Churchill Downs Inc
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CHDN FY 2025 request
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| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Revenue | 2,925.9 | 2,734.3 | +7.0% |
Show Product Lines breakouts |
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| Gaming | 1,042.9 | 1,039.1 | +0.4% |
| Gaming · External Customer | 917.7 | 885.9 | +3.6% |
| Gaming · Gaming | 883.9 | 856 | +3.3% |
| Gaming · Live and Historical Racing | 14.1 | 12.6 | +11.9% |
| Gaming · Operating Segments | 917.7 | 885.9 | +3.6% |
| Gaming · Wagering Services and Solutions | 19.7 | 17.3 | +13.9% |
| Historical racing · External Customer | 1,017.1 | 891.9 | +14.0% |
| Historical racing · Gaming | 13.7 | 37 | -63.0% |
| Historical racing · Live and Historical Racing | 1,003.4 | 854.9 | +17.4% |
| Historical racing · Operating Segments | 1,017.1 | 891.9 | +14.0% |
| Live and Historical Racing | 1,394.7 | 1,225.6 | +13.8% |
| Live and simulcast racing · External Customer | 491.5 | 469.9 | +4.6% |
| Live and simulcast racing · Gaming | 26 | 26.4 | -1.5% |
| Live and simulcast racing · Live and Historical Racing | 98.3 | 91.3 | +7.7% |
| Live and simulcast racing · Operating Segments | 491.5 | 469.9 | +4.6% |
| Live and simulcast racing · Wagering Services and Solutions | 367.2 | 352.2 | +4.3% |
| Product And Service Other | 0.1 | 0.1 | 0.0% |
| Product And Service Other · Corporate Non Segment | 0.1 | 0.1 | 0.0% |
| Product And Service Other · External Customer | 314.6 | 292 | +7.7% |
| Product And Service Other · Gaming | 117.9 | 113.1 | +4.2% |
| Product And Service Other · Live and Historical Racing | 95.3 | 78.8 | +20.9% |
| Product And Service Other · Operating Segments | 314.5 | 291.9 | +7.7% |
| Product And Service Other · Wagering Services and Solutions | 101.3 | 100 | +1.3% |
| Racing event-related services · External Customer | 185 | 194.6 | -4.9% |
| Racing event-related services · Gaming | 1.4 | 6.6 | -78.8% |
| Racing event-related services · Live and Historical Racing | 183.6 | 188 | -2.3% |
| Racing event-related services · Operating Segments | 185 | 194.6 | -4.9% |
| Wagering Services and Solutions | 488.2 | 469.5 | +4.0% |
Show Business Segments breakouts |
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| Gaming · FL | 97.9 | 100.2 | -2.3% |
| Gaming · IA | 93.9 | 93.3 | +0.6% |
| Gaming · IN | 129.9 | 96.6 | +34.5% |
| Gaming · LA | 131.4 | 150.2 | -12.5% |
| Gaming · MD | 99.3 | 101.8 | -2.5% |
| Gaming · ME | 106.5 | 106 | +0.5% |
| Gaming · MS | 93.5 | 98.7 | -5.3% |
| Gaming · NY | 184.5 | 183 | +0.8% |
| Gaming · Operating Segments | 1,042.9 | 1,039.1 | +0.4% |
| Gaming · Operating Segments | 6.4 | 6.3 | +1.6% |
| Gaming · Operating Segments | 1,042.9 | 1,039.1 | +0.4% |
| Gaming · PA | 106 | 109.3 | -3.0% |
| Live and Historical Racing · Churchill Downs Racetrack | 262.4 | 259.5 | +1.1% |
| Live and Historical Racing · Louisville | 217.1 | 209.1 | +3.8% |
| Live and Historical Racing · NH | 18.9 | 12.8 | +47.7% |
| Live and Historical Racing · Northern Kentucky | 113.2 | 98.9 | +14.5% |
| Live and Historical Racing · Operating Segments | 1,394.7 | 1,225.6 | +13.8% |
| Live and Historical Racing · Operating Segments | 47.7 | 41.4 | +15.2% |
| Live and Historical Racing · Operating Segments | 1,394.7 | 1,225.6 | +13.8% |
| Live and Historical Racing · Southwestern Kentucky | 168.3 | 158.3 | +6.3% |
| Live and Historical Racing · VA | 546.1 | 458.2 | +19.2% |
| Live and Historical Racing · Western Kentucky | 68.7 | 28.8 | +138.5% |
| Wagering Services and Solutions · Operating Segments | 488.2 | 469.5 | +4.0% |
