Churchill Downs Incorporated (CHDN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$3.43	$3.45	+0.6%	—	$980M	—
Q1 26	$1	$1.21	+21.0%	—	$663M	—
Q4 25	$1.03	$0.97	-5.8%	—	$665.9M	—
Q3 25	$0.98	$1.09	+11.2%	—	$683M	—
Q2 25	$3.01	$3.1	+3.0%	—	$934.4M	—
Q1 25	$1.04	$1.07	+2.9%	—	$642.6M	—
Q4 24	$0.95	$0.92	-3.2%	—	$624.2M	—
Q3 24	$1.05	$0.97	-7.6%	—	$628.5M	—
Q2 24	$2.7	$2.89	+7.0%	—	$890.7M	—
Q1 24	$0.83	$1.13	+36.1%	—	$590.9M	—
Q4 23	$0.77	$0.86	+11.7%	—	$561.2M	—
Q3 23	$0.86	$0.87	+1.2%	—	$572.5M	—
Q2 23	$2.6	$2.24	-13.8%	—	$768.5M	—
Q1 23	$1.79	$1.96	+9.5%	—	$559.5M	—
Q4 22	$1.67	$1.46	-12.6%	—	$480.1M	—
Q3 22	$1.3	$1.62	+24.6%	—	$383.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.32	—	—	$2.9B	—
FY24	—	$5.73	—	—	$2.7B	—
FY23	—	$5.55	—	—	$2.5B	—
FY22	—	$5.79	—	—	$1.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$822.4M	$882.6M	$1B	$1.3B	$1.1B	$1.6B	$1.8B	$2.5B	$2.7B	$2.9B
YoY change	+2.98%	+7.32%	+14.3%	+31.8%	-20.7%	+51.5%	+13.3%	+36%	+11.1%	+7.01%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	822.4M	882.6M	1B	1.3B	1.1B	1.6B	1.8B	2.5B	2.7B	2.9B
Cost of revenue	594M	629.4M	719.3M	986.7M	860.5M	1.2B	1.2B	1.7B	1.8B	1.9B
Gross profit	228.4M	253.2M	289.7M	343M	193.5M	446.1M	566.4M	795.7M	938.5M	982.6M
Gross margin	27.8%	28.7%	28.7%	25.8%	18.4%	27.9%	31.3%	32.3%	34.3%	33.6%
Research & development	39M	—	—	—	—	—	—	—	—	—
Selling, general & administrative	79.4M	83.5M	90.6M	122M	114.8M	138.5M	164.2M	202.3M	237.7M	246.2M
Operating expenses	120.9M	84.3M	90.6M	122M	114.8M	138.5M	164.2M	202.3M	237.7M	246.2M
Operating income	149M	169.7M	199.1M	221M	78.7M	307.6M	402.2M	593.4M	700.8M	736.4M
Operating margin	18.1%	19.2%	19.7%	16.6%	7.47%	19.3%	22.2%	24.1%	25.6%	25.2%
Non-operating income, net	42.1M	-17.9M	74.9M	46.3M	9.3M	120.7M	353.9M	236.8M	162.2M	93.7M
Pretax income	147.4M	102.5M	233.9M	196.4M	8M	343.6M	608.8M	561.8M	573.2M	532.4M
Income tax	50.7M	-19.9M	51.3M	56.8M	-5.3M	94.5M	169.4M	144.5M	144.1M	146.9M
Net income	108.1M	140.5M	352.8M	137.2M	-82.1M	249.1M	439.4M	417.3M	429.1M	385.5M
Net margin	13.1%	15.9%	35%	10.3%	-7.79%	15.6%	24.3%	17%	15.7%	13.2%
EBITDA	293.4M	311.1M	293M	373.6M	204.4M	560M	680.9M	920.8M	1.1B	1.1B
EPS	1.09	1.49	4.27	1.72	-1.03	3.23	5.79	5.55	5.73	5.32
Diluted EPS	1.07	1.46	4.24	1.69	-1.04	3.17	5.71	5.49	5.68	5.29

