Churchill Downs Inc

CHDN

Churchill Downs Inc

CHDN

Insider Sentiment (TTM):

Last Purchase:2025-05-07Last Sale:2023-03-03Shares Purchased (TTM):0Shares Sold (TTM):0

Institutional Sentiment:

As of:2026-03-31Institutional Shares Owned:52,223,061Shares Outstanding:70,000,000Institutional Ownership Pct.:74.60%

Earnings Market Reaction:

Filing Date:2026-07-29Price on Filing Date:N/APrevious Close:N/A% Change:N/A

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Financial Statements

10‑Q10‑K

Values in Millions ($)	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30
Assets
Assets Current
Cash And Cash Equivalents At Carrying Value	196	200	201	181	182	174	176	153	140	149	145	130
Restricted Cash And Cash Equivalents At Carrying V…	99	91	88	88	103	97	77	79	91	73	77	63
Accounts Receivable Net Current	129	99	94	90	118	109	99	93	136	115	107	102
Income Taxes Receivable	0	6	17	0	0	0	15	0	0	0	13	6
Other Assets Current	60	56	44	57	60	73	46	63	69	79	60	69
Assets Current	484	452	443	415	464	452	412	387	436	416	401	371
Property Plant And Equipment Net	2,911	2,910	-	2,926	2,917	2,907	-	2,806	2,752	2,669	-	2,384
Investments In Affiliates Subsidiaries Associates …	690	685	685	675	669	663	661	650	649	648	656	660
Goodwill	900	900	900	900	900	900	900	900	900	900	900	900
Intangible Assets Net Excluding Goodwill	2,513	2,516	2,515	2,518	2,406	2,406	2,409	2,412	2,414	2,415	2,418	2,417
Other Assets Noncurrent	23	22	23	22	19	18	18	18	18	19	19	19
Assets	7,521	7,485	7,485	7,455	7,376	7,347	7,276	7,173	7,170	7,067	6,956	6,751
Assets Of Disposal Group Including Discontinued Op…	-	-	-	-	-	-	-	-	-	-	0	0
Liabilities And Stockhold…
Liabilities Current
Accounts Payable Current	261	218	184	194	231	207	180	182	215	188	159	169
Taxes Payable Current	38	-	-	28	68	5	-	7	41	4	-	-
Contract With Customer Liability Current	27	158	55	28	18	147	53	27	19	153	73	31
Long Term Debt Current	663	63	63	63	63	63	63	63	68	68	68	68
Dividends Payable Current	0	0	31	1	1	1	31	1	1	1	29	1
Liabilities Current	1,359	836	733	725	772	846	729	710	763	837	756	670
Secured Long Term Debt	1,627	1,783	1,986	1,963	1,864	1,737	1,768	1,696	1,718	1,787	1,697	1,585
Unsecured Long Term Debt	2,483	3,082	3,081	3,080	3,079	3,077	3,076	3,075	3,074	3,072	3,071	3,070
Contract With Customer Liability Noncurrent	12	15	15	19	18	20	20	20	20	12	12	10
Deferred Income Tax Liabilities Net	562	539	520	491	436	433	433	418	408	393	388	386
Other Liabilities Noncurrent	87	86	93	98	143	141	147	139	141	139	138	142
Liabilities	6,130	6,341	6,429	6,376	6,312	6,254	6,173	6,058	6,123	6,240	6,062	5,862
Redeemable Noncontrolling Interest Equity Carrying…	50	48	46	44	23	21	20	18	16	-	0	-
Stockholders Equity
Preferred Stock Value	0	0	0	0	0	0	0	0	0	0	0	0
Common Stock Value	7	3	0	0	0	0	0	2	0	0	0	0
Retained Earnings Accumulated Deficit	1,335	1,094	1,011	1,036	1,043	1,073	1,085	1,096	1,032	828	895	890
Accumulated Other Comprehensive Income Loss Foreig…	-1	-1	-1	-1	-1	-1	-1	-1	-1	-1	-1	-1
Stockholders Equity	1,341	1,096	1,010	1,035	1,042	1,072	1,084	1,097	1,031	827	894	889
Liabilities And Stockholders Equity	7,521	7,485	7,485	7,455	7,376	7,347	7,276	7,173	7,170	7,067	6,956	6,751
Deferred Finance Costs Noncurrent Net	-	-	19	-	-	-	24	-	-	-	29	-
Preferred Stock No Par Value	-	-	0	-	-	-	0	-	-	-	0	-
Preferred Stock Shares Authorized	-	-	0	-	-	-	0	-	-	-	0	-
Preferred Stock Shares Issued	-	-	0	-	-	-	0	-	-	-	0	-
Preferred Stock Shares Outstanding	-	-	0	-	-	-	0	-	-	-	0	-
Common Stock No Par Value	-	-	0	-	-	-	0	-	-	-	0	-
Common Stock Shares Authorized	-	-	300	-	-	-	300	-	-	-	300	-
Common Stock Shares Issued	-	-	70	-	-	-	74	-	-	-	75	-
Shares Outstanding	-	-	70	-	-	-	74	-	-	-	75	-

