CHDN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $76.05

Market Cap $5.29B

P/E 5.4

EPS $5.49

Revenue $2.93B

Div Yield 0.58%

ROE 37.3%

Debt/Equity (MRQ) 3.6

52W Range $74–$118

CHDN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

range

bars

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Stock splits 3

Ex-date	Split	Type
May 22, 2023	2-for-1	Forward
Jan. 28, 2019	3-for-1	Forward
April 15, 1998	2-for-1	Forward

10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$2.93B

2016-12-31 → 2025-12-31

EPS$5.49

2016-12-31 → 2023-12-31

Free Cash Flow·

2016-12-31 → 2018-12-31

Net margin13.8%

2016-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	CHDN	5Y avg	Peer Median	Verdict
P/E	5.45Y avg ≈19.7	≈19.7	23.1	Undervalued
P/S	1.85Y avg ≈3.1	≈3.1	1.5	Overvalued
P/B	5.25Y avg ≈10.1	≈10.1	4.8	Overvalued
EV / EBITDA	14.95Y avg ≈22.7	≈22.7	13.6	Overvalued
Price / Cash Flow	6.95Y avg ≈11.5	≈11.5	8.0	Overvalued
EV / Revenue	3.55Y avg ≈4.9	≈4.9	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	CHDN	5Y avg	Peer Median	Verdict
Operating Margin (TTM)	24.1%5Y avg ≈21.6%	≈21.6%	16.6%	Top tier
EBITDA Margin	23.4%5Y avg ≈21.6%	≈21.6%	17.8%	Top tier
Pretax Margin (TTM)	19.6%5Y avg ≈23.4%	≈23.4%	11.7%	Top tier
Net Profit Margin (TTM)	13.8%5Y avg ≈17.1%	≈17.1%	7.1%	Top tier
ROA	5.2%5Y avg ≈7.1%	≈7.1%	3.5%	Top tier
ROE	37.3%5Y avg ≈60.8%	≈60.8%	18.5%	Top tier
ROIC	8.1%5Y avg ≈7.6%	≈7.6%	10.3%	Weak

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	CHDN	5Y avg	Peer Median	Verdict
Debt / Equity (MRQ)	3.65Y avg ≈6.0	≈6.0	2.4	High debt
Current Ratio (MRQ)	0.45Y avg ≈0.7	≈0.7	0.9	Low liquidity
Quick Ratio	0.45Y avg ≈0.5	≈0.5	0.7	Low liquidity
Long-Term Debt / Equity (MRQ)	3.15Y avg ≈5.9	≈5.9	2.4	High debt

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	CHDN	5Y avg	Peer Median	Verdict
Revenue YoY	7.0%5Y avg ≈23.8%	≈23.8%	·	·
Revenue CAGR 3Y	17.4%5Y avg ≈23.2%	≈23.2%	·	·
Revenue CAGR 5Y	22.7%	·	·	·
EPS YoY	-3.9%	·	·	·
Net Income YoY	-10.3%5Y avg ≈15.8%	≈15.8%	·	·
Net Income CAGR 3Y	-4.5%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	CHDN	5Y avg	Peer Median	Verdict
EPS (Diluted)	$5.495Y avg ≈$4.79	≈$4.79	·	·
Revenue / Share	$40.755Y avg ≈$39.50	≈$39.50	·	·
Cash Flow / Share	$10.725Y avg ≈$10.80	≈$10.80	·	·
Cash / Share	$2.885Y avg ≈$3.67	≈$3.67	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	CHDN	5Y avg	Peer Median	Verdict
Asset Turnover	0.45Y avg ≈0.4	≈0.4	0.5	Weak
Receivables Turnover	30.45Y avg ≈30.6	≈30.6	28.2	In line
Revenue / Employee	≈$443.3K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

13

Dividend Yield0.58%

Payout Ratio8.0%

Annualized Payout≈$0.44Paid annually

5Y Div CAGR≈7.1%Per share, split-adjusted

Growth Streak≈15Consecutive years of dividend growth

Ex-date	Amount	Currency	Yield
Dec 5, 2025	$0.44	USD	≈0.39%
Dec 6, 2024	$0.41	USD	≈0.29%
Nov 30, 2023	$0.38	USD	≈0.33%
Dec 1, 2022	$0.36	USD	≈0.32%
Dec 2, 2021	$0.33	USD	≈0.29%
Dec 3, 2020	$0.31	USD	≈0.34%
Dec 5, 2019	$0.29	USD	≈0.45%
Dec 6, 2018	$0.27	USD	≈0.61%
Nov 30, 2017	$0.25	USD	≈0.65%
Nov 30, 2016	$0.22	USD	≈0.86%
Dec 2, 2015	$0.19	USD	≈0.79%
Dec 3, 2014	$0.17	USD	≈1.0%
Dec 4, 2013	$0.15	USD	≈1.0%
Nov 26, 2012	$0.12	USD	≈1.2%
Dec 28, 2011	$0.10	USD	≈1.2%
Dec 29, 2010	$0.08	USD	≈1.1%
Dec 29, 2009	$0.08	USD	≈1.3%
Dec 29, 2008	$0.08	USD	≈1.4%
Dec 26, 2007	$0.08	USD	≈0.89%
Dec 27, 2006	$0.08	USD	≈1.2%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise 3.5%

Next Report Oct 20, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Jul 21, 2026	$3.45	$3.49	-1.1%
March 31, 2026		$1.21	$1.02	18.2%
Dec. 31, 2025		$0.97	$1.05	-8.0%
Sept. 30, 2025		$1.09	$1.00	8.6%
June 30, 2025		$3.10	$3.13	-0.83%
March 31, 2025		$1.07	$1.03	4.3%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 16

