Churchill Downs Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	2,946	2,926	2,734	2,462	1,810	1,597
Revenue Growth (YoY)	5.74%	7.01%	11.07%	36.02%	13.31%	51.54%
Cost of Revenue	1,950	1,943	1,796	1,666	1,243	1,151
Gross Profit	996.1	982.6	938.5	795.7	566.4	446.1
Selling, General & Admin	250.7	246.2	237.7	202.3	164.2	138.5
Other Operating Expenses	53.2	52.6	-8.2	29.4	80.4	23.2
Total Operating Expenses	303.9	298.8	229.5	231.7	244.6	161.7
Operating Income	692.2	683.8	709	564	321.8	284.4
Interest Expense	-297.4	-297.7	-289.8	-268.4	-147.3	-84.7
Other Non-Operating Income (Expense)	154.7	146.3	154	266.2	434.3	143.9
Total Non-Operating Income (Expense)	-142.7	-151.4	-135.8	-2.2	287	59.2
Pretax Income	549.5	532.4	573.2	561.8	608.8	343.6
Provision for Income Taxes	158.2	146.9	144.1	144.5	169.4	94.5
Net Income	389.5	385.5	429.1	417.3	439.4	249.1
Minority Interest in Earnings	2	2.5	2.3	-	-	-
Net Income to Common	389.5	385.5	429.1	417.3	439.4	249.1
Net Income Growth	-8.14%	-10.16%	2.83%	-5.03%	76.39%	-
Shares Outstanding (Basic)	71	71	74	75	76	77
Shares Outstanding (Diluted)	71	72	75	76	77	78
Shares Change (YoY)	-4.77%	-3.75%	-1.97%	-1.17%	-1.79%	-2.24%
EPS (Basic)	5.43	5.32	5.73	5.55	5.79	3.22
EPS (Diluted)	5.40	5.29	5.68	5.49	5.71	3.18
EPS Growth	-3.91%	-6.87%	3.46%	-3.85%	79.56%	1827.27%
Shares Outstanding	70	69.6	73.5	74.5	74.8	76.2
Free Cash Flow	563.5	494.9	224.7	-71.2	87.3	367.7
Free Cash Flow Growth	13.86%	120.25%	-	-	-76.26%	-
Free Cash Flow Per Share	7.95	6.89	3.01	-0.94	1.13	4.69
Dividends Per Share	0.438	0.438	0.409	0.382	0.357	0.334
Dividend Growth	-	7.09%	7.07%	7.00%	6.89%	7.40%
Gross Margin	33.81%	33.58%	34.32%	32.32%	31.30%	27.93%
Operating Margin	23.49%	23.37%	25.93%	22.91%	17.78%	17.81%
Profit Margin	13.28%	13.18%	15.69%	16.95%	24.28%	15.60%
FCF Margin	19.13%	16.91%	8.22%	-2.89%	4.82%	23.02%
EBITDA	929.1	923.3	913.7	739.2	440.8	392.9
EBITDA Margin	31.53%	31.56%	33.42%	30.03%	24.36%	24.60%
EBIT	692.2	683.8	709	564	321.8	284.4
EBIT Margin	23.49%	23.37%	25.93%	22.91%	17.78%	17.81%
Effective Tax Rate	28.79%	27.59%	25.14%	25.72%	27.83%	27.50%

Updated Apr 22, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q