Churchill Downs annual free cash flow
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Churchill Downs Free Cash Flow (FCF) History (CHDN)
Churchill Downs reported $565.1M in free cash flow for fiscal 2025, an increase of 83.30% from the previous fiscal year, with a free cash flow margin of 19.31%.
View full Churchill Downs company overviewChurchill Downs free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | $565.1M | $256.8M | +83.30% | +19.31% |
| 2024 | 2024-12-31 | $308.3M | $301.8M | +4643.08% | +11.28% |
| 2023 | 2023-12-31 | $6.5M | −$131.0M | −95.27% | +0.26% |
| 2022 | 2022-12-31 | $137.5M | −$269.7M | −66.23% | +7.60% |
| 2021 | 2021-12-31 | $407.2M | $288.3M | +242.47% | +25.49% |
| 2020 | 2020-12-31 | $118.9M | −$122.4M | −50.73% | +11.28% |
| 2019 | 2019-12-31 | $241.3M | $73.1M | +43.46% | +18.15% |
| 2018 | 2018-12-31 | $168.2M | −$13.6M | −7.48% | +16.67% |
| 2017 | 2017-12-31 | $181.8M | −$18.7M | −9.33% | +20.60% |
| 2016 | 2016-12-31 | $200.5M | −$32.9M | −14.10% | +24.38% |
| 2015 | 2015-12-31 | $233.4M | $114.5M | +96.30% | — |
| 2014 | 2014-12-31 | $118.9M | $22.8M | +23.67% | — |
| 2013 | 2013-12-31 | $96.1M | −$6.7M | −6.47% | — |
| 2012 | 2012-12-31 | $102.8M | −$47.5M | −31.62% | — |
| 2011 | 2011-12-31 | $150.3M | $152.4M | — | — |
| 2010 | 2010-12-31 | −$2.1M | — | — | −0.35% |
Churchill Downs quarterly free cash flow
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Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $178.0M | $4.0M | +2.30% | +18.16% |
| Q1 2026 | 2026-03-31 | $255.0M | $75.0M | +41.67% | +38.46% |
| Q4 2025 | 2025-12-31 | $62.1M | — | — | +9.33% |
| Q3 2025 | 2025-09-30 | $149.0M | $90.2M | +153.40% | +21.82% |
| Q2 2025 | 2025-06-30 | $174.0M | — | — | +18.63% |
| Q1 2025 | 2025-03-31 | $180.0M | $67.9M | +60.57% | +27.99% |
| Q3 2024 | 2024-09-30 | $58.8M | $126.1M | — | +9.36% |
| Q1 2024 | 2024-03-31 | $112.1M | $19.1M | +20.54% | +18.97% |
| Q3 2023 | 2023-09-30 | −$67.3M | $92.6M | — | −11.76% |
| Q1 2023 | 2023-03-31 | $93.0M | −$32.2M | −25.72% | +16.62% |
| Q4 2022 | 2022-12-31 | −$60.4M | −$222.9M | — | −12.58% |
| Q3 2022 | 2022-09-30 | −$159.9M | −$208.0M | — | −41.74% |
| Q2 2022 | 2022-06-30 | $232.6M | $11.5M | +5.20% | +39.93% |
| Q1 2022 | 2022-03-31 | $125.2M | $149.7M | — | +34.39% |
| Q4 2021 | 2021-12-31 | $162.5M | $162.7M | — | +44.54% |
| Q3 2021 | 2021-09-30 | $48.1M | −$7.3M | −13.18% | +12.24% |
| Q2 2021 | 2021-06-30 | $221.1M | $191.9M | +657.19% | +42.92% |
| Q1 2021 | 2021-03-31 | −$24.5M | −$59.0M | — | −7.55% |
| Q4 2020 | 2020-12-31 | −$200,000 | −$19.0M | — | −0.07% |
| Q3 2020 | 2020-09-30 | $55.4M | $21.0M | +61.05% | +16.40% |
