Revenue growth remains highly inconsistent, fluctuating between a 5.0% contraction in 2025Q3 and a 3.9% expansion in 2025Q4, while gross margins have experienced extreme variance, plummeting to 7.8% in 2026Q1.
| 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 | 59.94M | 59.57M | 61.56M | 61.44M | 66.82M | 60.4M | 33.14M | 59.23M | 59.14M | 56.95M | 52.46M | 52.26M | 48.47M | 46.74M | 45.46M | 40.59M | 39.92M | 39.59M | 46.03M | 52.88M | 55.84M | 55.22M | 54.9M | 47.85M | 41.7M | 39.49M | 32.46M | 20.3M | 19.2M | 18.2M | 17.4M |
| Revenue Growth % | -1.11% | -3.24% | 0.2% | -8.06% | 10.64% | 82.25% | -44.05% | 0.14% | 3.84% | 8.56% | 0.38% | 7.83% | 3.71% | 2.81% | 12.01% | 1.67% | 0.84% | -13.99% | -12.96% | -5.3% | 1.12% | 0.59% | 14.74% | 14.73% | 5.59% | 21.65% | 59.92% | 5.73% | 5.49% | 4.6% | -1.69% |
| Cost of Goods Sold | 32.48M | 42.49M | 13.04M | 12.63M | 13.88M | 12.54M | 7.61M | 13.44M | 13.23M | 12.94M | 12.35M | 12.56M | 12.19M | 12.3M | 11.85M | 10.7M | 11.06M | 2.94M | 3.32M | 18.95M | 15.68M | 19.78M | 20.9M | 11.14M | 34.72M | 12.21M | 13.87M | 11.2M | 10.4M | 10.9M | 9.9M |
| COGS % of Revenue | - | 71.33% | 21.19% | 20.56% | 20.78% | 20.75% | 22.97% | 22.69% | 22.37% | 22.72% | 23.55% | 24.04% | 25.15% | 26.32% | 26.07% | 26.37% | 27.7% | 7.42% | 7.21% | 35.83% | 28.07% | 35.82% | 38.07% | 23.29% | 83.25% | 30.93% | 42.74% | 55.17% | 54.17% | 59.89% | 56.9% |
| Gross Profit | 27.45M | 17.08M | 48.52M | 48.8M | 52.94M | 47.86M | 25.53M | 45.79M | 45.91M | 44.01M | 40.11M | 39.7M | 36.28M | 34.44M | 33.61M | 29.88M | 28.86M | 36.65M | 42.71M | 33.93M | 40.16M | 35.44M | 34M | 36.7M | 6.98M | 27.28M | 18.59M | 9.1M | 8.8M | 7.3M | 7.5M |
| Gross Margin % | 45.8% | 28.67% | 78.81% | 79.44% | 79.22% | 79.25% | 77.03% | 77.31% | 77.63% | 77.28% | 76.45% | 75.96% | 74.85% | 73.68% | 73.93% | 73.63% | 72.3% | 92.58% | 92.79% | 64.17% | 71.93% | 64.18% | 61.93% | 76.71% | 16.75% | 69.07% | 57.26% | 44.83% | 45.83% | 40.11% | 43.1% |
| Gross Profit Growth % | - | -64.8% | -0.58% | -7.81% | 10.61% | 87.49% | -44.24% | -0.27% | 4.31% | 9.74% | 1.03% | 9.42% | 5.36% | 2.46% | 12.47% | 3.54% | -21.25% | -14.18% | 25.86% | -15.52% | 13.32% | 4.24% | -7.36% | 425.59% | -74.4% | 46.74% | 104.28% | 3.41% | 20.55% | -2.67% | 17.19% |
| Operating Expenses | 24.53M | 14.56M | 42.09M | 37.3M | 42.05M | 30.08M | 24.9M | 42.1M | 40.53M | 39.63M | 38.3M | 36.59M | 33.14M | 32.73M | 31.65M | 28.84M | 30.14M | 36.43M | 41.99M | 29.78M | 34.98M | 30M | 27.23M | 31.44M | 3.18M | 24.19M | 17.1M | 8.5M | 8.3M | 7.1M | 7.2M |
| OpEx % of Revenue | - | 24.44% | 68.36% | 60.72% | 62.92% | 49.81% | 75.14% | 71.08% | 68.54% | 69.58% | 73% | 70% | 68.37% | 70.02% | 69.62% | 71.05% | 75.5% | 92.01% | 91.24% | 56.31% | 62.65% | 54.32% | 49.61% | 65.72% | 7.63% | 61.26% | 52.66% | 41.87% | 43.23% | 39.01% | 41.38% |
