Churchill Downs

CHDN · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

CHDN · Last close · October 26, 2026

$84.04

Churchill Downs' revenue rose 7.0% to $2.9 billion in fiscal 2025. Its operating margin was 23.4%, down from 25.9% a year earlier. Free cash flow was $700 million, up 1.7%. It paid out $459 million in dividends and buybacks, 66% of free cash flow. The diluted share count fell 3.8%.

Churchill Downs Inc Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0000020212-26-000025 Updated October 9, 2026

Revenue

$2.9B

7.0%

Operating margin

23.4%

2.6 pts

Net income

$383M

10.3%

Free cash flow

$700M

1.7%

Return on capital

8.4%

0.9 pts

Market cap

$5.9B

Oct 26 close

P/E

14.3x

On $5.86 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (2-for-1), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 19.4% a year and net income 15.1% a year, as buybacks cut the share count by 29%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Churchill Downs yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Churchill Downs' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Churchill Downs' fiscal 2025 free cash flow of $700M, net cash of −$5.0B at December 31, 2025 and 72 million diluted shares, from its filings. The scenarios are fitted to Churchill Downs: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 17.4% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Casinos & Gaming), plus 1 point as a smaller company, worth $5.9B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Churchill Downs's own revenue growth, as above. Cautious: growth of 8.5% then 5% a year, 2% after year 10, a 13% discount rate. Base: growth of 17.5% then 10% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $84.04
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Churchill Downs' earnings per share of $5.86 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 16.1×, the average of the Consumer Discretionary median and Churchill Downs' own P/E today for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Boyd Gaming.

Earnings growth in the years ahead (% a year) Starts at Churchill Downs' revenue growth over the last 3 years, 17.4% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $84.04
Value at this multiple, against the last close: —
Churchill Downs' P/E at the last close: 14.3×

Company	Last close	Earnings per share	P/E today
Churchill DownsCHDN	$84.04	$5.86	14.3×
Boyd GamingBYD	$72.46	$22.91	3.2×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	291	130	144	176	201
Debt incl. finance leases	1,978	4,622	4,878	4,950	5,158
Net debt (negative means net cash)	1,687	4,492	4,733	4,774	4,957
Net debt to EBITDA	4.3x	10.3x	6.5x	5.3x	5.4x
Debt to equity	6.5x	8.4x	5.5x	4.6x	5.1x
Interest coverage	3.4x	2.2x	2.1x	2.5x	2.3x
Current ratio	1.3x	0.6x	0.5x	0.6x	0.6x
Quick ratio	1.3x	0.6x	0.5x	0.6x	0.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

No officer, director or 10% owner of Churchill Downs reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	5 of 8	6 of 8	6 of 8
Accruals ratio	−2.9%	−4.8%	−5.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Churchill Downs side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Churchill Downs	FY25	7.0%	23.4%	23.9%	8.4%	5.4x	6
Boyd Gaming	FY25	4.1%	18.3%	9.5%	13.5%	1.6x	6	Compare
Red Rock Resorts	FY25	3.7%	29.7%	14.4%	14.7%	4.1x	7	Compare
DraftKings	FY25	27.0%	−0.3%	10.7%	−0.7%	0.5x	8	Compare
Penn Entertainment	FY25	5.8%	−9.7%	−2.0%	−8.1%	—	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	822	883	1,009	1,330	1,054	1,597	1,810	2,462	2,734	2,926
Revenue growth	—	7.3%	14.3%	31.8%	−20.7%	51.5%	13.3%	36.0%	11.1%	7.0%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	39	—	—	—	—	—	—	—	—	—
Operating income	172	146	189	216	60	284	322	564	709	684
Net income	108	140	353	138	−82	249	439	417	427	383
Diluted EPS (US$)	1.07	1.46	4.24	1.69	−1.04	3.18	5.71	5.49	5.68	5.29
Diluted shares (millions)	101	96	83	81	80	78	77	76	75	72
Cash flow
Cash from operations	231	215	198	290	142	460	511	605	772	770
Capital expenditure	31	33	30	83	211	40	50	78	84	70
Free cash flow	200	182	168	207	−69	420	461	528	688	700
Dividends paid	19	22	24	22	23	25	26	27	29	31
Share buybacks	39	181	531	95	28	298	175	56	186	428
Acquisitions	0	24	13	207	0	0	2,918	241	0	0
Stock-based compensation	19	27	21	24	24	28	32	33	36	30
Balance sheet at fiscal year end
Cash and short-term investments	45	52	133	96	67	291	130	144	176	201
Debt incl. finance leases	922	1,129	884	1,474	1,628	1,978	4,622	4,878	4,950	5,158
Total assets	2,254	2,359	1,725	2,551	2,686	2,982	6,207	6,956	7,276	7,484
Total liabilities	1,569	1,719	1,252	2,040	2,319	2,675	5,655	6,062	6,173	6,429
Shareholders' equity	685	640	473	508	367	307	552	894	1,084	1,010
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
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%	16.9%	15.6%	13.1%
Free cash flow margin	24.4%	20.6%	16.7%	15.5%	−6.6%	26.3%	25.4%	21.4%	25.2%	23.9%
Return on capital	7.8%	8.9%	10.0%	9.8%	3.1%	10.5%	6.6%	7.8%	9.2%	8.4%
Return on equity	16.6%	21.2%	63.4%	28.0%	−18.7%	73.9%	102.4%	57.8%	43.2%	36.6%
Return on assets	4.8%	6.1%	17.3%	6.4%	−3.1%	8.8%	9.6%	6.3%	6.0%	5.2%
Net debt to EBITDA	3.1x	4.4x	3.0x	4.4x	10.2x	4.3x	10.3x	6.5x	5.3x	5.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Churchill Downs' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Churchill Downs.