Revenue exhibits extreme seasonality, with Q2 2025 revenue reaching $934.4M compared to $663.0M in 2026Q1, driving gross margin fluctuations between 30.6% and 43.6%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.95B | 2.93B | 2.73B | 2.46B | 1.81B | 1.6B | 1.05B | 1.33B | 1.01B | 882.6M | 1.31B | 1.21B | 812.93M | 779.33M | 732.38M | 696.85M | 585.35M | 439.7M | 430.57M | 410.74M | 376.67M | 408.8M | 463.11M | 424.23M | 439.19M | 427.04M | 362.02M | 258.4M | 147.3M | 118.9M | 107.9M |
| Revenue Growth % | 5.75% | 7.01% | 11.07% | 36.02% | 13.31% | 51.54% | -20.73% | 31.78% | 14.32% | -32.55% | 7.94% | 49.13% | 4.31% | 6.41% | 5.1% | 19.05% | 33.12% | 2.12% | 4.83% | 9.04% | -7.86% | -11.73% | 9.16% | -3.41% | 2.85% | 17.96% | 40.1% | 75.42% | 23.89% | 10.19% | 16.77% |
| Cost of Goods Sold | 1.95B | 1.94B | 1.8B | 1.67B | 1.24B | 1.15B | 860.5M | 986.7M | 719.4M | 629.8M | 993M | 922.9M | 634.03M | 606.15M | 568.81M | 551.32M | 491.35M | 354.01M | 344.28M | 326.4M | 301.61M | 342.23M | 383.46M | 345.93M | 353.7M | 345.64M | 270.32M | 196.1M | 113.3M | 90.8M | 82M |
| COGS % of Revenue | - | 66.42% | 65.68% | 67.68% | 68.7% | 72.07% | 81.64% | 74.2% | 71.3% | 71.36% | 75.88% | 76.13% | 77.99% | 77.78% | 77.67% | 79.11% | 83.94% | 80.51% | 79.96% | 79.47% | 80.07% | 83.72% | 82.8% | 81.54% | 80.53% | 80.94% | 74.67% | 75.89% | 76.92% | 76.37% | 76% |
| Gross Profit | 996.1M | 982.6M | 938.5M | 795.7M | 566.4M | 446.1M | 193.5M | 343M | 289.6M | 252.8M | 315.6M | 289.4M | 178.9M | 173.17M | 163.57M | 145.54M | 94M | 85.69M | 86.29M | 84.33M | 75.06M | 66.57M | 79.65M | 78.3M | 85.5M | 81.4M | 91.7M | 62.3M | 34M | 28.1M | 25.9M |
| Gross Margin % | 33.81% | 33.58% | 34.32% | 32.32% | 31.3% | 27.93% | 18.36% | 25.8% | 28.7% | 28.64% | 24.12% | 23.87% | 22.01% | 22.22% | 22.33% | 20.89% | 16.06% | 19.49% | 20.04% | 20.53% | 19.93% | 16.28% | 17.2% | 18.46% | 19.47% | 19.06% | 25.33% | 24.11% | 23.08% | 23.63% | 24% |
| Gross Profit Growth % | - | 4.7% | 17.95% | 40.48% | 26.97% | 130.54% | -43.59% | 18.44% | 14.56% | -19.9% | 9.05% | 61.76% | 3.31% | 5.87% | 12.39% | 54.83% | 9.7% | -0.7% | 2.32% | 12.35% | 12.76% | -16.42% | 1.72% | -8.42% | 5.03% | -11.23% | 47.18% | 83.24% | 21% | 8.49% | 12.12% |
| Operating Expenses | 301.2M | 246.2M | 229.5M | 231.7M | 244.6M | 161.7M | 133.3M | 127.3M | 90.5M | 83.9M | 141.7M | 144.04M | 85.11M | 83.45M | 73.83M | 64.53M | 62.43M | 50.95M | 33.51M | 50.7M | 25.48M | 45.69M | 48.96M | 34.02M | 39.97M | 32.06M | 45.12M | 29.8M | 16.8M | 13.7M | 13.5M |
| OpEx % of Revenue | - | 8.41% | 8.39% | 9.41% | 13.52% | 10.12% | 12.65% | 9.57% | 8.97% | 9.51% | 10.83% | 11.88% | 10.47% | 10.71% | 10.08% | 9.26% | 10.67% | 11.59% | 7.78% | 12.34% | 6.77% | 11.18% | 10.57% | 8.02% | 9.1% | 7.51% | 12.46% | 11.53% | 11.41% | 11.52% | 12.51% |
