Cover image courtesy of Newgate
Across the board in 2026, the gross receipts at Australian yearling sales increased on 2025 figures, but commercial breeders want the details. Which stallions improved on last year, and thus are on an upward trajectory in the commercial marketplace?
The baseline data between 2025 and 2026
In 2025, 183 Australian-based stallions had at least one yearling offered at the nine sales up to and including Inglis Easter. In 2026, this fell to 180.
In good news for the industry, the number of stallions who achieved an average profit (including costs) rose from 38 in 2025 to 49 in 2026.
The gross receipts for 2026, up to and including Inglis Easter Yearling Sale, rose to $535.7 million up from $525.4 million in 2025. The New Zealand Bloodstock Yearling Sale also increased in gross from NZ$88 million in 2025 to NZ$91 million in 2026.
There was more money spent on yearlings on both sides of the ditch this year.
TTR took the advertised service fee in the year of conception, along with costs of $57,000 to raise the foal and $12,000 for a yearling preparation, and compared this to the stallion’s average sale price, to determine a Return On Investment. Service fees were noted as without GST as sales prices were without GST.
Of the 180 stallions to have a yearling catalogued in 2026, 146 of them also had a yearling catalogued in 2025. Obviously the first season sires have no comparative data, and this also removes stallions who shuttled in either 2022 or 2023 but not both, or stallions like Deep Field and Lonhro whose final crops were in 2022.
That’s the necessary baseline data sorted.
What everyone actually wants to know is which stallions were more sought after in the market in 2026 compared to 2025.
The biggest ROI stallions in 2026
In 2026, the top 10 stallions by average ROI included almost no surprises. Extreme Choice led with 28 yearlings sold (from a crop of just 44 live foals) at an average of $858,750. After costs, and a 2023 fee of $250,000 plus GST, Extreme Choice returned an average profit of $539,750 to those fortunate enough to sell one of his 28 yearlings in 2026.
Extreme Choice | Standing at Newgate
Snitzel, Zoustar, Too Darn Hot (GB), and I Am Invincible round out the top five most profitable stallions in 2026.
| Extreme Choice | $250,000 | 28 | $858,750 | $539,750 |
| Snitzel | $225,000 | 67 | $626,493 | $332,493 |
| Zoustar | $200,000 | 57 | $544,649 | $275,649 |
| Too Darn Hot (GB) | $40,000 | 49 | $365,408 | $256,408 |
| I Am Invincible | $275,000 | 71 | $558,944 | $214,944 |
| Written Tycoon | $150,000 | 16 | $389,375 | $170,375 |
| The Autumn Sun | $60,000 | 38 | $253,579 | $124,579 |
| Street Boss (USA) | $60,000 | 17 | $242,647 | $113,647 |
| Wootton Bassett (GB) | $83,000 | 36 | $258,333 | $106,333 |
| Alabama Express | $20,000 | 68 | $191,272 | $102,272 |
Table: Stallions with the biggest average ROI in 2026
The biggest movers (10 or more sold)
Of the 149 stallions with yearlings in both years, 76 stallions showed an increased average ROI in 2026 compared to 2025.
Comparative data is a strange beast, because this doesn’t differentiate between stallions who made an average loss in 2025 and a smaller average loss in 2026; and those who made a profit in 2025 and a slightly bigger profit in 2026.
Additionally, if you’d backed the two worst performing stallions on this measure, you’d still have made a massive average ROI in 2026 in raw number terms (just worse that last year’s massive ROI).
If you’d backed Snitzel in 2022 for a 2025 yearling, you’d make an average ROI of over $400,000, but the following year for a 2026 yearling, you’d make an average ROI of $332,000 - $67,000 worse than in 2025 but still an outstanding result. And one that would make your bank balance smile.
Similarly, the worst performer by comparative figures was Wootton Bassett (GB) whose 2025 yearlings gave vendors an average ROI of $240,000 which dropped to $106,000 in 2026, giving him the biggest comparative difference, but still an outstanding take home in raw terms for breeders.
Wootton Bassett (GB) | Image courtesy of Coolmore
Comparative figures aren’t completely useless, however, they just need to be put in context.
Three of the top 10 stallions by this measure moved from an average loss in 2025 to an average profit in 2026; and this is the sort of result that shows a definite change in the market and the perception of the stallion in the last 12 months.
