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CHDN

Churchill Downs Incorporated

Price Chart
Latest Quote

$88.27

+0.51 (+0.58%)
Current Price
Previous Close $87.76
Open $88.16
Day High $88.50
Day Low $86.75
Volume 1,146,714
Fetched: 2026-06-19T23:29:10
Stock Information
Quarterly Dividend / Yield $0.44 / 0.49%
Shares Outstanding 69.70M
Quarterly Dividend Yield 0.49%
Quarterly Dividend $0.44
Total Debt $5.01B
Cash Equivalents $200.00M
Revenue $2.95B
Net Income $388.00M
Sector Consumer Cyclical
Industry Gambling
Market Cap $6.15B
P/E Ratio 16.26
EPS (TTM) $5.43
Exchange NMS
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📊 Comprehensive Analysis
Company Data
Enterprise Value$11.12B
Sales$2.95B
Income$388.00M
Book/sh$15.72
Cash/sh$2.87
Employees7K
Financial Ratios
Quick Ratio0.36
Current Ratio0.54
Debt/Eq438.29
EPS Growth TTM7.80%
Returns & Margins
ROA6.28%
ROE35.00%
Gross Margin33.80%
Operating Margin21.72%
Profit Margin13.21%
Ownership
Insider Ownership5.91%
Institutional Ownership83.68%
Insider & Institutional transactions data not available
Valuation Ratios
Forward P/E12.14
PEG1.69
P/S2.09
P/B5.61
Analyst Data
Recommendationstrong_buy
Target Price$137.25
Technical Indicators
SMA20$87.46
SMA50$90.03
SMA200$96.54
RSI52.45
ATR2.9071
Shares Float65.78M
Short Float6.57%
Short Ratio4.61
Volatility0.68
Rel Volume1.29
Performance History
Week+1.38%
Month+1.78%
Quarter+0.50%
6 Months-24.48%
YTD-21.15%
Year-9.85%
3 Years-35.86%
5 Years-10.73%
10 Years+362.02%
Stock Score: ⭐ Premium
Based on debt, profitability, growth, and cash flow metrics
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Recent Price History
Date Close Volume
2026-06-18 $88.27 1,229,700
2026-06-17 $87.76 1,241,900
2026-06-16 $89.86 1,643,800
2026-06-15 $92.30 1,989,500
2026-06-12 $86.94 650,200
2026-06-11 $87.07 832,800
2026-06-10 $88.66 793,200
2026-06-09 $88.82 633,300
2026-06-08 $86.84 690,700
2026-06-05 $86.92 444,400
2026-06-04 $86.16 590,500
2026-06-03 $86.00 606,300
2026-06-02 $87.58 532,300
2026-06-01 $89.77 899,600
2026-05-29 $87.21 937,800
2026-05-28 $88.43 1,076,200
2026-05-27 $86.88 1,018,000
2026-05-26 $83.07 1,668,000
2026-05-22 $85.12 588,000
2026-05-21 $85.53 982,200
2026-05-20 $85.63 622,900
2026-05-19 $86.73 588,700
About Churchill Downs Incorporated

Churchill Downs Incorporated operates live and historical racing entertainment venues, online wagering businesses, and regional casino gaming properties in the United States. It operates through three segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming. The Live and Historical Racing segment engages in live and historical pari-mutuel racing related activities at Churchill Downs Racetrack and its historical racing properties in Kentucky, Virginia, and New Hampshire; provides racing event-related services, including admissions, personal seat licenses, sponsorships, television rights, and other miscellaneous services, as well as food and beverages services. The Wagering Services and Solutions engages in pari-mutuel wagers through TwinSpires, which operates the online horse racing wagering business for TwinSpires.com, BetAmerica.com, and other white-label platforms; facilitates dollar wagering; provides the Bloodstock Research Information Services platform for horse racing statistical data; offers streaming video of live horse races, replays, and an assortment of racing and handicapping information; and provides technology services to third parties. This segment also operates retail and online sports betting businesses, United Tote, which manufactures and operates pari-mutuel wagering systems for racetracks, OTBs, and other pari-mutuel wagering businesses, and Exacta, which provides central determinant system technology in HRMs. The Gaming segment operates the casino properties and associated racetracks, which include slot machines, table games, video lottery terminals, video poker, HRMs, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, racing event-related services, and other miscellaneous operations. Churchill Downs Incorporated was founded in 1875 and is headquartered in Louisville, Kentucky.

