Saturday 17 October 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. In the quarter to June 2026, revenue grew 4.93%, EPS grew 13.6%, free cash flow grew 2.58% and total debt fell 4.64%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years, revenue growth for five.

81.70 0.45 −0.55%

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Market cap: $5.7B
P/E: 14.0×
Fwd P/E: 12.1×
Dividend yield: 0.54%
F-score: 6/9
Altman Z: 1.59
Beneish M: −2.74
Dividend safety: 74/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 7.03%

Capital & Financial Ratios $m

Market Cap 5,730.00

Revenue 2,991.90

Net Income 415.50

Free Cash Flow 567.90

Net Debt 4,478.00

Current Ratio 0.36

Debt/Equity 3.56

P/E ratio 13.99

Fwd P/E 12.10

P/S ratio 1.91

P/B ratio 4.26

Past 5Y EPS Growth —

This Y EPS Growth 12.48%

Next Y EPS Growth 6.22%

Next Y revenue growth 3.35%

Next 5Y EPS Growth 10.50%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 9.79%

10-year low 10-year high

P/S against its own 10 years 0.74%

10-year low 10-year high

P/B against its own 10 years 14.19%

10-year low 10-year high

EV/Sales against its own 10 years 4.83%

10-year low 10-year high

EV/FCF against its own 10 years 29.42%

10-year low 10-year high

Dividends

Payout Ratio 0.08

Annual Dividend Rate 0.44

Annual Dividend Yield 0.54%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	Powerpack
2025	0.44	0.44
2024	0.41	0.41
2023	0.38	0.38
2022	0.36	0.36
2021	0.33	0.33
2020	0.31	0.31
2019	0.29	0.29
2018	0.27	0.27
2017	0.25	0.25
2016	0.22	0.22

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	222	253	289	295
Receivables	120	113	111	129
Inventory	—	—	—	—
Other	60	46	44	60
	401	412	443	484

	2023	2024	2025	Q'26
Payables	159	180	184	261
ST’ Debt	68	63	63	663
Other	—	—	—	—
	756	729	733	1,359

Compound Annual Growth %

	10y	5y	3y
Sales	13.87%	22.65%	17.37%
Cash Flow	11.27%	39.99%	14.65%
Earnings	19.37%	0.00%	(4.48%)
Book Value	5.05%	22.43%	22.33%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	663	980	—	—	—
’25	643	934	683	666	2,926
’24	591	891	629	624	2,734
’23	560	769	573	561	2,462
’22	364	583	383	480	1,810
’21	324	515	393	365	1,597
’20	253	185	338	278	1,054

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	295	217	—	—	—
’25	247	240	187	96	770
’24	255	217	169	131	772
’23	216	187	96	107	605
’22	135	246	44	86	511
’21	104	230	57	69	460
’20	44	33	62	5	143

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	236	159	—	—	—
’25	167	155	(58)	46	310
’24	100	80	44	1	225
’23	277	9	(89)	(72)	125
’22	80	413	(86)	(73)	333
’21	92	213	34	29	368
’20	(5)	(50)	(17)	(19)	(91)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.16	3.42	—	—	—
’25	1.02	2.99	0.54	0.71	5.29
’24	1.08	2.79	0.86	0.95	5.68
’23	2.05	1.86	0.79	0.76	5.49
’22	0.54	4.40	0.75	0.02	5.71
’21	0.46	1.38	0.79	0.56	3.18
’20	(0.29)	(1.50)	0.54	0.22	(1.04)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	19.79	23.50	37.21	38.69	26.45	87.51	86.38	104.32	111.10	85.58	Analyst estimates 2026–2028 Powerpack
	High	26.19	39.92	52.43	69.09	106.30	131.10	124.67	150.45	150.21	136.34
People
People	Employees	4,000	4,300	4,100	5,500	7,000	5,000	7,000	7,970	8,870	9,000
	Revenue/emp, $m	0.21	0.21	0.25	0.24	0.15	0.32	0.26	0.31	0.31	0.33
Income, $m
Income, $m	Revenue	822	883	1,009	1,330	1,054	1,597	1,810	2,462	2,734	2,926
	Gross margin, %	27.77	28.69	28.71	25.80	18.36	27.93	31.30	32.32	34.32	33.58
	EBT	147	103	234	196	8	344	609	562	573	532
	EBT margin, %	17.92	11.61	23.18	14.77	0.76	21.51	33.64	22.82	20.96	18.20
	Net income	108	141	353	137	(82)	249	439	417	429	386
	Depreciation	126	115	64	101	98	109	119	175	205	240
Per share, $
Per share, $	Revenue	8.34	9.35	12.22	16.58	13.31	20.69	23.84	32.74	36.95	40.98
	Earnings	1.09	1.49	4.27	1.72	(1.03)	3.23	5.79	5.55	5.73	5.32
	Cash flow	2.35	2.28	2.39	3.65	1.81	5.95	6.73	8.05	10.43	10.78
	Capex	(0.30)	(1.24)	(1.81)	(2.04)	(2.96)	(1.19)	(2.34)	(6.39)	(7.39)	(6.45)
	Free cash flow	2.05	1.04	0.59	1.61	(1.15)	4.76	4.39	1.66	3.04	4.34
	Book value	6.95	6.78	5.73	6.37	4.64	3.97	7.27	11.88	14.64	14.14
	Shares, m	99	94	83	80	79	77	76	75	74	71
Valuation, ×
Valuation, ×	P/E	22.98	26.78	9.68	40.12	0.00	37.35	18.20	24.12	23.31	21.51
	P/S	2.03	4.13	3.33	4.14	7.32	5.82	4.41	4.09	3.61	2.78
	P/B	3.54	5.69	7.10	10.77	21.01	30.31	14.47	11.27	9.12	8.04
	EV/Sales	2.74	5.31	4.03	5.14	8.74	6.83	6.84	5.96	5.32	4.43
	EV/FCF	16.73	51.47	98.54	53.93	(73.37)	32.76	38.33	180.83	80.13	46.92
Cash, $m
Cash, $m	Operating cash flow	231	215	198	293	143	460	511	605	772	770
	Capex	(29)	(117)	(149)	(163)	(234)	(92)	(178)	(481)	(547)	(460)
	Free cash flow	202	98	48	129	(91)	368	333	125	225	310
Balance, $m
Balance, $m	Working capital	(222)	(197)	(15)	(80)	(189)	107	(277)	(355)	(317)	(290)
	Total debt	922	1,129	884	1,474	1,622	1,968	4,606	4,836	4,907	5,130
	Net debt	842	1,046	711	1,331	1,501	1,612	4,401	4,615	4,655	4,842
	Shareholders’ equity	685	640	473	511	367	307	552	894	1,084	1,010
Returns, %
Returns, %	ROA	4.77	6.09	17.27	6.43	(3.13)	8.79	9.56	6.34	6.00	5.19
	ROIC	7.06	5.40	9.96	7.32	2.01	9.26	4.06	6.40	7.72	7.30
	ROE	16.60	21.20	63.36	27.94	(18.65)	73.93	102.39	57.75	43.17	36.59

