CHDN
$81.70-0.55%
Churchill Downs IncorporatedStock · Consumer DiscretionaryNasdaq Composite 0.01%Russell 1000 0.008%US Stock Market 0.008%Russell 3000 0.008%
CHDN financial statements
The full income statement, balance sheet, and cash-flow statement for Churchill Downs Incorporated (CHDN), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 73.4M2024-09 73.5M2024-12 73.5M2025-03 72.2M2025-06 70.1M2025-09 69.7M2025-12 69.7M2026-03 69.7M2026-06 69.7M-5.1% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 2.93B+7.0% | 2.73B+11.1% | 2.46B+36.0% | 1.81B+13.3% | 1.60B+51.5% | |
| 2.24B+10.7% | 2.03B+6.7% | 1.90B+27.5% | 1.49B+13.3% | 1.31B+32.1% | ||
| Selling, general & administrative | 246M+3.6% | 238M+17.5% | 202M+23.2% | 164M+18.6% | 139M+20.6% | |
| Amortization of intangibles | 10.3M-7.2% | 11.1M+54.2% | 7.20M+53.2% | 4.70M-2.1% | 4.80M-2.0% | |
| Operating income | 684M-3.6% | 709M+25.7% | 564M+75.3% | 322M+13.2% | 284M+372.4% | |
| Interest expense | 298M+2.7% | 290M+8.0% | 268M+82.2% | 147M+73.9% | 84.7M+5.9% | |
| Net interest income | -298M-2.7% | -290M-8.0% | -268M-82.2% | -147M-73.9% | -84.7M-5.9% | |
| Other non-operating income | 6.90M-24.2% | 9.10M+54.2% | 5.90M-15.7% | 7.00M-88.2% | 59.2M+213.4% | |
| Equity-method income | 139M-3.8% | 145M-1.0% | 146M-4.2% | 153M+6.6% | 143M+417.0% | |
| Pre-tax income | 532M-7.1% | 573M+2.0% | 562M-7.7% | 609M+77.2% | 344M+4195.0% | |
| Income tax | 147M+1.9% | 144M-0.3% | 145M-14.7% | 169M+79.3% | 94.5M+1883.0% | |
| 383M-10.3% | 427M+2.3% | 417M-5.0% | 439M+76.4% | 249M+404.2% | ||
| Income from continuing operations | — | — | — | 439M+76.4% | 249M+1772.9% | |
| Discontinued operations | — | — | — | 0.00 | 0.00+100.0% | |
| Net income to non-controlling interest | 2.50M+8.7% | 2.30M | 0.00 | 0.00 | 0.00+100.0% | |
| Net income to common | 380M-10.4% | 424M+1.6% | 417M-5.0% | 439M+76.4% | 249M+404.2% | |
| — | — | $5.49-3.9% | $5.71+79.6% | $3.18+405.8% | ||
| EPS (basic) | — | — | $5.55-4.1% | $5.79+79.8% | $3.22+411.1% | |
| Weighted-avg shares (basic) | 71.4M-3.5% | 74.0M-1.6% | 75.2M-0.9% | 75.9M-1.7% | 77.2M-2.5% | |
| Weighted-avg shares (diluted) | 71.8M-3.8% | 74.6M-2.0% | 76.1M-1.2% | 77.0M-1.8% | 78.4M-2.2% | |
| Dividends per share | $0.44+7.1% | $0.41+7.1% | $0.38+7.0% | $0.36+6.9% | $0.33+7.4% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 443M+7.4% | 412M+2.9% | 401M+16.3% | 345M-31.3% | 502M+113.3% | ||
| Cash & equivalents | 201M+14.5% | 176M+21.5% | 145M+11.3% | 130M-55.4% | 291M+332.2% | |
| Accounts receivable | 93.0M-5.8% | 98.7M-7.7% | 107M+31.2% | 81.5M+92.7% | 42.3M+15.9% | |
| Inventory | 12.0M+3.4% | 11.6M-32.6% | 17.2M | — | — | |
| Other current assets | 44.0M-5.2% | 46.4M-22.0% | 59.5M+34.3% | 44.3M+17.8% | 37.6M+33.3% | |
| 7.49B+2.9% | 7.28B+4.6% | 6.96B+12.1% | 6.21B+108.2% | 2.98B+11.0% | ||
| Property, plant & equipment | 2.92B+2.4% | 2.85B+12.4% | 2.54B+30.4% | 1.95B+101.0% | 968M-8.6% | |
| Operating lease right-of-use | 37.3M+62.2% | 23.0M+0.9% | 22.8M-28.5% | 31.9M+20.4% | 26.5M+18.8% | |
| Goodwill | 900M-0.0% | 900M+0.0% | 900M+24.3% | 724M+97.3% | 367M+0.0% | |
| Intangible assets | 2.52B+4.4% | 2.41B-0.4% | 2.42B+1.1% | 2.39B+587.1% | 348M-0.7% | |
| Other non-current assets | 23.0M+25.7% | 18.3M-5.2% | 19.3M-28.5% | 27.0M+42.9% | 18.9M-10.8% | |
| 733M+0.5% | 729M-3.5% | 756M+21.6% | 622M+57.4% | 395M-6.9% | ||
| Accounts payable | 184M+2.1% | 180M+13.8% | 159M+8.9% | 146M+78.3% | 81.6M+15.4% | |
| Deferred revenue | 55.0M+4.0% | 52.9M-27.7% | 73.2M+87.7% | 39.0M-18.2% | 47.7M+45.4% | |
| Short-term & current debt | 63.0M-0.2% | 63.1M-7.2% | 68.0M+44.7% | 47.0M+571.4% | 7.00M+75.0% | |
| Current lease liability | 5.70M+1.8% | 5.60M+3.7% | 5.40M-22.9% | 7.00M+32.1% | 5.30M+12.8% | |
| Finance lease liability (current) | 2.70M-12.9% | 3.10M+24.0% | 2.50M+177.8% | 900K+125.0% | 400K+100.0% | |
| 6.43B+4.2% | 6.17B+1.8% | 6.06B+7.2% | 5.66B+111.4% | 2.67B+15.3% | ||
| Long-term debt | 5.07B+4.6% | 4.84B+1.6% | 4.77B+4.6% | 4.56B+132.5% | 1.96B+21.2% | |
| Deferred revenue (non-current) | 15.0M-25.0% | 20.0M+69.5% | 11.8M+0.0% | 11.8M-11.3% | 13.3M-22.2% | |
| Non-current lease liability | 33.3M+86.0% | 17.9M+0.0% | 17.9M-31.2% | 26.0M+16.1% | 22.4M+17.9% | |
| Operating lease liability (total) | 39.0M+66.0% | 23.5M+0.9% | 23.3M-29.4% | 33.0M+19.1% | 27.7M+16.9% | |
| Finance lease liability (total) | 27.8M-34.9% | 42.7M+3.1% | 41.4M+157.1% | 16.1M+56.3% | 10.3M+66.1% | |
| Finance lease liability | 25.1M-36.6% | 39.6M+1.8% | 38.9M+155.9% | 15.2M+53.5% | 9.90M+65.0% | |
| Deferred tax liabilities | 520M+20.2% | 433M+11.5% | 388M+13.9% | 341M+34.8% | 253M+18.2% | |
| Other non-current liabilities | 94.0M-35.8% | 147M+6.3% | 138M+12.6% | 122M+132.7% | 52.6M+14.8% | |
| 1.01B-6.8% | 1.08B+21.3% | 894M+62.0% | 552M+79.8% | 307M-16.4% | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00-100.0% | |
| Retained earnings | 1.01B-6.8% | 1.08B+21.3% | 895M+61.9% | 552M+79.5% | 308M-12.0% | |
| Total equity incl. non-controlling | — | — | 894M+62.0% | 552M+79.8% | 307M-16.4% | |
| Total liabilities & equity | 7.49B+2.9% | 7.28B+4.6% | 6.96B+12.1% | 6.21B+108.2% | 2.98B+11.0% | |
| Common shares issued | 69.6M-5.3% | 73.5M-1.3% | 74.5M-0.4% | 74.8M-1.8% | 76.2M-3.5% | |
| Common shares outstanding | 69.6M-5.3% | 73.5M-1.3% | 74.5M-0.4% | 74.8M-1.8% | 76.2M-3.5% | |