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$2.93B	$2.73B	$2.46B	$1.81B	$1.60B	$1.05B	$1.33B	$1.01B	$883M	$822M	$0	$0
R&D Expense	·	·	·	·	·	·	·	·	·	$39M	$39M	$0
SG&A Expense	$246M	$238M	$202M	$164M	$138M	$115M	$122M	$91M	$84M	$79M	$76M	$76M
Operating Expenses	$2.24B	$2.03B	$1.90B	$1.49B	$1.31B	$994M	$1.11B	$820M	$737M	$650M	$672M	$722M
Operating Income	$684M	$709M	$564M	$322M	$284M	$60M	$216M	$189M	$146M	$172M	$126M	$90M
Interest Expense	·	·	$268M	$147M	$85M	$80M	$71M	$40M	$49M	$44M	$29M	$21M
Interest Income	·	·	·	·	·	·	·	·	·	·	$42.0K	$20.0K
Other Non-op	$7M	$9M	$6M	$7M	$59M	$-52M	$-19M	$45M	$-43M	$-25M	$-11M	$-14M
Pretax Income	$532M	$573M	$562M	$609M	$344M	$8M	$196M	$234M	$102M	$147M	$115M	$76M
Income Tax	$147M	$144M	$144M	$169M	$94M	$-5M	$57M	$51M	$-20M	$51M	$45M	$30M
Net Income	$383M	$427M	$417M	$439M	$249M	$-82M	$138M	$353M	$140M	$108M	$65M	$46M
EPS (Basic)	·	·	$5.55	$5.79	$3.22	$-2.07	$3.43	$8.54	$2.97	$2.17	$3.75	$2.67
EPS (Diluted)	·	·	$5.49	$5.71	$3.18	$-2.08	$3.38	$8.48	$2.92	$2.14	$3.71	$2.64
Shares (Basic)	71,400,000	74,000,000	75,200,000	75,900,000	77,200,000	39,600,000	40,100,000	41,300,000	47,200,000	49,300,000	17,200,000	17,300,000
Shares (Diluted)	71,800,000	74,600,000	76,100,000	77,000,000	78,400,000	40,100,000	40,600,000	41,600,000	48,000,000	50,500,000	17,600,000	17,600,000
EBITDA	$684M	$709M	$564M	$322M	$284M	$60M	$216M	$189M	$146M	$194M	$124M	$90M

Balance Sheet 26

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$201M	$176M	$144M	$130M	$291M	$67M	$96M	$133M	$52M	$83M	$74M	$74M
Receivables	$93M	$99M	$107M	$82M	$42M	$36M	$37M	$29M	$50M	$57M	$68M	$76M
Inventory	$12M	$12M	$17M	·	·	·	·	·	·	·	·	·
Other Current Assets	$44M	$46M	$60M	$44M	$38M	$28M	$27M	$22M	$19M	$18M	$40M	$24M
Current Assets	$443M	$412M	$401M	$344M	$502M	$235M	$221M	$242M	$256M	$246M	$220M	$243M
PP&E (Net)	$2.92B	$2.85B	$2.54B	$1.95B	$968M	$1.06B	$912M	$758M	$608M	$561M	$573M	$595M
PP&E (Gross)	$4.26B	$4.02B	$3.53B	$2.78B	$1.71B	$1.78B	$1.55B	$1.32B	$1.12B	$1.03B	$1.00B	$1.01B
Accum. Depreciation	$1.38B	$1.17B	$988M	$837M	$737M	$722M	$635M	$560M	$514M	$466M	$430M	$411M
Goodwill	$900M	$900M	$900M	$724M	$367M	$367M	$367M	$338M	$318M	$302M	$842M	$841M
Intangibles	$2.52B	$2.41B	$2.42B	$2.39B	$348M	$351M	$370M	$264M	$169M	$174M	$496M	$550M
Other Non-current Assets	$23M	$18M	$19M	$27M	$19M	$21M	$21M	$16M	$14M	$10M	$14M	$18M
Total Assets	$7.49B	$7.28B	$6.96B	$6.21B	$2.98B	$2.98B	$2.55B	$1.73B	$2.36B	$2.25B	$2.28B	$2.36B
Accounts Payable	$184M	$180M	$158M	$146M	$82M	$71M	$58M	$47M	$54M	$50M	$39M	$45M
Accrued Liabilities	·	·	·	·	·	·	·	$90M	$76M	$73M	$98M	$93M
Current Liabilities	$733M	$729M	$756M	$622M	$395M	$424M	$301M	$257M	$453M	$468M	$640M	$336M
Capital Leases	$33M	$18M	$18M	$26M	$22M	$19M	$21M	·	·	·	·	·
Deferred Tax	$520M	$433M	$388M	$341M	$253M	$214M	$213M	$78M	$41M	$63M	$128M	$150M
Other Non-current Liabilities	$94M	$146M	$138M	$122M	$53M	$46M	$39M	$16M	$16M	$14M	$18M	$22M
Total Liabilities	$6.43B	$6.17B	$6.06B	$5.66B	$2.67B	$2.32B	$2.04B	$1.25B	$1.72B	$1.57B	$1.66B	$1.66B
Long-term Debt	$5.13B	$4.91B	$4.84B	$4.61B	$1.97B	$1.62B	$1.47B	$884M	$1.13B	$922M	$782M	$764M
Total Debt	$5.13B	$4.91B	$4.84B	$4.61B	$1.97B	$1.62B	$1.47B	$884M	$1.13B	$922M	$782M	$470M
Common Stock	$0	$0	$0	$0	$0	$18M	$0	$0	$7M	$116M	$134M	$262M
Retained Earnings	$1.01B	$1.08B	$894M	$552M	$308M	$350M	$509M	$474M	$634M	$570M	$484M	$438M
Stockholders' Equity	$1.01B	$1.08B	$894M	$552M	$307M	$367M	$511M	$473M	$640M	$685M	$617M	$700M
Liabilities + Equity	$7.49B	$7.28B	$6.96B	$6.21B	$2.98B	$2.69B	$2.55B	$1.73B	$2.36B	$2.25B	$2.28B	$2.36B
Shares Outstanding	69,600,000	73,500,000	74,500,000	74,800,000	38,100,000	39,500,000	39,700,000	40,400,000	46,200,000	16,500,000	·	·

Cash Flow 18

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$233M	$199M	$169M	$114M	$103M	$93M	$96M	$64M	$97M	$109M	$110M	$68M
Stock-based Comp	$30M	$36M	$33M	$32M	$28M	$24M	$24M	$21M	$27M	$19M	$14M	$12M
Deferred Tax	$87M	$44M	$47M	$109M	$10M	$30M	$32M	$37M	$-52M	$14M	$8M	$15M
Amort. of Intangibles	$10M	$11M	$7M	$5M	$5M	$5M	$15M	$6M	$7M	$9M	$10M	$13M
Operating Cash Flow	$770M	$772M	$605M	$511M	$460M	$143M	$292M	$198M	$215M	$231M	$264M	$142M
CapEx	·	·	·	·	·	·	·	$30M	$33M	$31M	$31M	$23M
Investing Cash Flow	$-472M	$-545M	$-718M	$-3.10B	$-100M	$-239M	$-781M	$824M	$-154M	$-51M	$-66M	$-440M
Debt Issued	$1.10B	$966M	$1.77B	$2.86B	$781M	$726M	$1.24B	$135M	$2.05B	$727M	$1.00B	$0
Net Debt Issued	$1.10B	$966M	$1.77B	$2.86B	$781M	$726M	$1.24B	$-246M	$215M	$0	$300M	$0
Stock Issued	·	·	·	·	·	·	·	$2M	$2M	$2M	$1M	$7M
Stock Repurchased	$428M	$186M	$56M	$175M	$298M	$28M	$95M	$531M	$181M	$39M	$148M	$77M
Net Stock Activity	$-428M	$-186M	$-56M	$-175M	$-298M	$-28M	$-95M	$-546M	$-189M	$-37M	$-146M	$-8M
Dividends Paid	$31M	$29M	$27M	$26M	$25M	$23M	$22M	$24M	$22M	$19M	$17M	$15M
Financing Cash Flow	$-262M	$-197M	$129M	$2.42B	$-500.0K	$76M	$461M	$-933M	$-60M	$-202M	$-191M	$322M
Net Change in Cash	$36M	$31M	$17M	$-151M	$235M	$-22M	$-31M	$89M	$2M	·	·	$23M
Taxes Paid	$64M	$103M	$98M	·	·	·	·	·	·	·	·	·
Free Cash Flow	·	·	·	·	·	·	·	$168M	$185M	$196M	$221M	$87M
Levered FCF	·	·	·	·	·	·	·	$137M	$126M	$168M	$204M	$75M

