Friday 6 November 2026 Export CHDN’s income statement to Excel — free account

Churchill Downs, Incorporated

Churchill Downs, Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $2.9 billion, up 7.01% from fiscal 2024.

Revenue: +1.90%
EPS: +111.7%
Free cash flow: +252.7%
Total debt: −7.52%

Quarter to September 2026, against a year earlier

98.25 0.25 +0.26%

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Market cap: $6.7B
P/E: 15.2×
Fwd P/E: 14.0×
Dividend yield: 0.45%
F-score: 6/9
Altman Z: 1.59
Beneish M: −2.74
Dividend safety: 74/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Churchill Downs, Incorporated (CHDN) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by products and services, and margins
Live and Historical	1,395	47.67%
Gaming	1,043	35.64%
Wagering Services and Solutions	488	16.69%
Other	0	0.00%
Gross margin		33.58%
Operating margin		23.37%
Pre-tax margin		18.20%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Live and Historical	1,395 47.67%	1,226 44.82%	1,047 42.54%	615 33.96%	409 25.61%	170 16.09%	277 20.81%
Gaming	1,043 35.64%	1,039 38.00%	969 39.35%	756 41.77%	695 43.54%	435 41.30%	687 51.69%
Wagering Services and Solutions	488 16.69%	470 17.17%	445 18.07%	436 24.11%	451 28.26%	430 40.81%	296 22.23%
Other	0 0.00%	0 0.00%	1 0.04%	3 0.16%	41 2.59%	19 1.80%	70 5.27%
Revenue	2,926	2,734	2,462	1,810	1,597	1,054	1,330

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Live and Historical	‡	‡	‡	‡	‡	‡	‡
Gaming	‡	‡	‡	‡	‡	‡	‡
Wagering Services and Solutions	‡	‡	‡	‡	‡	‡	‡
Other	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡
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Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Remaining performance obligations	Q3 FY2026	$218.0M	$247.1M	−11.78%
TwinSpires horse racing total handle	Q3 FY2026	$485.0M	$501.7M	−3.33%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018
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TwinSpires horse racing total handle	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.