Churchill Downs (CHDN) Financials

$97.31 -0.73 (-0.74%)

As of 05/20/2025 04:00 PM Eastern

Annual Income Statements for Churchill Downs

This table shows Churchill Downs' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	427	417	439	249	-82	138	353	141	108	65
Consolidated Net Income / (Loss)	429	417	439	249	-82	137	353	141	108	65
Net Income / (Loss) Continuing Operations	429	417	439	249	13	140	183	122	97	71
Total Pre-Tax Income	573	562	609	344	8.00	196	234	103	147	115
Total Operating Income	709	564	322	284	60	216	189	146	173	126
Total Gross Profit	939	796	566	446	194	1,673	290	883	822	558
Total Revenue	2,734	2,462	1,810	1,597	1,054	0.00	1,009	883	822	799
Operating Revenue	2,734	2,462	1,810	1,597	1,054	2,659	1,009	883	822	782
Total Cost of Revenue	1,796	1,666	1,243	1,151	861	987	719	0.00	0.00	241
Operating Cost of Revenue	1,796	1,666	1,243	1,151	861	987	719	-	-	241
Total Operating Expenses	230	232	245	162	133	1,241	101	737	650	431
Selling, General & Admin Expense	238	202	164	139	115	1,236	91	159	96	92
Other Operating Expenses / (Income)	-12	4.80	42	7.90	1.00	5.30	10	556	578	325
Impairment Charge	3.90	25	38	15	18	0.00	0.00	22	0.00	0.00
Total Other Income / (Expense), net	-136	-2.20	287	59	-52	-39	45	-43	-25	-11
Interest Expense	290	268	147	85	80	71	40	70	44	29
Interest & Investment Income	145	146	153	143	28	51	30	26	17	11
Other Income / (Expense), net	9.10	120	282	0.70	0.10	-18	56	1.30	1.20	6.50
Income Tax Expense	144	145	169	95	-5.30	57	51	-20	51	45
Net Income / (Loss) Attributable to Noncontrolling Interest	2.30	0.00	0.00	-	-0.20	-0.30	0.00	0.00	-	-
Basic Earnings per Share	$5.73	$5.55	$5.79	$3.22	($2.07)	$3.43	$8.54	$2.97	$2.17	$3.75
Weighted Average Basic Shares Outstanding	74M	75.20M	75.90M	77.20M	39.60M	40.10M	41.30M	47.20M	49.30M	17.20M
Weighted Average Diluted Shares Outstanding	74.60M	76.10M	77M	78.40M	40.10M	40.10M	41.60M	48M	50.50M	17.60M
Weighted Average Basic & Diluted Shares Outstanding	73.55M	73.68M	37.38M	38.60M	39.60M	40.10M	41.30M	47.30M	16.60M	17.40M
Cash Dividends to Common per Share	$0.41	$0.38	$0.36	$0.67	$0.62	$0.58	$0.54	$1.52	$1.32	$1.15

This table shows Churchill Downs' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	77	72	65	209	80	58	61	143	156	1.00	57
Consolidated Net Income / (Loss)	77	72	66	210	80	58	61	143	156	1.00	57
Net Income / (Loss) Continuing Operations	77	72	66	210	80	58	61	143	156	1.00	57
Total Pre-Tax Income	96	91	86	294	102	72	82	199	209	-3.10	73
Total Operating Income	135	127	126	330	126	106	112	226	120	12	63
Total Gross Profit	190	180	186	388	185	161	164	299	172	131	103
Total Revenue	643	624	629	891	591	561	573	769	560	480	383
Operating Revenue	643	624	629	891	591	561	573	769	560	480	383
Total Cost of Revenue	453	445	443	503	406	400	409	470	388	349	281
Operating Cost of Revenue	453	445	443	503	406	400	409	470	388	349	281
Total Operating Expenses	55	53	60	58	59	55	52	73	52	120	40
Selling, General & Admin Expense	55	66	60	57	55	52	50	48	52	52	38
Other Operating Expenses / (Income)	0.40	-13	-4.00	0.60	4.10	3.00	1.50	0.50	-0.20	35	1.20
Total Other Income / (Expense), net	-39	-36	-40	-36	-25	-34	-31	-26	89	-15	10
Interest Expense	72	73	73	74	70	71	68	65	65	55	36
Interest & Investment Income	33	36	33	38	38	36	33	39	38	37	42
Other Income / (Expense), net	0.30	1.00	-0.10	0.10	8.10	0.40	4.10	0.00	115	2.60	4.20
Income Tax Expense	19	19	20	84	21	14	21	56	53	-4.10	16
Net Income / (Loss) Attributable to Noncontrolling Interest	0.50	-	0.80	0.90	-	-	0.00	0.00	-	-	-
Basic Earnings per Share	$1.02	$0.97	$0.87	-	-	$0.77	$0.81	-	-	$0.01	-
Weighted Average Basic Shares Outstanding	73.70M	74M	73.90M	73.90M	74.10M	75.20M	75.20M	75.30M	75.30M	75.90M	75.60M
Weighted Average Diluted Shares Outstanding	74.40M	74.60M	74.60M	74.60M	74.70M	76.10M	77.10M	76.90M	76.10M	77M	76.70M
Weighted Average Basic & Diluted Shares Outstanding	72.23M	73.55M	73.50M	73.42M	73.50M	73.68M	74.59M	74.87M	37.43M	37.38M	37.40M

This table details how cash moves in and out of Churchill Downs' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	31	17	-151	235	-22	-31	89	2.00	-21	8.40
Net Cash From Operating Activities	773	606	537	336	143	290	198	215	231	265
Net Cash From Continuing Operating Activities	772	605	511	460	143	293	198	215	231	265
Net Income / (Loss) Continuing Operations	429	417	439	249	13	140	353	141	108	65
Consolidated Net Income / (Loss)	429	417	439	249	-82	137	353	141	108	65
Depreciation Expense	199	169	114	103	93	96	64	97	109	110
Amortization Expense	5.60	6.20	5.30	5.30	5.00	4.60	0.00	18	17	9.70
Non-Cash Adjustments To Reconcile Net Income	44	-42	-193	15	49	14	-264	39	-48	32
Changes in Operating Assets and Liabilities, net	94	55	145	87	-17	38	46	-79	46	48
Net Cash From Discontinued Operating Activities	1.00	0.50	26	-124	-	-2.90	-	-	-	-
Net Cash From Investing Activities	-545	-718	-3,104	-100	-239	-781	824	-154	-51	-66
Net Cash From Continuing Investing Activities	-545	-718	-3,104	-100	-239	-781	824	-154	-51	-66
Purchase of Property, Plant & Equipment	-547	-677	-424	-92	-234	-131	-149	-117	-55	-44
Acquisitions	0.00	-241	-2,952	0.00	0.00	-649	0.00	-48	-8.00	-26
Sale of Property, Plant & Equipment	0.00	196	279	0.00	0.00	-	-	-	26	0.20
Other Investing Activities, net	1.80	4.10	-7.40	-8.60	-5.20	-1.20	-10	12	-14	3.70
Net Cash From Financing Activities	-197	129	2,416	-0.50	76	461	-933	-60	-202	-191
Net Cash From Continuing Financing Activities	-197	129	2,416	-0.50	76	461	-933	-60	-202	-191
Repayment of Debt	-917	-1,548	-217	-446	-595	-647	-441	-1,866	-590	-990
Repurchase of Common Equity	-186	-56	-175	-298	-28	-95	-531	-181	-39	-148
Payment of Dividends	-29	-27	-26	-25	-23	-22	-24	-22	-19	-17
Issuance of Debt	966	1,771	2,862	781	742	1,236	137	2,051	732	1,010
Other Financing Activities, net	-30	-11	-28	-13	-19	-12	-74	-42	-288	-46
Cash Interest Paid	307	284	134	78	80	62	31	48	40	25
Cash Income Taxes Paid	108	99	69	72	1.60	24	49	76	32	42

