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Churchill Downs Incorporated logo

Churchill Downs Incorporated

CHDN

NASDAQConsumer CyclicalGambling, Resorts & Casinos

Open in GoAI

Previous close

$93.71

+$0.59 · +0.63%

Aug 21, 4:00 PM ET

CHDN company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Buy

Favorable setup — positive multi-factor alignment

Valuation

90

Deep Value

Momentum

34

Weakening

Sentiment

76

Bullish

Risk resilience

61

Moderate Risk

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Thesis, catalysts, evidence, and risk analysis.

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AI-generated, informational only, and not investment advice.

Company profile

Company website

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 racing machines. The company also operates TwinSpires, a comprehensive digital platform offering betting on horse races, sports, and iGaming. Furthermore, CDI manages nine brick-and-mortar sportsbooks and runs casino gaming across eight states, housing around 11,000 slot machines and video lottery terminals, in addition to 200 table games. Beyond these core ventures, Churchill Downs Incorporated delivers streaming video of live horse races and replays, along with a wide array of racing and handicapping information. It also oversees the Bloodstock Research Information Services (BRIS) platform, a valuable source for horse racing statistical data. The company is additionally engaged in designing and deploying pari-mutuel wagering systems for racetracks, off-track betting facilities, and various other wagering enterprises. Established in 1875, Churchill Downs Incorporated is headquartered in Louisville, Kentucky.

Industry
Gambling, Resorts & Casinos
Sector
Consumer Cyclical
Headquarters
US
CEO
William C. Carstanjen
Listed since
Mar 29, 1993
Employees
7,800

Market position

Day range

Current $93.71

52-week range

Current $93.71

Open
$92.64
Previous close
$93.12
Volume
931.04K
0.92× average
Average volume
1.02M
Average daily volume
Market cap
6.53B USD
Beta
0.66
Market reference 1
50-day average
$87.202
+7.46% above average
200-day average
$94.6268
-0.97% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

P/E (TTM)
16.02×
P/B (TTM)
4.89×
P/S (TTM)
2.18×
Dividend yield
0.47%

Profitability & efficiency

Gross margin
52.94%
Operating margin
24.21%
Net margin
13.69%

Financial health

Debt / equity
3.57×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends36%28%19%11%Gross margin, FY2021: 27.93%Gross margin, FY2022: 31.30%Gross margin, FY2023: 32.32%Gross margin, FY2024: 34.32%Gross margin, FY2025: 33.58%Operating margin, FY2021: 17.81%Operating margin, FY2022: 17.78%Operating margin, FY2023: 22.91%Operating margin, FY2024: 25.93%Operating margin, FY2025: 25.17%Net margin, FY2021: 15.60%Net margin, FY2022: 24.28%Net margin, FY2023: 16.95%Net margin, FY2024: 15.61%Net margin, FY2025: 12.98%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 27.93%. Gross margin FY2022 31.30%. Gross margin FY2023 32.32%. Gross margin FY2024 34.32%. Gross margin FY2025 33.58%. Operating margin FY2021 17.81%. Operating margin FY2022 17.78%. Operating margin FY2023 22.91%. Operating margin FY2024 25.93%. Operating margin FY2025 25.17%. Net margin FY2021 15.60%. Net margin FY2022 24.28%. Net margin FY2023 16.95%. Net margin FY2024 15.61%. Net margin FY2025 12.98%.