| Wagering Services and Solutions · Operating Segments | 38.1 | 31.2 | +22.1% |
| Wagering Services and Solutions · Operating Segments | 488.2 | 469.5 | +4.0% |
Show Consolidation Items breakouts |
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| Corporate Non Segment | 0.1 | 0.1 | 0.0% |
| Corporate Non Segment · External Customer | 0.1 | 0.1 | 0.0% |
| Corporate Non Segment · Related Party | 8.6 | 6.5 | +32.3% |
| Intersegment Elimination · Related Party | -100.8 | -85.4 | -18.0% |
| Operating Segments · External Customer | 2,925.8 | 2,734.2 | +7.0% |
Show Major Customers breakouts |
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| External Customer | 2,925.9 | 2,734.3 | +7.0% |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 843 | 851.5 | -1.0% |
| Revenue (FY) | — | — | — |
Show Business Segments breakouts |
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| Gaming · Operating Segments | 1,049.3 | 1,045.4 | +0.4% |
| Live and Historical Racing · Operating Segments | 1,442.4 | 1,267 | +13.8% |
| Wagering Services and Solutions · Operating Segments | 526.3 | 500.7 | +5.1% |
| Cost of Revenue (FY) | — | — | — |
Show Product Lines breakouts |
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| Gaming | 763 | 748.9 | +1.9% |
| Live and Historical Racing | 861.4 | 735.4 | +17.1% |
| Product And Service Other | 17.6 | 15 | +17.3% |
| Wagering Services and Solutions | 301.3 | 296.5 | +1.6% |
| Selling, General & Administrative | 246.2 | 237.7 | +3.6% |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 533.4 | 528.5 | +0.9% |
| Operating Expenses | 2,242.1 | 2,025.3 | +10.7% |
| Operating Income | 683.8 | 709 | -3.6% |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 285.2 | 296 | -3.6% |
| Non-Operating Income (Expense) | -151.4 | -135.8 | -11.5% |
| Interest Expense | -297.7 | -289.8 | -2.7% |
| Other Non-Operating Income (Expense) | 6.9 | 9.1 | -24.2% |
| Income Before Taxes | 532.4 | 573.2 | -7.1% |
| Income Tax Expense (Benefit) | -146.9 | -144.1 | -1.9% |
| Net Income | 383 | 426.8 | -10.3% |
Show Equity Components breakouts |
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| Retained Earnings | 383 | 426.8 | -10.3% |
| Wtd Avg Shares (Basic) | 71.4 | 74 | -3.5% |
| Wtd Avg Shares (Diluted) | 71.8 | 74.6 | -3.8% |
| Net Income Loss Attributable To Noncontrolling Interest | 2.5 | 2.3 | +8.7% |
| Interest Expense (FY) | — | — | — |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | -41.4 | -44.2 | +6.3% |
| Net Income Loss Available To Common Stockholders Basic | 379.7 | 423.8 | -10.4% |
| Interest Income Expense Net | 297.7 | 289.8 | +2.7% |
| Labor And Related Expense (FY) | — | — | — |
Show Business Segments breakouts |
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| Gaming · Operating Segments | -170.4 | -164.6 | -3.5% |
| Live and Historical Racing · Operating Segments | -142.9 | -127 | -12.5% |
| Wagering Services and Solutions · Operating Segments | -34.9 | -32.8 | -6.4% |
| Marketing And Advertising Expense | 101.9 | 90.7 | +12.3% |
Show Business Segments breakouts |
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| Gaming · Operating Segments | 35 | 35.4 | -1.1% |
| Live and Historical Racing · Operating Segments | 56.8 | 42.1 | +34.9% |
| Wagering Services and Solutions · Operating Segments | 9.6 | 8.9 | +7.9% |
Balance Sheet
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 200.6 | 175.5 | +14.3% |
| Restricted Cash And Cash Equivalents At Carrying Value | 87.9 | 77.2 | +13.9% |
Show Fair Value Hierarchy breakouts |
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| Fair Value Inputs Level1 | 87.9 | 77.2 | +13.9% |
Show Fair Value By Measurement Basis breakouts |
