessing the impact of this standard on the consolidated financial statements and related disclosures.

Leases - Schedule of Future Minimum Operating Lease Payments (Details) $ in Millions	Dec. 31, 2025 USD ($)
Operating Leases
2026	$ 6.9
2027	6.3
2028	5.0
2029	4.1
2030	3.7
Thereafter	28.3
Total future minimum lease payments	54.3
Less: Imputed interest	15.3
Present value of lease liabilities	39.0
Accrued expense and other current liabilities (current maturities of leases)	5.7
Other liabilities (non-current maturities of leases)	$ 33.3
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities
Finance Leases
2026	$ 3.9
2027	4.0
2028	4.0
2029	4.1
2030	4.2
Thereafter	13.7
Total future minimum lease payments	33.9
Less: Imputed interest	6.1
Present value of lease liabilities	27.8
Accrued expense and other current liabilities (current maturities of leases)	2.7
Other liabilities (non-current maturities of leases)	$ 25.1
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities

Debt - Senior Notes (Details) - USD ($) $ in Millions	Apr. 25, 2023	Apr. 13, 2022	Mar. 17, 2021	Mar. 25, 2019	Dec. 27, 2017
Senior Notes \| 2027 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance				$ 600.0
Stated interest rate				5.50%
Debt issuance costs				$ 8.9
Senior Notes \| Senior Notes Due 2028, Existing
Debt Instrument [Line Items]
Face amount of debt issuance			$ 500.0		$ 500.0
Stated interest rate			4.75%		4.75%
Debt issuance costs			$ 3.4
Senior Notes \| 2021 Senior Notes 5.375%
Debt Instrument [Line Items]
Face amount of debt issuance					$ 600.0
Stated interest rate					5.375%
Senior Notes \| 2028 Senior Notes 4.75%
Debt Instrument [Line Items]
Face amount of debt issuance			700.0
Debt issuance costs					$ 7.7
Senior Notes \| Senior Notes Due 2028, Additional
Debt Instrument [Line Items]
Face amount of debt issuance			$ 200.0
Stated interest rate			4.75%
Redemption price, percentage of face amount			103.25%
Premium percentage			3.25%
Senior Notes \| 2030 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance		$ 1,200.0
Stated interest rate		5.75%
Debt issuance costs		$ 18.3
Redemption price, percentage of face amount		100.00%
Senior Notes \| 2031 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance	$ 600.0
Stated interest rate	6.75%
Debt issuance costs	$ 10.5
Redemption price, percentage of face amount	100.00%
Amortization period of debt issuance costs	8 years
Line of Credit \| Term Loan B due 2024 \| Term Loan
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 1.3

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Current maturities and loan origination fees	$ 6.0	$ 7.7
Debt issuance costs	$ 18.8	$ 23.8
Preferred stock, no par value (in shares)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	0.3	0.3
Preferred stock, shares issued (in shares)	0.0	0.0
Preferred stock, shares outstanding (in shares)	0.0	0.0
Preferred stock, no par value (in shares)	$ 0	$ 0
Common stock, shares authorized (in shares)	300.0	300.0
Common stock, shares issued (in shares)	69.6	73.5
Common stock, shares outstanding (in shares)	69.6	73.5

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

21. SEGMENT INFORMATION

We manage our operations through three reportable segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming. Our operating segments reflect the internal management reporting used by our chief operating decision maker, Chief Executive Officer, to evaluate results of operations and to assess performance and allocate resources.

•Live and Historical Racing

The Live and Historical Racing segment includes live and historical pari-mutuel racing related revenue and expenses at Churchill Downs Racetrack and our historical racing properties in Kentucky, Virginia, and New Hampshire.

Our Live and Historical Racing properties earn commissions primarily from pari-mutuel wagering on live and historical races; simulcast fees earned from other wagering sites, fees from racing event-related services including admissions, personal seat licenses, sponsorships, television rights, and other miscellaneous services, and revenue from food and beverage services.

•Wagering Services and Solutions

The Wagering Services and Solutions segment includes the revenue and expenses for TwinSpires Horse Racing, our sports betting business, United Tote, and Exacta.

TwinSpires Horse Racing operates the online horse racing wagering business for TwinSpires.com, BetAmerica.com, and other white-label platforms; facilitates high dollar wagering by international customers; and provides the Bloodstock Research Information Services platform for horse racing statistical data.

Our sports betting business includes the results of our retail sportsbooks at our wholly owned gaming properties, our retail sportsbooks in Kentucky, and our monetized online sports wagering licenses in Pennsylvania and Kentucky. The retail and online sportsbooks, if applicable, related to Rivers Des Plaines and MVG are included in the Gaming segment.

United Tote manufactures and operates pari-mutuel wagering systems for racetracks, OTBs and other pari-mutuel wagering businesses. United Tote provides totalisator services which accumulate wagers, calculate payoffs and displays wagering data to patrons who wager on horse races. United Tote has contracts to provide totalisator services to third-party racetracks, OTBs and other pari-mutuel wagering businesses and also provides these services at our facilities.

Exacta is a leading provider of central determinant system technology in HRMs across the country. Exacta's system architecture supports multiple game vendors and virtually unlimited math modeling capabilities on a single system enabling Exacta to deliver a diverse gaming library to Company owned and third-party HRM entertainment venues in several states.

•Gaming

The Gaming segment includes revenue and expenses for the wholly owned casino properties and associated racetrack facilities. The Gaming segment also includes our share of our equity investments in Illinois and Ohio.

The Gaming segment generates revenue and expenses from slot machines, table games, VLTs, video poker, HRMs, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, racing event-related services, and other miscellaneous operations.

On June 26, 2023, the Company's management agreement for Lady Luck expired and was not renewed. The Company completed the sale of substantially all its assets at Lady Luck for an immaterial amount.

We have aggregated Arlington as well as certain corporate operations, and other immaterial joint ventures in All Other to reconcile to consolidated results.

Eliminations include the elimination of intersegment transactions. We utilize non-GAAP measures, including EBITDA (earnings before interest, taxes, depreciation and amortization) and Adjusted EBITDA. Our chief operating decision maker utilizes Adjusted EBITDA to evaluate segment performance, develop strategy and allocate resources. Adjusted EBITDA includes the following adjustments:

Adjusted EBITDA includes our portion of EBITDA from our equity investments and the portion of EBITDA attributable to noncontrolling interests.

Adjusted EBITDA excludes:

•Transaction expense, net which includes:

–Acquisition, disposition, and property sale related charges; and

–Other transaction expense, including legal, accounting, and other deal-related expense;

•Stock-based compensation expense;

•Rivers Des Plaines' impact on our investments in unconsolidated affiliates from legal reserves and transaction costs;

•Asset impairments, net;

•Gain on property sales;

•Legal reserves;

•Pre-opening expense; and

•Other charges, recoveries, and expenses

The property associated with Arlington International Racecourse ("Arlington") was sold on February 15, 2023 to the Chicago Bears. Arlington's results and exit costs in 2023 are treated as an adjustment.

The tables below present net revenue from external customers, intercompany revenue from each of our segments, Adjusted EBITDA by segment, and reconciliation of net income to Adjusted EBITDA. Refer to Note 12, Revenue from Contracts with Customers to see intercompany revenues by segment.

Net revenue from external customers by segment is comprised of the following:


	Years Ended December 31,
(in millions)	2025		2024		2023
Live and Historical Racing	$	1,394.7	$	1,225.6	$	1,047.3
Wagering Services and Solutions	488.2		469.5		444.9
Gaming	1,042.9		1,039.1		968.6
All Other	0.1		0.1		0.9
Net Revenue	$	2,925.9	$	2,734.3	$	2,461.7

Adjusted EBITDA by segment is comprised of the following:


	Year Ended December 31, 2025
(in millions)	Live and Historical Racing		Wagering Services and Solutions		Gaming
Revenue	$	1,442.4	$	526.3	$	1,049.3

Pari-mutuel taxes and purses	(349.4)		(22.0)		(36.2)
Gaming taxes	(7.5)		(2.3)		(308.7)
Marketing and advertising	(56.8)		(9.6)		(35.0)
Salaries and benefits	(142.9)		(34.9)		(170.4)
Content expense	(6.3)		(210.2)		(8.6)
Selling, general and administrative expense	(43.2)		(18.1)		(44.4)
Maintenance, insurance and utilities	(44.4)		(4.1)		(39.6)

Gaming equipment rental and technology costs	(51.6)		(3.1)		(17.4)
Food and beverage costs	(15.0)		—		(16.4)
Other operating expense(1)	(92.3)		(45.3)		(68.3)
Equity in income of unconsolidated affiliates	—		—		178.1
Other income	4.0		0.6		0.6

Adjusted EBITDA	$	637.0	$	177.3	$	483.0


	Year Ended December 31, 2024
(in millions)	Live and Historical Racing		Wagering Services and Solutions		Gaming
Revenue	$	1,267.0	$	500.7	$	1,045.4

Pari-mutuel taxes and purses	(300.0)		(19.7)		(43.5)
Gaming taxes	(5.7)		(2.4)		(291.6)
Marketing and advertising	(42.1)		(8.9)		(35.4)
Salaries and benefits	(127.0)		(32.8)		(164.6)
Content expense	(6.4)		(205.8)		(8.5)
Selling, general and administrative expense	(40.1)		(15.5)		(46.1)
Maintenance, insurance and utilities	(46.5)		(4.2)		(42.1)

Gaming equipment rental and technology costs	(41.6)		(3.5)		(15.4)
Food and beverage costs	(12.9)		—		(16.7)
Other operating expense(1)	(70.6)		(42.6)		(62.9)
Equity in income of unconsolidated affiliates	—		—		186.4
Other income	0.5		0.3		1.9

Adjusted EBITDA	$	574.6	$	165.6	$	506.9


	Year Ended December 31, 2023
(in millions)	Live and Historical Racing		Wagering Services and Solutions		Gaming
Revenue	$	1,084.6	$	458.4	$	974.6

Pari-mutuel taxes and purses	(262.5)		(19.9)		(39.2)
Gaming taxes	(5.2)		(2.7)		(283.6)
Marketing and advertising	(37.6)		(9.8)		(35.4)
Salaries and benefits	(107.0)		(29.3)		(146.0)
Content expense	(6.5)		(205.1)		(8.8)
Selling, general and administrative expense	(31.9)		(12.4)		(42.7)
Maintenance, insurance and utilities	(43.2)		(3.8)		(40.0)

Gaming equipment rental and technology costs	(48.7)		(3.7)		(15.6)
Food and beverage costs	(11.3)		—		(14.9)
Other operating expense(1)	(56.6)		(40.6)		(53.2)
Equity in income of unconsolidated affiliates	—		—		191.6
Other income	1.3		1.0		1.8

Adjusted EBITDA	$	475.4	$	132.1	$	488.6

(1) Other operating expense primarily includes supplies, regulatory licenses and fees, property taxes, and third-party service fees and costs.


	Years Ended December 31,
(in millions)	2025		2024		2023
Reconciliation of Net Income to Adjusted EBITDA:




Net income attributable to Churchill Downs Incorporated	$	383.0	$	426.8	$	417.3
Net income attributable to noncontrolling interests	2.5		2.3		—
Net income	385.5		429.1		417.3

Adjustments:
Depreciation and amortization	233.1		199.1		169.0
Interest expense	297.7		289.8		268.4
Income tax provision	146.9		144.1		144.5
Stock-based compensation expense	30.2		36.1		32.9
Legal reserves	—		—		(1.2)
Pre-opening expenses	11.7		29.6		18.6
Arlington exit costs	—		—		9.4
Other expense, net	10.1		4.2		7.0
Transaction expense (benefit), net	5.1		(12.1)		4.8
Asset impairments, net	47.5		3.9		24.6
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	38.6		42.0		40.2

Rivers Des Plaines' legal reserves and transactions costs	—		0.3		—
Other charges and recoveries, net	(1.1)		(6.9)		2.4
Gain on sale of assets	—		—		(114.0)
Total adjustments	819.8		730.1		606.6
Adjusted EBITDA	$	1,205.3	$	1,159.2	$	1,023.9

Adjusted EBITDA by segment:
Live and Historical Racing	$	637.0	$	574.6	$	475.4
Wagering Services and Solutions	177.3		165.6		132.1
Gaming	483.0		506.9		488.6
Total segment Adjusted EBITDA	1,297.3		1,247.1		1,096.1
All Other	(92.0)		(87.9)		(72.2)
Total Adjusted EBITDA	$	1,205.3	$	1,159.2	$	1,023.9

The table below presents total capital expenditures for each of our segments:


	Years Ended December 31,
(in millions)	2025		2024		2023
Capital expenditures:
Live and Historical Racing	$	216.9	$	385.4	$	461.1
Wagering Services and Solutions	22.7		19.0		14.6
Gaming	29.9		130.0		188.1
Total segment capital expenditures	269.5		534.4		663.8
All Other	5.4		12.6		12.7
Total capital expenditures	$	274.9	$	547.0	$	676.5

Our chief operating decision maker does not review disaggregated assets by segment. The measure of segment assets is reported on the balance sheet as total consolidated assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
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+ Details

Revenue From Contracts With Customers - Performance Obligations (Details) $ in Millions	Dec. 31, 2025 USD ($)
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount	$ 255.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Remaining performance obligation, amount	$ 70.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Remaining performance obligation, amount	$ 60.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Remaining performance obligation, amount	$ 35.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

8. INCOME TAXES

Components of the provision for income taxes are as follows:


	Years Ended December 31,
(in millions)	2025		2024		2023
Current provision:
Federal	$	43.9	$	75.2	$	74.4
State and local	16.2		24.4		22.8
Foreign	—		—		(0.1)
	60.1		99.6		97.1
Deferred provision:
Federal	63.3		44.2		42.5
State and local	23.5		0.3		4.9

	86.8		44.5		47.4
Income tax provision	$	146.9	$	144.1	$	144.5

Income from operations before provision for income taxes for the year ended December 31, 2025, 2024 and 2023 was $532.4 million, $573.2 million and $561.8 million, respectively, and were all domestic in each period.

Our income tax provision is different from the amount computed by applying the federal statutory income tax rate to income from operations before taxes as follows:


	Years Ended December 31,
(in millions)	2025				2024				2023
Income from operations before provision for income taxes	$	532.4			$	573.2			$	561.8

Federal statutory tax on earnings before income taxes	$	111.8	21.0	%	$	120.3	21.0	%	$	117.9	21.0	%
State income taxes, net of federal income tax benefit	31.7		6.0	%	19.7		3.4	%	23.5		4.2	%
Effect of cross border tax laws	—		—		(0.4)		(0.1)	%	(0.4)		(0.1)	%
Tax credits	(1.1)		(0.2)	%	(0.9)		(0.1)	%	(0.8)		(0.1)	%
Nontaxable or nondeductible items - U.S. federal
Non-deductible officer's compensation	6.5		1.2	%	7.0		1.2	%	5.0		0.9	%
Other	(1.4)		(0.3)	%	(0.1)		—		0.7		0.1	%
Changes in unrecognized tax benefits - fed, state & foreign	(0.6)		(0.1)	%	(1.5)		(0.3)	%	(1.4)		(0.3)	%
Income tax provision	$	146.9	27.6	%	$	144.1	25.1	%	$	144.5	25.7	%

During 2025, greater than 50% of the Company’s effective tax rate related to the state income tax category was generated from tax expense in Kentucky, New Hampshire, Virginia, and Illinois. During 2024, greater than 50% of the Company’s effective tax rate related to the state income tax category was generated from tax expense in Kentucky and Virginia, and in 2023 from tax expense in Illinois, Virginia and Kentucky.

Components of our deferred tax assets and liabilities were as follows:


	December 31,
(in millions)	2025		2024
Deferred tax assets:
§ 163(j) interest expense limitation carryforward	$	99.1	$	91.2
Lease liabilities	17.8		17.2
Net operating losses and credits carryforward	8.1		8.6
Deferred liabilities	10.9		10.1
Deferred compensation plans	10.7		9.3
Deferred income	5.7		3.5

Deferred tax assets	152.3		139.9
Valuation allowance	(18.2)		(4.6)
Net deferred tax asset	134.1		135.3
Deferred tax liabilities:
Property and equipment in excess of tax basis	255.5		220.8
Equity investments in excess of tax basis	159.5		157.3
Intangible assets in excess of tax basis	217.3		169.0
Right-of-use assets	16.5		16.1
Other	4.8		4.8
Deferred tax liabilities	653.6		568.0
Net deferred tax liability	$	(519.5)	$	(432.7)

On July 4, 2025, the United States enacted H.R. 1, a new federal tax and spending bill. Many of the tax provisions included in the bill are retroactive and are expected to have a significant favorable impact on the Company's current tax expense, primarily due to the permanent reinstatements of 100% bonus depreciation rules and a 30% of EBITDA-based interest expense deduction limitation. The expected reduction in cash paid taxes as a result of these new tax provisions will increase cash flow from operating activities.

During 2025, the Company began utilizing the deferred tax asset related to its § 163(j) interest expense limitation carryforward for federal and certain states. We have recorded a valuation allowance of $14.0 million against net deferred tax assets primarily related to the interest carryforward that we do not expect to utilize for state purposes.

