Churchill Downs (CHDN) Operating Expenses (2010 - 2026)

Over the trailing twelve months to Jun 30, 2026, Churchill Downs reported Operating Expenses of $2.27 billion, up 7.3% year-over-year; for FY2025, it came in at $2.24 billion, up 10.7% from FY2024.

• Operating Expenses has increased in each of the last five years, with a five-year compound annual growth rate of 17.7% (FY2020 to FY2025).
• Going back by year, Operating Expenses was $2.03 billion in FY2024 (+6.7%), $1.9 billion in FY2023 (+27.5%), $1.49 billion in FY2022 (+13.3%) and $1.31 billion in FY2021 (+32.1%).
• The Q2 2026 figure represents the highest quarterly Operating Expenses in data going back to Q2 2010.
• Year-over-year, Operating Expenses has increased for ten consecutive quarters, with growth averaging 8.3% over the last eight quarters.
• The fastest year-over-year change in Operating Expenses over five years came in Q3 2023 (growth of 43.8%), and the weakest in Q4 2023 (a decline of 2.9%).
• Business Quant data shows CHDN's Operating Expenses at $520 million (Q1 2026), $542.4 million (Q4 2025) and $585 million (Q3 2025) in the three quarters before Q2 2026.