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Churchill Downs CHDN Wagering Services and Solutions — Goodwill

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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:Goodwill.

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 — goodwill?
Churchill Downs (CHDN) reported wagering services and solutions — goodwill of $233.6M in Q4 2025.
How has Churchill Downs's wagering services and solutions — goodwill changed year-over-year?
Churchill Downs's wagering services and solutions — goodwill decreased by 0.0% year-over-year, from $233.6M to $233.6M.
What does wagering services and solutions — goodwill mean?
Represents the intangible asset value created when the company acquires another business for a price exceeding the fair market value of its net identifiable assets. It reflects the premium paid for brand reputation, customer base, and synergies within the wagering segment.

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