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Churchill Downs Incorporated (CHDN) Stock: Price, Forecast & Analyst Target

Churchill Downs Incorporated (CHDN) — MoonshotScore 63/100 (Fair band), calculated Oct 4, 2026. Price $76.05 (+1.64%), as of the Oct 2, 2026 trading session; market cap $5.30B.

Educational signal · not a buy or sell recommendation · How to read this

$76.05 +$1.23 (+1.64%) Market Cap $5.30B

Churchill Downs Incorporated · CHDN · NASDAQ · Consumer Cyclical · Gambling, Resorts & Casinos

Research dated 2026-09-13: Churchill Downs operates horse racing venues, pari-mutuel wagering platforms, and gaming operations spanning sportsbooks, slot machines, and table games across multiple states. The business segments into Live and Historical Racing (pari-mutuel), TwinSpires (digital wagering), and Gaming (brick-and-mortar and online). The investment case hinges on whether the company can sustain margins as it manages capital intensity and faces potential regional gaming asset sales.

Price as of Oct 2, 2026

Key Statistics

63 of 100

MoonshotScore v2 · Churchill Downs (CHDN)

Fair
Business Quality Elite (81)
Financial Safety Okay (44)
Valuation Full (48)
Growth Durability Growing (79)
Momentum Quiet (43)
Why this rating? Method, drivers & history

Bands for the MoonshotScore: Exceptional 80-100 · Strong 65-79 · Fair 45-64 · Weak below 45.

  • Business Quality — Is this a genuinely good business?
  • Financial Safety — Could this blow up on me?
  • Valuation — Am I paying a fair price?
  • Growth Durability — Is the growth real and likely to last?
  • Momentum — Is the market already moving on this?
The ten-second read ·

High quality and durable growth, though the balance sheet is only middling. Business Quality: Elite; Financial Safety: Okay; Valuation: Full; Growth Durability: Growing; Momentum: Quiet.

  • quarterly revenue $980M (Q2 FY2026, quarter ended Jun 2026)
  • EPS beat 5 of 8
  • Altman Z 1.41 · Piotroski F 8

Helping: business quality, durable growth

What has the MoonshotScore done over time?

MoonshotScore snapshots recorded for CHDN (29 recorded, newest six shown)
RecordedScoreBand
65Fair
65Fair
64Fair
64Fair
63Fair
63Fair

The score was 63 in the stored Oct 3, 2026 snapshot and remains 63 in the current publication computed Oct 4, 2026 (0); the largest pillar moves were Financial Safety +1 and Growth Durability -1; the pillar moves offset under the sector-relative weighting, so the headline score is unchanged. This current publication is not yet represented in the immutable snapshot archive.

Calculation uses the most recent completed US trading session. Live price changes do not update the score immediately.

Computed · Educational signal · not a buy or sell recommendation · How the MoonshotScore is computed →

Price & valuation

Dates shown where recorded
MeasureValueAs of
Latest provided price$76.05
Change on the day+1.64%
52-week range$73.98–$118.35
Market capitalisation$5.30B
Price / earnings (trailing)13.00
Shares traded on the day1.19M
Beta (volatility vs the S&P 500)0.67

Price & events

Weekly closing price with reported quarters marked Weekly closing price from Sep 5, 2025 to Oct 2, 2026: low $76, high $117, latest $76. $117 $76 high $117 Sep 5, 2025 Oct 2, 2026 · $76 $102Sep 5, 2025$95Sep 19, 2025$96Oct 3, 2025$91Oct 17, 2025$99Oct 31, 2025$99Nov 14, 2025$109Nov 28, 2025$117Dec 12, 2025$115Dec 26, 2025$108Jan 9, 2026$103Jan 23, 2026$94Feb 6, 2026$94Feb 20, 2026$84Mar 6, 2026$84Mar 20, 2026$89Apr 2, 2026$92Apr 17, 2026$99May 1, 2026$87May 15, 2026$87May 29, 2026$87Jun 12, 2026$89Jun 26, 2026$86Jul 10, 2026$87Jul 24, 2026$88Aug 7, 2026$94Aug 21, 2026$87Sep 4, 2026$82Sep 18, 2026$76Oct 2, 2026

Point at or tab to any week for its close.

Other perspectives

Council score for Churchill Downs (CHDN): perspectives

Council is a separate blend of available disciplines; MoonshotScore above remains the five-pillar research rating.

