Churchill Downs (CHDN) Financials

$88.13 -0.72 (-0.81%)

Closing price 04:00 PM Eastern

Extended Trading

$88.14 +0.01 (+0.01%)

As of 07:44 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	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	65	108	141	353	138	-82	249	439	417	427	383
Consolidated Net Income / (Loss)	65	108	141	353	137	-82	249	439	417	429	386
Net Income / (Loss) Continuing Operations	71	97	122	183	140	13	249	439	417	429	386
Total Pre-Tax Income	115	147	103	234	196	8.00	344	609	562	573	532
Total Operating Income	126	173	146	189	216	60	284	322	564	709	684
Total Gross Profit	558	822	883	290	1,673	194	446	566	796	939	983
Total Revenue	799	822	883	1,009	0.00	1,054	1,597	1,810	2,462	2,734	2,926
Operating Revenue	782	822	883	1,009	2,659	1,054	1,597	1,810	2,462	2,734	2,926
Total Cost of Revenue	241	0.00	0.00	719	987	861	1,151	1,243	1,666	1,796	1,943
Operating Cost of Revenue	241	-	-	719	987	861	1,151	1,243	1,666	1,796	1,943
Total Operating Expenses	431	650	737	101	1,241	133	162	245	232	230	299
Selling, General & Admin Expense	92	96	159	91	1,236	115	139	164	202	238	246
Other Operating Expenses / (Income)	325	578	556	10	5.30	1.00	7.90	42	4.80	-12	5.10
Impairment Charge	0.00	0.00	22	0.00	0.00	18	15	38	25	3.90	48
Total Other Income / (Expense), net	-11	-25	-43	45	-39	-52	59	287	-2.20	-136	-151
Interest Expense	29	44	70	40	71	80	85	147	268	290	298
Interest & Investment Income	11	17	26	30	51	28	143	153	146	145	139
Other Income / (Expense), net	6.50	1.20	1.30	56	-18	0.10	0.70	282	120	9.10	6.90
Income Tax Expense	45	51	-20	51	57	-5.30	95	169	145	144	147
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	-0.30	-0.20	-	0.00	0.00	2.30	2.50
Basic Earnings per Share	$3.75	$2.17	$2.97	$8.54	$3.43	($2.07)	$3.22	$5.79	$5.55	$5.73	$5.32
Weighted Average Basic Shares Outstanding	17.20M	49.30M	47.20M	41.30M	40.10M	39.60M	77.20M	75.90M	75.20M	74M	71.40M
Weighted Average Diluted Shares Outstanding	17.60M	50.50M	48M	41.60M	40.10M	40.10M	78.40M	77M	76.10M	74.60M	71.80M
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	69.70M
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	$0.44

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	61	58	80	209	65	72	77	217	38	51	83
Consolidated Net Income / (Loss)	61	58	80	210	66	72	77	218	39	52	83
Net Income / (Loss) Continuing Operations	61	58	80	210	66	72	77	218	39	52	83
Total Pre-Tax Income	82	72	102	294	86	91	96	292	61	83	113
Total Operating Income	112	106	126	330	126	127	135	328	98	124	143
Total Gross Profit	164	161	185	388	186	180	190	392	204	197	203
Total Revenue	573	561	591	891	629	624	643	934	683	666	663
Operating Revenue	573	561	591	891	629	624	643	934	683	666	663
Total Cost of Revenue	409	400	406	503	443	445	453	542	479	469	460
Operating Cost of Revenue	409	400	406	503	443	445	453	542	479	469	460
Total Operating Expenses	52	55	59	58	60	53	55	64	106	73	60
Selling, General & Admin Expense	50	52	55	57	60	66	55	61	59	72	59
Other Operating Expenses / (Income)	1.50	3.00	4.10	0.60	-4.00	-13	0.00	1.10	1.90	1.70	1.00
Total Other Income / (Expense), net	-31	-34	-25	-36	-40	-36	-39	-36	-37	-40	-30
Interest Expense	68	71	70	74	73	73	72	74	76	76	72
Interest & Investment Income	33	36	38	38	33	36	33	37	35	34	36
Other Income / (Expense), net	4.10	0.40	8.10	0.10	-0.10	1.00	0.00	1.40	3.80	1.40	6.00
Income Tax Expense	21	14	21	84	20	19	19	74	22	32	30
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-	0.00	0.90	0.80	-	0.00	0.70	1.10	0.20	0.00
Basic Earnings per Share	$0.81	$0.77	$1.09	$2.82	$0.87	$0.97	$1.02	$3.02	$0.54	$0.74	$1.16
Weighted Average Basic Shares Outstanding	75.20M	75.20M	74.10M	73.90M	73.90M	74M	74M	71.70M	70.30M	71.40M	70M
Weighted Average Diluted Shares Outstanding	77.10M	76.10M	74.70M	74.60M	74.60M	74.60M	74M	72.30M	71M	71.80M	70M
Weighted Average Basic & Diluted Shares Outstanding	74.59M	73.68M	73.50M	73.42M	73.50M	73.55M	72.23M	70.12M	69.73M	69.70M	69.70M

