Churchill Downs Inc. (CHDN) financial statements: income statement, balance sheet and cash flow

Churchill Downs Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Churchill Downs Inc. reported revenue of $2.9B (+7.0% year on year) and net income of $385.5M (-10.2% year on year).

Income statement

Churchill Downs Inc. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net revenue	$2.9B	$2.7B	$2.5B	—
Operating expense	$1.9B	$1.8B	$1.7B	$1.2B
Selling, general and administrative expense	$246.2M	$237.7M	$202.3M	$164.2M
Asset impairments, net	$47.5M	$3.9M	$24.6M	$38.3M
Transaction expense (benefit)	$5.1M	($12.1M)	$4.8M	$42.1M
Total operating expense	$2.2B	$2.0B	$1.9B	$1.5B
Operating income	$683.8M	$709.0M	$564.0M	$321.8M
Interest expense, net	($297.7M)	($289.8M)	($268.4M)	($147.3M)
Equity in income of unconsolidated affiliates	$139.4M	$144.9M	$146.3M	$152.7M
Gain on the sale of assets	$0	$0	$114.0M	$274.6M
Miscellaneous, net	$6.9M	$9.1M	$5.9M	$7.0M
Total other (expense) income	($151.4M)	($135.8M)	($2.2M)	$287.0M
Income from operations before provision for income taxes	$532.4M	$573.2M	$561.8M	$608.8M
Income tax provision	($146.9M)	($144.1M)	($144.5M)	($169.4M)
Net income	$385.5M	$429.1M	—	$439.4M
Net income attributable to noncontrolling interests	$2.5M	$2.3M	—	$0
Net income and comprehensive income attributable to Churchill Downs Incorporated	$383.0M	$426.8M	$417.3M	$439.4M
Basic net income (in dollars per share)	$5.32	$5.73	—	$11.58
Diluted net income (in dollars per share)	$5.29	$5.68	—	$11.42
Basic (in shares)	71.4M	74.0M	75.2M	37.9M
Diluted (in shares)	71.8M	74.6M	76.1M	38.5M

Churchill Downs Inc. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Net revenue	$980.0M	$663.0M	$683.0M	$934.4M
Operating expense	$561.0M	$460.0M	$478.7M	$542.3M
Selling, general and administrative expense	$61.0M	$59.0M	$59.3M	$60.9M
Asset impairments, net	$0	—	$45.1M	$2.4M
Transaction expense, net	$1.0M	$1.0M	$1.9M	$1.1M
Total operating expense	$623.0M	$520.0M	$585.0M	$606.7M
Operating income	$357.0M	$143.0M	$98.0M	$327.7M
Interest expense, net	($70.0M)	($72.0M)	($75.6M)	($74.2M)
Equity in income of unconsolidated affiliates	$41.0M	$36.0M	$35.0M	$37.1M
Miscellaneous, net	$0	$6.0M	$3.8M	$1.4M
Total other (expense) income	($29.0M)	($30.0M)	($36.8M)	($35.7M)
Income from operations before provision for income taxes	$328.0M	$113.0M	$61.2M	$292.0M
Income tax provision	($86.0M)	($30.0M)	($22.0M)	($74.4M)
Net income	$242.0M	$83.0M	$39.2M	$217.6M
Net income attributable to noncontrolling interests	$1.0M	$0	$1.1M	$700.0K
Net income attributable to Churchill Downs Incorporated	$241.0M	$83.0M	$38.1M	$216.9M
Basic net income (in dollars per share)	$3.43	$1.16	$0.54	$3.02
Diluted net income (in dollars per share)	$3.42	$1.16	$0.54	$2.99
Basic (in shares)	70.0M	70.0M	70.3M	71.7M
Diluted (in shares)	70.0M	70.0M	71.0M	72.3M