Profitability 7

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Operating Margin	23.4%	25.9%	22.9%	17.8%	17.8%	5.7%	16.2%	18.7%	·	-444.4%	·	·
Net Margin	13.1%	15.6%	17.0%	24.3%	15.6%	-7.8%	10.3%	35.0%	·	-247.4%	·	·
Pretax Margin	18.2%	21.0%	22.8%	33.6%	21.5%	0.76%	14.8%	23.2%	·	-384.7%	·	·
EBITDA Margin	23.4%	25.9%	22.9%	17.8%	17.8%	5.7%	16.2%	18.7%	·	-444.4%	·	·
ROA	5.2%	6.0%	6.3%	9.6%	8.3%	-3.1%	6.4%	17.3%	6.1%	4.8%	2.8%	2.5%
ROE	37.3%	39.1%	46.8%	101.1%	79.8%	-22.2%	25.9%	71.4%	21.2%	16.6%	9.9%	6.6%
ROIC	8.1%	8.9%	7.3%	4.5%	9.1%	5.0%	7.7%	10.9%	9.8%	7.8%	5.1%	4.7%

Liquidity & Solvency 5

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	0.6	0.6	0.5	0.6	1.3	0.6	0.7	0.9	0.6	0.5	0.3	0.7
Quick Ratio	0.4	0.4	0.3	0.3	0.8	0.2	0.4	0.6	0.2	0.3	0.2	0.4
Debt / Equity	5.1	4.5	5.4	8.4	6.4	4.4	2.9	1.9	1.8	1.3	1.3	0.7
LT Debt / Equity	5.0	4.5	5.3	8.3	6.4	4.4	2.9	1.9	1.8	1.3	1.2	0.7
Interest Coverage	·	·	2.1	2.2	3.4	0.8	3.0	4.7	3.0	4.4	4.3	4.3

Efficiency 2

Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover		0.4	0.4	0.4	0.4	0.5	0.4	0.6	0.5	·	-0.0	0.0	0.0
Receivables Turnover		30.4	26.6	26.1	29.2	40.5	28.6	40.2	35.7	·	-0.6	0.0	0.0

Per Share 7

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$14.51	$14.74	$11.99	$14.75	$8.05	$9.29	$12.80	$11.72	$41.58	·	·	·
Revenue / Share	$40.75	$36.65	$32.35	$47.01	$40.74	$26.28	$32.75	$24.25	·	$-2.60	$0.00	$0.00
Cash Flow / Share	$10.72	$10.34	$7.95	$13.27	$11.72	$3.54	$7.13	$4.75	$13.64	$13.50	$15.05	$8.05
Cash / Share	$2.88	$2.39	$1.94	$3.47	$7.65	$1.71	$2.42	$3.30	$3.36	·	·	·
Dividend / Share	$0.44	$0.41	$0.38	$0.36	·	·	·	·	·	·	·	·
Dividend Paid / Share	·	·	$0.38	$0.36	$0.33	$0.62	$0.58	$0.54	$0.51	$0.44	$1.15	$1.00
EPS (TTM)	$14.20	$14.20	$5.49	$5.71	$3.18	$-2.08	$3.38	$8.48	$2.92	$2.14	$3.71	$2.64

Growth Rates 7

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	7.0%	11.1%	36.0%	13.3%	51.5%	·	·	·	·	·	·	·
Revenue CAGR 3Y	17.4%	19.6%	32.7%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	22.7%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	·	·	-3.9%	79.6%	·	·	·	·	·	·	·	·
Net Income YoY	-10.3%	2.3%	-5.0%	76.4%	·	·	·	·	·	·	·	·
Net Income CAGR 3Y	-4.5%	19.7%	·	·	·	·	·	·	·	·	·	·
Dividends Paid CAGR 5Y	5.7%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 16

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$2.93B	$2.73B	$2.46B	$1.81B	$1.60B	$1.05B	$1.33B	$1.01B	$883M	$822M	$0	$0
Net Income TTM	$383M	$427M	$417M	$439M	$249M	$-82M	$138M	$353M	$140M	$108M	$65M	$46M
Market Cap	$7.92B	$9.82B	$10.05B	$3.95B	$4.59B	$3.85B	$2.72B	$1.64B	$597M	·	·	·
Enterprise Value	$12.85B	$14.55B	$14.74B	$8.43B	$6.27B	$5.40B	$4.10B	$2.39B	$1.67B	·	·	·
P/E	8.0	9.4	24.6	18.5	37.9	-46.8	20.3	4.8	13.3	11.7	6.4	6.0
P/S	2.7	3.6	4.1	2.2	2.9	3.6	2.0	1.6	0.7	·	·	·
P/B	7.8	9.1	11.2	7.2	15.0	10.5	5.4	3.5	0.9	·	·	·
P / Cash Flow	10.3	12.7	16.6	7.7	10.0	27.1	9.4	8.3	2.7	·	·	·
P / FCF	·	·	·	·	·	·	·	9.8	3.2	·	·	·
EV / EBITDA	18.8	20.5	26.1	26.2	22.0	89.7	19.0	12.7	11.5	·	·	·
EV / FCF	·	·	·	·	·	·	·	14.2	9.1	·	·	·
EV / Revenue	4.4	5.3	6.0	4.7	3.9	5.1	3.1	2.4	1.9	·	·	·
Dividend Yield	0.39%	0.30%	0.27%	0.66%	0.54%	0.61%	0.82%	1.4%	3.6%	·	·	·
Earnings Yield	12.5%	10.6%	4.1%	5.4%	2.6%	-2.1%	4.9%	20.9%	7.5%	8.5%	15.7%	16.6%
Payout Ratio	8.0%	6.8%	6.5%	5.9%	10.0%	-28.6%	16.2%	6.7%	15.3%	17.7%	26.7%	32.8%
Annual Payout	$31M	$29M	$27M	$26M	$25M	$23M	$22M	$24M	$22M	$19M	$17M	$15M