9-Factor Breakdown

Revenue Growth Neutral
Gross Margin Moderate
Operating Leverage Neutral
Cash Runway Strong
R&D Intensity Neutral
Insider Activity Moderate
Trading Liquidity Strong
Price Momentum Weak
News Sentiment Neutral

Legends Council

6 lenses, 0 current

AI simulations built from the named investors' published principles. Not affiliated with, endorsed by, or the opinion of these individuals. How these lenses are built

Dalio-style lens (simulated) Ray Dalio Favorable read
Griffin-style lens (simulated) Ken Griffin Favorable read
Simons-style lens (simulated) Jim Simons Neutral read
Englander-style lens (simulated) Izzy Englander Neutral read
Klarman-style lens (simulated) Seth Klarman Neutral read
Moon AI lens (model) Neutral read

Read on: Sep 10, 2026 · older than the 27 hours refresh window; not a current reading

Munger's Mindset

Balance Sheet & Valuation · historical

Financial Health Weak
Margin of Safety Undervalued
Profit Margin Moderate
Revenue Growth Neutral
Debt/Equity Negative
ROE Strong
Gross Margin Neutral

Read on: Sep 9, 2026 · older than the 27 hours refresh window; not a current reading

How to read these bars and different assessments

Council is a separate blend of available disciplines; MoonshotScore above remains the five-pillar research rating.

Bars show each model's ordered assessment on its own scale, not a probability or a comparable investment return. The adjacent words give the assessment; more filled segments indicate a stronger model reading.

On Sep 9, 2026, the Munger lens read the price at that time as undervalued against its own estimate of value.

Readings on this page are from Oct 4, 2026, except a card that shows its own read date.

Watch the CHDN film — every key number, told as a short cinematic story

~2 min · open the film

1 · What is it?

What is Churchill Downs (CHDN), and what does it report?

Short answer · as of

Churchill Downs is primarily an entertainment enterprise focused on wagering and gaming rather than live horse racing alone.

Research dated 2026-09-13.

Churchill Downs is primarily an entertainment enterprise focused on wagering and gaming rather than live horse racing alone. Live racing at flagship venues generates limited direct profit; the franchise value comes from pari-mutuel takeout (commission on bets), digital platforms, and gaming venues. TwinSpires offers wagering on horse races, sports, and iGaming products—the most scalable revenue stream. Gaming encompasses sportsbooks across multiple states and thousands of slot and video lottery terminals.

The company owns three Kentucky venues and operates TwinSpires as a digital platform. Nine sportsbooks and thousands of gaming machines across eight states provide geographic diversification and multiple revenue pools. Unlike traditional pari-mutuel operators, Churchill Downs generates the majority of revenues from gaming and digital channels rather than live racing. This mix provides operating leverage when gaming demand strengthens.

Sources (as of 2026-09-13): Business description; Revenue by segment; SEC filing business address

2 · Latest results

What do the latest results show for Churchill Downs (CHDN)?

Short answer · as of

The most recent reported quarter, Q2 FY2026, carried revenue of $980M.

Research dated 2026-09-13.

Recent quarters show strong revenue growth driven by gaming operations and TwinSpires activity. Gross margins and operating margins remain elevated, indicating pricing power and operational discipline. Net income in the most recent quarter exceeded estimates, signaling management either set conservative guidance or executed efficiently on cost management.

The company's mix shift away from live racing toward higher-margin gaming and digital wagering supports margin expansion. Management commentary indicates potential regional gaming asset sales could generate cash for debt reduction, a priority given leverage ratios. Racing revenues remain volatile due to seasonal attendance patterns and weather, creating quarterly earnings volatility despite strong underlying gaming trends.

Sources (as of 2026-09-13): Quarterly income statement (USD thousands); Reported versus estimated, last 8 quarters; Management outlook — dated call excerpts

Where is operating spending going?

Revenue alongside research and development, selling, general and administrative expenses, and the FMP standardized operating result.

Where is operating spending going? — FMP standardized evidence
Period endRevenueR&DSG&AFMP standardized operating result
Jun 30, 2026Not availableNot availableNot availableNot available
Mar 31, 2026Not availableNot availableNot availableNot available
Dec 31, 2025Not availableNot availableNot availableNot available
Sep 30, 2025Not availableNot availableNot availableNot available

USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow.