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	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	8.40	-21	2.00	89	-31	-22	235	-151	17	31	36
Net Cash From Operating Activities	265	231	215	198	290	143	336	537	606	773	770
Net Cash From Continuing Operating Activities	265	231	215	198	293	143	460	511	605	772	770
Net Income / (Loss) Continuing Operations	65	108	141	353	140	13	249	439	417	429	386
Consolidated Net Income / (Loss)	65	108	141	353	137	-82	249	439	417	429	386
Depreciation Expense	110	109	97	64	96	93	103	114	169	199	233
Amortization Expense	9.70	17	18	0.00	4.60	5.00	5.30	5.30	6.20	5.60	6.40
Non-Cash Adjustments To Reconcile Net Income	32	-48	39	-264	14	49	15	-193	-42	44	63
Changes in Operating Assets and Liabilities, net	48	46	-79	46	38	-17	87	145	55	94	82
Net Cash From Discontinued Operating Activities	-	-	-	-	-2.90	-	-124	26	0.50	1.00	0.00
Net Cash From Investing Activities	-66	-51	-154	824	-781	-239	-100	-3,104	-718	-545	-472
Net Cash From Continuing Investing Activities	-66	-51	-154	824	-781	-239	-100	-3,104	-718	-545	-472
Purchase of Property, Plant & Equipment	-44	-55	-117	-149	-131	-234	-92	-424	-677	-547	-275
Acquisitions	-26	-8.00	-48	0.00	-649	0.00	0.00	-2,952	-241	0.00	-185
Sale of Property, Plant & Equipment	0.20	26	-	-	-	0.00	0.00	279	196	0.00	0.00
Other Investing Activities, net	3.70	-14	12	-10	-1.20	-5.20	-8.60	-7.40	4.10	1.80	-11
Net Cash From Financing Activities	-191	-202	-60	-933	461	76	-0.50	2,416	129	-197	-263
Net Cash From Continuing Financing Activities	-191	-202	-60	-933	461	76	-0.50	2,416	129	-197	-263
Repayment of Debt	-990	-590	-1,866	-441	-647	-595	-446	-217	-1,548	-917	-885
Repurchase of Common Equity	-148	-39	-181	-531	-95	-28	-298	-175	-56	-186	-428
Payment of Dividends	-17	-19	-22	-24	-22	-23	-25	-26	-27	-29	-31
Issuance of Debt	1,010	732	2,051	137	1,236	742	781	2,862	1,771	966	1,098
Other Financing Activities, net	-46	-288	-42	-74	-12	-19	-13	-28	-11	-30	-17
Cash Interest Paid	25	40	48	31	62	80	78	134	284	307	295
Cash Income Taxes Paid	42	32	76	49	24	1.60	72	69	98	103	64

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-248	29	0.20	8.90	0.50	21	19	14	-17	20	2.00
Net Cash From Operating Activities	96	107	255	218	169	131	247	240	188	96	295
Net Cash From Continuing Operating Activities	96	107	255	217	169	131	247	240	188	96	295
Net Income / (Loss) Continuing Operations	61	58	80	210	66	72	77	218	39	52	83
Consolidated Net Income / (Loss)	61	58	80	210	66	72	77	218	39	52	83
Depreciation Expense	42	47	47	49	50	53	59	58	57	60	56
Amortization Expense	1.30	1.40	1.40	1.30	1.40	1.50	2.00	1.60	1.60	1.60	2.00
Non-Cash Adjustments To Reconcile Net Income	13	-0.30	16	11	14	2.40	4.00	5.60	50	3.10	7.00
Changes in Operating Assets and Liabilities, net	-21	0.60	110	-55	38	1.00	105	-43	40	-20	147
Net Cash From Investing Activities	-431	-169	-153	-137	-126	-129	-80	-86	-255	-50	-61
Net Cash From Continuing Investing Activities	-431	-169	-153	-137	-126	-129	-80	-86	-255	-50	-61
Purchase of Property, Plant & Equipment	-186	-178	-155	-137	-126	-129	-80	-85	-60	-50	-59
Other Investing Activities, net	-3.50	9.90	1.60	0.30	-0.10	-	0.00	-1.30	-10	0.20	-2.00
Net Cash From Financing Activities	86	91	-101	-72	-43	20	-148	-139	51	-26	-232
Net Cash From Continuing Financing Activities	86	91	-101	-72	-43	20	-148	-139	51	-26	-232
Repayment of Debt	-76	-241	-276	-330	-172	-148	-246	-302	-201	-131	-443
Repurchase of Common Equity	-35	-20	-142	-13	-4.00	-27	-87	-255	-55	-32	0.00
Payment of Dividends	-0.10	-0.30	-29	-0.20	0.10	-0.50	-31	-0.10	-	-0.60	-31
Issuance of Debt	198	350	356	271	133	215	220	417	306	150	245
Other Financing Activities, net	-	2.10	-10	-0.10	-0.10	-20	-4.00	-0.10	-0.10	-13	-3.00
Cash Interest Paid	45	103	51	105	50	102	45	100	48	102	43
Cash Income Taxes Paid	43	20	0.20	33	49	26	1.00	9.00	6.80	47	0.00