Balance sheet

Churchill Downs Inc. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$200.6M	$175.5M	$144.5M	$129.8M
Restricted cash	$87.9M	$77.2M	$77.3M	$74.9M
Accounts receivable, net	$93.5M	$98.7M	$106.9M	$81.5M
Income taxes receivable	$17.0M	$14.5M	$12.6M	$14.0M
Other current assets	$44.2M	$46.4M	$59.5M	$44.3M
Total current assets	$443.2M	$412.3M	$400.8M	$344.5M
Property and equipment, net	$2.9B	$2.9B	$2.6B	$2.0B
Investment in and advances to unconsolidated affiliates	$684.6M	$661.2M	$655.9M	$659.4M
Goodwill	$900.2M	$900.2M	$899.9M	$723.8M
Other intangible assets, net	$2.5B	$2.4B	$2.4B	$2.4B
Other assets	$22.6M	$18.3M	$19.3M	$27.0M
Total assets	$7.5B	$7.3B	$7.0B	$6.2B
Accounts payable	$184.3M	$180.3M	$158.5M	$145.5M
Accrued expenses and other current liabilities	$400.5M	$402.0M	$426.8M	$361.0M
Current deferred revenue	$54.7M	$52.9M	$73.2M	$39.0M
Current maturities of long-term debt	$63.1M	$63.1M	$68.0M	$47.0M
Dividends payable	$30.7M	$31.0M	$29.3M	$27.0M
Total current liabilities	$733.3M	$729.3M	$755.8M	$621.6M
Long-term debt (net of current maturities and loan origination fees of $6.0 in 2025 and $7.7 in 2024)	$2.0B	$1.8B	$1.7B	—
Notes payable (net of debt issuance costs of $18.8 in 2025 and $23.8 in 2024)	$3.1B	$3.1B	$3.1B	—
Non-current deferred revenue	$15.4M	$20.0M	$11.8M	$11.8M
Deferred income taxes	$519.9M	$432.7M	$388.2M	$340.8M
Other liabilities	$93.0M	$146.5M	$137.8M	$122.4M
Total liabilities	$6.4B	$6.2B	$6.1B	$5.7B
Redeemable noncontrolling interest	$46.1M	$19.7M	—	—
Preferred stock, no par value; 0.3 shares authorized; no shares issued or outstanding	0	0	0	0
Common stock, no par value; 300.0 shares authorized; 69.6 shares issued and outstanding December 31, 2025 and 73.5 shares at December 31, 2024	0	0	0	0
Retained earnings	$1.0B	$1.1B	$894.5M	$552.4M
Accumulated other comprehensive loss	($1.0M)	($1.0M)	($900.0K)	($900.0K)
Total shareholders' equity	$1.0B	$1.1B	$893.6M	$551.5M
Total liabilities and shareholders' equity	$7.5B	$7.3B	$7.0B	$6.2B

Churchill Downs Inc. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$196.0M	$200.0M	$180.5M	$182.4M
Restricted cash	$99.0M	$91.0M	$88.0M	$103.2M
Accounts receivable, net	$129.0M	$99.0M	$89.7M	$118.4M
Income taxes receivable	$0	$6.0M	$0	$0
Other current assets	$60.0M	$56.0M	$56.7M	$60.0M
Total current assets	$484.0M	$452.0M	$414.9M	$464.0M
Property and equipment, net	$2.9B	$2.9B	$2.9B	$2.9B
Investment in and advances to unconsolidated affiliates	$690.0M	$685.0M	$674.9M	$668.8M
Goodwill	$900.0M	$900.0M	$900.2M	$900.2M
Other intangible assets, net	$2.5B	$2.5B	$2.5B	$2.4B
Other assets	$23.0M	$22.0M	$21.5M	$19.3M
Total assets	$7.5B	$7.5B	$7.5B	$7.4B
Accounts payable	$261.0M	$218.0M	$194.0M	$231.0M
Accrued expenses and other current liabilities	$370.0M	$397.0M	$411.6M	$392.2M
Income taxes payable	$38.0M	—	$28.0M	$67.6M
Current deferred revenue	$27.0M	$158.0M	$27.8M	$17.5M
Current maturities of long-term debt and notes payable	$663.0M	$63.0M	$63.1M	$63.1M
Dividends payable	$0	$0	$700.0K	$700.0K
Total current liabilities	$1.4B	$836.0M	$725.2M	$772.1M
Long-term debt, net of current maturities and loan origination fees	$1.6B	$1.8B	$2.0B	$1.9B
Notes payable, net of current maturities and debt issuance costs	$2.5B	$3.1B	$3.1B	$3.1B
Non-current deferred revenue	$12.0M	$15.0M	$18.5M	$18.4M
Deferred income taxes	$562.0M	$539.0M	$490.8M	$436.2M
Other liabilities	$87.0M	$86.0M	$98.1M	$142.7M
Total liabilities	$6.1B	$6.3B	$6.4B	$6.3B
Redeemable noncontrolling interest	$50.0M	$48.0M	$44.2M	$22.5M
Preferred stock	$0	$0	$0	$0
Common stock	$7.0M	$3.0M	$0	$0
Retained earnings	$1.3B	$1.1B	$1.0B	$1.0B
Accumulated other comprehensive loss	($1.0M)	($1.0M)	($1.0M)	($1.0M)
Total Churchill Downs Incorporated shareholders' equity	$1.3B	$1.1B	$1.0B	$1.0B
Total liabilities and shareholders' equity	$7.5B	$7.5B	$7.5B	$7.4B

