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Churchill Downs CHDN Invested capital

Discontinued — last reported Q1 '26

Invested capital at other companies

Amentum Holdings logo
Amentum HoldingsAMTM
4.4%—
Iridium Communications logo
Iridium CommunicationsIRDM
8.6%-0.1pp
GHC
Graham HoldingsGHC
2.9%-0.1pp
SentinelOne logo
SentinelOneS
-23.4%-0.2pp
Travel + Leisure logo
Travel + LeisureTNL
18.8%+0.1pp
Belden logo
BeldenBDC
12.2%+0.5pp

Other financials

Income statement

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Revenue$663.0M+3.1%
Operating income$143.0M+5.9%
Net income$83.0M+7.8%
EPS (diluted)$1.16+13.7%

Balance sheet

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Cash & equivalents$291.0M+7.4%
Total debt$1.8B+2.6%
Total equity$1.1B+2.2%
Total assets$7.5B+1.9%

Cash flow

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Operating cash flow$295.0M+19.4%
CapEx$19.0M+46.2%
Free cash flow$276.0M+17.9%

Valuation

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Market cap$6.15B-23.3%
Enterprise value$7.71B-19.3%
P/E15.8×-3.1×
P/S2.1×-0.8×

Profitability

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Operating margin23.5%-2.3pp
Net margin13.2%-2.0pp
FCF margin25.2%+0.8pp

Returns & leverage

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Return on equity35.9%-8.7pp
Debt / equity1.7×0.0×
Current ratio0.5×0.0×

Where this comes from

Calculated from Churchill Downs’s reported figures.

$1.8Btotal debt+$1.1Btotal stockholders equity−$291.0Mcash and equivalents=$2.65B

The official record: Churchill Downs’s 10-Q, filed April 22, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Churchill Downs's invested capital?
Churchill Downs (CHDN) reported invested capital of $2.65B in Q1 2026.
How has Churchill Downs's invested capital changed year-over-year?
Churchill Downs's invested capital increased by 1.9% year-over-year, from $2.6B to $2.65B.
What is the long-term trend for Churchill Downs's invested capital?
Over 5 years (2020 to 2025), Churchill Downs's invested capital has grown at a 58.9% compound annual growth rate (CAGR), from $280M to $2.84B.
What does invested capital mean?
Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).