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	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,277	2,254	2,359	1,725	2,551	2,686	2,982	6,207	6,956	7,276	7,485
Total Current Assets	220	246	256	242	221	235	502	345	401	412	443
Cash & Equivalents	75	45	52	133	96	67	291	130	145	176	201
Restricted Cash	30	34	0.00	40	46	54	64	75	77	77	88
Accounts Receivable	68	57	50	29	37	37	42	82	107	99	93
Current Deferred & Refundable Income Taxes	1.00	7.60	36	17	15	49	66	14	13	15	17
Other Current Assets	40	31	19	22	27	28	38	44	60	46	44
Plant, Property, & Equipment, net	573	561	608	758	0.00	0.00	0.00	0.00	0.00	0.00	2,919
Total Noncurrent Assets	1,485	1,448	1,495	726	2,330	2,451	2,480	5,862	6,555	6,864	4,123
Long-Term Investments	130	139	171	108	635	631	664	659	656	661	685
Goodwill	842	302	318	338	367	367	367	724	900	900	900
Intangible Assets	499	174	169	264	370	351	348	2,392	2,418	2,409	2,515
Other Noncurrent Operating Assets	14	9.90	14	16	958	1,103	1,102	2,005	2,581	2,893	23
Total Liabilities & Shareholders' Equity	2,277	2,254	2,359	1,725	2,551	2,686	2,982	6,207	6,956	7,276	7,485
Total Liabilities	1,660	1,569	1,719	1,252	2,040	2,319	2,675	5,655	6,062	6,173	6,429
Total Current Liabilities	640	468	453	257	301	424	395	622	756	729	733
Short-Term Debt	296	14	4.00	4.00	4.00	4.00	7.00	47	68	63	63
Accounts Payable	51	62	67	47	58	71	82	146	159	180	184
Accrued Expenses	98	73	76	135	173	168	232	363	427	402	400
Dividends Payable	19	22	24	23	24	25	26	27	29	31	31
Current Deferred Revenue	155	64	71	48	43	33	48	39	73	53	55
Total Noncurrent Liabilities	1,020	1,101	1,266	995	1,739	1,895	2,280	5,034	5,306	5,443	5,696
Long-Term Debt	594	595	1,125	493	1,470	1,088	1,961	4,559	4,768	4,844	5,067
Noncurrent Deferred Revenue	16	24	29	21	17	17	13	12	12	20	15
Noncurrent Deferred & Payable Income Tax Liabilities	128	63	41	78	213	214	253	341	388	433	520
Other Noncurrent Operating Liabilities	282	327	16	403	39	576	53	122	138	147	94
Commitments & Contingencies	0.00	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	46
Total Equity & Noncontrolling Interests	617	685	640	473	511	367	307	552	894	1,084	1,010
Total Preferred & Common Equity	617	685	640	473	508	367	307	552	894	1,084	1,010
Preferred Stock	0.00	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	1,010
Common Stock	134	117	7.30	0.00	0.00	18	0.00	0.00	0.00	0.00	0.00
Retained Earnings	484	570	634	474	509	350	308	552	895	1,085	1,011
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	-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	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	4,674	6,274	6,579	6,751	7,067	7,170	7,173	7,347	7,376	7,455	7,485
Total Current Assets	1,806	378	583	371	416	436	387	452	464	415	452
Cash & Equivalents	111	174	374	130	149	140	153	174	182	181	200
Restricted Cash	1,583	64	67	63	73	91	79	97	103	88	91
Accounts Receivable	69	74	80	102	115	136	93	109	118	90	99
Current Deferred & Refundable Income Taxes	0.00	0.00	0.00	5.90	0.00	0.00	0.00	0.00	0.00	0.00	6.00
Other Current Assets	44	66	63	69	79	69	63	73	60	57	56
Plant, Property, & Equipment, net	1,241	2,095	2,230	2,384	2,669	2,752	2,806	2,907	2,917	2,926	2,910
Total Noncurrent Assets	1,627	3,801	3,766	3,996	3,982	3,982	3,980	3,987	3,994	4,114	4,123
Long-Term Investments	661	652	645	660	648	649	650	663	669	675	685
Goodwill	376	724	723	900	900	900	900	900	900	900	900
Intangible Assets	485	2,391	2,365	2,417	2,415	2,414	2,412	2,406	2,406	2,518	2,516
Other Noncurrent Operating Assets	105	34	33	19	19	18	18	18	19	22	22
Total Liabilities & Shareholders' Equity	4,674	6,274	6,579	6,751	7,067	7,170	7,173	7,347	7,376	7,455	7,485
Total Liabilities	4,061	5,569	5,725	5,862	6,240	6,123	6,058	6,254	6,312	6,376	6,341
Total Current Liabilities	492	694	648	670	837	763	710	846	772	725	836
Short-Term Debt	7.00	72	68	68	68	68	63	63	63	63	63
Accounts Payable	109	145	164	169	188	215	182	207	231	194	218
Accrued Expenses	300	348	359	401	423	419	430	424	392	412	397
Dividends Payable	0.00	0.50	1.00	1.00	0.70	0.60	0.60	0.70	0.70	0.70	0.00
Current Deferred Revenue	15	121	26	31	153	19	27	147	18	28	158
Total Noncurrent Liabilities	3,570	4,875	5,077	5,192	5,403	5,360	5,348	5,408	5,540	5,651	5,505
Long-Term Debt	3,174	4,351	4,551	4,655	4,859	4,791	4,771	4,814	4,942	5,043	4,865
Noncurrent Deferred Revenue	12	12	9.50	9.50	12	20	20	20	18	19	15
Noncurrent Deferred & Payable Income Tax Liabilities	280	374	373	386	393	408	418	433	436	491	539
Other Noncurrent Operating Liabilities	104	138	143	142	139	141	139	141	143	98	86
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	16	18	21	23	44	48
Total Equity & Noncontrolling Interests	613	704	854	889	827	1,031	1,097	1,072	1,042	1,035	1,096
Total Preferred & Common Equity	613	704	854	889	827	1,031	1,097	1,072	1,042	1,035	1,096
Preferred Stock	0.00	0.00	0.00	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	1,042	1,035	1,096
Common Stock	0.00	4.70	8.00	0.00	0.00	0.00	1.70	0.00	0.00	0.00	3.00
Retained Earnings	614	700	847	890	828	1,032	1,096	1,073	1,043	1,036	1,094
Accumulated Other Comprehensive Income / (Loss)	-0.90	-0.90	-0.90	-0.90	-0.90	-1.00	-1.00	-1.00	-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	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.67%	2.98%	7.32%	14.32%	-100.00%	0.00%	51.54%	13.31%	36.02%	11.07%	7.01%
EBITDA Growth	58.32%	18.76%	-12.65%	17.74%	-3.12%	-46.98%	148.80%	83.54%	18.92%	7.41%	0.80%
EBIT Growth	45.93%	30.80%	-15.37%	66.26%	-19.23%	-69.45%	372.80%	111.65%	13.34%	5.00%	-3.82%