Income Statement 12

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$980M	$663M	$666M	$683M	$934M	$643M	$624M	$628M	$891M	$591M	$561M	$572M	$768M	$560M	$480M	$383M
SG&A Expense	$61M	$59M	$72M	$59M	$61M	$55M	$66M	$60M	$57M	$55M	$52M	$50M	$48M	$52M	$52M	$38M
Operating Expenses	$623M	$520M	$542M	$585M	$607M	$508M	$497M	$503M	$561M	$465M	$455M	$460M	$543M	$440M	$468M	$320M
Operating Income	$357M	$143M	$124M	$98M	$327M	$135M	$127M	$126M	$330M	$126M	$106M	$112M	$226M	$120M	$12M	$63M
Interest Expense	·	·	·	·	·	·	·	·	·	$70M	·	$68M	$65M	$65M	·	$36M
Other Non-op	$0	$6M	$1M	$4M	$3M	$0	$1M	$-100.0K	$100.0K	$8M	$400.0K	$4M	$0	$1M	$3M	$4M
Pretax Income	$328M	$113M	$83M	$61M	$292M	$96M	$91M	$86M	$294M	$102M	$72M	$82M	$199M	$209M	$-3M	$73M
Income Tax	$86M	$30M	$32M	$22M	$74M	$19M	$19M	$20M	$84M	$21M	$14M	$21M	$56M	$53M	$-4M	$16M
Net Income	$241M	$83M	$51M	$38M	$217M	$77M	$72M	$65M	$209M	$80M	$58M	$61M	$143M	$156M	$1M	$57M
Shares (Basic)	70,000,000	70,000,000	·	70,300,000	72,000,000	74,000,000	·	73,900,000	73,900,000	74,100,000	·	75,200,000	75,300,000	75,300,000	·	75,600,000
Shares (Diluted)	70,000,000	70,000,000	·	71,000,000	72,000,000	74,000,000	·	74,600,000	74,600,000	74,700,000	·	77,100,000	76,900,000	76,100,000	·	76,700,000
EBITDA	$357M	$143M	·	$98M	$328M	$135M	·	$126M	$330M	$126M	·	$112M	$226M	$120M	·	$63M

Balance Sheet 25

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$196M	$200M	$201M	$180M	$182M	$174M	$176M	$153M	$140M	$149M	·	$130M	$374M	$174M	·	$111M
Receivables	$129M	$99M	$94M	$90M	$118M	$109M	$99M	$93M	$136M	$115M	·	$102M	$80M	$74M	·	$69M
Inventory	$11M	$11M	$12M	$12M	$13M	$12M	$12M	·	·	·	·	·	·	·	·	·
Other Current Assets	$60M	$56M	$44M	$57M	$60M	$73M	$46M	$63M	$69M	$79M	·	$69M	$63M	$66M	·	$44M
Current Assets	$484M	$452M	$443M	$415M	$464M	$452M	$412M	$387M	$436M	$416M	·	$371M	$583M	$378M	·	$1.81B
PP&E (Net)	$2.91B	$2.91B	$2.88B	$2.93B	$2.92B	$2.91B	$2.85B	$2.81B	$2.75B	$2.67B	·	$2.38B	$2.23B	$2.10B	·	$1.24B
PP&E (Gross)	·	·	$4.26B	·	·	·	$4.02B	·	·	·	·	·	·	·	·	·
Accum. Depreciation	·	·	$1.38B	·	·	·	$1.17B	·	·	·	·	·	·	·	·	·
Goodwill	$900M	$900M	$900M	$900M	$900M	$900M	$900M	$900M	$900M	$900M	$900M	$900M	$723M	$724M	$724M	$376M
Intangibles	$2.51B	$2.52B	$2.52B	$2.52B	$2.41B	$2.41B	$2.41B	$2.41B	$2.41B	$2.42B	·	$2.42B	$2.36B	$2.39B	·	$485M
Other Non-current Assets	$23M	$22M	$23M	$22M	$19M	$18M	$18M	$18M	$18M	$19M	·	$19M	$33M	$34M	·	$23M
Total Assets	$7.52B	$7.49B	$7.48B	$7.45B	$7.38B	$7.35B	$7.28B	$7.17B	$7.17B	$7.07B	·	$6.75B	$6.58B	$6.27B	·	$4.67B
Accounts Payable	$261M	$218M	$184M	$194M	$231M	$207M	$180M	$182M	$215M	$188M	·	$169M	$164M	$145M	·	$109M
Current Liabilities	$1.36B	$836M	$733M	$725M	$772M	$846M	$729M	$710M	$763M	$837M	·	$670M	$648M	$694M	·	$492M
Capital Leases	·	·	$33M	·	·	·	·	·	·	·	·	·	·	·	·	·
Deferred Tax	$562M	$539M	$520M	$491M	$436M	$433M	$433M	$418M	$408M	$393M	·	$386M	$373M	$374M	·	$280M
Other Non-current Liabilities	$87M	$86M	$93M	$98M	$143M	$141M	$146M	$139M	$141M	$139M	·	$142M	$143M	$138M	·	$104M
Total Liabilities	$6.13B	$6.34B	$6.43B	$6.38B	$6.31B	$6.25B	$6.17B	$6.06B	$6.12B	$6.24B	·	$5.86B	$5.72B	$5.57B	·	$4.06B
Long-term Debt	$4.77B	$4.93B	$5.13B	$5.11B	$5.01B	$4.88B	$4.91B	$4.83B	$4.86B	$4.93B	·	$4.72B	·	·	·	·
Total Debt	$4.77B	$4.93B	·	$5.11B	$5.01B	$4.88B	·	$4.83B	$4.86B	$4.93B	·	$4.72B	$68M	$72M	·	$7M
Common Stock	$7M	$3M	$0	$0	$0	$0	$0	$2M	$0	$0	·	$0	$8M	$5M	·	$0
Retained Earnings	$1.33B	$1.09B	$1.01B	$1.04B	$1.04B	$1.07B	$1.08B	$1.10B	$1.03B	$828M	·	$890M	$847M	$700M	·	$614M
Stockholders' Equity	$1.34B	$1.10B	$1.01B	$1.03B	$1.04B	$1.07B	$1.08B	$1.10B	$1.03B	$827M	$894M	$889M	$854M	$704M	$552M	$613M
Liabilities + Equity	$7.52B	$7.49B	$7.48B	$7.45B	$7.38B	$7.35B	$7.28B	$7.17B	$7.17B	$7.07B	·	$6.75B	$6.58B	$6.27B	·	$4.67B
Shares Outstanding	·	·	69,600,000	·	·	·	73,500,000	·	·	·	·	·	·	·	·	·