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Income Statement (Annual)
Metric 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Revenue
Reconciled Cost Of Revenue $1,943,300,000 $1,795,800,000 $1,666,000,000 $1,243,400,000
Cost Of Revenue $1,943,300,000 $1,795,800,000 $1,666,000,000 $1,243,400,000
Total Revenue $2,925,900,000 $2,734,300,000 $2,461,700,000 $1,809,800,000
Operating Revenue $2,925,800,000 $2,734,200,000 $2,460,800,000 $1,806,900,000
Expenses
Interest Expense $297,700,000 $289,800,000 $268,400,000 $147,300,000
Total Expenses $2,189,500,000 $2,033,500,000 $1,868,300,000 $1,407,600,000
Other Income Expense $93,700,000 $162,200,000 $236,800,000 $353,900,000
Other Non Operating Income Expenses $6,900,000 $9,100,000 $5,900,000 $7,000,000
Net Non Operating Interest Income Expense $-297,700,000 $-289,800,000 $-268,400,000 $-147,300,000
Interest Expense Non Operating $297,700,000 $289,800,000 $268,400,000 $147,300,000
Operating Expense $246,200,000 $237,700,000 $202,300,000 $164,200,000
Income & Earnings
Net Income From Continuing Operation Net Minority Interest $383,000,000 $426,800,000 $417,300,000 $439,400,000
Net Interest Income $-297,700,000 $-289,800,000 $-268,400,000 $-147,300,000
Normalized Income $421,082,400 $420,658,200 $354,459,879 $299,236,597
Net Income From Continuing And Discontinued Operation $383,000,000 $426,800,000 $417,300,000 $439,400,000
Total Operating Income As Reported $683,800,000 $709,000,000 $564,000,000 $321,800,000
Net Income Common Stockholders $379,700,000 $423,800,000 $417,300,000 $439,400,000
Net Income $383,000,000 $426,800,000 $417,300,000 $439,400,000
Net Income Including Noncontrolling Interests $385,500,000 $429,100,000 $417,300,000 $439,400,000
Net Income Continuous Operations $385,500,000 $429,100,000 $417,300,000 $439,400,000
Pretax Income $532,400,000 $573,200,000 $561,800,000 $608,800,000
Special Income Charges $-52,600,000 $8,200,000 $84,600,000 $194,200,000
Earnings From Equity Interest $139,400,000 $144,900,000 $146,300,000 $152,700,000
Operating Income $736,400,000 $700,800,000 $593,400,000 $402,200,000
Gross Profit $982,600,000 $938,500,000 $795,700,000 $566,400,000
Net Income Discontinuous Operations - - - $0
Per Share
Diluted EPS $5.29 $5.68 $5.49 $5.71
Basic EPS $5.32 $5.73 $5.55 $5.79
Other
Tax Effect Of Unusual Items $-14,517,600 $2,058,200 $21,759,879 $54,036,597
Tax Rate For Calcs $0 $0 $0 $0
Normalized EBITDA (Bullshit earnings) $1,122,200,000 $1,059,500,000 $920,800,000 $680,900,000
Total Unusual Items $-52,600,000 $8,200,000 $84,600,000 $194,200,000
Total Unusual Items Excluding Goodwill $-52,600,000 $8,200,000 $84,600,000 $194,200,000
Reconciled Depreciation $239,500,000 $204,700,000 $175,200,000 $119,000,000
EBITDA (Bullshit earnings) $1,069,600,000 $1,067,700,000 $1,005,400,000 $875,100,000
EBIT $830,100,000 $863,000,000 $830,200,000 $756,100,000
Diluted Average Shares $71,800,000 $74,600,000 $76,100,000 $77,000,000
Basic Average Shares $71,400,000 $74,000,000 $75,200,000 $75,800,000
Diluted NI Availto Com Stockholders $379,700,000 $423,800,000 $417,300,000 $439,400,000
Otherunder Preferred Stock Dividend $3,300,000 $3,000,000 $0 -
Minority Interests $-2,500,000 $-2,300,000 $0 $0
Tax Provision $146,900,000 $144,100,000 $144,500,000 $169,400,000
Gain On Sale Of Ppe $0 $0 $114,000,000 $274,600,000