| Selling, General & Admin | 250.7M | 246.2M | 237.7M | 202.3M | 164.2M | 138.5M | 114.8M | 122M | 90.5M | 83.1M | 100.2M | 90.79M | 85.11M | 83.45M | 73.83M | 64.53M | 62.43M | 50.95M | 50.71M | 51.48M | 44.71M | 45.69M | 48.96M | 34.02M | 35.47M | 32.06M | 27.83M | 18.5M | 11.1M | 9.1M | 8.7M |
| SG&A % of Revenue | - | 8.41% | 8.69% | 8.22% | 9.07% | 8.67% | 10.89% | 9.18% | 8.97% | 9.42% | 7.66% | 7.49% | 10.47% | 10.71% | 10.08% | 9.26% | 10.67% | 11.59% | 11.78% | 12.53% | 11.87% | 11.18% | 10.57% | 8.02% | 8.08% | 7.51% | 7.69% | 7.16% | 7.54% | 7.65% | 8.06% |
| Research & Development | 0 | 0 | 0 | 11.2M | 0 | 0 | 0 | 0 | 7.3M | 17.5M | 39M | 39.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.46% | - | - | - | - | 0.72% | 1.98% | 2.98% | 3.25% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | -8.2M | 18.2M | 80.4M | 23.2M | 18.5M | 5.3M | 700K | -200K | 200K | 5.85M | 619K | 0 | 0 | 0 | 0 | 0 | 6.25M | 42.29M | 0 | 0 | 0 | 0 | 4.5M | 0 | 17.29M | 11.3M | 5.7M | 4.6M | 4.8M |
| Operating Income | 694.9M | 736.4M | 709M | 564M | 321.8M | 284.4M | 60.2M | 215.7M | 188.8M | 145.7M | 194.2M | 123.61M | 90.39M | 90.1M | 96.75M | 81.01M | 31.57M | 34.73M | 52.78M | 33.64M | 49.58M | 20.89M | 30.69M | 44.28M | 45.52M | 49.34M | 46.58M | 32.5M | 17.2M | 14.4M | 12.4M |
| Operating Margin % | 23.59% | 25.17% | 25.93% | 22.91% | 17.78% | 17.81% | 5.71% | 16.22% | 18.71% | 16.51% | 14.84% | 10.2% | 11.12% | 11.56% | 13.21% | 11.63% | 5.39% | 7.9% | 12.26% | 8.19% | 13.16% | 5.11% | 6.63% | 10.44% | 10.37% | 11.55% | 12.87% | 12.58% | 11.68% | 12.11% | 11.49% |
| Operating Income Growth % | - | 3.86% | 25.71% | 75.26% | 13.15% | 372.43% | -72.09% | 14.25% | 29.58% | -24.97% | 57.1% | 36.75% | 0.33% | -6.88% | 19.43% | 156.64% | -9.12% | -34.19% | 56.91% | -32.16% | 137.38% | -31.94% | -30.69% | -2.73% | -7.73% | 5.92% | 43.32% | 88.95% | 19.44% | 16.13% | 21.57% |
| EBITDA | 931.6M | 975.9M | 913.7M | 739.2M | 440.8M | 392.9M | 158.1M | 316.7M | 252.8M | 219.1M | 269.9M | 243M | 158.65M | 151.85M | 152.35M | 136.18M | 78.09M | 64.99M | 81.63M | 56.92M | 70.5M | 45.45M | 52.74M | 64.76M | 65.15M | 69.94M | 63.86M | 43.8M | 22.9M | 19M | 17.2M |
| EBITDA Margin % | 31.62% | 33.35% | 33.42% | 30.03% | 24.36% | 24.6% | 15% | 23.82% | 25.05% | 24.82% | 20.63% | 20.04% | 19.52% | 19.48% | 20.8% | 19.54% | 13.34% | 14.78% | 18.96% | 13.86% | 18.72% | 11.12% | 11.39% | 15.27% | 14.83% | 16.38% | 17.64% | 16.95% | 15.55% | 15.98% | 15.94% |
| EBITDA Growth % | 1.26% | 6.81% | 23.61% | 67.7% | 12.19% | 148.51% | -50.08% | 25.28% | 15.38% | -18.82% | 11.07% | 53.16% | 4.48% | -0.33% | 11.88% | 74.39% | 20.16% | -20.38% | 43.4% | -19.26% | 55.11% | -13.82% | -18.57% | -0.59% | -6.85% | 9.51% | 45.81% | 91.27% | 20.53% | 10.47% | 17.01% |
| D&A (Non-Cash Add-back) | 236.7M | 239.5M | 204.7M | 175.2M | 119M | 108.5M | 97.9M | 101M | 64M | 73.4M | 75.7M | 119.38M | 68.26M | 61.75M | 55.6M | 55.17M | 46.52M | 30.26M | 28.85M | 23.28M | 20.92M | 24.57M | 22.05M | 20.48M | 19.63M | 20.6M | 17.29M | 11.3M | 5.7M | 4.6M | 4.8M |
