Churchill Downs Incorporated (CHDN) Income Statement
CHDN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCHDN revenue and net income
Where CHDN's revenue goes
2025Each bar shows an amount and its share of revenue. CHDN kept 13.0% of revenue as net income.
CHDN profit margins
CHDN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.0% | +17.4% | +22.7% | +9.2% |
| Gross profit | +4.7% | +20.2% | +38.4% | +13.0% |
| Operating income | +3.9% | +31.8% | +65.0% | +19.5% |
| Net income | −11.0% | −4.8% | — | +19.3% |
| EPS (diluted) | +5.4% | +9.0% | +61.9% | +22.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CHDN quarterly EPS vs estimates
Churchill Downs beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 28, 2026 (estimate $1.28).
CHDN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.93B | $2.73B | $2.46B | $1.81B | $1.60B | $1.05B | $1.33B | $1.01B | $882.6M | $1.31B |
| Cost of revenue | $1.94B | $1.80B | $1.67B | $1.24B | $1.15B | $860.5M | $986.7M | $719.4M | $629.8M | $993.0M |
| Gross profit | $982.6M | $938.5M | $795.7M | $566.4M | $446.1M | $193.5M | $343.0M | $289.6M | $252.8M | $315.6M |
| Research & development | — | — | $11.2M | $10.7M | $10.3M | $9.4M | $8.8M | $7.3M | $17.5M | $39.0M |
| Sales, general & admin | $246.2M | $237.7M | $202.3M | $164.2M | $138.5M | $114.8M | $122.0M | $90.5M | $83.1M | $100.2M |
| Total operating expenses | $246.2M | $229.5M | $231.7M | $244.6M | $161.7M | $133.3M | $127.3M | $90.5M | $83.9M | $141.7M |
| Operating income | $736.4M | $709.0M | $564.0M | $321.8M | $284.4M | $60.2M | $215.7M | $188.8M | $145.7M | $194.2M |
| Interest income | — | — | — | — | — | — | $20.3M | $10.5M | $23.8M | $26.3M |
| Interest expense | $297.7M | $289.8M | $268.4M | $147.3M | $84.7M | $80.0M | $70.9M | $40.1M | $49.3M | $43.7M |
| Income before taxes | $532.4M | $573.2M | $561.8M | $608.8M | $343.6M | $8.0M | $196.4M | $233.9M | $102.5M | $168.1M |
| Income taxes | $146.9M | $144.1M | $144.5M | $169.4M | $94.5M | −$5.3M | $56.8M | $51.3M | −$19.9M | $60.0M |
| Net income | $379.7M | $426.8M | $417.3M | $439.4M | $249.1M | −$81.9M | $137.5M | $352.8M | $140.5M | $108.1M |
| EBITDA | $1.07B | $1.07B | $1.01B | $875.1M | $536.8M | $185.9M | $368.3M | $338.0M | $266.4M | $316.9M |
| EPS (diluted) | $6.23 | $5.91 | $4.95 | $4.81 | $3.90 | $0.56 | $2.44 | $1.94 | $1.32 | $1.04 |
| Gross margin | 33.6% | 34.3% | 32.3% | 31.3% | 27.9% | 18.4% | 25.8% | 28.7% | 28.6% | 24.1% |
| Operating margin | 25.2% | 25.9% | 22.9% | 17.8% | 17.8% | 5.7% | 16.2% | 18.7% | 16.5% | 14.8% |
| Net margin | 13.0% | 15.6% | 17.0% | 24.3% | 15.6% | −7.8% | 10.3% | 35.0% | 15.9% | 8.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $980.0M | $663.0M | $665.9M | $683.0M | $934.4M | $642.6M | $624.2M | $628.5M | $890.7M | $590.9M | $561.2M | $572.5M |
| Cost of revenue | $471.0M | $460.0M | $469.2M | $478.7M | $542.3M | $453.1M | $444.5M | $442.9M | $502.7M | $405.7M | $400.2M | $408.5M |
| Gross profit | $509.0M | $203.0M | $196.7M | $204.3M | $392.1M | $189.5M | $179.7M | $185.6M | $388.0M | $185.2M | $161.0M | $164.0M |
| Research & development | — | — | — | — | — | — | $13.0M | — | — | — | $11.2M | — |