Cash flow statement

Churchill Downs Inc. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$385.5M	$429.1M	$417.3M	$439.4M
Depreciation and amortization	$233.1M	$199.1M	$169.0M	$113.7M
Equity in income of unconsolidated affiliates	($139.4M)	($144.9M)	($146.3M)	($152.7M)
Distributions from unconsolidated affiliates	$116.0M	$138.7M	$155.1M	$156.9M
Stock-based compensation	$30.2M	$36.1M	$32.9M	$31.8M
Deferred income taxes	$86.8M	$44.5M	$47.4M	$108.7M
Asset impairments	$87.5M	$3.9M	$24.6M	$38.3M
Gain on settlement of liability	($40.0M)	—	—	—
Amortization of operating lease assets	$6.4M	$5.6M	$6.2M	$5.3M
Gain on sale of assets	$0	$0	($114.0M)	($274.6M)
Other	$8.8M	$9.7M	$5.4M	$7.4M
Income taxes	($3.5M)	($4.5M)	($1.1M)	$28.2M
Deferred revenue	($2.8M)	($12.1M)	$34.2M	($12.7M)
Other assets and liabilities	$1.2M	$66.5M	($25.4M)	$21.1M
Net cash provided by operating activities	$769.8M	$771.7M	$605.3M	$510.8M
Capital maintenance expenditures	($70.2M)	($83.6M)	($77.7M)	($373.3M)
Capital project expenditures	($204.7M)	($463.4M)	($598.8M)	($50.2M)
Acquisition of businesses, net of cash acquired	$0	$0	($241.3M)	($2.9B)
Acquisition of gaming rights, net of cash acquired	($185.3M)	$0	$0	($33.3M)
Proceeds from sale of assets	$0	$0	$195.7M	$279.0M
Other	($11.3M)	$1.8M	$4.1M	($7.4M)
Net cash used in investing activities	($471.5M)	($545.2M)	($718.0M)	($3.1B)
Proceeds from borrowings under long-term debt obligations	$1.1B	$965.5M	$1.8B	$2.9B
Repayments of borrowings under long-term debt obligations	($881.7M)	($900.8M)	($1.5B)	($205.4M)
Payment of dividends	($30.8M)	($29.2M)	($27.1M)	($26.0M)
Repurchase of common stock	($427.8M)	($186.0M)	($55.9M)	($174.9M)
Taxes paid related to net share settlement of stock awards	($17.0M)	($30.1M)	($25.5M)	($28.4M)
Proceeds from pending equity transaction	$0	$0	$14.4M	—
Debt issuance costs	($300.0K)	($2.6M)	($13.0M)	($27.3M)
Change in bank overdraft	($2.3M)	($10.9M)	$2.0M	$13.3M
Other	($700.0K)	($2.5M)	($700.0K)	$2.3M
Net cash (used in) provided by financing activities	($262.5M)	($196.6M)	$129.3M	$2.4B
Operating cash flows of discontinued operations	$0	$1.0M	$500.0K	$26.0M
Net increase (decrease) in cash, cash equivalents and restricted cash	$35.8M	$30.9M	$17.1M	($150.9M)
Cash, cash equivalents and restricted cash, beginning of year	$252.7M	$221.8M	$204.7M	$355.6M
Cash, cash equivalents and restricted cash, end of year	$288.5M	$252.7M	$221.8M	$204.7M
Interest	$294.5M	$306.8M	$283.6M	$133.6M
Federal	$46.7M	—	—	—
State	$16.9M	—	—	—
Total	$63.6M	—	—	—

