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Stock research / United States / CHDN · Services-Racing, Including Track Operation · Nasdaq

Churchill Downs Inc. (CHDN)

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Churchill Downs Inc. (CHDN) reported revenue of $980 million for Q2 FY2026, the quarter ended 30 June 2026, up 4.9% on the same quarter a year earlier. Net income was $241 million, up 11.1% on the year, and diluted earnings per share $3.42. The figures are the company's own, from the 10-Q it filed with the SEC on 29 July 2026.

Revenue$980 millionup 4.9%
Net income$241 millionup 11.1%
Diluted EPS$3.42
QuarterQ2 FY2026ended 30 June 2026

Churchill Downs (CHDN) in brief

Churchill Downs (CHDN) reported revenue of $2.9 billion for fiscal 2025, the year ended 31 December 2025, up 7.0% on the year before.
Read moreNet income was $383 million and diluted earnings per share $5.29. Revenue was $2.7 billion in fiscal 2024, $2.5 billion in fiscal 2023, $1.8 billion in fiscal 2022 and $1.6 billion in fiscal 2021. Net income in the same years was $427 million, $417 million, $439 million and $249 million. Over the twelve months to 30 June 2026, Churchill Downs reported revenue of $3.0 billion and net income of $413 million. Revenue grew 22.7% a year, compounded, over the five years to fiscal 2025. Churchill Downs declared $0.44 a share in dividends over the last four quarters and had 70 million shares outstanding at the latest filed count. At 30 June 2026 it carried $4.1 billion of debt and $196 million of cash. At the close of 8 October 2026 the market cap of Churchill Downs was $5.3 billion, 12.9 times its earnings over the last twelve months.

Ratios

From the filings

ROE30.8%
ROCE13.2%
Operating margin24.1%
Net margin13.8%
FCF marginn/a
Interest cover2.46
Debt to equity3.06
Cash conversionn/a
Share count, 1 year-0.6%
Sales CAGR, 3 years17.4%
Profit CAGR, 3 years-4.5%
EPS, TTMn/a

At the close of 8 October 2026

Price$76.16
Market cap$5.3 billion
Stock P/E12.94
Price to book3.96
EV / EBITDA9.68
Dividend yield0.6%
Market cap / sales1.77
52-week high$117.59
52-week low$73.95
Price, 1 year-17.7%
Price CAGR, 3 years-11.8%
Price CAGR, 5 years-9.1%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on long-term debt as Churchill Downs Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
CHDNgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on CHDN

Filings14 in twelve months: 7 current reports (8-K), about 4 results of operations; 1 material agreement; 1 new financial obligation; 1 regulation fd disclosure; 1 other events
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 8.07 by open interest at the 8 October 2026 close; the straddle prices a 3.9% move to 16 October 2026
13F holders9 of the followed funds hold it; largest FMR LLC; 2 Schedule 13D or 13G filings in twelve months
Insider trading0 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest4.4 million shares short, 4.74 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025 †Q2 FY2025 †Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue572561591891628624643934683666663980
SG&A50.251.754.857.459.865.755.060.959.371.559.061.0
Operating income11210612633012612713532798.0124143357
Operating margin20%19%21%37%20%20%21%35%14%19%22%36%
Interest expense67.970.670.473.573.172.872.075.075.675.672.070.0
Pre-tax income81.871.910229486.191.095.929261.283.3113328
Tax rate25%20%21%29%23%21%20%25%36%38%27%26%
Net income61.057.680.420965.471.777.021738.151.383.0241
Net margin11%10%14%23%10%11%12%23%6%8%13%25%
Diluted EPS$0.79$0.76$1.08$2.79$0.86$0.95$1.02$2.99$0.54$0.74n/a$3.42
Operating cash flown/an/a255n/an/an/a247240n/an/a295217
Capital expendituren/a25.312.422.415.033.813.018.921.417.319.019.0
Free cash flown/an/a242n/an/an/a234222n/an/a276198
Buybacks35.320.114213.04.027.387.025454.932.00.00.0
Dividends paid0.10.328.60.2-0.10.530.10.10.00.631.00.0
Shares outstanding75m74m74m73m73m74m72m70m70m70m70m70m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019FY2020FY2021 †FY2022 †FY2023FY2024FY2025TTM
Revenuen/an/a8228831,0091,3301,0541,5971,8102,4622,7342,9262,992
Research and development0.039.439.0n/an/an/an/an/an/an/an/an/an/a
Selling, general and administrative76.075.679.483.590.5122115138164202238246251
Operating income90.412617214618921660.2284322564709684722
Operating marginn/an/a21.0%16.5%18.7%16.2%5.7%17.8%17.8%22.9%25.9%23.4%24.1%
Interest expense20.828.643.749.340.170.980.084.7147268290298293
Pre-tax income76.51151471022341968.0344609562573532586
Income tax30.144.650.7-19.951.356.8-5.394.5169144144147170
Effective tax rate39.3%38.6%34.4%-19.4%21.9%28.9%-66.2%27.5%27.8%25.7%25.1%27.6%29.0%
Net income46.465.2108140353138-81.9249439417427383413
Net marginn/an/a13.1%15.9%35.0%10.3%-7.8%15.6%24.3%17.0%15.6%13.1%13.8%
Diluted EPS$0.44$0.62$1.07$1.46$4.24$1.69-$1.04$3.17$5.71$5.49$5.68$5.29n/a
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Live and Historical Racing1,0471,2261,39547.7%
Gaming9691,0391,04335.6%
Wagering Services and Solutions44547048816.7%
Live and Historical RacingGamingWagering Services and Solutions
2,461FY20232,734FY20242,926FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by product or service

