Churchill Downs Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	391.5	385.5	429.1	417.3	439.4	249.1
Depreciation & Amortization	236.9	239.5	204.7	175.2	119	108.5
Stock-Based Compensation	31.6	30.2	36.1	32.9	31.8	27.8
Other Adjustments	179.2	119.7	51.9	-27.8	-116	-3.4
Changes in Income Taxes Payable	-11.5	-3.5	-4.5	-1.1	28.2	12.9
Changes in Unearned Revenue	6.2	-2.8	-12.1	34.2	-12.7	10.7
Changes in Other Operating Activities	23.6	1.2	67.5	-24.9	47.1	-70.1
Operating Cash Flow	817.8	769.8	771.7	605.3	510.8	459.5
Operating Cash Flow Growth	7.04%	-0.25%	27.49%	18.50%	11.16%	220.88%
Capital Expenditures	-254.3	-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	-13.3	-11.3	1.8	4.1	-7.4	-8.6
Investing Cash Flow	-452.5	-471.5	-545.2	-718	-3,104	-100.4
Long-Term Debt Issued	1,123	1,098	965.5	1,771	2,862	780.8
Long-Term Debt Repaid	-1,080	-881.7	-900.8	-1,536	-205.4	-430.9
Net Long-Term Debt Issued (Repaid)	43.4	216.4	64.7	235.1	2,657	349.9
Repurchase of Common Stock	340.8	427.8	186	55.9	174.9	297.5
Net Common Stock Issued (Repurchased)	340.8	427.8	186	55.9	174.9	297.5
Common Dividends Paid	-30.8	-30.8	-29.2	-27.1	-26	-24.8
Other Financing Activities	-16.7	-20.3	-46.1	-22.8	-40.1	-28.1
Financing Cash Flow	-346.5	-262.5	-196.6	129.3	2,416	-0.5
Net Cash Flow	18.8	35.8	30.9	17.1	-150.9	234.6
Free Cash Flow	563.5	494.9	224.7	-71.2	87.3	367.7
Free Cash Flow Growth	13.86%	120.25%	-	-	-76.26%	-
FCF Margin	19.13%	16.91%	8.22%	-2.89%	4.82%	23.02%
Free Cash Flow Per Share	7.95	6.89	3.01	-0.94	1.13	4.69
Levered Free Cash Flow	178.8	561.4	202.4	159.3	2,855	569.2
Unlevered Free Cash Flow	493.82	454.63	239.36	-74.17	-9.64	176.38

SEC Filings: 10-K · 10-Q