Quarterly income statement — 4 quarters
Revenue, net income and earnings per share by quarter
PeriodRevenueNet incomeEPS
Q2 FY2026$980M$241M$3.44 (diluted)
Q1 FY2026$663M$81M$1.16 (diluted)
Q4 FY2025$666M$50M$0.69 (diluted)
Q3 FY2025$683M$38M$0.53 (diluted)
3 · Financial strengths and risks

What are the financial strengths and risks for Churchill Downs (CHDN)?

Short answer

Cash and short-term investments were $0.00 at the Jun 30, 2026 balance-sheet date. This figure does not establish a cash runway.

Research dated 2026-09-13.

The balance sheet carries substantial debt from historical acquisitions and capital investments, though operating cash flow provides meaningful leverage reduction capability. Liquidity position is adequate, though debt-to-equity ratios remain elevated. Capital expenditure requirements for venue maintenance and gaming machine refreshes create ongoing cash demands.

Key risk centers on regulatory dynamics. Gaming expansion depends on state-level licensing and gaming board approvals, which can change unexpectedly. Sports wagering legalization has driven TwinSpires growth, but saturation as more states enter markets will eventually limit expansion. Any downturn in discretionary consumer spending would immediately reduce gaming revenues, as the customer base skews toward less affluent demographics sensitive to economic cycles.

Sources (as of 2026-09-13): Cash, investments and debt; Trailing twelve-month ratio set; Operating cash flow by quarter (USD millions)

4 · What to check next?

What should you watch next at Churchill Downs (CHDN)?

Short answer · as of

Current published price targets run low $119.00 · high $145.00 · consensus $132.00 · median $132.00 against a quoted price of $76.05 (as of Oct 2, 2026).

Research dated 2026-09-13.

Monitor the pace and pricing of any regional gaming asset sales. These transactions could provide material debt reduction and lower leverage ratios, improving credit metrics. Management's capital allocation priorities should clarify whether deployment emphasizes debt reduction or growth reinvestment. Guidance on TwinSpires growth sustainability becomes critical as sports wagering markets mature in early-adopter states.

Seasonal patterns create quarterly earnings volatility, but underlying trend in gaming demand relative to racing activity will indicate long-term mix evolution. Any commentary on cost structure changes, venue consolidation, or strategic pivots should be evaluated carefully. Insider trading activity and shareholder return programs will signal confidence in sustainable profitability.

Sources (as of 2026-09-13): Next earnings report; Management outlook — dated call excerpts; Insider transactions, last 180 days

What the records here don't tell us

  • No forward revenue or earnings estimate is on file.
  • The next earnings date is not yet scheduled in the calendar we read.

Checked against the records this page reads, on the dates shown above.

5 · Peer comparison

How does Churchill Downs compare with its peers?

Short answer

Churchill Downs's score ranks 8th of 13 in the bounded comparison shown, against 12 same-model peers. These are company scores, not expected investment returns. The set lists named competitors first, then companies in the same data-provider industry classification closest in market value; that classification is the provider's, not our judgment of business similarity.

Research dated 2026-09-13.

Churchill Downs differs from pure gaming operators in its legacy live racing asset base and geographic concentration in Kentucky. Most regional gaming operators lack entertainment venue anchors; Churchill Downs leverages iconic racing heritage for marketing and customer acquisition. However, the racing business itself is unprofitable, raising questions about the strategic value of preserving live racing operations.

Compared to digital-native sports betting platforms and iGaming aggregators, Churchill Downs offers more integrated gaming ecosystem—combining live venues, digital platforms, and geographic footprint. Leverage ratios exceed typical gaming company norms, reflecting debt-funded acquisitions. Management's willingness to sell non-core gaming assets suggests realization that not all acquired properties generate acceptable returns, a sign of disciplined capital allocation.

