Churchill Downs (CHDN) Financials: Revenue & Earnings
CHDN$82.43+0.91 +1.12%
$5.75B
Market Cap
14.39
P/E
12.06
Forward P/E
59
Score
Churchill Downs (CHDN) Financials: Revenue & Earnings
CHDN price $82.43 +0.91 +1.12%
- Ticker
- CHDN
- Price
- $82.43
- Change
- +0.91 +1.12%
- Market cap ?
- $5.75B
- P/E ?
- 14.39
- Forward P/E ?
- 12.06
- Dividend yield ?
- 0.52%
- Beta ?
- 0.67
- Sector
- Consumer Cyclical
- Industry
- Gambling, Resorts & Casinos
- Stocklytics score
- 59
- Value
- 74
- Quality
- 39
- Growth
- 63
Stocklytics score rationale: value 74, quality 39, growth 63.
Financials
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| 1308600000 | 882600000 | 1009000000 | 1329700000 | 1054000000 | 1597200000 | 1809800000 | 2461700000 | 2734300000 | 2925900000 |
Churchill Downs Incorporated (CDI) is a leading U.S. entertainment enterprise focused on horse racing, online wagering, and general gaming activities. Its extensive operations are categorized into three main divisions: Live and Historical Racing, TwinSpires, and Gaming. As of December 31, 2021, CDI's portfolio included three pari-mutuel gaming venues in Kentucky, collectively featuring approximately 3,050 historical…
Fair value
CHDN fair value $130.13. Price $82.43. Price is 37% below fair value.
Below fair value, and cheaper than usual. A larger discount than on 88% of days in the past 5 years.
Fair value is an estimate of what one share is worth if future cash flows arrive as modeled. It is not a forecast of the share price. How discounted cash flow works.
Calculated with a 10-year free-cash-flow discount. Starting free cash flow 154.87M. Growth 18.70%. When analyst earnings forecasts are available, free cash flow in those years is forecast earnings times the company's usual conversion of earnings into free cash flow, kept between 60% and 130%. Years with fewer than 3 analyst estimates are left out. Growth then fades in a straight line to terminal growth by year 10, starting from the last well-covered year's growth, or from the pace across those years when the final year slows sharply, kept between 0% and 20%. Without those forecasts, year-1 growth is analyst revenue growth for the next full fiscal year, or 5-year historical revenue growth when that forecast is missing, held for five years, then fading in a straight line to terminal growth by year 10. Terminal growth 3.00%. Discount rate 8.70% (beta 0.8). Beta is kept between 0.8 and 2.0, which on its own would make the discount rate 8.7% to 15.3%. The rate is then capped at 12%. A cap is used because a discount above 12% pushes higher-beta stocks further from the price. The discount rate stays at least 5 percentage points above terminal growth. Shares 69.70M. Net debt 4.91B. The earnings value is next-12-months earnings per share, or trailing earnings when that forecast is missing, times the stock's own 10-year median P/E, kept between 8 and 40. Fewer than five years of history uses the sector's typical P/E. Fair value is the average of the cash-flow value and the earnings value when both exist. Model uncertainty is high when fair value is more than 60% from the price, or when most of the cash-flow value sits after year 10.