| Shares outstanding (cover) | 69.7M-5.2% | 73.5M-0.2% | 73.7M-1.5% | 74.8M-1.9% | 76.2M-1.0% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 770M-0.2% | 772M+27.5% | 605M+18.5% | 511M+11.2% | 460M+223.8% | ||
| Depreciation & amortization | 233M+17.1% | 199M+17.8% | 169M+48.6% | 114M+10.2% | 103M+11.1% | |
| Intangible amortization | 10.3M-7.2% | 11.1M+54.2% | 7.20M+53.2% | 4.70M-2.1% | 4.80M-2.0% | |
| Share-based compensation | 30.2M-16.3% | 36.1M+9.7% | 32.9M+3.5% | 31.8M+14.4% | 27.8M+17.3% | |
| Deferred income taxes | 86.8M+95.1% | 44.5M-6.1% | 47.4M-56.4% | 109M+1009.2% | 9.80M-67.7% | |
| -472M+13.5% | -545M+24.1% | -718M+76.9% | -3.10B-2991.3% | -100M+58.1% | ||
| Capital expenditure | 70.2M-16.0% | 83.6M+7.6% | 77.7M+54.8% | 50.2M+27.1% | 39.5M-81.3% | |
| Free cash flow | 700M+1.7% | 688M+30.4% | 528M+14.5% | 461M+9.7% | 420M+706.1% | |
| Acquisitions | 0.00 | 0.00-100.0% | 241M-91.7% | 2.92B | 0.00 | |
| Other investing activities | 11.3M+727.8% | -1.80M+56.1% | -4.10M-155.4% | 7.40M-14.0% | 8.60M+65.4% | |
| -263M-33.5% | -197M-252.0% | 129M-94.6% | 2.42B+483300.0% | -500K-100.7% | ||
| Long-term debt issued | 1.10B+13.7% | 966M-45.5% | 1.77B-38.1% | 2.86B+266.6% | 781M+7.5% | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 428M+130.0% | 186M+232.7% | 55.9M-68.0% | 175M-41.2% | 298M+947.5% | |
| Dividends paid | 30.8M+5.5% | 29.2M+7.7% | 27.1M+4.2% | 26.0M+4.8% | 24.8M+6.0% | |
| Other financing activities | -700K+72.0% | -2.50M-257.1% | -700K-130.4% | 2.30M+4.5% | 2.20M+4.8% | |
| Net change in cash | 35.8M+15.9% | 30.9M+80.7% | 17.1M+111.3% | -151M-164.3% | 235M+1191.2% | |
| Interest paid | 295M-4.0% | 307M+8.2% | 284M+112.3% | 134M+72.4% | 77.5M-2.6% | |
| Income taxes paid | 63.6M-38.3% | 103M+4.9% | 98.2M+43.1% | 68.6M-5.2% | 72.4M+4425.0% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 7.93B-19.3% | 9.82B-2.4% | 10.1B+27.3% | 7.91B-13.8% | 9.18B+22.4% | |
| P/E | 20.7×-10.0% | 23.0×-17.5% | 27.9×+70.0% | 16.4×-55.4% | 36.8× | |
| P/S | 2.7×-24.5% | 3.6×-15.0% | 4.2×-9.4% | 4.7×-18.8% | 5.7×-19.2% | |
| P/B | 7.9×-13.3% | 9.1×-20.0% | 11.3×-12.3% | 12.9×-56.8% | 29.9×+46.5% | |
| P/FCF | 11.3×-20.6% | 14.3×-26.3% | 19.4×+9.3% | 17.7×-18.9% | 21.8× | |
| Earnings yield | 4.8%+11.1% | 4.3%+21.3% | 3.6%-41.2% | 6.1%+124.4% | 2.7% | |
| FCF yield | 8.8%+25.9% | 7.0%+35.7% | 5.2%-8.5% | 5.6%+23.3% | 4.6% | |
| Dividend yield | 0.38%+25.7% | 0.31%+8.2% | 0.28%-16.2% | 0.34%+21.8% | 0.28%-13.2% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: CHDN’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CHDN filings on SEC EDGAR → Not investment advice.