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

Churchill Downs' Gross Margin history runs 9 years deep, the most recent figure standing at 71.64% for Q1 2026.

• In Q1 2026, Gross Margin fell 2773.0% year-over-year to 71.64%; the TTM figure through Mar 2026 stood at 57.71% (down 2851.0% YoY), while the FY2025 annual figure was 70.56%, down 205.0% from the prior year.
• Gross Margin was 71.64% for Q1 2026 at Churchill Downs, up from 27.39% in the prior quarter.
• In the past five years, Gross Margin ranged from a high of 99.56% in Q2 2025 to a low of 27.39% in Q4 2025.
• Historically, Gross Margin has averaged 71.31% across 5 years, with a median of 77.89% in 2022.
• The sharpest annual moves came in 2024 and 2025: Gross Margin jumped 4884 bps in 2024, then plunged 9740 bps in 2025.
• A 5-year view of Gross Margin shows it stood at 72.57% in 2022, then tumbled by 71 bps to 21.17% in 2023, then surged by 231 bps to 70.01% in 2024, then tumbled by 139 bps to 27.39% in 2025, then soared by 362 bps to 71.64% in 2026.
• The last three Gross Margin figures came in at 71.64% (Q1 2026), 27.39% (Q4 2025), and 69.9% (Q3 2025), per Business Quant data.