This table details how cash moves in and out of Churchill Downs' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	19	21	0.50	8.90	0.20	29	-248	204	33	-1,489	-206
Net Cash From Operating Activities	247	131	169	218	255	107	96	187	216	112	44
Net Cash From Continuing Operating Activities	247	131	169	217	255	107	96	187	216	86	44
Net Income / (Loss) Continuing Operations	77	72	66	210	80	58	61	143	156	1.00	57
Consolidated Net Income / (Loss)	77	72	66	210	80	58	61	143	156	1.00	57
Depreciation Expense	59	53	50	49	47	47	42	42	38	35	28
Amortization Expense	1.60	1.50	1.40	1.30	1.40	1.40	1.30	1.30	2.20	1.40	1.20
Non-Cash Adjustments To Reconcile Net Income	4.00	2.40	14	11	16	-0.30	13	43	-97	45	9.60
Changes in Operating Assets and Liabilities, net	105	1.00	38	-55	110	0.60	-21	-42	117	3.90	-52
Net Cash From Investing Activities	-80	-129	-126	-137	-153	-169	-431	-174	55	-2,997	-212
Net Cash From Continuing Investing Activities	-80	-129	-126	-137	-153	-169	-431	-174	55	-2,997	-212
Purchase of Property, Plant & Equipment	-80	-129	-126	-137	-155	-178	-186	-178	-135	-160	-97
Other Investing Activities, net	0.00	-	-0.10	0.30	1.60	9.90	-3.50	4.20	-6.50	-0.10	-
Net Cash From Financing Activities	-148	20	-43	-72	-101	91	86	190	-238	1,396	-38
Net Cash From Continuing Financing Activities	-148	20	-43	-72	-101	91	86	190	-238	1,396	-38
Repayment of Debt	-252	-148	-172	-330	-267	-241	-76	-430	-801	-200	0.60
Repurchase of Common Equity	-86	-27	-4.00	-13	-142	-20	-35	-	-0.50	-31	-59
Payment of Dividends	-30	-0.50	0.10	-0.20	-29	-0.30	-0.10	-	-27	-0.30	-
Issuance of Debt	224	215	133	271	347	350	198	622	601	1,642	20
Other Financing Activities, net	-3.90	-20	-0.10	-0.10	-10	2.10	-	-1.90	-11	-15	-
Cash Interest Paid	45	102	50	105	51	103	45	80	56	67	24
Cash Income Taxes Paid	1.00	26	49	33	0.20	20	43	35	0.80	15	38

This table presents Churchill Downs' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	7,276	6,956	6,207	2,982	2,686	2,551	1,725	2,359	2,254	2,277
Total Current Assets	412	401	345	502	235	221	242	256	246	220
Cash & Equivalents	176	145	130	291	67	96	133	52	45	75
Restricted Cash	77	77	75	64	54	46	40	0.00	34	30
Accounts Receivable	99	107	82	42	37	37	29	50	57	68
Current Deferred & Refundable Income Taxes	15	13	14	66	49	15	17	36	7.60	1.00
Other Current Assets	46	60	44	38	28	27	22	19	31	40
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	758	608	561	573
Total Noncurrent Assets	6,864	6,555	5,862	2,480	2,451	2,330	726	1,495	1,448	1,485
Long-Term Investments	661	656	659	664	631	635	108	171	139	130
Goodwill	900	900	724	367	367	367	338	318	302	842
Intangible Assets	2,409	2,418	2,392	348	351	370	264	169	174	499
Other Noncurrent Operating Assets	2,893	2,581	2,005	1,102	1,103	958	16	14	9.90	14
Total Liabilities & Shareholders' Equity	7,276	6,956	6,207	2,982	2,686	2,551	1,725	2,359	2,254	2,277
Total Liabilities	6,173	6,062	5,655	2,675	2,319	2,040	1,252	1,719	1,569	1,660
Total Current Liabilities	729	756	622	395	424	301	257	453	468	640
Short-Term Debt	63	68	47	7.00	4.00	4.00	4.00	4.00	14	296
Accounts Payable	180	159	146	82	71	58	47	67	62	51
Accrued Expenses	402	427	363	232	168	173	135	76	73	98
Dividends Payable	31	29	27	26	25	24	23	24	22	19
Current Deferred Revenue	53	73	39	48	33	43	48	71	64	155
Total Noncurrent Liabilities	5,443	5,306	5,034	2,280	1,895	1,739	995	1,266	1,101	1,020
Long-Term Debt	4,844	4,768	4,559	1,961	1,088	1,470	493	1,125	595	594
Noncurrent Deferred Revenue	20	12	12	13	17	17	21	29	24	16
Noncurrent Deferred & Payable Income Tax Liabilities	433	388	341	253	214	213	78	41	63	128
Other Noncurrent Operating Liabilities	147	138	122	53	576	39	403	16	327	282
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	20	0.00	-	-	-	-	-	-	-	-
Total Equity & Noncontrolling Interests	1,084	894	552	307	367	511	473	640	685	617
Total Preferred & Common Equity	1,084	894	552	307	367	508	473	640	685	617
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,084	894	552	307	367	508	473	640	685	617
Common Stock	0.00	0.00	0.00	0.00	18	0.00	0.00	7.30	117	134
Retained Earnings	1,085	895	552	308	350	509	474	634	570	484
Accumulated Other Comprehensive Income / (Loss)	-1.00	-0.90	-0.90	-0.90	-0.90	-0.90	-0.90	-1.30	-1.20	-0.60

