Churchill Downs Inc income statement

In fiscal 2025, Churchill Downs Inc reported revenue of $2.93bn, up 7.0% on the year before, operating income of $684m (a 23.4% margin) and net income of $383m. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Churchill Downs Inc: income statement, annual
Fiscal year	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Revenue	0	0	0	0	0	822	883	1,009	1,330	1,054	1,597	1,810	2,462	2,734	2,926	3,005
Research and development	—	—	0	0	39	39	—	—	—	—	—	—	—	—	—	—
Selling, general and administrative	66	74	83	76	76	79	84	91	122	115	139	164	202	238	246	251
Operating income	81	97	90	90	126	173	146	189	216	60	284	322	564	709	684	767
Interest expense	9	5	6	21	29	44	49	40	71	80	85	147	268	290	298	287
Net interest income	−8	−4	−6	−21	−29	−44	—	—	−71	−80	−85	−147	−268	−290	−298	−287
Income before tax	95	91	86	77	115	147	103	234	196	8	344	609	562	573	532	635
Income tax	34	33	30	30	45	51	−20	51	57	−5	95	169	145	144	147	179
Net income	64	58	55	46	65	108	141	353	138	−82	249	439	417	427	383	455
Diluted EPS	$0.63	$0.56	$0.51	$0.44	$0.62	$1.07	$1.46	$4.24	$1.69	−$1.04	$3.18	$5.71	$5.49	—	—	$6.50
Diluted shares (average)	103m	105m	108m	106m	106m	101m	96m	83m	81m	80m	78m	77m	76m	75m	72m	70m
EBITDA	136	152	152	159	236	281	243	252	312	153	388	436	733	908	917	1,002

US$ millions unless shown otherwise. Fiscal quarters.

Churchill Downs Inc: income statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Revenue	624	643	934	683	666	663	980	696
Selling, general and administrative	66	55	61	59	71	59	61	60
Operating income	127	135	327	98	124	143	357	143
Interest expense	73	72	75	75	76	72	70	69
Net interest income	−73	−72	−75	−75	−76	−72	−70	−69
Income before tax	91	96	292	61	83	113	328	111
Income tax	19	19	74	22	32	30	86	31
Net income	72	77	217	38	51	83	241	80
EBITDA	180	194	385	155	183	199	416	204

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from Churchill Downs Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Churchill Downs Inc.