What is Churchill Downs's net debt?

Churchill Downs (CHDN) reported net debt of $1.56B in Q1 2026.

How has Churchill Downs's net debt changed year-over-year?

Churchill Downs's net debt increased by 1.7% year-over-year, from $1.53B to $1.56B.

What is the long-term trend for Churchill Downs's net debt?

Over 5 years (2020 to 2025), Churchill Downs's net debt has grown at a 83.8% compound annual growth rate (CAGR), from -$87.1M to $1.83B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Churchill Downs CHDN Net debt

Discontinued — last reported Q1 '26

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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%

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−$291.0Mcash and equivalents=$1.56B

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 net debt?: Churchill Downs (CHDN) reported net debt of $1.56B in Q1 2026.
How has Churchill Downs's net debt changed year-over-year?: Churchill Downs's net debt increased by 1.7% year-over-year, from $1.53B to $1.56B.
What is the long-term trend for Churchill Downs's net debt?: Over 5 years (2020 to 2025), Churchill Downs's net debt has grown at a 83.8% compound annual growth rate (CAGR), from -$87.1M to $1.83B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.