Churchill Downs annual free cash flow
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2025
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 | — | — | — |
Churchill Downs quarterly free cash flow
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Q1.12
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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 | $3.3M | +5.61% | +9.33% |
| Q3 2025 | 2025-09-30 | $149.0M | $36.9M | +32.92% | +21.82% |
| Q2 2025 | 2025-06-30 | $174.0M | $241.3M | — | +18.63% |
| Q1 2025 | 2025-03-31 | $180.0M | $87.0M | +93.55% | +27.99% |
| Q3 2024 | 2024-09-30 | $58.8M | $119.2M | — | +9.36% |
| Q1 2024 | 2024-03-31 | $112.1M | $272.0M | — | +18.97% |
| Q3 2023 | 2023-09-30 | −$67.3M | −$299.9M | — | −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% | +6.02% |
| 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% | +4.34% |
| 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% | — |
| 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% | — |
| 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 | $5.4M | +26.28% | — |
| Q3 2012 | 2012-09-30 | −$2.9M | — | — | — |
| Q2 2012 | 2012-06-30 | $33.6M | — | — | — |
| Q1 2012 | 2012-03-31 | $46.0M | — | — | — |
| Q3 2011 | 2011-09-30 | $20.7M | — | — | — |
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 SEC-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 filings at SEC.gov ↗