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.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $663.00M | - | $683.00M | $934.40M | $642.60M | - | $628.50M | $768.50M | $590.90M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $59.00M | - | $59.30M | $60.90M | $54.50M | - | $59.80M | $57.40M | $54.80M | - |
| Total Operating Expenses | $520.00M | - | $585.00M | $606.70M | $508.00M | - | $502.60M | $560.70M | $464.60M | - |
| D&A | $56.00M | - | $56.50M | $57.80M | $59.20M | - | $49.60M | $49.20M | $46.90M | - |
| Operating Income | $143.00M | - | $98.00M | $327.70M | $134.60M | - | $125.90M | $330.00M | $126.30M | - |
| Interest Expense | $72.00M | - | $75.60M | $74.20M | $70.40M | - | $73.10M | $65.20M | $70.40M | - |
| Income Tax | $30.00M | - | $22.00M | $74.40M | $18.70M | - | $19.90M | $84.10M | $21.40M | - |
| Net Income | $83.00M | - | $38.10M | $216.90M | $76.70M | - | $65.40M | $209.30M | $80.40M | - |
| EPS - Basic | - | - | - | - | - | - | - | - | - | - |
| EPS - Diluted | - | - | - | - | - | - | - | - | - | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $200.00M | $200.60M | $180.50M | $182.40M | $174.20M | $175.50M | $152.70M | $140.30M | $149.40M | $144.50M |
| Accounts Receivable | $99.00M | $93.50M | $89.70M | $118.40M | $108.60M | $98.70M | $93.20M | $136.10M | $115.00M | $106.90M |
| Inventory | $11.00M | $11.90M | $12.40M | $12.60M | $11.60M | $11.60M | - | - | - | $17.20M |
| Accounts Payable | $218.00M | $184.30M | $194.00M | $231.00M | $207.10M | $180.30M | $182.40M | $215.00M | $187.80M | $158.50M |
| Current Assets | $452.00M | $443.20M | $414.90M | $464.00M | $452.40M | $412.30M | $387.40M | $436.00M | $416.00M | $400.80M |
| Total Assets | $7.49B | $7.48B | $7.45B | $7.38B | $7.35B | $7.28B | $7.17B | $7.17B | $7.07B | $6.96B |
| Current Liabilities | $836.00M | $733.30M | $725.20M | $772.10M | $846.10M | $729.30M | $710.10M | $763.20M | $837.20M | $755.80M |
| Long-term Debt | $4.87B | $5.07B | $5.04B | $4.94B | $4.81B | $4.84B | $4.77B | $4.79B | $4.86B | $4.77B |
| Total Liabilities | $6.34B | $6.43B | $6.38B | $6.31B | $6.25B | $6.17B | $6.06B | $6.12B | $6.24B | $6.06B |
| Stockholders' Equity | $1.10B | $1.01B | $1.03B | $1.04B | $1.07B | $1.08B | $1.10B | $1.03B | $826.90M | $893.60M |
| Retained Earnings | $1.09B | $1.01B | $1.04B | $1.04B | $1.07B | $1.08B | $1.10B | $1.03B | $827.80M | $894.50M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $295.00M | - | - | - | $246.50M | - | - | - | $254.70M | - |
| Investing Cash Flow | ($61.00M) | - | - | - | ($80.10M) | - | - | - | ($153.40M) | - |
| Financing Cash Flow | ($232.00M) | - | - | - | ($147.90M) | - | - | - | ($101.10M) | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 21.6% | - | 14.3% | 35.1% | 20.9% | - | 20.0% | 42.9% | 21.4% | - |
| EBITDA margin | 30.0% | - | 22.6% | 41.3% | 30.2% | - | 27.9% | 49.3% | 29.3% | - |
| Net margin | 12.5% | - | 5.6% | 23.2% | 11.9% | - | 10.4% | 27.2% | 13.6% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 8.9% | - | 8.7% | 6.5% | 8.5% | - | 9.5% | 7.5% | 9.3% | - |
| Effective tax rate | 26.5% | - | 36.6% | 25.5% | 19.6% | - | 23.3% | 28.7% | 21.0% | - |
| Return on assets | 1.1% | - | 0.5% | 2.9% | 1.0% | - | 0.9% | 2.9% | 1.1% | - |
| Return on equity | 7.6% | - | 3.7% | 20.8% | 7.2% | - | 6.0% | 20.3% | 9.7% | - |
| Return on invested capital | 1.8% | - | 1.0% | 4.1% | 1.8% | - | 1.6% | 4.0% | 1.8% | - |
| Liquidity | ||||||||||
| Current ratio | 0.54 | 0.60 | 0.57 | 0.60 | 0.53 | 0.57 | 0.55 | 0.57 | 0.50 | 0.53 |
| Quick ratio | 0.53 | 0.59 | 0.56 | 0.58 | 0.52 | 0.55 | 0.55 | 0.57 | 0.50 | 0.51 |
| Cash ratio | 0.24 | 0.27 | 0.25 | 0.24 | 0.21 | 0.24 | 0.22 | 0.18 | 0.18 | 0.19 |
| Leverage | ||||||||||
| Debt / Equity | 4.44 | 5.02 | 4.87 | 4.74 | 4.49 | 4.47 | 4.35 | 4.65 | 5.88 | 5.34 |
| Debt / Assets | 0.65 | 0.68 | 0.68 | 0.67 | 0.66 | 0.67 | 0.67 | 0.67 | 0.69 | 0.69 |
| Debt / EBITDA | 24.45 | - | 32.64 | 12.82 | 24.84 | - | 27.18 | 12.64 | 28.05 | - |
| Interest coverage | 2.0x | - | 1.3x | 4.4x | 1.9x | - | 1.7x | 5.1x | 1.8x | - |
| Equity multiplier | 6.83 | 7.41 | 7.20 | 7.08 | 6.86 | 6.71 | 6.54 | 6.96 | 8.55 | 7.78 |
| Liabilities / Assets | 0.85 | 0.86 | 0.86 | 0.86 | 0.85 | 0.85 | 0.84 | 0.85 | 0.88 | 0.87 |
| Efficiency | ||||||||||
| Asset turnover | 0.09 | - | 0.09 | 0.13 | 0.09 | - | 0.09 | 0.11 | 0.08 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 55d | - | 48d | 46d | 62d | - | 54d | 65d | 71d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 5.7x | - | 6.7x | 7.0x | 7.7x | - | 9.2x | 10.1x | 11.2x | - |
| P / S | 9.5x | - | 10.1x | 7.8x | 12.9x | - | 16.0x | 13.6x | 15.6x | - |
| EV / EBITDA | 55.0x | - | 76.1x | 31.3x | 66.6x | - | 83.8x | 39.7x | 80.6x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 3.2% | - | 8.7% | 21.6% | 8.7% | - | 64.1% | 0.0% | 5.6% | - |
| Revenue CAGR (3y) | 5.8% | - | 21.3% | 17.1% | 20.8% | - | 16.9% | 14.3% | 22.1% | - |
| Revenue CAGR (5y) | 15.4% | - | 15.1% | 38.2% | 20.5% | - | 15.5% | 10.0% | 17.4% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 6.2% | - | -22.2% | -0.7% | 6.6% | - | 12.1% | 46.3% | 5.3% | - |
| Net income growth (YoY) | 8.2% | - | -41.7% | 3.6% | -4.6% | - | 7.2% | 46.4% | -48.4% | - |
| EPS growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 2.3% | -6.8% | -5.7% | 1.0% | 29.6% | 21.3% | 23.4% | 20.7% | 17.4% | 62.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$848.50M totalWagering 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 totalLive 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%
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 |