| Selling, General & Admin | 26.34M | 34.03M | 33.15M | 33.54M | 32.23M | 20.99M | 19.64M | 32.66M | 31.31M | 30.16M | 24.86M | 23.38M | 21.55M | 21.57M | 20.72M | 19.71M | 20.13M | 27.78M | 35.7M | 26.84M | 32.15M | 27.6M | 25.26M | 29.86M | 1.81M | 22.94M | 15.92M | 7.5M | 7M | 5.9M | 6M |
| SG&A % of Revenue | - | 57.13% | 53.85% | 54.59% | 48.23% | 34.75% | 59.28% | 55.15% | 52.95% | 52.95% | 47.38% | 44.73% | 44.46% | 46.16% | 45.57% | 48.55% | 50.42% | 70.18% | 77.57% | 50.75% | 57.58% | 49.98% | 46.01% | 62.4% | 4.34% | 58.1% | 49.05% | 36.95% | 36.46% | 32.42% | 34.48% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -27.71K | -19.47M | 8.93M | 3.76M | 9.82M | 9.09M | 5.26M | 9.44M | 9.22M | 9.47M | 13.44M | 13.21M | 11.59M | 11.15M | 10.93M | 9.13M | 10.01M | 8.64M | 6.29M | 2.94M | 2.83M | 2.4M | 1.98M | 1.59M | 1.37M | 1.25M | 1.17M | 1M | 1.3M | 1.2M | 1.2M |
| Operating Income | 2.92M | 2.52M | 6.43M | 11.5M | 10.89M | 17.78M | 625.8K | 3.64M | 7.65M | 4.52M | 7.14M | 4.61M | 4.1M | 1.73M | 1.96M | 1.05M | -1.28M | 225.19K | 715.11K | 4.16M | 5.18M | 5.45M | 6.77M | 5.26M | 3.8M | 3.09M | 1.49M | 600K | 500K | 200K | 300K |
| Operating Margin % | 4.88% | 4.23% | 10.45% | 18.72% | 16.3% | 29.44% | 1.89% | 6.14% | 12.93% | 7.94% | 13.61% | 8.83% | 8.46% | 3.71% | 4.31% | 2.58% | -3.2% | 0.57% | 1.55% | 7.86% | 9.28% | 9.86% | 12.33% | 10.99% | 9.12% | 7.82% | 4.6% | 2.96% | 2.6% | 1.1% | 1.72% |
| Operating Income Growth % | - | -60.86% | -44.07% | 5.58% | -38.74% | 2741.41% | -82.79% | -52.45% | 69.14% | -36.69% | 54.78% | 12.54% | 136.47% | -11.53% | 87.2% | 181.97% | -667.14% | -68.51% | -82.79% | -19.76% | -4.89% | -19.52% | 28.68% | 38.33% | 23.16% | 106.55% | 149.07% | 20% | 150% | -33.33% | 150% |
| EBITDA | 7.04M | 6.52M | 10.05M | 14.65M | 13.87M | 20.63M | 3.37M | 6.32M | 10.21M | 7.05M | 9.69M | 6.91M | 6.24M | 3.6M | 3.73M | 2.94M | 766.64K | 2.32M | 2.86M | 6.16M | 7.01M | 7.12M | 8.08M | 6.42M | 4.95M | 4.15M | 2.4M | 1.4M | 1.4M | 1.1M | 1.1M |
| EBITDA Margin % | 11.74% | 10.94% | 16.33% | 23.84% | 20.76% | 34.15% | 10.18% | 10.66% | 17.26% | 12.38% | 18.47% | 13.22% | 12.87% | 7.69% | 8.21% | 7.25% | 1.92% | 5.86% | 6.21% | 11.64% | 12.56% | 12.89% | 14.71% | 13.41% | 11.88% | 10.51% | 7.4% | 6.9% | 7.29% | 6.04% | 6.32% |
| EBITDA Growth % | -21.98% | -35.19% | -31.36% | 5.57% | -32.74% | 511.27% | -46.57% | -38.15% | 44.82% | -27.23% | 40.19% | 10.8% | 73.49% | -3.67% | 26.91% | 283.65% | -66.95% | -18.79% | -53.6% | -12.24% | -1.48% | -11.88% | 25.88% | 29.54% | 19.34% | 72.7% | 71.7% | 0% | 27.27% | 0% | 1000% |
| D&A (Non-Cash Add-back) | 4.12M | 4M | 3.62M | 3.15M | 2.98M | 2.84M | 2.75M | 2.68M | 2.56M | 2.53M | 2.55M | 2.3M | 2.14M | 1.86M | 1.77M | 1.89M | 2.04M | 2.09M | 2.14M | 2M | 1.83M | 1.67M | 1.31M | 1.16M | 1.15M | 1.06M | 909.35K | 800K | 900K | 900K | 800K |
| EBIT | 2.52M | 2.52M | 4.75M | 5.17M | 11.04M | 17.52M | -1.73M | 3.69M | 5.38M | 4.38M | 7.17M | 3.11M | 3.14M | 1.71M | 1.96M | 1.05M | -1.26M | 265.36K | 835.27K | 4.16M | 5.18M | 5.45M | 6.77M | 5.26M | 3.8M | 3.09M | 1.49M | 600K | 500K | 300K | 300K |
