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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%
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

Reported directly by Churchill Downs in its filing.

Tagged under the XBRL concept us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit.

The official record: Churchill Downs’s 10-K, filed February 25, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Churchill Downs's state?
Churchill Downs (CHDN) reported state of $5.88M in Q4 2025.
How has Churchill Downs's state changed year-over-year?
Churchill Downs's state increased by 7733.3% year-over-year, from $75K to $5.88M.
What is the long-term trend for Churchill Downs's state?
Over 4 years (2021 to 2025), Churchill Downs's state has grown at a 78.8% compound annual growth rate (CAGR), from $2.3M to $23.5M.
What does state mean?
Reflects the change in deferred state and local income tax assets and liabilities resulting from temporary differences in tax reporting versus financial reporting. It provides insight into how state-level tax regulations and accounting timing differences influence the company's future tax liabilities.