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Earnings transcript
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CHDN
Churchill Downs Incorporated
$89.11
0.29
(0.32%)
| Exchange: | NASDAQ |
| Market Cap: | 6.21B |
| Shares Outstanding: | 45.385M |
Delayed data
About The Company
| Sector: | Consumer Cyclical | |||||
| Industry: | Gambling, Resorts & Casinos | |||||
| CEO: | William C. Carstanjen | |||||
| Full Time Employees: | 6480 | |||||
| Address: |
| |||||
| Website: | https://www.churchilldownsincorporated.com |
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.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2,461,700 | 2,734,300 | 2,925,900 |
| Gross Profit | 795,700 | 938,500 | 982,600 |
| EBITDA | 1,005,400 | 1,067,700 | 1,069,600 |
| Operating Income | 564,000 | 709,000 | 736,400 |
| Net Income | 417,300 | 426,800 | 379,700 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 6,955,500 | 7,275,900 | 688,700 |
| Total Liabilities | 6,061,900 | 6,172,600 | 891,400 |
| Total Stockholders Equity | 893,600 | 1,083,600 | -202,700 |
| Total Debt | 4,844,100 | 4,915,900 | 802,500 |
| Cash and Cash Equivalents | 144,500 | 175,500 | 0 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 605,800 | 772,700 | 769,800 |
| Capital Expenditure | -676,500 | -547,000 | 0 |
| Free Cash Flow | -70,700 | 225,700 | 769,800 |
| Net Income | 417,300 | 429,100 | 385,500 |
| Net Change in Cash | 17,100 | 30,900 | 35,800 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 3,209,487.904 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 3,285,196.864 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 3,253,528 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 1,273,579.862 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 1,303,622.476 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 1,291,055.728 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 519,237.229 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 535,225.831 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 527,231.530 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 276,464.780 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 282,986.337 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 280,258.387 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 7.400 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 7.500 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 7.270 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 4 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Revenue Growth: CHDN has demonstrated consistent revenue increases in recent income statements, supported by strong performance across key product segments as detailed in revenue product segment data. This growth aligns with positive industry trends in the gaming and entertainment sector.
- Strong Operating Cash Flow: Cash flow statements indicate healthy net cash provided by operating activities, reflecting operational efficiency and the ability to fund capital expenditures and dividends without excessive reliance on external financing.
- Market Position and Brand: As a key player in the gaming and racing industry (per company profile and sector data), CHDN benefits from a well-established brand and a significant market cap, providing stability and investor confidence.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates CHDN intrinsic value between $44.52 – $98.27 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
[intrinsic_calculator]
Common questions about CHDN valuation
Is Churchill Downs Incorporated (CHDN) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Churchill Downs Incorporated (CHDN) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is CHDN a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether CHDN trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is CHDN’s P/E ratio?
You can see CHDN’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for CHDN?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is CHDN a good long-term investment?
Whether CHDN fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
CHDN
1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.
Daily snapshot
0.32
Trading Metrics:
| Open: | 88.56 | Previous Close: | 88.82 | |
| Day Low: | 88.56 | Day High: | 90.53 | |
| Year Low: | 80.24 | Year High: | 118.46 | |
| Price Avg 50: | 89.94 | Price Avg 200: | 97.26 | |
| Volume: | 167010 | Average Volume: | 1.002M |
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Login — it's freeCHDN full analysis
Welcome to MARKETSNAP’s SWOT analysis for Churchill Downs Incorporated, ticker CHDN. If you’re not familiar with this name, let me give you the quick rundown. Churchill Downs is a major player in the gaming and entertainment industry, most notably known for owning and operating the iconic Kentucky Derby and a portfolio of racetracks, casinos, and online wagering platforms. Headquartered in the US, they’re deeply entrenched in the leisure and hospitality sector, with a workforce of thousands and a business model…