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10‑Q10‑K

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Earnings Market Reaction

10‑Q10‑K

Fiscal Year	Q1 1 Month	Q1 2 Month	Q1 3 Month	Q2 1 Month	Q2 2 Month	Q2 3 Month	Q3 1 Month	Q3 2 Month	Q3 3 Month	Q4 1 Month	Q4 2 Month	Q4 3 Month
2026	-2.48%	-2.25%	-3.85%	-	-	-	-	-	-	-	-	-
2025	-6.45%	-8.76%	0.72%	-6.03%	-11.76%	-17.53%	3.19%	21.82%	12.93%	-12.91%	-4.09%	-9.79%
2024	8.29%	10.66%	15.21%	-0.25%	2.33%	1.33%	3.56%	1.73%	-5.14%	-7.18%	-13.89%	-20.17%
2023	-	-	-	-	-	-	11.36%	19.32%	14.80%	-0.05%	2.81%	17.93%
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Performance and Valuation Metrics

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Metrics	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30
Liquidity Ratios
Current Ratio	0.36	0.54	0.60	0.57	0.60	0.53	0.57	0.55	0.57	0.50	0.53	0.55
Quick Ratio	0.36	0.54	0.60	0.57	0.60	0.53	0.57	0.55	0.57	0.50	0.53	0.55
Working Capital	-875.00M	-384.00M	-290.10M	-310.30M	-308.10M	-393.70M	-317.00M	-322.70M	-327.20M	-421.20M	-355.00M	-299.30M
Leverage & Debt
Debt to Equity	4.57	5.79	6.37	6.16	6.06	5.83	5.70	5.52	5.94	7.55	6.78	6.60
Interest Coverage TTM	2.47	2.32	2.30	2.32	2.44	2.46	2.45	2.39	2.39	2.08	2.10	1.86
Debt Ratio	0.82	0.85	0.86	0.86	0.86	0.85	0.85	0.84	0.85	0.88	0.87	0.87
Efficiency & Turnover
Asset Turnover TTM	0.40	0.40	0.40	0.39	0.39	0.39	0.38	0.38	0.38	0.37	0.37	0.42
Days Sales Outstanding TTM	15.09	12.86	11.99	11.57	16.41	14.65	13.72	13.35	15.04	13.84	13.97	13.16
Receivables Turnover TTM	24.19	28.38	30.45	31.54	22.24	24.92	26.60	27.34	24.26	26.38	26.13	27.75
Per Share Metrics
Diluted EPS TTM	5.91	5.56	5.33	5.70	6.01	5.75	5.75	5.55	5.49	4.58	5.48	4.68
Free Cash Flow Per Share TTM	10.28	10.61	9.81	10.22	9.81	12.63	12.74	12.55	11.46	10.55	9.89	9.78
Dividend Per Share TTM	0.45	0.47	0.46	0.47	0.45	0.43	0.40	0.40	0.40	0.39	0.36	0.36
Margin Metrics
Gross Profit Margin TTM	70.51%	70.45%	70.56%	70.98%	71.63%	72.43%	73.10%	73.56%	73.49%	72.88%	73.10%	73.23%
Operating Profit Margin TTM	24.13%	23.48%	23.37%	23.81%	25.26%	25.76%	25.93%	25.77%	25.80%	22.88%	22.91%	19.72%
Net Profit Margin TTM	13.84%	13.20%	13.09%	14.02%	15.28%	15.28%	15.69%	15.51%	15.65%	13.72%	16.95%	15.15%
Growth Metrics
Net Revenue Growth (1Y)	5.73%	5.72%	7.01%	7.97%	8.20%	11.76%	11.07%	12.21%	19.35%	24.33%	36.02%	40.49%
