What is Churchill Downs's income tax credits and adjustments?

Churchill Downs (CHDN) reported income tax credits and adjustments of $500K in Q4 2025.

What does income tax credits and adjustments mean?

Captures the net impact of various tax credits, incentives, and specific adjustments applied to the statutory tax rate. It provides insight into the company's ability to utilize tax planning strategies to reduce its overall tax burden.

Churchill Downs CHDN Income Tax Credits And Adjustments

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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:IncomeTaxCreditsAndAdjustments.

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 income tax credits and adjustments?: Churchill Downs (CHDN) reported income tax credits and adjustments of $500K in Q4 2025.
What does income tax credits and adjustments mean?: Captures the net impact of various tax credits, incentives, and specific adjustments applied to the statutory tax rate. It provides insight into the company's ability to utilize tax planning strategies to reduce its overall tax burden.