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Churchill Downs vs FlutterChurchill Downs vs DraftKingsChurchill Downs vs Light & WonderChurchill Downs vs Super Group (SGHCSChurchill Downs vs Rush StreetChurchill Downs vs S&P 500 | Market

TL;DR: Financial Overview - Revenue, Profits & Key Metrics

Latest Quarterly: Dec 2025

Income Metrics

Revenue 665.9M
Gross Profit 196.7M 29.54%
Operating Income 125.2M 18.80%
Net Income 51.5M 7.73%

Balance Sheet Metrics

Total Assets 7.5B
Total Liabilities 6.4B
Shareholders Equity 1.1B
Debt to Equity 6.09

Cash Flow Metrics

Operating Cash Flow 105.7M
Free Cash Flow 45.7M

Revenue & Profitability Trend

Quarter Income Flow i

Annual Income Flow i

Churchill Downs Income Statement From 2021 to 2025

Metric 2025 2024 2023 2022 2021
Revenue i 2.9B 2.7B 2.5B 1.8B 1.6B
Cost of Goods Sold i 1.9B 1.8B 1.7B 1.2B 1.2B
Gross Profit i 982.6M 938.5M 795.7M 566.4M 446.1M
Gross Margin % i 33.6% 34.3% 32.3% 31.3% 27.9%
Operating Expenses
Research & Development i - - - - -
Selling, General & Administrative i 246.2M 237.7M 202.3M 164.2M 138.5M
Other Operating Expenses i - - - - -
Total Operating Expenses i 246.2M 237.7M 202.3M 164.2M 138.5M
Operating Income i 736.4M 700.8M 593.4M 402.2M 307.6M
Operating Margin % i 25.2% 25.6% 24.1% 22.2% 19.3%
Non-Operating Items
Interest Income i - - - - -
Interest Expense i 297.7M 289.8M 268.4M 147.3M 84.7M
Other Non-Operating Income 93.7M 162.2M 236.8M 353.9M 120.7M
Pre-tax Income i 532.4M 573.2M 561.8M 608.8M 343.6M
Income Tax i 146.9M 144.1M 144.5M 169.4M 94.5M
Effective Tax Rate % i 27.6% 25.1% 25.7% 27.8% 27.5%
Net Income i 385.5M 429.1M 417.3M 439.4M 249.1M
Net Margin % i 13.2% 15.7% 17.0% 24.3% 15.6%
Key Metrics
EBITDA i 1.1B 1.1B 920.8M 680.9M 560.0M
EPS (Basic) i $5.32 $5.73 $5.55 $5.79 $3.23
EPS (Diluted) i $5.29 $5.68 $5.49 $5.71 $3.18
Basic Shares Outstanding i 71400000 74000000 75200000 75800000 77200000
Diluted Shares Outstanding i 71400000 74000000 75200000 75800000 77200000

Income Statement Trend

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Churchill Downs Balance Sheet From 2021 to 2025

Metric 2025 2024 2023 2022 2021
Assets
Current Assets
Cash & Equivalents i 200.6M 175.5M 144.5M 129.8M 291.3M
Short-term Investments i - - - - -
Accounts Receivable i 34.5M 37.3M 42.6M 12.5M 7.6M
Inventory i 11.9M 11.6M - - -
Other Current Assets 4.3M 4.7M 59.5M 44.3M 37.6M
Total Current Assets i 443.2M 412.3M 400.8M 344.5M 501.5M
Non-Current Assets
Property, Plant & Equipment i 1.4B 1.3B 1.1B 910.7M 740.1M
Goodwill i 4.3B 4.2B 4.2B 3.8B 1.1B
Intangible Assets i 2.5B 2.4B 2.4B 2.4B 348.1M
Long-term Investments - - - - -
Other Non-Current Assets 22.6M 18.3M 19.3M 109.0M 106.7M
Total Non-Current Assets i 7.0B 6.9B 6.6B 5.9B 2.5B
Total Assets i 7.5B 7.3B 7.0B 6.2B 3.0B
Liabilities
Current Liabilities
Accounts Payable i 184.3M 180.3M 158.5M 145.5M 81.6M
Short-term Debt i 71.5M 71.8M 68.0M 47.0M 7.0M
Current Portion of Long-term Debt - - - - -
Other Current Liabilities 158.3M 151.2M 128.4M 113.2M 122.2M
Total Current Liabilities i 733.3M 729.3M 755.8M 621.6M 395.0M
Non-Current Liabilities
Long-term Debt i 5.1B 4.8B 4.8B 4.6B 2.0B
Deferred Tax Liabilities i 519.9M 432.7M 388.2M 340.8M 252.9M
Other Non-Current Liabilities 93.0M 146.5M 137.8M 122.4M 52.6M
Total Non-Current Liabilities i 5.7B 5.4B 5.3B 5.0B 2.3B
Total Liabilities i 6.4B 6.2B 6.1B 5.7B 2.7B
Equity
Common Stock i 0 0 0 0 0
Retained Earnings i 1.0B 1.1B 894.5M 552.4M 307.7M
Treasury Stock i - - - - -
Other Equity - - - - -
Total Shareholders Equity i 1.1B 1.1B 893.6M 551.5M 306.8M
Key Metrics
Total Debt i 5.1B 4.9B 4.8B 4.6B 2.0B
Working Capital i -290.1M -317.0M -355.0M -277.1M 106.5M