| EBIT | 805.9M | 830.1M | 863M | 830.2M | 756.1M | 428.3M | 88M | 267.3M | 274M | 151.8M | 191.1M | 144M | 97.36M | 91.74M | 95.76M | 104.01M | 34.08M | 36.17M | 52M | 33.64M | 49.58M | 23.95M | 30.99M | 44.28M | 45.44M | 49.58M | 46.58M | 32.5M | 17.2M | 14.4M | 12.4M |
| Net Interest Income | -297.4M | -297.7M | -289.8M | -268.4M | -147.3M | -84.7M | -80M | -70.9M | -40.1M | -49.3M | -43.7M | -28.6M | -20.8M | -6.12M | -4.44M | -8.46M | -5.99M | -761K | -1.59M | 0 | -1M | -954K | 0 | -4.91M | 0 | 0 | -13.82M | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 112K | 90K | 468K | 185K | 896K | 612K | 0 | 866K | 622K | 0 | 1.32M | 0 | 0 | 1.02M | 0 | 0 | 0 | 0 |
| Interest Expense | 153.4M | 297.7M | 289.8M | 268.4M | 147.3M | 84.7M | 80M | 70.9M | 40.1M | 49.3M | 43.7M | 28.6M | 20.8M | 6.23M | 4.53M | 8.92M | 6.18M | 1.66M | 2.2M | 0 | 1.87M | 1.58M | 0 | 6.22M | 0 | 0 | 14.85M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -145.4M | -204M | -135.8M | -2.2M | 287M | 59.2M | -52.2M | -19.3M | 45.1M | -43.2M | -46.8M | -10.9M | -13.9M | -4.59M | -5.12M | 14.07M | -3.67M | -217K | -2.98M | -4.29M | 27K | 1.77M | -2.41M | -3.83M | -10.03M | -12.13M | -13.99M | -6.6M | 100K | 500K | 700K |
| Pretax Income | 549.5M | 532.4M | 573.2M | 561.8M | 608.8M | 343.6M | 8M | 196.4M | 233.9M | 102.5M | 168.1M | 112.09M | 76.52M | 85.51M | 91.43M | 95.08M | 27.9M | 34.52M | 49.8M | 29.34M | 49.61M | 22.66M | 22.91M | 40.45M | 35.49M | 37.2M | 32.59M | 25.9M | 17.3M | 14.9M | 13.1M |
| Pretax Margin % | 18.65% | 18.2% | 20.96% | 22.82% | 33.64% | 21.51% | 0.76% | 14.77% | 23.18% | 11.61% | 12.85% | 9.25% | 9.41% | 10.97% | 12.48% | 13.64% | 4.77% | 7.85% | 11.57% | 7.14% | 13.17% | 5.54% | 4.95% | 9.53% | 8.08% | 8.71% | 9% | 10.02% | 11.74% | 12.53% | 12.14% |
| Income Tax | 98.2M | 146.9M | 144.1M | 144.5M | 169.4M | 94.5M | -5.3M | 56.8M | 51.3M | -19.9M | 60M | 46.89M | 30.16M | 30.47M | 33.15M | 34.29M | 8.34M | 16.84M | 20.65M | 12.31M | 19.39M | 9.85M | 13.99M | 16.31M | 14.52M | 15.13M | 13.42M | 10.9M | 6.8M | 5.8M | 5M |
| Effective Tax Rate % | 17.87% | 27.59% | 25.14% | 25.72% | 27.83% | 27.5% | -66.25% | 28.92% | 21.93% | -19.41% | 35.69% | 41.83% | 39.42% | 35.64% | 36.26% | 36.06% | 29.9% | 48.77% | 41.47% | 41.94% | 39.09% | 43.47% | 61.08% | 40.32% | 40.92% | 40.66% | 41.19% | 42.08% | 39.31% | 38.93% | 38.17% |
| Net Income | 387.6M | 379.7M | 426.8M | 417.3M | 439.4M | 249.1M | -81.9M | 137.5M | 352.8M | 140.5M | 108.1M | 65.2M | 46.36M | 54.9M | 58.28M | 64.36M | 16.35M | 16.83M | 28.55M | 15.73M | 29.81M | 78.91M | 9.1M | 24M | 20.97M | 22.08M | 19.16M | 15M | 10.5M | 9.1M | 8.1M |
| Net Margin % | 13.16% | 12.98% | 15.61% | 16.95% | 24.28% | 15.6% | -7.77% | 10.34% | 34.97% | 15.92% | 8.26% | 5.38% | 5.7% | 7.04% | 7.96% | 9.24% | 2.79% | 3.83% | 6.63% | 3.83% | 7.91% | 19.3% | 1.96% | 5.66% | 4.77% | 5.17% | 5.29% | 5.8% | 7.13% | 7.65% | 7.51% |