Income trends

Revenue

2.93B USD+7.01%

Operating income

736.4M USD+3.86%

Net income

379.7M USD-11.04%
Income trends across reported periods3.19B USD2.12B USD1.05B USD−18.58M USDRevenue, FY2021: 1.6B USDRevenue, FY2022: 1.81B USDRevenue, FY2023: 2.46B USDRevenue, FY2024: 2.73B USDRevenue, FY2025: 2.93B USDOperating income, FY2021: 284.4M USDOperating income, FY2022: 321.8M USDOperating income, FY2023: 564M USDOperating income, FY2024: 709M USDOperating income, FY2025: 736.4M USDNet income, FY2021: 249.1M USDNet income, FY2022: 439.4M USDNet income, FY2023: 417.3M USDNet income, FY2024: 426.8M USDNet income, FY2025: 379.7M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 1.6B USD. Revenue FY2022 1.81B USD. Revenue FY2023 2.46B USD. Revenue FY2024 2.73B USD. Revenue FY2025 2.93B USD. Operating income FY2021 284.4M USD. Operating income FY2022 321.8M USD. Operating income FY2023 564M USD. Operating income FY2024 709M USD. Operating income FY2025 736.4M USD. Net income FY2021 249.1M USD. Net income FY2022 439.4M USD. Net income FY2023 417.3M USD. Net income FY2024 426.8M USD. Net income FY2025 379.7M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue2.93B USD2.73B USD2.46B USD1.81B USD1.6B USD
Cost of goods sold1.94B USD1.8B USD1.67B USD1.24B USD1.15B USD
Gross profit982.6M USD938.5M USD795.7M USD566.4M USD446.1M USD
Research and development——11.2M USD——
Selling, general, and administrative246.2M USD237.7M USD202.3M USD164.2M USD138.5M USD
Operating expenses246.2M USD229.5M USD231.7M USD244.6M USD161.7M USD
Interest expense297.7M USD289.8M USD268.4M USD147.3M USD84.7M USD
Depreciation and amortization239.5M USD204.7M USD175.2M USD119M USD108.5M USD
Operating income736.4M USD709M USD564M USD321.8M USD284.4M USD
Net income379.7M USD426.8M USD417.3M USD439.4M USD249.1M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
73%
8 beats, 2 misses, 1 met estimate
Average EPS surprise
+8.20%
11 comparable reports
Latest EPS result
3.45
Estimate 3.45 · Met by 0.00%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates3.662.681.70.72Q1 '25MissQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26MetQ4 '26Estimate
Q1 2025, reported Feb 19, 2025: actual 0.92, estimate 0.98, surprise -6.12%, Miss. Q2 2025, reported Apr 23, 2025: actual 1.07, estimate 1.04, surprise +2.88%, Beat. Q3 2025, reported Jul 23, 2025: actual 3.1, estimate 3.03, surprise +2.31%, Beat. Q4 2025, reported Oct 22, 2025: actual 1.09, estimate 0.97, surprise +12.37%, Beat. Q1 2026, reported Feb 25, 2026: actual 0.97, estimate 0.85, surprise +14.12%, Beat. Q2 2026, reported Apr 22, 2026: actual 1.21, estimate 1.06, surprise +14.15%, Beat. Q3 2026, reported Jul 29, 2026: actual 3.45, estimate 3.45, surprise 0.00%, Met estimate. Q4 2026, reported Oct 28, 2026: actual —, estimate 1.21, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates1.02B874.47M729.73M585MQ1 '25MissQ2 '25MissQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 19, 2025: actual 624.2M USD, estimate 660.27M USD, surprise -5.46%, Miss. Q2 2025, reported Apr 23, 2025: actual 642.6M USD, estimate 642.81M USD, surprise -0.03%, Miss. Q3 2025, reported Jul 23, 2025: actual 934.4M USD, estimate 667.69M USD, surprise +39.95%, Beat. Q4 2025, reported Oct 22, 2025: actual 683M USD, estimate 656.29M USD, surprise +4.07%, Beat. Q1 2026, reported Feb 25, 2026: actual 665.9M USD, estimate 660.13M USD, surprise +0.87%, Beat. Q2 2026, reported Apr 22, 2026: actual 663M USD, estimate 661.22M USD, surprise +0.27%, Beat. Q3 2026, reported Jul 29, 2026: actual 980M USD, estimate 977.38M USD, surprise +0.27%, Beat. Q4 2026, reported Oct 28, 2026: actual —, estimate 701.05M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$145

