Victoria Racing Club Returns to Net Profitability with $5.4 Million Result for FY26

The Victoria Racing Club (VRC) has announced a net profit of $5.4 million for the 2026 financial year, marking a $12.6 million financial turnaround from FY25 and delivering the organisation’s first net profit since FY20.

Alongside the bottom-line recovery, the VRC recorded an earnings before interest, taxes, depreciation, and amortisation (EBITDA) result of $23.9 million, surging from $12 million in the previous corresponding period. The financial uplift was underpinned by the commercial and operational success of the 2025 Melbourne Cup Carnival, supported by sustained revenue growth across corporate sponsorship portfolios, domestic and international broadcast rights agreements, and membership fees.

Emphasising that the financial milestone reflects disciplined commercial execution and long-term strategic planning, VRC CEO, Kylie Rogers, said: “Our return to net profitability is an important milestone for the Club and reflects the progress we have made over recent years to strengthen our financial position.”

“We have remained disciplined in our approach, with a focus on revenue growth, operational efficiency and long-term financial sustainability to ensure the ongoing success of the Club.

“While that discipline will remain, we will continue to invest in areas that support the Club’s future growth, including projects aligned with the Flemington Masterplan, member experiences, initiatives that strengthen racing at Flemington, and programs that deliver positive outcomes for our community.

“This result provides a strong foundation for the next phase of the Club’s growth and reinforces our confidence in our strategy and the VRC’s positive direction.

“We would like to acknowledge the valued support of the Victorian Government, particularly the Minister for Racing and Minister for Major Events, The Honourable Anthony Carbines, as well as Racing Victoria for their ongoing support of the VRC and the Melbourne Cup Carnival,” Rogers said. 

During the financial year, the club achieved a record membership tally of 36,148, reinforcing its global status as the world’s largest members’ race club. Capitalising on the improved revenue streams, the Victoria Racing Club accelerated its balance sheet deleveraging by repaying $15 million in bank debt while maintaining significant capital expenditure allocations toward racing integrity, premium member experiences, and infrastructure developments across the Flemington precinct.

Furthermore, the club continued its financial backing of the broader Australian racing industry, increasing prizemoney top-ups to $7.8 million alongside direct operational investments in stabling and training facilities at Flemington.

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