Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $822M | $883M | $1.01B | $1.33B | $1.05B | $1.60B | $1.81B | $2.46B | $2.73B | $2.93B |
| Revenue growth | — | 7.3% | 14.3% | 31.8% | -20.7% | 51.5% | 13.3% | 36.0% | 11.1% | 7.0% |
| Operating income | $173M | $146M | $189M | $216M | $60.2M | $284M | $322M | $564M | $709M | $684M |
| Operating margin | 21.0% | 16.5% | 18.7% | 16.2% | 5.7% | 17.8% | 17.8% | 22.9% | 25.9% | 23.4% |
| Net income | $108M | $141M | $353M | $138M | -$81.9M | $249M | $439M | $417M | $427M | $383M |
| Net margin | 13.1% | 15.9% | 35.0% | 10.3% | -7.8% | 15.6% | 24.3% | 17.0% | 15.6% | 13.1% |
| EPS (diluted) | $2.14 | $2.92 | $8.48 | $3.38 | -$2.08 | $3.18 | $5.71 | $5.49 | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $231M | $215M | $198M | $293M | $143M | $460M | $511M | $605M | $772M | $770M |
| Capital expenditures | $30.9M | $33.3M | $29.6M | — | — | — | — | — | — | — |
| Free cash flow | $201M | $182M | $168M | — | — | — | — | — | — | — |
| Share buybacks | $39.0M | $181M | $531M | $95.0M | $28.4M | $298M | $175M | $55.9M | $186M | $428M |
| Dividends paid | $19.1M | $21.5M | $23.7M | $22.2M | $23.4M | $24.8M | $26.0M | $27.1M | $29.2M | $30.8M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $45.3M | $51.7M | $133M | $96.2M | $67.4M | $291M | $130M | $145M | $176M | $201M |
| Total assets | $2.25B | $2.36B | $1.73B | $2.55B | $2.69B | $2.98B | $6.21B | $6.96B | $7.28B | $7.48B |
| Total liabilities | $1.57B | $1.72B | $1.25B | $2.04B | $2.32B | $2.67B | $5.66B | $6.06B | $6.17B | $6.43B |
| Long-term debt | $908M | $1.13B | $880M | $1.47B | $1.62B | $1.96B | $4.56B | $4.77B | $4.84B | $5.07B |
| Shareholders' equity | $685M | $640M | $473M | $508M | $367M | $307M | $552M | $894M | $1.08B | $1.01B |
| Retained earnings | $570M | $634M | $474M | $509M | $350M | $308M | $552M | $895M | $1.08B | $1.01B |
| Shares (wtd avg diluted) | 50.5M | 48.0M | 41.6M | 40.6M | 40.1M | 78.4M | 77.0M | 76.1M | 74.6M | 71.8M |
Every figure is extracted from Churchill Downs Inc’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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