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Stocks · Consumer discretionary · Services-Racing, Including Track Operation

Churchill Downs Inc

CHDN Clue Score54
United States Fiscal year ends December CIK 0000020212
$79.96 +4.99% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $79.96 −67.41% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue822.4Operating income172.5Net income108.1EPS, diluted2.14Fiscal year 2017Revenue882.6 +7.3%Operating income145.7Net income140.5 +30.0%EPS, diluted2.92Fiscal year 2018Revenue1,009.0 +14.3%Operating income188.8Net income352.8 +151.1%EPS, diluted8.48Fiscal year 2019Revenue1,329.7 +31.8%Operating income215.7Net income137.5 −61.0%EPS, diluted3.38Fiscal year 2020Revenue1,054.0 −20.7%Operating income60.2Net income−81.9 −159.6%EPS, diluted−2.08Fiscal year 2021Revenue1,597.2 +51.5%Operating income284.4Net income249.1EPS, diluted3.18Fiscal year 2022Revenue1,809.8 +13.3%Operating income321.8Net income439.4 +76.4%EPS, diluted5.71Fiscal year 2023Revenue2,461.7 +36.0%Operating income564.0Net income417.3 −5.0%EPS, diluted5.49Fiscal year 2024Revenue2,734.3 +11.1%Operating income709.0Net income426.8 +2.3%EPS, diluted5.68Fiscal year 2025Revenue2,925.9 +7.0%Operating income683.8Net income383.0 −10.3%EPS, diluted5.29
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 822.4 882.6 1,009.0 1,329.7 1,054.0 1,597.2 1,809.8 2,461.7 2,734.3 2,925.9
Growth +7.3% +14.3% +31.8% −20.7% +51.5% +13.3% +36.0% +11.1% +7.0%
Operating income 172.5 145.7 188.8 215.7 60.2 284.4 321.8 564.0 709.0 683.8
Net income 108.1 140.5 352.8 137.5 −81.9 249.1 439.4 417.3 426.8 383.0
Growth +30.0% +151.1% −61.0% −159.6% +76.4% −5.0% +2.3% −10.3%
EPS, diluted 2.14 2.92 8.48 3.38 −2.08 3.18 5.71 5.49 5.68 5.29

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin21.0%Net margin13.1%Free cash flow margin24.4%Fiscal year 2017Operating margin16.5%Net margin15.9%Free cash flow margin20.6%Fiscal year 2018Operating margin18.7%Net margin35.0%Free cash flow margin16.7%Fiscal year 2019Operating margin16.2%Net margin10.3%Fiscal year 2020Operating margin5.7%Net margin−7.8%Fiscal year 2021Operating margin17.8%Net margin15.6%Fiscal year 2022Operating margin17.8%Net margin24.3%Fiscal year 2023Operating margin22.9%Net margin17.0%Fiscal year 2024Operating margin25.9%Net margin15.6%Fiscal year 2025Operating margin23.4%Net margin13.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 21.0% 16.5% 18.7% 16.2% 5.7% 17.8% 17.8% 22.9% 25.9% 23.4%
Net margin 13.1% 15.9% 35.0% 10.3% −7.8% 15.6% 24.3% 17.0% 15.6% 13.1%
Free cash flow margin 24.4% 20.6% 16.7% n/a n/a n/a n/a n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow231.4Capital expenditure−30.9Free cash flow200.5Buybacks−39.0Dividends paid−19.1Fiscal year 2017Operating cash flow215.1Capital expenditure−33.3Free cash flow181.8 −9.3%Buybacks−180.9Dividends paid−21.5Fiscal year 2018Operating cash flow197.8Capital expenditure−29.6Free cash flow168.2 −7.5%Buybacks−531.4Dividends paid−23.7Fiscal year 2019Operating cash flow289.6Buybacks−95.0Dividends paid−22.2Fiscal year 2020Operating cash flow141.9Buybacks−28.4Dividends paid−23.4Fiscal year 2021Operating cash flow459.5Buybacks−297.5Dividends paid−24.8Fiscal year 2022Operating cash flow510.8Buybacks−174.9Dividends paid−26.0Fiscal year 2023Operating cash flow605.3Buybacks−55.9Dividends paid−27.1Fiscal year 2024Operating cash flow771.7Buybacks−186.0Dividends paid−29.2Fiscal year 2025Operating cash flow769.8Buybacks−427.8Dividends paid−30.8
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 231.4 215.1 197.8 289.6 141.9 459.5 510.8 605.3 771.7 769.8
Capital expenditure −30.9 −33.3 −29.6 n/a n/a n/a n/a n/a n/a n/a
Free cash flow 200.5 181.8 168.2 n/a n/a n/a n/a n/a n/a n/a
Growth −9.3% −7.5%
Buybacks −39.0 −180.9 −531.4 −95.0 −28.4 −297.5 −174.9 −55.9 −186.0 −427.8
Dividends paid −19.1 −21.5 −23.7 −22.2 −23.4 −24.8 −26.0 −27.1 −29.2 −30.8