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| Carrying Reported Amount Fair Value Disclosure | 87.9 | 77.2 | +13.9% |
| Estimate Of Fair Value Fair Value Disclosure | 87.9 | 77.2 | +13.9% |
| Accounts Receivable | 93.5 | 98.7 | -5.3% |
| Income Taxes Receivable | 17 | 14.5 | +17.2% |
| Other Assets Current | 44.2 | 46.4 | -4.7% |
| Total Current Assets | 443.2 | 412.3 | +7.5% |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 108.8 | 100.5 | +8.3% |
| Inventory | 11.9 | 11.6 | +2.6% |
| Non-Current Assets | |||
| Goodwill | 900.2 | 900.2 | 0.0% |
Show Business Segments breakouts |
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| Gaming · Operating Segments | 290.3 | 290.3 | 0.0% |
| Live and Historical Racing · Operating Segments | 376.3 | 376.3 | 0.0% |
| Wagering Services and Solutions · Operating Segments | 233.6 | 233.6 | 0.0% |
| Other Non-Current Assets | 22.6 | 18.3 | +23.5% |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 265.4 | 267.5 | -0.8% |
| Total Assets | 7,484.5 | 7,275.9 | +2.9% |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 688.7 | 693.6 | -0.7% |
| Property, Plant & Equipment | 2,881.3 | 2,851.9 | +1.0% |
| Operating Lease Right-of-Use Assets | 37.3 | 23 | +62.2% |
| Intangible Assets | 53.7 | 61.7 | -13.0% |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Customer Relationships | 17.9 | 19.5 | -8.2% |
| License | 3.1 | 1.7 | +82.4% |
| Other Intangible Assets | 16.8 | 21.2 | -20.8% |
| Technology Based Intangible Assets | 15.9 | 19.3 | -17.6% |
| Other Assets | |||
| Property Plant And Equipment Net And Operating Lease Right Of Use Asset | 2,918.6 | 2,874.9 | +1.5% |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 314.5 | 325.6 | -3.4% |
| Investments In Affiliates Subsidiaries Associates And Joint Ventures | 684.6 | 661.2 | +3.5% |
| Intangible Assets Net Excluding Goodwill | 2,515.3 | 2,409 | +4.4% |
| Current Liabilities | |||
| Accounts Payable | 184.3 | 180.3 | +2.2% |
| Accrued Liabilities And Other Current Liabilities Current | 400.5 | 402 | -0.4% |
| Deferred Revenue (Current) | 54.7 | 52.9 | +3.4% |
| Current Portion of Long-Term Debt | 63.1 | 63.1 | 0.0% |
| Dividends Payable Current | 30.7 | 31 | -1.0% |
| Total Current Liabilities | 733.3 | 729.3 | +0.5% |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 88.9 | 89.9 | -1.1% |
| Non-Current Liabilities | |||
| Contract With Customer Liability Noncurrent | 15.4 | 20 | -23.0% |
| Deferred Tax Liabilities | 519.9 | 432.7 | +20.2% |
| Other Non-Current Liabilities | 93 | 146.5 | -36.5% |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 0.4 | 1.7 | -76.5% |
| Total Liabilities | 6,428.7 | 6,172.6 | +4.1% |
| Long-Term Debt | 5,067.1 | 4,844.1 | +4.6% |
| Long-Term Debt (Q) | — | — | — |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 802.5 | 839.8 | -4.4% |
| Operating Lease Liabilities | 33.3 | — | — |
| Other Liabilities | |||
| Secured Long Term Debt | 1,985.9 | 1,767.9 | +12.3% |
| Unsecured Long Term Debt | 3,081.2 | 3,076.2 | +0.2% |
| Redeemable Noncontrolling Interest Equity Carrying Amount | 46.1 | 19.7 | +134.0% |
| Stockholders' Equity | |||
| Retained Earnings | 1,010.7 | 1,084.6 | -6.8% |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | -203.1 | -237.8 | +14.6% |
| Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax | -1 | -1 | 0.0% |
| Total Stockholders' Equity | 1,009.7 | 1,083.6 | -6.8% |
Show Equity Components breakouts |
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| Accumulated Other Comprehensive Income | -1 | -1 | 0.0% |
| Retained Earnings | 1,010.7 | 1,084.6 | -6.8% |
