Churchill Downs (CHDN) Gross Margin (2018 - 2026)

Churchill Downs' Gross Margin history runs 9 years deep, the most recent figure standing at 69.98% for Q1 2026.

• On a quarterly basis, Gross Margin fell 16.0% year-over-year to 69.98% in Q1 2026; TTM through Mar 2026 was 89.05%, a 832.0% decrease from a year earlier, with the FY2025 full-year figure at 89.7%, down 975.0% from the prior year.
• Gross Margin eased to 69.98% in Q1 2026 per CHDN's latest filing, from 141.03% in the prior quarter.
• Across five years, Gross Margin topped out at 185.69% in Q4 2024 and bottomed at 65.28% in Q3 2022.
• The 5-year median for Gross Margin is 74.39% (2023), against an average of 89.74%.
• Across the five-year window, Gross Margin slumped 8840 bps in 2023 and jumped 12032 bps in 2024, its largest moves.
• Year by year, Gross Margin stood at 153.78% in 2022, then tumbled by 57 bps to 65.38% in 2023, then surged by 184 bps to 185.69% in 2024, then decreased by 24 bps to 141.03% in 2025, then slumped by 50 bps to 69.98% in 2026.
• Per Business Quant, the three latest CHDN Gross Margin figures stand at 69.98% (Q1 2026), 141.03% (Q4 2025), and 69.9% (Q3 2025).