Detailed financial statements for Churchill Downs Incorporated (CHDN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Churchill Downs Incorporated (CDI) is a leading U.S. entertainment enterprise focused on horse racing, online wagering, and general gaming activities. Its extensive operations are categorized into three main divisions: Live and Historical Racing, TwinSpires, and Gaming. As of December 31, 2021, CDI's portfolio included three pari-mutuel gaming venues in Kentucky, collectively featuring approximately 3,050 historical racing machines.
Analysis Summary
Churchill Downs Incorporated reported revenue of $2.93B in the most recent fiscal year, growing at a 5-year CAGR of 22.7%.
Trailing-twelve-month margins: gross margin 37.1%, operating margin 25.6%, net margin 15.0%.
At $94.83 (closing price, October 30, 2026), CHDN trades at a P/E of 14.73 and an ROE of 37.45%. Market capitalisation stands at $6.5B.
Balance sheet quality for CHDN: current ratio of 0.6, net debt of $4.91B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $309.6M represents 82% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.31B | $882.6M | $1.01B | $1.33B | $1.05B | $1.60B | $1.81B | $2.46B | $2.73B | $2.93B |
| Cost of Revenue | $993.0M | $629.8M | $719.4M | $986.7M | $860.5M | $1.15B | $1.24B | $1.67B | $1.80B | $1.94B |
| Gross Profit | $315.6M | $252.8M | $289.6M | $343.0M | $193.5M | $446.1M | $566.4M | $795.7M | $938.5M | $982.6M |
| Research & Development | $39.0M | $17.5M | $7.3M | 0 | 0 | 0 | 0 | $11.2M | 0 | 0 |
| Selling, General & Admin | $100.2M | $83.1M | $90.5M | $122.0M | $114.8M | $138.5M | $164.2M | $202.3M | $237.7M | $246.2M |
| Operating Expenses | $141.7M | $83.9M | $90.5M | $127.3M | $133.3M | $161.7M | $244.6M | $231.7M | $229.5M | $246.2M |
| Operating Income | $194.2M | $145.7M | $188.8M | $215.7M | $60.2M | $284.4M | $321.8M | $564.0M | $709.0M | $736.4M |
| EBITDA | $316.9M | $266.4M | $338.0M | $368.3M | $185.9M | $536.8M | $875.1M | $1.01B | $1.07B | $1.07B |
| Interest Expense | $43.7M | $49.3M | $40.1M | $70.9M | $80.0M | $84.7M | $147.3M | $268.4M | $289.8M | $297.7M |
| Pre-tax Income | $168.1M | $102.5M | $233.9M | $196.4M | $8.0M | $343.6M | $608.8M | $561.8M | $573.2M | $532.4M |
| Income Tax | $60.0M | -$19.9M | $51.3M | $56.8M | -$5.3M | $94.5M | $169.4M | $144.5M | $144.1M | $146.9M |
| Net Income | $108.1M | $140.5M | $352.8M | $137.5M | -$81.9M | $249.1M | $439.4M | $417.3M | $426.8M | $379.7M |
| EPS | $1.09 | $1.49 | $4.27 | $1.71 | $-1.03 | $3.23 | $5.80 | $5.55 | $5.73 | $5.36 |
| EPS (Diluted) | $1.07 | $1.46 | $4.24 | $1.69 | $-1.03 | $3.18 | $5.71 | $5.48 | $5.68 | $5.32 |
| Shares Outstanding (Diluted) | 100.8 M | 96.0 M | 83.2 M | 81.2 M | 79.2 M | 78.4 M | 77.0 M | 76.1 M | 74.6 M | 71.4 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $665.9M | $663.0M | $980.0M | $696.0M |
| Gross Profit | $196.7M | $203.0M | $509.0M | $207.0M |
| Operating Income | $125.2M | $144.0M | $357.0M | $143.0M |
| EBITDA | $220.1M | $243.0M | $458.0M | $241.0M |
| Net Income | $49.8M | $81.0M | $241.0M | $80.0M |
| EPS | $0.71 | $1.16 | $3.43 | $1.15 |
