NASDAQ : CHDN
Churchill Downs Incorporated — Financial statements
Consumer Discretionary · Gambling · United States
Last price 91.16 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 6.35B
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Financial statements
Churchill Downs Incorporated (CHDN) reported revenue of 3.00B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 3.00B | 2.93B | 2.73B | 2.46B | 1.81B | 1.60B |
| Revenue | 3.00B | 2.93B | 2.73B | 2.46B | 1.81B | 1.60B |
| Cost of Revenue | 1.98B | 1.94B | 1.80B | 1.67B | 1.24B | 1.15B |
| Gross Profit | 1.03B | 982.60M | 938.50M | 795.70M | 566.40M | 446.10M |
| Selling, General & Admin | 251.20M | 246.20M | 237.70M | 202.30M | 164.20M | 138.50M |
| Operating Expenses | 251.20M | 246.20M | 237.70M | 202.30M | 164.20M | 138.50M |
| Operating Income | 774.40M | 736.40M | 700.80M | 593.40M | 402.20M | 307.60M |
| Interest Expense | -286.70M | -297.70M | -289.80M | -268.40M | -147.30M | -84.70M |
| Earnings From Equity Investments | 149.40M | 139.40M | 144.90M | 146.30M | 152.70M | 143.20M |
| Other Non Operating Income (Expenses) | 5.90M | 6.90M | 9.10M | 7.20M | 7.00M | 700.00K |
| EBT Excluding Unusual Items | 643.00M | 585.00M | 565.00M | 478.50M | 414.60M | 366.80M |
| Gain (Loss) on Sale of Assets | 114.00M | 274.60M | ||||
| Asset Writedown | 500.00K | -87.50M | -3.90M | -24.60M | -38.30M | -15.30M |
| Other Unusual Items | -8.10M | 34.90M | 12.10M | -6.10M | -42.10M | -7.90M |
| Pretax Income | 635.40M | 532.40M | 573.20M | 561.80M | 608.80M | 343.60M |
| Income Tax Expense | 178.90M | 146.90M | 144.10M | 144.50M | 169.40M | 94.50M |
| Earnings From Continuing Operations | 456.50M | 385.50M | 429.10M | 417.30M | 439.40M | 249.10M |
| Net Income to Company | 456.50M | 385.50M | 429.10M | 417.30M | 439.40M | 249.10M |
| Minority Interest in Earnings | -1.50M | -2.50M | -2.30M | |||
| Net Income | 455.00M | 383.00M | 426.80M | 417.30M | 439.40M | 249.10M |
| Preferred Dividends & Other Adjustments | -1.00M | |||||
| Net Income to Common | 456.00M | 383.00M | 426.80M | 417.30M | 439.40M | 249.10M |
| Shares Outstanding (Basic) | 69.90M | 71.40M | 74.00M | 75.20M | 75.90M | 77.20M |
| Shares Outstanding (Diluted) | 69.90M | 71.80M | 74.60M | 76.10M | 77.00M | 78.40M |
| EPS (Basic) | 6.52 | 5.36 | 5.77 | 5.55 | 5.79 | 3.23 |
| EPS (Diluted) | 6.47 | 5.33 | 5.72 | 5.49 | 5.71 | 3.18 |
| Free Cash Flow | 529.90M | 494.90M | 225.70M | -70.70M | 113.30M | 243.70M |
| Free Cash Flow Per Share | 7.58 | 6.89 | 3.02 | -0.93 | 1.47 | 3.11 |
| Dividend Per Share | 0.44 | 0.44 | 0.41 | 0.38 | 0.36 | 0.33 |
| Gross Margin | 34.13% | 33.58% | 34.32% | 32.32% | 31.30% | 27.93% |
| Operating Margin | 25.77% | 25.17% | 25.63% | 24.10% | 22.22% | 19.26% |
| Profit Margin | 15.17% | 13.09% | 15.61% | 16.95% | 24.28% | 15.60% |
| Free Cash Flow Margin | 17.64% | 16.91% | 8.25% | -2.87% | 6.26% | 15.26% |
| EBITDA | 996.70M | 956.70M | 886.90M | 751.20M | 505.20M | 400.50M |
| EBITDA Margin | 33.17% | 32.70% | 32.44% | 30.51% | 27.91% | 25.07% |
| D&A For EBITDA | 222.30M | 220.30M | 186.10M | 157.80M | 103.00M | 92.90M |