FY2023FY2024FY2025Share
latest year
Live and Historical Racing1,0471,2261,39547.7%
Gaming9691,0391,04335.6%
Wagering Services and Solutions44547048816.7%
Product and Service, Other0.90.10.10.0%
Live and Historical RacingGamingWagering Services and SolutionsProduct and Service, Other
2,462FY20232,734FY20242,926FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019FY2020FY2021 †FY2022 †FY2023FY2024FY2025TTM
Operating cash flow142265231215198290142336537606773770n/a
Capital expenditure22.731.130.933.329.682.921139.550.277.783.670.276.7
Free cash flow119233200182168207-69.3296487528689700n/a
Free cash flow marginn/an/a24.4%20.6%16.7%15.5%-6.6%18.5%26.9%21.5%25.2%23.9%n/a
Cash from investing-440-65.5-50.7-154824-781-239-100-3,104-718-545-472-424
Cash from financing322-191-202-59.5-93346176.0-0.52,416129-197-262-362
Depreciation and amortisation68.311010997.163.696.492.9103114169199233231
Share-based compensation11.913.818.927.121.123.823.727.831.832.936.130.232.4
Buybacks76.614839.018153195.028.429817555.918642886.9
Dividends paid15.217.419.121.523.722.223.424.826.027.129.230.831.6
Dividend per share$0.17$0.19$0.22$0.25$0.27$0.29$0.31$0.33$0.18$0.38$0.41$0.44n/a
Diluted shares, weighted106m105m101m96m83m81m80m78m77m76m75m72m70m
Shares outstanding at period endn/an/a99m92m81m79m79m76m75m74m74m70m70m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019FY2020FY2021 †FY2022 †FY2023FY2024FY2025TTM
Funded by
Shareholders' equity7006176856404735083673075528941,0841,0101,341
Non-controlling interestn/an/an/an/a0.02.70.0n/an/an/an/an/an/a
Redeemable equityn/an/an/an/an/an/an/an/an/a0.019.746.150.0
Debt7707899281,1428961,4921,6381,9824,6394,8744,9395,1554,110
Operating lease liabilitiesn/an/an/an/an/a21.219.022.426.017.917.933.3n/a
Finance lease liabilitiesn/an/an/an/an/an/a6.09.915.238.939.625.1n/a
Other liabilities8908716425773565276576619751,1311,1761,2152,020
Total liabilities and equity2,3602,2772,2542,3591,7252,5512,6862,9826,2076,9567,2767,4847,521
Owned
Fixed assets5955735616087589121,0609681,9462,5382,8522,8812,911
Goodwill840842302318338367367367724900900900900
Intangible assets5504961741692643703513482,3922,4182,4092,5152,513
Cash and equivalents67.974.545.351.713396.267.4291130144176201196
Receivables75.967.756.649.628.837.336.542.381.510798.793.5129
Inventoryn/an/an/an/an/an/an/an/an/a17.211.611.911.0
Other assets2322241,1161,163204768805965934830829882861
Total assets2,3602,2772,2542,3591,7252,5512,6862,9826,2076,9567,2767,4847,521
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a22.7%17.4%5.7%
Profit growth, compounded19.4%n/a-4.5%-4.1%
Return on equity, average40.2%57.0%41.3%37.9%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Entertainment

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Netflix Inc. NFLX$298.0 billion22.5345.3%29.7%16.0%0.39n/a
Walt Disney Co. DIS$184.8 billion22.077.8%18.4%4.6%0.341.6%
Live Nation Entertainment, Inc. LYV$40.4 billionn/a163.6%3.0%10.8%111.76n/a
TKO Group Holdings, Inc. TKO$13.6 billion62.686.8%18.8%5.1%1.362.2%
Churchill Downs Inc. CHDN$5.3 billion12.9430.8%24.1%5.7%3.060.6%
Vail Resorts Inc. MTN$5.2 billion35.2961.3%14.8%-4.3%13.246.1%
Planet Fitness, Inc. PLNT$3.4 billion14.93n/a30.9%12.7%n/an/a
Warner Music Group Corp. WMGn/an/a78.7%13.7%12.9%5.522.5%
No other company here shares its SEC industry code (Services-Racing, Including Track Operation); these are the names nearest in size in its wider industry, Entertainment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202629 July 2026EDGAR
10-Q31 March 202622 April 2026EDGAR
10-K31 December 202525 February 2026EDGAR
10-Q30 September 202522 October 2025EDGAR
10-Q30 June 202523 July 2025EDGAR
10-Q31 March 202523 April 2025EDGAR
10-K31 December 202420 February 2025EDGAR
10-Q30 September 202423 October 2024EDGAR
10-Q30 June 202424 July 2024EDGAR
10-Q31 March 202424 April 2024EDGAR

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