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	572.5M	561.2M	590.9M	890.7M	628.5M	624.2M	642.6M	934.4M	683M	665.9M	663M	980M
Cost of revenue	408.5M	400.2M	405.7M	502.7M	442.9M	444.5M	453.1M	542.3M	478.7M	469.2M	460M	561M
Gross profit	164M	161M	185.2M	388M	185.6M	179.7M	189.5M	392.1M	204.3M	196.7M	203M	419M
Gross margin	28.6%	28.7%	31.3%	43.6%	29.5%	28.8%	29.5%	42%	29.9%	29.5%	30.6%	42.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	50.2M	51.7M	54.8M	57.4M	59.8M	65.7M	54.5M	60.9M	59.3M	71.5M	59M	61M
Operating expenses	50.2M	51.7M	54.8M	57.4M	59.8M	65.7M	54.5M	60.9M	59.3M	71.5M	59M	61M
Operating income	113.8M	109.3M	130.4M	330.6M	125.8M	114M	135M	331.2M	145M	125.2M	144M	358M
Operating margin	19.9%	19.5%	22.1%	37.1%	20%	18.3%	21%	35.4%	21.2%	18.8%	21.7%	36.5%
Non-operating income, net	35.9M	33.2M	41.8M	37.2M	33.4M	49.8M	33.2M	35M	-8.2M	33.7M	41M	40M
Pretax income	81.8M	71.9M	101.8M	294.3M	86.1M	91M	95.9M	292M	61.2M	83.3M	113M	328M
Income tax	20.8M	14.3M	21.4M	84.1M	19.9M	18.7M	18.7M	74.4M	22M	31.8M	30M	86M
Net income	61M	57.6M	80.4M	210.2M	66.2M	72.3M	77.2M	217.6M	39.2M	51.5M	83M	242M
Net margin	10.7%	10.3%	13.6%	23.6%	10.5%	11.6%	12%	23.3%	5.74%	7.73%	12.5%	24.7%
EBITDA	194.6M	194.2M	224.6M	418.9M	210.1M	205.9M	229.4M	428.9M	242.1M	221.8M	244M	459M
EPS	0.81	0.77	1.09	2.82	0.87	0.95	1.02	3.02	0.54	0.71	1.16	3.43
Diluted EPS	0.79	0.76	1.08	2.79	0.86	0.95	1.02	2.99	0.54	0.71	1.16	3.42

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.5B	3.7B	—	5.5B	7.7B	9.3B	8B	10.1B	9.9B	8.1B	5.3B
Enterprise value	3.3B	4.7B	—	6.9B	9.3B	11B	12.5B	14.8B	14.6B	13.1B	10.3B
Shares outstanding	98.4M	94.2M	82.6M	80.2M	79.2M	77.2M	75.8M	75.2M	74M	71.4M	71.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	22.8	26	—	40.1	—	37.3	18.2	24.3	23	21.1	13.1
P/S	3	4.14	—	4.14	7.32	5.82	4.43	4.12	3.61	2.78	1.8
P/B	3.6	5.71	—	10.8	21	30.3	14.5	11.4	8.96	7.69	4.04
EV/EBITDA	11.4	15.2	—	18.4	45.3	19.6	18.3	16.1	13.8	11.6	10.4
EV/Sales	4.07	5.36	—	5.17	8.79	6.87	6.9	6.03	5.35	4.46	3.43
Earnings yield	4.38%	3.85%	—	2.49%	—	2.68%	5.48%	4.11%	4.34%	4.75%	7.61%
FCF yield	7.16%	2.69%	—	2.3%	-1.2%	2.62%	1%	-0.7%	2.28%	3.81%	2.63%
PEG	—	—	—	—	—	—	—	—	—	—	0.97