This table presents Churchill Downs' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	7,347	7,173	7,170	7,067	6,751	6,579	6,274	4,674
Total Current Assets	452	387	436	416	371	583	378	1,806
Cash & Equivalents	174	153	140	149	130	374	174	111
Restricted Cash	97	79	91	73	63	67	64	1,583
Accounts Receivable	109	93	136	115	102	80	74	69
Current Deferred & Refundable Income Taxes	0.00	0.00	0.00	0.00	5.90	0.00	0.00	0.00
Other Current Assets	73	63	69	79	69	63	66	44
Plant, Property, & Equipment, net	2,907	2,806	2,752	2,669	2,384	2,230	2,095	1,241
Total Noncurrent Assets	3,987	3,980	3,982	3,982	3,996	3,766	3,801	1,627
Long-Term Investments	663	650	649	648	660	645	652	661
Goodwill	900	900	900	900	900	723	724	376
Intangible Assets	2,406	2,412	2,414	2,415	2,417	2,365	2,391	485
Other Noncurrent Operating Assets	18	18	18	19	19	33	34	105
Total Liabilities & Shareholders' Equity	7,347	7,173	7,170	7,067	6,751	6,579	6,274	4,674
Total Liabilities	6,254	6,058	6,123	6,240	5,862	5,725	5,569	4,061
Total Current Liabilities	846	710	763	837	670	648	694	492
Short-Term Debt	63	63	68	68	68	68	72	7.00
Accounts Payable	207	182	215	188	169	164	145	109
Accrued Expenses	424	430	419	423	401	359	348	300
Dividends Payable	0.70	0.60	0.60	0.70	1.00	1.00	0.50	0.00
Current Deferred Revenue	147	27	19	153	31	26	121	15
Current Deferred & Payable Income Tax Liabilities	4.80	7.10	41	4.10	-	30	7.60	61
Total Noncurrent Liabilities	5,408	5,348	5,360	5,403	5,192	5,077	4,875	3,570
Long-Term Debt	4,814	4,771	4,791	4,859	4,655	4,551	4,351	3,174
Noncurrent Deferred Revenue	20	20	20	12	9.50	9.50	12	12
Noncurrent Deferred & Payable Income Tax Liabilities	433	418	408	393	386	373	374	280
Other Noncurrent Operating Liabilities	141	139	141	139	142	143	138	104
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	21	18	16	-	-	-	-	-
Total Equity & Noncontrolling Interests	1,072	1,097	1,031	827	889	854	704	613
Total Preferred & Common Equity	1,072	1,097	1,031	827	889	854	704	613
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,072	1,097	1,031	827	889	854	704	613
Common Stock	0.00	1.70	0.00	0.00	0.00	8.00	4.70	0.00
Retained Earnings	1,073	1,096	1,032	828	890	847	700	614
Accumulated Other Comprehensive Income / (Loss)	-1.00	-1.00	-1.00	-0.90	-0.90	-0.90	-0.90	-0.90

