Churchill Downs advertising spend, FY2025

Churchill Downs (CHDN) reported $102M of advertising expense for the fiscal year ended Dec 31, 2025. That is 3.5% of revenue of $2.9B. Up 12.3% from FY2024.

Ad spend, FY2025
$102M
year ended Dec 31, 2025
Change vs prior year
+12.3%
vs FY2024
Share of revenue
3.5%
of $2.9B revenue
Rank by ad spend
#331
of 336 companies

Key facts

  • Ad spend is 22% below its FY2015 level ($131M).
  • The highest year on file is FY2016 at $151M; FY2025 is 33% below it.
  • Largest increase +353.8% in FY2015; largest cut -83.6% in FY2017.
  • Ad spend has risen 3 years in a row.
  • Ad spend is 3.5% of revenue, up from 3.0% in FY2020.
  • Churchill Downs spends more on advertising than 1% of the 336 US-listed companies tracked. Its ad-to-revenue ratio is below the median of 5.2%.

Ad spend by fiscal year

$0 $50M $100M $150M $200M FY2011 (ended 2011-12-31): $6.8M 2011 FY2012 (ended 2012-12-31): $6.9M FY2013 (ended 2013-12-31): $23.7M 2013 FY2014 (ended 2014-12-31): $28.8M FY2015 (ended 2015-12-31): $131M 2015 FY2016 (ended 2016-12-31): $151M FY2017 (ended 2017-12-31): $24.8M 2017 FY2018 (ended 2018-12-31): $28.8M FY2019 (ended 2019-12-31): $41.8M 2019 FY2020 (ended 2020-12-31): $31.4M FY2021 (ended 2021-12-31): $74.5M 2021 FY2022 (ended 2022-12-31): $52.9M FY2023 (ended 2023-12-31): $83.4M 2023 FY2024 (ended 2024-12-31): $90.7M FY2025 (ended 2025-12-31): $102M 2025 $102M

Ad spend as % of revenue

0% 5% 10% 15% 20% FY2011 (ended 2011-12-31): n/a 2011 FY2012 (ended 2012-12-31): n/a FY2013 (ended 2013-12-31): n/a 2013 FY2014 (ended 2014-12-31): n/a FY2015 (ended 2015-12-31): n/a 2015 FY2016 (ended 2016-12-31): 18.4% FY2017 (ended 2017-12-31): 2.8% 2017 FY2018 (ended 2018-12-31): 2.9% FY2019 (ended 2019-12-31): 3.1% 2019 FY2020 (ended 2020-12-31): 3.0% FY2021 (ended 2021-12-31): 4.7% 2021 FY2022 (ended 2022-12-31): 2.9% FY2023 (ended 2023-12-31): 3.4% 2023 FY2024 (ended 2024-12-31): 3.3% FY2025 (ended 2025-12-31): 3.5% 2025 3.5%

History

Download CSV
Fiscal year Period end Ad spend YoY Revenue Ad / revenue Tag Filing
FY2025 Dec 31, 2025 $102M +12.3% $2.9B 3.5% MarketingAndAdvertisingExpense 10-K Feb 25, 2026
FY2024 Dec 31, 2024 $90.7M +8.8% $2.7B 3.3% MarketingAndAdvertisingExpense 10-K Feb 25, 2026
FY2023 Dec 31, 2023 $83.4M +57.7% $2.5B 3.4% MarketingAndAdvertisingExpense 10-K Feb 25, 2026
FY2022 Dec 31, 2022 $52.9M -29.0% $1.8B 2.9% MarketingAndAdvertisingExpense 10-K Feb 20, 2025
FY2021 Dec 31, 2021 $74.5M +137.3% $1.6B 4.7% MarketingAndAdvertisingExpense 10-K Feb 21, 2024
FY2020 Dec 31, 2020 $31.4M -24.9% $1.1B 3.0% MarketingAndAdvertisingExpense 10-K Feb 22, 2023
FY2019 Dec 31, 2019 $41.8M +45.1% $1.3B 3.1% MarketingAndAdvertisingExpense 10-K Feb 23, 2022
FY2018 Dec 31, 2018 $28.8M +16.1% $1B 2.9% MarketingAndAdvertisingExpense 10-K Feb 24, 2021
FY2017 Dec 31, 2017 $24.8M -83.6% $883M 2.8% MarketingAndAdvertisingExpense 10-K Feb 26, 2020
FY2016 Dec 31, 2016 $151M +15.5% $822M 18.4% AdvertisingExpense 10-K Feb 28, 2017
FY2015 Dec 31, 2015 $131M +353.8% $0 n/a AdvertisingExpense 10-K Feb 28, 2017
FY2014 Dec 31, 2014 $28.8M +21.5% $0 n/a AdvertisingExpense 10-K Feb 28, 2017
FY2013 Dec 31, 2013 $23.7M +243.5% $0 n/a AdvertisingExpense 10-K Feb 24, 2016
FY2012 Dec 31, 2012 $6.9M +1.5% $0 n/a AdvertisingExpense 10-K Feb 25, 2015
FY2011 Dec 31, 2011 $6.8M n/a $0 n/a AdvertisingExpense 10-K Feb 26, 2014

What the figure is

Marketing and advertising combined, as reported under the XBRL tag MarketingAndAdvertisingExpense.

Earlier years use a different tag. The Tag column above shows which one applies to each year.

Compared with similar spenders

The 6 companies closest to Churchill Downs in latest-year ad spend.

Rank Company Ad spend Ad / revenue YoY Fiscal year
329 Reddit $102M 4.6% n/a FY2025
330 Interactive Brokers Group $102M 1.6% +52.2% FY2025
331 Churchill Downs $102M 3.5% +12.3% FY2025
332 AutoZone $101M 0.5% -7.6% FY2026
333 Sonic Automotive $101M 0.7% +19.8% FY2025
334 A. O. Smith $101M 2.6% +0.8% FY2025
335 Alaska Air Group $101M 0.7% +4.1% FY2025

Full ranking of 336 companies · Biggest increases #115 · New $100M spenders #22

Questions

How much does Churchill Downs spend on advertising?

Churchill Downs spent $102M on advertising in fiscal 2025, the year ended Dec 31, 2025, according to its 10-K filed Feb 25, 2026.

What percentage of revenue does Churchill Downs spend on advertising?

3.5% of revenue in fiscal 2025 ($102M of $2.9B). The median across the 336 companies tracked is 5.2%.

Is Churchill Downs spending more on advertising?

Yes. Ad spend rose 12.3% in fiscal 2025 from fiscal 2024. It has risen 3 years in a row.

How does Churchill Downs rank by advertising spend?

#331 of 336 US-listed companies with $100M or more in ad spend, ranked on each company's latest fiscal year.

What does Churchill Downs's advertising figure include?

Marketing and advertising combined, as reported under the XBRL tag MarketingAndAdvertisingExpense.

Source

Filing
10-K for FY2025, filed Feb 25, 2026
Accession number
0000020212-26-000025
Company
Churchill Downs Inc, CIK 20212, SIC 7948 (Services-Racing, Including Track Operation)
Data
SEC EDGAR XBRL company facts, retrieved Nov 4, 2026. Methodology.
Cite
Churchill Downs advertising spend, FY2011-FY2025. Aleksei Trudov, io.trudov.com, from SEC EDGAR XBRL company facts (latest: 10-K filed Feb 25, 2026), retrieved Nov 4, 2026. https://io.trudov.com/company/churchill-downs/advertising-spend/
Download
CSV, all years · CSV, all 336 companies