Revenue and margins swing widely by quarter, with gross margin ranging from 28.8% in 2024Q4 to 51.9% in 2026Q2 and diluted EPS spanning $0.53 to $3.42, indicating earnings are concentrated in a few seasonal peaks.
Churchill Downs Incorporated (CHDN) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 3B | 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 % | 4.18% | 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 | 1.89B | 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 | 1.12B | 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 % | 37.13% | 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 | 346.5M | 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 | 282.5M | 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 | 769.2M | 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 % | 25.6% | 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 | 1.01B | 975.9M | 913.7M | 739.2M | 440.8M | 392.9M | 158.1M | 316.7M | 252.8M | 260.3M | 320M | 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 % | 33.59% | 33.35% | 33.42% | 30.03% | 24.36% | 24.6% | 15% | 23.82% | 25.05% | 29.49% | 24.45% | 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 % | 9.79% | 6.81% | 23.61% | 67.7% | 12.19% | 148.51% | -50.08% | 25.28% | -2.88% | -18.66% | 31.69% | 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) | 240.2M | 239.5M | 204.7M | 175.2M | 119M | 108.5M | 97.9M | 101M | 64M | 114.6M | 125.8M | 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 | 921.9M | 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 | -286.6M | -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 | 286.6M | 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 | -133.9M | -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 | 635.3M | 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 % | 21.14% | 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 | 178.8M | 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 % | 28.14% | 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 | 451.8M | 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 % | 15.04% | 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 % | 12.05% | -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) | 456.5M | 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 | 24M | 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) | 6.45 | 5.32 | 5.68 | 5.48 | 5.71 | 3.18 | -1.03 | 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 % | 17.09% | -6.34% | 3.65% | -4.03% | 79.56% | 408.74% | -160.95% | -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 | -1.03 | 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% |
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.
Key Metrics
Top Statement Risk
Seasonal Earnings Concentration Volatility
Metrics are mathematically derived from official filings.
Derby-Driven Revenue Cycles Dominate Growth
Based on reported quarterly figures, CHDN's revenue of $980.0M in 2026Q2 versus $663.0M in 2026Q1 shows growth is concentrated in a few high-volume quarters rather than evenly distributed.
Year-over-year revenue growth has been modest, ranging from 1.9% to 8.7% across recent quarters, with the 2026Q2 print at 4.9%. The pattern suggests top-line momentum is tied to the Kentucky Derby period, which may limit the durability of growth in off-peak quarters. Investors should monitor whether non-Derby revenue can expand at a comparable pace.
Gross Margin Swings Track Event Mix
As reported in the income statement, CHDN's gross margin ranged from 28.8% in 2024Q4 to 51.9% in 2026Q2, indicating that margin structure depends heavily on quarterly event and revenue mix.
Second-quarter gross margins consistently exceed 40%, while the remaining quarters cluster near 29-31%, pointing to a structurally bifurcated cost base. This suggests limited pricing power outside of major events relative to peers such as RRR, which reports a 52.6% gross margin. The reported figures imply margin outcomes are highly cyclical and warrant further investigation into the cost allocation between event and non-event operations.
Operating Leverage Concentrated in Peak Quarters
Based on reported figures, operating margin reached 36.4% in 2026Q2 but compressed to 14.3% in 2025Q3, suggesting operating leverage is highly uneven across the year.
SG&A remains relatively stable at roughly $54M to $92M per quarter, so incremental operating income is driven primarily by gross profit surges during the second quarter. Off-peak periods show limited absorption of fixed overhead, which may weigh on overall efficiency. Investors should monitor whether SG&A discipline holds as revenue scale fluctuates.
Volatile EPS Obscures Underlying Earnings Base
According to reported EPS, CHDN posted diluted EPS of $3.42 in 2026Q2 against $0.53 in 2025Q3, a spread that suggests reported earnings depend heavily on seasonal timing.
Net margins swing from 5.5% to 24.6% across quarters, and EPS growth figures fluctuate sharply, including a -38.4% decline in one period and a 117.0% increase in another. Stock-based compensation remains modest at $3.6M to $12.9M per quarter and does not appear to materially distort the reported profile. The pattern suggests annual earnings should be evaluated on a trailing basis rather than by single quarter.
Seasonal Concentration Risks Earnings Reliability
Based on the supplied quarterly data, a single high-margin quarter contributes a disproportionate share of operating income, which may expose CHDN to event-specific disruption.
Operating income of $357.0M in 2026Q2 compares with $143.0M in 2026Q3, meaning one quarter can account for most of the year's profit. Peer comparisons show CHDN's trailing profitability is modest relative to RRR and BYD, which may indicate weaker structural returns. Investors should consider whether the reported margin profile is sustainable absent continued Derby-period strength.