His earnings were part of an overall purse of $13,592,815. The paychecks were announced at the annual victory dinner Monday at the Indianapolis Motor Speedway.
Runner-up Dan Wheldon earned just over $1 million, and third-place finisher Marco Andretti earned $630,505.
Helio Castroneves, the three-time winner and polesitter, earned $545,655.
Franchitti also won the Indy 500 in 2007, when he earned $1,645,233.
Franchitti drove in NASCAR in 2008, but struggled. He came back to IndyCar and picked up where he left off. He won the IndyCar points championship in 2009, then kissed the bricks with his wife, Ashley Judd, after Sunday's win.