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Churchill Downs Inc (CHDN) stock

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NASDAQ: CHDN Nasdaq Casinos & Gaming Next results ~January 27, 2027

B Fundamentals grade

Churchill Downs Inc is a US-listed company in the casinos & gaming industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 49% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 49% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Churchill Downs Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds231 adding, 195 cuttingOf 77 active managers that changed their stake, 44 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Churchill Downs files

10-Q filed October 28: Churchill Downs

Revenue for the twelve months to September 2026 was $3.00bn, up 4.2% on a year earlier, slower than the 5.7% growth a quarter earlier. Free-cash-flow margin rose to 20.1% from 18.6% a year earlier. The diluted share count is down 3.9% on a year earlier, which lifts each remaining share.

Our model value for Churchill Downs is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Churchill Downs

Churchill Downs reported revenue of $3.00bn for the twelve months to June 2026, up 4.2% on a year earlier. That growth rate has eased from the 5.7% pace recorded a quarter earlier. Profitability, meanwhile, improved: free-cash-flow margin climbed to 20.1%, against 18.6% a year previously. Buybacks have also played a part in the story, with the diluted share count down 3.9% on a year earlier, lifting the value attributable to each remaining share. Taken together, these shifts have pushed the company's fundamentals grade up from C+ to B, pointing to a business that is growing more slowly but converting revenue into cash more efficiently while shrinking its share base.

10-Q on SEC EDGAR

Where Churchill Downs stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.99bn, up 5.7% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 21.5% from 15.8% a year earlier. The diluted share count is down 4.7% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 7 financial-health checks. At that price, our model says the market is pricing in about 9.2% a year of cash-flow growth for five years, slower than the 13.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Churchill Downs Inc's trailing-twelve-month revenue grew 4.2% year on year, with a free-cash-flow margin of 20.1%. Where it stands out: net margin of 15.1% ranks 2 of 22 casinos & gaming companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$83–$200 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Net income rising while operating cash flow falls: TTM net income grew 12.7% while operating cash flow fell 6.1% — earnings and cash are telling different stories.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 25.5% of revenue is left as operating profit, against a median of 10.1% for casinos & gaming companies we cover.
  • Strong cash generation. 20.1% of revenue turned into free cash flow, against a median of 8.5% for casinos & gaming companies we cover.
  • Shrinking share count. Diluted shares fell 3.9% in a year, so each share owns more of the business.

Things to watch

  • Short interest rising. Shares sold short rose 25% in a month to 8.4% of tradable shares.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$1.23 against an average estimate of $1.10: beat by 11.8%
Revenue
$696m, up 1.9% on a year earlier
Share reaction
+11.8% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
2026 Planned Spend $40m to $45m (2026); 2026 Planned Spend $45m to $50m (2026)
Next report
October 28, 2026; average EPS estimate $1.03

Churchill Downs' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.4%
  • 1 week+17.8%
  • 1 month+30.2%
  • This year-13.0%
  • 1 year+0.2%
  • 5 years-13.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3B
Operating margin
25.5%
Net margin
15.1%
EPS (TTM, diluted)
$6.50

Growth

Revenue growth
+4.2%
Change in growth rate
−1.5 pts
Share count change
−3.9%

Cash

Free cash flow (TTM)
$604M
FCF margin
20.1%
Stock pay % of revenue
1.0%

Earnings

Last results
October 28, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Leadership
  3. Results
  4. Guidance
  5. Agreement
  6. Results
  7. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Churchill Downs Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 49% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Churchill Downs Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.81 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$120 ~$94–$140 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$100 ~$86–$120 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Churchill Downs Inc with Casinos & Gaming in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$22.53$24.16$37.62$39.68$67.25$95.81$118.86$104.65$134.02$133.02$113.78$99.01
Market value$2.4bn$2.4bn$3.6bn$3.3bn$5.5bn$7.7bn$9.3bn$8.1bn$10.2bn$9.9bn$8.2bn$6.9bn
+ Net debt (− = net cash)$714m$845m$1.1bn$763m$1.4bn$1.6bn$1.7bn$4.5bn$4.7bn$4.8bn$5.0bn$4.6bn
Enterprise value$3.1bn$3.3bn$4.7bn$4.1bn$6.9bn$9.3bn$11.0bn$12.6bn$14.9bn$14.7bn$13.1bn$11.5bn
Multiples
Price / sales —3.0x4.1x3.3x4.1x7.3x5.8x4.5x4.1x3.6x2.8x2.3x
Price / earnings 36.5x22.6x25.7x9.4x39.7x—37.4x18.3x24.4x23.3x21.3x15.2x
Price / free cash flow 10.2x12.2x19.9x19.6x22.6x64.6x22.9x58.6xn/m32.2x14.5x11.5x
EV / EBITDA 13.1x11.7x19.4x16.1x22.0x60.4x28.4x28.9x20.4x16.2x14.3x11.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard Churchill Downs's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Net income has been a median 5.7% of total assets over 10 years.

