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Churchill Downs CHDN Changes in unrecognized tax benefits

Changes in unrecognized tax benefits at other companies

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Flutter EntertainmentFLUT
$4.25M—

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:IncomeTaxReconciliationTaxContingencies.

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 changes in unrecognized tax benefits?
Churchill Downs (CHDN) reported changes in unrecognized tax benefits of -$150K in Q4 2025.
How has Churchill Downs's changes in unrecognized tax benefits changed year-over-year?
Churchill Downs's changes in unrecognized tax benefits increased by 60.0% year-over-year, from -$375K to -$150K.
What is the long-term trend for Churchill Downs's changes in unrecognized tax benefits?
Over 2 years (2023 to 2025), Churchill Downs's changes in unrecognized tax benefits has grown at a -34.5% compound annual growth rate (CAGR), from -$1.4M to -$600K.
What does changes in unrecognized tax benefits mean?
Reflects the financial impact of uncertain tax positions, including reserves for potential tax audits or disputes with taxing authorities. It represents the estimated liability for tax positions that may not be sustained upon examination.