Churchill Downs Inc Dossier
Financial Snapshot
Revenue, profitability, returns, debt, and capital allocation
Revenue $3B+9.4% YoYTTM through 30 Jun 2026
Net Income $413M-3.2% YoYTTM through 30 Jun 2026
Free Cash Flow $712.8MTTM through 30 Jun 2026
Margins
| Current | |
|---|---|
| EBITDA Margin | 31.8% |
| Operating Margin | 23.4% |
| Net Margin | 13.8% |
Returns
37.9%ROE
5.1%ROA
7.0%ROIC
Balance Sheet Health
Debt / Equity5.08x
Current Ratio0.60x
Net Debt$4.9B
Cash & Equivalents$196M
Quality Metrics
Altman Z-Score1.37
Piotroski F-Score6 / 9
FCF Margin23.8%
Rule of 4024.9
Earnings-Beat Rate75.0%
Multi-Year Trend
RevenueFY2025: $2.9B
Diluted EPSFY2025: $5.29
Dividend
$0.44Per share, FY20250.55%Yield9 yrsStreak+7.1%5-yr growth
Capital Allocation
Capex Intensity1.9%
Segment Performance
| Segment | Revenue | YoY | Outlook |
|---|---|---|---|
| Live and Historical Racing | $1.1B | View detailsDriven by expansion of Historical Racing Machine (HRM) footprint in Kentucky and Virginia, including the opening of Roseshire Gaming Parlor and Owensboro Racing & Gaming. | |
| Wagering Services and Solutions | View detailsDriven by TwinSpires Horse Racing wagering and Exacta integration. | ||
| Gaming | View detailsImpacted by regional gaming softness, cessation of HRM operations in Louisiana, and temporary roadwork in Mississippi. |
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