As of December 31, 2025, we had U.S. state and foreign net operating losses with tax values of $7.5 million and $0.5 million, respectively. We have recorded a valuation allowance of $4.2 million due to the fact that it is unlikely that we will generate income in certain state and foreign jurisdictions which is necessary to utilize the deferred tax assets. We also had U.S. state tax credits and deductions with a tax value of $2.0 million that do not expire which we expect to fully utilize.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in millions)	2025		2024		2023
Balance as of January 1	$	3.2	$	4.8	$	6.4
Additions for tax positions related to the current year	0.1		0.3		0.2
Additions for tax positions of prior years	—		—		0.3
Reductions for tax positions of prior years	(0.9)		(1.9)		(2.1)
Balance as of December 31	$	2.4	$	3.2	$	4.8

The Internal Revenue Service's most recent audit was completed for tax year 2012. Tax years 2022 and after are open to examination. As of December 31, 2025, we had approximately $2.4 million of total gross unrecognized tax benefits, excluding interest of $0.4 million. If the total gross unrecognized tax benefits were recognized, there would be a $2.2 million effect to the annual effective tax rate. We anticipate a decrease in our unrecognized tax positions of approximately $0.4 million during the next twelve months primarily due to expected settlements with tax authorities and the expiration of statutes of limitation.

- Definition

The entire disclosure for income tax.

+ References

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-Topic 942
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+ Details

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
§ 163(j) interest expense limitation carryforward	$ 99.1	$ 91.2
Lease liabilities	17.8	17.2
Net operating losses and credits carryforward	8.1	8.6
Deferred liabilities	10.9	10.1
Deferred compensation plans	10.7	9.3
Deferred income	5.7	3.5
Deferred tax assets	152.3	139.9
Valuation allowance	(18.2)	(4.6)
Net deferred tax asset	134.1	135.3
Deferred tax liabilities:
Property and equipment in excess of tax basis	255.5	220.8
Equity investments in excess of tax basis	159.5	157.3
Intangible assets in excess of tax basis	217.3	169.0
Right-of-use assets	16.5	16.1
Other	4.8	4.8
Deferred tax liabilities	653.6	568.0
Net deferred tax liability	$ (519.5)	$ (432.7)

Investment In and Advances to Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Affiliate Income Statement

The financial results for our unconsolidated affiliates are summarized below. The summarized income statement information for 2025 and 2024 and summarized balance sheet information as of December 31, 2025 and 2024 includes the following equity investments: MVG and Rivers Des Plaines.


	December 31,
(in millions)	2025		2024
Assets
Current assets	$	108.8	$	100.5
Property and equipment, net	314.5		325.6
Other assets, net	265.4		267.5
Total assets	$	688.7	$	693.6

Liabilities and Members' Deficit
Current liabilities	$	88.9	$	89.9
Long-term debt	802.5		839.8
Other liabilities	0.4		1.7
Members' deficit	(203.1)		(237.8)
Total liabilities and members' deficit	$	688.7	$	693.6

Schedule of Affiliate Balance Sheet


	Years Ended December 31,
(in millions)	2025		2024		2023
Net revenue	$	843.0	$	851.5	$	864.8
Operating and SG&A expense	533.4		528.5		534.0
Depreciation and amortization	24.4		27.0		23.8
Operating income	285.2		296.0		307.0
Interest and other expense, net	(41.4)		(44.2)		(43.9)
Net income	$	243.8	$	251.8	$	263.1

Redeemable Noncontrolling Interest (Tables)

12 Months Ended

Dec. 31, 2025

Temporary Equity Disclosure [Abstract]

Redeemable Noncontrolling Interest

The table below depicts changes in the Company’s redeemable noncontrolling interest balance.


(in millions)
Balance, December 31, 2023	$	—
Redeemable noncontrolling interest initial measurement	14.4
Net income attributable to redeemable noncontrolling interest	2.3
Redemption value adjustment	3.0
Balance, December 31, 2024	$	19.7
Redeemable noncontrolling interest initial measurement	20.4
Net income attributable to redeemable noncontrolling interests	2.5
Redemption value adjustment	3.3
Minority holder contributions	0.2
Balance, December 31, 2025	$	46.1

Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 02, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 15, 2023
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)		4,190,380	506,300	461,761
Share Price					$ 128.95
Repurchase aggregate cost		$ 425.3	$ 65.3	$ 55.3
Stock Repurchase Agreement with The Duchossois Group, Inc Affiliate
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)	1,000,000
Repurchase price (in dollars per share)	$ 123.75
Stock Repurchased During Period, Discount, Percentage	4.03%
Affiliate Of Duchossois Group, Inc. \| Stock Repurchase Agreement with The Duchossois Group, Inc Affiliate
Related Party Transaction [Line Items]
Repurchase aggregate cost	$ 123.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 850
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net revenue:
Net revenue	$ 2,925.9	$ 2,734.3	$ 2,461.7
Operating expense:
Selling, general and administrative expense	246.2	237.7	202.3
Asset impairments, net	47.5	3.9	24.6
Transaction expense (benefit)	5.1	(12.1)	4.8
Total operating expense	2,242.1	2,025.3	1,897.7
Operating income	683.8	709.0	564.0
Other (expense) income:
Interest expense, net	(297.7)	(289.8)	(268.4)
Equity in income of unconsolidated affiliates	139.4	144.9	146.3
Gain on the sale of assets	0.0	0.0	114.0
Miscellaneous, net	6.9	9.1	5.9
Total other (expense) income	(151.4)	(135.8)	(2.2)
Income from operations before provision for income taxes	532.4	573.2	561.8
Income tax provision	(146.9)	(144.1)	(144.5)
Net income	385.5	429.1	417.3
Net income attributable to noncontrolling interests	2.5	2.3	0.0
Net income and comprehensive income attributable to Churchill Downs Incorporated	$ 383.0	$ 426.8	$ 417.3
Net income attributable to Churchill Downs Incorporated per common share data:
Basic net income (in dollars per share)	$ 5.32	$ 5.73	$ 5.55
Diluted net income (in dollars per share)	$ 5.29	$ 5.68	$ 5.49
Weighted average shares outstanding:
Basic (in shares)	71.4	74.0	75.2
Diluted (in shares)	71.8	74.6	76.1
Live and Historical
Net revenue:
Net revenue	$ 1,394.7	$ 1,225.6	$ 1,047.3
Operating expense:
Operating expense	861.4	735.4	662.2
Wagering Services and Solutions
Net revenue:
Net revenue	488.2	469.5	444.9
Operating expense:
Operating expense	301.3	296.5	288.2
Gaming
Net revenue:
Net revenue	1,042.9	1,039.1	968.6
Operating expense:
Operating expense	763.0	748.9	700.0
Other
Net revenue:
Net revenue	0.1	0.1	0.9
Operating expense:
Operating expense	$ 17.6	$ 15.0	$ 15.6

Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Shareholders' Equity

9. SHAREHOLDERS' EQUITY

Stock Repurchase Programs

On July 22, 2025, the Board of Directors of the Company approved a common stock repurchase program of up to $500.0 million (the "July 2025 Stock Repurchase Program"). The July 2025 Stock Repurchase Program includes and is not in addition to the $169.2 million previously remaining under the March 2025 Stock Repurchase Program. Share repurchases may be made at management’s discretion from time to time in the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The repurchase program has no time limit and may be suspended or discontinued at any time. We had approximately $429.5 million of repurchase authority remaining under the July 2025 Stock Repurchase Program at December 31, 2025, based on trade date.

On March 12, 2025, the Board of Directors of the Company approved a new common stock repurchase program of up to $500.0 million (the "March 2025 Stock Repurchase Program"). The March 2025 Stock Repurchase Program included and was not in addition to the $125.6 million remaining under the 2021 Stock Repurchase Program. As described above, the March 2025 Stock Repurchase Program has since been replaced by the July 2025 Stock Repurchase Program.

On September 29, 2021, the Board of Directors of the Company approved a common stock repurchase program of up to $500.0 million ("2021 Stock Repurchase Program"). As described above, the 2021 Stock Repurchase Program was replaced by the March 2025 Stock Repurchase Program.

We repurchased the following shares under our Stock Repurchase Programs:


	For the year ended December 31,
(in millions, except share data)	2025			2024			2023
Repurchase Program	Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price
July 2025 Stock Repurchase Program	683,921	$	70.5	—	$	—	—	$	—
March 2025 Stock Repurchase Program	3,294,447	330.8		—	—		—	—
2021 Stock Repurchase Program	212,012	24.0		506,300	65.3		461,761	55.3

Total	4,190,380	$	425.3	506,300	$	65.3	461,761	$	55.3

As of December 31, 2025 and December 31, 2024, we had $0.5 million and $3.0 million, respectively, accrued for the future cash settlement of executed repurchases of our common stock.

The Duchossois Group ("TDG") Share Repurchase

On December 18, 2023, the Company entered into an agreement (the "2023 Stock Repurchase Agreement") with an affiliate of TDG to repurchase 1,000,000 shares of the Company’s common stock, for $123.75 per share in a privately negotiated transaction, for an aggregate purchase price of $123.8 million. The repurchase of the shares of Company's common stock pursuant to the 2023 Stock Repurchase Agreement closed on January 2, 2024, and contained customary representations, warranties, and covenants of the parties. The repurchase of shares of common stock from TDG pursuant to the 2023 Stock Repurchase Agreement was approved by the Company's Board of Directors separately from, and did not reduce the authorized amount remaining under, the existing common stock repurchase program. The repurchase of the shares was funded using available cash and borrowings under the Company's senior secured credit facility.

- Definition

The entire disclosure for equity.

+ References

+ Details

Fair Value of Assets and Liabilities

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Of Assets And Liabilities

18. FAIR VALUE OF ASSETS AND LIABILITIES

We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.

The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate:

Restricted Cash

Our restricted cash accounts that are held in interest-bearing accounts qualify for Level 1 in the fair value hierarchy, which includes unadjusted quoted market prices in active markets for identical assets.

Debt

The fair value of the Company’s 2031 Senior Notes, 2030 Senior Notes, 2028 Senior Notes, and 2027 Senior Notes are estimated based on unadjusted quoted prices for identical or similar liabilities in markets that are not active and as such are Level 2 measurements. The fair values of the Company's Term Loan B-1, Term Loan A, and Revolver under the Credit Agreement approximate the gross carrying value of the variable rate debt and as such are Level 2 measurements.

The carrying amounts and estimated fair values by input level of the Company's financial instruments are as follows:


	December 31, 2025
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	87.9	$	87.9	$	87.9	$	—	$	—
Financial liabilities:

Term Loan B-1	284.2		285.8		—		285.8		—
Term Loan A	1,107.9		1,112.3		—		1,112.3		—
Revolver	657.0		657.0		—		657.0		—
2027 Senior Notes	598.7		598.7		—		598.7		—
2028 Senior Notes	699.3		696.1		—		696.1		—
2030 Senior Notes	1,190.2		1,211.0		—		1,211.0		—
2031 Senior Notes	593.0		621.9		—		621.9		—


	December 31, 2024
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	77.2	$	77.2	$	77.2	$	—	$	—
Financial liabilities:
Term Loan B-1	286.8		288.8		—		288.8		—

Term Loan A	1,166.7		1,172.4		—		1,172.4		—
Revolver	377.5		377.5		—		377.5		—
2027 Senior Notes	597.6		593.2		—		593.2		—
2028 Senior Notes	699.0		675.2		—		675.2		—
2030 Senior Notes	1,187.9		1,172.6		—		1,172.6		—
2031 Senior Notes	591.7		605.2		—		605.2		—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions & Dispositions

3. ACQUISITIONS

Casino Salem

On August 27, 2025, the Company completed its acquisition of 90% of the outstanding equity interests of Casino Salem (the "Salem Transaction") for a base purchase price of $180.0 million, and the transaction was treated as an asset acquisition because substantially all the value of the gross assets acquired was concentrated in the gaming rights. In conjunction with the acquisition, the Company recorded a $196.6 million indefinite-lived gaming rights intangible, which represented the fair value of the gaming rights at the date of acquisition.

The fair value of the gaming rights acquired in the transaction was determined using the Greenfield Method, which is an income approach methodology that calculates the present value of the gaming rights intangible asset based on a projected cash flow stream. This method assumes that the gaming rights intangible asset provides the opportunity to develop a gaming facility in a specified region, and that the present value of the projected cash flows is a result of the realization of advantages contained in these rights. Under this methodology, the acquirer is expected to absorb all start-up costs, as well as incur all expenses pertaining to the acquisition and/or the creation of all tangible and intangible assets. The estimated future revenue, future operating expenses, start-up costs, and discount rate were the primary inputs in the valuation. The gaming rights intangible asset was assigned an indefinite useful life based on the Company's expected use of the asset and determination that no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of the gaming rights.

Exacta Systems

On August 22, 2023, the Company completed its acquisition of Exacta (the "Exacta Transaction") for purchase consideration of $248.2 million, net of cash acquired, consisting of a $241.3 million cash payment and $6.9 million of deferred payments, which were paid over two years. As of December 31, 2025, there were no deferred payments remaining. Exacta is a leading provider of central determinant system technology in HRMs across the country. The Exacta Transaction enables the Company to realize significant synergies related to the Company’s HRM operations. Exacta operates within the Company’s Wagering Services and Solutions segment and will continue to service its growing portfolio of third-party HRM operators in several states and is expanding its international presence.

The following table summarizes the fair value of the assets acquired and liabilities assumed, net of cash acquired of $1.8 million, as of August 22, 2023:


(in millions)	Total
Accounts receivable	$	9.0
Other current assets	3.0
Property and equipment	9.0
Goodwill	177.4
Other intangible assets	54.3
Other assets	0.9
Total assets acquired	$	253.6

Accounts payable	2.7
Accrued expenses and other current liabilities	2.1
Other liabilities assumed	0.6

Total liabilities assumed	$	5.4
Net assets acquired (net of cash)	$	248.2

The fair value of the intangible assets consists of the following:


(in millions)	Fair Value Recognized		Estimated Useful Life
Technology asset	$	23.9	7.0 years
Customer relationships	21.3		15.0 years
Trademark	8.7		10.0 years
Other	0.4		5.0 years
Total intangible assets	$	54.3

Goodwill of $177.4 million related to the Exacta Transaction was recognized, of which $96.0 million was allocated to the Live and Historical Racing segment and $81.4 million was allocated to the Wagering Services and Solutions segment. The goodwill related to the Exacta Transaction is deductible for tax purposes.

Valuation Techniques

For these transactions any current assets and current liabilities were valued at the existing carrying values, as these items are short term in nature and represent management's estimated fair value of the respective items.

Property and equipment acquired primarily relates to land, buildings, equipment, and furniture and fixtures. The fair value of the land was determined using the market approach and the fair values of the remaining property and equipment were primarily determined using the cost replacement method which is based on replacement or reproduction costs of the assets.

The Company has not included other disclosures regarding the Salem and Exacta Transactions as these transactions are immaterial to our business.

Lady Luck Casino Nemacolin

On June 26, 2023, the Company's management agreement for Lady Luck Casino Nemacolin ("Lady Luck") in Farmington, Pennsylvania expired and was not renewed. The Company completed the sale of substantially all its assets at Lady Luck for an immaterial amount.

Arlington

On February 15, 2023, we closed on the sale of the Arlington property in Arlington Heights, Illinois, to the Chicago Bears for $197.2 million. We received net proceeds of $195.7 million for the 326-acres and recognized a gain of $114.0 million on the sale, which is included in other (expense) income in the accompanying Consolidated Statements of Comprehensive Income.

Supplemental Balance Sheet Information - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 98.7	$ 103.6
Allowance for credit losses	(5.2)	(4.9)
Accounts receivable, net	93.5	98.7
Trade receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	34.5	37.3
Simulcast and online wagering receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	34.5	40.2
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 29.7	$ 26.1

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

12. REVENUE FROM CONTRACTS WITH CUSTOMERS

Performance Obligations

As of December 31, 2025, our Live and Historical Racing segment had remaining performance obligations on contracts with a duration greater than one year relating to television rights, sponsorships, personal seat licenses, and admissions, with an aggregate transaction price of $255.3 million. The revenue we expect to recognize on these remaining performance obligations is $70.8 million in 2026, $60.2 million in 2027, $35.6 million in 2028, and the remainder thereafter.

As of December 31, 2025, our remaining performance obligations on contracts with a duration greater than one year in segments other than Live and Historical Racing were not material.

Contract Assets and Contract Liabilities

Contract assets were not material as of December 31, 2025 and 2024.

Contract liabilities were $79.7 million as of December 31, 2025 and $81.5 million as of December 31, 2024. Contract liabilities are included in current deferred revenue, non-current deferred revenue, and accrued expense and other current liabilities in the accompanying Consolidated Balance Sheets. Contract liabilities primarily relate to our Live and Historical Racing segment. The decrease in contract liabilities from December 31, 2024 to December 31, 2025 was primarily due to the recognition of revenue for fulfilled performance obligations. We recognized $61.2 million of revenue during the year ended December 31, 2025 that

was included in the contract liabilities balance on December 31, 2024. We recognized $76.1 million of revenue during the year ended December 31, 2024 that was included in the contract liabilities balance on December 31, 2023.