NOPAT Growth	41.32%	46.05%	53.74%	-15.29%	4.02%	-34.72%	106.01%	12.65%	80.37%	26.69%	-6.71%
Net Income Growth	40.52%	65.80%	29.97%	151.10%	-61.11%	-159.84%	403.41%	76.40%	-5.03%	2.83%	-10.16%
EPS Growth	40.53%	65.80%	29.97%	151.10%	-60.14%	-161.54%	403.41%	0.00%	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%	-0.38%
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%	33.19%
Invested Capital Growth	57.60%	-61.08%	76.91%	-20.02%	73.10%	-30.47%	49.70%	230.66%	15.18%	5.04%	2.26%
Revenue Q/Q Growth	-27.92%	-7.49%	78.02%	4.14%	-100.00%	485.66%	5.73%	6.80%	3.41%	2.36%	1.45%
EBITDA Q/Q Growth	19.53%	2.96%	-13.43%	6.35%	-2.58%	9.41%	2.82%	-1.46%	13.85%	3.07%	0.37%
EBIT Q/Q Growth	28.78%	4.45%	-19.54%	11.09%	-11.95%	47.07%	4.47%	-3.33%	15.60%	3.04%	-0.42%
NOPAT Q/Q Growth	53.68%	3.16%	51.48%	-21.19%	-6.55%	248.72%	4.44%	-6.92%	20.42%	3.09%	-4.21%
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%	-5.12%
EPS Q/Q Growth	47.22%	21.73%	8.83%	-7.06%	-6.63%	13.69%	11.75%	0.00%	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%	-4.30%
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%	10.89%
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%	0.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	69.81%	100.00%	100.00%	28.71%	0.00%	18.36%	27.93%	31.30%	32.32%	34.32%	33.58%
EBITDA Margin	31.58%	36.42%	29.64%	30.53%	0.00%	15.01%	24.64%	39.92%	34.90%	33.75%	31.79%
Operating Margin	15.82%	20.98%	16.51%	18.71%	0.00%	5.71%	17.81%	17.78%	22.91%	25.93%	23.37%
EBIT Margin	16.63%	21.12%	16.66%	24.22%	0.00%	5.72%	17.85%	33.34%	27.78%	26.26%	23.61%
Profit (Net Income) Margin	8.16%	13.14%	15.92%	34.97%	0.00%	-7.79%	15.60%	24.28%	16.95%	15.69%	13.18%
Tax Burden Percent	56.50%	73.34%	137.07%	150.83%	69.86%	-1,026.25%	72.50%	72.17%	74.28%	74.86%	72.41%
Interest Burden Percent	86.90%	84.86%	69.73%	95.70%	99.49%	13.27%	120.52%	100.89%	82.15%	79.82%	77.08%
Effective Tax Rate	38.65%	34.40%	-19.41%	21.93%	28.92%	-66.25%	27.50%	27.83%	25.72%	25.14%	27.59%
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%	9.55%
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%	6.88%
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%	26.16%
Return on Equity (ROE)	9.90%	16.60%	21.20%	63.36%	27.88%	-18.70%	73.93%	102.39%	57.75%	42.98%	35.71%
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%	7.31%
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%	9.36%
Return on Assets (ROA)	2.81%	4.77%	6.09%	17.27%	0.00%	-3.14%	8.79%	9.56%	6.34%	6.03%	5.22%
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%	34.62%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	77	113	174	147	153	100	206	232	419	531	495
NOPAT Margin	9.70%	13.76%	19.71%	14.61%	0.00%	9.50%	12.91%	12.83%	17.02%	19.41%	16.92%
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%	2.67%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.50%	7.31%	8.86%	8.06%
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%	66.42%
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%	8.41%
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	53.99%	79.02%	83.49%	10.00%	0.00%	12.65%	10.12%	13.52%	9.41%	8.39%	10.21%
Earnings before Interest and Taxes (EBIT)	133	174	147	244	197	60	285	603	684	718	691
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	252	300	262	308	298	158	394	722	859	923	930
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	7.86
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	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	2.71
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	20.71
Dividend Yield	0.85%	0.90%	0.67%	0.68%	0.43%	0.32%	0.28%	0.34%	0.28%	0.31%	0.39%
Earnings Yield	2.73%	4.46%	4.01%	10.85%	2.55%	0.00%	2.72%	5.59%	4.16%	4.35%	4.83%
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	2.31
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	4.15
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	13.05
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	17.57
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	24.51
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	15.77
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	32.01
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	4.86
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	4.80
Financial Leverage	0.60	0.38	0.05	0.44	0.97	1.38	2.17	5.43	5.31	4.01	3.80
Leverage Ratio	3.52	3.48	3.48	3.67	4.34	5.96	8.41	10.71	9.11	7.13	6.84
Compound Leverage Factor	3.06	2.95	2.43	3.51	4.32	0.79	10.14	10.80	7.48	5.69	5.27
Debt to Total Capital	59.03%	47.06%	63.81%	51.22%	74.26%	74.84%	86.51%	89.31%	84.40%	81.64%	82.93%
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%	1.02%
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%	81.91%
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%	0.14%	0.00%	0.00%	0.00%	0.00%	0.33%	0.75%
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%	16.32%
Debt to EBITDA	3.53	2.03	4.32	1.61	4.94	6.90	5.00	6.38	5.63	5.32	5.52
Net Debt to EBITDA	2.60	1.30	3.46	0.70	2.34	2.15	2.41	5.18	4.61	4.33	4.47
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	5.45
Debt to NOPAT	11.48	5.38	6.49	3.37	9.61	10.91	9.55	19.83	11.54	9.25	10.36
Net Debt to NOPAT	8.46	3.45	5.21	1.46	4.55	3.40	4.60	16.11	9.45	7.52	8.40
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	10.23
Altman Z-Score	1.48	1.78	2.08	2.99	2.08	2.53	3.09	1.52	1.79	1.81	1.58