Impairment Of Capital Assets $47,500,000 $3,900,000 $24,600,000 $38,300,000
Restructuring And Mergern Acquisition $5,100,000 $-12,100,000 $4,800,000 $42,100,000
Selling General And Administration $246,200,000 $237,700,000 $202,300,000 $164,200,000
Fetched: 2026-06-14
Balance Sheet (Annual)
Metric 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Assets
Net Tangible Assets $-2,405,800,000 $-2,225,600,000 $-2,424,700,000 $-2,564,100,000
Total Assets $7,484,500,000 $7,275,900,000 $6,955,500,000 $6,206,800,000
Total Non Current Assets $7,041,300,000 $6,863,600,000 $6,554,700,000 $5,862,300,000
Other Non Current Assets $22,600,000 $18,300,000 $19,300,000 $109,000,000
Goodwill And Other Intangible Assets $3,415,500,000 $3,309,200,000 $3,318,300,000 $3,115,600,000
Other Intangible Assets $2,515,300,000 $2,409,000,000 $2,418,400,000 $2,391,800,000
Current Assets $443,200,000 $412,300,000 $400,800,000 $344,500,000
Other Current Assets $4,300,000 $4,700,000 $8,900,000 $44,300,000
Restricted Cash $87,900,000 $77,200,000 $77,300,000 $74,900,000
Prepaid Assets $28,000,000 $30,100,000 $33,400,000 -
Inventory $11,900,000 $11,600,000 $17,200,000 -
Receivables $110,500,000 $113,200,000 $119,500,000 $95,500,000
Receivables Adjustments Allowances $-5,200,000 $-4,900,000 $-5,000,000 $-5,700,000
Other Receivables $64,200,000 $66,300,000 $69,300,000 $74,700,000
Taxes Receivable $17,000,000 $14,500,000 $12,600,000 $14,000,000
Accounts Receivable $34,500,000 $37,300,000 $42,600,000 $12,500,000
Cash Cash Equivalents And Short Term Investments $200,600,000 $175,500,000 $144,500,000 $129,800,000
Cash And Cash Equivalents $200,600,000 $175,500,000 $144,500,000 $129,800,000
Debt
Net Debt $4,929,600,000 $4,731,700,000 $4,691,800,000 $4,475,900,000
Total Debt $5,138,600,000 $4,915,900,000 $4,844,100,000 $4,605,700,000
Long Term Debt And Capital Lease Obligation $5,067,100,000 $4,844,100,000 $4,768,300,000 $4,558,700,000
Long Term Debt $5,067,100,000 $4,844,100,000 $4,768,300,000 $4,558,700,000
Current Debt And Capital Lease Obligation $71,500,000 $71,800,000 $75,800,000 $47,000,000
Current Debt $63,100,000 $63,100,000 $68,000,000 $47,000,000
Other Current Borrowings $63,100,000 $63,100,000 $68,000,000 -
Liabilities
Total Liabilities Net Minority Interest $6,428,700,000 $6,172,600,000 $6,061,900,000 $5,655,300,000
Total Non Current Liabilities Net Minority Interest $5,695,400,000 $5,443,300,000 $5,306,100,000 $5,033,700,000
Other Non Current Liabilities $93,000,000 $146,500,000 $137,800,000 $122,400,000
Non Current Deferred Liabilities $535,300,000 $452,700,000 $400,000,000 $352,600,000
Non Current Deferred Taxes Liabilities $519,900,000 $432,700,000 $388,200,000 $340,800,000
Current Liabilities $733,300,000 $729,300,000 $755,800,000 $621,600,000
Other Current Liabilities $158,300,000 $151,200,000 $149,900,000 $113,200,000
Current Deferred Liabilities $54,700,000 $52,900,000 $73,200,000 $89,600,000
Payables And Accrued Expenses $448,800,000 $453,400,000 $456,900,000 $371,800,000
Interest Payable $47,800,000 $48,200,000 $49,400,000 $47,800,000
Payables $255,000,000 $246,700,000 $223,000,000 $218,600,000
Other Payable $40,000,000 $35,400,000 $35,200,000 $46,100,000
Dividends Payable $30,700,000 $31,000,000 $29,300,000 $27,000,000
Accounts Payable $184,300,000 $180,300,000 $158,500,000 $145,500,000
Total Tax Payable - - - $2,100,000
Income Tax Payable - - - $2,100,000
Equity
Common Stock Equity $1,009,700,000 $1,083,600,000 $893,600,000 $551,500,000
Total Equity Gross Minority Interest $1,055,800,000 $1,103,300,000 $893,600,000 $551,500,000
Stockholders Equity $1,009,700,000 $1,083,600,000 $893,600,000 $551,500,000
Gains Losses Not Affecting Retained Earnings $-1,000,000 $-1,000,000 $-900,000 $-900,000
Other Equity Adjustments $-1,000,000 $-1,000,000 $-900,000 $-900,000
Retained Earnings $1,010,700,000 $1,084,600,000 $894,500,000 $552,400,000
Long Term Equity Investment $684,600,000 $661,200,000 $655,900,000 $659,400,000
Other
Ordinary Shares Number $69,600,000 $73,496,741 $74,500,000 $74,800,000
Share Issued $69,600,000 $73,496,741 $74,500,000 $74,800,000
Tangible Book Value $-2,405,800,000 $-2,225,600,000 $-2,424,700,000 $-2,564,100,000
Invested Capital $6,139,900,000 $5,990,800,000 $5,729,900,000 $5,157,200,000
Working Capital $-290,100,000 $-317,000,000 $-355,000,000 $-277,100,000
Capital Lease Obligations $8,400,000 $8,700,000 $7,800,000 -
Total Capitalization $6,076,800,000 $5,927,700,000 $5,661,900,000 $5,110,200,000
Minority Interest $46,100,000 $19,700,000 $0 -
Capital Stock $0 $0 $0 $0
Common Stock $0 $0 $0 $0
Preferred Stock $0 $0 $0 $0
Non Current Deferred Revenue $15,400,000 $20,000,000 $11,800,000 $11,800,000
Current Deferred Revenue $54,700,000 $52,900,000 $73,200,000 $39,000,000
Current Capital Lease Obligation $8,400,000 $8,700,000 $7,800,000 -
Current Accrued Expenses $193,800,000 $206,700,000 $233,900,000 $153,200,000
Investments And Advances $684,600,000 $661,200,000 $655,900,000 $659,400,000
Goodwill $900,200,000 $900,200,000 $899,900,000 $723,800,000
Net PPE $2,918,600,000 $2,874,900,000 $2,561,200,000 $1,978,300,000
Accumulated Depreciation $-1,378,000,000 $-1,168,600,000 $-988,400,000 $-837,100,000
Gross PPE $4,296,600,000 $4,043,500,000 $3,549,600,000 $2,815,400,000
Construction In Progress $102,500,000 $140,300,000 $668,500,000 $353,700,000
Other Properties $1,402,000,000 $1,281,600,000 $1,077,200,000 $910,700,000
Machinery Furniture Equipment $202,500,000 $199,300,000 $180,400,000 $172,000,000
Buildings And Improvements $2,425,300,000 $2,258,000,000 $1,460,600,000 $1,217,800,000
Land And Improvements $164,300,000 $164,300,000 $162,900,000 $161,200,000
Properties $0 $0 $0 $0
Investmentsin Associatesat Cost - - - $659,400,000
Pensionand Other Post Retirement Benefit Plans Current - - - -
Fetched: 2026-06-14
Cash Flow Statement (Annual)
Metric 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Free Cash Flow
Free Cash Flow $309,600,000 $225,700,000 $-70,700,000 $80,000,000
Operating Activities
Operating Cash Flow $769,800,000 $772,700,000 $605,800,000 $536,800,000
Cash From Discontinued Operating Activities $0 $1,000,000 $500,000 $26,000,000
Cash Flow From Continuing Operating Activities $769,800,000 $771,700,000 $605,300,000 $510,800,000
Operating Gains Losses $-139,400,000 $-144,900,000 $-260,300,000 $-427,300,000
Investing Activities
Capital Expenditure $-460,200,000 $-547,000,000 $-676,500,000 $-456,800,000
Investing Cash Flow $-471,500,000 $-545,200,000 $-718,000,000 $-3,103,700,000
Cash Flow From Continuing Investing Activities $-471,500,000 $-545,200,000 $-718,000,000 $-3,103,700,000
