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Churchill Downs CHDN Wagering Services and Solutions — Adjustments

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Other financials

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

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

Valuation

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Market cap$6.06B-15.6%
Enterprise value$8.05B-8.7%
P/E14.7×-2.0×
P/S-0.5×

Profitability

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

Returns & leverage

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

Where this comes from

Reported directly by Churchill Downs in its filing.

Tagged under the XBRL concept us-gaap:GoodwillPurchaseAccountingAdjustments.

The source filing: Churchill Downs’s 10-K, filed February 25, 2026.

Filed
Feb 25, 2026, 4:36 PM EST
Fiscal year
FY2025
Accession
0000020212-26-000025
(in millions)Live and HistoricalWagering Services and SolutionsGamingAll OtherTotal
Balance, December 31, 2023$376.2$233.4$290.3$899.9
Adjustments0.10.20.3
Balance, December 31, 2024376.3233.6290.3900.2
Adjustments
Balance, December 31, 2025$376.3$233.6$290.3$900.2

ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Churchill Downs's wagering services and solutions — adjustments?
Churchill Downs (CHDN) reported wagering services and solutions — adjustments of $0 in Q4 2025.
How has Churchill Downs's wagering services and solutions — adjustments changed year-over-year?
Churchill Downs's wagering services and solutions — adjustments decreased by 100.0% year-over-year, from $50K to $0.
What does wagering services and solutions — adjustments mean?
Refers to specific non-recurring or non-operational charges and credits added back to or subtracted from segment earnings to arrive at adjusted performance metrics. These adjustments help investors isolate the underlying operational performance of the wagering business.

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