| EBIT | 774.40M | 736.40M | 700.80M | 593.40M | 402.20M | 307.60M |
| EBIT Margin | 25.77% | 25.17% | 25.63% | 24.10% | 22.22% | 19.26% |
| Effective Tax Rate | 28.16% | 27.59% | 25.14% | 25.72% | 27.82% | 27.50% |
| Revenue as Reported | 3.00B | 2.93B | 2.73B | 2.46B | 1.81B | 1.60B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 167.00M | 200.60M | 175.50M | 144.50M | 129.80M | 291.30M |
| Cash & Short-Term Investments | 167.00M | 200.60M | 175.50M | 144.50M | 129.80M | 291.30M |
| Accounts Receivable | 83.00M | 63.80M | 72.60M | 82.50M | 60.90M | 31.80M |
| Other Receivables | 23.00M | 46.70M | 40.60M | 37.00M | 34.60M | 76.50M |
| Receivables | 106.00M | 110.50M | 113.20M | 119.50M | 95.50M | 108.30M |
| Restricted Cash | 92.00M | 87.90M | 77.20M | 77.30M | 74.90M | 64.30M |
| Other Current Assets | 53.00M | 44.20M | 46.40M | 59.50M | 44.30M | 37.60M |
| Total Current Assets | 418.00M | 443.20M | 412.30M | 400.80M | 344.50M | 501.50M |
| Property, Plant & Equipment | 2.92B | 2.92B | 2.87B | 2.56B | 1.98B | 994.90M |
| Long-Term Investments | 694.00M | 684.60M | 661.20M | 655.90M | 659.40M | 663.60M |
| Goodwill | 900.00M | 900.20M | 900.20M | 899.90M | 723.80M | 366.80M |
| Other Intangible Assets | 2.51B | 2.52B | 2.41B | 2.42B | 2.39B | 348.10M |
| Other Long-Term Assets | 24.00M | 22.60M | 18.30M | 19.30M | 109.00M | 106.70M |
| Total Assets | 7.47B | 7.48B | 7.28B | 6.96B | 6.21B | 2.98B |
| Accounts Payable | 221.00M | 184.30M | 180.30M | 158.50M | 145.50M | 81.60M |
| Accrued Expenses | 192.00M | 166.80M | 164.00M | 145.30M | 113.70M | 63.80M |
| Current Portion of Long-Term Debt | 659.00M | 63.10M | 63.10M | 68.00M | 47.00M | 7.00M |
| Current Portion of Leases | 9.00M | 8.40M | 8.70M | 7.80M | ||
| Current Income Taxes Payable | 3.00M | 900.00K | ||||
| Current Unearned Revenue | 101.00M | 122.40M | 116.00M | 131.90M | 96.80M | 95.20M |
| Other Current Liabilities | 137.00M | 188.30M | 197.20M | 244.30M | 218.60M | 146.50M |
| Total Current Liabilities | 1.32B | 733.30M | 729.30M | 755.80M | 621.60M | 395.00M |
| Long-Term Debt | 4.06B | 5.07B | 4.84B | 4.77B | 4.56B | 1.96B |
| Long-Term Leases | 74.00M | 58.40M | ||||
| Long-Term Unearned Revenue | 12.00M | 15.40M | 20.00M | 11.80M | 11.80M | 13.30M |
| Long-Term Deferred Tax Liabilities | 582.00M | 519.90M | 432.70M | 388.20M | 340.80M | 252.90M |
| Other Long-Term Liabilities | 11.00M | 34.60M | 146.50M | 137.80M | 122.40M | 52.60M |
| Total Liabilities | 6.06B | 6.43B | 6.17B | 6.06B | 5.66B | 2.67B |
| Retained Earnings | 1.38B | 1.01B | 1.08B | 894.50M | 552.40M | 307.70M |
| Comprehensive Income & Other | -1.00M | -1.00M | -1.00M | -900.00K | -900.00K | -900.00K |
| Total Common Equity | 1.38B | 1.01B | 1.08B | 893.60M | 551.50M | 306.80M |
| Minority Interest | 24.00M | 46.10M | 19.70M | |||
| Shareholders' Equity | 1.40B | 1.06B | 1.10B | 893.60M | 551.50M | 306.80M |
| Total Liabilities & Equity | 7.47B | 7.48B | 7.28B | 6.96B | 6.21B | 2.98B |
| Total Debt | 4.80B | 5.20B | 4.92B | 4.84B | 4.61B | 1.97B |
