CHDN - NASDAQ

Churchill Downs Incorporated

CHDN·NASDAQ

$86.00

+1.1%

Consumer CyclicalGambling, Resorts & Casinos

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. As of December 31, 2021, the company owned and operated three pari-mutuel gaming entertainment venues with approximately 3,050 historical racing machines (HRMs) in Kentucky; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; nine retail sportsbooks; and casino gaming in eight states with approximately 11,000 slot machines and video lottery terminals, and 200 table games. It also offers streaming video of live horse races, replays, and an assortment of racing and handicapping information; and provides the Bloodstock Research Information Services platform for horse racing statistical data. In addition, the company manufactures and operates pari-mutuel wagering systems for racetracks, off-track betting facilities, and other pari-mutuel wagering businesses. Churchill Downs Incorporated was founded in 1875 and is headquartered in Louisville, Kentucky.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$5.99B

EPS5.3600

P/E Ratio16.04

Earnings Date07/22/2026

7.48B

Assets

3Y+21.0%

5Y+179.0%

10Y+232.0%

6.43B

Total Liabilities

3Y+14.0%

5Y+177.0%

10Y+310.0%

1.06B

Total Equity

-4%

3Y+91.0%

5Y+188.0%

10Y+54.0%

Churchill Downs Incorporated Funding & Solvency Profile

CHDN · NASDAQ

Current Assets

Cash & Cash Equivalents288.50M

Net Receivables110.50M

Inventory0.00

Other Current Assets44.20M

Total Current Assets443 M

Non-Current Assets

Property, Plant & Equipment314.50M

Goodwill & Intangible Assets3.42B

Long-Term Investments684.60M

Other Non-Current Assets2.63B

Total Non-Current Assets4 B

Total Assets

7.48B

Financial Health Analysis

Current Ratio

0.60x

Warning: Liquidity concerns. Current assets may not be sufficient to cover short-term obligations.

Debt-to-Equity Ratio

6.09x

High financial leverage. Heavy reliance on debt may indicate increased financial risk and potential solvency concerns.

Working Capital

-290100000

Negative working capital indicates short-term liabilities exceed short-term assets—potential liquidity stress.

Asset Composition

6% Current

Capital-intensive business with significant long-term investments in property, equipment, or intangibles.

Financial Health Insight

Financial stress indicators: Both liquidity and leverage metrics raise concerns. The company may face challenges meeting obligations and should focus on strengthening its balance sheet.