Sources (as of 2026-09-13): Revenue by segment; Trailing twelve-month ratio set; Business description

Peer set — price, market value and MoonshotScore
CompanyPriceMarket valueScore
Super Group (SGHC) Limited (SGHC) Named competitor$11.25 Oct 2, 2026$5.72B93 5-pillar Oct 4, 2026
Murphy USA Inc. (MUSA) Named competitor$515.02 Oct 2, 2026$9.51B77 5-pillar Oct 4, 2026
Birkenstock Holding plc (BIRK) Named competitor$33.33 Oct 2, 2026$6.13B77 5-pillar Oct 4, 2026
Hilton Grand Vacations Inc. (HGV) Same industry, near in market value$34.86 Oct 2, 2026$2.74B70 5-pillar Oct 4, 2026
Allison Transmission Holdings, Inc. (ALSN) Named competitor$117.97 Oct 2, 2026$9.78B69 5-pillar Oct 4, 2026
Boyd Gaming Corporation (BYD) Same industry, near in market value$67.25 Oct 2, 2026$4.89B68 5-pillar Oct 4, 2026
Rush Street Interactive, Inc. (RSI) Same industry, near in market value$20.01 Oct 2, 2026$4.95B67 5-pillar Oct 4, 2026
Churchill Downs (CHDN) — this page$76.05$5.30B63
Red Rock Resorts, Inc. (RRR) Same industry, near in market value$50.31 Oct 2, 2026$2.94B62 5-pillar Oct 4, 2026
Wynn Resorts, Limited (WYNN) Same industry, near in market value$75.88 Oct 2, 2026$7.88B55 5-pillar Oct 4, 2026
Vail Resorts, Inc. (MTN) Same industry, near in market value$141.16 Oct 2, 2026$5.03B53 5-pillar Oct 4, 2026
Marriott Vacations Worldwide Corporation (VAC) Same industry, near in market value$104.20 Oct 2, 2026$3.58B47 5-pillar Oct 4, 2026
MGM Resorts International (MGM) Same industry, near in market value$30.48 Oct 2, 2026$7.67B45 5-pillar Oct 4, 2026

Only 5-pillar scores are ranked together. Other models are not directly comparable. Price and score dates are shown separately; market-value dates are unavailable.

Screen more Consumer Cyclical stocks

The records behind this page

Analyst targets & estimates

What analysts have on file

Price target, low to high
$119.00 – $145.00
Consensus target
$132.00
Median target
$132.00

Consensus record · Captured .

Measured against a quoted price of $76.05 (as of Oct 2, 2026).

Insider activity

Form 4 records via FMP · Of the newest 60 records, those within the last 180 days, newest dated Sep 30, 2026

Transactions
8
Identified insiders
6
Purchases
0
Sales
0
Other transactions
8

Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent.

Churchill Downs Consumer Cyclical Stock: Key Questions Answered

Research dated 2026-09-13; the answers below are from that research, and the full attribution is under Sources. The last 2 questions are answered from this page's own dated data, not from the research.

Why does the company own live racing venues if they are unprofitable?

Live racing provides pari-mutuel takeout revenue and historical racing machine revenues that generate modest but stable cash flow. More importantly, iconic venues like Churchill Downs itself carry brand value and customer loyalty that support the broader gaming and TwinSpires platform. The racing franchise is increasingly a loss leader that anchors a broader gaming ecosystem.

Sources (as of 2026-09-13): Business description; Revenue by segment; Quarterly income statement (USD thousands)

What is the TwinSpires platform and why is it valuable?

TwinSpires offers digital wagering on horse racing, sports, and online gaming—the most scalable revenue stream in the company's portfolio. Unlike brick-and-mortar gaming venues, digital platforms have minimal capital requirements and can serve customers across state lines where permitted. As more states legalize sports wagering, TwinSpires captures incremental demand without venue expansion.

Sources (as of 2026-09-13): Business description; Revenue by segment; Reported versus estimated, last 8 quarters

How much debt does the company carry and is it sustainable?

Leverage ratios remain elevated from historical acquisitions, but operating cash flow generation provides debt service capacity and potential refinancing flexibility. Management's stated intent to reduce debt through asset sales suggests comfort with current levels while seeking improvement. Any recession hitting discretionary spending would stress the debt service capability.

Sources (as of 2026-09-13): Cash, investments and debt; Trailing twelve-month ratio set; Operating cash flow by quarter (USD millions)

What happens if regional gaming asset sales don't materialize?

The company would retain higher-than-desired leverage while losing a potential cash injection for debt reduction. This would constrain capital deployment flexibility and leave leverage ratios vulnerable to recession. Inability to sell underperforming assets would signal either overvaluation of the company's internal estimates or challenging market conditions for gaming property transactions.

Sources (as of 2026-09-13): Management outlook — dated call excerpts; Cash, investments and debt; Trailing twelve-month ratio set

What is the CHDN stock price today?