| EPS (Diluted) | $0.71 | $1.16 | $3.42 | $1.15 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $48.7M | $51.7M | $133.3M | $96.2M | $67.4M | $291.3M | $129.8M | $144.5M | $175.5M | $288.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $77.8M | $85.2M | $45.8M | $51.8M | $85.9M | $108.3M | $95.5M | $119.5M | $113.2M | $110.5M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $17.2M | $11.6M | 0 |
| Total Current Assets | $246.0M | $256.1M | $241.5M | $221.2M | $235.1M | $501.5M | $344.5M | $400.8M | $412.3M | $443.2M |
| Property, Plant & Equipment | $574.4M | $608.0M | $757.5M | $937.3M | $1.08B | $994.9M | $1.98B | $2.56B | $2.87B | $314.5M |
| Goodwill | $832.2M | $317.6M | $338.0M | $367.1M | $366.8M | $366.8M | $723.8M | $899.9M | $900.2M | $900.2M |
| Intangible Assets | $452.0M | $169.4M | $264.0M | $369.8M | $350.6M | $348.1M | $2.39B | $2.42B | $2.41B | $2.52B |
| Total Assets | $2.25B | $2.36B | $1.73B | $2.55B | $2.69B | $2.98B | $6.21B | $6.96B | $7.28B | $7.48B |
| Accounts Payable | $49.5M | $54.1M | $47.0M | $57.8M | $70.7M | $81.6M | $145.5M | $158.5M | $180.3M | $184.3M |
| Short-term Debt | $14.2M | $4.0M | $4.0M | $4.0M | $4.0M | $7.0M | $47.0M | $68.0M | $63.1M | $71.5M |
| Total Current Liabilities | $468.1M | $453.2M | $256.6M | $301.2M | $424.2M | $395.0M | $621.6M | $755.8M | $729.3M | $733.3M |
| Long-term Debt | $907.5M | $1.13B | $880.3M | $1.47B | $1.62B | $1.96B | $4.56B | $4.77B | $4.84B | $5.07B |
| Total Liabilities | $1.57B | $1.72B | $1.25B | $2.04B | $2.32B | $2.67B | $5.66B | $6.06B | $6.17B | $6.43B |
| Retained Earnings | $569.7M | $634.3M | $474.2M | $509.2M | $349.8M | $307.7M | $552.4M | $894.5M | $1.08B | $1.01B |
| Total Equity | $685.0M | $640.3M | $473.3M | $508.3M | $367.1M | $306.8M | $551.5M | $893.6M | $1.08B | $1.01B |
| Total Debt | $921.7M | $1.13B | $884.3M | $1.47B | $1.62B | $1.97B | $4.61B | $4.84B | $4.92B | $5.20B |
| Net Debt | $876.4M | $1.08B | $751.0M | $1.38B | $1.55B | $1.68B | $4.48B | $4.70B | $4.74B | $4.91B |
| Working Capital | -$222.1M | -$197.1M | -$15.1M | -$80.0M | -$189.1M | $106.5M | -$277.1M | -$355.0M | -$317.0M | -$290.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $288.5M | $200.0M | $196.0M | $167.0M |
| Total Assets | $7.48B | $7.49B | $7.52B | $7.47B |
| Total Liabilities | $6.43B | $6.34B | $6.13B | $6.06B |
| Total Equity | $1.01B | $1.10B | $1.34B | $1.38B |
| Total Debt | $5.20B | $4.94B | $4.78B | $4.73B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $108.1M | $140.5M | $352.8M | $137.2M | -$82.1M | $249.1M | $439.4M | $417.3M | $429.1M | $385.5M |
| Depreciation & Amortization | $125.8M | $114.6M | $64.0M | $101.0M | $97.9M | $108.5M | $119.0M | $175.2M | $204.7M | $239.5M |
| Stock-based Compensation | $18.9M | $27.1M | $21.1M | $23.8M | $23.7M | $27.8M | $31.8M | $32.9M | $36.1M | $30.2M |
| Change in Working Capital | -$19.7M | -$37.2M | $9.2M | $5.8M | $76.3M | $77.5M | $36.6M | $7.7M | $49.9M | -$5.1M |
| Operating Cash Flow | $226.8M | $218.2M | $197.8M | $289.6M | $141.9M | $335.5M | $536.8M | $605.8M | $772.7M | $769.8M |
| Capital Expenditure | -$57.2M | -$116.9M | -$149.4M | -$163.3M | -$234.2M | -$91.8M | -$456.8M | -$676.5M | -$547.0M | -$460.2M |