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	27.8%	28.7%	28.7%	25.8%	18.4%	27.9%	31.3%	32.3%	34.3%	33.6%	42.8%
Operating margin	18.1%	19.2%	19.7%	16.6%	7.47%	19.3%	22.2%	24.1%	25.6%	25.2%	36.5%
Net margin	13.1%	15.9%	35%	10.3%	-7.79%	15.6%	24.3%	17%	15.7%	13.2%	13.8%
ROE	15.8%	21.9%	74.5%	26.8%	-22.4%	81.2%	79.7%	46.7%	38.9%	36.5%	33.8%
ROA	4.8%	5.95%	20.4%	5.38%	-3.06%	8.35%	7.08%	6%	5.9%	5.15%	6.48%
ROIC	6.26%	9.88%	12.7%	8.32%	4.09%	11.2%	5.77%	7.89%	8.98%	8.9%	9.17%
Return on tangible assets	8.29%	10.1%	67.7%	12.7%	-6.56%	16.1%	-1.8K%	130.9%	65.3%	59%	59.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.53	0.57	0.94	0.73	0.55	1.27	0.55	0.53	0.57	0.6	0.36
Quick ratio	0.53	0.57	0.94	0.73	0.55	1.27	0.55	0.53	0.55	0.59	0.35
Debt / equity	1.35	1.76	1.87	2.88	4.42	6.41	8.35	5.41	4.46	4.87	3.49
Debt / assets	0.41	0.48	0.51	0.58	0.6	0.66	0.74	0.7	0.68	0.69	0.64
Net debt / EBITDA	2.99	3.46	2.56	3.69	7.61	2.99	6.57	5.1	4.47	4.4	3.93
Interest coverage	4.37	3.08	6.83	3.77	1.1	5.06	5.13	3.09	2.98	2.79	3
Effective tax rate	34.4%	0%	21.9%	28.9%	0%	27.5%	27.8%	25.7%	25.1%	27.6%	29%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	8.36	9.37	12.2	16.6	13.3	20.7	23.9	32.7	37	41	42.8
EPS (basic)	1.09	1.49	4.27	1.72	-1.03	3.23	5.79	5.55	5.73	5.32	5.32
EPS (diluted)	1.07	1.46	4.24	1.69	-1.04	3.17	5.71	5.49	5.68	5.29	5.89
Book value per share	6.96	6.8	5.73	6.37	4.64	3.97	7.28	11.9	14.9	14.8	19.2
FCF per share	1.8	1.04	0.59	1.57	-1.17	3.16	1.06	-0.94	3.05	4.34	5.47
Cash per share	0.46	0.55	1.61	1.2	0.85	3.77	1.71	1.92	2.37	2.81	2.81
Capex per share	—	—	—	—	—	0	3.68	2.6	—	3.85	3.24

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	0%	15.4%	7.95%	—	9.4%	7.58%
Capex / operating cash flow	—	—	—	—	—	0%	37.6%	28.5%	—	35.7%	28.5%
Payout ratio	17.7%	15.3%	6.72%	16.2%	-28.5%	9.96%	5.92%	6.49%	6.8%	7.99%	7.44%
Dividend yield	0.77%	0.59%	—	0.4%	0.3%	0.27%	0.32%	0.27%	0.3%	0.38%	2.31%

Yield

2.31%

trailing twelve months

Frequency

Annual

Last dividend

$0.438

ex-dividend Dec 5, 2025

Payout ratio

of earnings

Dividend growth

15 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Dec 5, 2025	$0.438
Dec 6, 2024	$0.409
Nov 30, 2023	$0.382
Dec 1, 2022	$0.357
Dec 2, 2021	$0.3335
Dec 3, 2020	$0.311
Dec 5, 2019	$0.2905
Dec 6, 2018	$0.2717