| Net Cash (Debt) | -4.64B | -5.00B | -4.74B | -4.70B | -4.48B | -1.68B |
| Net Cash Per Share | -66.35 | -69.59 | -63.54 | -61.76 | -58.13 | -21.39 |
| Filing Date Shares Outstanding | 68.55M | 69.70M | 73.55M | 73.68M | 74.76M | 76.18M |
| Total Common Shares Outstanding | 69.00M | 69.60M | 73.50M | 74.50M | 74.80M | 76.20M |
| Working Capital | -904.00M | -290.10M | -317.00M | -355.00M | -277.10M | 106.50M |
| Book Value Per Share | 19.99 | 14.51 | 14.74 | 11.99 | 7.37 | 4.03 |
| Tangible Book Value | -2.03B | -2.41B | -2.23B | -2.42B | -2.56B | -408.10M |
| Tangible Book Value Per Share | -29.43 | -34.57 | -30.28 | -32.55 | -34.28 | -5.36 |
| Land | 164.30M | 164.30M | 162.90M | 161.20M | 101.30M | |
| Machinery | 1.14B | 1.05B | 865.60M | 746.50M | 570.80M | |
| Construction In Progress | 102.50M | 140.30M | 668.50M | 353.70M | 65.80M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 455.00M | 383.00M | 426.80M | 417.30M | 439.40M | 249.10M |
| Depreciation & Amortization | 228.70M | 226.70M | 191.70M | 164.00M | 108.30M | 98.20M |
| Other Amortization | 12.80M | 12.80M | 13.00M | 11.20M | 10.70M | 10.30M |
| Loss (Gain) From Sale of Assets | -114.00M | -274.60M | ||||
| Asset Writedown & Restructuring Costs | -500.00K | 87.50M | 3.90M | 24.60M | 38.30M | 15.30M |
| Loss (Gain) on Equity Investments | -18.40M | -23.40M | -6.20M | 8.80M | 4.20M | -33.80M |
| Stock-Based Compensation | 31.20M | 30.20M | 36.10M | 32.90M | 31.80M | 27.80M |
| Other Operating Activities | 101.10M | 58.10M | 56.50M | 52.80M | 116.10M | 15.10M |
| Change in Unearned Revenue | 2.20M | -2.80M | -12.10M | 34.20M | -12.70M | 10.70M |
| Change in Income Taxes | -25.50M | -3.50M | -4.50M | -1.10M | 28.20M | 12.90M |
| Change in Other Net Operating Assets | -30.80M | 1.20M | 66.50M | -25.40M | 21.10M | 53.90M |
| Operating Cash Flow | 755.80M | 769.80M | 772.70M | 605.80M | 536.80M | 335.50M |
| Capital Expenditures | -225.90M | -274.90M | -547.00M | -676.50M | -423.50M | -91.80M |
| Cash Acquisitions | -241.30M | -2.92B | ||||
| Sale (Purchase) of Intangibles | -300.00K | -185.30M | -33.30M | |||
| Sale (Purchase) of Real Estate | 195.70M | 279.00M | ||||
| Other Investing Activities | -2.30M | -11.30M | 1.80M | 4.10M | -7.40M | -8.60M |
| Investing Cash Flow | -228.50M | -471.50M | -545.20M | -718.00M | -3.10B | -100.40M |
| Short-Term Debt Issued | 2.00M | 13.30M | ||||
| Long-Term Debt Issued | 1.10B | 965.50M | 1.77B | 2.86B | 780.80M | |
| Total Debt Issued | 1.42B | 1.10B | 965.50M | 1.77B | 2.88B | 780.80M |
| Short-Term Debt Repaid | -2.30M | -10.90M | -10.50M | |||
| Long-Term Debt Repaid | -881.70M | -900.80M | -1.54B | -205.40M | -430.90M | |
| Total Debt Repaid | -1.80B | -884.00M | -911.70M | -1.54B | -205.40M | -441.40M |
| Net Debt Issued (Repaid) | -376.90M | 214.10M | 53.80M | 237.10M | 2.67B | 339.40M |
| Issuance of Common Stock | 14.40M | |||||
| Repurchase of Common Stock | -91.80M | -444.80M | -216.10M | -81.40M | -203.30M | -310.40M |
| Common Dividends Paid | -31.80M | -30.80M | -29.20M | -27.10M | -26.00M | -24.80M |
| Other Financing Activities | -37.00M | -1.00M | -5.10M | -13.70M | -25.00M | -4.70M |
