Churchill Downs Incorporated
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.93B | $2.73B | $2.46B | $1.81B | $1.60B | $1.05B | $1.33B | $1.01B |
| Cost of Revenue | — | — | — | — | — | — | — | — |
| Gross Profit | — | — | — | — | — | — | — | — |
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $246.2M | $237.7M | $202.3M | $164.2M | $138.5M | $114.8M | $122.0M | $90.6M |
| Operating Income | $683.8M | $709.0M | $564.0M | $321.8M | $284.4M | $60.2M | $215.7M | $188.8M |
| Operating Margin | 23.4% | 25.9% | 22.9% | 17.8% | 17.8% | 5.7% | 16.2% | 18.7% |
| Interest Expense | — | — | $268.4M | $147.3M | $84.7M | $80.0M | $70.9M | $40.1M |
| Pretax Income | $532.4M | $573.2M | $561.8M | $608.8M | $343.6M | $8.0M | $196.4M | $233.9M |
| Income Tax Expense | $146.9M | $144.1M | $144.5M | $169.4M | $94.5M | $-5.3M | $56.8M | $51.3M |
| Net Income | $383.0M | $426.8M | $417.3M | $439.4M | $249.1M | $-81.9M | $137.5M | $352.8M |
| Net Margin | 13.1% | 15.6% | 17.0% | 24.3% | 15.6% | -7.8% | 10.3% | 35.0% |
| EPS (Basic) | $5.32 | $5.73 | $5.55 | $5.79 | $3.22 | $-2.07 | $3.43 | $8.54 |
| EPS (Diluted) | $5.29 | $5.68 | $5.49 | $5.71 | $3.18 | $-2.08 | $3.38 | $8.48 |
| Shares Outstanding (Basic) | 71.4M | 74.0M | 75.2M | 75.9M | 77.2M | 39.6M | 40.1M | 41.3M |
| Shares Outstanding (Diluted) | 71.8M | 74.6M | 76.1M | 77.0M | 78.4M | 40.1M | 40.6M | 41.6M |
| Dividends Per Share | $0.44 | $0.41 | $0.38 | $0.36 | $0.33 | $0.62 | $0.58 | $0.54 |