Split history

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$572.5M	$561.2M	$590.9M	$890.7M	$628.5M	$624.2M	$642.6M	$934.4M	$683M	$665.9M	$663M	$980M
YoY change	+49.4%	+16.9%	+5.61%	+15.9%	+9.78%	+11.2%	+8.75%	+4.91%	+8.67%	+6.68%	+3.17%	+4.88%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	45.3M	51.7M	133.3M	96.2M	67.4M	291.3M	129.8M	144.5M	175.5M	200.6M
Receivables	7M	5.5M	7.7M	12.3M	6.5M	7.6M	12.5M	42.6M	37.3M	34.5M
Inventory	—	—	—	—	—	—	—	—	11.6M	11.9M
Total current assets	246M	256.1M	241.5M	221.2M	235.1M	501.5M	344.5M	400.8M	412.3M	443.2M
Property, plant & equipment	150.1M	168.2M	224.7M	312.1M	296.6M	249.4M	760.5M	1.1B	616.9M	493.3M
Goodwill & intangibles	951M	974M	1.2B	1.5B	1.4B	1.4B	6.2B	6.6B	6.6B	6.8B
Total assets	2.3B	2.4B	1.7B	2.6B	2.7B	3B	6.2B	7B	7.3B	7.5B
Accounts payable	49.5M	54.1M	47M	57.8M	70.7M	81.6M	145.5M	158.5M	180.3M	184.3M
Short-term debt	14.2M	4M	4M	4M	4M	7M	47M	68M	71.8M	71.5M
Total current liabilities	468.1M	453.2M	256.6M	301.2M	424.2M	395M	621.6M	755.8M	729.3M	733.3M
Long-term debt	907.5M	1.1B	880.3M	1.5B	1.6B	2B	4.6B	4.8B	4.8B	5.1B
Total liabilities	1.6B	1.7B	1.3B	2B	2.3B	2.7B	5.7B	6.1B	6.2B	6.4B
Shareholders' equity	685M	640.3M	473.3M	511M	367.1M	306.8M	551.5M	893.6M	1.1B	1.1B
Total debt	921.7M	1.1B	884.3M	1.5B	1.6B	2B	4.6B	4.8B	4.9B	5.1B
Net debt	876.4M	1.1B	751M	1.4B	1.6B	1.7B	4.5B	4.7B	4.7B	4.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	129.9M	144.5M	149.4M	140.3M	152.7M	175.5M	174.2M	182.4M	180.5M	200.6M	200M	196M
Receivables	36M	42.6M	35.2M	56.8M	36.6M	37.3M	36.3M	49.1M	36M	34.5M	33M	58M
Inventory	—	—	—	—	—	11.6M	11.6M	12.6M	12.4M	11.9M	11M	11M
Total current assets	370.6M	400.8M	416M	436M	387.4M	412.3M	452.4M	464M	414.9M	443.2M	452M	484M
Property, plant & equipment	—	1.1B	—	—	—	616.9M	—	—	—	493.3M	—	—
Goodwill & intangibles	6.6B	6.6B	6.6B	6.6B	6.6B	6.6B	6.6B	6.6B	6.8B	6.8B	6.8B	6.8B
Total assets	6.8B	7B	7.1B	7.2B	7.2B	7.3B	7.3B	7.4B	7.5B	7.5B	7.5B	7.5B
Accounts payable	169M	158.5M	187.8M	215M	182.4M	180.3M	207.1M	231M	194M	184.3M	218M	261M
Short-term debt	68M	68M	68M	68M	63.1M	71.8M	71.7M	71.9M	71.8M	71.5M	71M	671M
Total current liabilities	669.9M	755.8M	837.2M	763.2M	710.1M	729.3M	846.1M	772.1M	725.2M	733.3M	836M	1.4B
Long-term debt	4.7B	4.8B	4.9B	4.8B	4.8B	4.8B	4.8B	4.9B	5B	5.1B	4.9B	4.1B
Total liabilities	5.9B	6.1B	6.2B	6.1B	6.1B	6.2B	6.3B	6.3B	6.4B	6.4B	6.3B	6.1B
Shareholders' equity	888.7M	893.6M	826.9M	1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.4B
