Churchill Downs IncorporatedCHDNNASDAQ

Revenue (LTM)

$2.9B

+7.0% YoY

Net Income (LTM)

$380M

-11.0% YoY

Free Cash Flow

$495M

Revenue CAGR (5Y)

+22.7%

Marginsimproving

FCF$0.5B

Profitable

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Revenue	1,597	1,810↑13.3%	2,462↑36.0%	2,734↑11.1%	2,926↑7.0%
Gross Profit	446	566↑27.0%	796↑40.5%	939↑17.9%	983↑4.7%
Operating Income	284	322↑13.2%	564↑75.3%	709↑25.7%	736↑3.9%
Net Income	249	439↑76.4%	417↓5.0%	427↑2.3%	380↓11.0%
EBITDA	537	875↑63.0%	1,005↑14.9%	1,068↑6.2%	1,070↑0.2%
EPS Diluted	3.18	5.71↑79.6%	5.48↓4.0%	5.68↑3.6%	5.32↓6.3%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Cash & Equivalents	291	130↓55.4%	145↑11.3%	176↑21.5%	289↑64.4%
Total Current Assets	502	345↓31.3%	401↑16.3%	412↑2.9%	443↑7.5%
Total Assets	2,982	6,207↑108.2%	6,956↑12.1%	7,276↑4.6%	7,485↑2.9%
Total Current Liabilities	395	622↑57.4%	756↑21.6%	729↓3.5%	733↑0.5%
Total Liabilities	2,675	5,655↑111.4%	6,062↑7.2%	6,173↑1.8%	6,429↑4.1%
Total Equity	307	552↑79.8%	894↑62.0%	1,084↑21.3%	1,010↓6.8%
Total Debt	1,968	4,606↑134.0%	4,844↑5.2%	4,916↑1.5%	5,197↑5.7%
Net Debt	1,677	4,476↑166.9%	4,700↑5.0%	4,740↑0.9%	4,909↑3.5%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Operating Cash Flow	336	537↑60.0%	606↑12.9%	773↑27.6%	770↓0.4%
Capital Expenditure	-92	-457↓397.6%	-677↓48.1%	-547↑19.1%	-275↑49.7%
Free Cash Flow	244	80↓67.2%	-71↓188.4%	226↑419.2%	495↑119.3%
Stock-Based Comp	28	32↑14.4%	33↑3.5%	36↑9.7%	30↓16.3%
Net Change in Cash	235	-151↓164.3%	17↑111.3%	31↑80.7%	36↑15.9%

Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down

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