Churchill Downs (CHDN) Net Margin (2010 - 2026)
Churchill Downs' Net Margin was 11.49% in Q3 2026, up 5.93 percentage points from 5.56% a year earlier but down 13.10 percentage points from the prior quarter.
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Analysis
Churchill Downs (CHDN) Net Margin (2010 - 2026) Analysis & Trends
On a trailing twelve-month basis, Churchill Downs' Net Margin was 15.14% through Sep 30, 2026, up 1.14 percentage points year-over-year; for FY2025, it was 13.09%, down 2.52 percentage points from FY2024.
- Net Margin has now declined for three consecutive years, though with a five-year change of +20.86 percentage points (FY2020 to FY2025).
- In earlier years, Net Margin was 15.61% in FY2024 (-1.34 pp), 16.95% in FY2023 (-7.33 pp), 24.28% in FY2022 (+8.68 pp) and 15.60% in FY2021 (+23.37 pp).
- Quarterly Net Margin has moved between 0.21% (Q4 2022) and 58.25% (Q2 2022) over five years.
- Compared with a year earlier, Net Margin has increased for three straight quarters, with an average year-over-year change of -0.19 percentage points over the last eight quarters.
- The best year-over-year quarter for Net Margin over five years was Q2 2022 (a gain of 37.22 percentage points); the worst was Q2 2023 (a drop of 39.64 percentage points).
- Per Business Quant data, CHDN's Net Margin in the three quarters before Q3 2026 was 24.59% (Q2 2026), 12.52% (Q1 2026) and 7.66% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 25.66 Bn | 12.26 Bn | 1.47 Bn | 9.45% |
| 2 | Flutter Entertainment | 14.04 Bn | 7.43 Bn | 1.52 Bn | -22.25% |
| 3 | Life Time Group Holdings | 10.41 Bn | 9.58 Bn | 419.01 Mn | 11.92% |
| 4 | DraftKings | 9.31 Bn | 4.97 Bn | 551.45 Mn | -4.68% |
| 5 | Wynn Resorts | 8.77 Bn | 2.90 Bn | 655.12 Mn | 1.03% |
| 6 | MGM Resorts International | 8.21 Bn | -1.09 Bn | 1.73 Bn | -0.41% |
| 7 | Madison Square Garden Sports | 7.49 Bn | 7.09 Bn | 119.21 Mn | 10.15% |
| 8 | Light & Wonder | 7.12 Bn | 6.42 Bn | 623.00 Mn | 16.14% |
| 9 | Churchill Downs | 6.90 Bn | 6.13 Bn | 207.00 Mn | 11.49% |
| 10 | Caesars Entertainment | 5.95 Bn | 2.37 Bn | 1.44 Bn | -4.18% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 11.49% |
| Jun 30, 2026 | 24.59% |
| Mar 31, 2026 | 12.52% |
| Dec 31, 2025 | 7.66% |
| Sep 30, 2025 | 5.56% |
| Jun 30, 2025 | 23.23% |
| Mar 31, 2025 | 11.98% |
| Dec 31, 2024 | 11.49% |
| Sep 30, 2024 | 10.41% |
| Jun 30, 2024 | 23.50% |
| Mar 31, 2024 | 13.61% |
| Dec 31, 2023 | 10.26% |
| Sep 30, 2023 | 10.66% |
| Jun 30, 2023 | 18.61% |
| Mar 31, 2023 | 27.83% |
| Dec 31, 2022 | 0.21% |
| Sep 30, 2022 | 14.88% |
| Jun 30, 2022 | 58.25% |
| Mar 31, 2022 | 11.56% |
| Dec 31, 2021 | 11.87% |
API Access
Churchill Downs Net 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=net-margin&ticker=CHDN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-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=net-margin&ticker=CHDN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();