Churchill Downs Incorporated(CHDN)Earnings, Financials & Key Ratios

CHDN•NASDAQ

$92.25

$6.43B mkt cap·17.3× P/E·Price updated May 6, 2026

SectorConsumer Cyclical IndustryCasinos & Gaming Sub-IndustryLotteries and Pari-Mutuel Gaming

AboutChurchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. As of December 31, 2021, the company owned and operated three pari-mutuel gaming entertainment venues with approximately 3,050 historical racing machines (HRMs) in Kentucky; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; nine retail sportsbooks; and casino gaming in eight states with approximately 11,000 slot machines and video lottery terminals, and 200 table games. It also offers streaming video of live horse races, replays, and an assortment of racing and handicapping information; and provides the Bloodstock Research Information Services platform for horse racing statistical data. In addition, the company manufactures and operates pari-mutuel wagering systems for racetracks, off-track betting facilities, and other pari-mutuel wagering businesses. Churchill Downs Incorporated was founded in 1875 and is headquartered in Louisville, Kentucky.Show more

Revenue$2.93B+7.0%
EBITDA$976M+6.8%
Net Income$380M-11.0%
EPS (Diluted)5.32-6.3%
Gross Margin33.58%-2.2%
EBITDA Margin33.35%-0.2%
Operating Margin25.17%-2.9%
Net Margin12.98%-16.9%
ROE35.17%-17.7%
ROIC9.35%+0.6%
Debt/Equity4.92+10.5%
Interest Coverage2.79-6.4%

Technical→

CHDN Key Insights

Churchill Downs Incorporated (CHDN) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Excellent 3Y average ROE of 45.2%
✓FCF machine: 16.9% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 22.7%
✓Share count reduced 4.3% through buybacks
✓Healthy 5Y average net margin of 17.1%

✗Weaknesses

✗High debt to equity ratio of 4.9x

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

CHDN Price & Volume

Churchill Downs Incorporated (CHDN) stock price & volume — 10-year historical chart

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CHDN Growth Metrics

Churchill Downs Incorporated (CHDN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years9.21%

5 Years22.65%

3 Years17.37%

TTM5.75%

Profit CAGR

10 Years19.27%

5 Years-

3 Years-4.75%

TTM-8.17%

EPS CAGR

10 Years23.98%

5 Years99.11%

3 Years-2.33%

TTM-3.91%

Return on Capital

10 Years9.61%

5 Years10.28%

3 Years10.59%

Last Year11.08%

CHDN Recent Earnings

Churchill Downs Incorporated (CHDN) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 9/12 qtrs (75%)●Beat Revenue 8/12 qtrs (67%)

Q2 2026Latest

Apr 22, 2026

EPS

$1.21

Est $1.06

+14.2%

Revenue

$663M

Est $661M

+0.3%

Q1 2026

Feb 25, 2026

EPS

$0.97

Est $0.85

+14.1%

Revenue

$666M

Est $660M

+0.9%

Q4 2025

Oct 22, 2025

EPS

$1.09

Est $0.97

+12.4%

Revenue

$683M

Est $656M

+4.1%

Q3 2025

Jul 23, 2025

EPS

$3.10

Est $3.03

+2.3%

Revenue

$934M

Est $668M

+39.9%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 22, 2026	$1.21vs $1.06+14.2%	$663Mvs $661M+0.3%
Q1 2026	Feb 25, 2026	$0.97vs $0.85+14.1%	$666Mvs $660M+0.9%
Q4 2025	Oct 22, 2025	$1.09vs $0.97+12.4%	$683Mvs $656M+4.1%
Q3 2025	Jul 23, 2025	$3.10vs $3.03+2.3%	$934Mvs $668M+39.9%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
PENNPENN Entertainment, Inc.Direct Competitor	2.24B	16.75	-2.87	5.82%	-12.11%	-34.66%	4.58
BYDBoyd Gaming CorporationDirect Competitor	6.41B	85.15	3.77	4.12%	45.02%	91.81%	1.25
RRRRed Rock Resorts, Inc.Direct Competitor	3.13B	52.93	16.96	3.74%	9.35%	56.57%	0.18
DKNGDraftKings Inc.Direct Competitor	11.86B	23.92	-2953.09	26.99%	0.06%	0.46%	3.06
CZRCaesars Entertainment, Inc.Direct Competitor	5.65B	27.76	-11.47	2.14%	-4.19%	-12.62%	7.15
MGMMGM Resorts InternationalDirect Competitor	9.78B	38.21	50.28	1.72%	1.03%	5.3%	17.14
FLUTFlutter Entertainment plcProduct Competitor	17.28B	99.11	-57.29	16.62%	-2.67%	-4.36%	1.38
RSIRush Street Interactive, Inc.Product Competitor	2.98B	27.86	199	22.76%	2.98%	12.91%	0.06

Compare CHDN vs Peers

Churchill Downs Incorporated (CHDN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PENN

Most directly comparable listed peer for CHDN.