Cash Flow 11

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$59M	$56M	$60M	$56M	$58M	$59M	$53M	$50M	$49M	$47M	$47M	$42M	$42M	$38M	$35M	$28M
Stock-based Comp	$8M	$5M	$12M	$7M	$7M	$4M	$13M	$7M	$9M	$7M	$8M	$8M	$8M	$9M	$8M	$9M
Operating Cash Flow	$217M	$295M	$96M	$188M	$240M	$247M	$131M	$169M	$217M	$255M	$106M	$96M	$187M	$216M	$86M	$44M
Investing Cash Flow	$-58M	$-61M	$-50M	$-255M	$-86M	$-80M	$-129M	$-126M	$-137M	$-153M	$-168M	$-430M	$-174M	$54M	$-3.00B	$-212M
Debt Issued	$401M	$245M	$150M	$306M	$422M	$220M	$215M	$133M	$262M	$356M	$350M	$198M	$608M	$616M	$1.64B	$20M
Net Debt Issued	·	$245M	·	·	·	$220M	·	·	·	$356M	·	·	·	$616M	·	·
Stock Repurchased	$0	$0	$32M	$55M	$254M	$87M	$27M	$4M	$13M	$142M	$20M	$35M	$0	$500.0K	$31M	$59M
Net Stock Activity	·	$0	·	·	·	$-86M	·	·	·	$-142M	·	·	·	$-500.0K	·	·
Dividends Paid	$0	$31M	$600.0K	$0	$100.0K	$31M	$500.0K	$-100.0K	$200.0K	$29M	$300.0K	$100.0K	$0	$27M	$300.0K	$0
Financing Cash Flow	$-155M	$-232M	$-26M	$50M	$-139M	$-148M	$20M	$-43M	$-72M	$-101M	$91M	$86M	$190M	$-238M	$1.40B	$-38M
Net Change in Cash	$4M	$2M	$20M	$-17M	$14M	$19M	$21M	$500.0K	$9M	$200.0K	$29M	$-248M	$204M	$33M	$-1.49B	$-206M

Profitability 7

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Operating Margin	36.4%	21.6%	·	14.3%	35.1%	20.9%	·	20.0%	37.0%	21.4%	·	19.6%	29.4%	21.4%	·	16.4%
Net Margin	24.6%	12.5%	·	5.6%	23.2%	11.9%	·	10.4%	23.5%	13.6%	·	10.7%	18.6%	27.8%	·	14.9%
Pretax Margin	33.5%	17.0%	·	9.0%	31.2%	14.9%	·	13.7%	33.0%	17.2%	·	14.3%	25.9%	37.3%	·	19.2%
EBITDA Margin	36.4%	21.6%	·	14.3%	35.1%	20.9%	·	20.0%	37.0%	21.4%	·	19.6%	29.4%	21.4%	·	16.4%
ROA	3.2%	1.1%	·	0.52%	3.0%	1.1%	·	0.94%	3.0%	1.2%	·	1.1%	2.5%	3.3%	·	1.5%
ROE	20.2%	7.7%	·	3.6%	20.9%	8.1%	·	6.6%	22.2%	10.5%	·	8.1%	19.6%	30.5%	·	12.0%
ROIC	4.3%	1.7%	·	1.0%	4.0%	1.8%	·	1.6%	4.0%	1.7%	·	1.5%	17.6%	11.5%	·	7.9%

Liquidity & Solvency 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	0.4	0.5	·	0.6	0.6	0.5	·	0.5	0.6	0.5	·	0.6	0.9	0.5	·	3.7
Quick Ratio	0.2	0.4	·	0.4	0.4	0.3	·	0.3	0.4	0.3	·	0.3	0.7	0.4	·	0.4
Debt / Equity	3.6	4.5	·	4.9	4.8	4.6	·	4.4	4.7	6.0	·	5.3	0.1	0.1	·	0.0
LT Debt / Equity	3.1	4.4	·	4.9	4.7	4.5	·	4.3	4.6	5.9	·	5.2	·	·	·	·
Interest Coverage	·	·	·	·	·	·	·	·	·	1.8	·	1.7	3.5	1.9	·	1.7

Efficiency 2

Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover		0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1
Receivables Turnover		7.9	6.4	·	7.5	7.3	5.7	·	6.4	8.3	6.3	·	6.7	10.6	9.3	·	6.4

Per Share 3

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue / Share	$14.00	$9.47	·	$9.62	$12.92	$8.64	·	$8.42	$11.94	$7.91	·	$7.43	$9.99	$14.69	·	$9.98
Cash Flow / Share	·	$4.21	·	·	·	$3.31	·	·	·	$3.41	·	·	·	$5.67	·	·
EPS (TTM)	$9.38	$9.38	·	$9.38	$9.38	$9.38	·	$9.38	$9.38	$9.38	·	$9.38	$9.38	$9.38	·	$9.38

Valuation (TTM) 6

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$2.99B	$2.95B	·	$2.88B	$2.83B	$2.79B	·	$2.67B	$2.62B	$2.49B	·	$2.38B	$2.19B	$2.01B	·	$1.69B
Net Income TTM	$413M	$389M	·	$404M	$431M	$423M	·	$413M	$408M	$342M	·	$361M	$357M	$553M	·	$482M
P/E	9.6	9.6	·	10.3	10.8	11.8	·	14.4	14.9	13.2	·	12.4	14.8	13.7	·	9.8
Earnings Yield	10.5%	10.4%	·	9.7%	9.3%	8.5%	·	6.9%	6.7%	7.6%	·	8.1%	6.7%	7.3%	·	10.2%
Payout Ratio	·	37.4%	·	·	·	39.2%	·	·	·	35.6%	·	·	·	17.2%	·	·
Annual Payout	$32M	$32M	·	$32M	$32M	$32M	·	$29M	$29M	$29M	·	$27M	$27M	$27M	·	$26M

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$2.93B	$2.73B	$2.46B	$1.81B	$1.60B
Operating Margin %	23.4%	25.9%	22.9%	17.8%	17.8%
Net Income	$383M	$427M	$417M	$439M	$249M
Diluted EPS	·	·	$5.49	$5.71	$3.18

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	5.1	4.5	5.4	8.4	6.4
Current Ratio	0.6	0.6	0.5	0.6	1.3
Quick Ratio	0.4	0.4	0.3	0.3	0.8

Institutional owners (13F) 506 filers · $6.1B total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 506