Churchill Downs Inc. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$325.0M	$83.0M	$334.0M	$294.8M
Depreciation and amortization	$115.0M	$56.0M	$173.5M	$117.0M
Distributions from unconsolidated affiliates	$72.0M	$36.0M	$91.7M	$62.8M
Equity in income of unconsolidated affiliates	($77.0M)	($36.0M)	($105.4M)	($70.4M)
Stock-based compensation	$13.0M	$5.0M	$18.2M	$10.8M
Deferred income taxes	$42.0M	$19.0M	$58.1M	$3.5M
Asset impairments	$0	—	$87.5M	$2.4M
Amortization of operating lease assets	$3.0M	$2.0M	$4.8M	$3.2M
Other	$5.0M	$2.0M	$8.0M	$4.0M
Income taxes	$55.0M	$11.0M	$41.6M	$81.2M
Deferred revenue	($31.0M)	$103.0M	($26.6M)	($37.0M)
Other assets and liabilities	($10.0M)	$14.0M	$28.4M	$13.8M
Net cash provided by operating activities	$512.0M	$295.0M	$673.8M	$486.1M
Capital maintenance expenditures	($38.0M)	($19.0M)	($52.9M)	($31.5M)
Capital project expenditures	($79.0M)	($40.0M)	($171.7M)	($133.3M)
Other	($2.0M)	($2.0M)	($11.5M)	($1.3M)
Net cash used in investing activities	($119.0M)	($61.0M)	($421.4M)	($166.1M)
Proceeds from borrowings under long-term debt obligations	$646.0M	$245.0M	$947.7M	$641.5M
Repayments of borrowings under long-term debt obligations	($1.0B)	($449.0M)	($753.6M)	($546.7M)
Payment of dividends	($31.0M)	($31.0M)	($30.2M)	($30.2M)
Repurchase of common stock	$0	$0	($395.8M)	($340.9M)
Taxes paid related to net share settlement of stock awards	($3.0M)	($3.0M)	($4.1M)	($4.0M)
Change in bank overdraft	$8.0M	$6.0M	($1.7M)	($5.0M)
Other	($1.0M)	—	$1.4M	($1.8M)
Net cash used in financing activities	($387.0M)	($232.0M)	($236.6M)	($287.1M)
Net increase in cash, cash equivalents and restricted cash	$6.0M	$2.0M	$15.8M	$32.9M
Cash, cash equivalents and restricted cash, beginning of period	$289.0M	$289.0M	$252.7M	$252.7M
Cash, cash equivalents and restricted cash, end of period	$295.0M	$291.0M	$268.5M	$285.6M
Cash paid for interest	$139.0M	$43.0M	$192.6M	$145.0M
Cash paid for income taxes	$19.0M	$0	$16.8M	$10.0M
Cash received from income tax refunds	$0	$0	$1.4M	$1.4M
Property and equipment additions included in accounts payable and accrued expenses	$18.0M	$17.0M	$21.2M	$28.0M
Right-of-use assets obtained in exchange for lease obligations in operating leases	$1.0M	$0	$20.8M	$9.2M
Repurchase of common stock included in accrued expense and other current liabilities	$0	$0	$500.0K	$1.9M

Churchill Downs Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.