Churchill Downs vs Penn Entertainment
Penn Entertainment reported revenue of $7.0 billion in fiscal 2025, 2.4 times Churchill Downs' $2.9 billion in fiscal 2025. Churchill Downs' revenue grew 7.0% in its latest year, and Penn Entertainment's grew 5.8%. Churchill Downs had an operating margin of 23.4%, against -9.7% at Penn Entertainment. Free cash flow was $700 million at Churchill Downs and −$140 million at Penn Entertainment.
Side by side
| Churchill Downs | Penn Entertainment | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $2.9B | $7.0B |
| Revenue growth | 7.0% | 5.8% |
| Revenue growth a year, last 5 years | 22.7% | 14.2% |
| Gross margin | — | — |
| Operating margin | 23.4% | −9.7% |
| Net margin | 13.1% | −12.1% |
| Free cash flow | $700M | −$140M |
| Free cash flow margin | 23.9% | −2.0% |
| Return on capital | 8.4% | −8.1% |
| Net debt to EBITDA | 5.4x | — |
| Dividends and buybacks | $459M | $354M |
| Change in diluted share count | −3.8% | −4.9% |
| Last close | $84.04 | $14.90 |
| P/E at the last close | 14.3× | — |
| Insider trades, last 12 months | — | bought $1.0 million, sold $115,891 |
| Piotroski F-score | 6 of 8 | 4 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Churchill DownsPenn Entertainment
Operating margin
Percent of revenue
Churchill DownsPenn Entertainment
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Churchill DownsPenn Entertainment
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Churchill Downs and Penn Entertainment pages.