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

Business

Churchill Downs Inc operates and manages live and historical horse racing, pari‑mutuel and sports wagering, and regional casino gaming and hospitality venues. Its primary offerings include live race events, historical racing machine venues, retail and online wagering (including ADW and sports betting), totalisator and central determinant technology, casino gaming, hotels, food and beverage, and branded entertainment experiences. The company organizes its operations into three reportable segments: Live and Historical Racing; Wagering Services and Solutions; and Gaming (with certain activities aggregated in All Other). It serves U.S. regional markets through on‑site racetracks and casinos, retail sportsbooks and HRM venues, simulcast locations, and online and white‑label wagering platforms.

Summary from filing dated 2025-02-20

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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