Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income	$ 334.0	$ 356.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	173.5	145.7
Distributions from unconsolidated affiliates	91.7	113.8
Equity in income of unconsolidated affiliates	(105.4)	(108.9)
Stock-based compensation	18.2	23.2
Deferred income taxes	58.1	29.6
Asset impairments	87.5	3.9
Gain on settlement of liability	(40.0)	0.0
Amortization of operating lease assets	4.8	4.1
Other	8.0	9.1
Changes in operating assets and liabilities:
Income taxes	41.6	17.1
Deferred revenue	(26.6)	(38.1)
Other assets and liabilities	28.4	84.8
Net cash provided by operating activities	673.8	641.1
Cash flows from investing activities:
Capital maintenance expenditures	(52.9)	(49.8)
Capital project expenditures	(171.7)	(367.8)
Acquisition of gaming rights, net of cash acquired	(185.3)	0.0
Other	(11.5)	1.8
Net cash used in investing activities	(421.4)	(415.8)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	947.7	750.4
Repayments of borrowings under long-term debt obligations	(753.6)	(757.5)
Payment of dividends	(30.2)	(28.7)
Repurchase of common stock	(395.8)	(158.7)
Taxes paid related to net share settlement of stock awards	(4.1)	(10.6)
Debt issuance costs	(0.3)	(2.5)
Change in bank overdraft	(1.7)	(7.5)
Other	1.4	(1.6)
Net cash used in financing activities	(236.6)	(216.7)
Cash flows from discontinued operations:
Operating activities of discontinued operations	0.0	1.0
Net increase in cash, cash equivalents and restricted cash	15.8	9.6
Cash, cash equivalents and restricted cash, beginning of period	252.7	221.8
Cash, cash equivalents and restricted cash, end of period	268.5	231.4
Supplemental disclosures of cash flow information:
Cash paid for interest	192.6	205.3
Cash paid for income taxes	16.8	81.8
Cash received from income tax refunds	1.4	4.1
Schedule of non-cash operating, investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	21.2	55.2
Fair value of noncontrolling interest recognized in connection with asset acquisition	20.4	0.0
Right-of-use assets obtained in exchange for lease obligations in operating leases	20.8	4.2
Right-of-use assets obtained in exchange for lease obligations in finance leases	0.0	3.6
Repurchase of common stock included in accrued expense and other current liabilities	0.5	9.0
Deferred payments for acquisition of business included in other liabilities	$ 0.0	$ 1.2

Churchill Downs Inc 10-Q