Churchill Downs Incorporated

Churchill Downs Incorporated

CHDN
Churchill Downs IncorporatedUS flagNASDAQ Global Select
83.33
USD
-0.38
- -
5.81BMarket Cap
Churchill Downs Incorporated
CHDN
(NASDAQ Global Select)

Recent

price

83.33

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
6.42
6.98
7.15
7.51
7.84
7.73
8.36
9.37
12.22
16.58
13.31
20.69
23.88
32.74
36.95
40.98
41.79
Revenue per Share
0.18
0.64
0.57
0.53
0.45
0.63
1.1
1.49
4.27
1.71
-1.03
3.23
5.8
5.55
5.77
5.36
5.52
Basic EPS, GAAP
-0.05
1.48
0.98
0.9
0.82
2.12
2.33
2.28
2.39
3.21
1.79
4.35
6.64
8.06
10.44
8.19
11.6
Free Cash Flow per Basic Share
0.07
0.08
0.22
- -
0.15
0.17
0.19
0.23
0.29
0.28
0.3
0.32
0.34
0.36
0.39
0.43
0.44
Dividend per Share
2.96
5.85
6.3
6.79
6.76
5.98
6.97
6.81
5.74
6.35
4.65
3.99
7.29
11.89
14.66
14.16
15.56
Book Value per Share
1.96
2.67
2.45
1.99
-6.67
-7
2.13
1.63
-1.56
-2.82
-4.42
-5.29
-33.83
-32.24
-29.81
-33.05
-32.23
Tangible Book Value per Share
91
100
102
104
104
103
98
94
83
80
79
77
76
75
74
71
70
Basic Weighted Avg Shares
585
697
731
779
812
799
822
883
1,009
1,330
1,054
1,597
1,810
2,462
2,734
2,926
2,946
Sales/Revenue/Turnover
5.39
11.49
12.24
11.57
12.39
15.82
18.12
19.23
19.73
16.62
7.47
19.26
22.22
24.11
25.63
25.17
25.3
Operating Margin (%)
47
55
56
62
68
119
126
115
64
101
98
108
119
175
205
240
236
Depreciation Expense
16
64
58
55
46
65
108
140
353
138
-82
249
439
417
427
383
389
Net Income, GAAP
29.9
36.06
36.26
35.64
39.35
38.65
34.4
- -
21.93
28.92
- -
27.5
27.83
25.72
25.14
27.59
28.79
Effective Tax Rate (%)
2.79
9.24
7.97
7.05
5.71
8.16
13.14
15.92
34.97
10.34
-7.77
15.6
24.28
16.95
15.61
13.09
13.21
Profit Margin (%)
-19
-29
-260
-52
-94
-420
-222
-197
-15
-80
-189
106
-277
-355
-317
-290
-384
Working Capital
280
128
- -
369
753
766
908
1,125
880
1,470
1,618
1,961
4,559
4,768
4,844
5,067
4,865
LT Debt
506
584
644
705
700
617
685
640
473
511
367
307
552
894
1,103
1,056
1,144
Total Equity
3.37
6.79
7.25
5.99
4.77
5.38
6.5
- -
9.94
9.4
- -
10.46
7.81
8.09
8.92
8.73
8.8
Return on Invested Capital (%)
4.44
11.01
7.76
6.09
4.65
5.78
9.1
- -
24.55
11.25
- -
14.56
14.68
11.32
10.91
9.76
9.93
Return on Capital (%)
6.16
15.08
9.49
8.14
6.61
9.89
16.58
21.16
63.24
27.96
-18.67
73.73
102.17
57.68
43.13
36.56
35.89
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
72
72
71
LT Borrowings
5,043
5,067
4,865
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
70
70
70
Market Capitalization
7,024
8,127
6,333

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
415
443
452
Cash, Cash Equivalents & STI
180
201
200
Accounts Receivable, Net
36
34
33
Inventories
12
12
11
Total Current Liabilities
725
733
836
Payables & Accruals
472
449
460
ST Debt
72
72
71
Deferred Revenue
28
55
158

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.27%
28.9%
-4.31%
Free Cash Flow
18.59%
42%
-24.36%
Net Income, GAAP
-31.45%
-68.15%
-10.26%
Sales/Revenue/Turnover
15.46%
23.79%
7.01%
Total Cash Common Dividend
5.99%
5.66%
5.48%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
591
891
628
624
2,734
2025
643
934
683
666
2,926
2026
663
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.09
2.83
0.88
0.97
5.77
2025
1.04
3.03
0.54
0.73
5.36
2026
1.19
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.39
- -
- -
0.01
0.39
2025
0.42
-0.01
- -
0.01
0.43
2026
0.44
- -
- -
- -
- -
Business
Churchill Downs Incorporated is a diversified entertainment company primarily engaged in live Thoroughbred horse racing, pari-mutuel wagering, online wagering, and regional casino gaming. The company operates flagship assets including the Churchill Downs Racetrack in Louisville, Kentucky, home of the Kentucky Derby, alongside other racetracks and historic horse racing (HHR) facilities primarily in Virginia and Kentucky. Its product and service portfolio comprises live horse race wagering; online account wagering facilitated through its TwinSpires platform; advanced deposit wagering services; historical horse racing technology including slot-like machines; casino gaming at properties such as The Rose Gaming Resort and Rosie’s Gaming Emporium venues; sports wagering and hospitality services including fine and casual dining; and comprehensive event management and customer service operations. Recent strategic developments include a multi-stage $1.2 billion financing initiative supported by Louisville Metro industrial revenue bonds to fund extensive renovations and expansions at Churchill Downs Racetrack, including a $300 million first turn construction project to enhance the Kentucky Derby experience. The company announced a $500 million share buyback program reflecting its strong cash flow and confidence in long-term growth. It has formed a seven-year strategic relationship with Everi for the rollout of fintech products across its live and historical racing entertainment venues and regional casinos. In 2024, the company opened The Rose Gaming Resort in Northern Virginia and expanded its HRM footprint, driving substantial revenue growth. Operational improvements and a customer-centric service approach continue to strengthen its wagering and hospitality offerings. Founded in 1915 and headquartered in Louisville, Kentucky, Churchill Downs Incorporated operates across the United States with significant properties and venues in Kentucky and Virginia. It segments its business into wagering services and solutions—encompassing online and advanced deposit wagering and historical horse racing technologies—and gaming and resort operations including casino resorts and related amenities. The company targets horse racing enthusiasts, online wagering customers, casino patrons, and regional gaming markets. Churchill Downs maintains partnerships and strategic investments to adapt to evolving consumer preferences and competitive dynamics in the entertainment and gaming industries. Overall, Churchill Downs Incorporated presents a comprehensive platform combining revered horse racing heritage with diversified modern wagering, gaming, and hospitality services bolstered by recent major capital investments, strategic alliances, and expanded operational footprints. This positions the company for sustained financial performance and long-term growth in the global entertainment and gaming sectors.

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