Disaggregation of Revenue

The Company has included its disaggregated revenue disclosures as follows:

•For the Live and Historical Racing segment, revenue is disaggregated between Churchill Downs Racetrack and historical racing properties given that our racing facilities revenues primarily revolve around live racing events while our historical racing properties revenues primarily revolve around historical racing. This segment is also disaggregated by location given the geographic economic factors that affect the revenue of service offerings. Within the Live and Historical racing segment, revenue is further disaggregated between live and simulcast racing, historical racing, racing event-related services, and other services.

•For the Wagering Services and Solutions segment, revenue is disaggregated between live and simulcast racing, gaming, and other services.

•For the Gaming segment, revenue is disaggregated by location given the geographic economic factors that affect the revenue of Gaming service offerings. Within the Gaming segment, revenue is further disaggregated between live and simulcast racing, racing event-related services, gaming, and other services.

We believe that these disclosures depict how the amount, nature, timing, and uncertainty of cash flows are affected by economic factors. The tables below present net revenue from external customers and intercompany revenue from each of our segments:


	Years Ended December 31,
(in millions)	2025		2024		2023
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	262.4	$	259.5	$	205.8
Louisville	217.1		209.1		189.0
Northern Kentucky	113.2		98.9		85.8
Southwestern Kentucky	168.3		158.3		147.8
Western Kentucky	68.7		28.8		31.8
Virginia	546.1		458.2		375.4
New Hampshire	18.9		12.8		11.7
Total Live and Historical Racing	$	1,394.7	$	1,225.6	$	1,047.3

Wagering Services and Solutions:	$	488.2	$	469.5	$	444.9

Gaming:
Florida	$	97.9	$	100.2	$	100.7
Iowa	93.9		93.3		96.0
Indiana	129.9		96.6		—
Louisiana	131.4		150.2		145.6
Maine	106.5		106.0		114.1
Maryland	99.3		101.8		106.9
Mississippi	93.5		98.7		100.9
New York	184.5		183.0		180.5
Pennsylvania	106.0		109.3		123.9
Total Gaming	$	1,042.9	$	1,039.1	$	968.6
All Other	0.1		0.1		0.9
Net revenue from external customers	$	2,925.9	$	2,734.3	$	2,461.7

Intercompany net revenues:
Live and Historical Racing	$	47.7	$	41.4	$	37.3
Wagering Services and Solutions	38.1		31.2		13.5
Gaming	6.4		6.3		6.0
All Other	8.6		6.5		—
Eliminations	(100.8)		(85.4)		(56.8)
Intercompany net revenue	$	—	$	—	$	—


	Year Ended December 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	$	98.3	$	367.2	$	26.0	$	491.5	$	—	$	491.5
Historical racing(a)	1,003.4		—		13.7		1,017.1		—		1,017.1
Racing event-related services	183.6		—		1.4		185.0		—		185.0
Gaming(a)	14.1		19.7		883.9		917.7		—		917.7
Other(a)	95.3		101.3		117.9		314.5		0.1		314.6
Total	$	1,394.7	$	488.2	$	1,042.9	$	2,925.8	$	0.1	$	2,925.9


	Year Ended December 31, 2024
(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	$	91.3	$	352.2	$	26.4	$	469.9	$	—	$	469.9
Historical racing(a)	854.9		—		37.0		891.9		—		891.9
Racing event-related services	188.0		—		6.6		194.6		—		194.6
Gaming(a)	12.6		17.3		856.0		885.9		—		885.9
Other(a)	78.8		100.0		113.1		291.9		0.1		292.0
Total	$	1,225.6	$	469.5	$	1,039.1	$	2,734.2	$	0.1	$	2,734.3


	Year Ended December 31, 2023
(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	$	81.9	$	359.7	$	26.6	$	468.2	$	—	$	468.2
Historical racing(a)	739.1		—		28.6		767.7		—		767.7
Racing event-related services	145.9		—		6.4		152.3		—		152.3
Gaming(a)	11.4		17.3		803.5		832.2		—		832.2
Other(a)	69.0		67.9		103.5		240.4		0.9		241.3
Total	$	1,047.3	$	444.9	$	968.6	$	2,460.8	$	0.9	$	2,461.7

(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 $60.8 million in 2025, $56.0 million in 2024, and $50.9 million in 2023.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 22, 2023
Business Combination [Line Items]
Goodwill	$ 900.2	$ 900.2	$ 899.9
Exacta Systems
Business Combination [Line Items]
Accounts receivable				$ 9.0
Other current assets				3.0
Property and equipment				9.0
Goodwill			$ 177.4	177.4
Other intangible assets				54.3
Other assets				0.9
Total assets acquired				253.6
Accounts payable				2.7
Accrued expenses and other current liabilities				2.1
Other liabilities assumed				0.6
Total liabilities assumed				5.4
Net assets acquired (net of cash)				$ 248.2

Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Other Intangible Assets

6. OTHER INTANGIBLE ASSETS

Other intangible assets, net is comprised of the following:


	December 31, 2025						December 31, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:


Customer relationships	$	25.9	$	(8.0)	$	17.9	$	25.9	$	(6.4)	$	19.5
Technology asset	23.9		(8.0)		15.9		23.9		(4.6)		19.3
Gaming licenses	6.4		(3.3)		3.1		6.4		(4.7)		1.7
Other	39.7		(22.9)		16.8		39.7		(18.5)		21.2
	$	95.9	$	(42.2)	$	53.7	$	95.9	$	(34.2)	$	61.7
Indefinite-lived intangible assets:
Trademarks					121.5						121.5
Gaming rights					2,340.1						2,225.8

Total					$	2,515.3					$	2,409.0

Indefinite-lived intangible assets consist primarily of trademarks and state gaming rights in Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Mississippi, New Hampshire, New York, and Virginia.

The fair value of gaming rights was determined using the Greenfield Method, which is an income approach methodology that calculates the present value of the overall business enterprise based on a projected cash flow stream. This method assumes that the gaming rights intangible assets provide the opportunity to develop a casino or historical racing facility in a specified region, and that the present value of the projected cash flows are a result of the realization of advantages contained in these rights. Under this methodology, the acquirer is expected to absorb all start-up costs, as well as incur all expenses pertaining to the acquisition and/or the creation of all tangible and intangible assets. The estimated future revenue and operating expenses, start-up costs, and discount rates were the primary assumptions and estimates in the valuation of the gaming rights. The gaming rights intangible assets were assigned an indefinite useful life based on the Company's expected use of the assets and determination that no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of the gaming rights.

Trademark intangible assets were valued using the relief-from-royalty method of the income approach, which estimates the fair value of the intangible assets by discounting the fair value of the hypothetical royalty payments a market participant would be willing to pay to enjoy the benefits of the assets. The estimated future revenue, royalty rates, and discount rates were the primary assumptions and estimates in the valuation of the trademarks.

Amortization expense for definite-lived intangible assets was $10.3 million in 2025, $11.1 million in 2024, and $7.2 million in 2023, and is classified in operating expense in the accompanying Consolidated Statements of Comprehensive Income.

Refer to Note 7, Asset Impairments, for information regarding intangible asset impairments recognized during 2025 and 2023.

We performed our annual indefinite-lived intangible assets impairment analysis as of April 1, 2025, which included an assessment of qualitative and quantitative factors to determine whether it is more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying amount. We concluded that the fair values of our indefinite-lived intangible assets exceeded their carrying value.

Future estimated aggregate amortization expense on existing definite-lived intangible assets for each of the next five fiscal years is as follows (in millions):


Years Ended December 31,	Estimated Amortization Expense
2026	$	8.7
2027	7.3
2028	7.2
2029	7.0
2030	5.8

Shareholders' Equity - Additional Information (Details) - USD ($)		12 Months Ended
	Jan. 02, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 22, 2025	Mar. 12, 2025	Sep. 29, 2021
Distribution Made to Limited Partner [Line Items]
Future cash settlement accrual for executed repurchases of common stock		$ 500,000	$ 3,000,000.0
Stock repurchased during period (in shares)		4,190,380	506,300	461,761
Repurchase aggregate cost		$ 425,300,000	$ 65,300,000	$ 55,300,000
July 2025 Stock Repurchase Program
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount					$ 500,000,000.0
Repurchase authority remaining program		$ 429,500,000
Stock repurchased during period (in shares)		683,921	0	0
Repurchase aggregate cost		$ 70,500,000	$ 0	$ 0
March 2025 Stock Repurchase Program
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount						$ 500,000,000.0
Repurchase authority remaining program		$ 169,200,000
Stock repurchased during period (in shares)		3,294,447	0	0
Repurchase aggregate cost		$ 330,800,000	$ 0	$ 0
2021 Stock Repurchase Program
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount							$ 500,000,000.0
Repurchase authority remaining program						$ 125,600,000
Stock repurchased during period (in shares)		212,012	506,300	461,761
Repurchase aggregate cost		$ 24,000,000.0	$ 65,300,000	$ 55,300,000
Stock Repurchase Agreement with The Duchossois Group, Inc Affiliate
Distribution Made to Limited Partner [Line Items]
Stock repurchased during period (in shares)	1,000,000
Repurchase price (in dollars per share)	$ 123.75
Stock Repurchase Agreement with The Duchossois Group, Inc Affiliate \| Affiliate Of Duchossois Group, Inc.
Distribution Made to Limited Partner [Line Items]
Repurchase aggregate cost	$ 123,800,000

Description of Business (Details)	12 Months Ended
Description of Business (Details)	Dec. 31, 2025 venue sportsbook state property
Business Combination [Line Items]
Number of live and historical racing entertainment venues owned and operated \| venue	17
Number of states in which entity operates \| state	9
Number of casino gaming properties \| property	10
3 States
Business Combination [Line Items]
Number of retail sportbooks \| sportsbook	7
9 States
Business Combination [Line Items]
Number of retail sportbooks \| sportsbook	9
Live and Historical Racing
Business Combination [Line Items]
Number of states in which entity operates \| state	3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Asset Impairments	12 Months Ended
Asset Impairments	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Asset Impairments	7. ASSET IMPAIRMENTS Chasers Poker Room Impairment During the third quarter of 2025, the Company concluded that the completion of the Salem Transaction qualified as a trigger event for impairment testing related to the Chasers Poker Room ("Chasers"). At the time the Company acquired Chasers, the valuation of the gaming rights contemplated a future expansion of the existing operations in Salem, New Hampshire. Given the completion of the Salem Transaction, the Company now intends to open Rockingham Grand Casino and does not plan to expand Chasers. Because the Company does not currently intend to expand Chasers, the Company settled an outstanding liability owed to the former owners of Chasers, related to the Chasers' gaming rights, in the amount of $10.0 million. The settlement of the noncurrent liability resulted in a gain of $40.0 million in the third quarter of 2025. Given the completion of the Salem Transaction and the settlement of the liability related to the Chasers' gaming rights, the Company evaluated and subsequently updated the projected cash flows and discount rate related to the Chasers' gaming rights. The fair value of the Chasers' gaming rights intangible was determined using the Greenfield Method, an income approach methodology that calculates the present value based on a projected cash flow stream. This method assumes that the gaming rights intangible assets provide the opportunity to develop a casino or historical racing facility in a specified region, and that the present value of the projected cash flows are a result of the realization of advantages contained in these rights. Under this methodology, the acquirer is expected to absorb all start-up costs, as well as incur all expenses pertaining to the acquisition and/or the creation of all tangible and intangible assets. The estimated future revenue and operating expenses, start-up costs, and discount rates were the primary assumptions and estimates in the valuation of the gaming rights intangible. As a result of this assessment, the Company recognized a non-cash impairment charge of $85.1 million in the third quarter of 2025 for the entire value of the Chasers' gaming rights, which are included in the Live and Historical Racing segment. The $40.0 million gain on settlement of the noncurrent liability and the $85.1 million impairment charge of the gaming rights intangible are included in Asset impairments, net in the Consolidated Statements of Comprehensive Income. Presque Isle Impairments During the quarter ended December 31, 2022, the Company concluded that a trigger event for impairment testing occurred related to the Presque Isle Downs and Casino ("Presque Isle") gaming rights, trademark, and the reporting unit's goodwill due to the impact and uncertainty of negative economic trends ("2022 Trigger Event"). Factors considered in this evaluation included, among other things, the amount of the fair value over carrying value from the annual impairment testing performed as of April 1, 2022, changes in carrying values, changes in discount rates, and the impact of negative economic trends on cash flows. Based on the 2022 Trigger Event, the Company updated the discount rate to reflect the increased uncertainty of the cash flows and updated the projected cash flow stream. As a result, the Company recognized a $33.4 million non-cash impairment charge in the fourth quarter of 2022 for the Presque Isle gaming rights and trademark, which are included in the Gaming segment. We performed our annual goodwill and indefinite-lived intangible assets impairment analysis for Presque Isle as of April 1, 2023. Based on the results of this analysis, no impairments for Presque Isle were identified. Subsequent to the annual test, we continued to evaluate economic conditions, including competition in the market and inflationary pressures, which increased during the second quarter of 2023, and impacted the performance and outlook of Presque Isle. As a result, the Company concluded that a trigger event for impairment testing occurred related to the Presque Isle gaming rights, trademark, and the reporting unit's goodwill at the end of the second quarter ("2023 Trigger Event"). Based on the 2023 Trigger Event, the Company evaluated and subsequently updated the projected cash flows and discount rate to reflect the economic environment at that time. As a result, the Company recognized a $24.5 million non-cash impairment charge in the second quarter of 2023 for the Presque Isle gaming rights and trademark. The fair value of the Presque Isle gaming rights was determined using the Greenfield Method, an income approach methodology that calculates the present value based on a projected cash flow stream. The fair value of the trademark was determined by using the relief-from-royalty method of the income approach. The fair value of the Presque Isle reporting unit's goodwill was determined under the market and income valuation approaches using inputs primarily related to discounted projected cash flows and price multiples of publicly traded comparable companies. In accordance with ASC 350, Intangibles - Goodwill and Other, the Company performed the impairment testing of the Presque Isle gaming rights and trademark prior to testing Presque Isle goodwill. Based on the trigger events described above, the Company updated the discount rate to reflect the increased uncertainty of the cash flows and updated the project cash flow stream. As a result, the Company did not recognize any impairment for Presque Isle goodwill because the fair value exceeded the carrying value. The Company continues to monitor the competitive environment and the impacts on the results of Presque Isle's operations. Future economic conditions and increased competition could have a negative impact on the estimates and assumptions utilized in our asset impairment assessments. These potential impacts could increase the risk of a future impairment of assets at Presque Isle. Other Impairments We recorded a $2.4 million and $3.9 million write-off of HRMs in Virginia that are no longer in use in the second quarter of 2025 and the third quarter of 2024, respectively.

Supplemental Balance Sheet Information - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Account wagering deposits liability	$ 67.7	$ 63.1
Accrued salaries and related benefits	54.8	57.7
Purses payable	40.0	35.4
Accrued interest	47.8	48.2
Accrued fixed assets	27.0	42.7
Accrued gaming liabilities	34.9	35.3
Accrued insurance	14.8	13.1
Accrued property taxes	14.5	9.7
Current lease liabilities	8.4	8.7
Other	90.6	88.1
Total	$ 400.5	$ 402.0

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Activity

A summary of the 2025 RSA's, RSU's, and PSUs granted to certain executives, employees, and the Board of Directors is presented below (shares/units in thousands):


Grant Year	Award Type	Number of Units Awarded(1)	Vesting Terms

2025	PSU	87	Three-year performance and service period ending in 2027
2025	RSU	161	Vest equally over three service periods ending in 2028
2025	RSU	12	One year service period ending in 2026
2025	RSA	2	One year service period ending in 2026

(1) PSUs presented are based on the target number of units for the original PSU grant.

Schedule of Activity for Awards Made Outside of Share-Based Compensation Plans

Activity for our RSAs, RSUs, and PSUs is presented below (shares/units in thousands):


	PSUs			RSAs and RSUs			Total
(in thousands, except grant date values)	Number of Shares / Units	Weighted Average Grant Date Fair Value		Number of Shares / Units	Weighted Average Grant Date Fair Value		Number of Shares / Units	Weighted Average Grant Date Fair Value
Balance, December 31, 2022	741	$	45.04	297	$	80.09	1,038	$	55.07
Granted	62	$	134.12	142	$	124.89	204	$	127.69
Performance adjustment(1)	49	$	127.15	—	$	—	49	$	127.15
Vested	(305)	$	62.10	(164)	$	90.10	(469)	$	71.91
Forfeited	—	$	—	(7)	$	99.74	(7)	$	99.74
Balance, December 31, 2023	547	$	99.64	268	$	69.60	815	$	139.72
Granted	63	$	115.22	148	$	123.37	211	$	120.93
Performance adjustment(1)	68	$	110.12	—	$	—	68	$	110.13
Vested	(343)	$	68.11	(163)	$	99.51	(506)	$	78.25
Forfeited	—	$	—	(12)	$	122.46	(12)	$	122.46
Balance, December 31, 2024	335	$	60.83	241	$	110.48	576	$	81.58
Granted	87	$	111.83	175	$	120.45	262	$	117.59
Performance adjustment(1)	24	$	134.12	—	$	—	24	$	134.12
Vested	(293)	$	67.90	(178)	$	103.97	(471)	$	81.52
Forfeited	—	$	—	(8)	$	123.30	(8)	$	123.30
Balance, December 31, 2025	153	$	15.32	230	$	117.49	383	$	76.64

(1)Adjustment to number of target units awarded for PSUs based on achievement of underlying performance goals.