This table displays calculated financial ratios and metrics derived from Churchill Downs' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.07%	36.02%	13.31%	51.54%	0.00%	-100.00%	14.32%	7.32%	2.98%	-1.67%
EBITDA Growth	7.41%	18.92%	83.54%	148.80%	-46.98%	-3.12%	17.74%	-12.65%	18.76%	58.32%
EBIT Growth	5.00%	13.34%	111.65%	372.80%	-69.45%	-19.23%	66.26%	-15.37%	30.80%	45.93%
NOPAT Growth	26.69%	80.37%	12.65%	106.01%	-34.72%	4.02%	-15.29%	53.74%	46.05%	41.32%
Net Income Growth	2.83%	-5.03%	76.40%	403.41%	-159.84%	-61.11%	151.10%	29.97%	65.80%	40.52%
EPS Growth	0.00%	0.00%	0.00%	403.41%	-161.54%	-60.14%	151.10%	29.97%	65.80%	40.53%
Operating Cash Flow Growth	27.55%	12.85%	60.00%	134.29%	-50.55%	46.41%	-8.04%	-7.04%	-12.51%	86.79%
Free Cash Flow Firm Growth	226.82%	91.76%	-1,142.10%	-146.14%	229.62%	-212.65%	253.02%	-123.58%	328.60%	-350.72%
Invested Capital Growth	5.04%	15.18%	230.66%	49.70%	-30.47%	73.10%	-20.02%	76.91%	-61.08%	57.60%
Revenue Q/Q Growth	2.36%	3.41%	6.80%	5.73%	485.66%	-100.00%	4.14%	78.02%	-7.49%	-27.92%
EBITDA Q/Q Growth	3.07%	13.85%	-1.46%	2.82%	9.41%	-2.58%	6.35%	-13.43%	2.96%	19.53%
EBIT Q/Q Growth	3.04%	15.60%	-3.33%	4.47%	47.07%	-11.95%	11.09%	-19.54%	4.45%	28.78%
NOPAT Q/Q Growth	3.09%	20.42%	-6.92%	4.44%	248.72%	-6.55%	-21.19%	51.48%	3.16%	53.68%
Net Income Q/Q Growth	3.55%	15.69%	-8.78%	11.75%	14.03%	-5.31%	-7.06%	8.83%	21.73%	48.40%
EPS Q/Q Growth	0.00%	0.00%	0.00%	11.75%	13.69%	-6.63%	-7.06%	8.83%	21.73%	47.22%
Operating Cash Flow Q/Q Growth	3.22%	-0.95%	8.88%	-8.76%	99.17%	-10.23%	7.91%	2.62%	0.48%	5.57%
Free Cash Flow Firm Q/Q Growth	37.89%	92.45%	-3,654.72%	-177.99%	405.26%	-405.39%	-43.92%	-814.75%	626.76%	14.03%
Invested Capital Q/Q Growth	1.18%	2.57%	194.46%	1.21%	-36.59%	5.63%	-36.58%	-41.29%	-64.84%	-10.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.32%	32.32%	31.30%	27.93%	18.36%	0.00%	28.71%	100.00%	100.00%	69.81%
EBITDA Margin	33.75%	34.90%	39.92%	24.64%	15.01%	0.00%	30.53%	29.64%	36.42%	31.58%
Operating Margin	25.93%	22.91%	17.78%	17.81%	5.71%	0.00%	18.71%	16.51%	20.98%	15.82%
EBIT Margin	26.26%	27.78%	33.34%	17.85%	5.72%	0.00%	24.22%	16.66%	21.12%	16.63%
Profit (Net Income) Margin	15.69%	16.95%	24.28%	15.60%	-7.79%	0.00%	34.97%	15.92%	13.14%	8.16%
Tax Burden Percent	74.86%	74.28%	72.17%	72.50%	-1,026.25%	69.86%	150.83%	137.07%	73.34%	56.50%
Interest Burden Percent	79.82%	82.15%	100.89%	120.52%	13.27%	99.49%	95.70%	69.73%	84.86%	86.90%
Effective Tax Rate	25.14%	25.72%	27.83%	27.50%	-66.25%	28.92%	21.93%	-19.41%	34.40%	38.65%
Return on Invested Capital (ROIC)	10.61%	9.19%	8.42%	19.29%	9.59%	0.00%	18.41%	24.99%	12.61%	7.34%
ROIC Less NNEP Spread (ROIC-NNEP)	8.07%	9.15%	17.30%	25.15%	-20.54%	0.00%	102.72%	-74.97%	10.55%	4.25%
Return on Net Nonoperating Assets (RNNOA)	32.37%	48.57%	93.97%	54.64%	-28.29%	0.00%	44.95%	-3.79%	3.99%	2.56%
Return on Equity (ROE)	42.98%	57.75%	102.39%	73.93%	-18.70%	27.88%	63.36%	21.20%	16.60%	9.90%
Cash Return on Invested Capital (CROIC)	5.69%	-4.92%	-98.70%	-20.52%	45.53%	-37.75%	40.66%	-30.56%	100.54%	-37.38%
Operating Return on Assets (OROA)	10.09%	10.39%	13.13%	10.06%	2.30%	0.00%	11.97%	6.37%	7.67%	5.73%
Return on Assets (ROA)	6.03%	6.34%	9.56%	8.79%	-3.14%	0.00%	17.27%	6.09%	4.77%	2.81%
Return on Common Equity (ROCE)	42.55%	57.75%	102.39%	73.93%	-18.64%	27.80%	63.36%	21.20%	16.60%	9.90%
Return on Equity Simple (ROE_SIMPLE)	39.60%	46.70%	79.67%	81.19%	-22.36%	26.99%	74.54%	21.94%	15.78%	10.56%
Net Operating Profit after Tax (NOPAT)	531	419	232	206	100	153	147	174	113	77
NOPAT Margin	19.41%	17.02%	12.83%	12.91%	9.50%	0.00%	14.61%	19.71%	13.76%	9.70%
Net Nonoperating Expense Percent (NNEP)	2.54%	0.04%	-8.89%	-5.86%	30.13%	3.36%	-84.30%	99.96%	2.06%	3.09%
Return On Investment Capital (ROIC_SIMPLE)	8.86%	7.31%	4.50%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	65.68%	67.68%	68.70%	72.07%	81.64%	0.00%	71.29%	0.00%	0.00%	30.19%
SG&A Expenses to Revenue	8.69%	8.22%	9.07%	8.67%	10.89%	0.00%	8.98%	18.06%	11.66%	11.51%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.39%	9.41%	13.52%	10.12%	12.65%	0.00%	10.00%	83.49%	79.02%	53.99%
Earnings before Interest and Taxes (EBIT)	718	684	603	285	60	197	244	147	174	133
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	923	859	722	394	158	298	308	262	300	252
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.06	11.23	14.25	29.84	20.74	10.61	6.87	5.48	3.54	3.87
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22.87	11.57	0.00
Price to Revenue (P/Rev)	3.59	4.08	4.34	5.73	7.22	0.00	3.22	3.97	2.95	2.99
Price to Earnings (P/E)	23.00	24.05	17.89	36.75	0.00	39.23	9.22	24.95	22.42	36.68
Dividend Yield	0.31%	0.28%	0.34%	0.28%	0.32%	0.43%	0.68%	0.67%	0.90%	0.85%
Earnings Yield	4.35%	4.16%	5.59%	2.72%	0.00%	2.55%	10.85%	4.01%	4.46%	2.73%
Enterprise Value to Invested Capital (EV/IC)	2.70	2.87	2.74	7.88	9.29	4.95	4.88	4.96	5.60	2.36
Enterprise Value to Revenue (EV/Rev)	5.06	5.68	6.41	6.33	7.54	0.00	3.44	5.00	3.42	3.82
Enterprise Value to EBITDA (EV/EBITDA)	14.98	16.29	16.06	25.67	50.27	20.42	11.26	16.87	9.40	12.08
Enterprise Value to EBIT (EV/EBIT)	19.26	20.46	19.23	35.44	131.88	30.87	14.19	30.01	16.20	22.94
Enterprise Value to NOPAT (EV/NOPAT)	26.05	33.41	49.95	49.00	79.46	39.74	23.53	25.36	24.86	39.32
Enterprise Value to Operating Cash Flow (EV/OCF)	17.90	23.10	21.61	30.11	55.53	21.04	17.54	20.51	12.16	11.52
Enterprise Value to Free Cash Flow (EV/FCFF)	48.58	0.00	0.00	0.00	16.73	0.00	10.66	0.00	3.12	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.45	5.41	8.35	6.41	2.97	2.88	1.05	1.76	0.89	1.44
Long-Term Debt to Equity	4.39	5.34	8.27	6.39	2.96	2.88	1.04	1.76	0.87	0.96
Financial Leverage	4.01	5.31	5.43	2.17	1.38	0.97	0.44	0.05	0.38	0.60
Leverage Ratio	7.13	9.11	10.71	8.41	5.96	4.34	3.67	3.48	3.48	3.52