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.27%	0.31%	0.00%	0.00%	0.00%	0.99%	3.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.34	0.53	0.57	0.94	0.73	0.55	1.27	0.55	0.53	0.57	0.60
Quick Ratio	0.22	0.22	0.22	0.63	0.44	0.24	0.84	0.34	0.33	0.38	0.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-395	902	-213	325	-367	475	-219	-2,724	-224	285	379
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%	280.03%
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	1.27
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	2.59
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	1.66
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.36	0.38	0.49	0.00	0.40	0.56	0.39	0.37	0.38	0.40
Accounts Receivable Turnover	11.12	13.22	16.62	25.74	0.00	28.56	40.54	29.24	26.13	26.60	30.45
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	1.37	1.45	1.51	1.48	0.00	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	10.66
Days Sales Outstanding (DSO)	32.84	27.61	21.96	14.18	0.00	12.78	9.00	12.48	13.97	13.72	11.99
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)	81.41	0.00	0.00	28.82	19.38	27.25	24.15	33.33	33.30	34.43	34.24
Cash Conversion Cycle (CCC)	-48.57	27.61	21.96	-14.64	0.00	-14.47	-15.14	-20.85	-19.33	-20.71	-22.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,292	503	890	711	1,231	856	1,282	4,238	4,882	5,128	5,244
Invested Capital Turnover	0.76	0.92	1.27	1.26	0.00	1.01	1.49	0.66	0.54	0.55	0.56
Increase / (Decrease) in Invested Capital	472	-789	387	-178	520	-375	426	2,956	643	246	116
Enterprise Value (EV)	3,047	2,814	4,412	3,469	6,094	7,952	10,103	11,601	13,994	13,828	12,137
Market Capitalization	2,391	2,424	3,506	3,253	5,394	7,612	9,154	7,859	10,036	9,815	7,934
Book Value per Share	$35.12	$41.25	$41.51	$34.87	$12.76	$9.30	$8.02	$14.74	$11.98	$14.74	$14.48
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)	($34.50)
Total Capital	1,507	1,294	1,770	970	1,985	1,459	2,275	5,157	5,730	6,011	6,186
Total Debt	889	609	1,129	497	1,474	1,092	1,968	4,606	4,836	4,907	5,130
Total Long-Term Debt	594	595	1,125	493	1,470	1,088	1,961	4,559	4,768	4,844	5,067
Net Debt	656	390	906	216	697	340	949	3,742	3,959	3,993	4,157
Capital Expenditures (CapEx)	43	29	117	149	131	234	92	145	481	547	275
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-229	-288	-245	-184	-219	-306	-242	-435	-509	-507	-516
Debt-free Net Working Capital (DFNWC)	-125	-208	-193	-11	-76	-185	114	-230	-287	-254	-227
Net Working Capital (NWC)	-421	-222	-197	-15	-80	-189	107	-277	-355	-317	-290
Net Nonoperating Expense (NNE)	12	5.07	33	-205	16	182	-43	-207	1.63	102	110
Net Nonoperating Obligations (NNO)	675	-182	249	238	720	489	975	3,687	3,988	4,024	4,188
Total Depreciation and Amortization (D&A)	119	126	115	64	101	98	109	119	175	205	240
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%	-17.62%
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%	-7.76%
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%	-9.91%
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	$5.32
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	71.40M
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	$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	71.80M
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	$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	69.70M
Normalized Net Operating Profit after Tax (NOPAT)	86	98	117	147	153	54	217	260	437	534	530
Normalized NOPAT Margin	10.77%	11.87%	13.28%	14.61%	0.00%	5.16%	13.60%	14.36%	17.76%	19.52%	18.10%
Pre Tax Income Margin	14.45%	17.92%	11.61%	23.18%	0.00%	0.76%	21.51%	33.64%	22.82%	20.96%	18.20%
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	2.32
NOPAT to Interest Expense	2.71	2.59	2.49	3.68	2.16	1.25	2.43	1.58	1.56	1.83	1.66
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	1.40
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	0.74
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%	7.99%
Augmented Payout Ratio	253.07%	53.75%	144.06%	157.34%	85.42%	-63.09%	129.39%	45.72%	19.89%	50.15%	118.96%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	69,696,376.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	69,696,376.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.19
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	49.44%	16.89%	5.61%	15.90%	9.78%	11.23%	8.75%	4.91%	8.67%	6.68%	3.11%
EBITDA Growth	66.63%	206.11%	-33.66%	41.65%	10.64%	17.72%	7.12%	2.08%	-9.56%	1.86%	5.61%
EBIT Growth	73.21%	645.45%	-42.88%	46.32%	8.08%	19.89%	0.37%	-0.30%	-19.08%	-2.27%	10.37%
NOPAT Growth	71.17%	938.81%	11.62%	45.54%	15.59%	18.41%	8.63%	3.61%	-35.15%	-24.21%	-3.00%
Net Income Growth	7.02%	5,660.00%	-48.36%	46.99%	8.52%	25.52%	-3.98%	3.52%	-40.79%	-28.77%	7.79%
EPS Growth	0.00%	7,600.00%	0.00%	0.00%	0.00%	25.97%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	120.14%	-5.16%	17.97%	16.45%	76.09%	22.63%	-3.22%	9.91%	10.80%	-26.49%	19.43%
Free Cash Flow Firm Growth	-2,510.30%	81.06%	81.01%	86.65%	93.46%	73.97%	92.06%	138.62%	46.96%	72.72%	204.63%
Invested Capital Growth	230.66%	15.18%	15.26%	14.56%	6.48%	5.04%	3.11%	1.76%	3.45%	2.26%	1.18%
Revenue Q/Q Growth	-25.50%	-1.97%	5.29%	50.74%	-29.44%	-0.68%	2.95%	45.41%	-26.91%	-2.50%	-0.44%
EBITDA Q/Q Growth	-40.53%	-2.88%	17.72%	108.32%	-53.55%	3.34%	7.12%	98.52%	-58.84%	16.39%	11.23%
EBIT Q/Q Growth	-48.40%	-8.42%	26.08%	145.61%	-61.89%	1.59%	5.56%	143.96%	-69.07%	22.69%	19.30%
