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Churchill Downs cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$108M in Q3 2026

Operating cash flow$148M
Capital spending−$40.0M
Free cash flow+$108M
Cash / net income1.9×

Analysis

In Q3 2026, Churchill Downs generated $148M of operating cash flow and spent $40.0M on capital projects, leaving free cash flow of $108M. That is $40.0M less than in Q3 2025 ($148M).

Operating cash flow was $148M against net income of $80.0M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$61.0M, income taxes payable −$35.0M, deferred revenue +$9.0M.

Free cash flow

Churchill Downs: free cash flow by quarterChurchill Downs: free cash flow by quarter$35.0MQ4 2024$180MQ1 2025$174MQ2 2025$148MQ3 2025$63.3MQ4 2025$255MQ1 2026$178MQ2 2026$108MQ3 2026
Operating cash flow less capital spending.
Churchill Downs: operating cash flow against capital spendingChurchill Downs: operating cash flow against capital spendingOperating cash flowCapital spending$131M$95.6MQ4 2024$247M$67.0MQ1 2025$240M$66.0MQ2 2025$187M$39.0MQ3 2025$96.0M$32.7MQ4 2025$295M$40.0MQ1 2026$217M$39.0MQ2 2026$148M$40.0MQ3 2026
Latest (Q3 2026): Operating cash flow $148M, Capital spending $40.0M.

Capital allocation, year by year

Churchill Downs: where the cash came from (up) and went (down), by fiscal yearChurchill Downs: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $460MFY2021: Net borrowing $781MFY2021: Capital spending −$52.3MFY2021: Buybacks −$298MFY2021: Dividends −$24.8M$1.2BFY2021FY2022: Operating cash flow $511MFY2022: Net borrowing $2.9BFY2022: Asset sales $279MFY2022: Capital spending −$373MFY2022: Acquisitions −$2.9BFY2022: Buybacks −$175MFY2022: Dividends −$26.0M$3.7BFY2022FY2023: Operating cash flow $605MFY2023: Net borrowing $1.8BFY2023: Asset sales $196MFY2023: Capital spending −$599MFY2023: Acquisitions −$241MFY2023: Buybacks −$55.9MFY2023: Dividends −$27.1M$2.6BFY2023FY2024: Operating cash flow $772MFY2024: Net borrowing $963MFY2024: Capital spending −$463MFY2024: Buybacks −$186MFY2024: Dividends −$29.2M$1.7BFY2024FY2025: Operating cash flow $770MFY2025: Net borrowing $1.1BFY2025: Capital spending −$205MFY2025: Buybacks −$428MFY2025: Dividends −$30.8M$1.9BFY2025
Over these 5 years operating cash flow totalled $3.1B; the largest uses were acquisitions ($3.2B) and capital spending ($1.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$167M
Debt$4.7B
Net debt$4.6B
Due within a year$63.1M

Churchill Downs funds itself: free cash flow was — over the last twelve months, and $167M of cash and investments stands against $4.7B of debt ($63.1M due within a year, 2.6× covered by cash).

Churchill Downs: debt maturities by year (FY2025)Churchill Downs: debt maturities by year (FY2025)$63.1MYear 1$663MYear 2$1.0BYear 3$1.6BYear 4$1.2BYear 5$600MAfter year 5
Principal due in each year as disclosed in the annual report, against $167M of cash and investments now.

Where the cash came from and went

Churchill Downs: sources (+) and uses (−) of cash, Q3 2026Churchill Downs: sources (+) and uses (−) of cash, Q3 2026Other financing−$701MNet borrowing (+) / repaid (−)$620MOperating cash flow$148MBuybacks−$44.0MCapital spending−$40.0MCash drawn (+) / kept (−)$36.0MOther investing−$19.0M

From profit to cash

Churchill Downs: net income to operating cash flow, Q3 2026Churchill Downs: net income to operating cash flow, Q3 2026Net income$80.0MDepreciation & amortization$61.0MStock-based pay$6.0MOther non-cash$3.0MDeferred revenue$9.0MIncome taxes payable−$35.0MOther operating capital$6.0MOperating cash flow$148M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$148M−$40.0M−$44.0M—$620M$36.0M$108M
Q2 2026$217M−$39.0M——$401M−$4.0M$178M
Q1 2026$295M−$40.0M—−$31.0M$245M−$2.0M$255M
Q4 2025$96.0M−$32.7M−$31.8M−$800K$150M−$19.8M$63.3M
Q3 2025$187M−$39.0M−$55.0M—$306M$18.0M$148M
Q2 2025$240M−$66.0M−$254M$1.0M$422M−$15.0M$174M
Q1 2025$247M−$67.0M−$87.0M−$31.0M$220M−$19.0M$180M
Q4 2024$131M−$95.6M−$27.3M−$500K$215M−$21.3M$35.0M

Churchill Downs: income statement and cash flow

Churchill Downs, Q3 2026: revenue $696M (+2% year over year), operating margin 20.5%. The chart follows the revenue to costs, profit and cash.

Churchill Downs: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.