| Total Liabilities & Equity | 7,484.5 | 7,275.9 | +2.9% |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 688.7 | 693.6 | -0.7% |
Cash Flow Statement
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Net Income | 385.5 | 429.1 | -10.2% |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 243.8 | 251.8 | -3.2% |
| Depreciation And Amortization | 233.1 | 199.1 | +17.1% |
| Income Loss From Equity Method Investments | 139.4 | 144.9 | -3.8% |
Show Business Segments breakouts |
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| Gaming · Operating Segments | 178.1 | 186.4 | -4.5% |
| Equity Method Investment Dividends Or Distributions | 116 | 138.7 | -16.4% |
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts |
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| Miami Valley Gaming LLC | 47.5 | 46.5 | +2.2% |
| Midwest Gaming Holdings, LLC | 68.5 | 92.2 | -25.7% |
| Stock-Based Compensation | 30.2 | 36.1 | -16.3% |
Show Statement Operating Activities Segment breakouts |
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| Segment Continuing Operations | 30.2 | 36.1 | -16.3% |
| Increase Decrease In Deferred Income Taxes | 86.8 | 44.5 | +95.1% |
| Other Asset Impairment Charges | 87.5 | 3.9 | +2143.6% |
| Asset Acquisition Consideration Transferred Contingent Consideration | -40 | — | — |
| Operating Lease Right Of Use Asset Amortization Expense | 6.4 | 5.6 | +14.3% |
| Other Non-Cash Items | 8.8 | 9.7 | -9.3% |
| Increase Decrease In Accrued Income Taxes Payable | -3.5 | -4.5 | +22.2% |
| Increase Decrease In Deferred Revenue | -2.8 | -12.1 | +76.9% |
| Increase Decrease In Other Operating Capital Net | 1.2 | 66.5 | -98.2% |
| Net Cash Provided By Used In Operating Activities Continuing Operations | 769.8 | 771.7 | -0.2% |
| Depreciation & Amortization (FY) | — | — | — |
Show Equity Method Investment Nonconsolidated Investee breakouts |
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| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | 24.4 | 27 | -9.6% |
| Deferred Income Taxes | 86.8 | 44.5 | +95.1% |
| Investing Activities | |||
| Payments For Capital Improvements | -70.2 | -83.6 | +16.0% |
| Payments To Acquire Other Property Plant And Equipment | -204.7 | -463.4 | +55.8% |
| Payments To Acquire Intangible Assets | -185.3 | — | — |
| Other Investing Activities | -11.3 | 1.8 | -727.8% |
| Net Cash from Investing | -471.5 | -545.2 | +13.5% |
| Financing Activities | |||
| Proceeds From Issuance Of Long Term Debt | 1,098.1 | 965.5 | +13.7% |
| Repayments Of Other Long Term Debt | -881.7 | -900.8 | +2.1% |
| Payments Of Dividends | -30.8 | -29.2 | -5.5% |
| Share Repurchases | -427.8 | -186 | -130.0% |
| Tax Withholding for Share Compensation | -17 | -30.1 | +43.5% |
| Debt Issuance Costs | -0.3 | -2.6 | +88.5% |
| Proceeds From Repayments Of Bank Overdrafts | -2.3 | -10.9 | +78.9% |
| Proceeds From Payments For Other Financing Activities | -0.7 | -2.5 | +72.0% |
| Net Cash from Financing | -262.5 | -196.6 | -33.5% |
| Supplemental | |||
| Interest Paid | 294.5 | 306.8 | -4.0% |
| Income Tax Paid Federal After Refund Received | 46.7 | 83.3 | -43.9% |
| Income Tax Paid State And Local After Refund Received (FY) | — | — | — |
Show Income Tax Authority breakouts |
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| IL | 3.3 | 4.3 | -23.3% |
| KY | 2.4 | 3.6 | -33.3% |
| State And Local Tax Jurisdiction Other | 7.9 | 9 | -12.2% |
| VA | 3.3 | 2.8 | +17.9% |
| Income Taxes Paid | 63.6 | 103 | -38.3% |
| Other Cash Flow | |||
| Net Change in Cash | 35.8 | 30.9 | +15.9% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 288.5 | 252.7 | +14.2% |
Values in millions USD. Source: SEC EDGAR 10-K filing.