| Sales, general & admin | $92.0M | $59.0M | $71.5M | $59.3M | $60.9M | $54.5M | $65.7M | $59.8M | $57.4M | $54.8M | $60.5M | $50.2M |
| Total operating expenses | $152.0M | $59.0M | $71.5M | $106.3M | $64.4M | $54.9M | $52.9M | $59.8M | $58.0M | $58.9M | $54.8M | $51.7M |
| Operating income | $357.0M | $144.0M | $125.2M | $98.0M | $327.7M | $134.6M | $126.8M | $125.9M | $330.0M | $126.3M | $106.2M | $112.3M |
| Interest expense | $70.0M | $72.0M | $75.6M | $75.6M | $74.2M | $72.3M | $72.8M | $73.1M | $73.5M | $70.4M | $70.6M | $67.9M |
| Income before taxes | $328.0M | $113.0M | $83.3M | $61.2M | $292.0M | $95.9M | $91.0M | $86.1M | $294.3M | $101.8M | $71.9M | $81.8M |
| Income taxes | $86.0M | $30.0M | $31.8M | $22.0M | $74.4M | $18.7M | $18.7M | $19.9M | $84.1M | $21.4M | $14.3M | $20.8M |
| Net income | $241.0M | $81.0M | $49.8M | $37.9M | $216.9M | $76.7M | $71.7M | $64.4M | $209.3M | $80.4M | $57.6M | $61.0M |
| EBITDA | $458.0M | $243.0M | $220.1M | $195.1M | $426.1M | $227.4M | $168.9M | $210.2M | $418.3M | $220.5M | $191.1M | $193.1M |
| EPS (diluted) | $3.45 | $1.21 | $0.97 | $1.09 | $3.10 | $1.07 | $0.92 | $0.97 | $2.89 | $1.13 | $0.86 | $0.87 |
| Gross margin | 51.9% | 30.6% | 29.5% | 29.9% | 42.0% | 29.5% | 28.8% | 29.5% | 43.6% | 31.3% | 28.7% | 28.6% |
| Operating margin | 36.4% | 21.7% | 18.8% | 14.3% | 35.1% | 20.9% | 20.3% | 20.0% | 37.0% | 21.4% | 18.9% | 19.6% |
| Net margin | 24.6% | 12.2% | 7.5% | 5.5% | 23.2% | 11.9% | 11.5% | 10.2% | 23.5% | 13.6% | 10.3% | 10.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CHDN's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CHDN financial results
In fiscal year 2025 (ended December 31, 2025), Churchill Downs reported revenue of $2.9 billion, up 7.0% from the year before. It had net income of $379.7 million (down 11.0%), a net profit margin of 13.0%. Diluted earnings per share came to $6.23. Over five years revenue grew at an average rate of 22.7% a year.
See the CHDN stock overview for the latest quote and news, or the CHDN chart for price history and technical indicators.
CHDN income statement FAQ
What is Churchill Downs's annual revenue?
Churchill Downs reported total revenue of $2.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 7.0% from $2.7 billion the previous year.
Is Churchill Downs profitable?
Yes. Churchill Downs reported net income of $379.7 million in fiscal 2025, a net profit margin of 13.0%; its operating margin was 25.2%.
What is Churchill Downs's gross margin?
Churchill Downs's gross margin was 33.6% in fiscal 2025: for every $100 of revenue, Churchill Downs kept $34 after the direct cost of its products and services.
How fast is Churchill Downs growing?
Revenue grew 22.7% a year on average over the last five fiscal years, from $1.1 billion to $2.9 billion.
What are Churchill Downs's earnings per share?
Churchill Downs earned $6.23 per diluted share in fiscal 2025, compared with $5.91 a year earlier.
When will Churchill Downs report its next earnings?
Churchill Downs is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does Churchill Downs's fiscal year end?
Churchill Downs's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.