Churchill Downs (CHDN) financial statements
Churchill Downs reported revenue of $2.9B in fiscal 2025, up 15.1% a year over 9 years.
Net income was $383M and the operating margin 23.4%, against 21.0% in 2016.
Free cash flow was $700M, and the company returned $31M in dividends and $428M in net buybacks.
The diluted share count fell 29% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Churchill Downs's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $822M | $883M | $1.0B | $1.3B | $1.1B | $1.6B | $1.8B | $2.5B | $2.7B | $2.9B |
| Research and development | $39M | — | — | — | — | — | — | — | — | — |
| Selling, general and admin | $79M | $84M | $91M | $122M | $115M | $138M | $164M | $202M | $238M | $246M |
| Operating income | $172M | $146M | $189M | $216M | $60M | $284M | $322M | $564M | $709M | $684M |
| Interest expense | $44M | $49M | $40M | $71M | $80M | $85M | $147M | $268M | $290M | $298M |
| Pre-tax income | $147M | $102M | $234M | $196M | $8M | $344M | $609M | $562M | $573M | $532M |
| Income tax | $51M | -$20M | $51M | $57M | -$5M | $94M | $169M | $144M | $144M | $147M |
| Net income | $108M | $140M | $353M | $138M | -$82M | $249M | $439M | $417M | $427M | $383M |
| EPS (diluted) | $1.07 | $1.46 | $4.24 | $1.69 | -$1.04 | $3.18 | $5.71 | $5.49 | — | — |
| Diluted shares | 101M | 96M | 83M | 81M | 80M | 78M | 77M | 76M | 75M | 72M |
| 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% | 17.0% | 15.6% | 13.1% |
Balance sheet
Fiscal years, from Churchill Downs's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $83M | $52M | $133M | $96M | $67M | $291M | $130M | $144M | $176M | $201M |
| Receivables | $57M | $50M | $29M | $37M | $36M | $42M | $82M | $107M | $99M | $93M |
| Inventory | — | — | — | — | — | — | — | $17M | $12M | $12M |
| Total current assets | $246M | $256M | $242M | $221M | $235M | $502M | $344M | $401M | $412M | $443M |
| Property, plant and equipment | $561M | $608M | $758M | $937M | $1.1B | $995M | $2.0B | $2.6B | $2.9B | $2.9B |
| Goodwill | $302M | $318M | $338M | $367M | $367M | $367M | $724M | $900M | $900M | $900M |
| Total assets | $2.3B | $2.4B | $1.7B | $2.6B | $3.0B | $3.0B | $6.2B | $7.0B | $7.3B | $7.5B |
| Total current liabilities | $468M | $453M | $257M | $301M | $424M | $395M | $622M | $756M | $729M | $733M |
| Long-term debt | $313M | $633M | $387M | $1.5B | $1.6B | $2.0B | $4.6B | $4.8B | $4.8B | $5.1B |
| Total liabilities | $1.6B | $1.7B | $1.3B | $2.0B | $2.3B | $2.7B | $5.7B | $6.1B | $6.2B | $6.4B |
| Shareholders' equity | $685M | $640M | $473M | $508M | $367M | $307M | $552M | $894M | $1.1B | $1.0B |
| Net debt | $244M | $585M | $258M | $1.4B | $1.6B | $1.7B | $4.5B | $4.7B | $4.7B | $4.9B |
Cash flow
Fiscal years, from Churchill Downs's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $231M | $215M | $198M | $290M | $142M | $460M | $511M | $605M | $772M | $770M |
| Capital spending | $31M | $33M | $30M | $83M | $211M | $40M | $50M | $78M | $84M | $70M |
| Free cash flow | $200M | $182M | $168M | $207M | -$69M | $420M | $461M | $528M | $688M | $700M |
| Stock-based compensation | $19M | $27M | $21M | $24M | $24M | $28M | $32M | $33M | $36M | $30M |
| Dividends paid | $19M | $22M | $24M | $22M | $23M | $25M | $26M | $27M | $29M | $31M |
| Share buybacks (net) | -$39M | -$181M | -$531M | -$95M | -$28M | -$298M | -$175M | -$56M | -$186M | -$428M |
| Net borrowing | $139M | $215M | -$246M | $1.2B | $726M | $781M | $2.9B | $1.8B | $966M | $1.1B |
| Free cash flow margin | 24.4% | 20.6% | 16.7% | 15.5% | -6.6% | 26.3% | 25.5% | 21.4% | 25.2% | 23.9% |
| Dividends per share | $0.19 | $0.22 | $0.28 | $0.27 | $0.29 | $0.32 | $0.34 | $0.36 | $0.39 | $0.43 |
Questions
What was Churchill Downs's revenue in 2025?
$2.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Churchill Downs generate?
$700M in fiscal 2025 (operating cash flow minus capital spending).
From Churchill Downs's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.