Earnings
| Date | EPS actual | EPS estimate | Revenue | Revenue estimate |
|---|---|---|---|---|
| 2026-10-28 | — | 1.13 | — | 695.16M |
| 2026-07-29 | 3.45 | 3.45 | 980.00M | 977.38M |
| 2026-04-22 | 1.21 | 1.06 | 663.00M | 661.22M |
| 2026-02-25 | 0.97 | 0.85 | 665.90M | 660.13M |
| 2025-10-22 | 1.09 | 0.97 | 683.00M | 656.29M |
| 2025-07-23 | 3.10 | 3.03 | 934.40M | 667.69M |
| 2025-04-23 | 1.07 | 1.04 | 642.60M | 642.81M |
| 2025-02-19 | 0.92 | 0.98 | 624.20M | 660.27M |
| 2024-10-23 | 0.97 | 1.06 | 628.50M | 619.91M |
| 2024-07-24 | 2.89 | 2.71 | 890.70M | 858.59M |
| 2024-04-24 | 1.13 | 0.83 | 590.90M | 566.75M |
| 2024-02-21 | 0.86 | 0.74 | 561.20M | 553.68M |
| 2023-10-25 | 0.87 | 0.86 | 572.50M | 573.64M |
| 2023-07-26 | 2.24 | 2.60 | 768.50M | 792.70M |
| 2023-04-26 | 0.98 | 0.87 | 559.50M | 797.81M |
| 2023-02-22 | 0.73 | 0.83 | 480.10M | 473.57M |
| 2022-10-26 | 0.81 | 0.65 | 383.10M | 399.97M |
| 2022-07-27 | 1.95 | 1.92 | 582.50M | 588.84M |
| 2022-04-27 | 0.59 | 0.57 | 364.10M | 347.27M |
| 2022-02-23 | 0.64 | 0.56 | 364.80M | 362.49M |
| 2021-10-27 | 0.81 | 0.74 | 393.00M | 398.92M |
| 2021-07-28 | 1.54 | 1.28 | 515.10M | 388.28M |
| 2021-04-21 | 0.44 | 0.28 | 324.30M | 291.28M |
| 2021-02-24 | 0.10 | 0.14 | 278.20M | 360.63M |
| 2020-10-28 | 0.60 | 0.38 | 337.80M | 209.56M |
| 2020-07-29 | -0.27 | -0.28 | 185.10M | 192.08M |
| 2020-04-29 | 0.03 | 0.08 | 252.90M | 809.28M |
| 2020-02-26 | 0.21 | 0.02 | 280.60M | 40.09M |
| 2019-10-30 | 0.28 | 0.27 | 306.30M | 284.02M |
| 2019-07-31 | 1.42 | 1.42 | 477.40M | 474.03M |
| 2019-04-24 | 0.32 | 0.20 | 265.40M | 168.51M |
| 2019-02-27 | 0.11 | 0.10 | 219.00M | 153.30M |
| 2018-10-31 | 0.27 | 0.24 | 221.30M | 309.82M |
| 2018-08-01 | 1.29 | 1.21 | 379.40M | 373.38M |
| 2018-04-25 | 0.18 | 0.11 | 189.30M | 130.14M |
| 2018-02-28 | 0.06 | 0.10 | 178.90M | 178.90M |
| 2017-11-01 | 0.18 | 0.14 | 314.80M | 158.61M |
| 2017-07-26 | 0.80 | 0.75 | 451.90M | 318.09M |
| 2017-04-26 | 0.07 | 0.09 | 279.50M | 212.17M |
| 2017-02-28 | 0.11 | 0.10 | 278.30M | 229.78M |
Dividends
Yield 0.53%. Payout ratio 7.76%. Frequency Annual.
Safety score 91/100 · Safe. Payout ratio is 8% of earnings. Dividends use less than 40% of free cash flow. Dividends were paid in 33 separate years. Yield is 0.5%, which is modest.
| Ex-date | Dividend | Record | Payment | Frequency |
|---|---|---|---|---|
| 2025-12-05 | $0.44 | 2025-12-05 | 2026-01-06 | Annual |
| 2024-12-06 | $0.41 | 2024-12-06 | 2025-01-03 | Annual |
| 2023-11-30 | $0.38 | 2023-12-01 | 2024-01-05 | Annual |
| 2022-12-01 | $0.36 | 2022-12-02 | 2023-01-06 | Annual |
| 2021-12-02 | $0.33 | 2021-12-03 | 2022-01-07 | Annual |
| 2020-12-03 | $0.31 | 2020-12-04 | 2021-01-06 | Annual |
| 2019-12-05 | $0.29 | 2019-12-06 | 2020-01-03 | Annual |
| 2018-12-06 | $0.27 | 2018-12-07 | 2019-01-04 | Annual |
| 2017-11-30 | $0.25 | 2017-12-01 | 2018-01-05 | Annual |
| 2016-11-30 | $0.22 | 2016-12-02 | 2017-01-06 | Annual |
| 2015-12-02 | $0.19 | 2015-12-04 | 2016-01-06 | Annual |
| 2014-12-03 | $0.17 | 2014-12-05 | 2015-01-07 | Annual |
| 2013-12-04 | $0.14 | 2013-12-06 | 2014-01-06 | Annual |
| 2012-11-26 | $0.12 | 2012-11-28 | 2012-12-21 | Annual |