Churchill Downs Incorporated Balance Sheet

CHDN • NASDAQ

Churchill Downs Incorporated Balance Sheet	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010	Dec 2009	Dec 2008	Dec 2007	Dec 2006
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	288.5M	175.5M	144.5M	129.8M	291.3M	67.4M	96.2M	133.3M	51.7M	48.7M	74.5M	67.9M	44.7M	37.2M	27.3M	26.9M	13.6M	12.7M	15.3M	20.8M
Cash & Short-Term Investments	288.5M	175.5M	144.5M	129.8M	291.3M	67.4M	96.2M	133.3M	51.7M	45.3M	74.5M	67.9M	44.7M	37.2M	27.3M	26.9M	13.6M	12.7M	15.3M	20.8M
Net Receivables	110.5M	113.2M	119.5M	95.5M	108.3M	85.9M	51.8M	45.8M	85.2M	77.8M	61.6M	105.3M	59M	50.1M	53.5M	45M	33.4M	57.8M	59.7M	54.5M
Accounts Receivables	63.8M	32.4M	106.9M	81.5M	42.3M	36.5M	37.3M	23.6M	44.7M	51.6M	61.6M	70.9M	41M	44M	33.5M	29.9M	33.4M	0.0	46.3M	42.3M
Other Receivables	46.7M	80.8M	12.6M	14M	66M	49.4M	14.5M	22.2M	40.5M	26.2M	7.1M	34.4M	18M	6.1M	19.9M	15.1M	0.0	57.8M	13.4M	12.2M
Inventory	0.0	11.6M	17.2M	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Prepaids	0.0	30.1M	33.4M	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Current Assets	44.2M	81.9M	86.2M	119.2M	101.9M	81.8M	73.2M	62.4M	119.2M	122.9M	76.3M	69.2M	57M	59.8M	63.7M	98.1M	57.5M	30M	28.2M	53.3M
Total Current Assets	443.2M	412.3M	400.8M	344.5M	501.5M	235.1M	221.2M	241.5M	256.1M	246M	222.8M	241.7M	160.7M	147.1M	144.5M	170M	104.6M	100.5M	103.3M	128.5M
NON-CURRENT ASSETS
Property, Plant, and Equipment (Net)	314.5M	2.9B	2.6B	2B	994.9M	1.1B	937.3M	757.5M	608M	574.4M	573.2M	595.3M	585.5M	542.9M	477.4M	507.5M	458.2M	375.4M	358M	336.1M
Goodwill	900.2M	900.2M	899.9M	723.8M	366.8M	366.8M	367.1M	338M	317.6M	832.2M	841.7M	839.5M	300.6M	250.4M	213.7M	214.5M	115.3M	115.3M	108.3M	53.5M
Intangible Assets	2.5B	2.4B	2.4B	2.4B	348.1M	350.6M	369.8M	264M	169.4M	452M	496.2M	550M	198.1M	143.1M	103.8M	113.4M	34.3M	32.9M	39.1M	16M
Goodwill & Intangible Assets	3.4B	3.3B	3.3B	3.1B	714.9M	717.4M	736.9M	602M	487M	1.3B	1.3B	1.4B	498.8M	393.6M	317.5M	328M	149.7M	148.3M	147.4M	69.6M
Long-Term Investments	684.6M	661.2M	655.9M	659.4M	663.6M	630.6M	634.5M	108.1M	171.3M	139.1M	129.7M	109.5M	86.2M	-8.2M	0.0	0.0	0.0	0.0	-6.5M	-6.3M
Other Non-Current Assets	2.6B	18.3M	19.3M	109M	106.7M	21.2M	21.1M	16.1M	837M	833.2M	13.8M	17.9M	21.1M	11.6M	8.7M	12.3M	12.9M	13.5M	16.1M	12.1M
Total Non-Current Assets	7B	6.9B	6.6B	5.9B	2.5B	2.5B	2.3B	1.5B	2.1B	2B	2.1B	2.1B	1.2B	967.3M	803.6M	847.7M	620.8M	537.2M	521.5M	417.8M
Total Assets	7.5B	7.3B	7B	6.2B	3B	2.7B	2.6B	1.7B	2.4B	2.3B	2.3B	2.4B	1.4B	1.1B	948M	1B	725.4M	637.7M	624.8M	546.3M
LIABILITIES
CURRENT LIABILITIES
Total Payables	215M	246.7M	223M	218.6M	137.2M	114.1M	101.2M	85.3M	90.3M	83.8M	70.7M	91.9M	77.1M	66.9M	86.7M	68.1M	55.7M	58.8M	32M	21.5M
Accounts Payable	184.3M	180.3M	158.5M	145.5M	81.6M	70.7M	57.8M	47M	54.1M	49.5M	39.1M	45.2M	43.1M	47.8M	56.5M	47.7M	35M	40.7M	32M	21.5M
Other Payables	30.7M	66.4M	64.5M	73.1M	55.6M	43.4M	43.4M	38.3M	36.2M	34.3M	31.6M	46.7M	34M	19.1M	30.2M	20.4M	20.6M	18.1M	0.0	0.0
Accrued Expenses	0.0	206.7M	233.9M	153.2M	80.9M	38.8M	48.9M	35.5M	75.8M	73.2M	97.9M	93.3M	67.3M	65.5M	47.8M	49.8M	46.6M	43.4M	43.8M	40.8M
Short Term Debt	71.5M	63.1M	68M	47M	7M	4M	4M	4M	4M	14.2M	16.3M	11.3M	973K	215.8M	5.5M	5.7M	27.8M	0.0	0.0	0.0
Capital Lease Obligations (Current)	0.0	8.7M	7.8M	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Tax Payables	0.0	0.0	0.0	2.1M	900K	0.0	0.0	0.0	0.0	0.0	426K	18.1M	0.0	0.0	0.0	0.0	2M	0.0	0.0	0.0
