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Churchill Downs Inc cash flow statement

In fiscal 2025, Churchill Downs Inc's operations generated $770m of cash; it spent $205m on capital projects, leaving free cash flow of $565m. It returned $30.8m in dividends and $428m through buybacks.

Cash flow statement

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

Fiscal year2011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations173144145142265231215198290142460511605772770756
Depreciation and amortisation5556626811010997649693103114169199233235
Stock-based pay682112141927212424283233363031
Capital spending2341492331313330482352373599463205152
Free cash flow150103961192332011821682411194071387308565604
Free cash flow after stock pay145957510722018215514721895379106−26272535573
Dividends paid822015171922242223252627293132
Share buybacks1511771483918153195282981755618642876
Shares issued16171222————————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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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.