| 2011-12-28 | $0.10 | 2011-12-30 | 2012-01-23 | Annual |
| 2010-12-29 | $0.08 | 2010-12-31 | 2011-01-24 | Annual |
| 2009-12-29 | $0.08 | 2009-12-31 | 2010-01-25 | Annual |
| 2008-12-29 | $0.08 | 2008-12-31 | 2009-01-21 | Annual |
| 2007-12-26 | $0.08 | 2007-12-28 | 2008-01-23 | Annual |
| 2006-12-27 | $0.08 | 2006-12-29 | 2007-01-24 | Annual |
| 2005-12-28 | $0.08 | 2005-12-30 | 2006-01-19 | Annual |
| 2004-12-29 | $0.08 | 2004-12-31 | 2005-01-26 | Annual |
| 2003-12-29 | $0.08 | 2003-12-31 | 2004-01-23 | Annual |
| 2002-12-27 | $0.08 | 2002-12-31 | 2003-01-17 | Annual |
| 2001-12-27 | $0.08 | 2001-12-31 | 2002-01-18 | Annual |
| 2000-12-27 | $0.08 | 2000-12-31 | 2001-01-19 | Annual |
| 1999-12-29 | $0.08 | 1999-12-31 | 2000-01-21 | Annual |
| 1998-12-29 | $0.08 | 1998-12-31 | 1999-01-15 | Annual |
| 1997-12-29 | $0.08 | 1997-12-31 | 1998-01-09 | Annual |
| 1996-12-27 | $0.05 | 1996-12-31 | 1997-01-10 | Annual |
| 1995-12-27 | $0.04 | 1995-12-29 | 1996-01-12 | Annual |
| 1994-12-23 | $0.04 | 1994-12-30 | 1995-01-13 | Annual |
| 1993-12-27 | $0.04 | 1993-12-31 | 1994-01-14 | Annual |
Insider trades
| Date | Insider | Action | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-30 | GRISSOM DOUGLAS C | Buy | 454 | — | — |
| 2026-06-30 | GRISSOM DOUGLAS C | Buy | 383 | — | — |
| 2026-04-21 | Rankin Richard Alex | Buy | 2.26K | — | — |
| 2026-04-21 | HARRINGTON DANIEL P | Buy | 0 | — | — |
| 2026-04-21 | HARRINGTON DANIEL P | Buy | 2.26K | — | — |
| 2026-04-21 | GRISSOM DOUGLAS C | Buy | 2.26K | — | — |
| 2026-04-21 | VARGA PAUL C | Buy | 2.26K | — | — |
| 2026-04-21 | Lloyd Karole | Buy | 2.26K | — | — |
| 2026-04-21 | Carter Andrea M | Buy | 2.26K | — | — |
| 2026-03-31 | GRISSOM DOUGLAS C | Buy | 383 | — | — |
| 2026-03-19 | Mudd William E. | Buy | 1.45K | — | — |
| 2026-03-19 | Dall Marcia A | Buy | 1.45K | — | — |
| 2026-02-05 | Mudd William E. | Buy | 16.65K | — | — |
| 2026-02-05 | Mudd William E. | Sell | 16.65K | $93.69 | 1.56M |
| 2026-02-05 | Mudd William E. | Buy | 21.35K | — | — |
| 2026-02-05 | Carstanjen William C. | Buy | 37.73K | — | — |
| 2026-02-05 | Carstanjen William C. | Sell | 37.73K | $93.69 | 3.53M |
| 2026-02-05 | Carstanjen William C. | Buy | 64.04K | — | — |
| 2026-02-05 | Blackwell Bradley K. | Buy | 6.10K | — | — |
| 2026-02-05 | Blackwell Bradley K. | Sell | 1.83K | $93.69 | 171.92K |
| 2026-02-05 | Blackwell Bradley K. | Buy | 9.07K | — | — |
| 2026-02-05 | Dall Marcia A | Buy | 12.21K | — | — |
| 2026-02-05 | Dall Marcia A | Sell | 3.94K | $93.69 | 369.51K |
| 2026-02-05 | Dall Marcia A | Buy | 12.28K | — | — |
| 2026-01-06 | GRISSOM DOUGLAS C | Buy | 117 | — | — |
| 2026-01-06 | HARRINGTON DANIEL P | Buy | 0 | — | — |
| 2026-01-06 | HARRINGTON DANIEL P | Buy | 477 | — | — |
| 2026-01-06 | Rankin Richard Alex | Buy | 199 | — | — |
| 2026-01-06 | Carter Andrea M | Buy | 17 | — | — |
| 2026-01-06 | VARGA PAUL C | Buy | 39 | — | — |
| 2026-01-06 | Lloyd Karole | Buy | 60 | — | — |
| 2025-12-31 | Carstanjen William C. | Buy | 26.71K | — | — |
| 2025-12-31 | Carstanjen William C. | Sell | 8.50K | $113.78 | 967.59K |
| 2025-12-31 | Carstanjen William C. | Sell | 8.11K | $113.78 | 923.10K |