| Net Interest Income | 1.52M | 1.97M | 2.07M | 1.98M | 909.96K | 719.37K | 663.57K | 326.77K | 61.52K | 49.62K | -21.25K | 2.8K | 2.41K | 2.68K | 6.7K | 5.85K | 12.91K | 35.58K | 107.77K | 329.2K | 279.21K | -11.42K | -16.41K | -3.12K | -8.32K | -6.84K | -126.05K | 0 | -100K | 0 | -200K |
| Interest Income | 1.52M | 1.97M | 2.07M | 1.98M | 909.96K | 719.37K | 663.57K | 326.77K | 61.52K | 49.62K | 29.81K | 3K | 2.41K | 2.68K | 6.7K | 6.65K | 13.14K | 40.17K | 120.16K | 333.07K | 280.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51.06K | 201 | 0 | 0 | 0 | 802 | 225 | 4.59K | 12.39K | 3.86K | 1.52K | 11.42K | 16.41K | 3.12K | 8.32K | 6.84K | 126.05K | 0 | 100K | 0 | 200K |
| Other Income/Expense | -2.91M | -3.33M | -3.4M | 3.48M | -657.86K | -1.98M | -814.63K | 326.77K | 61.52K | 49.62K | -21.25K | 2.8K | 2.41K | 2.68K | 6.7K | 5.85K | 12.91K | 35.58K | 107.77K | 329.2K | 279.21K | 119.37K | 33.48K | 39.72K | 28.94K | 56.63K | -12.23K | -100K | 0 | 0 | 0 |
| Pretax Income | 16.05K | -814.43K | 3.04M | 14.98M | 10.23M | 15.8M | -188.83K | 3.96M | 7.71M | 4.57M | 7.12M | 4.62M | 4.1M | 1.74M | 1.97M | 1.05M | -1.26M | 260.77K | 822.88K | 4.49M | 5.46M | 5.57M | 6.8M | 5.3M | 3.83M | 3.14M | 1.48M | 500K | 0 | 0 | 0 |
| Pretax Margin % | 0.03% | -1.37% | 4.93% | 24.38% | 15.32% | 26.16% | -0.57% | 6.69% | 13.03% | 8.03% | 13.57% | 8.83% | 8.46% | 3.72% | 4.33% | 2.59% | -3.17% | 0.66% | 1.79% | 8.48% | 9.78% | 10.08% | 12.39% | 11.07% | 9.19% | 7.96% | 4.57% | 2.46% | - | - | - |
| Income Tax | 76.39K | -285K | 923.88K | 4.42M | 2.72M | 4M | -1.25M | 1.24M | 1.99M | 480K | 2.92M | 1.89M | 1.69M | 719.78K | 950.11K | 655.08K | -272K | 199.8K | 384.7K | 1.86M | 2.33M | 2.51M | 2.94M | 2.43M | 1.55M | 1.33M | 643.3K | 100K | 100K | -100K | 200K |
| Effective Tax Rate % | 476.02% | 34.99% | 30.42% | 29.49% | 26.59% | 25.32% | 662.42% | 31.4% | 25.82% | 10.5% | 41.07% | 40.93% | 41.22% | 41.45% | 48.32% | 62.23% | 21.52% | 76.62% | 46.75% | 41.57% | 42.75% | 45.13% | 43.21% | 45.83% | 40.57% | 42.2% | 43.4% | 20% | - | - | - |
| Net Income | -60.34K | -529.43K | 2.11M | 10.56M | 7.51M | 11.8M | 1.06M | 2.72M | 5.72M | 4.09M | 4.2M | 2.73M | 2.41M | 1.02M | 1.02M | 397.67K | -992.21K | 60.97K | 438.18K | 2.62M | 3.13M | 3.05M | 3.86M | 2.87M | 2.28M | 1.82M | 838.91K | 400K | 400K | 100K | 100K |
| Net Margin % | -0.1% | -0.89% | 3.43% | 17.19% | 11.24% | 19.53% | 3.2% | 4.59% | 9.67% | 7.18% | 8% | 5.22% | 4.97% | 2.18% | 2.24% | 0.98% | -2.49% | 0.15% | 0.95% | 4.96% | 5.6% | 5.53% | 7.04% | 6% | 5.46% | 4.6% | 2.58% | 1.97% | 2.08% | 0.55% | 0.57% |
| Net Income Growth % | -107.4% | -125.06% | -80% | 40.6% | -36.32% | 1010.92% | -60.93% | -52.46% | 39.79% | -2.51% | 53.87% | 13.1% | 137.15% | 0.03% | 155.58% | 140.08% | -1727.37% | -86.09% | -83.28% | -16.14% | 2.34% | -20.94% | 34.57% | 26.07% | 25.31% | 116.56% | 109.73% | 0% | 300% | 0% | 111.11% |
