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CHDNChurchill Downs Incorporated
$89.24$6.2B
Overview & Verdict
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CHDN logoChurchill Downs Incorporated(CHDN)Earnings, Financials & Key Ratios

CHDN•NASDAQ
$89.24
16.8× P/E·Price updated Jul 6, 2026
SectorConsumer CyclicalIndustryCasinos & GamingSub-IndustryLotteries and Pari-Mutuel Gaming
AboutChurchill 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.Show more
  • Revenue$2.93B+7.0%
  • EBITDA$976M+6.8%
  • Net Income$380M-11.0%
  • EPS (Diluted)5.32-6.3%
  • Gross Margin33.58%-2.2%
  • EBITDA Margin33.35%-0.2%
  • Operating Margin25.17%-2.9%
  • Net Margin12.98%-16.9%
  • ROE35.17%-17.7%

CHDN Price & Volume

Churchill Downs Incorporated (CHDN) stock price & volume — 10-year historical chart

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Seasonal Event Dominance Masks Structural Leverage Risks

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Mixed
Profitability:Moderate
Financial:Adequate
Cash Flow:Robust
Primary Risk:Regulatory Pari-Mutuel Reclassification

Key Thesis Takeaways

  • Churchill Downs Incorporated leverages its unique pari-mutuel status and the high-margin Kentucky Derby to drive significant cash flow, yet the company remains tethered to a high-leverage capital structure with a debt-to-equity ratio of 4.31.
  • While the transition toward a maintenance-focused capital expenditure phase—evidenced by CapEx falling to 8.9% of revenue in 2026Q1—supports potential margin stability, investors should monitor the regulatory sensitivity of historical racing machines.
  • The company's reliance on $900M in goodwill and a current ratio of 0.54 suggests that any legislative shift in gaming tax rates could materially impact long-term valuation.

Verdict Logic

while the company demonstrates strong cash conversion with an OCF/NI ratio of 3.55, the elevated debt-to-equity ratio of 4.31 and regulatory risks to historical racing revenue suggest a cautious approach.

CHDN Growth Metrics

Churchill Downs Incorporated (CHDN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years9.21%
5 Years22.65%
3 Years17.37%
TTM5.75%

Profit CAGR

10 Years19.27%
5 Years-
3 Years-4.75%
TTM-8.17%

EPS CAGR

10 Years23.98%
5 Years99.11%
3 Years-2.33%
TTM-3.91%

Return on Capital

10 Years9.61%
5 Years10.28%
3 Years10.59%
Last Year11.08%

CHDN Recent Earnings

Churchill Downs Incorporated (CHDN) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 8/12 qtrs (67%)
Q2 2026Latest
Apr 22, 2026
Metric
Actual
Est
EPS
$1.21+14.2%
$1.06
Rev
$663M+0.3%
$661M
Q1 2026
Feb 25, 2026
Metric
Actual
Est
EPS
$0.97+14.1%
$0.85
Rev
$666M+0.9%
$660M
Q4 2025
Oct 22, 2025
Metric
Actual
Est
EPS
$1.09+12.4%
$0.97
Rev
$683M+4.1%
$656M
Q3 2025
Jul 23, 2025
Metric
Actual
Est
EPS
$3.10+2.3%
$3.03
Rev
$934M+39.9%
$668M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 22, 2026
$1.21vs $1.06+14.2%
$663Mvs $661M+0.3%
Q1 2026Feb 25, 2026
$0.97vs $0.85+14.1%
$666Mvs $660M+0.9%
Q4 2025Oct 22, 2025
$1.09vs $0.97+12.4%
$683Mvs $656M+4.1%
Q3 2025Jul 23, 2025
$3.10vs $3.03+2.3%
$934Mvs $668M+39.9%
Based on last 12 quarters of dataView full earnings history →

Latest CHDN News

Recent stock market news and headlines for Churchill Downs Incorporated (CHDN)

GlobeNewsWire·Jun 18, 2026
Churchill Downs Incorporated 2026 Second Quarter Financial Results Conference Call Invitation

LOUISVILLE, Ky., June 18, 2026 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “the Company”) announced today that the Company will release second quarter 2026 financial results after the market closes on Wednesday, July 29, 2026, and host a related conference call to discuss the quarter on Thursday, July 30, 2026, at 9 a.m.

Zacks Investment Research·Jun 17, 2026
CHDN vs. TTWO: Which Stock Should Value Investors Buy Now?

Investors with an interest in Gaming stocks have likely encountered both Churchill Downs (CHDN) and Take-Two Interactive (TTWO). But which of these two stocks is more attractive to value investors?

Zacks Investment Research·Jun 17, 2026
Are Investors Undervaluing Churchill Downs (CHDN) Right Now?

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Peers Comparison

Key metrics vs top competitors for Churchill Downs Incorporated (CHDN)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
CHDN logoCHDNChurchill Downs IncorporatedCurrent
$89.24$6.22B16.777.01%12.98%35.17%0.48%
PENN logoPENNPENN Entertainment, Inc.
$21.15$2.83B-3.635.82%-13.54%-44.61%—
BYD logoBYDBoyd Gaming Corporation
$88.84$6.6B3.944.12%44.84%79.86%—
RRR logoRRRRed Rock Resorts, Inc.
$65.04$3.82B20.853.74%9.21%61.67%—
DKNG logoDKNGDraftKings Inc.
$26.21$12.99B-3235.8026.99%0.93%7.88%—
CZR logoCZRCaesars Entertainment, Inc.
$30.14$6.14B-12.452.14%-4.19%-12.62%—

Compare CHDN vs Peers

Churchill Downs Incorporated (CHDN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PENN

Most directly comparable listed peer for CHDN.

Scale Benchmark

vs MAR

Larger-name benchmark to compare CHDN against a more recognizable public peer.

Peer Set

Compare Top 5

vs PENN, BYD, RRR, DKNG

CHDN SEC Filings & Documents

Churchill Downs Incorporated (CHDN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 22, 2026·SEC

Material company update

Apr 21, 2026·SEC

Material company update

Feb 25, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 20, 2025·SEC

FY 2024

Feb 21, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 22, 2026·SEC

FY 2025

Oct 22, 2025·SEC

FY 2025

Jul 23, 2025·SEC

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CHDN Frequently Asked Questions

Churchill Downs Incorporated (CHDN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Churchill Downs Incorporated's revenue?

Churchill Downs Incorporated (CHDN) reported $2.95B in revenue for fiscal year 2025. This represents a 2631% increase from $107.9M in 1996.

How fast is Churchill Downs Incorporated growing?

Churchill Downs Incorporated (CHDN) grew revenue by 7.0% over the past year. This is steady growth.

Is CHDN profitable?

Yes, Churchill Downs Incorporated (CHDN) is profitable, generating $387.6M in net income for fiscal year 2025 (13.0% net margin).

Dividend & Returns
Does CHDN pay dividends?

Yes, Churchill Downs Incorporated (CHDN) pays a dividend with a yield of 0.48%. This makes it attractive for income-focused investors.

What is CHDN's return on equity?

Churchill Downs Incorporated (CHDN) has a return on equity (ROE) of 35.2%. This is excellent, indicating efficient use of shareholder capital.

What is Churchill Downs Incorporated's free cash flow?

Churchill Downs Incorporated (CHDN) generated $733.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in CHDN back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →