Churchill Downs Inc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Churchill Downs Inc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	822	883	1,009	1,330	1,054	1,597	1,810	2,462	2,734	2,926
Research and development	39
Selling, general and administrative	79.4	83.5	90.6	122	115	139	164	202	238	246
Selling and marketing		24.8	28.8	41.8	31.4	74.5	52.9	83.4	90.7	102
Operating expenses	650	737	820	1,114	994	1,313	1,488	1,898	2,025	2,242
Operating income	173	146	189	216	60.2	284	322	564	709	684
Interest expense	43.7	49.3	40.1	70.9	80	84.7	147	268	290	298
Other non-operating income	-25.1	-43.2	45.1	-19.3	-52.2	59.2	287	-2.2	-136	-151
Pre-tax income	147	103	234	196	8	344	609	562	573	532
Income tax	50.7	-19.9	51.3	56.8	-5.3	94.5	169	145	144	147
Income from continuing operations	96.7	122	183	140	13.3	249	439
Net income to minority interests		0	0	-0.3	-0.2	0	0	0	2.3	2.5
Net income	108	141	353	138	-81.9	249	439	417	427	383
EBITDA	281	243	252	312	153	388	436	733	908	917
EPS, basic	1.09	1.49	4.28	1.72	-1.04	3.22	5.79	5.55
EPS, diluted	1.07	1.46	4.25	1.69	-1.04	3.18	5.71	5.49
Shares, basic (weighted)	98.4	94.3	82.5	80.1	79.1	77.2	75.9	75.2	74	71.4
Shares, diluted (weighted)	101	95.8	83.1	81.1	80.1	78.4	77	76.1	74.6	71.8
Dividend per share	0.22	0.25	0.27	0.29	0.31	0.33	0.36	0.38	0.41	0.44