Schedule of Unrecognized Stock-based Compensation Expense

A summary of total unrecognized stock-based compensation expense related to RSAs, RSUs, and PSUs (based on current performance estimates), on December 31, 2025, is presented below:


(in millions, except years)	December 31, 2025		Weighted Average Remaining Vesting Period (Years)
Unrecognized expense:

RSU & RSA	$	7.2	1.30
PSU	1.0		1.44
Total	$	8.2	1.33

Stock-Based Compensation Plans - Schedule of Restricted Stock Units, Performance Stock Units, and Restricted Stock (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2025 shares
Performance Share Units (PSU) \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)	87
Service period vested (in years)	3 years
Restricted Stock Units (RSU) \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)	161
Award vesting period (in years)	3 years
Restricted Stock Units (RSU) \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)	12
Restricted stock \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period vested (in years)	1 year
Restricted stock \| Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)	2
Service period vested (in years)	1 year

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

10. STOCK-BASED COMPENSATION PLANS

Our total stock based compensation expense, which includes expense related to restricted stock awards, restricted stock unit awards, performance share unit awards, and stock options associated with our employee stock purchase plan, was $30.2 million in 2025, $36.1 million in 2024, and $32.9 million in 2023. We recorded a tax benefit related to stock-based compensation expense of $3.2 million in 2025, $2.8 million in 2024, and $2.3 million in 2023. Our stock-based employee compensation plans are described below.

2025 Omnibus Stock Incentive Plan

On February 18, 2025, our Board of Directors approved the replacement of the Churchill Downs Incorporated 2016 Omnibus Stock Incentive Plan (the "2016 Plan") with a new plan, the Churchill Downs Incorporated 2025 Omnibus Stock and Incentive

Plan (the "2025 Plan"). The 2025 Plan was approved by shareholders at the Company's 2025 Annual Meeting of Shareholders held on April 22, 2025, and no further awards will be granted under the 2016 Plan. We have stock-based employee compensation plans with awards outstanding under the 2016 Plan, the 2025 Plan, and the Executive Long-Term Incentive Compensation Plan, which was adopted pursuant to the 2016 Plan. The Plans are intended to advance our long-term success by encouraging stock ownership among key employees and the Board of Directors. Awards may be in the form of stock options, stock appreciation rights, restricted stock awards ("RSA"), restricted stock units ("RSU"), other share-based awards, performance share units ("PSU"), performance units, or performance cash.

Restricted Stock, Restricted Stock Units, and Performance Share Units

The 2025 Plan permits the award of RSAs, RSUs, or PSUs to directors and key employees responsible for the management, growth and protection of our business.

RSUs granted to employees under the 2025 and 2016 Plans generally vest either in full upon three years from the date of grant or on a pro rata basis over a three-year term. RSUs granted to employees are converted into shares of our common stock at vesting or may be settled in cash upon vesting. The RSAs and RSUs granted to directors under the 2025 and 2016 Plans generally vest in full upon one year from the date of grant. RSAs are legally issued common stock at the time of grant, with certain restrictions placed on them. RSUs granted to directors are converted into shares of our common stock at the time of the director's retirement. The fair value of RSAs and RSUs that vest solely based on continued service under the Plan is determined by the product of the number of shares granted and the grant date market price of our common stock.

PSUs granted to key executives have performance periods ranging from two to three years and vest depending on the Company’s achievement of predetermined targets related to both performance and market criteria. All PSUs awards are converted into shares of our common stock or settled in cash at the time the award value is finalized.

During the year ended December 31, 2024, the Company modified certain PSU awards to allow for settlement in the form of either cash or stock. The modification required the awards to be recorded as liability-classified awards. Compensation expense related to modified stock-based awards is based on the fair value for those awards as of the modification date with any remaining incremental stock-based compensation expense recognized ratably over the remaining requisite service period. As a result of the modification, the Company recorded stock-based compensation expense of $4.1 million during the year ended December 31, 2024.

At December 31, 2025 and 2024, the Company had $21.0 million and $25.0 million, respectively, recorded as liability-classified awards, which is included in accrued expense and other liabilities in the accompanying Consolidated Balance Sheets.

A summary of the 2025 RSA's, RSU's, and PSUs granted to certain executives, employees, and the Board of Directors is presented below (shares/units in thousands):


Grant Year	Award Type	Number of Units Awarded(1)	Vesting Terms

2025	PSU	87	Three-year performance and service period ending in 2027
2025	RSU	161	Vest equally over three service periods ending in 2028
2025	RSU	12	One year service period ending in 2026
2025	RSA	2	One year service period ending in 2026

(1) PSUs presented are based on the target number of units for the original PSU grant.

Activity for our RSAs, RSUs, and PSUs is presented below (shares/units in thousands):


	PSUs			RSAs and RSUs			Total
(in thousands, except grant date values)	Number of Shares / Units	Weighted Average Grant Date Fair Value		Number of Shares / Units	Weighted Average Grant Date Fair Value		Number of Shares / Units	Weighted Average Grant Date Fair Value
Balance, December 31, 2022	741	$	45.04	297	$	80.09	1,038	$	55.07
Granted	62	$	134.12	142	$	124.89	204	$	127.69
Performance adjustment(1)	49	$	127.15	—	$	—	49	$	127.15
Vested	(305)	$	62.10	(164)	$	90.10	(469)	$	71.91
Forfeited	—	$	—	(7)	$	99.74	(7)	$	99.74
Balance, December 31, 2023	547	$	99.64	268	$	69.60	815	$	139.72
Granted	63	$	115.22	148	$	123.37	211	$	120.93
Performance adjustment(1)	68	$	110.12	—	$	—	68	$	110.13
Vested	(343)	$	68.11	(163)	$	99.51	(506)	$	78.25
Forfeited	—	$	—	(12)	$	122.46	(12)	$	122.46
Balance, December 31, 2024	335	$	60.83	241	$	110.48	576	$	81.58
Granted	87	$	111.83	175	$	120.45	262	$	117.59
Performance adjustment(1)	24	$	134.12	—	$	—	24	$	134.12
Vested	(293)	$	67.90	(178)	$	103.97	(471)	$	81.52
Forfeited	—	$	—	(8)	$	123.30	(8)	$	123.30
Balance, December 31, 2025	153	$	15.32	230	$	117.49	383	$	76.64

(1)Adjustment to number of target units awarded for PSUs based on achievement of underlying performance goals.

The fair value of shares and units vested was $48.8 million in 2025, $69.7 million in 2024, and $55.0 million in 2023.

A summary of total unrecognized stock-based compensation expense related to RSAs, RSUs, and PSUs (based on current performance estimates), on December 31, 2025, is presented below:


(in millions, except years)	December 31, 2025		Weighted Average Remaining Vesting Period (Years)
Unrecognized expense:

RSU & RSA	$	7.2	1.30
PSU	1.0		1.44
Total	$	8.2	1.33

Employee Stock Purchase Plan

Under the Employee Stock Purchase Plan (the "ESP Plan"), we are authorized to sell, pursuant to short-term stock options, shares of our common stock to our full-time and qualifying part-time employees at a discount from our common stock’s fair market value. The ESP Plan operates on the basis of recurring, consecutive one-year periods. Each period commences on August 1 and ends on the following July 31. Compensation expense related to the ESP Plan was not material for any year included in our accompanying Consolidated Statements of Comprehensive Income.

Investments in and Advances to Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Affiliates

15. INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Investments in and advances to unconsolidated affiliates as of December 31, 2025 and 2024 primarily consisted of interests in Rivers Casino Des Plaines ("Rivers Des Plaines") and Miami Valley Gaming and Racing ("MVG").

Rivers Des Plaines

The ownership of Rivers Des Plaines is comprised of the following: (1) the Company owns 61.3% interest in Midwest Gaming Holdings, LLC ("Midwest Gaming"), the parent company of Rivers Des Plaines, (2) High Plaines Gaming, LLC ("High Plaines"), an affiliate of Rush Street Gaming, LLC owns 36.0% of Midwest Gaming, and (3) Casino Investors, LLC own 2.7% of Midwest Gaming. Both the Company and High Plaines have participating rights over Rivers Des Plaines, and both must consent to certain operating, investing, and financing decisions. As a result, we account for Rivers Des Plaines using the equity method.

The Company’s investment in Midwest Gaming is presented at our initial cost of investment plus the Company's accumulated proportional share of income or loss, including depreciation/accretion of the difference in the historical basis of the Company’s contribution, less any distributions it has received. Following the point at which the Company gained 61.3% interest in Midwest Gaming, the carrying value of the Company's investment was $835.0 million higher than the Company’s underlying equity in the net assets of Midwest Gaming. This equity method basis difference was comprised of $853.7 million related to goodwill and indefinite-lived intangible assets, $(13.7) million related to non-depreciable land, $(9.5) million related to buildings that will be accreted into income over a weighted average useful life of 35.3 years, and $4.5 million related to personal property that will be depreciated over a weighted average useful life of 3.7 years. As of December 31, 2025, the net aggregate basis difference between the Company’s investment in Midwest Gaming and the amounts of the underlying equity in net assets was $833.2 million.

We also recognized a $103.2 million deferred tax liability and a corresponding increase in our investment in unconsolidated affiliates related to an entity we acquired in conjunction with our acquisition of the Clairvest ownership stake in Midwest Gaming.

Our investment in Rivers Des Plaines was $572.4 million as of December 31, 2025 and $547.1 million as of December 31, 2024. The Company received distributions from Rivers Des Plaines of $68.5 million in 2025, $92.2 million in 2024 and $111.1 million in 2023.

Miami Valley Gaming

The Company owns 50% interest in MVG and Delaware North Companies Gaming & Entertainment Inc. ("DNC") owns the remaining 50% interest. Since both we and DNC have participating rights over MVG, and both must consent to certain operating, investing and financing decisions, we account for MVG using the equity method.

Our investment in MVG was $112.2 million as of December 31, 2025 and $114.1 million as of December 31, 2024. The Company received distributions from MVG of $47.5 million in 2025, $46.5 million in 2024 and $44.0 million in 2023.

Summarized Financial Results for our Unconsolidated Affiliates


	December 31,
(in millions)	2025		2024
Assets
Current assets	$	108.8	$	100.5
Property and equipment, net	314.5		325.6
Other assets, net	265.4		267.5
Total assets	$	688.7	$	693.6

Liabilities and Members' Deficit
Current liabilities	$	88.9	$	89.9
Long-term debt	802.5		839.8
Other liabilities	0.4		1.7
Members' deficit	(203.1)		(237.8)
Total liabilities and members' deficit	$	688.7	$	693.6


	Years Ended December 31,
(in millions)	2025		2024		2023
Net revenue	$	843.0	$	851.5	$	864.8
Operating and SG&A expense	533.4		528.5		534.0
Depreciation and amortization	24.4		27.0		23.8
Operating income	285.2		296.0		307.0
Interest and other expense, net	(41.4)		(44.2)		(43.9)
Net income	$	243.8	$	251.8	$	263.1

Board of Director and Employee Benefit Plans	12 Months Ended
Board of Director and Employee Benefit Plans	Dec. 31, 2025
Retirement Benefits [Abstract]
Board of Director and Employee Benefit Plans	17. BOARD OF DIRECTOR AND EMPLOYEE BENEFIT PLANS Board of Directors and Officers Retirement Plan Under the 2005 Deferred Compensation Plan (the "Deferred Plan"), members of our Board of Directors may elect to invest the deferred director fee compensation into our common stock within the Deferred Plan. Investments in our common stock are credited as hypothetical shares of common stock based on the market price of the stock at the time the compensation was earned. Upon the end of the director's service, common stock shares or the cash value is issued to the director based upon their elections. Prior to December 13, 2019, we provided eligible executives the opportunity to defer the receipt of base and bonus compensation to a future date and included a Company matching contribution on base compensation with certain limits through the Deferred Plan. On December 13, 2019, the Compensation Committee elected to freeze the Deferred Plan for eligible executives after the 2019 plan year. On December 13, 2019, the Compensation Committee adopted the Churchill Downs Incorporated Restricted Stock Unit Deferral Plan, effective January 1, 2020 (the "RSU Deferral Plan"). The Compensation Committee adopted an Amended and Restated Churchill Downs Incorporated Equity Award Deferral Plan, effective December 31, 2024 (the "Equity Award Deferral Plan") to amend the RSU Deferral Plan. Under the Equity Award Deferral Plan, certain individual employees who are management or highly compensated employees of the Company may elect to defer settlement of RSUs, PSUs, and other share based awards granted pursuant to the 2016 Plan. Other Retirement Plans We have a profit-sharing plan for all employees with three months or more of service who are not otherwise participating in an associated profit-sharing plan. We match contributions made by employees up to 3% of the employee’s annual compensation and match at 50% any contributions made by the employee up to an additional 2% of compensation with certain limits. We may also contribute a discretionary amount determined annually by the Board of Directors as well as a year-end discretionary match not to exceed 4% of compensation. Our cash contribution to the plan was $7.3 million in 2025, $6.5 million in 2024, and $5.1 million in 2023.

Fair Value Of Assets And Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The carrying amounts and estimated fair values by input level of the Company's financial instruments are as follows:


	December 31, 2025
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	87.9	$	87.9	$	87.9	$	—	$	—
Financial liabilities:

Term Loan B-1	284.2		285.8		—		285.8		—
Term Loan A	1,107.9		1,112.3		—		1,112.3		—
Revolver	657.0		657.0		—		657.0		—
2027 Senior Notes	598.7		598.7		—		598.7		—
2028 Senior Notes	699.3		696.1		—		696.1		—
2030 Senior Notes	1,190.2		1,211.0		—		1,211.0		—
2031 Senior Notes	593.0		621.9		—		621.9		—


	December 31, 2024
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	77.2	$	77.2	$	77.2	$	—	$	—
Financial liabilities:
Term Loan B-1	286.8		288.8		—		288.8		—

Term Loan A	1,166.7		1,172.4		—		1,172.4		—
Revolver	377.5		377.5		—		377.5		—
2027 Senior Notes	597.6		593.2		—		593.2		—
2028 Senior Notes	699.0		675.2		—		675.2		—
2030 Senior Notes	1,187.9		1,172.6		—		1,172.6		—
2031 Senior Notes	591.7		605.2		—		605.2		—

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current provision:
Federal	$ 43.9	$ 75.2	$ 74.4
State and local	16.2	24.4	22.8
Foreign	0.0	0.0	(0.1)
Current (benefit) provision	60.1	99.6	97.1
Deferred provision:
Federal	63.3	44.2	42.5
State and local	23.5	0.3	4.9
Deferred provision	86.8	44.5	47.4
Income tax provision	$ 146.9	$ 144.1	$ 144.5

Other Intangible Assets - Schedule of Future Estimated Amortization Expense (Details) $ in Millions	Dec. 31, 2025 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2026	$ 8.7
2027	7.3
2028	7.2
2029	7.0
2030	$ 5.8

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefit, beginning of period	$ 3.2	$ 4.8	$ 6.4
Additions for tax positions related to the current year	0.1	0.3	0.2
Additions for tax positions of prior years	0.0	0.0	0.3
Reductions for tax positions of prior years	(0.9)	(1.9)	(2.1)
Unrecognized tax benefit, end of period	$ 2.4	$ 3.2	$ 4.8

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 222.8	$ 188.0	$ 161.8

Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill, by segment, is comprised of the following:


(in millions)	Live and Historical		Wagering Services and Solutions		Gaming		All Other		Total
Balance, December 31, 2023	$	376.2	$	233.4	$	290.3	$	—	$	899.9
Adjustments	0.1		0.2		—		—		0.3
Balance, December 31, 2024	376.3		233.6		290.3		—		900.2
Adjustments	—		—		—		—		—
Balance, December 31, 2025	$	376.3	$	233.6	$	290.3	$	—	$	900.2

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Asset Impairments (Details) - USD ($) $ in Millions	3 Months Ended					12 Months Ended
Asset Impairments (Details) - USD ($) $ in Millions	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Indefinite-lived Intangible Assets [Line Items]
Gain on settlement of liability						$ 40.0	$ 0.0	$ 0.0
Asset impairments						$ 47.5	$ 3.9	$ 24.6
Former Owners of Chasers Poker Room \| Casino Salem
Indefinite-lived Intangible Assets [Line Items]
Gain on settlement of liability	$ 40.0
Former Owners of Chasers Poker Room \| Casino Salem \| Gaming Rights
Indefinite-lived Intangible Assets [Line Items]
Decrease in noncurrent liability	10.0
Live and Historical Racing
Indefinite-lived Intangible Assets [Line Items]
Asset impairments		$ 2.4	$ 3.9
Live and Historical Racing \| Casino Salem \| Gaming Rights
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 85.1
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset impairments
Presque Isle Downs & Casino
Indefinite-lived Intangible Assets [Line Items]
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]					Asset impairments
Non-cash impairment charge					$ 33.4
Presque Isle Downs & Casino
Indefinite-lived Intangible Assets [Line Items]
Asset impairments				$ 24.5

