Churchill Downs Inc

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

Financials

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	—	—	—	—	—	—

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