Church Downs (CHDN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CHDN SEC filings page.
Church Downs (CHDN) reported $3.0B in revenue over the twelve months to Jun 30, 2026, up 5.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Churchill Downs combines cash generation ahead of reported earnings with a debt-heavy balance sheet as FY2025 margins reverse.
In FY2025, revenue increased7.0% while operating income decreased3.6% , showing that additional volume did not produce additional operating profit. The operating margin reversal from25.9% to23.4% contrasts with the margin expansion visible from FY2022 through FY2024.
FY2025 operating cash flow reached
Debt-to-equity rose to 5.0x from 4.5x in FY2024 even as total equity declined, indicating that balance-sheet growth has not reduced reliance on borrowing. A current ratio of 0.6 means current liabilities exceeded current assets, leaving short-term funding structurally dependent on cash inflows or refinancing rather than liquid-asset coverage.
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Church Downs's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Church Downs has an operating margin of 23.4%, meaning the company retains $23 of operating profit per $100 of revenue. This strong profitability earns a score of 80/100, reflecting efficient cost management and pricing power. This is down from 25.9% the prior year.
Church Downs's revenue grew 7.0% year-over-year to $2.9B, a solid pace of expansion. This earns a growth score of 63/100.
Church Downs has elevated debt relative to equity (D/E of 5.02), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 11/100, reflecting increased financial risk.
Church Downs's current ratio of 0.60 is below the typical benchmark, resulting in a score of 6/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Not available for Church Downs, and counted as zero in the overall score.
Church Downs earns a strong 37.9% return on equity (ROE), meaning it generates $38 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 71/100. This is down from 39.4% the prior year.
Church Downs scores 1.38, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Church Downs passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Church Downs generates $2.01 in operating cash flow ($769.8M OCF vs $383.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Church Downs earns $2.30 in operating income for every $1 of interest expense ($683.8M vs $297.7M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Church Downs generated $980.0M in revenue in Q2 2026. This represents an increase of 4.9% from the same quarter a year earlier. Against the prior quarter it is up 47.8%.
Church Downs's EBITDA was $416.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.1% from the same quarter a year earlier. Against the prior quarter it is up 109.0%.
Church Downs reported $241.0M in net income in Q2 2026. This represents an increase of 11.1% from the same quarter a year earlier. Against the prior quarter it is up 190.4%.
Church Downs earned $3.42 per diluted share (EPS) in Q2 2026. This represents an increase of 14.4% from the same quarter a year earlier. Against the prior quarter it is up 194.8%.
Cash & Balance Sheet
Church Downs held $196.0M in cash against $4.1B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Church Downs's operating margin was 36.4% in Q2 2026, reflecting core business profitability. This is up 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 14.9 percentage points.
Church Downs's net profit margin was 24.6% in Q2 2026, showing the share of revenue converted to profit. This is up 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 12.1 percentage points.
Church Downs's ROE was 18.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 2.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 10.4 percentage points.
Not reported for Q2 2026.
Capital Allocation
Church Downs repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier.
Not reported for Q2 2026.
Not reported for Q2 2026.
CHDN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $980.0M+4.9% | $663.0M+3.1% | $665.9M+6.7% | $683.0M+8.7% | $934.0M+4.9% | $643.0M+8.8% | $624.2M+11.2% | $628.5M+9.8% |