| Net Income Growth % | -8.17% | -11.04% | 2.28% | -5.03% | 76.39% | 404.15% | -159.56% | -61.03% | 151.1% | 29.97% | 65.81% | 40.64% | -15.56% | -5.79% | -9.45% | 293.54% | -2.82% | -41.06% | 81.48% | -47.23% | -62.22% | 767.5% | -62.1% | 14.45% | -5.01% | 15.2% | 27.76% | 42.86% | 15.38% | 12.35% | 30.65% |
| Net Income (Continuing) | 391.3M | 385.5M | 429.1M | 417.3M | 439.4M | 249.1M | 13.3M | 139.6M | 182.6M | 122.4M | 96.7M | 70.8M | 46.36M | 55.03M | 58.28M | 60.8M | 19.56M | 17.68M | 29.15M | 17.04M | 30.22M | 12.81M | 14.27M | 24.14M | 20.97M | 22.08M | 19.16M | 15M | 10.5M | 9.1M | 8.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -95.4M | -2.4M | 170.2M | 18.1M | 11.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 48M | 46.1M | 19.7M | 0 | 0 | 0 | 0 | 2.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.54 | 5.32 | 5.68 | 5.48 | 5.71 | 3.18 | 0.17 | 1.69 | 4.24 | 1.46 | 1.07 | 0.62 | 0.44 | 0.51 | 0.56 | 0.63 | 0.18 | 0.20 | 0.34 | 0.19 | 0.37 | 0.98 | 0.11 | 0.29 | 0.25 | 0.27 | 0.29 | 0.29 | 0.23 | 0.21 | 0.18 |
| EPS Growth % | -3.91% | -6.34% | 3.65% | -4.03% | 79.56% | 1770.59% | -89.94% | -60.14% | 190.41% | 36.45% | 72.58% | 40.91% | -13.73% | -8.93% | -11.11% | 250% | -10% | -41.18% | 78.95% | -48.65% | -62.24% | 790.91% | -62.07% | 16% | -7.41% | -6.9% | 0% | 26.09% | 9.52% | 16.67% | 28.57% |
| EPS (Basic) | - | 5.36 | 5.73 | 5.55 | 5.80 | 3.23 | 0.17 | 1.71 | 4.27 | 1.49 | 1.09 | 0.63 | 0.45 | 0.52 | 0.56 | 0.63 | 0.18 | 0.20 | 0.34 | 0.19 | 0.37 | 0.99 | 0.11 | 0.30 | 0.25 | 0.28 | 0.29 | 0.29 | 0.24 | 0.21 | 0.18 |
| Diluted Shares Outstanding | 70M | 71.4M | 74.6M | 76.1M | 77M | 78.4M | 79.2M | 81.2M | 83.2M | 96M | 100.8M | 105.46M | 105.53M | 107.63M | 104.85M | 102.75M | 94M | 84.24M | 84.1M | 83.83M | 82M | 81M | 79.84M | 82.28M | 94.07M | 72.8M | 65.71M | 52.31M | 45.24M | 43.93M | 44.79M |
| Basic Shares Outstanding | 70M | 70.85M | 74M | 75.2M | 75.8M | 77.2M | 79.2M | 80.2M | 82.6M | 94.2M | 98.4M | 103.35M | 103.63M | 103.76M | 102.28M | 99.83M | 91.12M | 81.49M | 81.25M | 80.75M | 78.95M | 77.52M | 79.84M | 81.35M | 92.19M | 71.91M | 65.33M | 51.59M | 44.76M | 43.87M | 44.79M |
| Dividend Payout Ratio | - | 8.11% | 6.84% | 6.49% | 5.92% | 9.96% | - | 16.15% | 6.72% | 15.3% | 17.67% | 26.72% | 32.76% | - | 38.54% | 12.69% | 41.44% | 40.21% | 23.64% | 42.4% | 21.87% | 8.15% | 72.83% | 27.41% | 31.23% | 29.48% | 25.71% | 25.33% | 35.24% | 26.37% | 23.46% |
Regulatory Pari-Mutuel Reclassification
As reported in financial filings, CHDN exhibits extreme revenue seasonality, with Q2 2025 revenue reaching $934.4M, significantly outpacing the $663.0M reported in Q1 2026, highlighting the company's heavy reliance on the Kentucky Derby and the associated concentration of high-margin hospitality and sponsorship income streams.
