Churchill Downs Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	385.5	429.1	417.3	439.4	249.1
Depreciation & Amortization	239.5	204.7	175.2	119	108.5
Stock-Based Compensation	30.2	36.1	32.9	31.8	27.8
Other Adjustments	119.7	51.9	-27.8	-116	-3.4
Changes in Income Taxes Payable	-3.5	-4.5	-1.1	28.2	12.9
Changes in Unearned Revenue	-2.8	-12.1	34.2	-12.7	10.7
Changes in Other Operating Activities	1.2	67.5	-24.9	47.1	-70.1
Operating Cash Flow	769.8	771.7	605.3	510.8	459.5
Operating Cash Flow Growth	-0.25%	27.49%	18.50%	11.16%	220.88%
Capital Expenditures	-274.9	-547	-676.5	-423.5	-91.8
Sale of Property, Plant & Equipment	-	-	195.7	279	-
Purchases of Intangible Assets	-185.3	-	-	-33.3	-
Payments for Business Acquisitions	-	-	-241.3	-2,919	-
Other Investing Activities	-11.3	1.8	4.1	-7.4	-8.6
Investing Cash Flow	-471.5	-545.2	-718	-3,104	-100.4
Long-Term Debt Issued	1,098	965.5	1,771	2,862	780.8
Long-Term Debt Repaid	881.7	900.8	1,536	205.4	430.9
Net Long-Term Debt Issued (Repaid)	1,980	1,866	3,307	3,068	1,212
Repurchase of Common Stock	427.8	186	55.9	174.9	297.5
Net Common Stock Issued (Repurchased)	427.8	186	55.9	174.9	297.5
Common Dividends Paid	-30.8	-29.2	-27.1	-26	-24.8
Other Financing Activities	-20.3	-46.1	-22.8	-40.1	-28.1
Financing Cash Flow	-262.5	-196.6	129.3	2,416	-0.5
Net Cash Flow	35.8	30.9	17.1	-150.9	234.6
Free Cash Flow	494.9	224.7	-71.2	87.3	367.7
Free Cash Flow Growth	120.25%	-	-	-76.26%	-
FCF Margin	16.91%	8.22%	-2.89%	4.82%	23.02%
Free Cash Flow Per Share	6.89	3.01	-0.94	1.13	4.69
Levered Free Cash Flow	2,325	2,004	3,231	3,265	1,431
Unlevered Free Cash Flow	831.97	595.84	215.97	169.44	332.82

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.