Compound Leverage Factor	5.69	7.48	10.80	10.14	0.79	4.32	3.51	2.43	2.95	3.06
Debt to Total Capital	81.64%	84.40%	89.31%	86.51%	74.84%	74.26%	51.22%	63.81%	47.06%	59.03%
Short-Term Debt to Total Capital	1.05%	1.19%	0.91%	0.31%	0.27%	0.20%	0.41%	0.23%	1.10%	19.63%
Long-Term Debt to Total Capital	80.59%	83.22%	88.39%	86.21%	74.56%	74.05%	50.81%	63.59%	45.96%	39.41%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.33%	0.00%	0.00%	0.00%	0.00%	0.14%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	18.03%	15.60%	10.69%	13.49%	25.16%	25.61%	48.78%	36.19%	52.94%	40.97%
Debt to EBITDA	5.32	5.63	6.38	5.00	6.90	4.94	1.61	4.32	2.03	3.53
Net Debt to EBITDA	4.33	4.61	5.18	2.41	2.15	2.34	0.70	3.46	1.30	2.60
Long-Term Debt to EBITDA	5.25	5.55	6.31	4.98	6.88	4.93	1.60	4.30	1.99	2.35
Debt to NOPAT	9.25	11.54	19.83	9.55	10.91	9.61	3.37	6.49	5.38	11.48
Net Debt to NOPAT	7.52	9.45	16.11	4.60	3.40	4.55	1.46	5.21	3.45	8.46
Long-Term Debt to NOPAT	9.13	11.38	19.63	9.51	10.87	9.59	3.34	6.47	5.26	7.66
Altman Z-Score	1.81	1.79	1.52	3.09	2.53	2.08	2.99	2.08	1.78	1.48
Noncontrolling Interest Sharing Ratio	0.99%	0.00%	0.00%	0.00%	0.31%	0.27%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.57	0.53	0.55	1.27	0.55	0.73	0.94	0.57	0.53	0.34
Quick Ratio	0.38	0.33	0.34	0.84	0.24	0.44	0.63	0.22	0.22	0.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	285	-224	-2,724	-219	475	-367	325	-213	902	-395
Operating Cash Flow to CapEx	141.26%	126.00%	371.49%	365.47%	61.14%	220.73%	132.40%	184.00%	795.19%	610.85%
Free Cash Flow to Firm to Interest Expense	0.98	-0.84	-18.49	-2.59	5.94	-5.17	8.12	-3.04	20.64	-13.80
Operating Cash Flow to Interest Expense	2.67	2.26	3.64	3.96	1.79	4.08	4.93	3.07	5.30	9.25
Operating Cash Flow Less CapEx to Interest Expense	0.78	0.47	2.66	2.88	-1.14	2.23	1.21	1.40	4.63	7.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.38	0.37	0.39	0.56	0.40	0.00	0.49	0.38	0.36	0.34
Accounts Receivable Turnover	26.60	26.13	29.24	40.54	28.56	0.00	25.74	16.62	13.22	11.12
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	1.48	1.51	1.45	1.37
Accounts Payable Turnover	10.60	10.96	10.95	15.12	13.39	18.83	12.66	0.00	0.00	4.48
Days Sales Outstanding (DSO)	13.72	13.97	12.48	9.00	12.78	0.00	14.18	21.96	27.61	32.84
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	34.43	33.30	33.33	24.15	27.25	19.38	28.82	0.00	0.00	81.41
Cash Conversion Cycle (CCC)	-20.71	-19.33	-20.85	-15.14	-14.47	0.00	-14.64	21.96	27.61	-48.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,128	4,882	4,238	1,282	856	1,231	711	890	503	1,292
Invested Capital Turnover	0.55	0.54	0.66	1.49	1.01	0.00	1.26	1.27	0.92	0.76
Increase / (Decrease) in Invested Capital	246	643	2,956	426	-375	520	-178	387	-789	472
Enterprise Value (EV)	13,828	13,994	11,601	10,103	7,952	6,094	3,469	4,412	2,814	3,047
Market Capitalization	9,815	10,036	7,859	9,154	7,612	5,394	3,253	3,506	2,424	2,391
Book Value per Share	$14.74	$11.98	$14.74	$8.02	$9.30	$12.76	$34.87	$41.51	$41.25	$35.12
Tangible Book Value per Share	($30.28)	($32.50)	($68.55)	($10.67)	($8.88)	($5.74)	($9.48)	$9.94	$12.61	($41.19)
Total Capital	6,011	5,730	5,157	2,275	1,459	1,985	970	1,770	1,294	1,507
Total Debt	4,907	4,836	4,606	1,968	1,092	1,474	497	1,129	609	889
Total Long-Term Debt	4,844	4,768	4,559	1,961	1,088	1,470	493	1,125	595	594
Net Debt	3,993	3,959	3,742	949	340	697	216	906	390	656
Capital Expenditures (CapEx)	547	481	145	92	234	131	149	117	29	43
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-507	-509	-435	-242	-306	-219	-184	-245	-288	-229
Debt-free Net Working Capital (DFNWC)	-254	-287	-230	114	-185	-76	-11	-193	-208	-125
Net Working Capital (NWC)	-317	-355	-277	107	-189	-80	-15	-197	-222	-421
Net Nonoperating Expense (NNE)	102	1.63	-207	-43	182	16	-205	33	5.07	12
Net Nonoperating Obligations (NNO)	4,024	3,988	3,687	975	489	720	238	249	-182	675
Total Depreciation and Amortization (D&A)	205	175	119	109	98	101	64	115	126	119
Debt-free, Cash-free Net Working Capital to Revenue	-18.53%	-20.67%	-24.02%	-15.16%	-29.04%	0.00%	-18.28%	-27.74%	-34.96%	-28.68%
Debt-free Net Working Capital to Revenue	-9.29%	-11.66%	-12.71%	7.11%	-17.56%	0.00%	-1.10%	-21.88%	-25.28%	-15.63%
Net Working Capital to Revenue	-11.59%	-14.42%	-15.31%	6.67%	-17.94%	0.00%	-1.50%	-22.33%	-27.01%	-52.65%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.73	$5.55	$5.79	$3.23	($1.04)	$1.72	$4.27	$1.48	$1.09	$0.62
Adjusted Weighted Average Basic Shares Outstanding	74M	75.20M	75.80M	77.20M	79.20M	80.20M	82.60M	94.20M	98.40M	103.35M
Adjusted Diluted Earnings per Share	$0.00	$5.49	$5.71	$3.18	($1.04)	$1.69	$4.24	$1.46	$1.07	$0.62
Adjusted Weighted Average Diluted Shares Outstanding	74.60M	76.10M	77M	77.20M	80.20M	81.20M	83.20M	96M	100.80M	105.46M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$1.72	$4.27	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	73.55M	73.68M	74.76M	77.20M	153.90M	79.24M	80.57M	81.05M	98.59M	99.57M
Normalized Net Operating Profit after Tax (NOPAT)	534	437	260	217	54	153	147	117	98	86
Normalized NOPAT Margin	19.52%	17.76%	14.36%	13.60%	5.16%	0.00%	14.61%	13.28%	11.87%	10.77%
Pre Tax Income Margin	20.96%	22.82%	33.64%	21.51%	0.76%	0.00%	23.18%	11.61%	17.92%	14.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.48	2.55	4.10	3.37	0.75	2.78	6.09	2.10	3.97	4.64
NOPAT to Interest Expense	1.83	1.56	1.58	2.43	1.25	2.16	3.68	2.49	2.59	2.71
EBIT Less CapEx to Interest Expense	0.59	0.76	3.12	2.28	-2.17	0.93	2.37	0.43	3.31	3.13
NOPAT Less CapEx to Interest Expense	-0.06	-0.23	0.60	1.35	-1.68	0.31	-0.05	0.82	1.92	1.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	6.80%	6.49%	5.92%	9.96%	-28.50%	16.18%	6.72%	15.30%	17.67%	26.69%
Augmented Payout Ratio	50.15%	19.89%	45.72%	129.39%	-63.09%	85.42%	157.34%	144.06%	53.75%	253.07%