Scale Benchmark

vs MAR

Larger-name benchmark to compare CHDN against a more recognizable public peer.

Peer Set

Compare Top 5

vs PENN, BYD, RRR, DKNG

CHDN Income Statement

Churchill Downs Incorporated (CHDN) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Sales/Revenue	882.6M	1.01B	1.33B	1.05B	1.6B	1.81B	2.46B	2.73B	2.93B	2.95B
Revenue Growth %	-32.55%	14.32%	31.78%	-20.73%	51.54%	13.31%	36.02%	11.07%	7.01%	5.75%
Cost of Goods Sold	629.8M	719.4M	986.7M	860.5M	1.15B	1.24B	1.67B	1.8B	1.94B	1.95B
COGS % of Revenue	71.36%	71.3%	74.2%	81.64%	72.07%	68.7%	67.68%	65.68%	66.42%	-
Gross Profit	252.8M▲ 0%	289.6M▲ 14.6%	343M▲ 18.4%	193.5M▼ 43.6%	446.1M▲ 130.5%	566.4M▲ 27.0%	795.7M▲ 40.5%	938.5M▲ 17.9%	982.6M▲ 4.7%	996.1M▲ 0%
Gross Margin %	28.64%	28.7%	25.8%	18.36%	27.93%	31.3%	32.32%	34.32%	33.58%	33.81%
Gross Profit Growth %	-19.9%	14.56%	18.44%	-43.59%	130.54%	26.97%	40.48%	17.95%	4.7%	-
Operating Expenses	83.9M	90.5M	127.3M	133.3M	161.7M	244.6M	231.7M	229.5M	246.2M	301.2M
OpEx % of Revenue	9.51%	8.97%	9.57%	12.65%	10.12%	13.52%	9.41%	8.39%	8.41%	-
Selling, General & Admin	83.1M	90.5M	122M	114.8M	138.5M	164.2M	202.3M	237.7M	246.2M	250.7M
SG&A % of Revenue	9.42%	8.97%	9.18%	10.89%	8.67%	9.07%	8.22%	8.69%	8.41%	-
Research & Development	17.5M	7.3M	0	0	0	0	11.2M	0	0	0
R&D % of Revenue	1.98%	0.72%	-	-	-	-	0.46%	-	-	-
Other Operating Expenses	-200K	700K	5.3M	18.5M	23.2M	80.4M	18.2M	-8.2M	0	2M
Operating Income	145.7M▲ 0%	188.8M▲ 29.6%	215.7M▲ 14.2%	60.2M▼ 72.1%	284.4M▲ 372.4%	321.8M▲ 13.2%	564M▲ 75.3%	709M▲ 25.7%	736.4M▲ 3.9%	694.9M▲ 0%
Operating Margin %	16.51%	18.71%	16.22%	5.71%	17.81%	17.78%	22.91%	25.93%	25.17%	23.59%
Operating Income Growth %	-24.97%	29.58%	14.25%	-72.09%	372.43%	13.15%	75.26%	25.71%	3.86%	-
EBITDA	219.1M	252.8M	316.7M	158.1M	392.9M	440.8M	739.2M	913.7M	975.9M	931.6M
EBITDA Margin %	24.82%	25.05%	23.82%	15%	24.6%	24.36%	30.03%	33.42%	33.35%	31.62%