| Financing Cash Flow | -537.50M | -262.50M | -196.60M | 129.30M | 2.42B | -500.00K |
| Net Cash Flow | -10.20M | 35.80M | 30.90M | 17.10M | -150.90M | 234.60M |
| Free Cash Flow | 529.90M | 494.90M | 225.70M | -70.70M | 113.30M | 243.70M |
| Free Cash Flow Margin | 17.64% | 16.91% | 8.25% | -2.87% | 6.26% | 15.26% |
| Free Cash Flow Per Share | 7.58 | 6.89 | 3.02 | -0.93 | 1.47 | 3.11 |
| Levered Free Cash Flow | 335.31M | 82.19M | -52.33M | -201.47M | 35.41M | 109.11M |
| Unlevered Free Cash Flow | 514.50M | 268.25M | 128.80M | -33.73M | 127.47M | 162.05M |
| Cash Interest Paid | 274.50M | 294.50M | 306.80M | 283.60M | 133.60M | 77.50M |
| Cash Income Tax Paid | 112.60M | 63.60M | 103.00M | 98.20M | 7.00M | 72.40M |
| Change in Working Capital | -54.10M | -5.10M | 49.90M | 7.70M | 36.60M | 77.50M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.79B | 7.93B | 9.81B | 10.07B | 7.91B | 9.21B |
| Enterprise Value | 11.42B | 13.01B | 14.60B | 14.66B | 11.02B | 10.90B |
| Last Close Price | 94.83 | 113.78 | 133.02 | 134.02 | 104.65 | 118.86 |
| PE Ratio | 15.31 | 20.71 | 23.00 | 24.12 | 18.00 | 36.99 |
| Forward PE | 13.50 | 17.86 | 19.59 | 23.51 | 16.92 | 26.39 |
| PS Ratio | 2.25 | 2.71 | 3.59 | 4.09 | 4.37 | 5.77 |
| PB Ratio | 4.74 | 7.51 | 8.90 | 11.26 | 14.34 | 30.03 |
| P/FCF Ratio | 12.77 | 16.03 | 43.49 | 69.80 | 37.81 | |
| P/OCF Ratio | 8.96 | 10.31 | 12.70 | 16.61 | 14.73 | 27.46 |
| PEG Ratio | 0.91 | 1.82 | 1.50 | 1.18 | 0.60 | 0.15 |
| EV/Sales Ratio | 3.80 | 4.45 | 5.34 | 5.95 | 6.09 | 6.83 |
| EV/EBITDA Ratio | 11.44 | 13.60 | 16.46 | 19.51 | 21.81 | 27.22 |
| EV/EBIT Ratio | 14.73 | 17.66 | 20.83 | 24.70 | 27.40 | 35.44 |
| EV/FCF Ratio | 21.53 | 26.28 | 64.67 | 97.27 | 44.74 | |
| Debt / Equity Ratio | 3.42 | 4.92 | 4.46 | 5.42 | 8.35 | 6.42 |
| Debt / EBITDA Ratio | 4.67 | 5.26 | 5.51 | 6.40 | 9.02 | 4.85 |
| Debt / FCF Ratio | 9.07 | 10.50 | 21.78 | 40.65 | 8.08 | |
| Net Debt / Equity Ratio | 3.31 | 4.73 | 4.30 | 5.26 | 8.12 | 5.46 |
| Net Debt / EBITDA Ratio | 4.65 | 5.22 | 5.34 | 6.26 | 8.86 | 4.19 |
| Net Debt / FCF Ratio | 8.75 | 10.10 | 21.00 | -66.47 | 39.51 | 6.88 |
| Asset Turnover | 0.40 | 0.40 | 0.38 | 0.37 | 0.39 | 0.56 |
| Quick Ratio | 0.21 | 0.42 | 0.40 | 0.35 | 0.36 | 1.01 |
| Current Ratio | 0.32 | 0.60 | 0.56 | 0.53 | 0.55 | 1.27 |
| Return on Equity (ROE) | 36.78% | 35.71% | 42.98% | 57.75% | 102.39% | 73.93% |
| Return on Assets (ROA) | 6.49% | 6.24% | 6.16% | 5.63% | 5.47% | 6.78% |
| Return on Invested Capital (ROIC) | 9.20% | 8.96% | 9.17% | 8.30% | 8.28% | 11.42% |
| Return on Capital Employed (ROCE) | 12.60% | 10.90% | 10.70% | 9.60% | 7.20% | 11.90% |
| Earnings Yield | 6.53% | 4.83% | 4.35% | 4.15% | 5.56% | 2.70% |
| FCF Yield | 7.83% | 6.24% | 2.30% | -0.70% | 1.43% | 2.65% |
| Dividend Yield | 0.47% | 0.38% | 0.31% | 0.28% | 0.34% | 0.28% |
| Payout Ratio | 7.25% | 8.04% | 6.84% | 6.49% | 5.92% | 9.96% |
| Buyback Yield / Dilution | 4.77% | 3.75% | 1.97% | 1.17% | 1.79% | 2.24% |
| Total Shareholder Return | 5.24% | 4.14% | 2.28% | 1.45% | 2.12% | 2.52% |