Value held $6.1B

New positions 74

Exited positions 49

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
74 (-18 vs prior Q)	49 (-35 vs prior Q)	178 (-1 vs prior Q)	151 (+23 vs prior Q)	+6.7M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
VANGUARD GROUP INC	$686,823,412	6,036,416	11.18%	Shares
BlackRock, Inc.	$555,947,991	6,202,008	9.05%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$287,558,038	3,207,921	4.68%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$267,928,671	2,988,941	4.36%	Shares
FMR LLC	$264,239,390	2,947,784	4.30%	Shares
LONDON CO OF VIRGINIA	$220,887,006	2,464,527	3.59%	Shares
STATE STREET CORP	$183,654,522	2,048,801	2.99%	Shares
CITADEL ADVISORS LLC	$153,670,211	1,714,304	2.50%	Shares
JANE STREET GROUP, LLC	$140,053,536	1,562,400	2.28%	Put option
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	$129,477,092	1,444,412	2.11%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$120,330,280	1,342,056	1.96%	Shares
JENNISON ASSOCIATES LLC	$112,729,037	1,257,575	1.83%	Shares
Balyasny Asset Management L.P.	$109,502,790	1,221,584	1.78%	Shares
Boston Partners	$106,742,750	1,193,534	1.74%	Shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	$92,340,046	1,030,121	1.50%	Shares
BARCLAYS PLC	$75,745,800	845,000	1.23%	Put option
AQR CAPITAL MANAGEMENT LLC	$75,642,407	843,847	1.23%	Shares
NORGES BANK	$75,403,017	841,176	1.23%	Shares
SCHRODER INVESTMENT MANAGEMENT GROUP	$72,458,557	797,387	1.18%	Shares
UBS Group AG	$71,318,211	795,607	1.16%	Shares
Clearbridge Investments, LLC	$70,485,659	786,319	1.15%	Shares
BANK OF AMERICA CORP /DE/	$69,098,651	770,846	1.12%	Shares
FULLER & THALER ASSET MANAGEMENT, INC.	$65,304,655	728,521	1.06%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$63,663,225	710,210	1.04%	Shares
Qube Research & Technologies Ltd	$61,431,995	685,319	1.00%	Shares
Gotham Asset Management, LLC	$58,151,799	648,726	0.95%	Shares
TWO SIGMA INVESTMENTS, LP	$51,300,524	572,295	0.83%	Shares
DIMENSIONAL FUND ADVISORS LP	$50,013,070	557,830	0.81%	Shares
JANUS HENDERSON GROUP PLC	$48,086,268	535,309	0.78%	Shares
Interval Partners, LP	$45,716,579	510,002	0.74%	Shares
NORTHERN TRUST CORP	$45,291,865	505,264	0.74%	Shares
Apollo Management Holdings, L.P.	$44,773,566	499,482	0.73%	Shares
Bank of New York Mellon Corp	$39,780,896	443,785	0.65%	Shares
VANGUARD FIDUCIARY TRUST CO	$37,602,366	419,482	0.61%	Shares
SAPIENT CAPITAL LLC	$37,556,112	418,966	0.61%	Shares
JONES FINANCIAL COMPANIES LLLP	$36,571,645	411,241	0.60%	Shares
Long Pond Capital, LP	$35,714,279	398,419	0.58%	Shares
ENVESTNET ASSET MANAGEMENT INC	$33,265,025	371,096	0.54%	Shares
Hudson Way Capital Management LLC	$32,992,361	368,054	0.54%	Shares
GOLDMAN SACHS GROUP INC	$32,643,902	364,167	0.53%	Shares
Cinctive Capital Management LP	$31,092,441	346,859	0.51%	Shares
MORGAN STANLEY	$30,608,475	341,457	0.50%	Shares
JANE STREET GROUP, LLC	$29,427,915	328,290	0.48%	Shares
ProShare Advisors LLC	$26,140,368	291,615	0.43%	Shares
STOCK YARDS BANK & TRUST CO	$25,485,189	284,306	0.41%	Shares
Solel Partners LP	$25,251,588	281,700	0.41%	Shares
Copeland Capital Management, LLC	$23,406,527	261,117	0.38%	Shares
Point72 Asset Management, L.P.	$22,924,623	255,741	0.37%	Shares
Rockefeller Capital Management L.P.	$21,382,410	238,536	0.35%	Shares
ArrowMark Colorado Holdings LLC	$20,876,797	232,896	0.34%	Shares

Show all 506 institutional owners →

Activists & 5%+ owners 9 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
The Duchossois Group, Inc., CDI Holdings LLC, Craig J. Duchossois ×2 filings	Dec. 19, 2023	·	Initial filing	Passive investment	SEC
Richard L. Duchossois, The Duchossois Group, Inc., CDI Holdings LLC, Craig J. Duchossois ×4 filings	Feb. 2, 2021	·	Initial filing	Passive investment	SEC
Gabelli Funds, LLC I.D. No., GAMCO Asset Management Inc. I.D. No., Teton Advisors, Inc. I.D. No., GGCP, Inc. I.D. No., GAMCO Investors, Inc. I.D. No., Associated Capital Group, Inc. I.D. No., Mario J. Gabelli ×9 filings	Jan. 10, 2017	·	Initial filing	·	SEC
Gabelli Funds, LLC I.D. No ., GAMCO Asset Management Inc. I.D. No ., Teton Advisors, Inc. I.D. No ., GGCP, Inc. I.D. No ., GAMCO Investors, Inc. I.D. No ., Mario J. Gabelli ×2 filings	Nov. 1, 2012	·	Initial filing	·	SEC
LOUISVILLE PUBLIC WAREHOUSE COMPANY, LOUISVILLE WAREHOUSE COMPANY, JASTEKA FOUNDATION, INC., JAMES S. KARP ×2 filings	Jan. 13, 2010	·	Initial filing	·	SEC
Churchill Downs Incorporated	Nov. 20, 2009	·	Initial filing	M&A / sale	SEC
Duchossois Industries, Inc., Richard L. Duchossois, 845 Larch Acquisition Corp LLC ×2 filings	Sept. 22, 2008	·	Initial filing	Passive investment	SEC
Undisclosed reporting person	April 30, 2004	·	Initial filing	·	SEC
Undisclosed reporting person	April 30, 2004	·	Initial filing	·	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 47 insiders · 16 officers · 15 directors