Balance Sheet Composition

Churchill Downs Cash Flow Statement From 2021 to 2025

Metric 2025 2024 2023 2022 2021
Operating Activities
Net Income i 385.5M 429.1M 417.3M 439.4M 249.1M
Depreciation & Amortization i 239.5M 204.7M 175.2M 119.0M 108.5M
Stock-Based Compensation i 30.2M 36.1M 32.9M 31.8M 27.8M
Working Capital Changes i -5.1M 49.9M 7.7M 36.6M 77.5M
Operating Cash Flow i 705.7M 774.0M 685.9M 742.9M 478.0M
Investing Activities
Capital Expenditures i - - 195.7M 279.0M 0
Acquisitions i 0 0 -241.3M -2.9B 0
Investment Purchases i - - - - -
Investment Sales i - - - - -
Investing Cash Flow i -11.3M 1.8M -41.5M -2.6B -8.6M
Financing Activities
Share Repurchases i -427.8M -186.0M -55.9M -174.9M -297.5M
Dividends Paid i -30.8M -29.2M -27.1M -26.0M -24.8M
Debt Issuance i 1.1B 965.5M 1.8B 2.9B 780.8M
Debt Repayment i -881.7M -900.8M -1.5B -205.4M -430.9M
Financing Cash Flow i -262.5M -196.6M 129.3M 2.4B -500.0K
Free Cash Flow i 309.6M 225.7M -70.7M 80.0M 243.7M
Net Change in Cash i 431.9M 579.2M 773.7M 512.0M 468.9M

Cash Flow Trend

Churchill Downs Key Financial Ratios

Valuation Ratios

P/E Ratio (TTM) 18.03
Forward P/E 13.44
Price to Book 6.75
Price to Sales 2.32
PEG Ratio 1.31

Profitability Ratios

Profit Margin 13.21%
Operating Margin 21.72%
Return on Equity 35.00%
Return on Assets 6.28%

Financial Health

Current Ratio 0.54
Debt to Equity 430.77
Beta 0.65

Per Share Data

EPS (TTM) $5.43
Book Value per Share $14.51
Revenue per Share $41.85

Peer Financial Comparison

Company Market Cap P/E Ratio P/B Ratio ROE Profit Margin Debt/Equity
CHDN 7.1B 18.03 6.75 35.00% 13.21% 430.77
Flutter 18.4B 114.93 2.07 -3.88% -1.89% 132.73
DraftKings 11.0B 2,216.00 18.02 0.45% 0.06% 299.28
Light & Wonder 7.1B 18.83 10.11 52.83% 70.80% 6.88
Super Group (SGHC 6.4B 29.14 8.51 31.62% 9.73% 10.11
Rush Street 5.4B 74.16 15.61 29.51% 2.94% 2.02
Nippun Rana

Nippun Rana

Chasing the market trend!

Hi, I’m Nippun, a tech enthusiast from Haryana, India. I have been coding since 2010 and using my coding skills in the share market since 2020. I have been coding scripts in Pinescript that work on Tradingview app/web. I love learning about new technology and applying it to solve real-world problems. Coding and share-market are my passions, and I enjoy finding and fixing bugs in code. I aim to share my skill set and experience that can positively impact society. Feel free to connect with me, an...

Financial data is updated regularly. All figures are in the company's reporting currency.