NOPAT Q/Q Growth	-48.29%	1.59%	17.24%	136.29%	-58.93%	4.07%	7.55%	125.38%	-74.30%	21.64%	37.56%
Net Income Q/Q Growth	-57.34%	-5.57%	39.58%	161.44%	-68.51%	9.21%	6.78%	181.87%	-81.99%	31.38%	61.17%
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	-48.61%	10.71%	139.15%	-14.41%	-22.29%	-22.90%	88.74%	-2.80%	-21.66%	-48.85%	207.29%
Free Cash Flow Firm Q/Q Growth	-7.15%	82.75%	2.05%	26.27%	47.52%	31.31%	70.11%	458.38%	-172.08%	64.67%	214.85%
Invested Capital Q/Q Growth	8.45%	2.57%	0.07%	2.92%	0.80%	1.18%	-1.78%	1.57%	2.48%	0.02%	-2.81%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.65%	28.69%	31.34%	43.56%	29.53%	28.79%	29.49%	41.96%	29.91%	29.54%	30.62%
EBITDA Margin	27.91%	27.66%	30.92%	42.73%	28.13%	29.27%	30.45%	41.58%	23.41%	27.95%	31.22%
Operating Margin	19.62%	18.92%	21.37%	37.05%	20.03%	20.31%	20.95%	35.07%	14.35%	18.55%	21.57%
EBIT Margin	20.33%	19.00%	22.75%	37.06%	20.02%	20.47%	20.99%	35.22%	14.90%	18.76%	22.47%
Profit (Net Income) Margin	10.66%	10.26%	13.61%	23.60%	10.53%	11.58%	12.01%	23.29%	5.74%	7.73%	12.52%
Tax Burden Percent	74.57%	80.11%	78.98%	71.42%	76.89%	79.45%	80.50%	74.52%	64.05%	61.82%	73.45%
Interest Burden Percent	70.27%	67.45%	75.74%	89.15%	68.44%	71.21%	71.09%	88.73%	60.12%	66.69%	75.84%
Effective Tax Rate	25.43%	19.89%	21.02%	28.58%	23.11%	20.55%	19.50%	25.48%	35.95%	38.18%	26.55%
Return on Invested Capital (ROIC)	11.24%	8.18%	9.23%	14.70%	8.37%	8.82%	9.47%	14.58%	5.14%	6.47%	9.21%
ROIC Less NNEP Spread (ROIC-NNEP)	10.27%	7.47%	8.72%	14.02%	7.59%	8.11%	8.69%	13.92%	4.56%	5.86%	8.65%
Return on Net Nonoperating Assets (RNNOA)	32.12%	39.66%	43.22%	55.43%	29.64%	32.53%	36.22%	52.96%	16.87%	22.31%	30.54%
Return on Equity (ROE)	43.36%	47.85%	52.45%	70.14%	38.01%	41.35%	45.69%	67.54%	22.01%	28.77%	39.75%
Cash Return on Invested Capital (CROIC)	-95.89%	-4.92%	-4.77%	-2.90%	4.20%	5.69%	7.80%	9.07%	6.63%	7.31%	8.56%
Operating Return on Assets (OROA)	8.47%	7.11%	8.50%	14.10%	7.68%	7.87%	8.12%	13.70%	5.88%	7.44%	8.93%
Return on Assets (ROA)	4.44%	3.84%	5.09%	8.98%	4.04%	4.45%	4.64%	9.06%	2.26%	3.07%	4.97%
Return on Common Equity (ROCE)	43.36%	47.85%	52.45%	69.54%	37.68%	40.94%	45.18%	66.31%	21.39%	27.90%	38.52%
Return on Equity Simple (ROE_SIMPLE)	40.59%	0.00%	41.36%	39.69%	37.78%	0.00%	39.74%	41.60%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	84	85	100	236	97	101	108	244	63	76	105
NOPAT Margin	14.63%	15.16%	16.88%	26.46%	15.40%	16.14%	16.86%	26.13%	9.19%	11.47%	15.84%
Net Nonoperating Expense Percent (NNEP)	0.97%	0.72%	0.51%	0.68%	0.78%	0.71%	0.78%	0.66%	0.58%	0.61%	0.56%
Return On Investment Capital (ROIC_SIMPLE)	-	1.48%	-	-	-	1.68%	1.82%	4.04%	1.02%	1.24%	1.74%
Cost of Revenue to Revenue	71.35%	71.31%	68.66%	56.44%	70.47%	71.21%	70.51%	58.04%	70.09%	70.46%	69.38%
SG&A Expenses to Revenue	8.77%	9.21%	9.27%	6.44%	9.51%	10.53%	8.48%	6.52%	8.68%	10.74%	8.90%
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	9.03%	9.76%	9.97%	6.51%	9.50%	8.47%	8.54%	6.89%	15.56%	10.99%	9.05%
Earnings before Interest and Taxes (EBIT)	116	107	134	330	126	128	135	329	102	125	149
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	160	155	183	381	177	183	196	389	160	186	207
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.74	11.23	11.16	9.95	9.05	9.06	7.62	7.00	6.57	7.86	5.71
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)	3.64	4.08	3.70	3.92	3.72	3.59	2.93	2.58	2.36	2.71	2.13
Price to Earnings (P/E)	24.01	24.05	26.99	25.13	24.05	23.00	19.31	16.94	16.86	20.71	16.09
Dividend Yield	0.00%	0.28%	0.31%	0.27%	0.28%	0.31%	0.37%	0.41%	0.42%	0.39%	0.49%
Earnings Yield	4.17%	4.16%	3.70%	3.98%	4.16%	4.35%	5.18%	5.90%	5.93%	4.83%	6.21%
Enterprise Value to Invested Capital (EV/IC)	2.63	2.87	2.72	2.84	2.74	2.70	2.41	2.22	2.10	2.31	2.01
Enterprise Value to Revenue (EV/Rev)	5.26	5.68	5.33	5.45	5.20	5.06	4.36	4.02	3.82	4.15	3.48
Enterprise Value to EBITDA (EV/EBITDA)	16.60	16.29	17.34	16.23	15.52	14.98	12.97	12.05	11.88	13.05	10.90
Enterprise Value to EBIT (EV/EBIT)	21.18	20.46	22.79	20.74	19.94	19.26	16.88	15.84	15.87	17.57	14.56
Enterprise Value to NOPAT (EV/NOPAT)	36.01	33.41	30.97	28.39	26.99	26.05	22.53	20.73	21.30	24.51	20.81
Enterprise Value to Operating Cash Flow (EV/OCF)	20.48	23.10	20.61	21.11	18.56	17.90	15.87	14.46	13.69	15.77	12.55
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	67.32	48.58	31.38	24.72	32.20	32.01	23.67
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	5.31	5.41	5.96	4.64	4.34	4.45	4.46	4.70	4.73	4.86	4.31
Long-Term Debt to Equity	5.24	5.34	5.88	4.58	4.28	4.39	4.40	4.64	4.67	4.80	4.25
Financial Leverage	3.13	5.31	4.96	3.95	3.90	4.01	4.17	3.80	3.70	3.80	3.53
Leverage Ratio	7.61	9.11	8.71	7.23	6.95	7.13	7.51	6.89	6.67	6.84	6.63
Compound Leverage Factor	5.35	6.14	6.60	6.45	4.76	5.07	5.34	6.11	4.01	4.56	5.03
Debt to Total Capital	84.16%	84.40%	85.63%	82.27%	81.26%	81.64%	81.69%	82.47%	82.55%	82.93%	81.16%
Short-Term Debt to Total Capital	1.21%	1.19%	1.18%	1.15%	1.06%	1.05%	1.06%	1.04%	1.02%	1.02%	1.04%
Long-Term Debt to Total Capital	82.95%	83.22%	84.45%	81.12%	80.20%	80.59%	80.63%	81.43%	81.53%	81.91%	80.12%
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%	0.27%	0.30%	0.33%	0.36%	0.37%	0.71%	0.75%	0.79%
Common Equity to Total Capital	15.84%	15.60%	14.37%	17.45%	18.44%	18.03%	17.95%	17.16%	16.73%	16.32%	18.05%
Debt to EBITDA	6.26	5.63	6.43	5.53	5.40	5.32	5.21	5.30	5.51	5.52	5.24
Net Debt to EBITDA	5.13	4.61	5.29	4.53	4.41	4.33	4.21	4.29	4.49	4.47	4.20
