Churchill Downs (CHDN) Gross Margin (2018 - 2026)
Churchill Downs (CHDN) reported Gross Margin of 29.74% for Q3 2026, down 0.13 percentage points from 29.87% a year earlier and down 13.01 percentage points from the prior quarter.
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Analysis
Churchill Downs (CHDN) Gross Margin (2018 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Churchill Downs' Gross Margin came in at 34.13%, up 0.65 percentage points year-over-year; for FY2025, it came in at 33.58%, down 0.74 percentage points from FY2024.
- Gross Margin has a five-year change of +15.22 percentage points (FY2020 to FY2025).
- By year, Gross Margin came in at 34.32% in FY2024 (+2.00 pp), 32.32% in FY2023 (+1.03 pp), 31.30% in FY2022 (+3.37 pp) and 27.93% in FY2021 (+9.57 pp).
- Five-year quarterly Gross Margin spans a low of 18.97% in Q2 2022 and a high of 122.83% in Q4 2023.
- Year over year, Gross Margin gained in four of the last eight quarters, with an average year-over-year change of -11.83 percentage points.
- The high point for year-over-year Gross Margin in five years was Q4 2023 (a gain of 95.48 percentage points); the low point was Q4 2024 (a drop of 94.04 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at 42.76% (Q2 2026), 30.62% (Q1 2026) and 29.52% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 25.66 Bn | 12.26 Bn | 1.47 Bn | 45.62% |
| 2 | Flutter Entertainment | 14.04 Bn | 7.43 Bn | 1.52 Bn | 39.18% |
| 3 | Life Time Group Holdings | 10.41 Bn | 9.58 Bn | 419.01 Mn | 46.89% |
| 4 | DraftKings | 9.31 Bn | 4.97 Bn | 551.45 Mn | 38.21% |
| 5 | Wynn Resorts | 8.77 Bn | 2.90 Bn | 655.12 Mn | 38.79% |
| 6 | MGM Resorts International | 8.21 Bn | -1.09 Bn | 1.73 Bn | 41.16% |
| 7 | Madison Square Garden Sports | 7.49 Bn | 7.09 Bn | 119.21 Mn | 42.77% |
| 8 | Light & Wonder | 7.12 Bn | 6.42 Bn | 623.00 Mn | 75.61% |
| 9 | Churchill Downs | 6.90 Bn | 6.13 Bn | 207.00 Mn | 29.74% |
| 10 | Caesars Entertainment | 5.95 Bn | 2.37 Bn | 1.44 Bn | 49.12% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 29.74% |
| Jun 30, 2026 | 42.76% |
| Mar 31, 2026 | 30.62% |
| Dec 31, 2025 | 29.52% |
| Sep 30, 2025 | 29.87% |
| Jun 30, 2025 | 41.97% |
| Mar 31, 2025 | 29.55% |
| Dec 31, 2024 | 28.79% |
| Sep 30, 2024 | 29.53% |
| Jun 30, 2024 | 43.56% |
| Mar 31, 2024 | 31.34% |
| Dec 31, 2023 | 122.83% |
| Sep 30, 2023 | 28.65% |
| Jun 30, 2023 | 38.87% |
| Mar 31, 2023 | 30.74% |
| Dec 31, 2022 | 27.35% |
| Sep 30, 2022 | 26.78% |
| Jun 30, 2022 | 18.97% |
| Mar 31, 2022 | 25.60% |
| Dec 31, 2021 | 94.85% |
API Access
Churchill Downs Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=CHDN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "CHDN", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=CHDN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();