The revenue trajectory remains tethered to the timing of the Triple Crown, which creates a recurring, albeit lumpy, growth profile. Investors should monitor whether the company can successfully decouple its year-round gaming revenue from the volatility of live racing events to smooth out quarterly performance.
Based on the provided income statement data, gross margins fluctuate significantly, peaking at 43.6% in Q2 2024 compared to 30.6% in Q1 2026, reflecting the high-margin nature of Derby-related activities versus the more capital-intensive, tax-burdened operations of regional casino and historical racing machine facilities.
The margin expansion during the second quarter suggests that the Kentucky Derby acts as a powerful operating lever that masks the lower-margin reality of the broader gaming portfolio. Analysts should evaluate if the shift toward historical racing machines can provide a more consistent margin floor throughout the off-peak quarters.
According to recent income statements, operating income scaled to $327.7M in Q2 2025, demonstrating significant operating leverage during peak periods, whereas operating margins compressed to 14.3% in Q3 2025, indicating that fixed costs for track and casino infrastructure remain a persistent drag on profitability during non-event periods.
The company appears to maintain a high fixed-cost base that requires consistent volume to achieve optimal operating efficiency. The ability to manage SG&A expenses during lower-revenue quarters will be critical to maintaining the current operating margin profile as the company expands its footprint.
While CHDN benefits from its unique pari-mutuel status, the potential for legislative shifts in gaming tax rates or the reclassification of historical racing machines, as noted in industry risk assessments, poses a material threat to the sustainability of the company's current 30% to 40% gross margin range.
Short-term performance may be bolstered by the trophy asset status of the Kentucky Derby, but the underlying gaming business remains vulnerable to regulatory scrutiny. Investors should remain cautious regarding the long-term durability of the HRM model if state-level legislative support for these specific gaming statutes begins to wane.
Quick answers to the most common questions about buying CHDN stock.
For fiscal year 2025, Churchill Downs Incorporated (CHDN) reported total revenue of $2.93B. This represents a 2611.7% increase compared to $107.9M in 1996.
Churchill Downs Incorporated (CHDN) is profitable, generating $379.7M in net income for the fiscal year ending 2025 with a net profit margin of 13.0%.
Churchill Downs Incorporated (CHDN) reported an operating income of $736.4M, resulting in an operating profit margin of 25.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Churchill Downs Incorporated (CHDN) generated $982.6M in gross profit for the year, representing a gross profit margin of 33.6%. This demonstrates the company's core pricing power and production efficiency.