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash45.3Total debt921.7Net cash (debt)−876.4Shareholders’ equity685.0Debt to equity1.35Fiscal year 2017Cash51.7Total debt1,129.2Net cash (debt)−1,077.5Shareholders’ equity640.3Debt to equity1.76Fiscal year 2018Cash133.3Total debt884.3Net cash (debt)−751.0Shareholders’ equity473.3Debt to equity1.87Fiscal year 2019Cash96.2Total debt1,473.9Net cash (debt)−1,377.7Shareholders’ equity508.3Debt to equity2.90Fiscal year 2020Cash67.4Total debt1,622.3Net cash (debt)−1,554.9Shareholders’ equity367.1Debt to equity4.42Fiscal year 2021Cash291.3Total debt1,968.0Net cash (debt)−1,676.7Shareholders’ equity306.8Debt to equity6.41Fiscal year 2022Cash129.8Total debt4,605.7Net cash (debt)−4,475.9Shareholders’ equity551.5Debt to equity8.35Fiscal year 2023Cash144.5Total debt4,836.3Net cash (debt)−4,691.8Shareholders’ equity893.6Debt to equity5.41Fiscal year 2024Cash175.5Total debt4,907.2Net cash (debt)−4,731.7Shareholders’ equity1,083.6Debt to equity4.53Fiscal year 2025Cash200.6Total debt5,130.2Net cash (debt)−4,929.6Shareholders’ equity1,009.7Debt to equity5.08
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 45.3 51.7 133.3 96.2 67.4 291.3 129.8 144.5 175.5 200.6
Total debt 921.7 1,129.2 884.3 1,473.9 1,622.3 1,968.0 4,605.7 4,836.3 4,907.2 5,130.2
Net cash (debt) −876.4 −1,077.5 −751.0 −1,377.7 −1,554.9 −1,676.7 −4,475.9 −4,691.8 −4,731.7 −4,929.6
Shareholders’ equity 685.0 640.3 473.3 508.3 367.1 306.8 551.5 893.6 1,083.6 1,009.7
Debt to equity 1.35 1.76 1.87 2.90 4.42 6.41 8.35 5.41 4.53 5.08

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021† 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
822.4 882.6 1,009.0 1,329.7 1,054.0 1,597.2 1,809.8 2,461.7 2,734.3 2,925.9
Growth +7.3% +14.3% +31.8% −20.7% +51.5% +13.3% +36.0% +11.1% +7.0%
39.0 n/a n/a n/a n/a n/a n/a n/a n/a n/a
79.4 83.5 90.6 122.0 114.8 138.5 164.2 202.3 237.7 246.2
172.5 145.7 188.8 215.7 60.2 284.4 321.8 564.0 709.0 683.8
Growth −15.5% +29.6% +14.2% −72.1% +372.4% +13.2% +75.3% +25.7% −3.6%
147.4 102.5 233.9 196.4 8.0 343.6 608.8 561.8 573.2 532.4
50.7 −19.9 51.3 56.8 −5.3 94.5 169.4 144.5 144.1 146.9
108.1 140.5 352.8 137.5 −81.9 249.1 439.4 417.3 426.8 383.0
Growth +30.0% +151.1% −61.0% −159.6% +76.4% −5.0% +2.3% −10.3%
Per share
2.17 2.97 8.54 3.43 −2.07 3.22 5.79 5.55 5.73 5.32
2.14 2.92 8.48 3.38 −2.08 3.18 5.71 5.49 5.68 5.29
Growth +36.4% +190.4% −60.1% −161.5% +79.6% −3.9% +3.5% −6.9%
49.3 47.2 41.3 40.1 39.6 77.2 75.9 75.2 74.0 71.4
50.5 48.0 41.6 40.6 40.1 78.4 77.0 76.1 74.6 71.8
Growth −5.0% −13.3% −2.4% −1.2% +95.5% −1.8% −1.2% −2.0% −3.8%

† The diluted share count jumps at 2021, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 22.7% a year over five years.
  • Operating margin is up 17.7 points on five years ago, at 23.4%.
  • A net loss in 1 of 10 years on file.