How Churchill Downs makes money

Period

FY2025

How does Churchill Downs make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Churchill Downs Incorporated · FY2025 · year ended 2025-12-31

Revenue$2.9BGross profit$2.9B · 100%Cost of revenue$0 · 0%Operating income$684M · 23%Operating expenses$2.2B · 77%SG&A$246M · 8%Other opex$2.0B · 68%Pre-tax income$530M · 18%Other expense$154M · 5%Net income$383M · 13%Income tax$147M · 5%Live & Historical Racing$1.4B · 48%Gaming$1.0B · 36%Wagering Services & Solutions$488M · 17%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.