Deferred Revenue	0.0	52.9M	73.2M	39M	47.7M	32.8M	42.5M	47.9M	94.9M	89.3M	147.7M	111.7M	67.8M	58.4M	33.5M	65M	54.9M	28.2M	25.5M	26.2M
Other Current Liabilities	446.8M	151.2M	149.9M	163.8M	122.2M	234.5M	104.6M	83.9M	188.2M	207.6M	307.6M	28.1M	0.0	0.0	0.0	0.0	0.0	0.0	19.6M	38.5M
Total Current Liabilities	733.3M	729.3M	755.8M	621.6M	395M	424.2M	301.2M	256.6M	453.2M	468.1M	640.1M	334M	213.2M	406.6M	173.5M	188.6M	185M	130.4M	120.8M	126.9M
NON-CURRENT LIABILITIES
Long Term Debt	5.1B	4.8B	4.8B	4.6B	2B	1.6B	1.5B	880.3M	1.1B	907.5M	765.5M	752.9M	369.2M	0.0	127.6M	280.2M	85.8M	57.4M	82.2M	13.4M
Deferred Revenue (Non-Current)	15.4M	20M	11.8M	11.8M	13.3M	17.1M	16.7M	21.1M	29.3M	24.4M	42.8M	68.1M	16.7M	17.8M	17.9M	15.6M	16.7M	18.3M	0.0	0.0
Deferred Tax Liabilities (Non-Current)	519.9M	432.7M	388.2M	340.8M	252.9M	213.9M	212.8M	78.2M	40.6M	153.1M	127.9M	149.5M	30.6M	24.6M	15.6M	9.4M	11.8M	19.5M	14.1M	13.1M
Other Non-Current Liabilities	34.6M	146.5M	137.8M	122.4M	52.6M	45.8M	39.4M	15.7M	70.8M	106.2M	83.8M	349.5M	17.8M	21M	29.5M	17.8M	19.1M	18.2M	40.1M	42.9M
Total Non-Current Liabilities	5.7B	5.4B	5.3B	5B	2.3B	1.9B	1.7B	995.3M	1.3B	1.1B	1B	1.3B	434.3M	63.5M	190.5M	323M	133.4M	113.4M	136.4M	69.4M
Capital Lease Obligations	58.4M	8.7M	7.8M	0.0	0.0	0.0	21.2M	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total Liabilities	6.4B	6.2B	6.1B	5.7B	2.7B	2.3B	2B	1.3B	1.7B	1.6B	1.7B	1.7B	647.5M	470M	364M	511.5M	318.4M	243.8M	257.3M	196.2M
SHAREHOLDERS' EQUITY
Common Stock	0.0	0.0	0.0	0.0	0.0	18.2M	0.0	0.0	7.3M	116.5M	134M	262.3M	296M	274.7M	0.0	0.0	0.0	0.0	137.8M	128.9M
Additional Paid-In Capital	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.3M	0.0	134M	0.0	0.0	274.7M	260.2M	236.5M	145.4M	142.3M	137.8M	128.9M
Retained Earnings	1B	1.1B	894.5M	552.4M	307.7M	349.8M	509.2M	474.2M	634.3M	569.7M	483.8M	437.8M	408.8M	369.6M	323.8M	269.7M	261.6M	251.6M	229.8M	221.1M
Accumulated Other Comprehensive Income/Loss	-1M	-1M	-900K	-900K	-900K	-900K	-900K	-900K	-1.3M	-1.2M	-600K	-125K	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Total Stockholders' Equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-7.3M	0.0	-134M	0.0	0.0	-274.7M	0.0	0.0	0.0	0.0	0.0	0.0
Total Stockholders' Equity	1B	1.1B	893.6M	551.5M	306.8M	367.1M	508.3M	473.3M	640.3M	685M	617.2M	700M	704.8M	644.3M	584M	506.2M	407M	393.9M	367.6M	350.1M
Total Equity	1.1B	1.1B	893.6M	551.5M	306.8M	367.1M	511M	473.3M	640.3M	685M	617.2M	700M	704.8M	644.3M	584M	506.2M	407M	393.9M	367.6M	350.1M
Minority Interest	46.1M	19.7M	0.0	0.0	0.0	0.0	2.7M	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
SUMMARY
Total Liabilities & Equity	7.5B	7.3B	7B	6.2B	3B	2.7B	2.6B	1.7B	2.4B	2.3B	2.3B	2.4B	1.4B	1.1B	948M	1B	725.4M	637.7M	624.8M	546.3M
Total Investments	684.6M	661.2M	655.9M	659.4M	663.6M	630.6M	634.5M	108.1M	171.3M	139.1M	129.7M	109.5M	86.2M	19.2M	0.0	0.0	0.0	0.0	0.0	0.0
Total Debt	5.2B	4.9B	4.8B	4.6B	2B	1.6B	1.5B	884.3M	1.1B	921.7M	781.8M	764.1M	370.2M	215.8M	133M	285.9M	113.6M	57.4M	82.2M	13.4M
Net Debt	4.9B	4.7B	4.7B	4.5B	1.7B	1.6B	1.4B	751M	1.1B	876.4M	707.3M	696.2M	325.5M	178.6M	105.7M	259M	99.9M	44.7M	66.9M	-7.4M
Shares Outstanding	69,728,742	69,728,742	69,728,742	69,728,742	69,728,742	69,728,742	69,728,742	69,728,742	69,728,742	69,728,742	69,728,742	69,728,742	69,728,742	69,728,742	69,728,742	69,728,742	69,728,742	69,728,742	69,728,742	69,728,742