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	83	51.7	133	96.2	67.4	291	130	145	176	201
Receivables	56.6	49.6	28.8	37.3	36.5	42.3	81.5	107	98.7	93
Inventory								17.2	11.6	12
Other current assets	17.8	18.9	22.4	26.9	28.2	37.6	44.3	59.5	46.4	44
Total current assets	246	256	242	221	235	502	345	401	412	443
Property, plant and equipment	561	608	758	913	1,060	968	1,946	2,538	2,852	2,919
Lease right-of-use assets				24.8	22.3	26.5	31.9	22.8	23	37.3
Goodwill	302	318	338	367	367	367	724	900	900	900
Intangible assets	174	169	264	370	351	348	2,392	2,418	2,409	2,515
Other non-current assets	9.9	13.6	16.1	21.1	21.2	18.9	27	19.3	18.3	23
Total assets	2,254	2,359	1,725	2,551	2,982	2,982	6,207	6,956	7,276	7,485
Accounts payable	49.5	54.1	47	57.8	70.7	81.6	146	159	180	184
Accrued liabilities	73.2	75.8	89.8	29.2	19.6	39.9	39.6	45.1	57.7	55
Deferred revenue	64.3	70.9	47.9	42.5	32.8	47.7	39	73.2	52.9	55
Short-term debt	14.2	4	4	4	4	7	47	68	63.1	63
Total current liabilities	468	453	257	301	424	395	622	756	729	733
Long-term debt	908	1,125	880	1,470	1,618	1,961	4,559	4,768	4,844	5,067
Lease liabilities				21.2	19	22.4	26	17.9	17.9	33.3
Other non-current liabilities	13.9	16	15.7	39.4	45.8	52.6	122	138	147	94
Total liabilities	1,569	1,719	1,252	2,040	2,319	2,675	5,655	6,062	6,173	6,429
Total debt	922	1,129	884	1,474	1,622	1,968	4,606	4,836	4,907	5,130
Retained earnings	570	634	474	509	350	308	552	895	1,085	1,011
Shareholders' equity	685	640	473	508	367	307	552	894	1,084	1,010
Minority interests			0	2.7	0
Total equity	685	640	473	511	367	307	552	894	1,084	1,010
Total liabilities and equity	2,254	2,359	1,725	2,551	2,686	2,982	6,207	6,956	7,276	7,485
Shares outstanding	32.9	92.3	80.7	79.3	78.9	38.1	74.8	74.5	73.5	69.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	108	141	353	137	-82.1	249	439	417	429	386
Depreciation and amortization	109	97.1	63.6	96.4	92.9	103	114	169	199	233
Stock-based compensation	18.9	27.1	21.1	23.8	23.7	27.8	31.8	32.9	36.1	30.2
Deferred income tax	13.8	-52.4	37.4	31.6	30.3	9.8	109	47.4	44.5	86.8
Cash from operations	231	215	198	290	142	460	511	605	772	770
Capital expenditures	-30.9	-33.3	-29.6	-82.9	-211	-39.5	-50.2	-77.7	-83.6	-70.2
Acquisitions	0	-24.2	13.1	-207	0	0	-2,919	-241	0	0
Cash from investing	-50.7	-154	824	-781	-239	-100	-3,104	-718	-545	-472
Debt issued	727	2,050	135	1,236	726	781	2,862	1,771	966	1,098
Debt repaid	-588	-1,836	-381
Stock issued	2.2	2.1	1.5
Share buybacks	-39	-181	-531	-95	-28.4	-298	-175	-55.9	-186	-428
Dividends paid	-19.1	-21.5	-23.7	-22.2	-23.4	-24.8	-26	-27.1	-29.2	-30.8
Cash from financing	-202	-59.5	-933	461	76	-0.5	2,416	129	-197	-263
Exchange rate effect	0	0.5	-0.8	0	0
Net change in cash	-21.2	2	88.6	-30.8	-21.5	235	-151	17.1	30.9	35.8
Free cash flow	201	182	168	207	-69.3	420	461	528	688	700
Interest paid	40	47.5	31.1	61.7	79.6	77.5	134	284	307	295
Income taxes paid	32.4	75.9	48.6	23.5	1.6	72.4	68.6	98.2	103	63.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $79.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	24.1%	Operating income / revenue.
EBITDA margin	31.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.6%	Pre-tax income / revenue.
Net margin	13.8%	Net income / revenue.
FCF margin	24.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.6%	Cash from operations / revenue.
Effective tax rate	29.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	30.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.5%	Net income / average total assets.
Return on invested capital (ROIC)	8.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	8.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.5%	Capital expenditures / revenue.
D&A / revenue	7.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-3.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	28.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	62.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	1.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	28.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	43.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-10.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-4.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-0.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	40.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	1.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	14.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-6.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	22.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	22.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	20.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.36x	Current assets / current liabilities.
Quick ratio	0.24x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.56x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	63.5%	Total debt / total assets.
Liabilities / assets	81.5%	Total liabilities / total assets.
Net debt	$4.58B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.80x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.46x	Operating income / interest expense.
Working capital	-$875.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	45.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.07B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.40x	Revenue / average total assets.
Fixed asset turnover	1.03x	Revenue / average property, plant and equipment.
Receivables turnover	23.2x	Revenue / average receivables.
Days sales outstanding	16 days	365 x average receivables / revenue.
FCF conversion	174.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.90	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$42.74	Revenue / diluted weighted shares.
FCF per share	$10.28	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.37	Cash from operations / diluted weighted shares.
Book value per share	$19.16	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$29.60	Tangible book value / shares outstanding.
Cash per share	$2.80	(Cash + short-term investments) / shares outstanding.
Payout ratio	7.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	4.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	12.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.56B	Share price x shares outstanding.
Enterprise value	$10.14B	Market cap + total debt - cash - short-term investments.
P/E	13.5x	Market cap / net income. Only when net income is positive.
P/S	1.86x	Market cap / revenue.
P/B	4.15x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	7.73x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.99x	Market cap / cash from operations, when positive.
EV/Sales	3.39x	Enterprise value / revenue.
EV/EBIT	14.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.9%	Free cash flow / market cap.
Earnings yield	7.4%	Net income / market cap (the inverse of P/E).
Dividend yield	0.6%	Dividends paid over the period / market cap.
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.

What was Churchill Downs Inc's revenue in fiscal 2025?

Churchill Downs Inc reported revenue of $2.93B for fiscal 2025, 7% higher than the year before.

Was Churchill Downs Inc profitable in fiscal 2025?

Yes. Net income was $383.0M, a net margin of 13.1%.

How much free cash flow did Churchill Downs Inc generate in fiscal 2025?

Cash from operations of $769.8M minus capital expenditures of $70.2M left free cash flow of $699.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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