54.73% upside
Past 12 months12-month forecastHigh $145Average $145Low $145

Rating distribution

23 ratings
Strong buy00%
Buy23100%
Hold00%
Sell00%
Strong sell00%

CHDN news

seekingalpha.com

Churchill Downs: Wall Street Continues To Underestimate The Kentucky Derby Empire

Churchill Downs is evolving beyond horse racing, building a diversified gaming ecosystem anchored by valuable licenses, historical racing machines, and wagering technologies. Q2 2026 results set company records, with…

Read source
defenseworld.net

Aurora Investment Counsel Invests $2.27 Million in Churchill Downs, Incorporated $CHDN

Aurora Investment Counsel purchased a new position in shares of Churchill Downs, Incorporated (NASDAQ: CHDN) in the undefined quarter, according to its most recent 13F filing with the Securities and Exchange Commission…

Read source
defenseworld.net

Churchill Downs, NYRA Unveil 2027 Thoroughbred Championship Series

Churchill Downs (NASDAQ: CHDN) and the New York Racing Association announced plans to launch the Thoroughbred Championship Series, a six-race competition for three-year-old horses scheduled to begin in 2027. The series,…

Read source
seekingalpha.com

Churchill Downs Incorporated (CHDN) Discusses Creation of Thoroughbred Championship Series Linking Iconic Races Transcript

Churchill Downs Incorporated (CHDN) Discusses Creation of Thoroughbred Championship Series Linking Iconic Races Transcript

Read source
marketbeat.com

Churchill Downs, NYRA Unveil 2027 Thoroughbred Championship Series

Churchill Downs NASDAQ: CHDN and the New York Racing Association announced plans to launch the Thoroughbred Championship Series, a six-race competition for three-year-old horses scheduled to begin in 2027.

Read source
globenewswire.com

Horse Racing's Biggest Events Unite in Landmark New “Thoroughbred Championship Series”

Churchill Downs Incorporated and The New York Racing Association Introduce a Six-Race Championship Series, Running Across Three Iconic Racing Venues and Crowning One Champion

Read source

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ETFs holding CHDN

Funds reporting this stock among their holdings, ordered by reported position size.

iShares Core S&P Mid-Cap ETF logoiShares Core S&P Mid-Cap ETFIJH
Market value
205.44M
Weight
0.16%
AUM
125.92B USD
Expense ratio
0.05%
Price / 1D
$76.77+0.52%
Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
177.8M
Weight
0.01%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$378.24+0.44%
Vanguard Morningstar Small-Cap ETF logoVanguard Morningstar Small-Cap ETFVB
Market value
128.34M
Weight
0.07%
AUM
183.4B USD
Expense ratio
0.03%
Price / 1D
$304.76+0.64%
Vanguard Morningstar Small-Cap Growth ETF logoVanguard Morningstar Small-Cap Growth ETFVBK
Market value
74.29M
Weight
0.17%
AUM
43.8B USD
Expense ratio
0.05%
Price / 1D
$358.65+0.70%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
64.3M
Weight
0.07%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$245.53+0.82%
Gabelli Opportunities in Live and Sports ETF logoGabelli Opportunities in Live and Sports ETFGOLS
Market value
49.82M
Weight
3.97%
AUM
12.55M USD
Expense ratio
0.90%
Price / 1D
$27.7576+0.40%
State Street SPDR S&P MIDCAP 400 ETF Trust logoState Street SPDR S&P MIDCAP 400 ETF TrustMDY
Market value
45.15M
Weight
0.17%
AUM
26.72B USD
Expense ratio
0.23%
Price / 1D
$699.6+0.48%
iShares S&P Mid-Cap 400 Growth ETF logoiShares S&P Mid-Cap 400 Growth ETFIJK
Market value
34.7M
Weight
0.31%
AUM
10.95B USD
Expense ratio
0.16%
Price / 1D
$115.45+0.37%

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