The last price recorded on this page for Churchill Downs Incorporated (CHDN) is $76.05, as of the Oct 2, 2026 trading session (source: Financial Modeling Prep (FMP) · quote). It is a provider snapshot, not a live exchange feed, so check a brokerage quote before you trade.

What is the CHDN price target?

The analyst consensus price target for Churchill Downs Incorporated (CHDN) is $132.00 (range $119.00 to $145.00, median $132.00), per FMP data captured Oct 4, 2026. Targets are analyst opinions and change often; they are not a Stock Expert AI forecast.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

Research written by Claude (claude-haiku-4-5) on 2026-09-13. AI-authored analysis; source dates are shown with each answer. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief.

Sources (as of 2026-09-13): Business description; Ticker / exchange; Sector / industry (provider taxonomy)

Sources — records for every figure on this page (27 figures)

The 27 rows below are exactly the facts the evidence-backed sections of this page printed — the 10-second verdict, the MoonshotScore, price and market value, the five questions with their receipts, and the records behind this page. Known dates and sources are recorded on their own rows; an em dash or UNRECORDED tier preserves a stored observation without inventing either. The quarterly income statement is provider-standardized (FMP) under one row, and scale definitions — a 0-100 rating, the band ladder, the Piotroski 0–9 range — are fixed rather than measured. No number in those sections was generated by a model. The register does not cover quoted third-party headlines, the dated council readings, or the Frequently Asked Questions; each of those says where it came from where it stands.

"As of" is the date the value is true for where the source carries one — a quarter end, a filing date, a price close, the day the score was computed. A cached observation with no source date remains undated; the page publication date is not used as a substitute.

OFFICIAL — 1 fact from SEC filings and earnings calls

OFFICIAL facts used on this page
Fact IDFactValue as shownAs ofTierSource
id.hqSEC filing business address600 N Hurstbourne Pkwy, STE 400, Louisville, KY, 40222-5389OFFICIALSEC EDGAR filer business address — The SEC filer business address. Our market-data provider separately lists "600 North Hurstbourne Parkway, Louisville, KY, 40222, US".

FMP — 22 facts from Financial Modeling Prep endpoint families

FMP facts used on this page
Fact IDFactValue as shownAs ofTierSource
px.lastLatest provided price$76.05FMPFinancial Modeling Prep (FMP) · quote — Dated to the US trading session the price belongs to, derived from the quote record's timestamp (weekend and pre-open reads roll back to the previous weekday; exchange holidays are not modelled). The record does not establish an exchange execution time. Retrieved 2026-10-04T17:14:36.074Z.
px.changeChange on the day+1.64%FMPFinancial Modeling Prep (FMP) · quote
px.mcapMarket capitalization$5.30BFMPFinancial Modeling Prep (FMP) quote — Provider market cap uses the share class it prices; a company with more than one class may show a larger total elsewhere. Market cap record date: 2026-10-04. Source capture time was not supplied. No share-count basis is inferred; this page preserves the reported amount instead of recalculating it from shares.
px.change_absChange on the day, in dollars+$1.23FMPFinancial Modeling Prep (FMP) · quote
fin.q_revenueRevenue, Q2 FY2026$980MFMPFinancial Modeling Prep (FMP) · income statement (quarterly)
px.range5252-week range$73.98–$118.35FMPFinancial Modeling Prep (FMP) quote
px.pePrice / earnings (trailing)13.00FMPFinancial Modeling Prep (FMP) · quote
px.volumeShares traded on the day1.19MFMPFinancial Modeling Prep (FMP) · quote
px.betaBeta0.67FMPFinancial Modeling Prep (FMP) company profile
id.ceoChief executiveWilliam C. CarstanjenFMPFinancial Modeling Prep (FMP) key executives (proxy-derived) — Titles and pay come from the company's proxy statement as our provider parsed it.
id.employeesEmployees7,800FMPFinancial Modeling Prep (FMP) company profile
fin.annualRevenue and net result by fiscal year5 fiscal years, FY1970 through FY2025: FY1970 revenue $0.00, net result $0.00; FY2022 revenue $0.00, net result $0.00; FY2023 revenue $0.00, net result $0.00; FY2024 revenue $0.00, net result $0.00; FY2025 revenue $0.00, net result $0.00FMPFinancial Modeling Prep (FMP), from the company's 10-K income statements
fin.gross_marginGross margin (trailing twelve months)34.2%FMPFinancial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero.
fin.q_tableQuarterly income statement4 quarters through Q2 FY2026FMPFinancial Modeling Prep (FMP) · income statement (quarterly), as filed
fin.cash_investmentsCash and short-term investments$0.00FMPFinancial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review. The market-value ratio is undefined when the reported amount is zero.
fin.total_debtTotal debt$0.00FMPFinancial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability.
fin.price_to_bookPrice to book value3.97×FMPFinancial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero.
earn.ptStored analyst price targetslow $119.00 · high $145.00 · consensus $132.00 · median $132.00FMPFinancial Modeling Prep (FMP) · price-target consensus — Captured Oct 4, 2026 · Coverage not supplied
earn.pt_rangeAnalyst price target, low to high$119.00 – $145.00FMPFinancial Modeling Prep (FMP) · price-target consensus — Captured Oct 4, 2026 · Coverage not supplied
earn.pt_consensusConsensus analyst price target$132.00FMPFinancial Modeling Prep (FMP) · price-target consensus — Captured Oct 4, 2026 · Coverage not supplied
earn.pt_medianMedian analyst price target$132.00FMPFinancial Modeling Prep (FMP) · price-target consensus — Captured Oct 4, 2026 · Coverage not supplied
own.insidersInsider transactions via FMP8 transactions · 0 purchases, 0 sales, 8 other transactions · 6 identified insiders · of the newest 60 records, those within the last 180 days, newest dated Sep 30, 2026FMPFinancial Modeling Prep (FMP), carrying Form 4 transaction records — Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent.

