Churchill Downs $CHDN Read from its own SEC filings · nothing written, nothing inferred
🫧 Edgar looked up Churchill Downs Inc ($CHDN). Last filing: 8-K (1.01 Entry into a Material Definitive Agreement), 2026-09-28. 7 event filings (8-K) in the past twelve months.
🔖 Exposure: revenue $2.9B (FY2025), total debt $5.2B. Experience: revenue up 7.0% on the year, up 16.3% a year over 4 years; operating margin 23.4%, down from 25.9%. Soundness: equity 13.5% of assets, return on equity 38.2%, payout 8.0% of profit, dividend per share up 4 years running. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $2.8B and $3.7B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $2.5B to $4.1B. A statistical range, not company guidance. Against peers (24 filers, $50M+ revenue, its industry group): operating margin 23.4% against a 8.1% median; growth 7.0% against 8.1%.
Gold paid out, navy kept. Kept share × return on equity = the growth it can fund itself. Facts from the filings, not a recommendation.
Speed and cash · fiscal 2025
| Cash flow (op · inv · fin · free) | — · −$472M · −$263M · — |
| Investment book (cash · short · long) | $201M · — · — · current ratio 0.60 |
| Revenue swing · equity of assets | 10.7% · 13.5% |
Churchill Downs is growing faster than its size class, with revenue that swings more. Its own audited SEC figures.
The figures, as filed
| Fiscal year end | 2025-12-31 |
| Revenue | $2.9B |
| Revenue, on the year | 7.0% |
| Revenue, a year over the record | 16.3% |
| Operating margin | 23.4% |
| Operating margin, prior year | 25.9% |
| Net margin | 13.2% |
| Research and development | not filed separately |
| Total debt | $5.2B |
| Equity of assets | 13.5% |
| Return on equity | 38.2% |
| Payout of profit | 8.0% |
| Dividend per share | $0.438 · up 4 years running |
| Earnings per share | — |
| Book value per share | $14.06 |
| Revenue per share | $40.75 |
| Shares outstanding | 71,800,000 |
| Audited years read | 5 |
Peers: the median of 24 filers with $50M+ revenue in services-racing, including track operation.
Health HarborChurchill Downs sails as: New ship
Health watch · 12 monthsquiet · none of the watched events filed
Sailing speed follows growth: 17.4% a year crosses the harbor in 30 seconds.
🌊 Visit the Bay →No warning signs on the measures below.
Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider. A picture of the signs, not a rating and not investment advice.
- 8-K · 2026-09-28 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits
- 10-Q · 2026-07-29
- 8-K · 2026-07-29 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits
- 8-K · 2026-07-29 · 8.01 Other Events; 9.01 Financial Statements and Exhibits
- 10-Q · 2026-04-22
- 8-K · 2026-04-22 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits
Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price. Reporting, not investment advice. No price targets and no trading recommendations. Figures from the SEC’s own data · every filing · this page as JSON · ask about another company