Logo

CHDN

Churchill Downs Incorporated

CHDN

Churchill Downs Incorporated • NASDAQ
$109.09 ▲ 0.70% (+0.76)
Market Cap $7.61 B
52w High $143.90
52w Low $85.58
Dividend Yield 0.41%
P/E 19.83
Volume 331.81K
Outstanding Shares 69.73M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $683M ▼ $106.3M ▲ $37.9M ▼ 5.549% ▼ $0.54 ▼ $194.9M ▼
Q2-2025 $934.4M ▲ $64.4M ▲ $216.9M ▲ 23.213% ▲ $3.03 ▲ $425.6M ▲
Q1-2025 $642.6M ▲ $54.9M ▲ $76.7M ▲ 11.936% ▲ $1.02 ▲ $229M ▲
Q4-2024 $624.2M ▼ $52.9M ▼ $71.7M ▲ 11.487% ▲ $0.95 ▲ $154.4M ▼
Q3-2024 $628.5M $59.8M $64.4M 10.247% $0.87 $210.2M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $180.5M ▼ $7.455B ▲ $6.376B ▲ $1.035B ▼
Q2-2025 $182.4M ▲ $7.376B ▲ $6.312B ▲ $1.042B ▼
Q1-2025 $174.2M ▼ $7.347B ▲ $6.254B ▲ $1.072B ▼
Q4-2024 $175.5M ▲ $7.276B ▲ $6.173B ▲ $1.084B ▼
Q3-2024 $152.7M $7.173B $6.058B $1.097B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $39.2M ▼ $187.7M ▼ $-255.3M ▼ $50.5M ▲ $-17.1M ▼ $267.8M ▲
Q2-2025 $217.6M ▲ $239.6M ▼ $-86M ▼ $-139.2M ▲ $14.4M ▼ $154.9M ▼
Q1-2025 $77.2M ▲ $246.5M ▲ $-80.1M ▲ $-147.9M ▼ $18.5M ▼ $166.4M ▲
Q4-2024 $74M ▲ $130.6M ▼ $-129.4M ▼ $20.1M ▲ $21.3M ▲ $1.2M ▼
Q3-2024 $66.2M $169.4M $-125.7M $-43.2M $500K $43.8M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Gaming
Gaming
 $260.00M ▲$260.00M ▲$270.00M ▲$270.00M ▲
PariMutuel Historical Racing
PariMutuel Historical Racing
 $230.00M ▲$250.00M ▲$260.00M ▲$250.00M ▼
PariMutuel Live And Simulcast Racing
PariMutuel Live And Simulcast Racing
 $100.00M ▲$100.00M ▲$180.00M ▲$110.00M ▼
Product and Service Other
Product and Service Other
 $70.00M ▲$70.00M ▲$90.00M ▲$80.00M ▼
Racing EventRelated Services
Racing EventRelated Services
 $10.00M ▲$0 ▼$170.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Churchill Downs has transformed its earnings profile over the past five years. Revenue has climbed steadily, with a big step up after the pandemic as racing, gaming venues, and online wagering all scaled. Profits have grown faster than sales, showing that the business has gained efficiency and pricing power, especially in its higher‑margin racing and gaming operations. Operating income and cash‑style earnings are both solid, and net income has been consistently healthy in recent years after a weak 2020. Earnings per share have been roughly stable at a high level lately, suggesting the company has moved from a “recovery” story to a more mature, consistently profitable one, though not every year is a straight line.

Balance Sheet

Balance Sheet The balance sheet has expanded dramatically, largely driven by acquisitions and heavy investment in new properties and projects. Total assets have more than doubled, but this has been funded mostly with debt rather than retained earnings. Equity has grown, yet it still represents a relatively small slice of the capital structure compared with borrowings. Cash on hand is modest compared with the debt load, which underscores a more aggressive, leveraged approach to growth. This structure can amplify returns when things go well but also raises sensitivity to interest costs, refinancing conditions, and any downturn in gaming or wagering activity.

Cash Flow

Cash Flow The underlying business generates solid cash flow from operations, and this has grown steadily over the five‑year period. However, free cash flow has been quite choppy because the company has been spending heavily on new venues, track upgrades, and gaming expansions. In some years, investment outlays have exceeded operating cash inflows, leading to periods of negative free cash flow that likely required external funding. Overall, Churchill Downs looks like a cash‑generative business that is deliberately reinvesting heavily for growth, trading near‑term cash surplus for future capacity and revenue.

Competitive Edge

Competitive Edge Churchill Downs benefits from a very distinctive asset: the Kentucky Derby, a globally recognized event with strong brand power and premium pricing. Around this, the company has built a diversified platform across live racing, historical racing machines, regional casinos, and the TwinSpires online wagering brand. Regulatory barriers, licensing requirements, and long relationships with regulators and horsemen make it hard for new entrants to replicate this footprint quickly. Ownership of critical historical racing technology through Exacta Systems further strengthens its position in a niche but fast‑growing segment. At the same time, the company competes in areas—online betting, regional casinos—where rivals are well funded and aggressive, so continued execution and marketing intensity are important to maintain share.

Innovation and R&D

Innovation and R&D Instead of traditional lab‑style R&D, Churchill Downs focuses on product, technology, and experience innovation. TwinSpires is a core digital asset that blends live streaming, betting, and data tools to attract and retain racing bettors. Historical Racing Machines are a key innovation, allowing casino‑like play tied to past races in states where traditional slots are constrained; ownership of Exacta’s open platform lets the company bring in diverse game content and adapt quickly. On the physical side, large projects at the Churchill Downs racetrack and new gaming venues are designed to upgrade the customer experience, especially at the high‑end, and extend visit length and spending. The company has been more cautious than some peers in pure online sports betting and iGaming, but it retains the technological and brand foundations to lean in further if and when it chooses.

Summary

Overall, Churchill Downs today is a diversified gaming and entertainment company built around an iconic racing brand, with strong profitability and a clear growth strategy centered on premium experiences, historical racing, and digital wagering. Financial performance over the last several years shows robust growth and solid margins, but also a willingness to take on significant debt and make large, lumpy investments. The main strengths are its brand, regulatory position, technology in historical racing, and cash‑generative operations. Key watch points include its elevated leverage, the success of major capital projects, competitive intensity in online and regional gaming, and the ongoing regulatory environment for racing, historical machines, and wagering.

NEWS

October 24, 2025 · 10:45 AM UTC

Hagens Berman: Class-Action Lawsuit Unveils Massive AI Horse Betting Manipulation Scheme

Read more

October 22, 2025 · 4:05 PM UTC

Churchill Downs Incorporated Announces New Victory Run Capital Investment at Churchill Downs Racetrack

Read more

October 22, 2025 · 4:01 PM UTC

Churchill Downs Incorporated Reports 2025 Third Quarter Results

Read more

October 8, 2025 · 4:31 PM UTC

Everi Enters Seven-Year Strategic Relationship with Churchill Downs Incorporated for Financial Technology Related Services

Read more

September 15, 2025 · 5:30 PM UTC

Churchill Downs Incorporated 2025 Third Quarter Financial Results Conference Call Invitation

Read more