Revenue from Contracts with Customers - Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Net revenue	$ 2,925.9	$ 2,734.3	$ 2,461.7
Other revenue	60.8	56.0	50.9
Related Party
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0
Gaming
Disaggregation of Revenue [Line Items]
Net revenue	1,042.9	1,039.1	968.6
Other
Disaggregation of Revenue [Line Items]
Net revenue	0.1	0.1	0.9
External Customer
Disaggregation of Revenue [Line Items]
Net revenue	2,925.9	2,734.3	2,461.7
External Customer \| Live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	491.5	469.9	468.2
External Customer \| Historical racing
Disaggregation of Revenue [Line Items]
Net revenue	1,017.1	891.9	767.7
External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	185.0	194.6	152.3
External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	917.7	885.9	832.2
External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	314.6	292.0	241.3
Operating Segments \| External Customer
Disaggregation of Revenue [Line Items]
Net revenue	2,925.8	2,734.2	2,460.8
Operating Segments \| External Customer \| Live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	491.5	469.9	468.2
Operating Segments \| External Customer \| Historical racing
Disaggregation of Revenue [Line Items]
Net revenue	1,017.1	891.9	767.7
Operating Segments \| External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	185.0	194.6	152.3
Operating Segments \| External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	917.7	885.9	832.2
Operating Segments \| External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	314.5	291.9	240.4
Operating Segments \| Live and Historical Racing
Disaggregation of Revenue [Line Items]
Net revenue	1,394.7	1,225.6	1,047.3
Operating Segments \| Live and Historical Racing \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	47.7	41.4	37.3
Operating Segments \| Live and Historical Racing \| External Customer
Disaggregation of Revenue [Line Items]
Net revenue	1,394.7	1,225.6	1,047.3
Operating Segments \| Live and Historical Racing \| External Customer \| Live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	98.3	91.3	81.9
Operating Segments \| Live and Historical Racing \| External Customer \| Historical racing
Disaggregation of Revenue [Line Items]
Net revenue	1,003.4	854.9	739.1
Operating Segments \| Live and Historical Racing \| External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	183.6	188.0	145.9
Operating Segments \| Live and Historical Racing \| External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	14.1	12.6	11.4
Operating Segments \| Live and Historical Racing \| External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	95.3	78.8	69.0
Operating Segments \| Wagering Services and Solutions
Disaggregation of Revenue [Line Items]
Net revenue	488.2	469.5	444.9
Operating Segments \| Wagering Services and Solutions \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	38.1	31.2	13.5
Operating Segments \| Wagering Services and Solutions \| External Customer
Disaggregation of Revenue [Line Items]
Net revenue	488.2	469.5	444.9
Operating Segments \| Wagering Services and Solutions \| External Customer \| Live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	367.2	352.2	359.7
Operating Segments \| Wagering Services and Solutions \| External Customer \| Historical racing
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0
Operating Segments \| Wagering Services and Solutions \| External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0
Operating Segments \| Wagering Services and Solutions \| External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	19.7	17.3	17.3
Operating Segments \| Wagering Services and Solutions \| External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	101.3	100.0	67.9
Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	1,042.9	1,039.1	968.6
Operating Segments \| Gaming \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	6.4	6.3	6.0
Operating Segments \| Gaming \| External Customer
Disaggregation of Revenue [Line Items]
Net revenue	1,042.9	1,039.1	968.6
Operating Segments \| Gaming \| External Customer \| Live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	26.0	26.4	26.6
Operating Segments \| Gaming \| External Customer \| Historical racing
Disaggregation of Revenue [Line Items]
Net revenue	13.7	37.0	28.6
Operating Segments \| Gaming \| External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	1.4	6.6	6.4
Operating Segments \| Gaming \| External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	883.9	856.0	803.5
Operating Segments \| Gaming \| External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	117.9	113.1	103.5
All Other
Disaggregation of Revenue [Line Items]
Net revenue	0.1	0.1	0.9
All Other \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	8.6	6.5	0.0
All Other \| External Customer
Disaggregation of Revenue [Line Items]
Net revenue	0.1	0.1	0.9
All Other \| External Customer \| Live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0
All Other \| External Customer \| Historical racing
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0
All Other \| External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0
All Other \| External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0
All Other \| External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	0.1	0.1	0.9
Eliminations \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	(100.8)	(85.4)	(56.8)
Churchill Downs Racetrack \| Operating Segments \| Live and Historical Racing
Disaggregation of Revenue [Line Items]
Net revenue	262.4	259.5	205.8
Louisville \| Operating Segments \| Live and Historical Racing
Disaggregation of Revenue [Line Items]
Net revenue	217.1	209.1	189.0
Northern Kentucky \| Operating Segments \| Live and Historical Racing
Disaggregation of Revenue [Line Items]
Net revenue	113.2	98.9	85.8
Southwestern Kentucky \| Operating Segments \| Live and Historical Racing
Disaggregation of Revenue [Line Items]
Net revenue	168.3	158.3	147.8
Western Kentucky \| Operating Segments \| Live and Historical Racing
Disaggregation of Revenue [Line Items]
Net revenue	68.7	28.8	31.8
Virginia \| Operating Segments \| Live and Historical Racing
Disaggregation of Revenue [Line Items]
Net revenue	546.1	458.2	375.4
New Hampshire \| Operating Segments \| Live and Historical Racing
Disaggregation of Revenue [Line Items]
Net revenue	18.9	12.8	11.7
Florida \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	97.9	100.2	100.7
Iowa \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	93.9	93.3	96.0
Indiana \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	129.9	96.6	0.0
Louisiana \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	131.4	150.2	145.6
Maine \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	106.5	106.0	114.1
Maryland \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	99.3	101.8	106.9
Mississippi \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	93.5	98.7	100.9
New York \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	184.5	183.0	180.5
Pennsylvania \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	$ 106.0	$ 109.3	$ 123.9

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Louisville, Kentucky
Auditor Firm ID	238

Net Income Per Common Share Computations

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Common Share Computations

20. NET INCOME PER COMMON SHARE COMPUTATIONS

The following is a reconciliation of the numerator and denominator of the net income per common share computations:


	Years Ended December 31,
(in millions, except per share data)	2025		2024		2023
Numerator for basic net income per common share:
Net income attributable to Churchill Downs Incorporated	$	383.0	$	426.8	$	417.3
Adjustments related to redeemable noncontrolling interests	3.3		3.0		—
Net income attributable to common shareholders	$	379.7	$	423.8	$	417.3

Denominator for net income per common share:
Basic	71.4		74.0		75.2
Plus dilutive effect of stock awards	0.4		0.6		0.9
Diluted	71.8		74.6		76.1

Net income attributable to Churchill Downs Incorporated per common share data:
Basic net income	$	5.32	$	5.73	$	5.55
Diluted net income	$	5.29	$	5.68	$	5.49

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. DESCRIPTION OF BUSINESS Churchill Downs Incorporated ("CDI" or the "Company") has been creating extraordinary entertainment experiences for over 150 years, beginning with the Company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of the online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties. We own and operate 17 live and historical racing entertainment venues with seven retail sportsbooks in three states, one of the largest online horse racing wagering platforms in the U.S., ten wholly owned casino gaming properties with nine retail sportsbooks in nine states. We were organized as a Kentucky corporation in 1928, and our principal executive offices are located in Louisville, Kentucky.

Stock-Based Compensation Plans - Schedule of Unrecognized Stock-based Compensation Expense (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 8.2
Weighted Average Remaining Vesting Period (Years)	1 year 3 months 29 days
Restricted Stock and Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 7.2
Weighted Average Remaining Vesting Period (Years)	1 year 3 months 18 days
Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 1.0
Weighted Average Remaining Vesting Period (Years)	1 year 5 months 8 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Board of Director and Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Duration of service for eligibility	3 months
Employer matching contribution, percent	3.00%
Maximum annual contribution per employee, percent	50.00%
Employer's maximum additional match, percentage	2.00%
Employer's discretionary matching contribution	4.00%
Cash contribution to profit-sharing plan	$ 7.3	$ 6.5	$ 5.1

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

11. DEBT

The following table presents our total debt outstanding:


(in millions)	December 31, 2025		December 31, 2024


Term Loan B-1 due 2028	$	285.8	$	288.8
Term Loan A due 2029	1,112.3		1,172.4
Revolver	657.0		377.5
2027 Senior Notes	600.0		600.0
2028 Senior Notes	700.0		700.0
2030 Senior Notes	1,200.0		1,200.0
2031 Senior Notes	600.0		600.0
Total debt	5,155.1		4,938.7
Current maturities of long-term debt	(63.1)		(63.1)
Unamortized premium and deferred finance charges	(24.9)		(31.5)
Total debt, net of current maturities and costs	$	5,067.1	$	4,844.1

Credit Agreement

At December 31, 2025, the Company’s senior secured credit facility (as amended from time to time, the "Credit Agreement") consisted of a $1.2 billion revolving credit facility (the "Revolver"), $285.8 million senior secured term loan B-1 due 2028 (the "Term Loan B-1"), $1.1 billion senior secured term loan A due 2029 (the "Term Loan A"), and $100.0 million swing line commitment. Certain amendments to the Credit Agreement entered into during 2023, 2024, and 2025 are described below.

On February 24, 2023, the Company closed an amendment of the Credit Agreement to increase the loans under the Term Loan A from $800.0 million to $1.3 billion and made certain other changes to the existing credit agreement. The Company used the net proceeds from the borrowings under the increased Term Loan A to repay outstanding loans under its Revolver, pay related transaction fees and expenses, and for general corporate purposes.

On July 3, 2024, the Company closed an amendment of the Credit Agreement to (i) extend the maturity date of the Revolver and Term Loan A from 2027 to 2029 subject to an earlier "springing maturity" if certain indebtedness in respect of outstanding notes or other material indebtedness having a maturity date prior to July 3, 2029, is not refinanced or extended to a date after July 3, 2029, at least 91 days prior to such other debt's stated maturity date, and (ii) amend certain other provisions of the Credit Agreement. The Company has $4.4 million of capitalized unamortized debt issuance costs associated with the Term Loan A which are being amortized as interest expense over the remainder of the term.

On February 14, 2025, the Company announced that it closed the seventh amendment of the Credit Agreement. The seventh amendment to the Credit Agreement (i) reduced the interest rate for the Term Loan B-1 from Secured Overnight Financing Rate ("SOFR") plus 200 basis points to SOFR plus 175 basis points, (ii) eliminates the 0.10% credit spread adjustment, and (iii) makes certain other amendments to the Credit Agreement.

The Term Loan B-1 requires quarterly payments of 0.25% of the original $300.0 million balance and may be subject to additional mandatory prepayment from excess cash flow on an annual basis per the provisions of the Credit Agreement.

The Revolver and Term Loan A bear interest at SOFR plus 10 basis points, plus a variable applicable margin which is determined by the Company's net leverage ratio. As of December 31, 2025, that applicable margin was 150 basis points which was based on the pricing grid in the Credit Agreement. The Company had $534.8 million available borrowing capacity, after consideration of $8.2 million in outstanding letters of credit, under the Revolver as of December 31, 2025.

The Company is required to pay a commitment fee on the unused portion of the Revolver as determined by a pricing grid based on the consolidated total net secured leverage ratio of the Company. For the period ended December 31, 2025, the Company's commitment fee rate was 0.25%.

The Company completed the transition of its financing from London Interbank Offered Rate to SOFR during the second quarter of 2023. These transition activities did not have a material impact on the Company’s financial statements.

The Credit Agreement is collateralized by substantially all the wholly owned assets of the Company. The Credit Agreement contains certain customary affirmative and negative covenants, which include limitations on liens, investments, indebtedness, dispositions, mergers and acquisitions, the making of restricted payments, changes in the nature of business, changes in fiscal

year, and transactions with affiliates. The Credit Agreement also contains financial covenants providing for the maintenance of a maximum consolidated secured net leverage ratio and maintenance of a minimum consolidated interest coverage ratio.

Actual as of
December 31, 2025

Requirement

Interest coverage ratio

3.9 to 1.0

> 2.5 to 1.0

Consolidated total secured net leverage ratio

1.4 to 1.0

< 4.0 to 1.0

The Company was compliant with all applicable covenants on December 31, 2025.

2027 Senior Notes

On March 25, 2019, the Company completed an offering of $600.0 million in aggregate principal amount of 5.50% Senior Unsecured Notes that mature on April 1, 2027 (the "2027 Senior Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A that is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The Company used the net proceeds from the offering to repay the then-outstanding balance on the Revolver portion of our Credit Agreement. In connection with the offering, we capitalized $8.9 million of debt issuance costs which are being amortized as interest expense over the term of the 2027 Senior Notes.

The 2027 Senior Notes were issued at par, with interest payable on April 1st and October 1st of each year, commencing on October 1, 2019. The 2027 Senior Notes will vote as one class under the indenture governing the 2027 Senior Notes.

The Company may redeem some or all the 2027 Senior Notes at redemption prices set forth in the 2027 Indenture.

2028 Senior Notes

On December 27, 2017, the Company completed an offering of $500.0 million in aggregate principal amount of 4.75% Senior Unsecured Notes that mature on January 15, 2028 (the "Existing 2028 Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A that is exempt from registration under the Securities Act, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The Existing 2028 Notes were issued at par, with interest payable on January 15th and July 15th of each year, commencing on July 15, 2018. The Company used the net proceeds from the offering to repay a portion of our $600.0 million 5.375% Senior Unsecured Notes due in 2021. In connection with the offering, we capitalized $7.7 million of debt issuance costs which are being amortized as interest expense over the term of the Existing 2028 Notes.

On March 17, 2021, the Company completed an offering of $200.0 million in aggregate principal amount of 4.75% Senior Unsecured Notes that mature on January 15, 2028 (the "Additional 2028 Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A that is exempt from registration under the Securities Act, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The Additional 2028 Notes were offered under the indenture dated as of December 27, 2017, governing the $500.0 million aggregate principal amount of 4.75% Senior Unsecured Notes due 2028 and form a part of the same series for purposes of the indenture. In connection with the offering, we capitalized $3.4 million of debt issuance costs which are being amortized as interest expense over the term of the Additional 2028 Notes. Upon completion of this offering, the aggregate principal amount outstanding of the Existing 2028 Notes, together with the Additional 2028 Notes (collectively, the "2028 Senior Notes"), is $700.0 million.

The Additional 2028 Notes were issued at 103.25% of the principal amount, plus interest deemed to have accrued from January 15, 2021, with interest payable on January 15th and July 15th of each year, commencing on July 15, 2021. The 2028 Senior Notes will vote as one class under the indenture governing the 2028 Senior Notes. The 3.25% premium is being amortized through interest expense, net over the term of the Additional 2028 Notes.

The Company may redeem some or all the 2028 Senior Notes at redemption prices set forth in the 2028 Indenture.

2030 Senior Notes

On April 13, 2022, a wholly owned subsidiary of the Company completed an offering of $1.2 billion in aggregate principal amount of 5.75% Senior Unsecured Notes that mature on April 13, 2030 (the "2030 Senior Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A that was exempt from registration under the Securities Act, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The offering of the 2030 Senior Notes was part of the financing utilized for the P2E Transaction. In connection with the offering, we capitalized $18.3 million of debt issuance costs which are being amortized as interest expense over the term of the 2030 Senior Notes.

The 2030 Senior Notes were issued at 100% of the principal amount, plus interest deemed to have accrued from April 13, 2022, with interest payable in arrears on April 1st and October 1st of each year, commencing on October 1, 2022. The 2030 Senior Notes will vote as one class under the indenture governing the 2030 Senior Notes.

The Company may redeem some or all the 2030 Senior Notes at redemption prices set forth in the 2030 Indenture.

2031 Senior Notes

On April 25, 2023, the Company completed an offering of $600.0 million in aggregate principal amount of 6.75% senior unsecured notes that mature on April 25, 2031 (the "2031 Senior Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A that is exempt from registration under the Securities Act, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The Company used a portion of the net proceeds from the offering to repay indebtedness outstanding under its Term Loan B Facility due 2024 and to fund related transaction fees and expenses, working capital, and other general corporate purposes. The Company recognized a loss on extinguishment on Term Loan B of $1.3 million, which is included in miscellaneous, net in the accompanying Consolidated Statements of Comprehensive Income. The Company capitalized $10.5 million of debt issuance costs associated with the 2031 Senior Notes which are being amortized as interest expense over the remainder of the 8-year term.

The 2031 Senior Notes were issued at 100% of the principal amount, plus interest deemed to have accrued from April 25, 2023, with interest payable in arrears on May 1st and November 1st of each year, commencing on November 1, 2023. The 2031 Senior Notes will vote as one class under the indenture governing the 2031 Senior Notes.

The Company may redeem some or all the 2031 Senior Notes at redemption prices set forth in the 2031 Indenture.

