CHDN · Churchill Downs Inc - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · CHDN

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$2.93B	$2.73B	$1.60B	$1.81B	$1.60B	$1.05B
Cost of Revenue	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-
R&D	-	-	-	-	-	-
SG&A	$246.20M	$237.70M	$202.30M	$164.20M	$138.50M	$114.80M
Total Operating Expenses	$2.24B	$2.03B	$1.90B	$1.49B	$1.31B	$993.80M
D&A	$233.10M	$199.10M	$169.00M	$113.70M	$103.20M	$92.90M
Operating Income	$683.80M	$709.00M	$564.00M	$321.80M	$284.40M	$60.20M
Interest Expense	$297.70M	$289.80M	$268.40M	$147.30M	$84.70M	$80.00M
Income Tax	$146.90M	$144.10M	$144.50M	$169.40M	$94.50M	($5.30M)
Net Income	$383.00M	$426.80M	$417.30M	$439.40M	$249.10M	($81.90M)
EPS - Basic	-	-	$5.55	$5.79	$3.23	($1.03)
EPS - Diluted	-	-	$5.49	$5.71	$3.17	($1.04)

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$200.60M	$175.50M	$144.50M	$129.80M	$291.30M	$67.40M
Accounts Receivable	$93.50M	$98.70M	$106.90M	$81.50M	$42.30M	$36.50M
Inventory	$11.90M	$17.20M	-	-	-	-
Accounts Payable	$184.30M	$180.30M	$158.50M	$145.50M	$81.60M	$70.70M
Current Assets	$443.20M	$412.30M	$400.80M	$344.50M	$501.50M	$235.10M
Total Assets	$7.48B	$7.28B	$6.96B	$6.21B	$2.98B	$2.69B
Current Liabilities	$733.30M	$729.30M	$755.80M	$621.60M	$395.00M	$424.20M
Long-term Debt	$5.07B	$4.84B	$4.77B	$4.56B	$1.96B	$1.62B
Total Liabilities	$6.43B	$6.17B	$6.06B	$5.66B	$2.67B	$2.32B
Stockholders' Equity	$1.01B	$1.08B	$893.60M	$551.50M	$306.80M	$367.10M
Retained Earnings	$1.01B	$1.08B	$894.50M	$552.40M	$307.70M	$349.80M

