What is Churchill Downs's redeemable NCI?

Churchill Downs (CHDN) reported redeemable NCI of $48M in Q1 2026.

How has Churchill Downs's redeemable NCI changed year-over-year?

Churchill Downs's redeemable NCI increased by 124.3% year-over-year, from $21.4M to $48M.

What does redeemable NCI mean?

Minority interests in subsidiaries that include a put option allowing the minority holder to require the parent to repurchase their stake.

Churchill Downs CHDN Redeemable NCI

Redeemable NCI at other companies

MGM Resorts InternationalMGM

$20.45M-41.7%

Flutter EntertainmentFLUT

$417M-76.0%

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:RedeemableNoncontrollingInterestEquityCarryingAmount.

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 redeemable NCI?: Churchill Downs (CHDN) reported redeemable NCI of $48M in Q1 2026.
How has Churchill Downs's redeemable NCI changed year-over-year?: Churchill Downs's redeemable NCI increased by 124.3% year-over-year, from $21.4M to $48M.
What does redeemable NCI mean?: Minority interests in subsidiaries that include a put option allowing the minority holder to require the parent to repurchase their stake.