| Net Income (Continuing) | -60.34K | -529.43K | 2.11M | 10.56M | 7.51M | 11.8M | 1.06M | 2.72M | 5.72M | 4.09M | 4.2M | 2.73M | 2.41M | 1.02M | 1.02M | 397.67K | -992.21K | 60.97K | 438.18K | 2.62M | 3.13M | 3.05M | 3.86M | 2.87M | 2.28M | 1.82M | 838.91K | 400K | 400K | 100K | 100K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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) | -0.01 | -0.10 | 0.42 | 2.13 | 1.54 | 2.44 | 0.23 | 0.59 | 1.26 | 0.93 | 0.97 | 0.64 | 0.57 | 0.24 | 0.24 | 0.10 | -0.25 | 0.02 | 0.11 | 0.62 | 0.74 | 0.73 | 0.92 | 0.70 | 0.57 | 0.49 | 0.23 | 0.13 | 0.14 | 0.04 | 0.02 |
| EPS Growth % | -109.74% | -123.81% | -80.28% | 38.31% | -36.89% | 960.87% | -61.02% | -53.17% | 35.48% | -4.12% | 51.56% | 12.28% | 137.5% | 0% | 140% | 140% | -1350% | -81.82% | -82.26% | -16.22% | 1.37% | -20.65% | 31.43% | 22.81% | 16.33% | 113.04% | 76.92% | -7.14% | 250% | 100% | 106.67% |
| EPS (Basic) | - | -0.10 | 0.42 | 2.15 | 1.55 | 2.47 | 0.23 | 0.59 | 1.28 | 0.93 | 0.98 | 0.65 | 0.58 | 0.24 | 0.25 | 0.10 | -0.25 | 0.02 | 0.11 | 0.65 | 0.78 | 0.78 | 1.02 | 0.78 | 0.64 | 0.51 | 0.24 | 0.14 | 0.14 | 0.05 | 0.02 |
| Diluted Shares Outstanding | 5.15M | 5.07M | 5.03M | 4.95M | 4.89M | 4.83M | 4.7M | 4.61M | 4.53M | 4.4M | 4.31M | 4.24M | 4.19M | 4.19M | 4.17M | 4.13M | 4.04M | 3.98M | 4.05M | 4.23M | 4.22M | 4.18M | 4.2M | 4.1M | 3.99M | 3.71M | 3.65M | 3.18M | 3.01M | 2.5M | 3.33M |
| Basic Shares Outstanding | 5.13M | 5.07M | 4.99M | 4.92M | 4.85M | 4.78M | 4.7M | 4.59M | 4.48M | 4.38M | 4.29M | 4.23M | 4.18M | 4.16M | 4.13M | 4.08M | 4.04M | 3.96M | 3.98M | 4.06M | 4M | 3.9M | 3.79M | 3.68M | 3.58M | 3.53M | 3.45M | 3.18M | 3.01M | 2.5M | 3.33M |
| Dividend Payout Ratio | - | - | 66.53% | 13.11% | 18.11% | 0.01% | 30.94% | 47.13% | 21.09% | 23.51% | 30.69% | 38.7% | - | - | 203.89% | - | - | - | 229.85% | 39.21% | 32.34% | 31.89% | 24.52% | 19.22% | 39.37% | - | - | - | - | - | - |
Regulatory and Discretionary Spending
As reported in recent financial filings, Canterbury Park's revenue growth remains highly inconsistent, fluctuating between a 5.0% contraction in 2025Q3 and a 3.9% expansion in 2025Q4, reflecting the inherent volatility of its seasonal racing schedule and the lumpy nature of its real estate development projects.
The revenue trajectory appears heavily dependent on the timing of real estate transactions rather than organic growth in the core gaming business. Investors should monitor whether the company can achieve sustained top-line expansion without relying on non-recurring land sales, as the current volatility suggests a lack of predictable demand drivers.
Based on the provided income statement data, gross margins have experienced extreme variance, plummeting from 83.1% in 2025Q1 to a low of 7.8% in 2026Q1, which suggests that the company's cost structure is highly sensitive to seasonal operational shifts and potential changes in revenue recognition.
