Churchill Downs Inc CHDN

Communication services SIC 7948 - Services-Racing, Including Track Operation NAICS Arts, Entertainment, and Recreation › Performing Arts, Spectator Sports, and Related Industries › Spectator Sports derived Nasdaq

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.

Last close 83.73 2026-10-23
Market cap $5.84B 2026-06-30 share count
52-week range 73.08 - 118.35

Valuation FY2025 figures against the last close

P/S2.0x
P/E—
P/FCF8.3x
EV/EBITDA11.9x
Dividend yield0.5%
Diluted EPS—

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 ——5.555.793.22-2.073.438.542.972.17
EPS, diluted ——5.495.713.18-2.083.388.482.922.14
Shares, diluted (wtd. avg.) 71.8M74.6M76.1M77.0M78.4M40.1M40.6M41.6M48.0M50.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B Revenue, FY2016: 822.4M Net income, FY2016: 108.1M Revenue, FY2017: 882.6M Net income, FY2017: 140.5M Revenue, FY2018: 1B Net income, FY2018: 352.8M Revenue, FY2019: 1.3B Net income, FY2019: 137.5M Revenue, FY2020: 1.1B Net income, FY2020: -81.9M Revenue, FY2021: 1.6B Net income, FY2021: 249.1M Revenue, FY2022: 1.8B Net income, FY2022: 439.4M Revenue, FY2023: 2.5B Net income, FY2023: 417.3M Revenue, FY2024: 2.7B Net income, FY2024: 426.8M Revenue, FY2025: 2.9B Net income, FY2025: 383M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $822.4M $882.6M $1.01B $1.33B $1.05B $1.60B $1.81B $2.46B $2.73B $2.93B
Gross profit — — — — — — — — — —
Net income $108.1M $140.5M $352.8M $137.5M -$81.9M $249.1M $439.4M $417.3M $426.8M $383.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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