19

Insider	Role	Last activity	Shares owned	Net 12m
Marcia A Dall	EVP, and CFO	March 19, 2026 A	153,843	$0
Michael E Miller	EVP & Chief Financial Officer	Sept. 25, 2006 M	10,532	$0
William E. Mudd	President and COO	March 19, 2026 A	732,067	$0
James Edward Gay	President, Churchill Downs Int	Dec. 31, 2014 F	44,823	$0
Andrew G Skehan	EVP & Chief Operating Officer	Nov. 9, 2005 A	8,682	$0
John R Long	EVP & Chief Operating Officer	Nov. 19, 2003 M	2,427	$0
Bradley K. Blackwell	EVP, General Counsel	Feb. 5, 2026 A	30,934	$0
Maureen Adams	EVP, Gaming Operations	Dec. 31, 2025 M	15,121	$0
Austin W. Miller	SVP, Gaming Operations	Feb. 10, 2022 F	25,724	$0
Alan K Tse	EVP and General Counsel	March 24, 2015 F	20,858	$0
CHURCHILL DOWNS INC	SVP,General Counsel, Secretary	May 9, 2012 S	7,586	$0
Rohit Thukral	EVP, Technology Initiatives	April 17, 2012 F	17,073	$0
Rebecca C Reed	Sr. VP, Chief Compl. Officer	March 3, 2011 A	2,611	$0
Steven P Sexton	Executive Vice President	Nov. 9, 2010 F	5,757	$0
Michael W Anderson	VP Finance and Treasurer	Sept. 26, 2007 A	219	$0
Karl F Schmitt JR	SVP, Special Projects	May 5, 2006 M	3,238	$0
Douglas C Grissom	Director	Sept. 30, 2026 A	43,460	$0
Andrea M Carter	Director	April 21, 2026 A	7,958	$0
Karole Lloyd	Director	April 21, 2026 A	40,317	$0
Richard Alex Rankin	Director	April 21, 2026 A	101,468	$0
HARRINGTON DANIEL P	Director	April 21, 2026 A	1,145,352	$0
Ulysses L Bridgeman Jr	Director	Jan. 3, 2025 A	51,771	$0
Robert L Fealy	Director	April 23, 2024 A	119,942	$0
Aditi Gokhale	Director	Jan. 6, 2017 A	1,543	$0
MCDONALD JAMES F	Director	April 27, 2016 M	12,320	$0
Leonard S Coleman JR	Director	April 22, 2014 A	5,352	$0
Darrell R. Wells	Director	Jan. 6, 2014 A	140,000	$0
Michael Brodsky	Director	Jan. 23, 2012 A	13,915	$0
Carl F Pollard	Director	July 16, 2010 A	65,635	$0
David J Grissom	Director	Dec. 4, 2009 G	45,100	$0
Susan Elizabeth Packard	Director	Nov. 20, 2009 A	2,945	$0
Paul C Varga	·	April 21, 2026 A	35,556	$0
William C Carstanjen	·	Feb. 5, 2026 A	1,685,609	$0
Richard L Duchossois	·	Jan. 4, 2019 A	8,608	$0
Craig J Duchossois	·	March 30, 2018 A	16,871	$0
Robert L Evans	·	Feb. 12, 2018 S	58,022	$0
Paul J Thelen	·	Jan. 9, 2018 F	176,774	$0
Watts G Humphrey JR	·	Jan. 5, 2018 A	56,449	$0
Seth W Hancock	·	June 30, 2008 A	0	$0
Donald R Richardson	·	Nov. 13, 2007 S	9,748	$0
Randall Edward Soth	·	Sept. 21, 2007 M	272	$0
Kenneth C Dunn	·	June 15, 2007 M	5,974	$0
MEEKER THOMAS H	·	March 20, 2006 M	45,884	$0
Timothy N Scott	·	Nov. 9, 2005 A	1,757	$0
Clifford C Goodrich	·	Nov. 9, 2005 A	4,789	$0
Frederick M Baedeker JR	·	Aug. 30, 2005 M	1,574	$0
Alexander M Waldrop	·	Jan. 5, 2005 M	8,786	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 70 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
RSMC · Tidal Trust III	2.33%	211,094 NS	July 31, 2026	N-PORT
BUL · Pacer Funds Trust	0.75%	11,706 NS	July 31, 2026	N-PORT
BSJS · Invesco Exchange-Traded Self-Indexe…	0.69%	5,376,000	Oct. 1, 2026	Daily
FXD · First Trust Exchange-Traded AlphaDE…	0.56%	17,956 NS	July 31, 2026	N-PORT
SMDX · Tidal Trust III	0.39%	6,045 NS	July 31, 2026	N-PORT
RFG · Invesco Exchange-Traded Fund Trust	0.35%	15,170 SH	Oct. 1, 2026	Daily
IVOG · VANGUARD ADMIRAL FUNDS	0.31%	65,333 SH	Aug. 19, 2026	Daily
PRFZ · Invesco Exchange-Traded Fund Trust	0.19%	67,947 SH	Oct. 1, 2026	Daily
PKW · Invesco Exchange-Traded Fund Trust	0.19%	40,941 SH	Oct. 1, 2026	Daily
ISCG · iShares Trust	0.18%	21,244 SH	Sept. 11, 2026	Daily
QVMM · Invesco Exchange-Traded Fund Trust …	0.17%	9,168 SH	Sept. 30, 2026	Daily
VBK · VANGUARD INDEX FUNDS	0.16%	876,192 SH	Aug. 19, 2026	Daily
IVOO · VANGUARD ADMIRAL FUNDS	0.16%	106,837 SH	Aug. 19, 2026	Daily
PTMC · Pacer Funds Trust	0.16%	7,346 NS	July 31, 2026	N-PORT
FNY · First Trust Exchange-Traded AlphaDE…	0.15%	10,240 NS	July 31, 2026	N-PORT
FDIS · FIDELITY COVINGTON TRUST	0.14%	27,980 NS	July 31, 2026	N-PORT
VCR · VANGUARD WORLD FUND	0.14%	110,689 SH	Aug. 19, 2026	Daily
FSMD · FIDELITY COVINGTON TRUST	0.14%	41,251 NS	July 31, 2026	N-PORT
BKMC · BNY Mellon ETF Trust	0.13%	9,646 NS	July 31, 2026	N-PORT
BBMC · J.P. Morgan Exchange-Traded Fund Tr…	0.12%	29,289 NS	July 31, 2026	N-PORT
MIDU · Direxion Shares ETF Trust	0.12%	973 NS	July 31, 2026	N-PORT
RWK · Invesco Exchange-Traded Fund Trust …	0.11%	18,611 SH	Oct. 1, 2026	Daily
FTLS · First Trust Exchange-Traded Fund III	0.10%	29,159 NS	July 31, 2026	N-PORT
IYC · iShares Trust	0.09%	13,181 SH	Sept. 11, 2026	Daily
JIII · Janus Detroit Street Trust	0.09%	2,027 NS	July 31, 2026	N-PORT
JVAL · J.P. Morgan Exchange-Traded Fund Tr…	0.08%	8,342 NS	July 31, 2026	N-PORT
SMMD · iShares Trust	0.08%	35,258 SH	Sept. 11, 2026	Daily
VXF · VANGUARD INDEX FUNDS	0.07%	759,953 SH	Aug. 19, 2026	Daily
VB · VANGUARD INDEX FUNDS	0.07%	1,518,792 SH	Aug. 19, 2026	Daily
ESML · iShares Trust	0.06%	19,884 SH	Sept. 11, 2026	Daily
EQAL · Invesco Exchange-Traded Fund Trust …	0.06%	6,018 SH	Oct. 1, 2026	Daily
RECS · Columbia ETF Trust I	0.05%	37,010 NS	July 31, 2026	N-PORT
WSML · iShares Trust	0.05%	3,979 SH	Sept. 11, 2026	Daily
FAD · First Trust Exchange-Traded AlphaDE…	0.04%	3,075 NS	July 31, 2026	N-PORT
IWS · iShares Trust	0.04%	82,403 SH	Sept. 11, 2026	Daily
IWR · iShares Trust	0.04%	269,878 SH	Sept. 11, 2026	Daily
DFAS · Dimensional ETF Trust	0.03%	55,313 NS	July 31, 2026	N-PORT
VIG · VANGUARD SPECIALIZED FUNDS	0.03%	374,064 SH	Aug. 19, 2026	Daily
IWP · iShares Trust	0.02%	57,556 SH	Sept. 11, 2026	Daily
PFM · Invesco Exchange-Traded Fund Trust	0.02%	1,985 SH	Sept. 30, 2026	Daily
IUSG · iShares Trust	0.01%	59,254 SH	Sept. 11, 2026	Daily
IWD · iShares Trust	0.01%	123,121 SH	Sept. 11, 2026	Daily
NEAR · iShares U.S. ETF Trust	0.01%	555,000 SH	Sept. 9, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.01%	2,102,720 SH	Aug. 19, 2026	Daily
VONE · VANGUARD SCOTTSDALE FUNDS	0.01%	10,925 SH	Aug. 19, 2026	Daily
VONV · VANGUARD SCOTTSDALE FUNDS	0.01%	33,453 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.01%	5,576 SH	Aug. 19, 2026	Daily
DFAC · Dimensional ETF Trust	0.01%	50,780 NS	July 31, 2026	N-PORT
TILT · FlexShares Trust	0.01%	2,054 NS	July 31, 2026	N-PORT
IYY · iShares Trust	0.01%	2,843 SH	Sept. 11, 2026	Daily
IWB · iShares Trust	0.01%	45,101 SH	Sept. 11, 2026	Daily
ITOT · iShares Trust	0.01%	84,838 SH	Sept. 11, 2026	Daily
IWV · iShares Trust	0.01%	17,833 SH	Sept. 11, 2026	Daily
DFUS · Dimensional ETF Trust	0.01%	15,727 NS	July 31, 2026	N-PORT
DGRO · iShares Trust	0.01%	33,213 SH	Sept. 11, 2026	Daily
DXUV · Dimensional ETF Trust	0.01%	393 NS	July 31, 2026	N-PORT
DFAU · Dimensional ETF Trust	0.01%	8,548 NS	July 31, 2026	N-PORT
IWF · iShares Trust	0.00%	37,526 SH	Sept. 11, 2026	Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX…	0.00%	51,540 SH	Aug. 19, 2026	Daily
VONG · VANGUARD SCOTTSDALE FUNDS	0.00%	16,104 SH	Aug. 19, 2026	Daily
VGHY · VANGUARD FIXED INCOME SECURITIES FU…	·	·	July 15, 2026	Daily
VCRB · VANGUARD MALVERN FUNDS	·	·	July 15, 2026	Daily
VPLS · VANGUARD MALVERN FUNDS	·	·	July 15, 2026	Daily
VSDB · VANGUARD MALVERN FUNDS	·	·	July 15, 2026	Daily
VGMS · VANGUARD MALVERN FUNDS	·	·	July 15, 2026	Daily
IJH · iShares Trust	·	2,323,436 SH	Sept. 11, 2026	Daily
IJK · iShares Trust	·	383,988 SH	Sept. 11, 2026	Daily
XJH · iShares Trust	·	9,071 SH	Sept. 8, 2026	Daily
ISCB · iShares Trust	·	2,995 SH	Sept. 11, 2026	Daily
SMMV · iShares Trust	·	7,126 SH	Aug. 19, 2026	Daily