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
DKNG DraftKings Inc.	$17.2B	— (loss-making)	90.5×	−4.58% (below 0%: shrinking)	n/m	−51.62% (below 0%: shrinking)	38.21%	(4.72%)	Compare
FLUT Flutter Entertainment PLC	$13.2B	— (loss-making)	43.5×	+3.32% (above 0%: growing)	n/m	+21.15% (above 0%: growing)	39.60%	(3.33%)	Compare
LNWO Light & Wonder, Inc.	$7.0B	24.0×	15.2×	+2.35% (above 0%: growing)	+38.39% (above 0%: growing)	+464.29% (above 0%: growing)	74.64%	26.93%	Compare
CHDN Churchill Downs, Incorporated	$5.7B	14.0×	12.1×	+4.93% (above 0%: growing)	+13.58% (above 0%: growing)	+2.58% (above 0%: growing)	42.76%	36.43%
SGHC Super Group (SGHC) Limited	$5.7B	15.1×	14.9×	+32.30% (above 0%: growing)	+100.00% (above 0%: growing)	−39.92% (below 0%: shrinking)	100.00%	25.15%	Compare
RSI Rush Street Interactive, Inc.	$4.4B	61.7×	69.2×	+46.27% (above 0%: growing)	−44.44% (below 0%: shrinking)	+128.07% (above 0%: growing)	35.47%	11.74%	Compare
BRSL Brightstar Lottery	$1.8B	7.3×	16.1×	−7.45% (below 0%: shrinking)	n/m	−719.07% (below 0%: shrinking)	46.92%	19.69%	Compare
ACEL Accel Entertainment, Inc.	$898.0M	15.8×	16.9×	+9.59% (above 0%: growing)	+66.67% (above 0%: growing)	+266.72% (above 0%: growing)	31.30%	8.71%	Compare
CDRO Codere Online Luxembourg, S.A.	$437.9M	— (loss-making)	—	+232.74% (above 0%: growing)	+94.12% (above 0%: growing)	+7,111.62% (above 0%: growing)	47.71%	0.00%	Compare
Median of peers	$5.1B	15.8×	16.9×	+6.46%	+66.67%	+74.61%	43.26%	10.23%

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Churchill Downs, Incorporated (CHDN) key facts

Concern: Net income was $385.5 million, or $5.32 per share (basic), a net margin of 13.1%.
Strength: Churchill Downs, Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $2.9 billion, up 7.01% from fiscal 2024.
Churchill Downs, Incorporated (CHDN) is a Gambling company in the Consumer Cyclical sector, listed on Nasdaq.
As of October 16, 2026, CHDN traded at $81.70, a market capitalization of $5.7 billion.
At that price the stock trades at 14.0× trailing-twelve-month earnings and 1.9× sales; its P/E is higher than 10% of its own readings over the past ten years.
Churchill Downs, Incorporated pays an annual dividend of $0.44 per share, a yield of 0.54%, with a payout ratio of 7.51%.
Return on equity was 36.6% and debt-to-equity 3.56.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 1.59 (distress zone) for fiscal 2025.