| 2025-12-31 | Carstanjen William C. | Sell | 26.71K | — | — |
| 2025-12-31 | Dall Marcia A | Buy | 6.06K | — | — |
| 2025-12-31 | Dall Marcia A | Sell | 2.84K | $113.78 | 323.02K |
| 2025-12-31 | Dall Marcia A | Sell | 6.06K | — | — |
| 2025-12-31 | Blackwell Bradley K. | Buy | 5.26K | — | — |
| 2025-12-31 | Blackwell Bradley K. | Sell | 1.35K | $113.78 | 153.49K |
| 2025-12-31 | Blackwell Bradley K. | Sell | 2.30K | $113.78 | 261.58K |
| 2025-12-31 | Blackwell Bradley K. | Sell | 5.26K | — | — |
| 2025-12-31 | Mudd William E. | Buy | 13.48K | — | — |
| 2025-12-31 | Mudd William E. | Sell | 3.68K | $113.78 | 418.26K |
| 2025-12-31 | Mudd William E. | Sell | 5.41K | $113.78 | 615.44K |
| 2025-12-31 | Mudd William E. | Sell | 13.48K | — | — |
| 2025-12-31 | GRISSOM DOUGLAS C | Buy | 302 | — | — |
| 2025-12-31 | Adams Maureen | Buy | 2.96K | — | — |
| 2025-12-31 | Adams Maureen | Sell | 1.44K | $113.78 | 163.50K |
| 2025-12-31 | Adams Maureen | Sell | 2.96K | — | — |
| 2025-12-26 | Mudd William E. | Sell | 5.73K | — | — |
| 2025-12-22 | Dall Marcia A | Sell | 12.80K | — | — |
| 2025-10-30 | Mudd William E. | Buy | 94.97K | — | — |
| 2025-10-30 | Mudd William E. | Sell | 43.26K | $100.40 | 4.34M |
| 2025-10-30 | Mudd William E. | Sell | 94.97K | — | — |
| 2025-10-30 | Carstanjen William C. | Buy | 151.94K | — | — |
| 2025-10-30 | Carstanjen William C. | Sell | 68.07K | $100.40 | 6.83M |
| 2025-10-30 | Carstanjen William C. | Sell | 151.94K | — | — |
| 2025-09-30 | GRISSOM DOUGLAS C | Buy | 354 | — | — |
| 2025-06-30 | GRISSOM DOUGLAS C | Buy | 340 | — | — |
| 2025-05-07 | GRISSOM DOUGLAS C | Buy | 10.00K | $92.77 | 927.70K |
| 2025-05-05 | Rankin R Alex | Buy | 2.00K | $92.65 | 185.30K |
| 2025-05-02 | VARGA PAUL C | Buy | 2.00K | $92.97 | 185.94K |
| 2025-04-24 | Rankin R Alex | Buy | 2.33K | — | — |
| 2025-04-24 | Carter Andrea M | Buy | 2.33K | — | — |
| 2025-04-24 | Lloyd Karole | Buy | 2.33K | — | — |
| 2025-04-24 | GRISSOM DOUGLAS C | Buy | 2.33K | — | — |
| 2025-04-24 | VARGA PAUL C | Buy | 2.33K | — | — |
| 2025-04-24 | HARRINGTON DANIEL P | Buy | 0 | — | — |
| 2025-04-24 | HARRINGTON DANIEL P | Buy | 2.33K | — | — |
| 2025-03-31 | GRISSOM DOUGLAS C | Buy | 309 | — | — |
| 2025-02-10 | Adams Maureen | Buy | 1.49K | — | — |
| 2025-02-10 | Adams Maureen | Sell | 648 | $122.43 | 79.33K |
| 2025-02-10 | Adams Maureen | Sell | 1.49K | — | — |
| 2025-02-10 | Blackwell Bradley K. | Buy | 1.63K | — | — |
| 2025-02-10 | Blackwell Bradley K. | Sell | 745 | $122.43 | 91.21K |
| 2025-02-10 | Blackwell Bradley K. | Sell | 1.63K | — | — |
| 2025-02-06 | Dall Marcia A | Buy | 19.60K | — | — |
| 2025-02-06 | Dall Marcia A | Sell | 7.75K | $123.27 | 954.73K |
| 2025-02-06 | Dall Marcia A | Buy | 9.33K | — | — |
| 2025-02-06 | Blackwell Bradley K. | Buy | 6.90K | — | — |
| 2025-02-06 | Carstanjen William C | Buy | 48.67K | — | — |
| 2025-02-06 | Mudd William E | Buy | 16.23K | — | — |
| 2025-01-03 | GRISSOM DOUGLAS C | Buy | 81 | — | — |
| 2025-01-03 | Rankin R Alex | Buy | 151 | — | — |
| 2025-01-03 | VARGA PAUL C | Buy | 28 | — | — |
| 2025-01-03 | Bridgeman Ulysses L Jr | Buy | 159 | — | — |
| 2025-01-03 | Lloyd Karole | Buy | 48 | — | — |