Total debt	4.7B	4.8B	4.9B	4.9B	4.8B	4.9B	4.9B	5B	5.1B	5.1B	4.9B	4.8B
Net debt	4.6B	4.7B	4.8B	4.7B	4.7B	4.7B	4.7B	4.8B	4.9B	4.9B	4.7B	4.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	108.1M	140.5M	352.8M	139.6M	13.3M	249.1M	439.4M	417.3M	429.1M	385.5M
Depreciation & amortization	125.8M	114.6M	63.6M	101M	97.9M	108.5M	119M	175.2M	204.7M	239.5M
Stock-based compensation	18.9M	27.1M	21.1M	23.8M	23.7M	27.8M	31.8M	32.9M	36.1M	30.2M
Change in working capital	-18.3M	-63.8M	23M	8.8M	42.9M	77.5M	36.6M	7.7M	49.9M	-5.1M
Operating cash flow	271.9M	152.8M	495.8M	307.5M	212.4M	478M	742.9M	685.9M	774M	769.8M
Capital expenditure	—	—	—	—	—	0	279M	195.7M	—	-274.9M
Investing cash flow	4M	-36.7M	973.5M	-617.9M	-5.2M	-8.6M	-2.6B	-41.5M	1.8M	-286.2M
Dividends paid	-19.1M	-21.5M	-23.7M	-22.2M	-23.4M	-24.8M	-26M	-27.1M	-29.2M	-30.8M
Share repurchases	-39M	-180.9M	-531.4M	-95M	-28.4M	-297.5M	-174.9M	-55.9M	-186M	-427.8M
Financing cash flow	-201.9M	-57.4M	-931.8M	460.8M	88.7M	-500K	2.4B	129.3M	-196.6M	-262.5M
Net change in cash	74M	58.7M	537.5M	150.4M	295.9M	468.9M	512M	773.7M	579.2M	221.1M
Free cash flow	176.7M	98.2M	48.4M	126.3M	-92.3M	243.7M	80M	-70.7M	225.7M	309.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	61M	57.6M	80.4M	210.2M	66.2M	72.3M	77.2M	217.8M	39M	51.5M	83M	242M
Depreciation & amortization	43.4M	48.6M	48.3M	50.5M	51M	54.9M	60.8M	59.2M	58.3M	61.2M	58M	60M
Stock-based compensation	8.1M	8.1M	7.2M	8.9M	7.1M	12.9M	3.6M	6.8M	7.2M	12M	5M	8M
Change in working capital	-33.7M	-1.5M	105M	-69.5M	28.3M	-13.9M	104.5M	-47M	-14.6M	-48.5M	128M	-114M
Operating cash flow	94.6M	113.8M	247.5M	218M	166.8M	141.7M	248.4M	239.1M	186.8M	96M	295M	217M
Capital expenditure	—	—	—	—	—	—	—	-84.8M	-59.6M	-50.3M	-59M	-58M
Investing cash flow	-3.5M	-185.8M	1.6M	300K	-100K	0	—	-84.8M	-70.1M	-50.1M	-61M	-58M
Dividends paid	-100K	-300K	-28.6M	-200K	100K	-500K	-30.1M	800K	-200K	-600K	-31M	0
Share repurchases	-35.3M	-20.1M	-141.7M	-13M	-4M	-27.3M	-86.4M	-253.9M	-54.8M	-32M	0	0
Financing cash flow	86.4M	90.6M	-101.1M	-72.4M	-43.2M	20.1M	-147.9M	-139.1M	50.4M	-25.9M	-232M	-155M
Net change in cash	177.5M	18.6M	148M	145.9M	123.5M	161.8M	100.5M	15.2M	167.1M	20M	2M	4M
Free cash flow	-89.5M	-71.9M	99.7M	81M	43.8M	1.2M	166.4M	154.3M	-58.1M	45.7M	236M	159M

Date	Ratio
May 22, 2023	2:1
Jan 28, 2019	3:1
Apr 15, 1998	2:1

Churchill Downs Incorporated Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement