Churchill Downs Inc

Listed Company

CHDNCIK 0000020212NasdaqLarge AcceleratedServices-Racing, Including Track OperationKentuckyFY ends Dec 31

Period

FY 2025

Revenue

$2.93B

Net Income

$383.00M

Total Assets

$7.48B

Equity

$1.01B

Shares Out

69.70M

Op. Cash Flow

$769.80M

CHDN$83.95−21.00% · past yearDBEQ Basic

Daily closing prices

Business

Churchill Downs Incorporated operates live and historical horse racing venues, pari-mutuel wagering platforms, and regional casino gaming properties across multiple U.S. jurisdictions. The company's core assets include Churchill Downs Racetrack in Louisville (home of the Kentucky Derby), historical racing machine venues in Kentucky, Virginia, and New Hampshire, and casino properties in Florida, Indiana, Iowa, Louisiana, Maine, Maryland, Mississippi, New York, and Pennsylvania. Revenue derives from live racing commissions, simulcast fees, pari-mutuel wagering through TwinSpires (online ADW platform), historical racing machines, retail and online sports betting, casino gaming, and related hospitality services.

Summary from 10-K filed 2026-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenue	2,926	2,734	2,462	1,810	1,597
Selling, general and administrative expense	246	238	202	164	139
Asset impairments, net	48	4	25	38	15
Transaction expense (benefit)	5	−12	5	42	8
Total operating expense	2,242	2,025	1,898	1,488	1,313
Operating income	684	709	564	322	284
Interest expense, net	−298	−290	−268	−147	—
Equity in income of unconsolidated affiliates	139	145	146	153	143
Gain on the sale of assets	0	0	114	275	0
Miscellaneous, net	7	9	6	7	—
Total other (expense) income	−151	−136	−2	287	59
Income from operations before provision for income taxes	532	573	562	609	344
Income tax provision	−147	−144	−145	−169	−95
Net income	386	429	417	439	249
Net income attributable to noncontrolling interests	3	2	0	0	0
Net income and comprehensive income attributable to Churchill Downs Incorporated	383	427	417	439	249
Basic net income (in dollars per share)	5.32	5.73	5.55	5.79	6.45
Diluted net income (in dollars per share)	5.29	5.68	5.49	5.71	6.35
Basic (in shares)	71	74	75	76	77
Diluted (in shares)	72	75	76	77	78

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	201	176	145	130	291
Restricted cash	88	77	77	75	64
Accounts receivable, net	94	99	107	82	42
Income taxes receivable	17	15	13	14	66
Other current assets	44	46	60	44	38
Total current assets	443	412	401	345	502
Property and equipment, net	2,919	2,875	2,561	1,978	995
Investment in and advances to unconsolidated affiliates	685	661	656	659	664
Goodwill	900	900	900	724	367
Other intangible assets, net	2,515	2,409	2,418	2,392	348
Other assets	23	18	19	27	19
Total assets	7,485	7,276	6,956	6,207	2,982
Accounts payable	184	180	159	146	—
Accrued expenses and other current liabilities	401	402	427	363	232
Current deferred revenue	55	53	73	39	48
Current maturities of long-term debt	63	63	68	47	7
Dividends payable	31	31	29	27	26
Total current liabilities	733	729	756	622	395
Long-term debt (net of current maturities and loan origination fees of $6.0 in 2025 and $7.7 in 2024)	1,986	1,768	1,697	2,082	—
Notes payable (net of debt issuance costs of $18.8 in 2025 and $23.8 in 2024)	3,081	3,076	3,071	2,477	—
Non-current deferred revenue	15	20	12	12	13
Deferred income taxes	520	433	388	341	253
Other liabilities	93	147	138	122	53
Total liabilities	6,429	6,173	6,062	5,655	2,675
Commitments and contingencies	—	—	—	—	—
Redeemable noncontrolling interest	46	20	0	—	—
Preferred stock, no par value; 0.3 shares authorized; no shares issued or outstanding	0	0	0	0	0
Common stock, no par value; 300.0 shares authorized; 69.6 shares issued and outstanding December 31, 2025 and 73.5 shares at December 31, 2024	0	0	0	0	0
Retained earnings	1,011	1,085	895	552	308
Accumulated other comprehensive loss	−1	−1	−900,000	−900,000	−900,000
Total shareholders' equity	1,010	1,084	894	552	307
Total liabilities and shareholders' equity	7,485	7,276	6,956	6,207	2,982

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	233	199	169	114	103
Distributions from unconsolidated affiliates	116	139	155	157	109
Stock-based compensation	30	36	33	32	28
Deferred income taxes	87	45	47	109	—
Asset impairments	88	4	25	—	—
Gain on settlement of liability	−40	0	0	—	—
Amortization of operating lease assets	6	6	6	5	5
Other	9	10	5	7	5
Income taxes	−4	−5	−1	—	—
Deferred revenue	−3	−12	34	−13	11
Other assets and liabilities	1	67	−25	21	54
Net cash provided by operating activities	770	772	605	511	460
Capital maintenance expenditures	−70	−84	−78	−50	−40
Capital project expenditures	−205	−463	−599	−373	−52
Acquisition of businesses, net of cash acquired	0	0	−241	−2,919	0
Acquisition of gaming rights, net of cash acquired	−185	0	0	−33	0
Proceeds from sale of assets	0	0	196	279	0
Other	−11	2	4	−7	−9
Net cash used in investing activities	−472	−545	−718	−3,104	−100
Proceeds from borrowings under long-term debt obligations	1,098	966	1,771	2,862	781
Repayments of borrowings under long-term debt obligations	−882	−901	−1,536	−205	−431
Payment of dividends	−31	−29	−27	−26	−25
Repurchase of common stock	−428	−186	−56	−175	−298
Taxes paid related to net share settlement of stock awards	−17	−30	−26	−28	−13
Proceeds from pending equity transaction	0	0	14	0	0
Debt issuance costs	−300,000	−3	−13	−27	−7
Change in bank overdraft	−2	−11	2	13	−11
Other	−700,000	−3	−700,000	2	2
Net cash (used in) provided by financing activities	−263	−197	129	2,416	−500,000
Operating cash flows of discontinued operations	0	1	500,000	26	−124
Net increase (decrease) in cash, cash equivalents and restricted cash	36	31	17	−151	235
Interest	295	307	284	134	78
Federal	47	83	67	—	—
Total	64	103	98	—	—

Filings

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Frequently asked questions

What is Churchill Downs Inc's CIK number?

Churchill Downs Inc's SEC CIK number is 0000020212 (20212). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Churchill Downs Inc's SEC filings?

All of Churchill Downs Inc's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Churchill Downs Inc last report earnings?

Churchill Downs Inc (CHDN) most recently filed an earnings 8-K with the SEC on Apr 22, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0000020212-26-000041). This is Churchill Downs Inc's most recent earnings filing of record — not a forecast of its next earnings date.

What is Churchill Downs Inc's most recent earnings 8-K?

Churchill Downs Inc's latest earnings 8-K (Item 2.02) was filed Apr 22, 2026 under accession 0000020212-26-000041. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Churchill Downs Inc's latest earnings 8-K →
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