EBITDA Growth %	-18.82%	15.38%	25.28%	-50.08%	148.51%	12.19%	67.7%	23.61%	6.81%	1.26%
D&A (Non-Cash Add-back)	73.4M	64M	101M	97.9M	108.5M	119M	175.2M	204.7M	239.5M	236.7M
EBIT	151.8M	274M	267.3M	88M	428.3M	756.1M	830.2M	863M	830.1M	805.9M
Net Interest Income	-49.3M	-40.1M	-70.9M	-80M	-84.7M	-147.3M	-268.4M	-289.8M	-297.7M	-297.4M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	49.3M	40.1M	70.9M	80M	84.7M	147.3M	268.4M	289.8M	297.7M	153.4M
Other Income/Expense	-43.2M	45.1M	-19.3M	-52.2M	59.2M	287M	-2.2M	-135.8M	-204M	-145.4M
Pretax Income	102.5M▲ 0%	233.9M▲ 128.2%	196.4M▼ 16.0%	8M▼ 95.9%	343.6M▲ 4195.0%	608.8M▲ 77.2%	561.8M▼ 7.7%	573.2M▲ 2.0%	532.4M▼ 7.1%	549.5M▲ 0%
Pretax Margin %	11.61%	23.18%	14.77%	0.76%	21.51%	33.64%	22.82%	20.96%	18.2%	18.65%
Income Tax	-19.9M	51.3M	56.8M	-5.3M	94.5M	169.4M	144.5M	144.1M	146.9M	98.2M
Effective Tax Rate %	-19.41%	21.93%	28.92%	-66.25%	27.5%	27.83%	25.72%	25.14%	27.59%	17.87%
Net Income	140.5M▲ 0%	352.8M▲ 151.1%	137.5M▼ 61.0%	-81.9M▼ 159.6%	249.1M▲ 404.2%	439.4M▲ 76.4%	417.3M▼ 5.0%	426.8M▲ 2.3%	379.7M▼ 11.0%	387.6M▲ 0%
Net Margin %	15.92%	34.97%	10.34%	-7.77%	15.6%	24.28%	16.95%	15.61%	12.98%	13.16%
Net Income Growth %	29.97%	151.1%	-61.03%	-159.56%	404.15%	76.39%	-5.03%	2.28%	-11.04%	-8.17%
Net Income (Continuing)	122.4M	182.6M	139.6M	13.3M	249.1M	439.4M	417.3M	429.1M	385.5M	391.3M
Discontinued Operations	18.1M	170.2M	-2.4M	-95.4M	0	0	0	0	0	0
Minority Interest	0	0	2.7M	0	0	0	0	19.7M	46.1M	48M
EPS (Diluted)	1.46▲ 0%	4.24▲ 190.4%	1.69▼ 60.1%	0.17▼ 89.9%	3.18▲ 1770.6%	5.71▲ 79.6%	5.48▼ 4.0%	5.68▲ 3.6%	5.32▼ 6.3%	5.54▲ 0%
EPS Growth %	36.45%	190.41%	-60.14%	-89.94%	1770.59%	79.56%	-4.03%	3.65%	-6.34%	-3.91%
EPS (Basic)	1.49	4.27	1.71	0.17	3.23	5.80	5.55	5.73	5.36	-
Diluted Shares Outstanding	96M	83.2M	81.2M	79.2M	78.4M	77M	76.1M	74.6M	71.4M	70M
Basic Shares Outstanding	94.2M	82.6M	80.2M	79.2M	77.2M	75.8M	75.2M	74M	70.85M	70M
Dividend Payout Ratio	15.3%	6.72%	16.15%	-	9.96%	5.92%	6.49%	6.84%	8.11%	-