  • Durability 9 / 20

    Operating margin has been a median 18.9%; its worst year was 3.9%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 9 of 10 years, at a median 15.1% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 14.0% over five years; stock-based pay has been a median 1.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.79 +11% $3.0bn +3%
Next $7.31 +8% $3.1bn +3%

Next year's EPS estimate has moved +0.4% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.9% on 90 days ago. In the last 30 days, 0 analysts raised Churchill Downs Inc's forecast and 3 cut it.

Consensus EPS forecast Churchill Downs Inc, last 90 days
$6.60 $6.80 $7.00 $7.20 $7.40 $7.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.92 Current fiscal year, 60 days ago: $6.89 Current fiscal year, 30 days ago: $6.92 Current fiscal year, 7 days ago: $6.86 Current fiscal year, Now: $6.79 $6.79 Next fiscal year, 90 days ago: $7.28 Next fiscal year, 60 days ago: $7.34 Next fiscal year, 30 days ago: $7.40 Next fiscal year, 7 days ago: $7.31 Next fiscal year, Now: $7.31 $7.31

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.92$7.28
60 days ago $6.89$7.34
30 days ago $6.92$7.40
7 days ago $6.86$7.31
Now $6.79$7.31

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.10 $1.23 +11.8%
Jun 2026 $3.43 $3.45 +0.5%
Mar 2026 $1.00 $1.21 +20.4%
Dec 2025 $1.03 $0.97 −5.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • 2026 Planned Spend · Live and Historical Racing 2026 $40m to $45m Lowered vs 70m to 80m
    “Churchill Downs Racetrack Victory Run April 2028 $40-45” source
  • 2026 Planned Spend · Live and Historical Racing 2026 $45m to $50m Lowered vs 70m to 80m
    “New Hampshire Rockingham Grand Casino (HRM Venue) Mid-2027 $45-50” source
  • 2026 Planned Spend · All Other & Completed Projects 2026 $15m to $20m
    “All Other Projects TBD $15-20” source
  • 2026 Planned Spend · All Other & Completed Projects 2026 $60m to $65m
    “Completed Projects Completed $60-65” source
  • 2026 Planned Spend (Total) 2026 $160m to $180m Raised vs 55m to 60m
    “Total: $160-180” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

12 analysts, Oct 2026
Buy12100%
Hold00%
Sell00%

Monthly trend

  1. Oct 20263912
  2. Sep 20263912
  3. Aug 20263811
  4. Jul 20263811

Counts of recommendations published by analysts covering Churchill Downs Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.4%
of tradable shares
Days to cover
4.24
at average volume
Short interest, 1 month
+25%
to October 15, 2026
Held by institutions
90%
of shares
Held by insiders
5.9%
of shares
Employees
6,600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +0.2%

$98.82 on October 31, 2025 to $99.01

ThenNowEffect
Revenue (last 12 months) $2.8bn $3.0bn +5.7%
Net margin 15.2% 13.8% −9.4%
P/E multiple 16.9x 16.9x −0.3%
Share count 74m 70m +4.9%

Biggest factor: net margin.

Last 3 years −15.7%

$117.48 on November 3, 2023 to $99.01

ThenNowEffect
Revenue (last 12 months) $2.2bn $3.0bn +36.5%
Net margin 16.3% 13.8% −15.2%
P/E multiple 25.3x 16.9x −33.3%
Share count 77m 70m +9.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CHDN+24%−12%+28%−1%−15%−13%
Industry peers (median)+26%−24%+13%−10%−7%−18%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CHDN33%33%58%67%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CHDN−30%−29%−28%−17%−35%−35%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 63% from February 19, 2020 to March 18, 2020. Getting back needed a 169% gain, reached on August 11, 2020, 146 days after the low.