Future aggregate maturities of total debt are as follows (in millions):


Years Ended December 31,

2026	$	63.1
2027	663.1
2028	1,039.9
2029	1,589.0
2030	1,200.0
Thereafter	600.0
Total	$	5,155.1

The Company is exploring options to fund upcoming senior note maturities through a combination of cash on hand, cash generated from operations, available capacity under its revolving credit facility, and capital markets to fund the obligation. Access to capital markets and the terms under which we would fund the obligations are subject to our ability to access the market and other market conditions.

Net Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator for basic net income per common share:
Net income attributable to Churchill Downs Incorporated	$ 383.0	$ 426.8	$ 417.3
Adjustments related to redeemable noncontrolling interests	3.3	3.0	0.0
Net income attributable to common shareholders	$ 379.7	$ 423.8	$ 417.3
Denominator for net income per common share:
Basic (in shares)	71.4	74.0	75.2
Plus dilutive effect of stock awards (in shares)	0.4	0.6	0.9
Diluted (in shares)	71.8	74.6	76.1
Basic
Basic net income (in dollars per share)	$ 5.32	$ 5.73	$ 5.55
Diluted
Diluted net income (in dollars per share)	$ 5.29	$ 5.68	$ 5.49

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Marketing and advertising	$ (101.9)	$ (90.7)	$ (83.4)
Equity in income of unconsolidated affiliates	139.4	144.9	146.3
Adjusted EBITDA	1,205.3	1,159.2	1,023.9
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	1,297.3	1,247.1	1,096.1
Live and Historical \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	1,442.4	1,267.0	1,084.6
Pari-mutuel taxes and purses	(349.4)	(300.0)	(262.5)
Gaming taxes	(7.5)	(5.7)	(5.2)
Marketing and advertising	(56.8)	(42.1)	(37.6)
Salaries and benefits	(142.9)	(127.0)	(107.0)
Content expense	(6.3)	(6.4)	(6.5)
Selling, general and administrative expense	(43.2)	(40.1)	(31.9)
Maintenance, insurance and utilities	(44.4)	(46.5)	(43.2)
Gaming equipment rental and technology costs	(51.6)	(41.6)	(48.7)
Food and beverage costs	(15.0)	(12.9)	(11.3)
Other operating expense	(92.3)	(70.6)	(56.6)
Equity in income of unconsolidated affiliates	0.0	0.0	0.0
Other income	4.0	0.5	1.3
Adjusted EBITDA	637.0	574.6	475.4
Wagering Services and Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	526.3	500.7	458.4
Pari-mutuel taxes and purses	(22.0)	(19.7)	(19.9)
Gaming taxes	(2.3)	(2.4)	(2.7)
Marketing and advertising	(9.6)	(8.9)	(9.8)
Salaries and benefits	(34.9)	(32.8)	(29.3)
Content expense	(210.2)	(205.8)	(205.1)
Selling, general and administrative expense	(18.1)	(15.5)	(12.4)
Maintenance, insurance and utilities	(4.1)	(4.2)	(3.8)
Gaming equipment rental and technology costs	(3.1)	(3.5)	(3.7)
Food and beverage costs	0.0	0.0	0.0
Other operating expense	(45.3)	(42.6)	(40.6)
Equity in income of unconsolidated affiliates	0.0	0.0	0.0
Other income	0.6	0.3	1.0
Adjusted EBITDA	177.3	165.6	132.1
Gaming \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	1,049.3	1,045.4	974.6
Pari-mutuel taxes and purses	(36.2)	(43.5)	(39.2)
Gaming taxes	(308.7)	(291.6)	(283.6)
Marketing and advertising	(35.0)	(35.4)	(35.4)
Salaries and benefits	(170.4)	(164.6)	(146.0)
Content expense	(8.6)	(8.5)	(8.8)
Selling, general and administrative expense	(44.4)	(46.1)	(42.7)
Maintenance, insurance and utilities	(39.6)	(42.1)	(40.0)
Gaming equipment rental and technology costs	(17.4)	(15.4)	(15.6)
Food and beverage costs	(16.4)	(16.7)	(14.9)
Other operating expense	(68.3)	(62.9)	(53.2)
Equity in income of unconsolidated affiliates	178.1	186.4	191.6
Other income	0.6	1.9	1.8
Adjusted EBITDA	$ 483.0	$ 506.9	$ 488.6

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net is comprised of the following:


	December 31,
(in millions)	2025		2024
Grandstands and buildings	$	2,425.3	$	2,258.0
Equipment	940.7		847.5
Tracks and other improvements	424.0		411.1
Land	164.3		164.3
Furniture and fixtures	202.5		199.3
Construction in progress	102.5		140.3
	4,259.3		4,020.5
Accumulated depreciation	(1,378.0)		(1,168.6)
Subtotal	2,881.3		2,851.9
Operating lease right-of-use assets	37.3		23.0
Total	$	2,918.6	$	2,874.9

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment


	Years Ended December 31,
(in millions)	2025		2024		2023
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	262.4	$	259.5	$	205.8
Louisville	217.1		209.1		189.0
Northern Kentucky	113.2		98.9		85.8
Southwestern Kentucky	168.3		158.3		147.8
Western Kentucky	68.7		28.8		31.8
Virginia	546.1		458.2		375.4
New Hampshire	18.9		12.8		11.7
Total Live and Historical Racing	$	1,394.7	$	1,225.6	$	1,047.3

Wagering Services and Solutions:	$	488.2	$	469.5	$	444.9

Gaming:
Florida	$	97.9	$	100.2	$	100.7
Iowa	93.9		93.3		96.0
Indiana	129.9		96.6		—
Louisiana	131.4		150.2		145.6
Maine	106.5		106.0		114.1
Maryland	99.3		101.8		106.9
Mississippi	93.5		98.7		100.9
New York	184.5		183.0		180.5
Pennsylvania	106.0		109.3		123.9
Total Gaming	$	1,042.9	$	1,039.1	$	968.6
All Other	0.1		0.1		0.9
Net revenue from external customers	$	2,925.9	$	2,734.3	$	2,461.7

Intercompany net revenues:
Live and Historical Racing	$	47.7	$	41.4	$	37.3
Wagering Services and Solutions	38.1		31.2		13.5
Gaming	6.4		6.3		6.0
All Other	8.6		6.5		—
Eliminations	(100.8)		(85.4)		(56.8)
Intercompany net revenue	$	—	$	—	$	—


	Year Ended December 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	$	98.3	$	367.2	$	26.0	$	491.5	$	—	$	491.5
Historical racing(a)	1,003.4		—		13.7		1,017.1		—		1,017.1
Racing event-related services	183.6		—		1.4		185.0		—		185.0
Gaming(a)	14.1		19.7		883.9		917.7		—		917.7
Other(a)	95.3		101.3		117.9		314.5		0.1		314.6
Total	$	1,394.7	$	488.2	$	1,042.9	$	2,925.8	$	0.1	$	2,925.9


	Year Ended December 31, 2024
(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	$	91.3	$	352.2	$	26.4	$	469.9	$	—	$	469.9
Historical racing(a)	854.9		—		37.0		891.9		—		891.9
Racing event-related services	188.0		—		6.6		194.6		—		194.6
Gaming(a)	12.6		17.3		856.0		885.9		—		885.9
Other(a)	78.8		100.0		113.1		291.9		0.1		292.0
Total	$	1,225.6	$	469.5	$	1,039.1	$	2,734.2	$	0.1	$	2,734.3


	Year Ended December 31, 2023
(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	$	81.9	$	359.7	$	26.6	$	468.2	$	—	$	468.2
Historical racing(a)	739.1		—		28.6		767.7		—		767.7
Racing event-related services	145.9		—		6.4		152.3		—		152.3
Gaming(a)	11.4		17.3		803.5		832.2		—		832.2
Other(a)	69.0		67.9		103.5		240.4		0.9		241.3
Total	$	1,047.3	$	444.9	$	968.6	$	2,460.8	$	0.9	$	2,461.7

Net revenue from external customers by segment is comprised of the following:


	Years Ended December 31,
(in millions)	2025		2024		2023
Live and Historical Racing	$	1,394.7	$	1,225.6	$	1,047.3
Wagering Services and Solutions	488.2		469.5		444.9
Gaming	1,042.9		1,039.1		968.6
All Other	0.1		0.1		0.9
Net Revenue	$	2,925.9	$	2,734.3	$	2,461.7

Schedule of Segment Reporting Information

Adjusted EBITDA by segment is comprised of the following:


	Year Ended December 31, 2025
(in millions)	Live and Historical Racing		Wagering Services and Solutions		Gaming
Revenue	$	1,442.4	$	526.3	$	1,049.3

Pari-mutuel taxes and purses	(349.4)		(22.0)		(36.2)
Gaming taxes	(7.5)		(2.3)		(308.7)
Marketing and advertising	(56.8)		(9.6)		(35.0)
Salaries and benefits	(142.9)		(34.9)		(170.4)
Content expense	(6.3)		(210.2)		(8.6)
Selling, general and administrative expense	(43.2)		(18.1)		(44.4)
Maintenance, insurance and utilities	(44.4)		(4.1)		(39.6)

Gaming equipment rental and technology costs	(51.6)		(3.1)		(17.4)
Food and beverage costs	(15.0)		—		(16.4)
Other operating expense(1)	(92.3)		(45.3)		(68.3)
Equity in income of unconsolidated affiliates	—		—		178.1
Other income	4.0		0.6		0.6

Adjusted EBITDA	$	637.0	$	177.3	$	483.0


	Year Ended December 31, 2024
(in millions)	Live and Historical Racing		Wagering Services and Solutions		Gaming
Revenue	$	1,267.0	$	500.7	$	1,045.4

Pari-mutuel taxes and purses	(300.0)		(19.7)		(43.5)
Gaming taxes	(5.7)		(2.4)		(291.6)
Marketing and advertising	(42.1)		(8.9)		(35.4)
Salaries and benefits	(127.0)		(32.8)		(164.6)
Content expense	(6.4)		(205.8)		(8.5)
Selling, general and administrative expense	(40.1)		(15.5)		(46.1)
Maintenance, insurance and utilities	(46.5)		(4.2)		(42.1)

Gaming equipment rental and technology costs	(41.6)		(3.5)		(15.4)
Food and beverage costs	(12.9)		—		(16.7)
Other operating expense(1)	(70.6)		(42.6)		(62.9)
Equity in income of unconsolidated affiliates	—		—		186.4
Other income	0.5		0.3		1.9

Adjusted EBITDA	$	574.6	$	165.6	$	506.9


	Year Ended December 31, 2023
(in millions)	Live and Historical Racing		Wagering Services and Solutions		Gaming
Revenue	$	1,084.6	$	458.4	$	974.6

Pari-mutuel taxes and purses	(262.5)		(19.9)		(39.2)
Gaming taxes	(5.2)		(2.7)		(283.6)
Marketing and advertising	(37.6)		(9.8)		(35.4)
Salaries and benefits	(107.0)		(29.3)		(146.0)
Content expense	(6.5)		(205.1)		(8.8)
Selling, general and administrative expense	(31.9)		(12.4)		(42.7)
Maintenance, insurance and utilities	(43.2)		(3.8)		(40.0)

Gaming equipment rental and technology costs	(48.7)		(3.7)		(15.6)
Food and beverage costs	(11.3)		—		(14.9)
Other operating expense(1)	(56.6)		(40.6)		(53.2)
Equity in income of unconsolidated affiliates	—		—		191.6
Other income	1.3		1.0		1.8

Adjusted EBITDA	$	475.4	$	132.1	$	488.6

(1) Other operating expense primarily includes supplies, regulatory licenses and fees, property taxes, and third-party service fees and costs.


	Years Ended December 31,
(in millions)	2025		2024		2023
Reconciliation of Net Income to Adjusted EBITDA:




Net income attributable to Churchill Downs Incorporated	$	383.0	$	426.8	$	417.3
Net income attributable to noncontrolling interests	2.5		2.3		—
Net income	385.5		429.1		417.3

Adjustments:
Depreciation and amortization	233.1		199.1		169.0
Interest expense	297.7		289.8		268.4
Income tax provision	146.9		144.1		144.5
Stock-based compensation expense	30.2		36.1		32.9
Legal reserves	—		—		(1.2)
Pre-opening expenses	11.7		29.6		18.6
Arlington exit costs	—		—		9.4
Other expense, net	10.1		4.2		7.0
Transaction expense (benefit), net	5.1		(12.1)		4.8
Asset impairments, net	47.5		3.9		24.6
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	38.6		42.0		40.2

Rivers Des Plaines' legal reserves and transactions costs	—		0.3		—
Other charges and recoveries, net	(1.1)		(6.9)		2.4
Gain on sale of assets	—		—		(114.0)
Total adjustments	819.8		730.1		606.6
Adjusted EBITDA	$	1,205.3	$	1,159.2	$	1,023.9

Adjusted EBITDA by segment:
Live and Historical Racing	$	637.0	$	574.6	$	475.4
Wagering Services and Solutions	177.3		165.6		132.1
Gaming	483.0		506.9		488.6
Total segment Adjusted EBITDA	1,297.3		1,247.1		1,096.1
All Other	(92.0)		(87.9)		(72.2)
Total Adjusted EBITDA	$	1,205.3	$	1,159.2	$	1,023.9

Schedule of Total Assets and Capital Expenditures by Operating Segment

The table below presents total capital expenditures for each of our segments:


	Years Ended December 31,
(in millions)	2025		2024		2023
Capital expenditures:
Live and Historical Racing	$	216.9	$	385.4	$	461.1
Wagering Services and Solutions	22.7		19.0		14.6
Gaming	29.9		130.0		188.1
Total segment capital expenditures	269.5		534.4		663.8
All Other	5.4		12.6		12.7
Total capital expenditures	$	274.9	$	547.0	$	676.5

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

5. GOODWILL

Goodwill, by segment, is comprised of the following:


(in millions)	Live and Historical		Wagering Services and Solutions		Gaming		All Other		Total
Balance, December 31, 2023	$	376.2	$	233.4	$	290.3	$	—	$	899.9
Adjustments	0.1		0.2		—		—		0.3
Balance, December 31, 2024	376.3		233.6		290.3		—		900.2
Adjustments	—		—		—		—		—
Balance, December 31, 2025	$	376.3	$	233.6	$	290.3	$	—	$	900.2

In 2023, we established goodwill related to the Exacta Transaction. The final amount of goodwill was $177.4 million. The goodwill was assigned to the Live and Historical Racing segment in the amount of $96.0 million and to the Wagering Services and Solutions segment in the amount of $81.4 million.

We performed our annual goodwill impairment analysis as of April 1, 2025. We assessed goodwill for impairment by performing qualitative or quantitative analyses for each reporting unit. Based on the results of these analyses, no goodwill impairments were identified in connection with our annual impairment testing.

- Definition

The entire disclosure for goodwill.

