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

Churchill Downs has reported Operating Margin for 17 years, with the latest figure at 36.43% in Q2 2026.

• On a quarterly basis, Operating Margin rose 142.0% year-over-year to 36.43% in Q2 2026; TTM through Jun 2026 was 24.12%, a 114.0% decrease from a year earlier, with the FY2025 full-year figure at 23.37%, down 256.0% from the prior year.
• Operating Margin was 36.43% for Q2 2026 at Churchill Downs, up from 21.57% in the prior quarter.
• The five-year high for Operating Margin was 37.05% in Q2 2024, with the low at 2.44% in Q4 2022.
• Average Operating Margin over 5 years is 22.29%, with a median of 20.65% recorded in 2024.
• The sharpest annual moves came in 2022 and 2023: Operating Margin plunged 708 bps in 2022, then jumped 1649 bps in 2023.
• Over 5 years, Operating Margin stood at 2.44% in 2022, then soared by 677 bps to 18.92% in 2023, then climbed by 7 bps to 20.31% in 2024, then dropped by 9 bps to 18.55% in 2025, then soared by 96 bps to 36.43% in 2026.
• The last three Operating Margin figures came in at 36.43% (Q2 2026), 21.57% (Q1 2026), and 18.55% (Q4 2025), per Business Quant data.