# Churchill Downs Inc: overview

CHDN · Nasdaq · CIK 20212 · [Consumer discretionary](/sectors/consumer-discretionary.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/chdn.md) · [Financials](/companies/chdn/financials.md) · [Filings](/companies/chdn/filings.md) · [Insiders](/companies/chdn/insiders.md)

Latest reported revenue: [$980.0m](/filings/0000020212-26-000059.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Jul 29, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0000020212-26-000059).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [629](/filings/0000020212-25-000135.md) | [624 d](/filings/0000020212-26-000025.md) | [643](/filings/0000020212-26-000043.md) | [934](/filings/0000020212-26-000059.md) | [683](/filings/0000020212-25-000135.md) | [666 d](/filings/0000020212-26-000025.md) | [663](/filings/0000020212-26-000043.md) | [980](/filings/0000020212-26-000059.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [20.0%](/filings/0000020212-25-000135.md) | [20.3% d](/filings/0000020212-26-000025.md) | [21.0%](/filings/0000020212-26-000043.md) | [35.0%](/filings/0000020212-26-000059.md) | [14.3%](/filings/0000020212-25-000135.md) | [18.5% d](/filings/0000020212-26-000025.md) | [21.6%](/filings/0000020212-26-000043.md) | [36.4%](/filings/0000020212-26-000059.md) |
| Net margin | % | [10.4%](/filings/0000020212-25-000135.md) | [11.5% d](/filings/0000020212-26-000025.md) | [12.0%](/filings/0000020212-26-000059.md) | [23.2%](/filings/0000020212-26-000059.md) | [5.6%](/filings/0000020212-25-000135.md) | [7.7% d](/filings/0000020212-26-000025.md) | [12.5%](/filings/0000020212-26-000059.md) | [24.6%](/filings/0000020212-26-000059.md) |
| Diluted EPS | $ per share | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL not reported.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations; Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [1,597](/filings/0000020212-24-000055.md) | [1,810](/filings/0000020212-25-000051.md) | [2,462](/filings/0000020212-26-000025.md) | [2,734](/filings/0000020212-26-000025.md) | [2,926](/filings/0000020212-26-000025.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [17.8%](/filings/0000020212-24-000055.md) | [17.8%](/filings/0000020212-25-000051.md) | [22.9%](/filings/0000020212-26-000025.md) | [25.9%](/filings/0000020212-26-000025.md) | [23.4%](/filings/0000020212-26-000025.md) |
| Net margin | % | [15.6%](/filings/0000020212-24-000055.md) | [24.3%](/filings/0000020212-25-000051.md) | [17.0%](/filings/0000020212-26-000025.md) | [15.6%](/filings/0000020212-26-000025.md) | [13.1%](/filings/0000020212-26-000025.md) |
| Diluted EPS | $ per share | [3.18](/filings/0000020212-24-000055.md) | [5.71](/filings/0000020212-24-000055.md) | [5.49](/filings/0000020212-24-000055.md) | not reported | not reported |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/chdn/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $555.9m | 6,202,008 |  | Reduced −251,078 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $287.6m | 3,207,921 |  | Added +251,380 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $267.9m | 2,988,941 |  | Added +243,268 |
| [FMR LLC](/funds/315066.md) | 2026-06-30 | $264.2m | 2,947,784 |  | Added +1,239,325 |
| [LONDON CO OF VIRGINIA](/funds/1259887.md) | 2026-06-30 | $220.9m | 2,464,527 |  | Reduced −129,294 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $183.7m | 2,048,801 |  | Added +46,717 |
| [CITADEL ADVISORS LLC](/funds/1423053.md) | 2026-06-30 | $153.7m | 1,714,304 |  | Added +442,976 |
| [JANE STREET GROUP, LLC](/funds/1595888.md) | 2026-06-30 | $140.1m | 1,562,400 | Put | Added +1,445,600 |
| [ARROWSTREET CAPITAL, LIMITED PARTNERSHIP](/funds/1164508.md) | 2026-06-30 | $129.5m | 1,444,412 |  | Added +67,722 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $120.3m | 1,342,056 |  | Reduced −68,034 |

## Recent filings

[All 1,537 filings](/companies/chdn/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-09-28 | 13:23 ET | [8-K](/filings/0001193125-26-403885.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001193125-26-403885 |
| 2026-07-29 | 20:31 ET | [10-Q](/filings/0000020212-26-000059.md) | Quarterly report, period 2026-06-30 | 0000020212-26-000059 |
| 2026-07-29 | 20:27 ET | [8-K](/filings/0000020212-26-000058.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000020212-26-000058 |
| 2026-07-29 | 20:17 ET | [8-K](/filings/0000020212-26-000056.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0000020212-26-000056 |
| 2026-04-22 | 20:34 ET | [10-Q](/filings/0000020212-26-000043.md) | Quarterly report, period 2026-03-31 | 0000020212-26-000043 |
| 2026-04-22 | 20:08 ET | [8-K](/filings/0000020212-26-000041.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000020212-26-000041 |
| 2026-04-21 | 21:21 ET | [8-K](/filings/0000020212-26-000033.md) | 5.07 Shareholder vote results | 0000020212-26-000033 |
| 2026-03-12 | 20:06 ET | [DEF 14A](/filings/0001193125-26-104118.md) | Proxy statement, period 2026-04-21 | 0001193125-26-104118 |
| 2026-02-25 | 21:36 ET | [10-K](/filings/0000020212-26-000025.md) | Annual report, period 2025-12-31 | 0000020212-26-000025 |
| 2026-02-25 | 21:24 ET | [8-K](/filings/0000020212-26-000023.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000020212-26-000023 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0000020212-26-000025.md), filed Feb 25, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/98c424c0-7880-4a86-a365-76f1fd30fc21)

## About the filer

- CIK: 20212
- Tickers: CHDN
- Exchange: Nasdaq
- SIC code: 7948 Services-Racing, Including Track Operation
- State of incorporation: KY
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:17 ET. No prices; not investment advice.