SEC Filings

CHDN - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
10-Q 10-Q 2026 Q1 Q1	April 22, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 22, 2026	April 22, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 21, 2026	April 21, 2026	2026	View Filing
DEF 14A DEF 14A 2026 N/A	March 12, 2026	April 21, 2026	2026	View Filing
10-K 10-K 2025 FY FY	February 25, 2026	December 31, 2025	2025	View Filing
8-K 8-K 2026 N/A	February 25, 2026	February 25, 2026	2026	View Filing
10-Q 10-Q 2025 Q3 Q3	October 22, 2025	September 30, 2025	2025	View Filing
8-K 8-K 2025 N/A	October 22, 2025	October 22, 2025	2025	View Filing
8-K 8-K 2025 N/A	August 27, 2025	August 27, 2025	2025	View Filing
8-K 8-K 2025 N/A	July 23, 2025	July 23, 2025	2025	View Filing

Showing 1 to 10 of 568 filings

Related Guides

Blog Categories

Continue your CHDN research with focused valuation guides.

Fundamentals

Decode statement quality and operating durability.

Accounting

Interpret line items with cleaner analytical framing.

Forecasting

Translate historical performance into forward scenarios.

Reference

Use practical frameworks for statement-led valuation.

Research Paths

Pick your next lens

Snapshot

Start with context, operating signals, and key market metrics.

Value Model

Stress test fair value across bear, base, and bull assumptions.

Statements

Validate revenue quality, margins, and balance sheet durability.

Earnings Call

Read management commentary and compare it with reported outcomes.

Dividends

Check payout sustainability and long-term distribution behavior.

Analyst Expectations

Review consensus spread and where estimate risk is concentrated.