Long-Term Debt to EBITDA	6.17	5.55	6.34	5.46	5.33	5.25	5.14	5.24	5.44	5.45	5.17
Debt to NOPAT	13.58	11.54	11.48	9.68	9.39	9.25	9.06	9.13	9.88	10.36	10.00
Net Debt to NOPAT	11.12	9.45	9.46	7.92	7.68	7.52	7.32	7.39	8.05	8.40	8.02
Long-Term Debt to NOPAT	13.38	11.38	11.33	9.54	9.27	9.13	8.94	9.01	9.76	10.23	9.87
Altman Z-Score	1.43	1.52	1.40	1.67	1.57	1.54	1.36	1.37	1.22	1.33	1.19
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.85%	0.89%	0.99%	1.11%	1.83%	2.83%	3.05%	3.10%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.55	0.53	0.50	0.57	0.55	0.57	0.53	0.60	0.57	0.60	0.54
Quick Ratio	0.35	0.33	0.32	0.36	0.35	0.38	0.33	0.39	0.37	0.40	0.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,236	-558	-547	-403	-212	-145	-43	156	-112	-40	46
Operating Cash Flow to CapEx	51.80%	59.70%	164.32%	159.12%	134.87%	100.93%	307.74%	282.88%	313.88%	190.85%	500.00%
Free Cash Flow to Firm to Interest Expense	-47.66	-7.91	-7.77	-5.49	-2.89	-2.00	-0.60	2.10	-1.48	-0.52	0.63
Operating Cash Flow to Interest Expense	1.42	1.51	3.62	2.97	2.32	1.79	3.41	3.23	2.48	1.27	4.10
Operating Cash Flow Less CapEx to Interest Expense	-1.32	-1.02	1.42	1.10	0.60	0.02	2.30	2.09	1.69	0.60	3.28
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.37	0.37	0.38	0.38	0.38	0.39	0.39	0.39	0.40	0.40
Accounts Receivable Turnover	27.75	26.13	26.38	24.26	27.34	26.60	24.92	22.24	31.54	30.45	28.38
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	1.31	0.00	1.05	1.05	1.03	0.00	1.00	1.00	1.01	0.00	1.01
Accounts Payable Turnover	11.61	10.96	10.11	9.06	9.97	10.60	9.34	8.44	10.19	10.66	9.18
Days Sales Outstanding (DSO)	13.16	13.97	13.84	15.04	13.35	13.72	14.65	16.41	11.57	11.99	12.86
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)	31.43	33.30	36.09	40.30	36.61	34.43	39.10	43.23	35.80	34.24	39.78
Cash Conversion Cycle (CCC)	-18.28	-19.33	-22.26	-25.26	-23.27	-20.71	-24.45	-26.82	-24.23	-22.25	-26.92
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,759	4,882	4,885	5,027	5,068	5,128	5,037	5,116	5,243	5,244	5,096
Invested Capital Turnover	0.77	0.54	0.55	0.56	0.54	0.55	0.56	0.56	0.56	0.56	0.58
Increase / (Decrease) in Invested Capital	3,320	643	647	639	308	246	152	89	175	116	60
Enterprise Value (EV)	12,529	13,994	13,288	14,257	13,897	13,828	12,133	11,369	11,010	12,137	10,261
Market Capitalization	8,659	10,036	9,231	10,261	9,927	9,815	8,169	7,295	6,803	7,934	6,261
Book Value per Share	$11.87	$11.98	$11.16	$14.02	$14.94	$14.74	$14.57	$14.42	$14.76	$14.48	$15.73
Tangible Book Value per Share	($32.44)	($32.50)	($33.58)	($31.07)	($30.17)	($30.28)	($30.39)	($31.35)	($33.98)	($34.50)	($33.29)
Total Capital	5,612	5,730	5,754	5,906	5,949	6,011	5,970	6,069	6,185	6,186	6,072
Total Debt	4,723	4,836	4,927	4,859	4,834	4,907	4,877	5,005	5,106	5,130	4,928
Total Long-Term Debt	4,655	4,768	4,859	4,791	4,771	4,844	4,814	4,942	5,043	5,067	4,865
Net Debt	3,870	3,959	4,057	3,980	3,952	3,993	3,943	4,051	4,163	4,157	3,952
Capital Expenditures (CapEx)	186	178	155	137	126	129	80	85	60	50	59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-425	-509	-575	-490	-491	-507	-602	-531	-516	-516	-612
Debt-free Net Working Capital (DFNWC)	-231	-287	-353	-259	-260	-254	-331	-245	-247	-227	-321
Net Working Capital (NWC)	-299	-355	-421	-327	-323	-317	-394	-308	-310	-290	-384
Net Nonoperating Expense (NNE)	23	27	19	25	31	28	31	27	24	25	22
Net Nonoperating Obligations (NNO)	3,871	3,988	4,058	3,980	3,953	4,024	3,943	4,052	4,164	4,188	3,952
Total Depreciation and Amortization (D&A)	43	49	48	51	51	55	61	59	58	61	58
Debt-free, Cash-free Net Working Capital to Revenue	-17.83%	-20.67%	-23.07%	-18.74%	-18.38%	-18.53%	-21.60%	-18.75%	-17.88%	-17.62%	-20.77%
Debt-free Net Working Capital to Revenue	-9.72%	-11.66%	-14.17%	-9.91%	-9.72%	-9.29%	-11.87%	-8.66%	-8.57%	-7.76%	-10.90%
Net Working Capital to Revenue	-12.57%	-14.42%	-16.89%	-12.51%	-12.08%	-11.59%	-14.13%	-10.89%	-10.76%	-9.91%	-13.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.77	$0.00	$0.00	$0.87	$0.97	$1.02	$3.02	$0.54	$0.74	$1.16
Adjusted Weighted Average Basic Shares Outstanding	75.20M	75.20M	74.10M	73.90M	73.90M	74M	73.70M	71.70M	70.30M	71.40M	70M
Adjusted Diluted Earnings per Share	$0.00	$0.77	$0.00	$0.00	$0.00	$0.97	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	77.10M	76.10M	74.70M	74.60M	74.60M	74.60M	74.40M	72.30M	71M	71.80M	70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.77	$0.00	$0.00	$0.00	$0.97	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	74.59M	73.68M	73.50M	73.42M	73.50M	73.55M	72.23M	70.12M	69.73M	69.70M	69.70M
Normalized Net Operating Profit after Tax (NOPAT)	84	85	100	236	100	101	108	246	92	76	105
Normalized NOPAT Margin	14.63%	15.16%	16.88%	26.46%	15.88%	16.14%	16.86%	26.33%	13.42%	11.47%	15.84%
Pre Tax Income Margin	14.29%	12.81%	17.23%	33.04%	13.70%	14.58%	14.92%	31.25%	8.96%	12.51%	17.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.71	1.51	1.91	4.49	1.72	1.76	1.87	4.44	1.35	1.65	2.07
NOPAT to Interest Expense	1.23	1.21	1.42	3.21	1.32	1.38	1.50	3.29	0.83	1.01	1.46
EBIT Less CapEx to Interest Expense	-1.02	-1.02	-0.29	2.63	0.00	-0.02	0.76	3.29	0.56	0.99	1.25
NOPAT Less CapEx to Interest Expense	-1.50	-1.32	-0.78	1.34	-0.39	-0.39	0.39	2.15	0.04	0.34	0.64
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	7.51%	6.49%	8.48%	7.14%	7.00%	6.80%	7.21%	7.06%	7.56%	7.99%	7.87%
Augmented Payout Ratio	26.14%	19.89%	66.11%	58.48%	50.14%	50.15%	37.90%	92.96%	111.69%	118.96%	94.92%