The dramatic compression in gross margin during the most recent quarter warrants further investigation into whether this represents a permanent shift in the cost of goods sold or a temporary accounting anomaly. The inability to maintain consistent margins indicates that the company lacks the pricing power seen in larger, more diversified gaming peers.
According to the company's historical income statements, operating income has struggled to scale alongside revenue, with operating margins frequently dipping into low single digits or negative territory, indicating that fixed facility costs are currently outpacing the company's ability to generate incremental profit from its gaming operations.
The company appears to be burdened by high fixed overheads associated with its 140-acre facility, which limits its ability to achieve meaningful operating leverage. Unless the company can successfully scale its real estate development to offset these fixed costs, operating margins may remain structurally constrained.
As indicated by the financial data, net income has been inconsistent, frequently swinging between profitability and losses, with stock-based compensation expenses of approximately $400,000 per quarter in 2025 further diluting the quality of earnings and complicating the assessment of true operational performance for shareholders.
The frequent divergence between operating income and net income suggests that non-operating items or tax anomalies are significantly impacting the bottom line. Investors should be cautious of relying on EPS as a metric of health, as the current figures appear to be heavily influenced by non-recurring events.
While the company maintains a debt-free balance sheet, the persistent negative net margins and revenue volatility suggest that the market's focus on land-bank optionality may be masking a fundamental decay in the core gaming business that could prove difficult to reverse in the near term.
Short-term observers may argue that the company's reliance on real estate development is a defensive pivot necessitated by the long-term decline of the horse racing industry. If the real estate market cools, the company may find itself with significant land assets but no viable path to operational profitability.
Quick answers to the most common questions about buying CPHC stock.
For fiscal year 2025, Canterbury Park Holding Corporation (CPHC) reported total revenue of $59.6M. This represents a 242.3% increase compared to $17.4M in 1996.
Canterbury Park Holding Corporation (CPHC) reported a net loss of $0.5M for the fiscal year ending 2025.
Canterbury Park Holding Corporation (CPHC) reported an operating income of $2.5M, resulting in an operating profit margin of 4.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Canterbury Park Holding Corporation (CPHC) generated $17.1M in gross profit for the year, representing a gross profit margin of 28.7%. This demonstrates the company's core pricing power and production efficiency.