| Acquisitions | -$6.2M | -$48.2M | $983.8M | -$616.7M | 0 | 0 | -$2.92B | -$241.3M | 0 | 0 |
| Stock Repurchased | -$39.0M | -$190.9M | -$547.0M | -$95.0M | -$28.4M | -$297.5M | -$174.9M | -$55.9M | -$186.0M | -$427.8M |
| Dividends Paid | -$19.1M | -$21.5M | -$23.7M | -$22.2M | -$23.4M | -$24.8M | -$26.0M | -$27.1M | -$29.2M | -$30.8M |
| Free Cash Flow | $169.6M | $101.3M | $48.4M | $126.3M | -$92.3M | $243.7M | $80.0M | -$70.7M | $225.7M | $309.6M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $96.0M | $295.0M | $217.0M | $148.0M |
| Capital Expenditure | -$50.3M | -$59.0M | -$58.0M | -$59.0M |
| Free Cash Flow | $45.7M | $236.0M | $159.0M | $89.0M |
| Dividends Paid | -$600,000 | -$31.0M | 0 | 0 |
| Stock-based Compensation | $12.0M | $5.0M | $8.0M | $6.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -32.6% | +14.3% | +31.8% | -20.7% | +51.5% | +13.3% | +36.0% | +11.1% | +7.0% | |
| Net Income Growth (YoY) | +30.0% | +151.1% | -61.0% | -159.6% | +404.2% | +76.4% | -5.0% | +2.3% | -11.0% | |
| EPS Growth (YoY) | +36.7% | +186.6% | -60.0% | -160.2% | +413.6% | +79.6% | -4.3% | +3.2% | -6.5% | |
| Shares Change (YoY) | -4.8% | -13.3% | -2.4% | -2.5% | -1.0% | -1.8% | -1.2% | -2.0% | -4.3% | |
| FCF Growth (YoY) | -40.3% | -52.2% | +161.0% | -173.1% | +364.0% | -67.2% | -188.4% | +419.2% | +37.2% | |
| Gross Margin | 24.1% | 28.6% | 28.7% | 25.8% | 18.4% | 27.9% | 31.3% | 32.3% | 34.3% | 33.6% |
| Operating Margin | 14.8% | 16.5% | 18.7% | 16.2% | 5.7% | 17.8% | 17.8% | 22.9% | 25.9% | 25.2% |
| EBITDA Margin | 24.2% | 30.2% | 33.5% | 27.7% | 17.6% | 33.6% | 48.4% | 40.8% | 39.0% | 36.6% |
| Net Margin | 8.3% | 15.9% | 35.0% | 10.3% | -7.8% | 15.6% | 24.3% | 17.0% | 15.6% | 13.0% |
| FCF Margin | 13.0% | 11.5% | 4.8% | 9.5% | -8.8% | 15.3% | 4.4% | -2.9% | 8.3% | 10.6% |
| Effective Tax Rate | 35.7% | -19.4% | 21.9% | 28.9% | -66.2% | 27.5% | 27.8% | 25.7% | 25.1% | 27.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.68 | $1.06 | $0.58 | $1.56 | $-1.17 | $3.11 | $1.04 | $-0.93 | $3.03 | $4.34 |
| Dividends Per Share | $0.19 | $0.22 | $0.28 | $0.27 | $0.30 | $0.32 | $0.34 | $0.36 | $0.39 | $0.43 |
| Shares Outstanding (Basic) | 98.4 M | 94.2 M | 82.6 M | 80.2 M | 79.2 M | 77.2 M | 75.8 M | 75.2 M | 74.0 M | 70.8 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 37.45% |
| Return on Invested Capital | 8.11% |
| Return on Assets | 6.05% |
| Gross Margin | 37.13% |
| Operating Margin | 25.60% |
| Net Margin | 15.04% |
Financial Health
| Debt / Equity | 3.43 |
| Current Ratio | 0.32 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.61 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 23.00 | 26.03 | 9.52 | 40.12 | -94.56 | 37.29 | 18.23 | 24.31 | 23.31 | 21.23 |
| P/B | 3.60 | 5.71 | 7.10 | 10.82 | 21.01 | 30.31 | 14.53 | 11.35 | 9.12 | 7.98 |
| P/S | 1.89 | 4.14 | 3.33 | 4.14 | 7.32 | 5.82 | 4.43 | 4.12 | 3.61 | 2.76 |
| Gross Margin | 24.1% | 28.6% | 28.7% | 25.8% | 18.4% | 27.9% | 31.3% | 32.3% | 34.3% | 33.6% |
| Operating Margin | 14.8% | 16.5% | 18.7% | 16.2% | 5.7% | 17.8% | 17.8% | 22.9% | 25.9% | 25.2% |
| Net Margin | 8.3% | 15.9% | 35.0% | 10.3% | -7.8% | 15.6% | 24.3% | 17.0% | 15.6% | 13.0% |
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