This table displays calculated financial ratios and metrics derived from Churchill Downs' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.75%	11.23%	9.78%	15.90%	5.61%	16.89%	49.44%	31.93%	53.67%	31.61%	-2.52%
EBITDA Growth	7.12%	17.72%	10.64%	41.65%	-33.66%	206.11%	66.63%	-46.47%	273.17%	-17.43%	0.74%
EBIT Growth	0.37%	19.89%	8.08%	46.32%	-42.88%	645.45%	73.21%	-52.46%	396.41%	-59.26%	-0.74%
NOPAT Growth	8.63%	18.41%	15.59%	45.54%	11.62%	938.81%	71.17%	14.70%	162.43%	-70.73%	3.37%
Net Income Growth	-3.98%	25.52%	8.52%	46.99%	-48.36%	5,660.00%	7.02%	-57.85%	269.83%	-97.69%	-7.17%
EPS Growth	0.00%	25.97%	0.00%	0.00%	0.00%	7,600.00%	0.00%	0.00%	0.00%	-97.69%	0.00%
Operating Cash Flow Growth	-3.22%	22.63%	76.09%	16.45%	17.97%	-5.16%	120.14%	-23.78%	59.69%	63.94%	-22.93%
Free Cash Flow Firm Growth	92.06%	73.97%	93.46%	86.65%	81.01%	81.06%	-2,510.30%	-1,911.93%	-2,742.90%	-641.65%	-194.55%
Invested Capital Growth	3.11%	5.04%	6.48%	14.56%	15.26%	15.18%	230.66%	263.87%	233.92%	230.66%	13.65%
Revenue Q/Q Growth	2.95%	-0.68%	-29.44%	50.74%	5.29%	-1.97%	-25.50%	37.35%	16.54%	25.32%	-34.23%
EBITDA Q/Q Growth	7.12%	3.34%	-53.55%	108.32%	17.72%	-2.88%	-40.53%	-2.43%	443.20%	-47.13%	-80.90%
EBIT Q/Q Growth	5.56%	1.59%	-61.89%	145.61%	26.08%	-8.42%	-48.40%	-4.12%	1,545.45%	-78.72%	-85.84%
NOPAT Q/Q Growth	7.55%	4.07%	-58.93%	136.29%	17.24%	1.59%	-48.29%	81.22%	991.15%	-83.26%	-65.35%
Net Income Q/Q Growth	6.78%	9.21%	-68.51%	161.44%	39.58%	-5.57%	-57.34%	-8.16%	15,470.00%	-98.25%	-83.20%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	88.74%	-22.90%	-22.29%	-14.41%	139.15%	10.71%	-48.61%	-13.29%	92.25%	156.98%	-82.21%
Free Cash Flow Firm Q/Q Growth	70.11%	31.31%	47.52%	26.27%	2.05%	82.75%	-7.15%	-4.89%	2.33%	-2,278.04%	-174.37%
Invested Capital Q/Q Growth	-1.78%	1.18%	0.80%	2.92%	0.07%	2.57%	8.45%	3.54%	0.00%	194.46%	19.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.49%	28.79%	29.53%	43.56%	31.34%	28.69%	28.65%	38.87%	30.74%	27.35%	26.78%
EBITDA Margin	30.45%	29.27%	28.13%	42.73%	30.92%	27.66%	27.91%	34.96%	49.22%	10.56%	25.03%
Operating Margin	20.95%	20.31%	20.03%	37.05%	21.37%	18.92%	19.62%	29.36%	21.43%	2.44%	16.44%
EBIT Margin	20.99%	20.47%	20.02%	37.06%	22.75%	19.00%	20.33%	29.36%	42.06%	2.98%	17.54%
Profit (Net Income) Margin	12.01%	11.58%	10.53%	23.60%	13.61%	10.26%	10.66%	18.61%	27.83%	0.21%	14.88%
Tax Burden Percent	80.50%	79.45%	76.89%	71.42%	78.98%	80.11%	74.57%	71.79%	74.53%	-32.26%	77.66%
Interest Burden Percent	71.09%	71.21%	68.44%	89.15%	75.74%	67.45%	70.27%	88.30%	88.78%	-21.68%	109.23%
Effective Tax Rate	19.50%	20.55%	23.11%	28.58%	21.02%	19.89%	25.43%	28.21%	25.47%	0.00%	22.34%
Return on Invested Capital (ROIC)	9.47%	8.82%	8.37%	14.70%	9.23%	8.18%	11.24%	16.51%	11.63%	1.12%	16.00%
ROIC Less NNEP Spread (ROIC-NNEP)	8.69%	8.11%	7.59%	14.02%	8.72%	7.47%	10.27%	15.59%	14.59%	0.81%	16.92%
Return on Net Nonoperating Assets (RNNOA)	36.22%	32.53%	29.64%	55.43%	43.22%	39.66%	32.12%	44.29%	64.03%	4.40%	31.19%
Return on Equity (ROE)	45.69%	41.35%	38.01%	70.14%	52.45%	47.85%	43.36%	60.80%	75.66%	5.52%	47.18%
Cash Return on Invested Capital (CROIC)	7.80%	5.69%	4.20%	-2.90%	-4.77%	-4.92%	-95.89%	-102.57%	-97.39%	-98.70%	5.66%
Operating Return on Assets (OROA)	8.12%	7.87%	7.68%	14.10%	8.50%	7.11%	8.47%	11.49%	18.12%	1.17%	7.77%
Return on Assets (ROA)	4.64%	4.45%	4.04%	8.98%	5.09%	3.84%	4.44%	7.28%	11.99%	0.08%	6.59%
Return on Common Equity (ROCE)	45.18%	40.94%	37.68%	69.54%	52.45%	47.85%	43.36%	60.80%	75.66%	5.52%	47.18%
Return on Equity Simple (ROE_SIMPLE)	39.74%	0.00%	37.78%	39.69%	41.36%	0.00%	40.59%	41.78%	78.53%	0.00%	78.62%
Net Operating Profit after Tax (NOPAT)	108	101	97	236	100	85	84	162	89	8.19	49
NOPAT Margin	16.86%	16.14%	15.40%	26.46%	16.88%	15.16%	14.63%	21.07%	15.97%	1.71%	12.77%
Net Nonoperating Expense Percent (NNEP)	0.78%	0.71%	0.78%	0.68%	0.51%	0.72%	0.97%	0.92%	-2.96%	0.31%	-0.92%
Return On Investment Capital (ROIC_SIMPLE)	1.82%	1.68%	-	-	-	1.48%	-	-	-	0.16%	-
Cost of Revenue to Revenue	70.51%	71.21%	70.47%	56.44%	68.66%	71.31%	71.35%	61.13%	69.26%	72.65%	73.22%
SG&A Expenses to Revenue	8.48%	10.53%	9.51%	6.44%	9.27%	9.21%	8.77%	6.26%	9.35%	10.73%	10.02%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.54%	8.47%	9.50%	6.51%	9.97%	9.76%	9.03%	9.51%	9.31%	24.91%	10.34%
Earnings before Interest and Taxes (EBIT)	135	128	126	330	134	107	116	226	235	14	67
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	196	183	177	381	183	155	160	269	275	51	96
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.62	9.06	9.05	9.95	11.16	11.23	9.74	12.16	13.60	14.25	11.26
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.93	3.59	3.72	3.92	3.70	4.08	3.64	4.74	4.78	4.34	4.07
Price to Earnings (P/E)	19.31	23.00	24.05	25.13	26.99	24.05	24.01	29.11	17.32	17.89	14.32
Dividend Yield	0.37%	0.31%	0.28%	0.27%	0.31%	0.28%	0.00%	0.00%	0.28%	0.34%	0.36%
Earnings Yield	5.18%	4.35%	4.16%	3.98%	3.70%	4.16%	4.17%	3.43%	5.77%	5.59%	6.98%
Enterprise Value to Invested Capital (EV/IC)	2.41	2.70	2.74	2.84	2.72	2.87	2.63	3.17	3.09	2.74	5.37
Enterprise Value to Revenue (EV/Rev)	4.36	5.06	5.20	5.45	5.33	5.68	5.26	6.35	6.54	6.41	4.56
Enterprise Value to EBITDA (EV/EBITDA)	12.97	14.98	15.52	16.23	17.34	16.29	16.60	20.15	14.19	16.06	10.54
Enterprise Value to EBIT (EV/EBIT)	16.88	19.26	19.94	20.74	22.79	20.46	21.18	25.66	16.57	19.23	12.37
Enterprise Value to NOPAT (EV/NOPAT)	22.53	26.05	26.99	28.39	30.97	33.41	36.01	44.42	45.64	49.95	30.95
Enterprise Value to Operating Cash Flow (EV/OCF)	15.87	17.90	18.56	21.11	20.61	23.10	20.48	24.89	21.23	21.61	15.67
Enterprise Value to Free Cash Flow (EV/FCFF)	31.38	48.58	67.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00	100.78
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.46	4.45	4.34	4.64	5.96	5.41	5.31	5.41	6.28	8.35	5.19
Long-Term Debt to Equity	4.40	4.39	4.28	4.58	5.88	5.34	5.24	5.33	6.18	8.27	5.18
Financial Leverage	4.17	4.01	3.90	3.95	4.96	5.31	3.13	2.84	4.39	5.43	1.84
Leverage Ratio	7.51	7.13	6.95	7.23	8.71	9.11	7.61	7.69	9.11	10.71	8.04
Compound Leverage Factor	5.34	5.07	4.76	6.45	6.60	6.14	5.35	6.79	8.09	-2.32	8.78