CHDN Balance Sheet

Churchill Downs Incorporated (CHDN) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Current Assets	256.1M	241.5M	221.2M	235.1M	501.5M	344.5M	400.8M	412.3M	443.2M	452M
Cash & Short-Term Investments	51.7M	133.3M	96.2M	67.4M	291.3M	129.8M	144.5M	175.5M	288.5M	200M
Cash Only	51.7M	133.3M	96.2M	67.4M	291.3M	129.8M	144.5M	175.5M	288.5M	200M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	85.2M	45.8M	51.8M	85.9M	108.3M	95.5M	119.5M	113.2M	110.5M	99M
Days Sales Outstanding	35.23	16.57	14.22	29.75	24.75	19.26	17.72	15.11	13.78	12.93
Inventory	0	0	0	0	0	0	17.2M	11.6M	0	0
Days Inventory Outstanding	-	-	-	-	-	-	3.77	2.36	-	0.59
Other Current Assets	119.2M	62.4M	73.2M	81.8M	101.9M	119.2M	86.2M	81.9M	44.2M	153M
Total Non-Current Assets	2.1B	1.48B	2.33B	2.45B	2.48B	5.86B	6.55B	6.86B	7.04B	7.03B
Property, Plant & Equipment	608M	757.5M	937.3M	1.08B	994.9M	1.98B	2.56B	2.87B	314.5M	2.91B
Fixed Asset Turnover	1.45x	1.33x	1.42x	0.97x	1.61x	0.91x	0.96x	0.95x	9.30x	1.30x
Goodwill	317.6M	338M	367.1M	366.8M	366.8M	723.8M	899.9M	900.2M	900.2M	900M
Intangible Assets	169.4M	264M	369.8M	350.6M	348.1M	2.39B	2.42B	2.41B	2.52B	2.52B
Long-Term Investments	171.3M	108.1M	634.5M	630.6M	663.6M	659.4M	655.9M	661.2M	684.6M	2.71B
Other Non-Current Assets	837M	16.1M	21.1M	21.2M	106.7M	109M	19.3M	18.3M	2.63B	2.69B
Total Assets	2.36B▲ 0%	1.73B▼ 26.9%	2.55B▲ 47.9%	2.69B▲ 5.3%	2.98B▲ 11.0%	6.21B▲ 108.2%	6.96B▲ 12.1%	7.28B▲ 4.6%	7.48B▲ 2.9%	7.49B▲ 0%
Asset Turnover	0.37x	0.58x	0.52x	0.39x	0.54x	0.29x	0.35x	0.38x	0.39x	0.40x
Asset Growth %	4.66%	-26.88%	47.87%	5.31%	10.99%	108.17%	12.06%	4.61%	2.87%	11.55%
Total Current Liabilities	453.2M	256.6M	301.2M	424.2M	395M	621.6M	755.8M	729.3M	733.3M	836M
Accounts Payable	54.1M	47M	57.8M	70.7M	81.6M	145.5M	158.5M	180.3M	184.3M	218M
Days Payables Outstanding	31.35	23.85	21.38	29.99	25.87	42.71	34.73	36.65	34.62	38.71
Short-Term Debt	4M	4M	4M	4M	7M	47M	68M	63.1M	71.5M	63M
Deferred Revenue (Current)	94.9M	47.9M	42.5M	32.8M	47.7M	39M	73.2M	52.9M	0	203.3M
Other Current Liabilities	188.2M	83.9M	104.6M	234.5M	122.2M	163.8M	149.9M	151.2M	446.8M	397M
Current Ratio	0.57x	0.94x	0.73x	0.55x	1.27x	0.55x	0.53x	0.57x	0.60x	0.60x
Quick Ratio	0.57x	0.94x	0.73x	0.55x	1.27x	0.55x	0.51x	0.55x	0.60x	0.60x
Cash Conversion Cycle	-	-	-	-	-	-	-13.24	-19.18	-	-25.19
Total Non-Current Liabilities	1.27B	995.3M	1.74B	1.9B	2.28B	5.03B	5.31B	5.44B	5.7B	5.5B
Long-Term Debt	1.13B	880.3M	1.47B	1.62B	1.96B	4.56B	4.77B	4.84B	5.07B	4.87B
Capital Lease Obligations	0	0	0	0	0	0	0	0	58.4M	58.4M
Deferred Tax Liabilities	40.6M	78.2M	212.8M	213.9M	252.9M	340.8M	388.2M	432.7M	519.9M	1.99B
Other Non-Current Liabilities	70.8M	15.7M	39.4M	45.8M	52.6M	122.4M	137.8M	146.5M	34.6M	376.4M
Total Liabilities	1.72B	1.25B	2.04B	2.32B	2.67B	5.66B	6.06B	6.17B	6.43B	6.34B
Total Debt	1.13B	884.3M	1.47B	1.62B	1.97B	4.61B	4.84B	4.92B	5.2B	4.93B
Net Debt	1.08B	751M	1.38B	1.55B	1.68B	4.48B	4.7B	4.74B	4.91B	4.73B
Debt / Equity	1.76x	1.87x	2.88x	4.42x	6.41x	8.35x	5.42x	4.46x	4.92x	4.92x
Debt / EBITDA	5.15x	3.50x	4.65x	10.26x	5.01x	10.45x	6.55x	5.38x	5.33x	5.29x
Net Debt / EBITDA	4.92x	2.97x	4.35x	9.83x	4.27x	10.15x	6.36x	5.19x	5.03x	5.03x
Interest Coverage	3.08x	6.83x	3.77x	1.10x	5.06x	5.13x	3.09x	2.98x	2.79x	5.25x
Total Equity	640.3M▲ 0%	473.3M▼ 26.1%	511M▲ 8.0%	367.1M▼ 28.2%	306.8M▼ 16.4%	551.5M▲ 79.8%	893.6M▲ 62.0%	1.1B▲ 23.5%	1.06B▼ 4.3%	1.14B▲ 0%
Equity Growth %	-6.53%	-26.08%	7.97%	-28.16%	-16.43%	79.76%	62.03%	23.47%	-4.31%	-1.23%
Book Value per Share	6.67	5.69	6.29	4.64	3.91	7.16	11.74	14.79	14.79	16.34
Total Shareholders' Equity	640.3M	473.3M	508.3M	367.1M	306.8M	551.5M	893.6M	1.08B	1.01B	1.1B
Common Stock	7.3M	0	0	18.2M	0	0	0	0	0	3M
Retained Earnings	634.3M	474.2M	509.2M	349.8M	307.7M	552.4M	894.5M	1.08B	1.01B	1.09B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.3M	-900K	-900K	-900K	-900K	-900K	-900K	-1M	-1M	-1M
Minority Interest	0	0	2.7M	0	0	0	0	19.7M	46.1M	48M

