Churchill Downs Inc
Company Stats
- Market Cap
- $5.3B
- as of Sep 30, 2026
- Enterprise Value
- $10.2B
- Shares Outstanding
- 68.5M
- Free Float
- 82.9%
Income Statement
- Revenue
- $2.9B
- Operating Income
- $683.8M
- Net Income
- $383.0M
- EBITDA
- $906.6M
- Non-cash Impairment
- $47.5M
- Revenue Growth, 3Y
- 17.4%
- FCF Margin, 3Y Avg
- 10.3%
- FCF Margin, Worst Year
- 0.3%
Cash Flow
- Free Cash Flow
- $565.1M
- FCF Yield
- 10.7%
- Owner FCF Yield
- 10.1%
Balance Sheet
- Cash & Equivalents
- $200.6M
- Total Debt
- $5.2B
- Net Debt
- $5.0B
- Net Debt / EBITDA
- 5.46x
- EV / EBITDA
- 11.28x
- Net Debt / EBIT
- 7.25x
Returns & Capital
- Dividends Paid
- $30.8M
- Dividend Yield
- 0.6%
- Dividend Payout, 3Y Avg
- 7.1%
- Share Repurchases
- $427.8M
- Buyback Yield, 3Y Avg
- 4.2%
- SBC, 3Y Avg
- $33.1M
Cash Flow by Year
| Year | Revenue | FCF | Margin |
|---|---|---|---|
| FY2025 | $2.9B | $565.1M | 19.3% |
| FY2024 | $2.7B | $308.3M | 11.3% |
| FY2023 | $2.5B | $6.5M | 0.3% |
| FY2022 | $1.8B | $137.5M | 7.6% |
| FY2021 | $1.6B | $407.2M | 25.5% |
Annual filing data through FY ended December 31, 2025; shares and float as of November 6, 2026. Yields and enterprise value use the calculated market cap above, at its as-of date. Ratios are our calculations from reported figures.
Stronger demand supports expansion as pricing diverges
Media Earnings: Demand, Outlook Broadly Upbeat as Costs Diverge