Churchill Downs financials
$76.16+0.58%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.93B | $2.73B | $2.46B | $1.81B | $1.60B | $1.05B | $1.33B | $1.01B | $882.6M | $822.4M |
| Gross profit | $982.6M | $938.5M | $795.7M | $566.4M | $446.1M | $193.5M | $343.0M | $289.7M | $329.1M | $246.7M |
| Gross margin | 33.6% | 34.3% | 32.3% | 31.3% | 27.9% | 18.4% | 25.8% | 28.7% | 37.3% | 30.0% |
| Operating income | $683.8M | $709.0M | $564.0M | $321.8M | $284.4M | $60.2M | $215.7M | $188.8M | $145.7M | $148.8M |
| Net income | $383.0M | $426.8M | $417.3M | $439.4M | $249.1M | -$81.9M | $137.5M | $352.8M | $140.5M | $108.1M |
| Net margin | 13.1% | 15.6% | 17.0% | 24.3% | 15.6% | −7.8% | 10.3% | 35.0% | 15.9% | 13.1% |
| Diluted EPS | $5.29 | $5.68 | $5.49 | $5.71 | $3.18 | $-1.04 | $1.69 | $4.24 | $1.46 | $1.07 |
| EBITDA | $969.5M | $899.9M | $762.4M | $473.8M | $408.2M | $175.6M | $316.7M | $252.4M | $264.5M | $257.4M |
| Operating cash flow | $769.8M | $772.7M | $605.8M | $536.8M | $335.5M | $141.9M | $289.6M | $197.8M | $215.1M | $231.4M |
| Free cash flow | $494.9M | $225.7M | -$70.7M | $113.3M | $243.7M | -$92.3M | $158.4M | $48.4M | $98.2M | $176.7M |
| Diluted shares | 71.8M | 74.6M | 76.1M | 77.0M | 78.4M | 78.6M | 81.2M | 83.2M | 96.0M | 101.0M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $201.0M | $175.5M | $144.5M | $129.8M | $291.3M | $67.4M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| Total debt | $5.13B | $4.91B | $4.84B | $4.61B | $1.97B | $1.62B |
| Total assets | $7.49B | $7.28B | $6.96B | $6.21B | $2.98B | $2.69B |
| Total liabilities | $6.43B | $6.17B | $6.06B | $5.66B | $2.67B | $2.32B |
| Shareholders' equity | $1.01B | $1.08B | $893.6M | $551.5M | $306.8M | $367.1M |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology