Churchill Downs Inc balance sheet

At the end of fiscal 2025, Churchill Downs Inc had total assets of $7.49bn, total liabilities of $6.43bn and shareholders' equity of $1.01bn. It held $201m in cash against $5.16bn of debt.

Balance sheet

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

Churchill Downs Inc: balance sheet, annual
Fiscal year	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash and equivalents	27	37	45	75	75	83	52	133	96	67	291	130	145	176	201	167
Receivables	50	47	47	76	68	57	28	29	37	37	42	82	107	99	93	106
Inventory	—	—	—	—	—	—	—	—	—	—	—	—	17	12	12	11
Total current assets	144	147	161	243	220	246	256	242	221	235	502	345	401	412	443	418
Goodwill	214	250	301	841	842	302	318	338	367	367	367	724	900	900	900	900
Total assets	948	1,114	1,352	2,356	2,277	2,254	2,359	1,725	2,551	2,982	2,982	6,207	6,956	7,276	7,485	7,467
Accounts payable	57	48	43	45	39	50	54	47	58	71	82	146	159	180	184	221
Deferred revenue (current)	33	44	49	52	46	64	52	48	43	33	48	39	73	53	55	36
Total current liabilities	173	407	213	336	640	468	453	257	301	424	395	622	756	729	733	1,322
Short-term debt	0	210	0	11	16	14	4	4	4	4	7	47	68	63	63	659
Long-term debt	128	0	69	753	766	908	1,125	880	1,470	1,618	1,961	4,559	4,768	4,844	5,067	4,063
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
Total liabilities	364	470	647	1,656	1,660	1,569	1,719	1,252	2,040	2,319	2,675	5,655	6,062	6,173	6,429	6,064
Shareholders' equity	584	644	705	700	617	685	640	473	508	367	307	552	894	1,084	1,010	1,379
Non-controlling interests and other (assets − liabilities − equity)	—	—	—	—	—	—	—	—	—	295	—	—	—	—	—	—
Shares outstanding	—	—	—	—	—	99m	92m	81m	79m	79m	76m	75m	75m	74m	70m	—

US$ millions unless shown otherwise. Fiscal quarters.

Churchill Downs Inc: balance sheet, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Receivables	99	109	118	90	93	99	129	106
Inventory	12	12	13	12	12	11	11	11
Total current assets	412	452	464	415	443	452	484	418
Goodwill	900	900	900	900	900	900	900	900
Total assets	7,276	7,347	7,376	7,455	7,485	7,485	7,521	7,467
Accounts payable	180	207	231	194	184	218	261	221
Deferred revenue (current)	53	147	18	28	55	158	27	36
Total current liabilities	729	846	772	725	733	836	1,359	1,322
Short-term debt	63	63	63	63	63	63	663	659
Long-term debt	4,844	4,814	4,942	5,043	5,067	4,865	4,110	4,063
Total debt	4,907	4,877	5,005	5,106	5,130	4,928	4,773	4,722
Total liabilities	6,173	6,254	6,312	6,376	6,429	6,341	6,130	6,064
Shareholders' equity	1,084	1,072	1,042	1,035	1,010	1,096	1,341	1,379
Shares outstanding	74m	—	—	—	70m	—	—	—

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Churchill Downs Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Churchill Downs Inc.