UNRECORDED — 2 facts from stored observations whose source was not recorded

UNRECORDED facts used on this page
Fact IDFactValue as shownAs ofTierSource
earn.historyReported versus estimated, recent quartersEPS beat 5 of 8UNRECORDEDStored earnings-history observation — Captured 2026-09-29 · Expired observation
fin.scoresDistress and quality screensAltman Z 1.41 · Piotroski F 8UNRECORDEDStored financial-scores observation — Captured 2026-10-03 · Expired observation

OURS — 2 facts from Stock Expert AI's own score and rank

OURS facts used on this page
Fact IDFactValue as shownAs ofTierSource
ours.moonshotMoonshotScore v263 of 100 · Fair · pillars 81 / 44 / 48 / 79 / 43OURSStock Expert AI MoonshotScore v2 engine
ours.moonshot_changeMoonshotScore movement63 (stored snapshot Oct 3, 2026) → 63 (current publication computed Oct 4, 2026) (0)OURSStock Expert AI current score publication and immutable score snapshots — The current score publication is not yet represented in the immutable snapshot archive.
Published
Research standards
Methodology · Editorial policy · Corrections

Sources used for research written 2026-09-13

Historical evidence preserved with this analysis. Current figures are listed separately above.

EvidenceCaptured valueSource dateSource typeSource
Business description
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.
2026-09-13FMPFinancial Modeling Prep (FMP) company profile
Ticker / exchange
CHDN on Nasdaq
2026-09-13OFFICIALSEC EDGAR filer record
Sector / industry (provider taxonomy)
Consumer Cyclical / Gambling, Resorts & Casinos

The company's SEC filings classify it under SIC 7948 — Services-Racing, Including Track Operation.

2026-09-13FMPFinancial Modeling Prep (FMP) company profile
Revenue by segment
Gaming: $1.04B; Product and Service, Other: $314.60M; Racing Event-Related Services: $185.00M; Pari-Mutuel, Historical Racing: $1.02B; Pari-Mutuel, Live And Simulcast Racing: $491.50M
2025-12-31FMPFinancial Modeling Prep (FMP) revenue segmentation, from the company's 10-K
SEC filing business address
600 N HURSTBOURNE PKWY, STE 400, LOUISVILLE, KY, 40222-5389

The SEC filer business address. Our market-data provider separately lists "600 North Hurstbourne Parkway, Louisville, KY, 40222, US".