Net Other Investing Changes $-11,300,000 $1,800,000 $199,800,000 $-7,400,000
Capital Expenditure Reported $-274,900,000 $-547,000,000 $-676,500,000 $-423,500,000
Financing Activities
Repurchase Of Capital Stock $-427,800,000 $-186,000,000 $-55,900,000 $-174,900,000
Financing Cash Flow $-262,500,000 $-196,600,000 $129,300,000 $2,416,000,000
Cash Flow From Continuing Financing Activities $-262,500,000 $-196,600,000 $129,300,000 $2,416,000,000
Net Other Financing Charges $-18,000,000 $-35,200,000 $-24,800,000 $-53,400,000
Cash Dividends Paid $-30,800,000 $-29,200,000 $-27,100,000 $-26,000,000
Net Common Stock Issuance $-427,800,000 $-186,000,000 $-55,900,000 $-174,900,000
Dividend Received Cfo $116,000,000 $138,700,000 $155,100,000 $156,900,000
Other
Repayment Of Debt $-881,700,000 $-900,800,000 $-1,536,000,000 $-205,400,000
Issuance Of Debt $1,098,100,000 $965,500,000 $1,771,100,000 $2,862,400,000
Interest Paid Supplemental Data $294,500,000 $306,800,000 $283,600,000 $133,600,000
Income Tax Paid Supplemental Data $63,600,000 $103,000,000 $98,200,000 $68,600,000
End Cash Position $288,500,000 $252,700,000 $221,800,000 $204,700,000
Beginning Cash Position $252,700,000 $221,800,000 $204,700,000 $355,600,000
Changes In Cash $35,800,000 $30,900,000 $17,100,000 $-150,900,000
Common Stock Payments $-427,800,000 $-186,000,000 $-55,900,000 $-174,900,000
Net Issuance Payments Of Debt $214,100,000 $53,800,000 $237,100,000 $2,670,300,000
Net Short Term Debt Issuance $-2,300,000 $-10,900,000 $2,000,000 $13,300,000
Net Long Term Debt Issuance $216,400,000 $64,700,000 $235,100,000 $2,657,000,000
Long Term Debt Payments $-881,700,000 $-900,800,000 $-1,536,000,000 $-205,400,000
Long Term Debt Issuance $1,098,100,000 $965,500,000 $1,771,100,000 $2,862,400,000
Net Business Purchase And Sale $0 $0 $-241,300,000 $-2,918,500,000
Purchase Of Business $0 $0 $-241,300,000 $-2,918,500,000
Net Intangibles Purchase And Sale $-185,300,000 $0 $0 $-33,300,000
Purchase Of Intangibles $-185,300,000 $0 $0 $-33,300,000
Change In Working Capital $-5,100,000 $49,900,000 $7,700,000 $36,600,000
Change In Other Working Capital $-5,100,000 $49,900,000 $7,700,000 $36,600,000
Other Non Cash Items $-31,200,000 $9,700,000 $5,400,000 $7,400,000
Stock Based Compensation $30,200,000 $36,100,000 $32,900,000 $31,800,000
Asset Impairment Charge $87,500,000 $3,900,000 $24,600,000 $38,300,000
Deferred Tax $86,800,000 $44,500,000 $47,400,000 $108,700,000
Deferred Income Tax $86,800,000 $44,500,000 $47,400,000 $108,700,000
Depreciation Amortization Depletion $239,500,000 $204,700,000 $175,200,000 $119,000,000
Depreciation And Amortization $239,500,000 $204,700,000 $175,200,000 $119,000,000
Depreciation $239,500,000 $204,700,000 $175,200,000 $119,000,000
Earnings Losses From Equity Investments $-139,400,000 $-144,900,000 $-146,300,000 $-152,700,000
Net Income From Continuing Operations $385,500,000 $429,100,000 $417,300,000 $439,400,000
Net Investment Properties Purchase And Sale - $0 $195,700,000 $279,000,000
Sale Of Investment Properties - $0 $195,700,000 $279,000,000
Net PPE Purchase And Sale - - $195,700,000 $279,000,000
Sale Of PPE - - $195,700,000 $279,000,000
Proceeds From Stock Option Exercised - - - $0
Sale Of Business - - - $279,000,000
Gain Loss On Sale Of PPE - - - $-274,600,000
Fetched: 2026-06-14