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Gambling & casinos · Consumer Cyclical · Fiscal year ends Dec 31
Churchill Downs reported revenue of $2.9B in the fiscal year ended Dec 2025, up 7.0% from the year before. Operating income was $684M, an operating margin of 23.4%, and net income was $383M. Operating cash flow of $770M less capital expenditure of $70M left free cash flow of $700M. Net debt was $4.9B.
Ranks among the 8 gambling & casinos companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,597 | 1,810 | 2,462 | 2,734 | 2,926 |
| Selling, general & admin | 139 | 164 | 202 | 238 | 246 |
| Operating income | 284 | 322 | 564 | 709 | 684 |
| Net interest incomeBanks | −84.7 | −147 | −268 | −290 | −298 |
| Interest expense | 84.7 | 147 | 268 | 290 | 298 |
| Pre-tax income | 344 | 609 | 562 | 573 | 532 |
| Income tax | 94.5 | 169 | 145 | 144 | 147 |
| Net income | 249 | 439 | 417 | 427 | 383 |
| Diluted EPS | 3.18 | 5.71 | 5.49 | – | – |
| Diluted shares | 78.4 | 77.0 | 76.1 | 74.6 | 71.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 291 | 130 | 145 | 176 | 201 |
| Receivables | 42.3 | 81.5 | 107 | 98.7 | 93.0 |
| Inventory | – | – | 17.2 | 11.6 | 12.0 |
| Current assets | 502 | 345 | 401 | 412 | 443 |
| Net PP&E | 968 | 1,946 | 2,538 | 2,852 | 2,919 |
| Goodwill | 367 | 724 | 900 | 900 | 900 |
| Total assets | 2,982 | 6,207 | 6,956 | 7,276 | 7,485 |
| Payables | 81.6 | 146 | 159 | 180 | 184 |
| Deferred revenue | 47.7 | 39.0 | 73.2 | 52.9 | 55.0 |
| Current liabilities | 395 | 622 | 756 | 729 | 733 |
| Short-term debt | 7.0 | 47.0 | 68.0 | 63.1 | 63.0 |
| Long-term debt | 1,961 | 4,559 | 4,768 | 4,844 | 5,067 |
| Total liabilities | 2,675 | 5,655 | 6,062 | 6,173 | 6,429 |
| Shareholders' equity | 307 | 552 | 894 | 1,084 | 1,010 |
| Backlog (remaining obligations) | 111 | 154 | 145 | 271 | 255 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 460 | 511 | 605 | 772 | 770 |
| Capital expenditure | 39.5 | 50.2 | 77.7 | 83.6 | 70.2 |
| Free cash flow | 420 | 461 | 528 | 688 | 700 |
| Depreciation & amortisation | 103 | 114 | 169 | 199 | 233 |
| Stock-based compensation | 27.8 | 31.8 | 32.9 | 36.1 | 30.2 |
| Acquisitions | 0.0 | 2,919 | 241 | 0.0 | 0.0 |
| Share buybacks | 298 | 175 | 55.9 | 186 | 428 |
| Dividends paid | 24.8 | 26.0 | 27.1 | 29.2 | 30.8 |
| Dividend per share | 0.33 | 0.36 | 0.38 | 0.41 | 0.44 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.3% | 36.0% | 11.1% | 7.0% |
| Operating income growth (YoY) | – | 13.2% | 75.3% | 25.7% | −3.6% |
| EPS growth (YoY) | – | 79.6% | −3.9% | – | – |
| Operating margin | 17.8% | 17.8% | 22.9% | 25.9% | 23.4% |
| Net margin | 15.6% | 24.3% | 17.0% | 15.6% | 13.1% |
| Return on equityBlank when equity is negative | 81.2% | 79.7% | 46.7% | 39.4% | 37.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.0% | 5.8% | 9.1% | 10.8% | 10.1% |
| Free cash flow margin | 26.3% | 25.5% | 21.4% | 25.2% | 23.9% |
| Cash conversion (CFO ÷ net income) | 1.84x | 1.16x | 1.45x | 1.81x | 2.01x |
| Receivable days | 10 | 16 | 16 | 13 | 12 |
| Interest cover | 3.36x | 2.18x | 2.10x | 2.45x | 2.30x |
| Debt ÷ equity | 6.41x | 8.35x | 5.41x | 4.53x | 5.08x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,677 | 4,476 | 4,692 | 4,732 | 4,929 |
| Current ratio | 1.27x | 0.55x | 0.53x | 0.57x | 0.60x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.