Churchill Downs Inc

Services-Racing, Including Track Operation·LOUISVILLE, KY·FY end 12/31·CIK 20212

CEO Pay Ratio

573:1

William C. Carstanjen

CEO Total Comp

$19.2M

William C. Carstanjen

Median Employee

$33,486

Revenue

$2.9B

FY 2025

Net Income

$383.0M

FY 2025

Free Cash Flow

—

FY 2025

Net Margin

13.1%

Insider Net (180d)

0 buys / 0 sales

CEO Pay Accountability

CEO comp as % of net income

5.01%

For every $1,000 of profit, $50.06 flows to the CEO.

CEO comp as % of buybacks

4.48%

CEO comp equals 44.8‰ of cash returned to shareholders via buybacks.

5-year history · USD

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	Trend
Revenue	$2.9B	$2.7B	$2.5B	$1.8B	$1.6B
Gross Profit	—	—	—	—	—	—
Operating Income	$683.8M	$709.0M	$564.0M	$321.8M	$284.4M
Net Income	$383.0M	$426.8M	$417.3M	$439.4M	$249.1M
Operating CF	—	—	—	—	—	—
Capex	—	—	—	—	—	—
Free Cash Flow	—	—	—	—	—	—
Buybacks	$427.8M	$186.0M	$55.9M	$174.9M	$297.5M
Dividends	—	—	—	—	—	—

Gross Margin	—	—	—	—	—	—
Operating Margin	23.4%	25.9%	22.9%	17.8%	17.8%
Net Margin	13.1%	15.6%	17.0%	24.3%	15.6%
FCF Margin	—	—	—	—	—	—
R&D / Revenue	—	—	—	—	—	—
Effective Tax	27.6%	25.1%	25.7%	27.8%	27.5%
Debt / Equity	5.02	4.47	5.34	—	—
Buybacks / FCF	—	—	—	—	—	—

FY 2025

Executive	Salary	Stock	Options	Bonus / Inc.	Other	Total
William C. CarstanjenChief Executive Officer	$1.8M	$11.4M	—	$5.8M	$166.1K	$19.2M
William E. MuddPresident and Chief Operating Officer	$1.3M	$3.8M	—	$2.0M	$90.7K	$7.2M
Marcia A. DallExecutive Vice President and Chief Financial Officer	$944.1K	$2.2M	—	$1.3M	$76.4K	$4.6M
Bradley K. BlackwellExecutive Vice President and General Counsel	$770.2K	$1.6M	—	$992.6K	$22.2K	$3.4M
Maureen AdamsFormer Executive Vice President, Gaming Operations	$659.3K	—	—	$1.2M	$32.9K	$1.9M