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Churchill Downs

CHDN Nasdaq Casinos & Gaming Financials FY2016–FY2025

Churchill Downs' revenue rose 7.0% to $2.9 billion in fiscal 2025. Its operating margin was 23.4%, down from 25.9% a year earlier. Free cash flow was $700 million, up 1.7%. It paid out $459 million in dividends and buybacks, 66% of free cash flow. The diluted share count fell 3.8%.

Last close · Oct 23, 2026

$83.73

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$2.9B
7.0% vs prior year
Operating margin Operating income as a share of revenue.
23.4%
2.6 pts
Net income Profit after all expenses, interest and tax.
$383M
10.3%
Free cash flow Cash from operations minus capital spending.
$700M
1.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.4%
0.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
14.3x
On $5.86 EPS (TTM)

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (2-for-1), so every year is on today's share basis.

What Churchill Downs does

No business description yet.

Legal name
Churchill Downs Inc
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000020212-26-000025
0000020212

Revenue and margins

Churchill Downs had $2.9B of revenue in fiscal 2025, up 7.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 19.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $700M in fiscal 2025, 23.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Churchill Downs returned $459M to shareholders in fiscal 2025, 66% of free cash flow. The diluted share count fell 3.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Churchill Downs yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$5.0B and divides by 71.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 14.3x · peers — · sector 17.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Churchill Downs can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $291M$130M$145M$176M$201M
Debt incl. finance leases $2.0B$4.6B$4.9B$4.9B$5.2B
Net debt / EBITDA 4.4x10.3x6.5x5.3x5.4x
Debt / equity 6.5x8.4x5.5x4.6x5.1x
Interest coverage 3.4x2.2x2.1x2.5x2.3x
Current ratio 1.3x0.6x0.5x0.6x0.6x
Quick ratio 1.3x0.6x0.5x0.6x0.6x
Total assets $3.0B$6.2B$7.0B$7.3B$7.5B
Total liabilities $2.7B$5.7B$6.1B$6.2B$6.4B
Shareholders' equity $307M$552M$894M$1.1B$1.0B
Net debt (− = net cash) $1.7B$4.5B$4.7B$4.8B$5.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 86 / 86 / 8
Accruals ratio −2.9%−4.9%−5.2%
Altman Z'' 0.781.040.96

