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Churchill Downs

CHDN

Churchill Downs Incorporated is a premier racing, online wagering, and gaming entertainment company anchored by its historic Kentucky Derby asset.

Market cap
$6.22B-19.5%
Revenue$3.0B+5.7%
Net income$413.4M-4.0%
Free cash flow$718.1M+1.6%
EPS (diluted)$5.86+0.7%
Trailing twelve months · change vs. prior year

Earnings

Next report

Oct 28, 2026 (in 3 months)
Revenue estimate$703.3M
EPS estimate$1.22

Financials

Q2 2026

Income statement

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Revenue$980.0M+4.9%
Operating income$357.0M+8.9%
Net income$241.0M+11.1%
EPS (diluted)$3.42+14.4%

Balance sheet

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Cash & equivalents$295.0M+3.3%
Total debt$2.3B+18.9%
Total equity$1.3B+28.7%
Total assets$7.5B+2.0%

Cash flow

See full
Operating cash flow$217.0M-9.8%
CapEx$19.0M+0.5%
Free cash flow$198.0M-10.6%

Valuation & ratios

Valuation

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Market cap$6.22B-19.5%
Enterprise value$8.21B-12.6%
P/E15×-3.0×
P/S2.1×-0.7×

Profitability

See full
Operating margin24.1%-1.2pp
Net margin13.8%-1.4pp
FCF margin24%-1.0pp

Returns & leverage

See full
Return on equity34.7%-6.9pp
Debt / equity1.7×-0.1×
Current ratio0.4×-0.2×

Segments

By product

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Gaming$270.0M+1.5%
Pari-mutuel, historical racing$265.0M+3.3%
Racing event-related services$192.0M+11.3%
Pari-mutuel, live and simulcast racing$190.0M+3.7%

By segment

See full
Gaming$270.0M+1.4%

Competitors

Profile

Churchill Downs Incorporated is a premier racing, online wagering, and gaming entertainment company anchored by its historic Kentucky Derby asset. The company operates a diversified portfolio of live and historical horse racing venues, regional casino properties, and industry-leading digital wagering platforms.

Competitive position

A dominant leader in the North American horse racing industry with a unique, non-replicable asset in the Kentucky Derby and a growing regional gaming footprint.

GeographiesUnited States
Customer segmentsRetail consumers, High-net-worth individuals, Online gamblers
Business modelB2C, Physical Venue Operations, Digital Platform, Event-based Entertainment
SuppliersEquine athletes and trainers, Gaming equipment manufacturers, Regulatory bodies, Technology infrastructure providers
CustomersIndividual bettors, Corporate sponsors, Media broadcast partners, Hospitality patrons
Listed1993
Employees8.0K
CEOWilliam C. Carstanjen
FilingsSEC EDGAR

Questions, answered.

What is Churchill Downs's market cap?
Churchill Downs (CHDN) has a market capitalization of $6.2B and trades on NASDAQ.
What is Churchill Downs's revenue and profitability?
Churchill Downs generated $3.0B in trailing twelve-month revenue with net income of $413.4M, representing a net margin of 13.8%, with free cash flow of $718.1M. These figures are based on the Q2 2026 filing.
Who are Churchill Downs's competitors?
Churchill Downs's key competitors include Penn Entertainment, Caesars Entertainment, DraftKings, and others. These companies compete in similar markets and product categories.
What subsidiaries does Churchill Downs have?
Churchill Downs's subsidiaries include Churchill Downs Racetrack, TwinSpires, Turfway Park, and others.
Where is Churchill Downs headquartered?
Churchill Downs is headquartered in United States of America and employs approximately 7,970 people. It has been publicly traded since 1993.