Net Income Growth (1Y)	-4.28%	-8.62%	-10.74%	-2.41%	5.69%	24.47%	2.83%	14.89%	14.72%	-38.16%	-5.03%	-25.12%
EPS Growth (1Y)	-1.54%	-3.40%	-7.49%	2.58%	8.48%	24.64%	4.50%	16.91%	16.89%	-37.15%	-4.15%	-24.72%
Valuation Metrics
P/E TTM	15.16	16.16	21.21	16.80	16.75	19.23	22.94	23.95	25.04	26.63	24.15	23.95
P/B TTM	4.68	5.74	8.05	6.56	6.95	7.64	9.08	9.05	9.94	11.01	11.28	9.72
P/S TTM	2.10	2.13	2.78	2.36	2.56	2.94	3.60	3.72	3.92	3.65	4.09	3.63
Market Cap	6.27B	6.29B	8.12B	6.79B	7.24B	8.19B	9.84B	9.92B	10.25B	9.11B	10.08B	8.64B
Enterprise Value	10.75B	10.93B	12.97B	11.63B	11.96B	12.79B	14.50B	14.53B	14.88B	13.81B	14.69B	13.17B
Calculated Values
Free Cash Flow TTM	719.50M	742.50M	700.50M	718.60M	706.20M	934.50M	942.80M	927.20M	846.80M	781.70M	743.50M	735.50M
Net Debt	4.48B	4.64B	4.84B	4.84B	4.72B	4.61B	4.65B	4.60B	4.63B	4.70B	4.61B	4.53B
Per-Share and Margin
EPS TTM
Adjusted EPS TTM
Cash Flow Per Share TTM
Pretax Margin TTM
Stock Comp to Revenue TTM
Turnover Ratios and Averages
Average Assets
Average Equity
Average Inventory
Average Receivables
Average Accounts Payables
Inventory Turnover TTM
Payables Turnover TTM
Days Inventory Outstanding TTM
Days Payables Outstanding TTM
Cash Conversion Cycle TTM
Working Capital to Revenue
Deferred Revenue to Revenue
Growth Rates
Total Assets Growth (1Y)
Total Assets Growth (3Y)
Total Assets Growth (5Y)
Dividends Paid Growth (1Y)
Dividends Paid Growth (3Y)
Dividends Paid Growth (5Y)
EPS Growth (3Y)
EPS Growth (5Y)
Net Income Growth (3Y)
Net Income Growth (5Y)
Net Profit Margin Growth (1Y)
Net Profit Margin Growth (3Y)
Net Profit Margin Growth (5Y)
Net Revenue Growth (3Y)
Net Revenue Growth (5Y)
Deferred Revenue Growth (1Y)
Retained Earnings Growth (1Y)
Credit, Liquidity, Returns, Payout
Cash Ratio
Net Working Capital
Debt to EBITDA TTM
Net Debt to EBITDA TTM
Net Debt to Equity
Altman A
Altman B
Altman C
Altman D
Altman E
Altman Z-Score
ROA TTM
ROE TTM
NOPAT TTM
ROIC TTM
Effective Tax Rate TTM
Payout Ratio TTM
Dilution Ratio
Retained Earnings to Equity
Treasury Stock to Equity
Treasury Stock Change (1Y)
Accrued to Current Liabilities
NCAV
NCAV Per Share TTM
Valuation Ratios
P/CF TTM
Dividend Yield TTM
Free Cash Flow Yield TTM
EV EBITDA TTM
EV EBIT TTM
Stock Compensation TTM
Adjusted Net Income TTM
Billings TTM
Total Debt
Invested Capital

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Insider Transactions

2025-05-07Purchase

Owner: Grissom, Douglas C

Title: -

Shares: 10,000

Price/Share: $92.77

Value: $927,700.00

Shares Owned: 38,869

Relationship: Director

Ownership: Direct

2025-05-05Purchase

Owner: Rankin, R Alex

Title: -

Shares: 2,000

Price/Share: $92.65

Value: $185,300.00

Shares Owned: 99,012

Relationship: Director

Ownership: Direct

2025-05-02Purchase

Owner: Varga, Paul C

Title: -

Shares: 2,000

Price/Share: $92.97

Value: $185,940.00

Shares Owned: 33,260

Relationship: Director

Ownership: Direct

2024-04-29Purchase

Owner: Varga, Paul C

Title: -

Shares: 3,800

Price/Share: $130.22

Value: $494,836.00

Shares Owned: 28,902

Relationship: Director

Ownership: Direct

2023-03-03Sale

Owner: Mudd, William E

Title: President and COO

Shares: 9,727

Price/Share: $246.03

Value: $2,393,133.81

Shares Owned: 276,276

Relationship: Officer

Ownership: Direct

Filed Date	Owner	Relationship	Title	Ownership	Purchase/Sale	No. Shares	Price Per Share	Value	Shares Owned	Document Type
2025-05-07	Grissom, Douglas C	Director	-	Direct	Purchase	10,000	92.77	$927,700.00	38,869	4
2025-05-05	Rankin, R Alex	Director	-	Direct	Purchase	2,000	92.65	$185,300.00	99,012	4
2025-05-02	Varga, Paul C	Director	-	Direct	Purchase	2,000	92.97	$185,940.00	33,260	4
2024-04-29	Varga, Paul C	Director	-	Direct	Purchase	3,800	130.22	$494,836.00	28,902	4
2023-03-03	Mudd, William E	Officer	President and COO	Direct	Sale	9,727	246.03	$2,393,133.81	276,276	4
2023-03-02	Mudd, William E	Officer	President and COO	Direct	Sale	20,000	243.88	$4,877,600.00	286,003	4
2023-03-01	Mudd, William E	Officer	President and COO	Direct	Sale	20,000	246.51	$4,930,200.00	306,003	4
2022-05-24	Rankin, R Alex	Director	-	Direct	Purchase	525	176.80	$92,820.00	45,880	4
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Institutional Ownership

No data available for chart

2026-03-31

74.60%

Inst. Shares: 52,223,061

Shares Outstanding: 70,000,000

2025-12-31

73.86%

Inst. Shares: 52,734,311

Shares Outstanding: 71,400,000

2025-09-30

73.47%

Inst. Shares: 51,647,331

Shares Outstanding: 70,300,000

2025-06-30

73.54%

Inst. Shares: 52,946,859

Shares Outstanding: 72,000,000

2025-03-31

72.82%

Inst. Shares: 53,888,786

Shares Outstanding: 74,000,000

Date	Institutional Shares Owned	Shares Outstanding	Institutional Ownership %
2026-03-31	52,223,061	70,000,000	74.60%
2025-12-31	52,734,311	71,400,000	73.86%
2025-09-30	51,647,331	70,300,000	73.47%
2025-06-30	52,946,859	72,000,000	73.54%
2025-03-31	53,888,786	74,000,000	72.82%
2024-12-31	55,072,953	74,000,000	74.42%
2024-09-30	53,693,382	73,900,000	72.66%
2024-06-30	54,888,154	73,900,000	74.27%
2024-03-31	54,296,532	74,100,000	73.27%
2023-12-31	55,360,287	75,200,000	73.62%
2023-09-30	53,521,348	75,200,000	71.17%
2023-06-30	51,936,102	75,300,000	68.97%
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Churchill Downs Inc (CHDN) — SEC Financial Statements & Analysis

Churchill Downs Inc (CHDN) is a services-racing, including track operation company, incorporated in KY. Churchill Downs Inc trades on Nasdaq as: CHDN. Based on its latest SEC filing (Form 10-Q, period ending 2026-06-30), Churchill Downs Inc reported a 5.73% year-over-year revenue growth, a Gross Profit Margin of 70.51% (TTM), a Debt-to-Equity ratio of 4.57x, a Price-to-Sales (P/S) ratio of 2.10x (TTM), a Price-to-Book (P/B) ratio of 4.68x (TTM), at a market cap of $6.27B. Figures below are sourced from SEC EDGAR, as-filed.

Net Revenue TTM Growth 1Y: 5.73%
Gross Profit Margin TTM: 70.51%
Debt To Equity: 4.57x
P/S TTM: 2.10x
P/B TTM: 4.68x
Market Cap: $6.27B

Data as of 2026-06-30 · Source: SEC EDGAR

Frequently Asked Questions

What industry is Churchill Downs Inc in?

Churchill Downs Inc (CHDN) operates in the Services-Racing, Including Track Operation industry.

What is CHDN's market cap?

Churchill Downs Inc (CHDN) has a market capitalization of $6.27B as of 2026-06-30.

What is CHDN's P/E ratio?

Churchill Downs Inc (CHDN)'s trailing twelve month P/E ratio is 15.16x as of 2026-06-30.

What exchange does CHDN trade on?

Churchill Downs Inc (CHDN) trades on the Nasdaq.

Where is Churchill Downs Inc incorporated?

Churchill Downs Inc is incorporated in KY.