CHDN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 18 analysts BUY

Median target $128.00 +68.3%

5 27.8% Strong Buy

12 66.7% Buy

1 5.6% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

12 analysts · 2026-10-01

Mean target $130.83 +72.0%

← Below all targets Current price $76.05

Low$100.00 Mean$130.83 High$157.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
CHDN	$7.92B	8.0	7.0%	13.1%	37.3%	·
WYNN	$12.51B	38.3	0.14%	4.6%	-131.0%	·
DKNG	·	-3446.0	27.0%	0.06%	0.45%	·
MGM	$9.43B	48.0	1.7%	1.2%	7.5%	·
CZR	$4.74B	-9.7	2.1%	-4.4%	-13.1%	·
RRR	·	19.9	3.7%	9.3%	88.8%	·
BYD	$6.51B	3.8	4.1%	45.1%	88.0%	·
RSI	·	62.7	22.8%	2.9%	29.5%	·
SBET	$1.76B	-1.2	666.1%	-2618.4%	-51.2%	·
MCRI	$1.71B	17.6	4.4%	18.6%	18.8%	23.4%
PENN	·	-2.5	5.8%	-12.1%	-35.9%	·

Latest News Recent headlines mentioning this company

23

London Company Small-Mid Cap Strategy Remains Confident on Churchill Downs Incorporated (CHDN) Despite Market Fears Yahoo Finance · 3 months, 3 weeks ago Churchill Downs (CHDN) Aims to Shed Its Regional Casino Portfolio to Boost Growth Yahoo Finance · 4 months, 1 week ago Churchill Downs Q1 Earnings Call Highlights Yahoo Finance · 5 months, 1 week ago Is Churchill Downs Incorporated (CHDN) A Good Stock To Buy Now? Yahoo Finance · 6 months, 1 week ago

Trading Signals Recent buy/sell signals with entry price and risk/reward ratio

25

BLUECHIP_DIP Stopped out Jun 1

risk 1 reward 3.14

entry $88.69 R:R 3.14

BOUNCE_UP Stopped out Dec 19

risk 1 reward 2.00

entry $115.75 R:R 2.00

BOUNCE_UP Stopped out Oct 7

risk 1 reward 1.50

entry $91.64 R:R 1.50

No open signal right now — no card is filled, and that's honest.

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

Pick the metrics that matter to you — click the + next to any row in Full Fundamentals above.

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CHDN Churchill Downs, Incorporated - Common Stock