+ References + Details

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Balance, beginning of period	$ 900.2	$ 899.9
Adjustments	0.0	0.3
Balance, end of period	900.2	900.2
All Other
Goodwill [Roll Forward]
Balance, beginning of period	0.0	0.0
Adjustments	0.0	0.0
Balance, end of period	0.0	0.0
Live and Historical \| Operating Segments
Goodwill [Roll Forward]
Balance, beginning of period	376.3	376.2
Adjustments	0.0	0.1
Balance, end of period	376.3	376.3
Wagering Services and Solutions \| Operating Segments
Goodwill [Roll Forward]
Balance, beginning of period	233.6	233.4
Adjustments	0.0	0.2
Balance, end of period	233.6	233.6
Gaming \| Operating Segments
Goodwill [Roll Forward]
Balance, beginning of period	290.3	290.3
Adjustments	0.0	0.0
Balance, end of period	$ 290.3	$ 290.3

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Revenue from Contract with Customer (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment


	Years Ended December 31,
(in millions)	2025		2024		2023
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	262.4	$	259.5	$	205.8
Louisville	217.1		209.1		189.0
Northern Kentucky	113.2		98.9		85.8
Southwestern Kentucky	168.3		158.3		147.8
Western Kentucky	68.7		28.8		31.8
Virginia	546.1		458.2		375.4
New Hampshire	18.9		12.8		11.7
Total Live and Historical Racing	$	1,394.7	$	1,225.6	$	1,047.3

Wagering Services and Solutions:	$	488.2	$	469.5	$	444.9

Gaming:
Florida	$	97.9	$	100.2	$	100.7
Iowa	93.9		93.3		96.0
Indiana	129.9		96.6		—
Louisiana	131.4		150.2		145.6
Maine	106.5		106.0		114.1
Maryland	99.3		101.8		106.9
Mississippi	93.5		98.7		100.9
New York	184.5		183.0		180.5
Pennsylvania	106.0		109.3		123.9
Total Gaming	$	1,042.9	$	1,039.1	$	968.6
All Other	0.1		0.1		0.9
Net revenue from external customers	$	2,925.9	$	2,734.3	$	2,461.7

Intercompany net revenues:
Live and Historical Racing	$	47.7	$	41.4	$	37.3
Wagering Services and Solutions	38.1		31.2		13.5
Gaming	6.4		6.3		6.0
All Other	8.6		6.5		—
Eliminations	(100.8)		(85.4)		(56.8)
Intercompany net revenue	$	—	$	—	$	—


	Year Ended December 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	$	98.3	$	367.2	$	26.0	$	491.5	$	—	$	491.5
Historical racing(a)	1,003.4		—		13.7		1,017.1		—		1,017.1
Racing event-related services	183.6		—		1.4		185.0		—		185.0
Gaming(a)	14.1		19.7		883.9		917.7		—		917.7
Other(a)	95.3		101.3		117.9		314.5		0.1		314.6
Total	$	1,394.7	$	488.2	$	1,042.9	$	2,925.8	$	0.1	$	2,925.9


	Year Ended December 31, 2024
(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	$	91.3	$	352.2	$	26.4	$	469.9	$	—	$	469.9
Historical racing(a)	854.9		—		37.0		891.9		—		891.9
Racing event-related services	188.0		—		6.6		194.6		—		194.6
Gaming(a)	12.6		17.3		856.0		885.9		—		885.9
Other(a)	78.8		100.0		113.1		291.9		0.1		292.0
Total	$	1,225.6	$	469.5	$	1,039.1	$	2,734.2	$	0.1	$	2,734.3


	Year Ended December 31, 2023
(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	$	81.9	$	359.7	$	26.6	$	468.2	$	—	$	468.2
Historical racing(a)	739.1		—		28.6		767.7		—		767.7
Racing event-related services	145.9		—		6.4		152.3		—		152.3
Gaming(a)	11.4		17.3		803.5		832.2		—		832.2
Other(a)	69.0		67.9		103.5		240.4		0.9		241.3
Total	$	1,047.3	$	444.9	$	968.6	$	2,460.8	$	0.9	$	2,461.7

Net revenue from external customers by segment is comprised of the following:


	Years Ended December 31,
(in millions)	2025		2024		2023
Live and Historical Racing	$	1,394.7	$	1,225.6	$	1,047.3
Wagering Services and Solutions	488.2		469.5		444.9
Gaming	1,042.9		1,039.1		968.6
All Other	0.1		0.1		0.9
Net Revenue	$	2,925.9	$	2,734.3	$	2,461.7

Shareholders' Equity - Schedule of Repurchase Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share Repurchase Program [Line Items]
Stock repurchased during period (in shares)	4,190,380	506,300	461,761
Repurchase aggregate cost	$ 425.3	$ 65.3	$ 55.3
July 2025 Stock Repurchase Program
Share Repurchase Program [Line Items]
Stock repurchased during period (in shares)	683,921	0	0
Repurchase aggregate cost	$ 70.5	$ 0.0	$ 0.0
March 2025 Stock Repurchase Program
Share Repurchase Program [Line Items]
Stock repurchased during period (in shares)	3,294,447	0	0
Repurchase aggregate cost	$ 330.8	$ 0.0	$ 0.0
2021 Stock Repurchase Program
Share Repurchase Program [Line Items]
Stock repurchased during period (in shares)	212,012	506,300	461,761
Repurchase aggregate cost	$ 24.0	$ 65.3	$ 55.3

- Definition

+ References + Details

- Definition

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 200.6	$ 175.5
Restricted cash	87.9	77.2
Accounts receivable, net	93.5	98.7
Income taxes receivable	17.0	14.5
Other current assets	44.2	46.4
Total current assets	443.2	412.3
Property and equipment, net	2,918.6	2,874.9
Investment in and advances to unconsolidated affiliates	684.6	661.2
Goodwill	900.2	900.2
Other intangible assets, net	2,515.3	2,409.0
Other assets	22.6	18.3
Total assets	7,484.5	7,275.9
Current liabilities:
Accounts payable	184.3	180.3
Accrued expenses and other current liabilities	400.5	402.0
Current deferred revenue	54.7	52.9
Current maturities of long-term debt	63.1	63.1
Dividends payable	30.7	31.0
Total current liabilities	733.3	729.3
Long-term debt (net of current maturities and loan origination fees of $6.0 in 2025 and $7.7 in 2024)	1,985.9	1,767.9
Notes payable (net of debt issuance costs of $18.8 in 2025 and $23.8 in 2024)	3,081.2	3,076.2
Non-current deferred revenue	15.4	20.0
Deferred income taxes	519.9	432.7
Other liabilities	93.0	146.5
Total liabilities	6,428.7	6,172.6
Commitments and contingencies
Redeemable noncontrolling interest	46.1	19.7
Shareholders' equity:
Preferred stock, no par value; 0.3 shares authorized; no shares issued or outstanding	0.0	0.0
Common stock, no par value; 300.0 shares authorized; 69.6 shares issued and outstanding December 31, 2025 and 73.5 shares at December 31, 2024	0.0	0.0
Retained earnings	1,010.7	1,084.6
Accumulated other comprehensive loss	(1.0)	(1.0)
Total shareholders' equity	1,009.7	1,083.6
Total liabilities and shareholders' equity	$ 7,484.5	$ 7,275.9

Investment In and Advances to Unconsolidated Affiliates - Affiliate Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Current assets	$ 443.2	$ 412.3
Property and equipment, net	2,918.6	2,874.9
Other assets, net	22.6	18.3
Total assets	7,484.5	7,275.9
Liabilities and Members' Deficit
Current liabilities	733.3	729.3
Other liabilities	93.0	146.5
Members' deficit	1,010.7	1,084.6
Total liabilities and shareholders' equity	7,484.5	7,275.9
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets
Current assets	108.8	100.5
Property and equipment, net	314.5	325.6
Other assets, net	265.4	267.5
Total assets	688.7	693.6
Liabilities and Members' Deficit
Current liabilities	88.9	89.9
Long-term debt	802.5	839.8
Other liabilities	0.4	1.7
Members' deficit	(203.1)	(237.8)
Total liabilities and shareholders' equity	$ 688.7	$ 693.6

Debt - Schedule of Future Aggregate Maturities of Total Debt (Details) $ in Millions	Dec. 31, 2025 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2026	$ 63.1
2027	663.1
2028	1,039.9
2029	1,589.0
2030	1,200.0
Thereafter	600.0
Total	$ 5,155.1

Goodwill - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Aug. 22, 2023
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 899.9	$ 900.2	$ 900.2
Operating Segments \| Live and Historical Racing
Indefinite-lived Intangible Assets [Line Items]
Goodwill	376.2	376.3	376.3
Operating Segments \| Wagering Services and Solutions
Indefinite-lived Intangible Assets [Line Items]
Goodwill	233.4	$ 233.6	$ 233.6
Exacta Systems
Indefinite-lived Intangible Assets [Line Items]
Goodwill	177.4			$ 177.4
Exacta Systems \| Live and Historical Racing
Indefinite-lived Intangible Assets [Line Items]
Goodwill				96.0
Exacta Systems \| Wagering Services and Solutions
Indefinite-lived Intangible Assets [Line Items]
Goodwill				$ 81.4
Exacta Systems \| Operating Segments \| Live and Historical Racing
Indefinite-lived Intangible Assets [Line Items]
Goodwill, acquired during period	96.0
Exacta Systems \| Operating Segments \| Wagering Services and Solutions
Indefinite-lived Intangible Assets [Line Items]
Goodwill, acquired during period	$ 81.4

- Definition

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- Definition

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+ Details

Debt - Credit Agreements (Details) - USD ($) $ in Millions					12 Months Ended
Debt - Credit Agreements (Details) - USD ($) $ in Millions	Feb. 14, 2025	Apr. 25, 2023	Apr. 13, 2022	Mar. 17, 2021	Dec. 31, 2025	Dec. 31, 2024	Feb. 24, 2023	Mar. 25, 2019	Dec. 27, 2017
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]					Secured Overnight Financing Rate (SOFR) [Member]
Total debt					$ 5,155.1	$ 4,938.7
Line of Credit \| Credit Agreement Amendment
Debt Instrument [Line Items]
Basis spread					1.50%
Senior Notes \| 2027 Senior Notes
Debt Instrument [Line Items]
Debt issuance costs								$ 8.9
Face amount of debt issuance								$ 600.0
Stated interest rate								5.50%
Total debt					$ 600.0	600.0
Senior Notes \| Senior Notes Due 2028, Existing
Debt Instrument [Line Items]
Debt issuance costs				$ 3.4
Face amount of debt issuance				$ 500.0					$ 500.0
Stated interest rate				4.75%					4.75%
Senior Notes \| 2021 Senior Notes 5.375%
Debt Instrument [Line Items]
Face amount of debt issuance									$ 600.0
Stated interest rate									5.375%
Senior Notes \| 2028 Senior Notes
Debt Instrument [Line Items]
Debt issuance costs									$ 7.7
Face amount of debt issuance				$ 700.0
Total debt					700.0	700.0
Senior Notes \| Senior Notes Due 2028, Additional
Debt Instrument [Line Items]
Face amount of debt issuance				$ 200.0
Stated interest rate				4.75%
Redemption price, percentage of face amount				103.25%
Premium percentage				3.25%
Senior Notes \| 2030 Senior Notes
Debt Instrument [Line Items]
Debt issuance costs			$ 18.3
Face amount of debt issuance			$ 1,200.0
Stated interest rate			5.75%
Redemption price, percentage of face amount			100.00%
Total debt					1,200.0	1,200.0
Senior Notes \| 2031 Senior Notes
Debt Instrument [Line Items]
Debt issuance costs		$ 10.5
Face amount of debt issuance		$ 600.0
Stated interest rate		6.75%
Redemption price, percentage of face amount		100.00%
Amortization period of debt issuance costs		8 years
Total debt					600.0	$ 600.0
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 1,200.0
Basis spread					0.10%
Commitment fee percentage						0.25%
Revolving Credit Facility \| Line of Credit \| Revolver
Debt Instrument [Line Items]
Available borrowing capacity					$ 534.8
Total debt					657.0	$ 377.5
Term Loan \| Line of Credit \| Term Loan B-1 due 2028
Debt Instrument [Line Items]
Basis spread	1.75%					2.00%
Elimination of variable rate	0.10%
Payment percentage of principal	0.25%
Face amount of debt issuance	$ 300.0
Total debt					285.8	$ 288.8
Term Loan \| Line of Credit \| Term Loan A due 2029
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 1,100.0		$ 1,300.0		$ 800.0
Debt issuance costs							$ 4.4
Basis spread					0.10%
Total debt					$ 1,112.3	$ 1,172.4
Term Loan \| Line of Credit \| Term Loan B due 2024
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 1.3
Swing Line Commitment \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					100.0
Letter of Credit \| Line of Credit
Debt Instrument [Line Items]
Consideration outstanding					$ 8.2

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Total Debt Outstanding

The following table presents our total debt outstanding:


(in millions)	December 31, 2025		December 31, 2024


Term Loan B-1 due 2028	$	285.8	$	288.8
Term Loan A due 2029	1,112.3		1,172.4
Revolver	657.0		377.5
2027 Senior Notes	600.0		600.0
2028 Senior Notes	700.0		700.0
2030 Senior Notes	1,200.0		1,200.0
2031 Senior Notes	600.0		600.0
Total debt	5,155.1		4,938.7
Current maturities of long-term debt	(63.1)		(63.1)
Unamortized premium and deferred finance charges	(24.9)		(31.5)
Total debt, net of current maturities and costs	$	5,067.1	$	4,844.1

Schedule of Interest Coverage Ratio and Net Leverage Ratio

Actual as of
December 31, 2025

Requirement

Interest coverage ratio

3.9 to 1.0

> 2.5 to 1.0

Consolidated total secured net leverage ratio

1.4 to 1.0

< 4.0 to 1.0

Schedule of Future Aggregate Maturities of Total Debt

Future aggregate maturities of total debt are as follows (in millions):


Years Ended December 31,

2026	$	63.1
2027	663.1
2028	1,039.9
2029	1,589.0
2030	1,200.0
Thereafter	600.0
Total	$	5,155.1

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Section S99
-Paragraph 1
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+ Details

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allowance for credit losses:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning of Year	$ 4.9	$ 5.0	$ 5.7
Charged to Expense	2.5	3.5	3.7
Deductions	(2.2)	(3.6)	(4.4)
Balance End of Year	5.2	4.9	5.0
Deferred income tax asset valuation allowance:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning of Year	4.6	4.6	5.7
Additions	14.0	0.0	0.8
Deductions	(0.4)	0.0	(1.9)
Balance End of Year	$ 18.2	$ 4.6	$ 4.6

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

Components of the provision for income taxes are as follows:


	Years Ended December 31,
(in millions)	2025		2024		2023
Current provision:
Federal	$	43.9	$	75.2	$	74.4
State and local	16.2		24.4		22.8
Foreign	—		—		(0.1)
	60.1		99.6		97.1
Deferred provision:
Federal	63.3		44.2		42.5
State and local	23.5		0.3		4.9

	86.8		44.5		47.4
Income tax provision	$	146.9	$	144.1	$	144.5

Schedule of Reconciliation of Amount Computed by Applying the Federal Statutory Income Tax Rate

Our income tax provision is different from the amount computed by applying the federal statutory income tax rate to income from operations before taxes as follows:


	Years Ended December 31,
(in millions)	2025				2024				2023
Income from operations before provision for income taxes	$	532.4			$	573.2			$	561.8

Federal statutory tax on earnings before income taxes	$	111.8	21.0	%	$	120.3	21.0	%	$	117.9	21.0	%
State income taxes, net of federal income tax benefit	31.7		6.0	%	19.7		3.4	%	23.5		4.2	%
Effect of cross border tax laws	—		—		(0.4)		(0.1)	%	(0.4)		(0.1)	%
Tax credits	(1.1)		(0.2)	%	(0.9)		(0.1)	%	(0.8)		(0.1)	%
Nontaxable or nondeductible items - U.S. federal
Non-deductible officer's compensation	6.5		1.2	%	7.0		1.2	%	5.0		0.9	%
Other	(1.4)		(0.3)	%	(0.1)		—		0.7		0.1	%
Changes in unrecognized tax benefits - fed, state & foreign	(0.6)		(0.1)	%	(1.5)		(0.3)	%	(1.4)		(0.3)	%
Income tax provision	$	146.9	27.6	%	$	144.1	25.1	%	$	144.5	25.7	%

Schedule of Components Deferred Tax Assets and Liabilities

Components of our deferred tax assets and liabilities were as follows:


	December 31,
(in millions)	2025		2024
Deferred tax assets:
§ 163(j) interest expense limitation carryforward	$	99.1	$	91.2
Lease liabilities	17.8		17.2
Net operating losses and credits carryforward	8.1		8.6
Deferred liabilities	10.9		10.1
Deferred compensation plans	10.7		9.3
Deferred income	5.7		3.5

Deferred tax assets	152.3		139.9
Valuation allowance	(18.2)		(4.6)
Net deferred tax asset	134.1		135.3
Deferred tax liabilities:
Property and equipment in excess of tax basis	255.5		220.8
Equity investments in excess of tax basis	159.5		157.3
Intangible assets in excess of tax basis	217.3		169.0
Right-of-use assets	16.5		16.1
Other	4.8		4.8
Deferred tax liabilities	653.6		568.0
Net deferred tax liability	$	(519.5)	$	(432.7)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in millions)	2025		2024		2023
Balance as of January 1	$	3.2	$	4.8	$	6.4
Additions for tax positions related to the current year	0.1		0.3		0.2
Additions for tax positions of prior years	—		—		0.3
Reductions for tax positions of prior years	(0.9)		(1.9)		(2.1)
Balance as of December 31	$	2.4	$	3.2	$	4.8

Net Income Per Common Share Computations (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Calculation

The following is a reconciliation of the numerator and denominator of the net income per common share computations:


	Years Ended December 31,
(in millions, except per share data)	2025		2024		2023
Numerator for basic net income per common share:
Net income attributable to Churchill Downs Incorporated	$	383.0	$	426.8	$	417.3
Adjustments related to redeemable noncontrolling interests	3.3		3.0		—
Net income attributable to common shareholders	$	379.7	$	423.8	$	417.3

Denominator for net income per common share:
Basic	71.4		74.0		75.2
Plus dilutive effect of stock awards	0.4		0.6		0.9
Diluted	71.8		74.6		76.1

Net income attributable to Churchill Downs Incorporated per common share data:
Basic net income	$	5.32	$	5.73	$	5.55
Diluted net income	$	5.29	$	5.68	$	5.49

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of the assets acquired and liabilities assumed, net of cash acquired of $1.8 million, as of August 22, 2023:


(in millions)	Total
Accounts receivable	$	9.0
Other current assets	3.0
Property and equipment	9.0
Goodwill	177.4
Other intangible assets	54.3
Other assets	0.9
Total assets acquired	$	253.6

Accounts payable	2.7
Accrued expenses and other current liabilities	2.1
Other liabilities assumed	0.6

Total liabilities assumed	$	5.4
Net assets acquired (net of cash)	$	248.2

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The fair value of the intangible assets consists of the following:


(in millions)	Fair Value Recognized		Estimated Useful Life
Technology asset	$	23.9	7.0 years
Customer relationships	21.3		15.0 years
Trademark	8.7		10.0 years
Other	0.4		5.0 years
Total intangible assets	$	54.3

Supplemental Balance Sheet Information - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Bad debt expense	$ 2.5	$ 2.8	$ 2.9

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Contingencies	19. CONTINGENCIES We are involved in litigation arising in the ordinary course of conducting business. We carry insurance for workers' compensation claims from our employees and general liability for claims from independent contractors, customers, and guests. We are self-insured up to an aggregate stop loss for our general liability and workers' compensation coverages. We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in the early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our consolidated financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse impact on our business.