2026-09-13OFFICIALSEC EDGAR filer business address
Quarterly income statement (USD thousands)
Captured record · 8 entries
  • Quarter ended 2026-06-30 — EPS: $3.44 per share, SG&A: $61.00M, EPS basic: $3.44 per share, EPS basis: diluted, Revenue: $980.00M, EPS diluted: $3.44 per share, Net result: $241.00M, Gross profit: $980.00M, Operating result: $357.00M
  • Quarter ended 2026-03-31 — EPS: $1.16 per share, SG&A: $59.00M, EPS basic: $1.16 per share, EPS basis: diluted, Revenue: $663.00M, EPS diluted: $1.16 per share, Net result: $81.00M, Gross profit: $203.00M, Operating result: $144.00M
  • Quarter ended 2025-12-31 — EPS: $0.71 per share, SG&A: $71.50M, EPS basic: $0.71 per share, EPS basis: diluted, Revenue: $665.90M, EPS diluted: $0.71 per share, Net result: $49.80M, Gross profit: $196.70M, Operating result: $125.20M
  • Quarter ended 2025-09-30 — EPS: $0.53 per share, SG&A: $59.30M, EPS basic: $0.54 per share, EPS basis: diluted, Revenue: $683.00M, EPS diluted: $0.53 per share, Net result: $37.90M, Gross profit: $204.30M, Operating result: $98.00M
  • Quarter ended 2025-06-30 — EPS: $3 per share, SG&A: $60.90M, EPS basic: $3.03 per share, EPS basis: diluted, Revenue: $934.40M, EPS diluted: $3 per share, Net result: $216.90M, Gross profit: $392.10M, Operating result: $327.70M
  • Quarter ended 2025-03-31 — EPS: $1.02 per share, SG&A: $54.50M, EPS basic: $1.02 per share, EPS basis: diluted, Revenue: $642.60M, EPS diluted: $1.02 per share, Net result: $76.70M, Gross profit: $189.50M, Operating result: $134.60M
  • Quarter ended 2024-12-31 — EPS: $0.95 per share, R&D: $13.00M, SG&A: $0, EPS basic: $0.95 per share, EPS basis: diluted, Revenue: $624.20M, EPS diluted: $0.95 per share, Net result: $71.70M, Gross profit: $179.70M, Operating result: $126.80M
  • Quarter ended 2024-09-30 — EPS: $0.86 per share, SG&A: $59.80M, EPS basic: $0.87 per share, EPS basis: diluted, Revenue: $628.50M, EPS diluted: $0.86 per share, Net result: $64.40M, Gross profit: $185.60M, Operating result: $125.90M
2026-06-30FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements
Reported versus estimated, last 8 quarters
Captured record · 8 entries
  • Reported 2026-07-29 — EPS actual: $3.45 per share, EPS estimated: $3.45 per share, Revenue actual: $980.00M, Revenue estimated: $977.38M
  • Reported 2026-04-22 — EPS actual: $1.21 per share, EPS estimated: $1.06 per share, Revenue actual: $663.00M, Revenue estimated: $661.22M
  • Reported 2026-02-25 — EPS actual: $0.97 per share, EPS estimated: $0.85 per share, Revenue actual: $665.90M, Revenue estimated: $660.13M
  • Reported 2025-10-22 — EPS actual: $1.09 per share, EPS estimated: $0.97 per share, Revenue actual: $683.00M, Revenue estimated: $656.29M
  • Reported 2025-07-23 — EPS actual: $3.1 per share, EPS estimated: $3.03 per share, Revenue actual: $934.40M, Revenue estimated: $667.69M
  • Reported 2025-04-23 — EPS actual: $1.07 per share, EPS estimated: $1.04 per share, Revenue actual: $642.60M, Revenue estimated: $642.81M
  • Reported 2025-02-19 — EPS actual: $0.92 per share, EPS estimated: $0.98 per share, Revenue actual: $624.20M, Revenue estimated: $660.27M
  • Reported 2024-10-23 — EPS actual: $0.97 per share, EPS estimated: $1.06 per share, Revenue actual: $628.50M, Revenue estimated: $619.91M
2026-07-29FMPFinancial Modeling Prep (FMP) earnings
Management outlook — dated call excerpts
Captured record · 1 entry
  • Call of 2026-07-30 — Quote: And in 2027, we expect that it will drop based on our cash flow projections and if and when we complete any regional gaming asset sales., Speaker: Marcia Dall

Selected verbatim statements from the latest available call, dated by the transcript provider. Management expectations, not completed milestones or guarantees. Relative dates retain the speaker's wording.