Price behaviour

52-week range
$73.95 – $117.59
From 52-week high
−15.8%
vs 50-day average
+19.3%
vs 200-day average
+12.4%
Volatility (1 year)
37%
Beta vs S&P 500
0.38

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±6.4%
After a week
7 up, 4 down
typical move ±5.7%
After a month
4 up, 7 down
typical move ±6.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +11.8% 0.0% — —
July 29, 2026 −7.3% +0.1% −3.1% −3.0%
April 22, 2026 +7.8% +0.6% +11.3% −5.8%
February 25, 2026 −6.1% +0.3% −5.7% −9.0%
October 22, 2025 +7.3% +0.1% +4.2% +8.1%
July 23, 2025 +5.3% +0.9% +1.9% −5.2%
April 23, 2025 −14.6% +3.7% −12.2% −9.5%
February 19, 2025 −2.1% −0.2% −5.7% −7.9%
October 23, 2024 +4.4% −0.7% +7.3% +6.1%
July 24, 2024 −2.6% −2.8% +1.3% −3.4%
April 24, 2024 +4.6% −0.4% +5.1% +9.0%
February 21, 2024 +3.1% +2.2% +4.8% +2.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Churchill Downs Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Churchill Downs Inc
$2.4B $2.6B $2.8B $3B $3.2B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.5B Revenue (TTM), FY24 Q1: $2.5B Revenue (TTM), FY24 Q2: $2.6B Revenue (TTM), FY24 Q3: $2.7B Revenue (TTM), FY24 Q4: $2.7B Revenue (TTM), FY25 Q1: $2.8B Revenue (TTM), FY25 Q2: $2.8B Revenue (TTM), FY25 Q3: $2.9B Revenue (TTM), FY25 Q4: $2.9B Revenue (TTM), FY26 Q1: $2.9B Revenue (TTM), FY26 Q2: $3B Revenue (TTM), FY26 Q3: $3B $3B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.5B
FY24 Q1 $2.5B
FY24 Q2 $2.6B
FY24 Q3 $2.7B
FY24 Q4 $2.7B
FY25 Q1 $2.8B
FY25 Q2 $2.8B
FY25 Q3 $2.9B
FY25 Q4 $2.9B
FY26 Q1 $2.9B
FY26 Q2 $3B
FY26 Q3 $3B
Revenue growth, TTM YoY Churchill Downs Inc
0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 36.0% Revenue growth, TTM YoY, FY24 Q1: 24.3% Revenue growth, TTM YoY, FY24 Q2: 19.4% Revenue growth, TTM YoY, FY24 Q3: 12.2% Revenue growth, TTM YoY, FY24 Q4: 11.1% Revenue growth, TTM YoY, FY25 Q1: 11.8% Revenue growth, TTM YoY, FY25 Q2: 8.2% Revenue growth, TTM YoY, FY25 Q3: 8.0% Revenue growth, TTM YoY, FY25 Q4: 7.0% Revenue growth, TTM YoY, FY26 Q1: 5.7% Revenue growth, TTM YoY, FY26 Q2: 5.7% Revenue growth, TTM YoY, FY26 Q3: 4.2% 4.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 36.0%
FY24 Q1 24.3%
FY24 Q2 19.4%
FY24 Q3 12.2%
FY24 Q4 11.1%
FY25 Q1 11.8%
FY25 Q2 8.2%
FY25 Q3 8.0%
FY25 Q4 7.0%
FY26 Q1 5.7%
FY26 Q2 5.7%
FY26 Q3 4.2%
Operating margin (TTM) Churchill Downs Inc
22% 23% 24% 25% 26% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 22.9% Operating margin (TTM), FY24 Q1: 22.9% Operating margin (TTM), FY24 Q2: 25.8% Operating margin (TTM), FY24 Q3: 25.8% Operating margin (TTM), FY24 Q4: 25.9% Operating margin (TTM), FY25 Q1: 25.8% Operating margin (TTM), FY25 Q2: 25.3% Operating margin (TTM), FY25 Q3: 23.8% Operating margin (TTM), FY25 Q4: 23.4% Operating margin (TTM), FY26 Q1: 23.5% Operating margin (TTM), FY26 Q2: 24.1% Operating margin (TTM), FY26 Q3: 25.5% 25.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 22.9%
FY24 Q1 22.9%
FY24 Q2 25.8%
FY24 Q3 25.8%
FY24 Q4 25.9%
FY25 Q1 25.8%
FY25 Q2 25.3%
FY25 Q3 23.8%
FY25 Q4 23.4%
FY26 Q1 23.5%
FY26 Q2 24.1%
FY26 Q3 25.5%
FCF margin (TTM) Churchill Downs Inc
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 0.3% FCF margin (TTM), FY24 Q1: 1.0% FCF margin (TTM), FY24 Q2: 3.8% FCF margin (TTM), FY24 Q3: 8.5% FCF margin (TTM), FY24 Q4: 11.3% FCF margin (TTM), FY25 Q1: 13.5% FCF margin (TTM), FY25 Q2: 15.8% FCF margin (TTM), FY25 Q3: 18.6% FCF margin (TTM), FY25 Q4: 19.3% FCF margin (TTM), FY26 Q1: 21.7% FCF margin (TTM), FY26 Q2: 21.5% FCF margin (TTM), FY26 Q3: 20.1% 20.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 0.3%
FY24 Q1 1.0%
FY24 Q2 3.8%
FY24 Q3 8.5%
FY24 Q4 11.3%
FY25 Q1 13.5%
FY25 Q2 15.8%
FY25 Q3 18.6%
FY25 Q4 19.3%
FY26 Q1 21.7%
FY26 Q2 21.5%
FY26 Q3 20.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Churchill Downs took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2.9B
  2. Selling, general and admin $246M · 8.4%
  3. Other operating costs $2B · 68.2%
  4. Operating income $684M · 23.4%
  5. Income tax $147M · 5.0%
  6. Interest and other $154M · 5.3%
  7. Net income $383M · 13.1%

