• Churchill Downs average return on tangible equity for 2023 was -23.29, a 78.32% decline from 2022.
• Churchill Downs average return on tangible equity for 2022 was -107.41, a 172.48% decline from 2021.
• Churchill Downs average return on tangible equity for 2021 was -39.42, a 407.73% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.