2026-07-30OFFICIALCompany earnings call, transcript via Financial Modeling Prep (FMP)
Cash, investments and debt
Total debt: $4.78B; Liquidity basis: cash and short-term investments; Total liabilities: $6.13B; Cash and short-term investments: $196.00M; Cash and investments: $886.00M; Long-term investments: $690.00M; Long-term investments classification: unclassified

Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability.

2026-06-30FMPFinancial Modeling Prep (FMP), from the company's balance sheet
Trailing twelve-month ratio set
Quick ratio: 0.35; Current ratio: 0.36; Debt to equity: 3.57; Net margin: 13.7%; Gross margin: 52.9%; Operating margin: 24.2%; Return on assets: 5.4%; Return on equity: 36.6%

Price-based multiples captured at research time are not repeated here; the page shows each once, from current figures with their own dates. A ratio our provider could not compute is absent rather than shown as zero.

2026-09-13FMPFinancial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm
Operating cash flow by quarter (USD millions)
Captured record · 8 entries
  • Quarter ended 2026-06-30 — Capital expenditure: -$58.00M, Operating cash flow: $217.00M
  • Quarter ended 2026-03-31 — Capital expenditure: -$59.00M, Operating cash flow: $295.00M
  • Quarter ended 2025-12-31 — Capital expenditure: -$50.30M, Operating cash flow: $96.00M
  • Quarter ended 2025-09-30 — Capital expenditure: -$244.90M, Operating cash flow: $186.80M
  • Quarter ended 2025-06-30 — Capital expenditure: -$85.00M, Operating cash flow: $240.00M
  • Quarter ended 2025-03-31 — Capital expenditure: -$80.00M, Operating cash flow: $247.00M
  • Quarter ended 2024-12-31 — Capital expenditure: -$129.40M, Operating cash flow: $130.60M
  • Quarter ended 2024-09-30 — Capital expenditure: -$125.60M, Operating cash flow: $169.40M
2026-06-30FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements
Next earnings report
Date: 2026-10-28; EPS estimate: $1.22 per share; Revenue estimate: $701.71M

The date is our provider's estimate until the company confirms it.

2026-09-13FMPFinancial Modeling Prep (FMP) earnings calendar
Insider transactions, last 180 days
Net shares: 17,206.15; Window days: 180; Clustered days: 2026-04-21; Buy transactions: 0; Distinct insiders: 8; Sell transactions: 0; Other transactions: 10; Total transactions: 10; Other transaction types: A-Award: 10; Unknown direction transactions: 0

Purchase and sale counts require explicit provider transaction types, without a conflicting acquisition/disposition direction. Other transactions retain their provider type; awards, exercises, gifts and in-kind transactions are not counted as purchases or sales. Net shares sums acquired minus disposed shares across direction-known records, including other transaction types; unknown directions are excluded. It is not net purchases or a verified change in beneficial ownership. Named-insider counts, same-day clusters and positive reported prices cover all retained records. Filing dates are used only when transaction dates are absent. Neither timing nor price establishes motive or whether a transaction was on the open market.

2026-06-30FMPFinancial Modeling Prep (FMP) insider transactions, from Form 4 filings
Data Sources & Methodology
Figures come from Financial Modeling Prep (FMP). If FMP has no figure for a ticker, a price or fundamental may come from a Yahoo Finance fallback, or a price from an Alpaca fallback. SEC EDGAR is used only for filing links and company identity details (legal name, address), never for figures. AI analysis by Stock Expert AI proprietary algorithms. Technical indicators via industry-standard calculations. Last updated: .
Data Provenance
Sources: Financial Modeling Prep (FMP) — Primary · Yahoo Finance — Fallback · Alpaca — Tertiary
Last fetched:
Cache TTL: Quote 5min · Profile 7d · Financials 7d · Insider 48h
How we use AI: Numbers are pulled directly from FMP & Yahoo Finance — our AI writes the analysis, it never edits the figures.
Data provided as-is for educational purposes. Not financial advice. Methodology

Data provided for informational purposes only.

ETFs that hold CHDN

Funds in our ETF coverage that list CHDN among the top 10 holdings on their fund page, largest weight first. Each weight is the fund's reported holding weight as of the date in its row.

ETFWeightHoldings as of
iShares Morningstar Small-Cap Growth ETF (JKK)0.86%