Shares of revenue. Source: Churchill Downs's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0 0 0 0 0 822 883 1,009 1,330 1,054 1,597 1,810 2,462 2,734 2,926 3,005
EBITDA 136 152 152 159 236 281 243 252 312 153 388 436 733 908 917 1,002
Operating income 81 97 90 90 126 173 146 189 216 60 284 322 564 709 684 767
Net income 64 58 55 46 65 108 141 353 138 −82 249 439 417 427 383 455
Diluted EPS $0.63 $0.56 $0.51 $0.44 $0.62 $1.07 $1.46 $4.24 $1.69 −$1.04 $3.18 $5.71 $5.49 — — $6.50
Growth (year on year)
Revenue — — — — — — +7.3% +14.3% +31.8% −20.7% +51.5% +13.3% +36.0% +11.1% +7.0% +4.2%
EBITDA — +11.7% −0.2% +4.5% +48.7% +19.1% −13.6% +4.0% +23.7% −50.9% +153.2% +12.4% +68.3% +23.9% +1.0% +9.6%
Operating income — +19.2% −6.7% +0.3% +39.7% +36.6% −15.5% +29.6% +14.2% −72.1% +372.4% +13.2% +75.3% +25.7% −3.6% +11.6%
Net income — −9.4% −5.8% −15.5% +40.5% +65.8% +30.0% +151.1% −61.0% −159.6% — +76.4% −5.0% +2.3% −10.3% +12.7%
Diluted EPS — −11.2% −8.4% −13.7% +40.5% +73.0% +36.4% +190.4% −60.1% −161.5% — +79.6% −3.9% — — +17.3%
Margins
EBITDA margin — — — — — 34.2% 27.5% 25.0% 23.5% 14.5% 24.3% 24.1% 29.8% 33.2% 31.3% 33.3%
Operating margin — — — — — 21.0% 16.5% 18.7% 16.2% 5.7% 17.8% 17.8% 22.9% 25.9% 23.4% 25.5%
Net margin — — — — — 13.1% 15.9% 35.0% 10.3% −7.8% 15.6% 24.3% 17.0% 15.6% 13.1% 15.1%
Free-cash-flow margin — — — — — 24.4% 20.6% 16.7% 18.1% 11.3% 25.5% 7.6% 0.3% 11.3% 19.3% 20.1%
Cash flow
Cash from operations 173 144 145 142 265 231 215 198 290 142 460 511 605 772 770 756
Capital spending 23 41 49 23 31 31 33 30 48 23 52 373 599 463 205 152
Free cash flow 150 103 96 119 233 201 182 168 241 119 407 138 7 308 565 604
Stock-based pay 6 8 21 12 14 19 27 21 24 24 28 32 33 36 30 31
Free cash flow after stock pay 145 95 75 107 220 182 155 147 218 95 379 106 −26 272 535 573
Balance sheet
Cash 27 37 45 75 75 83 52 133 96 67 291 130 145 176 201 167
Total debt 128 210 369 770 789 928 1,142 896 1,492 1,638 1,982 4,639 4,874 4,939 5,155 4,748
Net debt (negative = net cash) 100 173 324 696 714 845 1,090 763 1,396 1,570 1,691 4,509 4,730 4,763 4,954 4,581
Diluted shares 103m 105m 108m 106m 106m 101m 96m 83m 81m 80m 78m 77m 76m 75m 72m 70m
Returned to shareholders
Dividends 8 22 0 15 17 19 22 24 22 23 25 26 27 29 31 32
Buybacks 1 5 11 77 148 39 181 531 95 28 298 175 56 186 428 76
Total returned 9 28 11 92 165 58 202 555 117 52 322 201 83 215 459 108