Debt to Total Capital	81.69%	81.64%	81.26%	82.27%	85.63%	84.40%	84.16%	84.40%	86.26%	89.31%	83.85%
Short-Term Debt to Total Capital	1.06%	1.05%	1.06%	1.15%	1.18%	1.19%	1.21%	1.24%	1.40%	0.91%	0.18%
Long-Term Debt to Total Capital	80.63%	80.59%	80.20%	81.12%	84.45%	83.22%	82.95%	83.16%	84.86%	88.39%	83.66%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.36%	0.33%	0.30%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	17.95%	18.03%	18.44%	17.45%	14.37%	15.60%	15.84%	15.60%	13.74%	10.69%	16.15%
Debt to EBITDA	5.21	5.32	5.40	5.53	6.43	5.63	6.26	6.69	4.79	6.38	4.34
Net Debt to EBITDA	4.21	4.33	4.41	4.53	5.29	4.61	5.13	5.12	3.82	5.18	1.13
Long-Term Debt to EBITDA	5.14	5.25	5.33	5.46	6.34	5.55	6.17	6.59	4.71	6.31	4.33
Debt to NOPAT	9.06	9.25	9.39	9.68	11.48	11.54	13.58	14.74	15.40	19.83	12.75
Net Debt to NOPAT	7.32	7.52	7.68	7.92	9.46	9.45	11.12	11.28	12.30	16.11	3.31
Long-Term Debt to NOPAT	8.94	9.13	9.27	9.54	11.33	11.38	13.38	14.53	15.15	19.63	12.72
Altman Z-Score	1.36	1.54	1.57	1.67	1.40	1.52	1.43	1.70	1.57	1.20	1.95
Noncontrolling Interest Sharing Ratio	1.11%	0.99%	0.89%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.53	0.57	0.55	0.57	0.50	0.53	0.55	0.90	0.54	0.55	3.67
Quick Ratio	0.33	0.38	0.35	0.36	0.32	0.33	0.35	0.70	0.36	0.34	0.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-43	-145	-212	-403	-547	-558	-3,236	-3,020	-2,880	-2,948	-124
Operating Cash Flow to CapEx	307.74%	100.93%	134.87%	159.12%	164.32%	59.70%	51.80%	105.35%	0.00%	70.28%	45.24%
Free Cash Flow to Firm to Interest Expense	-0.60	-2.00	-2.89	-5.49	-7.77	-7.91	-47.66	-46.32	-44.51	-53.90	-3.42
Operating Cash Flow to Interest Expense	3.41	1.79	2.32	2.97	3.62	1.51	1.42	2.87	3.34	2.05	1.21
Operating Cash Flow Less CapEx to Interest Expense	2.30	0.02	0.60	1.10	1.42	-1.02	-1.32	0.15	4.28	-0.87	-1.46
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.39	0.38	0.38	0.38	0.37	0.37	0.42	0.39	0.43	0.39	0.44
Accounts Receivable Turnover	24.92	26.60	27.34	24.26	26.38	26.13	27.75	30.24	33.42	29.24	28.24
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.00	0.00	1.03	1.05	1.05	0.00	1.31	1.30	1.28	0.00	1.48
Accounts Payable Turnover	9.34	10.60	9.97	9.06	10.11	10.96	11.61	9.80	11.23	10.95	11.67
Days Sales Outstanding (DSO)	14.65	13.72	13.35	15.04	13.84	13.97	13.16	12.07	10.92	12.48	12.92
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	39.10	34.43	36.61	40.30	36.09	33.30	31.43	37.23	32.50	33.33	31.27
Cash Conversion Cycle (CCC)	-24.45	-20.71	-23.27	-25.26	-22.26	-19.33	-18.28	-25.17	-21.58	-20.85	-18.35
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,037	5,128	5,068	5,027	4,885	4,882	4,759	4,388	4,238	4,238	1,439
Invested Capital Turnover	0.56	0.55	0.54	0.56	0.55	0.54	0.77	0.78	0.73	0.66	1.25
Increase / (Decrease) in Invested Capital	152	246	308	639	647	643	3,320	3,182	2,969	2,956	173
Enterprise Value (EV)	12,133	13,828	13,897	14,257	13,288	13,994	12,529	13,918	13,111	11,601	7,723
Market Capitalization	8,169	9,815	9,927	10,261	9,231	10,036	8,659	10,385	9,577	7,859	6,897
Book Value per Share	$14.57	$14.74	$14.94	$14.02	$11.16	$11.98	$11.87	$22.81	$18.84	$14.74	$16.25
Tangible Book Value per Share	($30.39)	($30.28)	($30.17)	($31.07)	($33.58)	($32.50)	($32.44)	($59.68)	($64.48)	($68.55)	($6.58)
Total Capital	5,970	6,011	5,949	5,906	5,754	5,730	5,612	5,473	5,127	5,157	3,794
Total Debt	4,877	4,907	4,834	4,859	4,927	4,836	4,723	4,619	4,423	4,606	3,181
Total Long-Term Debt	4,814	4,844	4,771	4,791	4,859	4,768	4,655	4,551	4,351	4,559	3,174
Net Debt	3,943	3,993	3,952	3,980	4,057	3,959	3,870	3,534	3,533	3,742	827
Capital Expenditures (CapEx)	80	129	126	137	155	178	186	178	-61	160	97
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-602	-507	-491	-490	-575	-509	-425	-438	-482	-435	-372
Debt-free Net Working Capital (DFNWC)	-331	-254	-260	-259	-353	-287	-231	3.20	-245	-230	1,322
Net Working Capital (NWC)	-394	-317	-323	-327	-421	-355	-299	-65	-317	-277	1,315
Net Nonoperating Expense (NNE)	31	28	31	25	19	27	23	19	-66	7.19	-8.08
Net Nonoperating Obligations (NNO)	3,943	4,024	3,953	3,980	4,058	3,988	3,871	3,535	3,534	3,687	827
Total Depreciation and Amortization (D&A)	61	55	51	51	48	49	43	43	40	36	29
Debt-free, Cash-free Net Working Capital to Revenue	-21.60%	-18.53%	-18.38%	-18.74%	-23.07%	-20.67%	-17.83%	-19.98%	-24.05%	-24.02%	-21.93%
Debt-free Net Working Capital to Revenue	-11.87%	-9.29%	-9.72%	-9.91%	-14.17%	-11.66%	-9.72%	0.15%	-12.21%	-12.71%	77.99%
Net Working Capital to Revenue	-14.13%	-11.59%	-12.08%	-12.51%	-16.89%	-14.42%	-12.57%	-2.96%	-15.80%	-15.31%	77.58%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.02	$0.97	$0.87	$0.00	$0.00	$0.77	$0.00	$0.00	$0.00	$0.01	$0.00
Adjusted Weighted Average Basic Shares Outstanding	73.70M	74M	73.90M	73.90M	74.10M	75.20M	75.20M	75.30M	75.20M	151.80M	75.60M
Adjusted Diluted Earnings per Share	$0.00	$0.97	$0.00	$0.00	$0.00	$0.77	$0.00	$0.00	$0.00	$0.01	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	74.40M	74.60M	74.60M	74.60M	74.70M	76.10M	77.10M	76.90M	76.20M	154M	76.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.97	$0.00	$0.00	$0.00	$0.77	$0.00	$0.00	$0.00	$0.01	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	72.23M	73.55M	73.50M	73.42M	73.50M	73.68M	74.59M	74.87M	74.87M	74.76M	74.81M
Normalized Net Operating Profit after Tax (NOPAT)	108	101	100	236	100	85	84	180	89	32	49
Normalized NOPAT Margin	16.86%	16.14%	15.88%	26.46%	16.88%	15.16%	14.63%	23.36%	15.97%	6.58%	12.77%
Pre Tax Income Margin	14.92%	14.58%	13.70%	33.04%	17.23%	12.81%	14.29%	25.92%	37.34%	-0.65%	19.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.87	1.76	1.72	4.49	1.91	1.51	1.71	3.46	3.64	0.26	1.86
NOPAT to Interest Expense	1.50	1.38	1.32	3.21	1.42	1.21	1.23	2.48	1.38	0.15	1.35
EBIT Less CapEx to Interest Expense	0.76	-0.02	0.00	2.63	-0.29	-1.02	-1.02	0.73	4.58	-2.66	-0.81
NOPAT Less CapEx to Interest Expense	0.39	-0.39	-0.39	1.34	-0.78	-1.32	-1.50	-0.24	2.32	-2.77	-1.32
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	7.21%	6.80%	7.00%	7.14%	8.48%	6.49%	7.51%	7.57%	4.88%	5.92%	5.34%
Augmented Payout Ratio	37.90%	50.15%	50.14%	58.48%	66.11%	19.89%	26.14%	33.05%	32.21%	45.72%	46.56%