Extreme Choice’s brilliant sales series stands clear with a huge $381,000 increase on last year.
Ghaiyyath (Ire) has capitalised on his exciting crop of 3-year-olds such as Observer, Storm Leopard, Freedom Flame, Different Gravy and Yum. If he returns in 2026, it will interesting to see where he’s priced, since he moved from an average loss in 2025 to an average profit for his 29 yearlings sold in 2026.
Ghaiyyath (Ire) | Standing at Darley
Similarly, Street Boss (USA) is having a great season with Tentyris, Tempted and Pericles and his yearlings shifted from a ROI in 2025 of $42,000 to one over $110,000 in 2026.
| Extreme Choice | $477,576 | $158,576 | $858,750 | $539,750 | $381,174 | $250,000 | 28 |
| Ghaiyyath (Ire) | $74,850 | -$19,150 | $178,966 | $84,966 | $104,116 | $25,000 | 29 |
| Street Boss (USA) | $181,522 | $42,522 | $242,647 | $113,647 | $71,125 | $60,000 | 17 |
| Castelvecchio | $94,783 | $783 | $159,375 | $65,375 | $64,592 | $25,000 | 24 |
| Harry Angel (Ire) | $100,481 | $16,481 | $178,979 | $79,979 | $63,497 | $30,000 | 47 |
| Alabama Express | $127,955 | $38,955 | $191,272 | $102,272 | $63,318 | $20,000 | 68 |
| The Autumn Sun | $191,765 | $62,765 | $253,579 | $124,579 | $61,814 | $60,000 | 38 |
| Zoustar | $464,201 | $215,201 | $544,649 | $275,649 | $60,448 | $200,000 | 57 |
| Kermadec (NZ) | $69,542 | -$14,458 | $117,769 | $33,769 | $48,228 | $15,000 | 13 |
| Cool Aza Beel (NZ) | $42,463 | -$41,537 | $90,383 | $6,383 | $47,920 | $15,000 | 30 |
Table 2: Stallions with increased average ROI in 2026 compared to 2025
A multiple of service fee
A common way of looking at profit in the industry is to compare the average yearling result to the service fee. This gives a relativity between raw profit and the fee paid, so it can be a useful way of flattening out the raw dollars. We’ve taken this a step further and added costs to compare the 2023 service fee (sans GST) to the average ROI, and added a column to show the change in ROI from 2025 for good measure.
It’s another way to cut the data, and can show which stallions were a good punt at the service fee in 2023. Hindsight is a wonderful thing.
By this measure Too Darn Hot (GB) leads the table with a ratio of average ROI to fee of 6.41. He stood for $40,000 plus GST in 2023, leaping to $250,000 plus GST in 2025 which puts more pressure on his 2026 born foals to sell well in 2028.
Too Darn Hot (GB) | Standing at Darley
Likewise, second placed Alabama Express was at $20,000 plus GST in his fourth season at stud in 2023. His wonderful mare Treasurethe Moment led to an increase in 2024 and 2025, where he stood at $60,000 plus GST.
Alabama Express | Standing at Yulong Investments
| Too Darn Hot (GB) | $40,000 | $212,058 | $256,408 | 6 | $44,350 |
| Alabama Express | $20,000 | $38,955 | $102,272 | 5 | $63,318 |
| Ghaiyyath (Ire) | $25,000 | -$19,150 | $84,966 | 3 | $104,116 |
| Harry Angel (Ire) | $30,000 | $16,481 | $79,979 | 3 | $63,497 |
| Castelvecchio | $25,000 | $783 | $65,375 | 3 | $64,592 |
| Kermadec (NZ) | $15,000 | -$14,458 | $33,769 | 2 | $48,228 |
| Extreme Choice | $250,000 | $158,576 | $539,750 | 2 | $381,174 |
| The Autumn Sun | $60,000 | $62,765 | $124,579 | 2 | $61,814 |
| Street Boss (USA) | $60,000 | $42,522 | $113,647 | 2 | $71,125 |
| Ole Kirk | $50,000 | $59,212 | $90,407 | 2 | $31,195 |
Table 3: Ratio of average ROI in 2026 to advertised fee in 2023