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · September 30, 2026
What it owns · $7.5bn
Short-term assets $418mLonger-term assets $7.0bn
What it owes, and who funded it · $7.4bn
Short-term liabilities $1.3bnLonger-term liabilities $4.7bnShareholders' equity $1.4bn
  • Short-term assets cover short-term liabilities $418m of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $418m short-term assets against $4.7bn of longer-dated liabilities.
  • More cash than debt $167m of cash against $4.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 342% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 617% to 342% over five years.
  • A year's operating cash flow covers at least 20% of debt $756m of operating cash flow against $4.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $767m against $287m of interest.

From Churchill Downs Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$75.8M
Dividends (TTM)
$31.8M
Returned to shareholders
18%
of free cash flow
Buybacks, last 3 fiscal years
$670M
Diluted share count
−3.9%
year over year
Total shareholder yield
1.6%
dividends 0.5% + buybacks 1.1% of market value
Dividend payout ratio
7%
of net income paid out
Sales & admin spending
8.4%
of revenue
Days sales outstanding
13 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in casinos & gaming
Last 12 months unless stated CHDN BALY BRSL SGHC BYD RRR Median
Revenue, last 12 months $3.0bn $3.0bn $2.5bn $2.2bn $4.1bn $2.0bn $2.4bn
Revenue growth, last 12 months 4.2% 0.1% −0.0% 21.6% 0.3% 0.9% 5.5%
Revenue growth, 3-year average 8.1% 14.6% −13.1% — 3.3% 5.9% 6.5%
Revenue growth, latest quarter 1.9% 20.5% — — −1.4% −3.0% 2.4%
Operating margin 25.5% −7.3% 27.3% — 17.8% 27.7% 10.1%
Operating margin, 3-year average 25.0% −7.3% 12.2% — 20.0% 29.8% 7.1%
Net margin 15.1% −25.8% 5.9% 9.7% 12.3% 8.4% 3.1%
Cash from operations / revenue 25.2% −11.4% −3.9% 16.1% 14.4% 31.1% 14.4%
Free-cash-flow margin 20.1% −18.0% −16.5% 14.3% −0.4% 9.6% 8.5%
Free-cash-flow margin, 3-year average 15.7% −8.9% 0.3% — 7.8% 8.9% 4.5%
Stock pay / revenue 1.0% 1.0% 0.6% 0.7% 0.8% 1.7% 0.9%
Change in share count −3.9% −9.2% −3.4% 0.8% 0.1% — −2.6%

Median of all 22 companies we cover in casinos & gaming. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