Financials Breakdown Chart

Key Financial Trends

Below are the key takeaways from Churchill Downs Inc. (CHDN) based on quarterly data across the last four years. The bullets are organized with positive items first, followed by neutral points, and then negative ones.

Revenue has trended up. CHDN's quarterly operating revenue rose from about $480.1M in 2022 Q4 to $665.9M in 2025 Q4, signaling sustained top-line growth.
Gross margin shows gradual expansion. Gross margin rose from roughly 27% in 2022 to about 29–30% in 2024–2025, improving profitability.
Operating cash flow remains robust. Net cash from continuing operating activities was about $239.6M (2025 Q2) and $246.5M (2025 Q1), indicating solid cash generation to fund operations and capital needs.
Evidence of positive free cash flow potential. In several quarters, operating cash flow exceeded capital expenditures, suggesting capacity to fund dividends or debt reduction through cash flow.
Balance sheet growth and equity retention. Total assets rose to about $7.45B by 2025 Q3, with total equity around $1.034B, reflecting an expanding asset base and retained earnings.
Debt load rising, with a neutral overall impact. Long-term debt increased to about $5.04B by 2025 Q3 vs earlier periods, which could finance growth but adds interest costs to consider.
Earnings and margin signals are volatile. Net income and EPS show quarter-to-quarter swings, partly due to seasonality and one-offs, so the trend is not consistently upward.
Quarterly gross margin variability may reflect mix or one-offs. Q2 2025 showed an unusually high gross margin around 42%, suggesting a non-typical quarter rather than a stable trend.
Liquidity headwinds on working capital. Total current liabilities (~$726M–$772M) exceed total current assets (~$414M–$464M) in multiple quarters, implying liquidity risk with a current ratio under 1.0.
Debt service risk from rising leverage. The growth in long-term debt toward roughly $5.04B by 2025 Q3 could pressure interest costs and require continued strong cash flow to service debt.

05/09/26 12:31 AM ETAI Generated. May Contain Errors.

Churchill Downs Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Churchill Downs' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Churchill Downs' net income appears to be on an upward trend, with a most recent value of $385.50 million in 2025, rising from $65.20 million in 2015. The previous period was $429.10 million in 2024. Check out Churchill Downs' forecast to explore projected trends and price targets.

Churchill Downs' total operating income in 2025 was $683.80 million, based on the following breakdown:

Total Gross Profit: $982.60 million
Total Operating Expenses: $298.80 million

Over the last 10 years, Churchill Downs' total revenue changed from $798.60 million in 2015 to $2.93 billion in 2025, a change of 266.4%.

Churchill Downs' total liabilities were at $6.43 billion at the end of 2025, a 4.2% increase from 2024, and a 287.2% increase since 2015.

In the past 10 years, Churchill Downs' cash and equivalents has ranged from $45.30 million in 2016 to $291.30 million in 2021, and is currently $201 million as of their latest financial filing in 2025.

Over the last 10 years, Churchill Downs' book value per share changed from 35.12 in 2015 to 14.48 in 2025, a change of -58.8%.

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Financial statements for NASDAQ:CHDN last updated on 4/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Churchill Downs (CHDN) Financials

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Churchill Downs (CHDN) Financials

Annual Income Statements for Churchill Downs

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Quarterly Cash Flow Statements for Churchill Downs

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Financials Breakdown Chart

Key Financial Trends

Churchill Downs Financials - Frequently Asked Questions

When does Churchill Downs' financial year end?

How has Churchill Downs' net income changed over the last 10 years?

What is Churchill Downs' operating income?

How has Churchill Downs' revenue changed over the last 10 years?

How much debt does Churchill Downs have?

How much cash does Churchill Downs have?

How has Churchill Downs' book value per share changed over the last 10 years?

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