Stock-Based Compensation Plans - Schedule of Activity for Awards Made Outside of Share-Based Compensation Plans (Details) - Churchill Downs Incorporated 2016 Omnibus Stock Incentive Plan - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares / Units
Shares outstanding, beginning of period (in shares)	576	815	1,038
Number of Units Awarded (in shares)	262	211	204
Shares, performance adjustment (in shares)	24	68	49
Shares, vested (in shares)	(471)	(506)	(469)
Shares forfeited (in shares)	(8)	(12)	(7)
Shares outstanding, end of period (in shares)	383	576	815
Weighted Average Grant Date Fair Value
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 81.58	$ 139.72	$ 55.07
Shares, weighted average grant date fair value, granted (in dollars per share)	117.59	120.93	127.69
Shares, weighted average grant date fair value, adjustments (in dollars per share)	134.12	110.13	127.15
Shares, weighted average grant date fair value, vested (in dollars per share)	81.52	78.25	71.91
Shares, weighted average grant date fair value, forfeited (in dollars per share)	123.30	122.46	99.74
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 76.64	$ 81.58	$ 139.72
PSUs
Number of Shares / Units
Shares outstanding, beginning of period (in shares)	335	547	741
Number of Units Awarded (in shares)	87	63	62
Shares, performance adjustment (in shares)	24	68	49
Shares, vested (in shares)	(293)	(343)	(305)
Shares forfeited (in shares)	0	0	0
Shares outstanding, end of period (in shares)	153	335	547
Weighted Average Grant Date Fair Value
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 60.83	$ 99.64	$ 45.04
Shares, weighted average grant date fair value, granted (in dollars per share)	111.83	115.22	134.12
Shares, weighted average grant date fair value, adjustments (in dollars per share)	134.12	110.12	127.15
Shares, weighted average grant date fair value, vested (in dollars per share)	67.90	68.11	62.10
Shares, weighted average grant date fair value, forfeited (in dollars per share)	0	0	0
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 15.32	$ 60.83	$ 99.64
RSAs and RSUs
Number of Shares / Units
Shares outstanding, beginning of period (in shares)	241	268	297
Number of Units Awarded (in shares)	175	148	142
Shares, performance adjustment (in shares)	0	0	0
Shares, vested (in shares)	(178)	(163)	(164)
Shares forfeited (in shares)	(8)	(12)	(7)
Shares outstanding, end of period (in shares)	230	241	268
Weighted Average Grant Date Fair Value
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 110.48	$ 69.60	$ 80.09
Shares, weighted average grant date fair value, granted (in dollars per share)	120.45	123.37	124.89
Shares, weighted average grant date fair value, adjustments (in dollars per share)	0	0	0
Shares, weighted average grant date fair value, vested (in dollars per share)	103.97	99.51	90.10
Shares, weighted average grant date fair value, forfeited (in dollars per share)	123.30	122.46	99.74
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 117.49	$ 110.48	$ 69.60

Debt - Schedule of Interest Coverage Ratio and Net Leverage Ratio (Details) - Line of Credit - Credit Agreement Amendment - Revolving Credit Facility	Dec. 31, 2025
Debt Instrument [Line Items]
Interest coverage ratio, minimum	3.9
Interest coverage ratio requirement, minimum	2.5
Leverage ratio, maximum	1.4
Leverage ratio requirement, maximum	4.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Subparagraph (b)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 95.9	$ 95.9
Accumulated Amortization	(42.2)	(34.2)
Net Carrying Amount	53.7	61.7
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	2,515.3	2,409.0
Trademarks
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	121.5	121.5
Gaming rights
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	2,340.1	2,225.8
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	25.9	25.9
Accumulated Amortization	(8.0)	(6.4)
Net Carrying Amount	17.9	19.5
Technology asset
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	23.9	23.9
Accumulated Amortization	(8.0)	(4.6)
Net Carrying Amount	15.9	19.3
Gaming licenses
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	6.4	6.4
Accumulated Amortization	(3.3)	(4.7)
Net Carrying Amount	3.1	1.7
Other
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	39.7	39.7
Accumulated Amortization	(22.9)	(18.5)
Net Carrying Amount	$ 16.8	$ 21.2

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

16. LEASES

Our operating leases with terms greater than one year are primarily related to buildings and land. Our operating leases with terms less than one year are primarily related to equipment. Most of our building and land leases have terms of 2 to 10 years and include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years or more. Certain of our lease agreements include lease payments based on a percentage of net gaming revenue and others include rental payment adjustments periodically for inflation. The estimated discount rate for each of our leases is determined based on adjustments made to our secured debt borrowing rate.

The components of total lease cost were as follows:


	Years Ended December 31,
(in millions)	2025		2024
Short-term lease cost (a) (b)	$	23.6	$	21.0
Operating lease cost (b)	7.9		9.5
Finance lease interest expense	1.8		2.3
Finance lease amortization expense (b)	3.7		4.2
Total lease cost	$	37.0	$	37.0

(a)Includes leases with terms of one year or less.

(b)Includes variable lease costs, which were not material.

Supplemental cash flow information related to leases are as follows:


	Years Ended December 31,
(in millions)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6.8	$	6.5
Operating cash flows from finance leases	1.8		2.1
Financing cash flows from finance leases	2.9		2.6

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	17.6	$	6.0
Finance leases	—		3.6

Other information related to operating leases was as follows:


	December 31,
Weighted Average Remaining Lease Term	2025		2024
Operating leases	11.2 years		5.7 years
Finance leases	8.6 years		10.4 years

Weighted Average Discount Rate
Operating leases	5.1	%	4.6	%
Finance leases	4.8	%	4.9	%

As of December 31, 2025, the future undiscounted cash flows associated with the Company's operating and financing lease liabilities were as follows:


(in millions)
Years Ended December 31,	Operating Leases		Finance Leases
2026	$	6.9	$	3.9
2027	6.3		4.0
2028	5.0		4.0
2029	4.1		4.1
2030	3.7		4.2
Thereafter	28.3		13.7
Total future minimum lease payments	54.3		33.9
Less: Imputed interest	15.3		6.1
Present value of lease liabilities	$	39.0	$	27.8

Reported lease liabilities as of December 31, 2025
Accrued expense and other current liabilities (current maturities of leases)	$	5.7	$	2.7
Other liabilities (non-current maturities of leases)	33.3		25.1
Present value of lease liabilities	$	39.0	$	27.8

Leases

16. LEASES

The components of total lease cost were as follows:


	Years Ended December 31,
(in millions)	2025		2024
Short-term lease cost (a) (b)	$	23.6	$	21.0
Operating lease cost (b)	7.9		9.5
Finance lease interest expense	1.8		2.3
Finance lease amortization expense (b)	3.7		4.2
Total lease cost	$	37.0	$	37.0

(a)Includes leases with terms of one year or less.

(b)Includes variable lease costs, which were not material.

Supplemental cash flow information related to leases are as follows:


	Years Ended December 31,
(in millions)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6.8	$	6.5
Operating cash flows from finance leases	1.8		2.1
Financing cash flows from finance leases	2.9		2.6

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	17.6	$	6.0
Finance leases	—		3.6

Other information related to operating leases was as follows:


	December 31,
Weighted Average Remaining Lease Term	2025		2024
Operating leases	11.2 years		5.7 years
Finance leases	8.6 years		10.4 years

Weighted Average Discount Rate
Operating leases	5.1	%	4.6	%
Finance leases	4.8	%	4.9	%

As of December 31, 2025, the future undiscounted cash flows associated with the Company's operating and financing lease liabilities were as follows:


(in millions)
Years Ended December 31,	Operating Leases		Finance Leases
2026	$	6.9	$	3.9
2027	6.3		4.0
2028	5.0		4.0
2029	4.1		4.1
2030	3.7		4.2
Thereafter	28.3		13.7
Total future minimum lease payments	54.3		33.9
Less: Imputed interest	15.3		6.1
Present value of lease liabilities	$	39.0	$	27.8

Reported lease liabilities as of December 31, 2025
Accrued expense and other current liabilities (current maturities of leases)	$	5.7	$	2.7
Other liabilities (non-current maturities of leases)	33.3		25.1
Present value of lease liabilities	$	39.0	$	27.8

Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Shares outstanding, beginning (in shares) at Dec. 31, 2022		74.8
Shareholders' equity, beginning at Dec. 31, 2022	$ 551.5	$ 0.0	$ 552.4	$ (0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Churchill Downs Incorporated	417.3		417.3
Issuance of common stock (in shares)		0.3
Issuance of common stock	3.1	$ 3.1
Repurchase of common stock (in shares)		(0.5)
Repurchase of common stock	(55.3)	$ (36.0)	(19.3)
Taxes paid related to net share settlement of stock awards (in shares)		(0.1)
Taxes paid related to net share settlement of stock awards	(26.5)		(26.5)
Stock-based compensation	32.9	$ 32.9
Cash dividends	(28.5)		(28.5)
Other	(0.9)		(0.9)
Shares outstanding, ending (in shares) at Dec. 31, 2023		74.5
Shareholders' equity, ending at Dec. 31, 2023	893.6	$ 0.0	894.5	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Churchill Downs Incorporated	426.8		426.8
Issuance of common stock (in shares)		0.7
Issuance of common stock	4.2	$ 4.2
Repurchase of common stock (in shares)		(1.5)
Repurchase of common stock	(189.0)	$ (35.8)	(153.2)
Reclassification to liability awards	(20.9)		(20.9)
Taxes paid related to net share settlement of stock awards (in shares)		(0.2)
Taxes paid related to net share settlement of stock awards	(27.3)		(27.3)
Stock-based compensation	32.0	$ 32.0
Cash dividends	(30.1)		(30.1)
Other	(5.7)	$ (0.4)	(5.2)	(0.1)
Shares outstanding, ending (in shares) at Dec. 31, 2024		73.5
Shareholders' equity, ending at Dec. 31, 2024	1,083.6	$ 0.0	1,084.6	(1.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Churchill Downs Incorporated	383.0		383.0
Issuance of common stock (in shares)		0.4
Issuance of common stock	5.0	$ 5.0
Repurchase of common stock (in shares)		(4.2)
Repurchase of common stock	(425.3)	$ (24.2)	(401.1)
Taxes paid related to net share settlement of stock awards (in shares)		(0.1)
Taxes paid related to net share settlement of stock awards	(17.2)		(17.2)
Stock-based compensation	19.2	$ 19.2
Cash dividends	(30.5)		(30.5)
Other	(8.1)		(8.1)
Shares outstanding, ending (in shares) at Dec. 31, 2025		69.6
Shareholders' equity, ending at Dec. 31, 2025	$ 1,009.7	$ 0.0	$ 1,010.7	$ (1.0)

Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 31, 2025	Aug. 27, 2025	Apr. 30, 2024	Apr. 08, 2024
Redeemable Noncontrolling Interest Rollforward [Roll Forward]
Beginning balance	$ 19.7	$ 0.0
Redeemable noncontrolling interest initial measurement		20.4				$ 14.4
Net income attributable to redeemable noncontrolling interest	2.5	2.3
Adjustments related to redeemable noncontrolling interests	3.3	3.0	$ 0.0
Minority holder contributions	0.2
Ending balance	$ 46.1	$ 19.7	$ 0.0
Casino Salem
Redeemable Noncontrolling Interest [Line Items]
Interest acquired				90.00%	90.00%
United Tote Company
Redeemable Noncontrolling Interest [Line Items]
Percent sold							49.00%

Acquisitions - Additional Information (Details) $ in Millions				12 Months Ended
	Aug. 27, 2025 USD ($)	Aug. 22, 2023 USD ($)	Feb. 15, 2023 USD ($) a	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Aug. 31, 2025
Business Combination [Line Items]
Deferred payments on the acquisition of business included in other liabilities				$ 0.0	$ 1.2	$ 4.9
Goodwill				$ 900.2	$ 900.2	899.9
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Arlington Heights Property
Business Combination [Line Items]
Aggregate consideration			$ 197.2
Net proceeds			$ 195.7
Area of land sold \| a			326
Gain on sale			$ 114.0
Exacta Systems
Business Combination [Line Items]
Total consideration		$ 248.2
Consideration to be paid		241.3
Deferred payments on the acquisition of business included in other liabilities		$ 6.9
Deferred payment term		2 years
Cash acquired in the acquisition		$ 1.8
Goodwill		177.4				$ 177.4
Exacta Systems \| Live and Historical Racing
Business Combination [Line Items]
Goodwill		96.0
Exacta Systems \| Wagering Services and Solutions
Business Combination [Line Items]
Goodwill		$ 81.4
Casino Salem
Business Combination [Line Items]
Interest acquired	90.00%						90.00%
Base purchase price	$ 180.0
Casino Salem \| Gaming Rights
Business Combination [Line Items]
Indefinite lived assets acquired	$ 196.6

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS


(in millions)	Balance Beginning of Year		Charged to Expense		Deductions		Balance End of Year
Allowance for credit losses:
December 31, 2025	$	4.9	$	2.5	$	(2.2)	$	5.2
December 31, 2024	5.0		3.5		(3.6)		4.9
December 31, 2023	5.7		3.7		(4.4)		5.0


(in millions)	Balance Beginning of Year		Additions		Deductions		Balance End of Year
Deferred income tax asset valuation allowance:
December 31, 2025	$	4.6	$	14.0	$	(0.4)	$	18.2
December 31, 2024	4.6		—		—		4.6
December 31, 2023	5.7		0.8		(1.9)		4.6

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,259.3	$ 4,020.5
Accumulated depreciation	(1,378.0)	(1,168.6)
Subtotal	2,881.3	2,851.9
Operating lease right-of-use assets	37.3	23.0
Total	$ 2,918.6	$ 2,874.9
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total	Total
Grandstands and buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,425.3	$ 2,258.0
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	940.7	847.5
Tracks and other improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	424.0	411.1
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	164.3	164.3
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	202.5	199.3
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 102.5	$ 140.3

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 19, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-33998
Entity Registrant Name	Churchill Downs Inc
Entity Incorporation, State or Country Code	KY
Entity Tax Identification Number	61-0156015
Entity Address, Address Line One	600 North Hurstbourne Parkway, Suite 400
Entity Address, City or Town	Louisville,
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40222
City Area Code	502
Local Phone Number	636-4400
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	CHDN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		69,696,376
Entity Public Float			$ 6,693,961,648
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement for its Annual Meeting of Shareholders to be held on April 21, 2026 are incorporated by reference herein in response to Items 10, 11, 12, 13 and 14 of Part III of Form 10-K.
Entity Central Index Key	0000020212
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of non-cash investing and financing activities:
Dividends payable	$ 30.7	$ 31.0	$ 29.3
Deferred payments on the acquisition of business included in other liabilities	0.0	1.2	4.9
Property and equipment additions included in accounts payable and accrued expense and other current liabilities	30.1	43.7	95.1
Fair value of noncontrolling interest recognized in connection with asset acquisition	$ 20.4	$ 0.0	$ 0.0

Redeemable Noncontrolling Interest

12 Months Ended

Dec. 31, 2025

Temporary Equity Disclosure [Abstract]

Redeemable Noncontrolling Interest

14. REDEEMABLE NONCONTROLLING INTEREST

In April 2024, the Company closed on the sale of 49% of United Tote, a wholly owned subsidiary of CDI, to NYRA Content Management Solutions, LLC ("NYRA"), a subsidiary of the New York Racing Association, Inc. NYRA's interest includes certain embedded redemption features, such as a put right, that are not exclusively within the Company’s control. NYRA's interest is treated as redeemable noncontrolling interest and is presented outside of permanent equity on the Company’s Consolidated Balance Sheets.

In August 2025, the Company closed on the purchase of 90% of the outstanding equity interest of Casino Salem, a joint venture with SL Salem, LLC and JPF Casino Enterprises, LLC (collectively, the "Casino Salem Minority Interest Holders"). The Casino Salem Minority Interest Holders' interests include certain embedded redemption features, such as put rights, that are not exclusively within the Company’s control. The Casino Salem Minority Interest Holders' interests are treated as redeemable noncontrolling interest and are not included in the permanent equity on the Company’s Consolidated Balance Sheets.

The redeemable noncontrolling interest is initially accounted for at fair value and subsequently adjusted to the greater of the redemption value or the carrying value. Redeemable noncontrolling interest adjustments of carrying value to redemption value are reflected in retained earnings and are also included as an adjustment to income available to the Company’s shareholders in the calculation of earnings per share (See Note 20, Net Income Per Common Share Computations). The table below depicts changes in the Company’s redeemable noncontrolling interest balance.


(in millions)
Balance, December 31, 2023	$	—
Redeemable noncontrolling interest initial measurement	14.4
Net income attributable to redeemable noncontrolling interest	2.3
Redemption value adjustment	3.0
Balance, December 31, 2024	$	19.7
Redeemable noncontrolling interest initial measurement	20.4
Net income attributable to redeemable noncontrolling interests	2.5
Redemption value adjustment	3.3
Minority holder contributions	0.2
Balance, December 31, 2025	$	46.1

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3