Churchill Downs (CHDN) Financials

$90.41 -1.01 (-1.10%)

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

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

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About Churchill Downs' Financials

When does Churchill Downs's fiscal year end?

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

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 4/30/2025 by MarketBeat.com Staff

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Churchill Downs (CHDN) Financials

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Churchill Downs (CHDN) Financials

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