What is Churchill Downs's tax benefit?

Churchill Downs (CHDN) reported tax benefit of $800K in Q4 2025.

How has Churchill Downs's tax benefit changed year-over-year?

Churchill Downs's tax benefit increased by 14.3% year-over-year, from $700K to $800K.

What is the long-term trend for Churchill Downs's tax benefit?

Over 4 years (2021 to 2025), Churchill Downs's tax benefit has grown at a 20.9% compound annual growth rate (CAGR), from $1.5M to $3.2M.

Churchill Downs CHDN Tax benefit

Tax benefit at other companies

Morgan StanleyMS

$103.25M+20.4%

BeldenBDC

$1.79M+9.0%

SyscoSYY

$3.75M-11.8%

Flutter EntertainmentFLUT

$13.75M+1.9%

AccentureACN

$145.38M+1.5%

Devon EnergyDVN

$5M+66.7%

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:EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense.

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 tax benefit?: Churchill Downs (CHDN) reported tax benefit of $800K in Q4 2025.
How has Churchill Downs's tax benefit changed year-over-year?: Churchill Downs's tax benefit increased by 14.3% year-over-year, from $700K to $800K.
What is the long-term trend for Churchill Downs's tax benefit?: Over 4 years (2021 to 2025), Churchill Downs's tax benefit has grown at a 20.9% compound annual growth rate (CAGR), from $1.5M to $3.2M.