Churchill Downs Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	2,926	2,734	2,462	1,810	1,597
Revenue Growth (YoY)	7.01%	11.07%	36.02%	13.31%	51.54%
Cost of Revenue	1,943	1,796	1,666	1,243	1,151
Gross Profit	982.6	938.5	795.7	566.4	446.1
Selling, General & Admin	246.2	237.7	202.3	164.2	138.5
Other Operating Expenses	52.6	-8.2	29.4	80.4	23.2
Operating Income	683.8	709	564	321.8	284.4
Interest Expense	-297.7	-289.8	-268.4	-147.3	-84.7
Other Non-Operating Income (Expense)	146.3	154	266.2	434.3	143.9
Total Non-Operating Income (Expense)	-151.4	-135.8	-2.2	287	59.2
Pretax Income	532.4	573.2	561.8	608.8	343.6
Provision for Income Taxes	-146.9	-144.1	-144.5	-169.4	-94.5
Net Income	385.5	429.1	417.3	439.4	249.1
Minority Interest in Earnings	2.5	2.3	-	-	-
Net Income to Common	385.5	429.1	417.3	439.4	249.1
Net Income Growth	-10.16%	2.83%	-5.03%	76.39%	-
Shares Outstanding (Basic)	71	74	75	76	77
Shares Outstanding (Diluted)	72	75	76	77	78
Shares Change (YoY)	-3.75%	-1.97%	-1.17%	-1.79%	-2.24%
EPS (Basic)	5.32	5.73	5.55	5.79	3.22
EPS (Diluted)	5.29	5.68	5.49	5.71	3.18
EPS Growth	-6.87%	3.46%	-3.85%	79.56%	1827.27%
Free Cash Flow	494.9	224.7	-71.2	87.3	367.7
Free Cash Flow Growth	120.25%	-	-	-76.26%	-
Free Cash Flow Per Share	6.89	3.01	-0.94	1.13	4.69
Dividends Per Share	0.438	0.409	0.382	0.357	0.334
Dividend Growth	7.09%	7.07%	7.00%	6.89%	7.40%
Gross Margin	33.58%	34.32%	32.32%	31.30%	27.93%
Operating Margin	23.37%	25.93%	22.91%	17.78%	17.81%
Profit Margin	13.18%	15.69%	16.95%	24.28%	15.60%
FCF Margin	16.91%	8.22%	-2.89%	4.82%	23.02%
EBITDA	923.3	913.7	739.2	440.8	392.9
EBITDA Margin	31.56%	33.42%	30.03%	24.36%	24.60%
EBIT	683.8	709	564	321.8	284.4
EBIT Margin	23.37%	25.93%	22.91%	17.78%	17.81%
Effective Tax Rate	-27.59%	-25.14%	-25.72%	-27.83%	-27.50%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.