Churchill Downs Inc CHDN
Churchill Downs Incorporated ("CDI" or the "Company") has been creating extraordinary entertainment experiences for over 150 years, beginning with the Company's most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of the online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties.
The Company manages its business through three reportable segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming. We aggregate our other businesses as well as certain corporate operations in All Other. We report net revenue and operating expense associated with these reportable segments and other information about these segments in Part II, Item 8. Financial Statements and Supplementary Data, contained within this Report. Further discussion of segment financial information, and our planned investments in segment properties, is set forth in Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations contained within this Report.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.93B | $2.73B | $2.46B | $1.81B | $1.60B | $1.05B | $1.33B | $1.01B | $882.6M | $822.4M |
| R&D | — | — | — | — | — | — | — | — | — | $39.0M |
| SG&A | $246.2M | $237.7M | $202.3M | $164.2M | $138.5M | $114.8M | $122.0M | $90.6M | $83.5M | $79.4M |
| Total operating expenses | $2.24B | $2.03B | $1.90B | $1.49B | $1.31B | $993.8M | $1.11B | $820.2M | $736.9M | $649.9M |
| Operating income | $683.8M | $709.0M | $564.0M | $321.8M | $284.4M | $60.2M | $215.7M | $188.8M | $145.7M | $172.5M |
| Interest expense | $297.7M | $289.8M | $268.4M | $147.3M | $84.7M | $80.0M | $70.9M | $40.1M | $49.3M | $43.7M |
| Pre-tax income | $532.4M | $573.2M | $561.8M | $608.8M | $343.6M | $8.0M | $196.4M | $233.9M | $102.5M | $147.4M |
| Income tax | $146.9M | $144.1M | $144.5M | $169.4M | $94.5M | $5.3M | $56.8M | $51.3M | $19.9M | $50.7M |
| Net income | $383.0M | $426.8M | $417.3M | $439.4M | $249.1M | -$81.9M | $137.5M | $352.8M | $140.5M | $108.1M |
| EPS, basic | — | — | 5.55 | 5.79 | 3.22 | -2.07 | 3.43 | 8.54 | 2.97 | 2.17 |
| EPS, diluted | — | — | 5.49 | 5.71 | 3.18 | -2.08 | 3.38 | 8.48 | 2.92 | 2.14 |
| Shares, diluted (wtd. avg.) | $71.8M | $74.6M | $76.1M | $77.0M | $78.4M | $40.1M | $40.6M | $41.6M | $48.0M | $50.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $200.6M | $175.5M | $221.8M | $204.7M | $355.6M | $121.0M | $142.5M | $173.3M | $85.5M | $83.0M |
| Receivables | $93.5M | $98.7M | $106.9M | $81.5M | $42.3M | $36.5M | $37.3M | $28.8M | $49.6M | $56.6M |
| Inventory | $11.9M | $11.6M | $17.2M | — | — | — | — | — | — | — |
| Total current assets | $443.2M | $412.3M | $400.8M | $344.5M | $501.5M | $235.1M | $221.2M | $241.5M | $256.1M | $246.0M |
| Property, plant and equipment | $2.88B | $2.85B | $2.54B | $1.95B | $968.4M | $1.06B | $912.5M | $757.5M | $608.0M | $560.6M |
| Goodwill | $900.2M | $900.2M | $899.9M | $723.8M | $366.8M | $366.8M | $367.1M | $338.0M | $317.6M | $301.5M |
| Other intangibles | $2.52B | $2.41B | $2.42B | $2.39B | $348.1M | $350.6M | $369.8M | $264.0M | $169.4M | $174.0M |
| Total assets | $7.48B | $7.28B | $6.96B | $6.21B | $2.98B | $2.69B | $2.55B | $1.73B | $2.36B | $2.25B |
| Accounts payable | $184.3M | $180.3M | $158.5M | $145.5M | — | — | — | $47.0M | $54.1M | $49.5M |
| Short-term debt | $63.1M | $63.1M | $68.0M | $47.0M | $7.0M | $4.0M | $4.0M | $4.0M | $4.0M | $14.2M |
| Total current liabilities | $733.3M | $729.3M | $755.8M | $621.6M | $395.0M | $424.2M | $301.2M | $256.6M | $453.2M | $468.1M |
| Long-term debt | $5.07B | $4.84B | $4.77B | $4.56B | $1.96B | $1.62B | $1.47B | $880.3M | $1.13B | $907.5M |
| Total liabilities | $6.43B | $6.17B | $6.06B | $5.66B | $2.67B | $2.32B | $2.04B | $1.25B | $1.72B | $1.57B |
| Retained earnings | $1.01B | $1.08B | $894.5M | $552.4M | $307.7M | $349.8M | $509.2M | $474.2M | $634.3M | $569.7M |
| Total equity | $1.01B | $1.08B | $893.6M | $551.5M | $306.8M | $367.1M | $511.0M | $473.3M | $640.3M | $685.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $769.8M | $771.7M | $605.3M | $510.8M | $459.5M | $143.2M | $292.5M | $197.8M | $215.1M | $231.4M |
| Depreciation and amortisation | $222.8M | $188.0M | $161.8M | $109.0M | $98.4M | $88.0M | $81.4M | $57.6M | $49.1M | $49.1M |
| Stock-based compensation | $30.2M | $36.1M | $32.9M | $31.8M | $27.8M | $23.7M | $23.8M | $21.1M | $27.1M | $18.9M |
| Capital expenditure | $70.2M | $83.6M | $77.7M | $50.2M | $39.5M | $211.2M | $82.9M | $119.8M | $83.6M | $30.9M |
| Investing cash flow | -$471.5M | -$545.2M | -$718.0M | -$3.10B | -$100.4M | -$239.4M | -$781.2M | $824.1M | -$153.6M | -$50.7M |
| Financing cash flow | -$262.5M | -$196.6M | $129.3M | $2.42B | -$500.0K | $76.0M | $460.8M | -$933.3M | -$59.5M | -$201.9M |
| Dividends paid | $30.8M | $29.2M | $27.1M | $26.0M | $24.8M | $23.4M | $22.2M | $23.7M | $21.5M | $19.1M |
| Buybacks | $427.8M | $186.0M | $55.9M | $174.9M | $297.5M | $28.4M | $95.0M | $531.4M | $180.9M | $39.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000020212-26-000025.
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|---|---|---|---|---|
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