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Churchill Downs CHDN Free cash flow margin

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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/S2×-0.5×

Profitability

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

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

Calculated from Churchill Downs’s reported figures.

free cash flow/total revenue=24%

Based on trailing twelve months.

The source filing: Churchill Downs’s 10-Q, filed July 29, 2026. Open the filing →

Filed
Jul 29, 2026, 4:31 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000020212-26-000059

FAQ

What is Churchill Downs's free cash flow margin?
Churchill Downs (CHDN) reported free cash flow margin of 24% in Q2 2026.
How has Churchill Downs's free cash flow margin changed year-over-year?
Churchill Downs's free cash flow margin decreased by 3.9% year-over-year, from 25% to 24%.
What is the long-term trend for Churchill Downs's free cash flow margin?
Over 4 years (2020 to 2025), Churchill Downs's free cash flow margin has grown at a 38.1% compound annual growth rate (CAGR), from -6.6% to 23.9%.
What does free cash flow margin mean?
Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.

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