Capital investment and capacitynegative · 5 filings
“Cash flows used in investing activities decreased $47 million primarily driven by decreased capital expenditures in 2026.”10-Q · Jul 29, 2026 ↗
Churchill Downs Incorporated
CHDN
Market read
Churchill Downs Incorporated's current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
Company-1.6% todayVolume comparison unavailable
Market group0 of 1 activeGambling · unavailable
Disclosed network0 of 4 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Reported $47M decrease in cash used in investing, attributed primarily to lower capital expenditures in 2026.
- Filing reports a $4M after-tax decrease in interest expense contributing to higher net income (excluding certain items).
Invalidation: The isolated read changes if CHDN's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Reported $47M decrease in cash used in investing, attributed primarily to lower capital expenditures in 2026.
- Filing reports a $4M after-tax decrease in interest expense contributing to higher net income (excluding certain items).
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements179
Verified relationships4
Evidence supporting the case
- Latest annual revenue changed +7.0% year over year.
- Credit and interest rates has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Operating margin changed -2.6 percentage points in the latest annual period.
- Net margin changed -2.5 percentage points in the latest annual period.
- Capital investment and capacity has repeated adverse evidence across 5 filings.
- Restructuring and cost reductions has repeated adverse evidence across 4 filings.
Questions before a position
- P/E is 100% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 114% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
82.796m-3.7%12m-15.3%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$1.6B+51.5%$3.18—
2022-12-31$1.8B+13.3%$5.71-1.8%
2023-12-31$2.5B+36.0%$5.49-1.2%
2024-12-31$2.7B+11.1%—-2.0%
2025-12-31$2.9B+7.0%—-3.8%
What management says matters
Persistent and emerging business drivers
Credit and interest ratesmixed · 4 filings
“Excluding these items, net income increased $23 million due to a $13 million after-tax increase primarily driven by the results of our operations, a $6 million after-tax increase in equity income from our unconsolidated affiliates, and a $4 million after-tax…”10-Q · Jul 29, 2026 ↗
Restructuring and cost reductionsnegative · 4 filings
“Operating income increased $38 million driven by an $36 million increase from the Live and Historical Racing segment primarily due to a record-breaking Derby Week at Churchill Downs Racetrack, a $5 million increase from the Wagering Services and Solutions seg…”10-Q · Jul 29, 2026 ↗
Macroeconomic conditionspositive · 1 filings
“The remaining increase is primarily driven by normal inflationary activity resulting in increased operational costs.”10-Q · Jul 29, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 2.0× · EV/sales 3.7×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
82.79-1.6% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for CHDN. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for CHDN. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind CHDN
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
JPMJPMorgan Chase & Co.lenderFeb 25, 2026 ▾
“26 Credit Agreement, dated as of December 27, 2017, by and among Churchill Downs Incorporated, the subsidiary guarantors party thereto, the lenders party thereto, JPMorgan Chase Bank, N.A.”
SALMFiling-linked namepartnerFeb 25, 2026 ▾
“e outstanding equity interest of Casino Salem, a joint venture with SL Salem, LLC and JPF Casino Enterprises, LLC (collectively, the "Casino Salem Minority Interest Holders").”
Depended on by
LLYVALiberty Live Holdings, Inc.partnerFeb 26, 2026 ▾
“Quint’s principal partners are Formula 1, MotoGP, Churchill Downs and the NBA.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 1 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
CHDN is currently a Leader in the organic co-movement group Gambling. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for CHDN; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.