22 casinos & gaming companies
Measure Company Peer median Rank
Revenue growth Growth 4.2% 6.1% 13 of 21
Change in growth rate Growth -1.5pp -0.4pp 15 of 21
Operating margin Profitability 25.5% 10.1% 3 of 20
Net margin Profitability 15.1% 3.6% 2 of 22
Free-cash-flow margin Cash generation 20.1% 8.5% 2 of 21
Stock pay as % of revenue Cash generation 1.0% 0.9% 13 of 20
Long-term debt as % of assets Balance sheet 54.4% 44.3% 11 of 17
Change in share count Balance sheet -3.9% -3.0% 6 of 16
Days sales outstanding Balance sheet 13 days 13 days 11 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Live and Historical Racing $1.4B 47.7% ▲ 13.8%
Gaming $1B 35.6% ▲ 0.4%
Wagering Services and Solutions $488M 16.7% ▲ 4.0%
Other $100,000 0.0% 0.0%

From Churchill Downs Inc's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.4B
Institutions reporting
456
Shares held vs prior quarter
▲ 7.3%
Positions opened / closed
57 / 49

Top buyers and sellers, Q2 2026: 231 institutions bought and 195 sold ; the biggest buyer was FMR LLC (+1.2M shares) and the biggest seller Capital International Investors (−982K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $556M 6.2M 10.4% ▼ 3.9%
Vanguard Portfolio Management LLC $288M 3.2M 5.4% ▲ 8.5%
Vanguard Capital Management LLC $268M 3.0M 5.0% ▲ 8.9%
FMR LLC $264M 2.9M 4.9% ▲ 72.5%
London Co Of Virginia $221M 2.5M 4.1% ▼ 5.0%
State Street Corp $184M 2.0M 3.4% ▲ 2.3%
Citadel Advisors LLC $154M 1.7M 2.9% ▲ 34.8%
Arrowstreet Capital, Limited Partnership $129M 1.4M 2.4% ▲ 4.9%
Geode Capital Management, LLC $120M 1.3M 2.2% ▼ 4.8%
Jennison Associates LLC $113M 1.3M 2.1% ▲ 10.8%
Balyasny Asset Management L.P. $110M 1.2M 2.0% ▲ 100.3%
Boston Partners $107M 1.2M 2.0% ▲ 4.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Churchill Downs Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 21 trades and filings

No trades in Churchill Downs Inc disclosed in the last 12 months; 21 earlier trades on record.

  • James Comer(R-KY 1):Sale (partial), $1,001 - $15,000, traded July 3, 2025, filed August 11, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded January 13, 2025, filed February 13, 2025
  • James Comer(R-KY 1):Purchase, $1,001 - $15,000, traded January 2, 2025, filed January 10, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 22, 2026
  • February 25, 2026
  • October 22, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on Churchill Downs Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Churchill Downs Inc in brief

What does Churchill Downs Inc do?
Churchill Downs Inc is a US-listed company in the casinos & gaming industry. Its financial year ends in December.
What is Churchill Downs Inc's stock ticker?
Churchill Downs Inc trades under the ticker CHDN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Churchill Downs Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Churchill Downs Inc reported revenue of $3B, 4.2% higher than a year earlier, according to its SEC filings.
What is Churchill Downs Inc's free cash flow?
Churchill Downs Inc's free-cash-flow margin is 20.1% of revenue over the trailing twelve months, ranking 2 of the 21 casinos & gaming companies we cover.
Who are Churchill Downs Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Churchill Downs Inc buying back stock, and does it pay a dividend?
Churchill Downs Inc spent $75.8M on share repurchases over the trailing twelve months, and its diluted share count fell 3.9% over the year.
What is Churchill Downs Inc's market cap?
On November 2, 2026, Churchill Downs Inc's market capitalisation was about $6.9B, with a price-to-earnings ratio of 15.2 and net debt of $4.6B. Market figures come from third-party market data and may be delayed.
Does Churchill Downs Inc pay a dividend?
Yes: Churchill Downs Inc paid $31.8M in dividends over the trailing twelve months, a dividend yield of 0.46% and a payout ratio of 7.0%.
How much debt does Churchill Downs Inc have?
Churchill Downs Inc's debt-to-equity ratio is 342.4%, from its latest balance sheet (617.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Churchill Downs Inc's competitors?
In our Casinos & Gaming peer group, the companies closest to Churchill Downs Inc are Bally's Corp, Brightstar Lottery PLC, Super Group (sghc) Ltd, Boyd Gaming Corp and Red Rock Resorts, Inc. The side-by-side comparison below sets their revenue, margins and growth against Churchill Downs Inc's.
When is Churchill Downs Inc's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Churchill Downs Inc announces its own schedule.