| 2025-01-03 | Carter Andrea M | Buy | 10 | — | — |
| 2025-01-03 | HARRINGTON DANIEL P | Buy | 0 | — | — |
| 2025-01-03 | HARRINGTON DANIEL P | Buy | 371 | — | — |
| 2024-12-31 | Carstanjen William C | Buy | 28.09K | — | — |
| 2024-12-31 | Carstanjen William C | Sell | 12.59K | $133.54 | 1.68M |
| 2024-12-31 | Carstanjen William C | Sell | 28.09K | — | — |
| 2024-12-31 | Blackwell Bradley K. | Buy | 2.96K | — | — |
| 2024-12-31 | Blackwell Bradley K. | Sell | 1.35K | $133.54 | 180.15K |
| 2024-12-31 | Blackwell Bradley K. | Sell | 2.96K | — | — |
| 2024-12-31 | Adams Maureen | Buy | 2.96K | — | — |
| 2024-12-31 | Adams Maureen | Sell | 2.03K | $133.54 | 271.09K |
| 2024-12-31 | Adams Maureen | Sell | 2.96K | — | — |
Institutional holders
Latest filed quarter: Q2 2026.
Institutions holding: 486, holders +21 vs prior quarter. Ownership 86.48%.
| Holder | Shares | Change | Change % | Value |
|---|---|---|---|---|
| BLACKROCK, INC. | 6.20M | -251.08K | -3.89% | 555.95M |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 3.21M | 251.38K | +8.50% | 287.56M |
| VANGUARD CAPITAL MANAGEMENT LLC | 2.99M | 243.27K | +8.86% | 267.93M |
| FMR LLC | 2.95M | 1.24M | +72.54% | 264.24M |
| LONDON CO OF VIRGINIA | 2.46M | -129.29K | -4.98% | 220.89M |
| STATE STREET CORP | 2.05M | 46.72K | +2.33% | 183.65M |
| CITADEL ADVISORS LLC | 1.71M | 442.98K | +34.84% | 153.67M |
| JANE STREET GROUP, LLC | 1.56M | 1.45M | +1237.67% | 140.05M |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 1.44M | 67.72K | +4.92% | 129.48M |
| GEODE CAPITAL MANAGEMENT, LLC | 1.34M | -68.03K | -4.82% | 120.33M |
| JENNISON ASSOCIATES LLC | 1.26M | 122.86K | +10.83% | 112.73M |
| BALYASNY ASSET MANAGEMENT L.P. | 1.22M | 611.74K | +100.31% | 109.50M |
| BOSTON PARTNERS | 1.19M | 56.20K | +4.94% | 106.74M |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | 1.03M | -63.27K | -5.79% | 92.34M |
| BARCLAYS PLC | 845.00K | 845.00K | New | 75.75M |
| AQR CAPITAL MANAGEMENT LLC | 843.85K | 24.00K | +2.93% | 75.64M |
| NORGES BANK | 841.18K | 841.18K | New | 75.40M |
| SCHRODER INVESTMENT MANAGEMENT GROUP | 797.39K | -41.10K | -4.90% | 72.46M |
| UBS GROUP AG | 795.61K | 528.60K | +197.98% | 71.32M |
| CLEARBRIDGE INVESTMENTS, LLC | 786.32K | 42.28K | +5.68% | 70.49M |
| BANK OF AMERICA CORP /DE/ | 770.85K | 142.56K | +22.69% | 69.10M |
| JUPITER TOPCO LLC | 756.19K | 756.19K | New | 67.79M |
| FULLER & THALER ASSET MANAGEMENT, INC. | 728.52K | 728.52K | New | 65.30M |
| SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P. | 710.21K | 710.21K | New | 63.66M |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 710.21K | 40.89K | +6.11% | 63.66M |
Earnings and financials
Churchill Downs Incorporated (CHDN) trades at $82.43, with a market cap of $5.75B and a trailing P/E of 14.39. Revenue below is the annual history on file. It describes what the business has already reported. It is not a forecast and it is not a recommendation.
Financials
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| 1308600000 | 882600000 | 1009000000 | 1329700000 | 1054000000 | 1597200000 | 1809800000 | 2461700000 | 2734300000 | 2925900000 |
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