CHDN (Churchill Downs Incorporated) Stock Financials & Earnings

CHDNChurchill Downs Incorporated

Mkt Cap$6B

Revenue (TTM)$2.9B

Net Income (TTM)$381M

EPS (TTM)$5.26

Free Cash Flow (TTM)$605M

Gross Margin33.6%

Op. Margin23.4%

Net Margin13.0%

FCF Margin20.7%

P/S Ratio (TTM)2.0x

P/E Ratio (TTM)15.5x

YoY Rev Growth+7.0%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$560M	$172M	$120M
Q2 23	$769M	$299M	$226M
Q3 23	$573M	$164M	$112M
Q4 23	$561M	$161M	$106M
Q1 24	$591M	$185M	$126M
Q2 24	$891M	$388M	$330M
Q3 24	$629M	$186M	$126M
Q4 24	$624M	$180M	$127M
Q1 25	$643M	$190M	$135M
Q2 25	$934M	$392M	$328M
Q3 25	$683M	$204M	$98M
Q4 25	$666M	$197M	$125M

Revenue Breakdown

Valuation

Operating Cash Flow

Capital Expenditures

CapEx

OpEx vs Revenue Growth (YoY)

Stock-Based Compensation

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 23	—	$61M	—
Q2 23	—	—	$48M
Q3 23	—	—	$50M
Q4 23	—	—	$52M
Q1 24	—	—	$55M
Q2 24	—	—	$57M
Q3 24	—	—	$60M
Q4 24	$13M	—	—
Q1 25	—	—	$55M
Q2 25	—	—	$61M
Q3 25	—	—	$59M
Q4 25	—	—	$72M

Revenue Segments

Quarter	Gaming	Pari-Mutuel, Historical Racing	Pari-Mutuel, Live And Simulcast Racing	Product and Service, Other	Racing Event-Related Services
Q2 23	$246M	$191M	$161M	$68M	$138M
Q2 24	$274M	$221M	$170M	$86M	$177M
Q2 25	$266M	$257M	$183M	$89M	$173M
Q3 25	$265M	$253M	$108M	$80M	$4M
Q4 25	$249M	$262M	$98M	$74M	$6M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$174M	$0	$174M
Q2 23	$374M	$0	$374M
Q3 23	$130M	$0	$130M
Q4 23	$145M	$0	$145M
Q1 24	$149M	$0	$149M
Q2 24	$140M	$0	$140M
Q3 24	$153M	$0	$153M
Q4 24	$176M	$0	$176M
Q1 25	$174M	$0	$174M
Q2 25	$182M	$0	$182M
Q3 25	$181M	$0	$181M
Q4 25	$0	$0	$0

Shares Outstanding

Revenue Per Employee

Revenue / Employee