Equibase’s 2025 Top 10 Trainers: Where Earnings Meet Efficiency

The 2025 North American season once again underlined how competitive the training ranks have become, with Equibase figures showing not only who earned the most, but who did so with ruthless efficiency. Brad Cox topped the earnings list with just over $30 million, reinforcing his position as the dominant trainer of the modern era, while familiar heavyweights like Steve Asmussen, Chad Brown and Todd Pletcher continued to deliver at scale across multiple circuits. What stands out, however, is that raw earnings only tell part of the story. Win percentages provide a sharper lens into how effectively these barns convert opportunities into victories.

From a performance standpoint, Bob Baffert’s numbers immediately catch the eye. Despite ranking tenth in total earnings, his win strike rate of just over 30% was the highest among the top 10, reflecting a highly selective campaign with fewer starters but a high success rate. Brad Cox (25.9%) and Chad Brown (22.9%) combined volume with efficiency, an increasingly rare balance in modern racing. Saffie Joseph Jr.’s 20% strike rate also continues to validate his rise as one of the most consistent conditioners in North America, particularly given the volume of runners he sends out each year.

Overall, the table below shows a clear split between trainers who dominate through scale and those who maximize efficiency. Asmussen and Casse operate massive operations where a mid-teens win percentage still translates into hundreds of victories, while others, like Baffert, lean on precision rather than volume. Together, these figures explain why the Equibase standings remain the industry’s most reliable snapshot of competitive strength, blending durability, opportunity and execution into one definitive leaderboard.

Image of Brad Cox (Keeneland photo)