Churchill Downs Incorporated
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $383.0M | $426.8M | $417.3M | $439.4M | $249.1M | $-81.9M | $137.5M | $352.8M |
| Depreciation & Amortization | $233.1M | $199.1M | $169.0M | $113.7M | $103.2M | $92.9M | $96.4M | $63.6M |
| Depreciation | $222.8M | $188.0M | $161.8M | $109.0M | $98.4M | $88.0M | $81.4M | $57.6M |
| Amortization | $10.3M | $11.1M | $7.2M | $4.7M | $4.8M | $4.9M | $15.0M | $6.0M |
| Stock-Based Compensation | $30.2M | $36.1M | $32.9M | $31.8M | $27.8M | $23.7M | $23.8M | $21.1M |
| Net Cash from Operating Activities | $769.8M | $771.7M | $605.3M | $510.8M | $459.5M | $141.9M | $289.6M | $197.8M |
| Investing Activities | ||||||||
| Capital Expenditures | $204.7M | $463.4M | $598.8M | $373.3M | $52.3M | $23.0M | $48.3M | $29.6M |
| Business Acquisitions | $0 | $0 | $241.3M | $2.92B | $0 | $0 | $206.6M | $-13.1M |
| Net Cash from Investing Activities | $-471.5M | $-545.2M | $-718.0M | $-3.10B | $-100.4M | $-239.4M | $-781.2M | $824.1M |
| Financing Activities | ||||||||
| Dividends Paid | $30.8M | $29.2M | $27.1M | $26.0M | $24.8M | $23.4M | $22.2M | $23.7M |
| Stock Repurchases | $427.8M | $186.0M | $55.9M | $174.9M | $297.5M | $28.4M | $95.0M | $531.4M |
| Net Cash from Financing Activities | $-262.5M | $-196.6M | $129.3M | $2.42B | $-500.0K | $76.0M | $460.8M | $-933.3M |
| Net Change in Cash | $35.8M | $30.9M | $17.1M | $-150.9M | $234.6M | $-21.5M | $-30.8M | $88.6M |
| Free Cash Flow | $565.1M | $308.3M | $6.5M | $137.5M | $407.2M | $118.9M | $241.3M | $168.2M |