Canterbury Park (CPHC) Q4 2025 earnings summary

Executive summary

• Fourth quarter net revenues rose 3.9% year-over-year to $12.4 million, driven by 5.4% growth in Casino revenue and increased visitation.

• Full-year 2025 net revenues declined 3.2% to $59.6 million, reflecting increased competition and fewer live race days.

• Adjusted EBITDA for Q4 increased 52.8% year-over-year to $2.3 million, with margin at 18.4%.

• Net loss for Q4 was $390,000, an improvement from a $1.2 million loss in the prior year quarter.

• Real estate development and diversification initiatives exceeded expectations, with high occupancy rates and new venues opening.

Financial highlights

• Q4 2025 net revenues: $12.4 million (+3.9% YoY); full-year 2025: $59.6 million (-3.2% YoY).

• Q4 net loss: $390,000 (EPS: -$0.08); full-year net loss: $529,000 (EPS: -$0.10).

• Q4 Adjusted EBITDA: $2.3 million (+52.8% YoY); full-year Adjusted EBITDA: $9.4 million (-12.9% YoY).

• Casino revenue up 5.4% in Q4; Food & Beverage up 0.7%; Pari-mutuel down 1.5%.

• Operating expenses for Q4 up 0.3% YoY; full-year up 0.4% YoY.

Outlook and guidance

• Exploring additional entertainment and hospitality opportunities for remaining parcels in 2026.

• New 19,000-capacity amphitheater to open in June 2026, with strong initial ticket sales.

• Continued focus on maximizing cash flows, operational efficiencies, and shareholder value.