At a glance
Churchill Downs Incorporated is worth $5.62B. Revenue grew 7.0% to $2.93B in fiscal 2025, with 13.1% kept as profit; over 5 years it has grown 22.7% a year. It pays a 0.54% dividend yield, raised every year for at least 9 years, and returned $1.28B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −17.4% over the past year with dividends reinvested and −6.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 62.9% in the 2020 crash (S&P 500: 33.7%) and 28.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 7 months after the lows.
The business in plain English
Churchill Downs Inc. runs horse racing, betting and gaming venues, plus online wagering. The company is based in Louisville, Kentucky. Its most famous asset is the Kentucky Derby, the first race of horse racing's Triple Crown, held at the company's Churchill Downs Racetrack. Most revenue comes from customers who bet on races or gamble at its venues. The Derby also brings in sponsorship and television-rights fees.
The largest segment, Live and Historical Racing, produced about 48% of the $2.93 billion in net revenue for the fiscal year ended December 31, 2025. It earns commissions on pari-mutuel bets. In this system, wagers go into a shared pool and the track keeps a cut before paying winners. It also earns money from admissions, seat licenses and food. The segment includes historical racing machines (HRMs). These are slot-like games whose results are based on past horse races. The company lists 10,190 HRMs across its Kentucky and Virginia venues.
Gaming, made up of regional casinos, brought in about 36%. Wagering Services and Solutions, about 17%, includes TwinSpires, one of the largest legal online horse racing betting platforms in the U.S. It also covers retail sportsbooks and the United Tote and Exacta Systems businesses. The segment provides technology services to companies including FanDuel and DraftKings. It also earns commissions by running online horse-betting platforms under other brands.
Price history
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CHDN -17.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Live and Historical Racing | $1.39B | 47.7% |
| Gaming | $1.04B | 35.6% |
| Wagering Services and Solutions | $488.2M | 16.7% |
| Product and Service, Other | $100K | 0% |
By business segment
| Live and Historical Racing | $1.44B | 49.3% |
| Gaming | $1.05B | 35.9% |
| Wagering Services and Solutions | $526.3M | 18% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $696.0M, up 1.9% from a year earlier, and net income was $80.0M (+110.5%).
- For fiscal 2025, revenue was $2.93B (+7.0% year over year; +22.7% a year from FY2020 to FY2025) with a 13.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +22.7% good |
|---|---|
| Operating margin | 23.4% good |
| Free cash flow margin | 23.9% good |
| Return on equity (FY2025) | 37.9% good |
| Return on assets (FY2025) | 5.1% watch |
| Net cash (cash minus debt) | $-4.55B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.05B | $-81.9M | $-69.3M |
| FY2021 | $1.60B | $249.1M | $420.0M |
| FY2022 | $1.81B | $439.4M | $460.6M |
| FY2023 | $2.46B | $417.3M | $527.6M |
| FY2024 | $2.73B | $426.8M | $688.1M |
| FY2025 | $2.93B | $383.0M | $699.6M |
Valuation snapshot
| Market value | $5.62B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0.54% |
Rank among 1514 US companies
Market value at each year end
Churchill Downs Incorporated’s market value went from $2.50B at the end of 2016 to $5.62B on Oct 28, 2026, about 2.2 times as much; since the end of 2025 it is down 29%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.62B | -29.2% |
| 2025 | $7.93B | -19.2% |
| 2024 | $9.81B | -2.5% |
| 2023 | $10.07B | +27.3% |
| 2022 | $7.91B | -14.2% |
| 2021 | $9.21B | +19.9% |
| 2020 | $7.69B | +40.6% |
| 2019 | $5.46B | +65.1% |
| 2018 | $3.31B | -7.8% |
| 2017 | $3.59B | +43.7% |
| 2016 | $2.50B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CHDN price data to Oct 28, 2026 | -28.0% | -17.4% | -8.6% | -6.9% | +14.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -28.0% |
| 2025 | -14.5% |
| 2024 | -0.7% |
| 2023 | +28.1% |
| 2022 | -11.9% |
| 2021 | +24.0% |
| 2020 | +42.5% |
| 2019 | +69.5% |
| 2018 | +5.5% |
| 2017 | +55.7% |
| 2016 | +7.3% |
| 2015 | +49.6% |
| 2014 | +7.4% |
| 2013 | +36.3% |
| 2012 | +29.0% |
| 2011 | +21.6% |
| 2010 | +17.5% |
| 2009 | -6.4% |
| 2008 | -24.1% |
| 2007 | +27.4% |
| 2006 | +16.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 57.9% over that stretch · deepest drop along the way 60.5%, back to its old high 34.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 55.3% over that stretch · deepest drop along the way 62.9%, back to its old high 4.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.5% over that stretch · deepest drop along the way 28.9%, back to its old high 7.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.1% | Mar 31, 2025 |
| Vanguard Capital Management | 5.01% | Jun 30, 2026 |
ETFs with the most weight in CHDN
| GENZ VanEck Digital Native Economy ETF | 4.82% |
| BETZ Roundhill Sports Betting & iGaming ETF | 4.6% |
| PJFM PGIM Jennison Focused Mid-Cap ETF | 3.2% |
| OSCV Opus Small Cap Value ETF | 1.06% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 1% |
| TMAT Main Thematic Innovation ETF | 0.84% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 0.81% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 0.81% |
What could go wrong
- Heavy reliance on the Kentucky Derby. Shifts in fan tastes, attendance, betting or sponsorships could hurt the flagship event. Bad weather or another disruption during Kentucky Derby and Oaks week could do outsized damage to results.