| SG&A Expenses | $61.0M0.0% | $59.0M+7.3% | $70.9M+7.9% | $59.3M-0.8% | $61.0M+6.3% | $55.0M+0.4% | $65.7M+27.1% | $59.8M+19.1% |
| Operating Income | $357.0M+9.2% | $143.0M+5.9% | $123.8M-2.4% | $98.0M-22.2% | $327.0M-0.9% | $135.0M+6.9% | $126.8M+19.4% | $125.9M+12.1% |
| EBITDA | $416.0M+8.1% | $199.0M+2.6% | $183.4M+1.8% | $154.5M-12.0% | $385.0M+1.5% | $194.0M+12.0% | $180.2M+17.5% | $175.5M+13.7% |
| Interest Expense | $70.0M-6.7% | $72.0M0.0% | $75.1M+3.2% | $75.6M+3.4% | $75.0M+2.0% | $72.0M+2.3% | $72.8M+3.1% | $73.1M+7.7% |
| Income Tax | $86.0M+16.2% | $30.0M+57.9% | $31.9M+70.6% | $22.0M+10.6% | $74.0M-12.0% | $19.0M-11.2% | $18.7M+30.8% | $19.9M-4.3% |
| Net Income | $241.0M+11.1% | $83.0M+7.8% | $50.9M-29.0% | $38.1M-41.7% | $217.0M+3.7% | $77.0M-4.2% | $71.7M+24.5% | $65.4M+7.2% |
| EPS (Basic) | $3.43+13.6% | $1.16+13.7% | $0.73-23.2% | $0.54-37.9% | $3.02+7.1% | $1.02-6.4% | $0.95+23.4% | $0.87+7.4% |
| EPS (Diluted) | $3.42+14.4% | $1.16+13.7% | $0.74-22.1% | $0.54-37.2% | $2.99+7.2% | $1.02-5.6% | $0.95+18.7% | $0.86+8.9% |
| Diluted Shares (Avg) | 70M-2.8% | 70M-5.4% | N/A | 71M-4.8% | 72M-3.5% | 74M-0.9% | N/A | 75M-3.2% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
CHDN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.5B+2.0% | $7.5B+1.9% | $7.5B+2.9% | $7.5B+3.9% | $7.4B+2.9% | $7.3B+4.0% | $7.3B+4.6% | $7.2B+6.3% |
| Current Assets | $484.0M+4.3% | $452.0M-0.1% | $443.0M+7.4% | $414.9M+7.1% | $464.0M+6.4% | $452.4M+8.8% | $412.3M+2.9% | $387.4M+4.5% |
| Cash & Equivalents | $196.0M+7.5% | $200.0M+14.8% | $201.0M+14.5% | $180.5M+18.2% | $182.4M+30.0% | $174.2M+16.6% | $175.5M+21.5% | $152.7M+17.6% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $11.0M-12.7% | $11.0M-5.2% | $12.0M+3.4% | $12.4M | $12.6M | $11.6M | $11.6M-32.6% | N/A |
| Accounts Receivable | $129.0M+9.0% | $99.0M-8.8% | $93.0M-5.8% | $89.7M-3.8% | $118.4M-13.0% | $108.6M-5.6% | $98.7M-7.7% | $93.2M-8.8% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $900.0M0.0% | $900.0M0.0% | $900.0M0.0% | $900.2M0.0% | $900.2M0.0% | $900.2M0.0% | $900.2M0.0% | $900.2M0.0% |
| Total Liabilities | $6.1B-2.9% | $6.3B+1.4% | $6.4B+4.2% | $6.4B+5.3% | $6.3B+3.1% | $6.3B+0.2% | $6.2B+1.8% | $6.1B+3.3% |
| Current Liabilities | $1.4B+76.0% | $836.0M-1.2% | $733.0M+0.5% | $725.2M+2.1% | $772.1M+1.2% | $846.1M+1.1% | $729.3M-3.5% | $710.1M+6.0% |
| Non-Current Liabilities | $4.8B-13.9% | $5.5B+1.8% | $5.7B+4.6% | $5.7B+5.7% | $5.5B+3.4% | $5.4B+0.1% | $5.4B+2.6% | $5.3B+3.0% |
| Long-Term Debt | $4.1B-16.8% | $4.9B+1.1% | $5.1B+4.6% | $5.0B+5.7% | $4.9B+3.1% | $4.8B-0.9% | $4.8B+1.6% | $4.8B+2.5% |
| Total Equity | $1.3B+28.7% | $1.1B+2.2% | $1.0B-6.8% | $1.0B-5.7% | $1.0B+1.1% | $1.1B+29.6% | $1.1B+21.3% | $1.1B+23.4% |
| Retained Earnings | $1.3B+28.0% | $1.1B+2.0% | $1.0B-6.8% | $1.0B-5.5% | $1.0B+1.0% | $1.1B+29.6% | $1.1B+21.3% | $1.1B+23.2% |
CHDN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $217.0M-9.6% | $295.0M+19.4% | $96.0M-26.5% | $186.8M+10.3% | $240.0M+10.6% | $247.0M-3.0% | $130.6M+22.6% | $169.4M+76.1% |
| Depreciation & Amortization | $59.0M+1.7% | $56.0M-5.1% | $59.6M+11.6% | $56.5M+13.9% | $58.0M+17.9% | $59.0M+25.8% | $53.4M+13.1% | $49.6M+17.8% |
| Stock-Based Compensation | $8.0M+14.3% | $5.0M+25.0% | N/A | $7.4M+4.2% | $7.0M-21.3% | $4.0M-44.4% | N/A | $7.1M-12.3% |
| Investing Cash Flow | -$58.0M+32.6% | -$61.0M+23.8% | -$50.1M+61.3% | -$255.4M-103.2% | -$86.0M+37.1% | -$80.0M+47.8% | -$129.4M+23.2% | -$125.7M+70.8% |
| Financing Cash Flow | -$155.0M-11.5% | -$232.0M-56.8% | -$25.9M-228.9% | $50.4M+216.7% | -$139.0M-92.0% | -$148.0M-46.4% | $20.1M-77.8% | -$43.2M-150.0% |
| Dividends Paid | $0+100.0% | $31.0M0.0% | $600K+20.0% | $200K+300.0% | -$1.0M-600.0% | $31.0M+8.4% | $500K+66.7% | -$100K-200.0% |
| Share Buybacks | $0-100.0% | $0-100.0% | $32.0M+17.2% | $54.8M+1270.0% | $254.0M+1853.8% | $87.0M-38.6% | $27.3M+35.8% | $4.0M-88.7% |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
CHDN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 36.4%+1.4pp | 21.6%+0.6pp | 18.6%-1.7pp | 14.3%-5.7pp | 35.0%-2.0pp | 21.0%-0.4pp | 20.3%+1.4pp | 20.0%+0.4pp |
| Net Margin | 24.6%+1.4pp | 12.5%+0.5pp | 7.6%-3.9pp | 5.6%-4.8pp | 23.2%-0.3pp | 12.0%-1.6pp | 11.5%+1.2pp | 10.4%-0.3pp |