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Churchill Downs CHDN $5.9B 7.0% 23.4% 23.9% 8.4% 14.3x 6
Boyd Gaming BYD $5.4B 4.1% 18.3% 9.5% 13.5% 3.1x 6 Compare →
Red Rock Resorts RRR $2.9B 3.7% 29.7% 14.4% 14.7% — 7 Compare →
DraftKings DKNG $10.4B 27.0% −0.3% 10.7% −0.7% — 8 Compare →
Penn Entertainment PENN $2.0B 5.8% −9.7% −2.0% −8.1% — 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $822M $883M $1.0B $1.3B $1.1B $1.6B $1.8B $2.5B $2.7B $2.9B
Research and development $39.0M — — — — — — — — —
Operating income $173M $146M $189M $216M $60.2M $284M $322M $564M $709M $684M
Interest expense $43.7M $49.3M $40.1M $70.9M $80.0M $84.7M $147M $268M $290M $298M
Pretax income $147M $103M $234M $196M $8.0M $344M $609M $562M $573M $532M
Income tax $50.7M −$19.9M $51.3M $56.8M −$5.3M $94.5M $169M $145M $144M $147M
Net income $108M $141M $353M $138M −$81.9M $249M $439M $417M $427M $383M
Diluted EPS $1.07 $1.46 $4.24 $1.69 −$1.04 $3.18 $5.71 $5.49 $5.68 $5.29
Diluted shares 0.10B 0.10B 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B 0.07B 0.07B
Cash flow
Cash from operations $231M $215M $198M $290M $142M $460M $511M $605M $772M $770M
Capital expenditure $30.9M $33.3M $29.6M $82.9M $211M $39.5M $50.2M $77.7M $83.6M $70.2M
Free cash flow $201M $182M $168M $207M −$69.3M $420M $461M $528M $688M $700M
Depreciation and amortization $109M $97.1M $63.6M $96.4M $92.9M $103M $114M $169M $199M $233M
Stock-based compensation $18.9M $27.1M $21.1M $23.8M $23.7M $27.8M $31.8M $32.9M $36.1M $30.2M
Acquisitions $0.0M $24.2M $13.1M $207M $0.0M $0.0M $2.9B $241M $0.0M $0.0M
Share buybacks $39.0M $181M $531M $95.0M $28.4M $298M $175M $55.9M $186M $428M
Dividends paid $19.1M $21.5M $23.7M $22.2M $23.4M $24.8M $26.0M $27.1M $29.2M $30.8M
Dividends and buybacks $58.1M $202M $555M $117M $51.8M $322M $201M $83.0M $215M $459M
Balance sheet
Cash and short-term investments $45.3M $51.7M $133M $96.2M $67.4M $291M $130M $145M $176M $201M
Total debt $922M $1.1B $884M $1.5B $1.6B $2.0B $4.6B $4.8B $4.9B $5.1B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $6.2M $10.3M $16.1M $41.4M $42.7M $27.8M
Current assets $246M $256M $242M $221M $235M $502M $345M $401M $412M $443M
Current liabilities $468M $453M $257M $301M $424M $395M $622M $756M $729M $733M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $17.2M $11.6M $11.9M
Property and equipment, net $561M $608M $758M $913M $1.1B $968M $1.9B $2.5B $2.9B $2.9B
Total assets $2.3B $2.4B $1.7B $2.6B $2.7B $3.0B $6.2B $7.0B $7.3B $7.5B
Total liabilities $1.6B $1.7B $1.3B $2.0B $2.3B $2.7B $5.7B $6.1B $6.2B $6.4B
Shareholders' equity $685M $640M $473M $508M $367M $307M $552M $894M $1.1B $1.0B
Margins
Operating margin 21.0% 16.5% 18.7% 16.2% 5.7% 17.8% 17.8% 22.9% 25.9% 23.4%
EBITDA margin 34.2% 27.5% 25.0% 23.5% 14.5% 24.3% 24.1% 29.8% 33.2% 31.3%
Net margin 13.1% 15.9% 35.0% 10.3% −7.8% 15.6% 24.3% 17.0% 15.6% 13.1%
FCF margin 24.4% 20.6% 16.7% 15.5% −6.6% 26.3% 25.5% 21.4% 25.2% 23.9%
Returns
Return on capital 7.8% 8.9% 10.0% 9.9% 3.2% 10.5% 6.6% 7.9% 9.2% 8.4%
Return on capital employed 10.1% 7.9% 11.2% 11.6% 2.7% 11.7% 7.9% 9.6% 11.1% 10.3%
Return on equity 16.6% 21.2% 63.4% 28.0% −18.7% 73.9% 102.4% 57.8% 43.2% 36.6%
Return on assets 4.8% 6.1% 17.3% 6.4% −3.1% 8.8% 9.6% 6.3% 6.0% 5.2%
Growth
Revenue growth — 7.3% 14.3% 31.8% −20.7% 51.5% 13.3% 36.0% 11.1% 7.0%
Net income growth 65.8% 30.0% 151.1% −61.0% −159.6% — 76.4% −5.0% 2.3% −10.3%
EPS growth 73.1% 36.5% 190.4% −60.1% −161.5% — 79.6% −3.9% 3.5% −6.9%
FCF growth −14.1% −9.3% −7.5% 22.9% −133.5% — 9.7% 14.6% 30.4% 1.7%
Share count change −4.4% −5.0% −13.3% −2.4% −1.2% −2.2% −1.8% −1.2% −2.0% −3.8%
Financial health
Net debt / EBITDA 3.1x 4.4x 3.0x 4.4x 10.2x 4.4x 10.3x 6.5x 5.3x 5.4x
Debt / equity 1.4x 1.8x 1.9x 2.9x 4.4x 6.5x 8.4x 5.5x 4.6x 5.1x
Interest coverage 4.0x 3.0x 4.7x 3.0x 0.8x 3.4x 2.2x 2.1x 2.5x 2.3x
Current ratio 0.5x 0.6x 0.9x 0.7x 0.6x 1.3x 0.6x 0.5x 0.6x 0.6x
Quick ratio 0.5x 0.6x 0.9x 0.7x 0.6x 1.3x 0.6x 0.5x 0.6x 0.6x
Capital allocation
Capex / revenue 3.8% 3.8% 2.9% 6.2% 20.0% 2.5% 2.8% 3.2% 3.1% 2.4%
Stock comp / revenue 2.3% 3.1% 2.1% 1.8% 2.3% 1.7% 1.8% 1.3% 1.3% 1.0%
Payouts / FCF 29.0% 111.3% 330.0% 56.7% — 76.7% 43.6% 15.7% 31.3% 65.6%
Quality scores
Piotroski F-score 7.0 7.0 7.0 5.0 4.0 7.0 6.0 5.0 6.0 6.0
Altman Z'' 1.2 1.1 2.0 1.3 0.3 1.3 0.5 0.8 1.0 1.0
Accruals ratio −5.4% −3.2% 7.6% −7.1% −8.6% −7.4% −1.6% −2.9% −4.9% −5.2%

Source: SEC EDGAR XBRL filings (CIK 0000020212). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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