- Deals with horsemen and other racetracks. In some states, operations depend on agreements with horsemen, the owners and trainers who race horses, and with other tracks. Failing to sign or keep these deals on acceptable terms could seriously hurt the business.
- Costly building projects could slip. The company plans to spend $280–$300 million on a new building at Churchill Downs Racetrack and $180–$200 million on Rockingham Grand Casino in New Hampshire. Delays or cost overruns could hurt expected returns.
- Gaming taxes and regulation can change. Racing, betting and gaming are tightly regulated, and rule changes could hurt the business. States allow gambling partly to raise revenue, and legislators can increase gaming taxes and fees at any time.
- A large debt load. Total debt was about $4.7 billion against $167 million of cash and investments as of September 30, 2026. Breaking loan terms, higher interest rates or a credit-rating cut could raise costs or limit flexibility.
- Customers cut back when money is tight. Job losses or inflation can squeeze household budgets and reduce spending on betting and outings. Some company costs stay fixed or even rise when revenue falls, which can magnify the hit to profits.
Recent events
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
For income and retirement investors
Churchill Downs pays a small, steadily rising dividend. It paid $0.438 per share for fiscal 2025, up from a split-adjusted $0.311 in fiscal 2020, about 7.1% a year. SEC data show increases in every fiscal year from 2016 through 2025, at least 9 in a row. The dividend used about 8% of earnings and 4.4% of free cash flow, which is the cash left after capital spending. The yield was 0.54% as of October 28, 2026, so the stock offers little income. The company spends far more on buybacks: $1.14 billion over fiscal 2021–2025, versus $138 million on dividends, cutting the share count 10% since February 2022.
In the 2008 financial crisis the stock fell about 61% and took roughly 35 months after its March 2009 low to recover. It fell about 63% in the 2020 COVID crash and 29% in the 2022 bear market, recovering in about five and seven months. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Churchill Downs make money?
Mostly from people betting on horses and gambling at its venues. For the fiscal year ended December 31, 2025, Live and Historical Racing brought in about 48% of the $2.93 billion in net revenue. That segment includes the Kentucky Derby and historical racing machines. Regional casinos in the Gaming segment supplied about 36%. Wagering Services and Solutions supplied about 17%. It includes the TwinSpires online horse betting platform, retail sportsbooks and technology services for companies such as FanDuel and DraftKings.
Does Churchill Downs raise its dividend every year?
It has so far. SEC data show an increase in every fiscal year from 2016 through 2025. That is a streak of at least 9 increases, and it may be longer. The dividend was $0.438 per share for fiscal 2025. It is small, though: the yield was 0.54% as of October 28, 2026, and the payout used about 8% of earnings. Past increases do not guarantee future ones.
Does Churchill Downs own the Kentucky Derby?
Yes. The company calls the Kentucky Derby its most iconic asset. It runs the race at Churchill Downs Racetrack in Louisville, where thoroughbred racing has been held since 1875. One quirk: in 2002 the company transferred title to the racetrack facility to the City of Louisville and leased it back for 30 years to help pay for improvements. Under the lease, it can buy the facility back at any time for $1.00. It has budgeted $280–$300 million for a new first-turn building expected by the 2028 Derby.
How much debt does Churchill Downs have?
About $4.72 billion in total debt as of September 30, 2026, against $167 million of cash and investments. That is large next to shareholders' equity of about $1.38 billion. Free cash flow, which is the cash left after capital spending, was about $700 million in fiscal 2025. The 10-K warns that breaking loan covenants (conditions set by lenders), higher interest rates or a credit-rating cut could hurt the business. A September 28, 2026 filing reported a new debt obligation.
How has Churchill Downs stock performed?
Mixed: weak over five years, strong over ten. As of October 28, 2026, the share price was down 28% year to date and 17.4% over one year. Over five years it fell 30% in total, about 6.9% a year. Over ten years it rose 280%, about 14.3% a year. The stock was also volatile. It fell as much as 37.1% from a peak during the year to October 28, 2026.