Churchill Downs Incorporated

CHDNNASDAQConsumer Cyclical● Active

$86.73

$-0.19(-0.22%)

Market Cap$6.0B

P/E Ratio—

52W High$118.46

52W Low$80.24

Avg Volume1.0M

Open$86.78

Beta0.68

Overview

Churchill Downs Incorporated (CHDN) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

CHDN · free cash flow · updated Jun 8, 2026

Core FCF metrics

CHDN · FCF · TTM · margin & CAGR

Free cash flow was $494.9M for FY2025 (fiscal year ending 2025-12-31), up 119.3% year-over-year The FCF margin was 16.9%.

FY2025 Free Cash Flow$494.9M▲ +119.3% YoY

Trailing 12M (TTM)$674.6Mtrailing 4 quarters sum

FCF Margin16.9%$494.9M ÷ revenue

3-Year CAGR+83.6%FY2022 → FY2025

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

CHDN · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$769.8M(275M)$494.9M▲ +119.3%16.9%

FY2024$772.7M(547M)$225.7M▲ +419.2%8.3%

FY2023$605.8M(677M)−$70.7M▼ 188.4%-2.9%

FY2022$536.8M(457M)$80.0M▼ 67.2%4.4%

FY2021$335.5M(92M)$243.7M▲ +364.0%15.3%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

CHDN · P/FCF · FCF yield · FCF per share

Churchill Downs Incorporated (CHDN) trades at a FCF yield of 11.18% and a price-to-free-cash-flow ratio of 9.1x. FCF per share stands at $9.52, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

11.18%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$9.52

TTM FCF ÷ Shares Outstanding

Price / FCF

x9.1

Share Price ÷ FCF per Share

EV / FCF (TTM)

x16.0

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

CHDN · cash flow statement · operating / investing / financing

For FY2025, Churchill Downs Incorporated generated $769.8M in operating cash flow and spent 275M in capital expenditures, yielding $494.9M in free cash flow.

Operating Activities

+$769.8M

Cash from core business operations

2025-12-31

Investing Activities

−$471.5M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$262.5M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($769.8M) − |CapEx| (275M) = FCF ($494.9M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Consumer Cyclical)

CHDN vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Churchill Downs IncorporatedYOU

CHDN

$494.9M+119.3%16.9%

Toyota Motor Corporation

Alibaba Group Holding Limited

BABA

−$50.72B-164.9%-5.0%

Loss

Consumer Cyclical · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Churchill Downs Incorporated (CHDN) reported free cash flow of $494.9M for FY2025 (fiscal year ending 2025-12-31), up 119.3% year-over-year. The FCF margin was 16.9%.

Based on available data, Churchill Downs Incorporated has maintained positive free cash flow for at least 13 fiscal year(s). FCF peaked at $494.9M in FY2025.

Churchill Downs Incorporated's FCF yield is 11.18% and price-to-FCF ratio is 9.1x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

CHDN free cash flow · 8 questions

Churchill Downs Incorporated free cash flow was $494.9M for FY2025, up 119.3% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $674.6M.

CHDN free cash flowCHDN FCFCHDN FCF 2025CHDN free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Churchill Downs Incorporated · Churchill Downs Incorporated SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026