ES
MARKETS / NASDAQ / CHDN
NASDAQ · SERVICES-RACING, INCLUDING TRACK OPERATION · LARGE CAP

Churchill Downs Inc. CHDN

17 fiscal years on record · USD · FY2025 reported
SEC FILINGS ONLY3 YEARS OF DIVIDEND GROWTH
Revenue · FY2025
$2.9B
▲ 7.0% vs FY2024
Dividend streak
3 yrs
Raised every year since 2023
EPS · FY25
—
Dividend / sh · FY25
$0.44
Payout · FY25
8%
ROE · FY25
36.6%
Net margin · FY25
13.1%
Dividend coverage
14.4×
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Result
USD 2.9B
Revenue, FY2025 · full 17-year series below
Revenue Net income
0.81.62.43.22.90.42009201220152018202120242025
0.81.62.43.22.90.42016201920222025

13 cents of every revenue dollar became profit this year.

Per share
—
Diluted EPS, FY2025
EPS Dividend
48120.442009201220152018202120242025
48120.442016201920222025

Earnings covered the dividend 14.4 times — the rest stayed in the company.

Profitability
36.6%
Return on equity, FY2025
ROE
408012036.6%2009201220152018202120242025
408012036.6%2016201920222025
Operating margin23.4%
Net margin13.1%
Return on assets5.2%

Each USD of equity produced 37 cents of profit this year.

Returned to shareholders
USD 458.6M
returned in FY2025 · dividends + net buybacks
Dividends paidUSD 30.8M
Net buybacksUSD 427.8M
Share of profit119.7%
Consecutive raises3 years

USD 30.8M in dividends and USD 427.8M in buybacks — 120% of the year's profit, so the payout drew on cash built up earlier.

Growth
+22.7% a year
revenue, compounded over five years
CAGR
3 yrs
5 yrs
10 yrs
15 yrs
Revenue
+17.4%
+22.7%
+13.9%
+11.3%
Net income
−4.5%
+19.4%
+23.4%
Dividend / share
+7.1%
Returned to shareholders
+31.7%
+54.7%
+10.8%
+32.0%

Compound annual rates per period — left blank where the series crosses a loss.

Share base
0.07B
Shares outstanding, FY2025
0.020.072009201220152018202120242025
0.020.072016201920222025
Change, 5 years—
Change, 10 years—

A share split breaks the comparison across the period, so we leave it out.

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Balance sheet
USD 7.5B
total assets, end of FY2025
Total assetsUSD 7.5B
EquityUSD 1.0B
CashUSD 200.6M
Gross debtUSD 5.1B
Net debtUSD 4.9B
Current ratio0.60×

Net debt stands at 488% of equity.

History
17 fiscal years
Every figure from documents filed with the SEC · USD
Metric
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
Revenue $B
2.9
2.7
2.5
1.8
1.6
1.1
1.3
1.0
0.9
0.8
0.8
0.8
0.0
0.0
0.0
0.6
0.5
Operating income $B
0.7
0.7
0.6
0.3
0.3
0.1
0.2
0.2
0.1
0.2
0.1
0.1
0.1
0.1
0.1
0.0
0.0
EBITDA $B
0.9
0.9
0.7
0.4
0.4
0.1
0.3
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.1
·
Income tax $B
0.1
0.1
0.1
0.2
0.1
−0.0
0.1
0.1
−0.0
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Net income $B
0.4
0.4
0.4
0.4
0.2
−0.1
0.1
0.4
0.1
0.1
0.1
0.0
0.1
0.1
0.1
0.0
0.0
EPS, diluted $
·
·
5.49
5.71
3.18
−2.08
3.38
8.48
2.92
2.14
3.71
2.64
3.06
3.34
3.76
1.05
1.21
Dividend / sh $
0.44
0.41
0.38
0.36
0.33
0.62
0.58
0.54
0.51
0.44
1.15
1.00
0.87
0.72
0.60
0.50
0.50
Payout %
8
7
6
6
10
−29
16
7
15
18
27
33
0
39
13
41
40
ROE %
36.6
43.2
57.8
102.4
73.9
−18.7
28.0
63.4
21.2
16.6
9.9
6.6
8.1
9.5
11.8
3.6
4.1
Shares out B
0.07
0.07
0.07
0.07
0.04
0.04
0.04
0.04
0.05
0.02
·
·
·
·
·
·
·

Slide the table for earlier years · "·" marks figures not disclosed in the filing for that year.

How we verifyAUDITED
47 of 47
checks passed before publication
EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidity

Every figure was compared against the original statement: 0 failures and 0 presentation gaps.

What we don’t show

We’d rather say what’s missing than fill the gap with an estimate.

P/E rationeeds a market quote — not yet licensed
Market capitalizationneeds a market quote — not yet licensed
Dividend yieldneeds a market quote — not yet licensed
Price-to-bookneeds a market quote — not yet licensed