Frequently Asked Questions About Churchill Downs' Financials

When does Churchill Downs's financial year end?

According to the most recent income statement we have on file, Churchill Downs' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Churchill Downs' net income changed over the last 9 years?

Churchill Downs' net income appears to be on an upward trend, with a most recent value of $429.10 million in 2024, rising from $65.20 million in 2015. The previous period was $417.30 million in 2023. See where experts think Churchill Downs is headed by visiting Churchill Downs' forecast page.

What is Churchill Downs's operating income?

Churchill Downs's total operating income in 2024 was $709 million, based on the following breakdown:

Total Gross Profit: $938.50 million
Total Operating Expenses: $229.50 million

How has Churchill Downs revenue changed over the last 9 years?

Over the last 9 years, Churchill Downs' total revenue changed from $798.60 million in 2015 to $2.73 billion in 2024, a change of 242.4%.

How much debt does Churchill Downs have?

Churchill Downs' total liabilities were at $6.17 billion at the end of 2024, a 1.8% increase from 2023, and a 271.8% increase since 2015.

How much cash does Churchill Downs have?

In the past 9 years, Churchill Downs' cash and equivalents has ranged from $45.30 million in 2016 to $291.30 million in 2021, and is currently $175.50 million as of their latest financial filing in 2024.

How has Churchill Downs' book value per share changed over the last 9 years?

Over the last 9 years, Churchill Downs' book value per share changed from 35.12 in 2015 to 14.74 in 2024, a change of -58.0%.

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This page (NASDAQ:CHDN) was last updated on 5/21/2025 by MarketBeat.com Staff

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Churchill Downs (CHDN) Financials

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Churchill Downs (CHDN) Financials

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