CHDN Cash Flow Statement

Churchill Downs Incorporated (CHDN) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	218.2M	197.8M	289.6M	141.9M	335.5M	536.8M	605.8M	772.7M	769.8M	769.8M
Operating CF Margin %	24.72%	19.6%	21.78%	13.46%	21.01%	29.66%	24.61%	28.26%	26.31%	-
Operating CF Growth %	-3.79%	-9.35%	46.41%	-51%	136.43%	60%	12.85%	27.55%	-0.38%	13.89%
Net Income	140.5M	352.8M	137.2M	-82.1M	249.1M	439.4M	417.3M	429.1M	385.5M	387.6M
Depreciation & Amortization	114.6M	64M	101M	97.9M	108.5M	119M	175.2M	204.7M	239.5M	236.7M
Stock-Based Compensation	27.1M	21.1M	23.8M	23.7M	27.8M	31.8M	32.9M	36.1M	30.2M	31.6M
Deferred Taxes	-65M	36.5M	31.5M	1.1M	9.8M	108.7M	47.4M	44.5M	86.8M	105.8M
Other Non-Cash Items	38.2M	-285.8M	-9.7M	25M	-137.2M	-198.7M	-74.7M	8.4M	32.9M	-118.5M
Working Capital Changes	-37.2M	9.2M	5.8M	76.3M	77.5M	36.6M	7.7M	49.9M	-5.1M	171.4M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	50.6M	0	0	0	0
Cash from Investing	-153.6M	824.1M	-781.2M	-239.4M	-100.4M	-3.1B	-718M	-545.2M	-471.5M	-452.4M
Capital Expenditures	-116.9M	-149.4M	-163.3M	-234.2M	-91.8M	-456.8M	-676.5M	0	0	-84.7M
CapEx % of Revenue	13.25%	14.81%	12.28%	22.22%	5.75%	25.24%	27.48%	20.01%	9.4%	-
Acquisitions	-48.2M	983.8M	-616.7M	0	0	-2.92B	-241.3M	0	-185.3M	-185.3M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	11.5M	-10.3M	-1.2M	-5.2M	-8.6M	271.6M	199.8M	-545.2M	-286.2M	-182.4M
Cash from Financing	-59.5M	-933.3M	460.8M	76M	-500K	2.42B	129.3M	-196.6M	-262.5M	-346.6M
Debt Issued (Net)	214.6M	-300.7M	596M	159.1M	339.4M	2.67B	237.1M	53.8M	213.8M	42.9M
Equity Issued (Net)	-188.8M	-545.5M	-95M	-28.4M	-297.5M	-174.9M	-55.9M	-186M	-427.8M	-341.4M
Dividends Paid	-21.5M	-23.7M	-22.2M	-23.4M	-24.8M	-26M	-27.1M	-29.2M	-30.8M	-31.7M
Share Repurchases	-190.9M	-547M	-95M	-28.4M	-297.5M	-174.9M	-55.9M	-186M	-427.8M	-341.4M
Other Financing	-63.8M	-63.4M	-18M	-31.3M	-17.6M	-53.4M	-24.8M	-35.2M	-17.7M	-16.4M
Net Change in Cash	5.6M▲ 0%	87.8M▲ 1467.9%	-30.8M▼ 135.1%	-21.5M▲ 30.2%	234.6M▲ 1191.2%	-150.9M▼ 164.3%	17.1M▲ 111.3%	30.9M▲ 80.7%	35.8M▲ 15.9%	19.3M▲ 0%
Free Cash Flow	101.3M▲ 0%	48.4M▼ 52.2%	126.3M▲ 161.0%	-92.3M▼ 173.1%	243.7M▲ 364.0%	80M▼ 67.2%	-70.7M▼ 188.4%	225.7M▲ 419.2%	494.9M▲ 119.3%	733.6M▲ 0%
FCF Margin %	11.48%	4.8%	9.5%	-8.76%	15.26%	4.42%	-2.87%	8.25%	16.91%	24.9%
FCF Growth %	-40.27%	-52.22%	160.95%	-173.08%	364.03%	-67.17%	-188.38%	419.24%	119.27%	150.89%
FCF per Share	1.06	0.58	1.56	-1.17	3.11	1.04	-0.93	3.03	6.93	6.93
FCF Conversion (FCF/Net Income)	1.55x	0.56x	2.11x	-1.73x	1.35x	1.22x	1.45x	1.81x	2.03x	1.89x
Interest Paid	47.5M	31.1M	61.7M	79.6M	77.5M	133.6M	283.6M	306.8M	0	100.4M
Taxes Paid	75.9M	48.6M	23.5M	1.6M	72.4M	68.6M	99.1M	108.2M	0	9M