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$769.80M	$771.70M	$605.30M	$510.80M	$143.20M	$141.90M
Investing Cash Flow	($471.50M)	($545.20M)	($718.00M)	($3.10B)	($100.40M)	($239.40M)
Financing Cash Flow	($262.50M)	($196.60M)	$129.30M	$2.42B	($500.0K)	$76.00M
CapEx	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	-	-	-	-	-	-
Operating margin	23.4%	25.9%	35.3%	17.8%	17.8%	5.7%
EBITDA margin	31.3%	33.2%	45.9%	24.1%	24.3%	14.5%
Net margin	13.1%	15.6%	26.1%	24.3%	15.6%	-7.8%
Free cash flow margin	-	-	-	-	-	-
FCF / Net income	-	-	-	-	-	-
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	8.4%	8.7%	12.7%	9.1%	8.7%	10.9%
Effective tax rate	27.7%	25.2%	25.7%	27.8%	27.5%	-
Return on assets	5.1%	5.9%	6.0%	7.1%	8.4%	-3.0%
Return on equity	37.9%	39.4%	46.7%	79.7%	81.2%	-22.3%
Return on invested capital	8.1%	8.9%	7.4%	4.5%	9.1%	2.4%
Liquidity
Current ratio	0.60	0.57	0.53	0.55	1.27	0.55
Quick ratio	0.59	0.54	0.53	0.55	1.27	0.55
Cash ratio	0.27	0.24	0.19	0.21	0.74	0.16
Leverage
Debt / Equity	5.02	4.47	5.34	8.27	6.39	4.41
Debt / Assets	0.68	0.67	0.69	0.73	0.66	0.60
Debt / EBITDA	5.53	5.33	6.51	10.47	5.06	10.57
Interest coverage	2.3x	2.4x	2.1x	2.2x	3.4x	0.8x
Equity multiplier	7.41	6.71	7.78	11.25	9.72	7.32
Liabilities / Assets	0.86	0.85	0.87	0.91	0.90	0.86
Efficiency
Asset turnover	0.39	0.38	0.23	0.29	0.54	0.39
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	12d	13d	24d	16d	10d	13d
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	-	-	24.6x	18.5x	37.9x	-
P / B	8.1x	9.2x	11.5x	7.4x	15.4x	10.6x
P / S	2.8x	3.6x	6.4x	2.2x	3.0x	3.7x
EV / EBITDA	14.2x	16.1x	20.3x	19.5x	16.5x	35.6x
Growth
Revenue growth (YoY)	7.0%	71.2%	-11.7%	13.3%	51.5%	-20.7%
Revenue CAGR (3y)	17.4%	19.6%	14.9%	10.8%	24.8%	-
Revenue CAGR (5y)	22.7%	15.5%	14.2%	-	-	-
Gross profit growth (YoY)	-	-	-	-	-	-
Operating income growth (YoY)	-3.6%	25.7%	75.3%	13.2%	372.4%	-72.1%
Net income growth (YoY)	-10.3%	2.3%	-5.0%	76.4%	-	-
EPS growth (YoY)	-	-	-3.9%	79.8%	-	-
EPS CAGR (3y)	-	-	-	19.1%	-27.9%	-
EPS CAGR (5y)	-	-	-8.3%	-8.2%	-13.1%	-
FCF growth (YoY)	-	-	-	-	-	-
FCF CAGR (5y)	-	-	-	-	-	-
Book value growth (YoY)	-6.8%	21.3%	62.0%	79.8%	-16.4%	-27.8%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$848.50M total

Wagering Services And Solutions$488.20M · 57.5%

Live And Historical Racing$262.40M · 30.9%

Gaming Segment$97.90M · 11.5%

Product / service

$4.21B total

Live And Historical Racing$1.39B · 33.1%

Gaming$1.04B · 24.8%

Pari Mutuel Historical Racing$1.00B · 23.8%

Wagering Services And Solutions$488.20M · 11.6%

Racing Event Related Services$183.60M · 4.4%

Pari Mutuel Live And Simulcast Racing$98.30M · 2.3%

Product And Service Other$100.0K · 0.0%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

0.83

Distress

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

6/9

Neutral

✓Net income positive
✓Operating cash flow positive
✗ROA improved YoY
✓Cash flow > net income
✗Long-term debt decreased
✓Current ratio improved
✓No share dilution
-Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Services-Racing, Including Track Operation

Company	Revenue (last FY)	Net margin	ROE
CPHC	-	-	-0.6%

Comparing Churchill Downs Inc against the 1 most active filer in the same SIC group.

Dividends

$0.44/share trailing 12 months · +7.1% YoY

Ex-date	Per share
Dec 5, 2025	$0.4380
Dec 6, 2024	$0.4090
Nov 30, 2023	$0.3820
Dec 1, 2022	$0.3570
Dec 2, 2021	$0.3335
Dec 3, 2020	$0.3110
Dec 5, 2019	$0.2905
Dec 6, 2018	$0.2717
Nov 30, 2017	$0.2533
Nov 30, 2016	$0.2200
Dec 2, 2015	$0.1917
Dec 3, 2014	$0.1667
Dec 4, 2013	$0.1450
Nov 26, 2012	$0.1200
Dec 28, 2011	$0.1000
Dec 29, 2010	$0.0833
Dec 29, 2009	$0.0833
Dec 29, 2008	$0.0833
Dec 26, 2007	$0.0833
Dec 27, 2006	$0.0833
Dec 28, 2005	$0.0833
Dec 29, 2004	$0.0833
Dec 29, 2003	$0.0833
Dec 27, 2002	$0.0833