| Q2 2020 | 2020-06-30 | $29.2M | −$102.5M | −77.83% | +15.78% |
| Q1 2020 | 2020-03-31 | $34.5M | −$21.9M | −38.83% | +13.64% |
| Q4 2019 | 2019-12-31 | $18.8M | −$33.9M | −64.33% | +6.70% |
| Q3 2019 | 2019-09-30 | $34.4M | $67.5M | — | +11.23% |
| Q2 2019 | 2019-06-30 | $131.7M | $31.5M | +31.44% | +27.59% |
| Q1 2019 | 2019-03-31 | $56.4M | $8.0M | +16.53% | +21.25% |
| Q4 2018 | 2018-12-31 | $52.7M | $11.4M | +27.60% | +24.06% |
| Q3 2018 | 2018-09-30 | −$33.1M | −$23.1M | — | −14.96% |
| Q2 2018 | 2018-06-30 | $100.2M | $4.8M | +5.03% | +26.41% |
| Q1 2018 | 2018-03-31 | $48.4M | −$6.7M | −12.16% | +25.57% |
| Q4 2017 | 2017-12-31 | $41.3M | $5.6M | +15.69% | +23.09% |
| Q3 2017 | 2017-09-30 | −$10.0M | −$24.3M | — | −5.08% |
| Q2 2017 | 2017-06-30 | $95.4M | $3.6M | +3.92% | — |
| Q1 2017 | 2017-03-31 | $55.1M | −$3.6M | −6.13% | — |
| Q4 2016 | 2016-12-31 | $35.7M | −$5.3M | −12.93% | +22.06% |
| Q3 2016 | 2016-09-30 | $14.3M | −$6.6M | −31.58% | — |
| Q2 2016 | 2016-06-30 | $91.8M | $200,000 | +0.22% | — |
| Q1 2016 | 2016-03-31 | $58.7M | −$21.2M | −26.53% | — |
| Q4 2015 | 2015-12-31 | $41.0M | $39.8M | +3313.82% | +15.05% |
| Q3 2015 | 2015-09-30 | $20.9M | $36.1M | — | — |
| Q2 2015 | 2015-06-30 | $91.6M | $42.7M | +87.51% | — |
| Q1 2015 | 2015-03-31 | $79.9M | $48.1M | +151.56% | — |
| Q4 2014 | 2014-12-31 | $1.2M | −$10.4M | −89.67% | +0.71% |
| Q3 2014 | 2014-09-30 | −$15.2M | −$23.2M | — | — |
| Q2 2014 | 2014-06-30 | $48.9M | $5.4M | +12.38% | — |
| Q1 2014 | 2014-03-31 | $31.8M | −$1.3M | −3.81% | — |
| Q4 2013 | 2013-12-31 | $11.6M | −$14.5M | −55.52% | — |
| Q3 2013 | 2013-09-30 | $8.0M | $10.9M | — | — |
| Q2 2013 | 2013-06-30 | $43.5M | $9.9M | +29.42% | — |
| Q1 2013 | 2013-03-31 | $33.0M | −$13.0M | −28.20% | — |
| Q4 2012 | 2012-12-31 | $26.1M | — | — | — |
| Q3 2012 | 2012-09-30 | −$2.9M | −$23.6M | — | — |
| Q2 2012 | 2012-06-30 | $33.6M | — | — | +12.12% |
| Q1 2012 | 2012-03-31 | $46.0M | — | — | +32.20% |
| Q3 2011 | 2011-09-30 | $20.7M | — | — | +12.04% |
Churchill Downs free cash flow growth trends
Over the last five reported fiscal years, free cash flow grew from $118.9M to $565.1M, a compound annual growth rate of 36.58%. Churchill Downs's latest reported quarter, Q2 2026, generated $178.0M in free cash flow, an increase of 2.30% year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Churchill Downs source filings ↗Community posts
Churchill Downs prices $500 million term loan and outlines refinancing
Churchill Downs ($CHDN) priced a $500 million senior secured term loan maturing in 2033. The borrowing carries interest at SOFR plus 1.75 percentage points and is issued at 99.875% of face value. Proceeds are intended to refinance existing ...