CHDN Key Ratios

Churchill Downs Incorporated (CHDN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Return on Equity (ROE)	21.2%	63.36%	27.94%	-18.65%	73.93%	102.39%	57.75%	42.75%	35.17%	35.7%
Return on Invested Capital (ROIC)	6.67%	9.63%	10.39%	2.37%	10.92%	6.88%	7.97%	9.3%	9.35%	9.35%
Gross Margin	28.64%	28.7%	25.8%	18.36%	27.93%	31.3%	32.32%	34.32%	33.58%	33.81%
Net Margin	15.92%	34.97%	10.34%	-7.77%	15.6%	24.28%	16.95%	15.61%	12.98%	13.16%
Debt / Equity	1.76x	1.87x	2.88x	4.42x	6.41x	8.35x	5.42x	4.46x	4.92x	4.92x
Interest Coverage	3.08x	6.83x	3.77x	1.10x	5.06x	5.13x	3.09x	2.98x	2.79x	5.25x
FCF Conversion	1.55x	0.56x	2.11x	-1.73x	1.35x	1.22x	1.45x	1.81x	2.03x	1.89x
Revenue Growth	-32.55%	14.32%	31.78%	-20.73%	51.54%	13.31%	36.02%	11.07%	7.01%	5.75%

CHDN SEC Filings & Documents

Churchill Downs Incorporated (CHDN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 22, 2026·SEC

Material company update

Apr 21, 2026·SEC

Material company update

Feb 25, 2026·SEC

10-K Annual Reports

FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 20, 2025·SEC

FY 2024

Feb 21, 2024·SEC

10-Q Quarterly Reports

FY 2026

Apr 22, 2026·SEC

FY 2025

Oct 22, 2025·SEC

FY 2025

Jul 23, 2025·SEC

CHDN Frequently Asked Questions

Churchill Downs Incorporated (CHDN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Churchill Downs Incorporated (CHDN) reported $2.95B in revenue for fiscal year 2025. This represents a 2631% increase from $107.9M in 1996.

Churchill Downs Incorporated (CHDN) grew revenue by 7.0% over the past year. This is steady growth.

Yes, Churchill Downs Incorporated (CHDN) is profitable, generating $387.6M in net income for fiscal year 2025 (13.0% net margin).

Dividend & Returns

Yes, Churchill Downs Incorporated (CHDN) pays a dividend with a yield of 0.47%. This makes it attractive for income-focused investors.

Churchill Downs Incorporated (CHDN) has a return on equity (ROE) of 35.2%. This is excellent, indicating efficient use of shareholder capital.

Churchill Downs Incorporated (CHDN) generated $733.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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