| Return on Equity | 18.0%-2.9pp | 7.6%+0.4pp | 5.0%-1.6pp | 3.7%-2.3pp | 20.8%+0.5pp | 7.2%-2.5pp | 6.6%+0.2pp | 6.0%-0.9pp |
| Return on Assets | 3.2%+0.3pp | 1.1%+0.1pp | 0.7%-0.3pp | 0.5%-0.4pp | 2.9%0.0pp | 1.1%-0.1pp | 1.0%+0.2pp | 0.9%0.0pp |
| Current Ratio | 0.36-0.2x | 0.540.0x | 0.600.0x | 0.570.0x | 0.600.0x | 0.530.0x | 0.570.0x | 0.550.0x |
| Debt-to-Equity | 3.06-1.7x | 4.44-0.1x | 5.02+0.5x | 4.87+0.5x | 4.74+0.1x | 4.49-1.4x | 4.47-0.9x | 4.35-0.9x |
| Asset Turnover | 0.130.0x | 0.090.0x | 0.090.0x | 0.090.0x | 0.130.0x | 0.090.0x | 0.090.0x | 0.090.0x |
Not reported in any period shown, so not listed: Gross Margin, FCF Margin.
Note: The current ratio is below 1.0 (0.60), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Church Downs CHDN | FY2025 | $2.9B | $383.0M | 13.1% | $5.9B | 39/100 |
| Super Group (SGHC) Ltd SGHC | FY2025 | $2.2B | $218.0M | 9.8% | $7.1B | 36/100 |
| Light & Wonder LNW | FY2025 | $3.3B | $276.0M | 8.3% | $7.0B | 43/100 |
| Rush Street Interactive Inc RSI | FY2025 | $1.1B | $33.3M | 2.9% | $3.1B | 53/100 |
| Sharplink Inc SBET | FY2025 | $28.1M | -$734.6M | N/A | $1.9B | 36/100 |
| Draftkings Inc DKNG | FY2025 | $6.1B | $3.7M | 0.1% | $11.9B | 38/100 |
Where Church Downs Ranks
Frequently Asked Questions
What is Church Downs's annual revenue?
Church Downs (CHDN) reported $2.9B in total revenue for fiscal year 2025. This represents a 7.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Church Downs's revenue growing?
Church Downs (CHDN) revenue grew by 7.0% year-over-year, from $2.7B to $2.9B in fiscal year 2025.
Is Church Downs profitable?
Yes, Church Downs (CHDN) reported a net income of $383.0M in fiscal year 2025, with a net profit margin of 13.1%.
What is Church Downs's EBITDA?
Church Downs (CHDN) had EBITDA of $916.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Church Downs have?
As of fiscal year 2025, Church Downs (CHDN) had $201.0M in cash and equivalents against $5.1B in long-term debt.
What is Church Downs's operating margin?
Church Downs (CHDN) had an operating margin of 23.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Church Downs's net profit margin?
Church Downs (CHDN) had a net profit margin of 13.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Church Downs pay dividends?
Yes, Church Downs (CHDN) paid $0.44 per share in dividends during fiscal year 2025.
What is Church Downs's return on equity (ROE)?
Church Downs (CHDN) has a return on equity of 37.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Church Downs's operating cash flow?
Church Downs (CHDN) generated $769.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Church Downs's total assets?
Church Downs (CHDN) had $7.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Church Downs's current ratio?
Church Downs (CHDN) had a current ratio of 0.60 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Church Downs's debt-to-equity ratio?
Church Downs (CHDN) had a debt-to-equity ratio of 5.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Church Downs's return on assets (ROA)?
Church Downs (CHDN) had a return on assets of 5.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Church Downs's P/E ratio?
Church Downs (CHDN) trades at 14.2x earnings, its market capitalization divided by net income of $413.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $5.9B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Church Downs's price-to-sales ratio?
Church Downs (CHDN) trades at 2.0x sales, its market capitalization divided by revenue of $3.0B revenue, trailing 12 months to June 30, 2026. The market capitalization is $5.9B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Church Downs's Altman Z-Score?
Church Downs (CHDN) has an Altman Z-Score of 1.38, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Church Downs's Piotroski F-Score?
Church Downs (CHDN) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Church Downs's earnings high quality?
Church Downs (CHDN) has an earnings quality ratio of 2.01x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Church Downs cover its interest payments?
Church Downs (CHDN) has an interest coverage ratio of 2.30x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Church Downs?
Church Downs (CHDN) scores 39 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.