Churchill Downs (CHDN) Operating Margin (2010 - 2026)
Churchill Downs (CHDN) reported Operating Margin of 20.55% for Q3 2026, up 6.20 percentage points from 14.35% a year earlier but down 15.88 percentage points from the prior quarter.
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Analysis
Churchill Downs (CHDN) Operating Margin (2010 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Churchill Downs' Operating Margin came in at 25.52%, up 1.71 percentage points year-over-year; for FY2025, it came in at 23.37%, down 2.56 percentage points from FY2024.
- Operating Margin has a five-year change of +17.66 percentage points (FY2020 to FY2025).
- By year, Operating Margin came in at 25.93% in FY2024 (+3.02 pp), 22.91% in FY2023 (+5.13 pp), 17.78% in FY2022 (-0.03 pp) and 17.81% in FY2021 (+12.09 pp).
- Five-year quarterly Operating Margin spans a low of 2.44% in Q4 2022 and a high of 37.05% in Q2 2024.
- Year over year, Operating Margin has now increased in each of the last three quarters, with an average year-over-year change of -0.03 percentage points over the last eight quarters.
- The high point for year-over-year Operating Margin in five years was Q4 2023 (a gain of 16.49 percentage points); the low point was Q4 2022 (a drop of 7.08 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at 36.43% (Q2 2026), 21.57% (Q1 2026) and 18.59% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 25.75 Bn | 12.34 Bn | 1.47 Bn | 19.22% |
| 2 | Flutter Entertainment | 14.42 Bn | 7.81 Bn | 1.52 Bn | -30.74% |
| 3 | Life Time Group Holdings | 10.41 Bn | 9.58 Bn | 419.01 Mn | 17.68% |
| 4 | DraftKings | 9.28 Bn | 4.95 Bn | 551.45 Mn | -4.72% |
| 5 | Wynn Resorts | 8.83 Bn | 2.96 Bn | 655.12 Mn | 10.55% |
| 6 | MGM Resorts International | 8.29 Bn | -1.01 Bn | 1.73 Bn | 2.82% |
| 7 | Madison Square Garden Sports | 7.83 Bn | 7.42 Bn | 119.21 Mn | 11.53% |
| 8 | Light & Wonder | 7.12 Bn | 6.42 Bn | 623.00 Mn | 29.37% |
| 9 | Churchill Downs | 6.92 Bn | 6.15 Bn | 207.00 Mn | 20.55% |
| 10 | Caesars Entertainment | 5.97 Bn | 2.39 Bn | 1.44 Bn | 15.54% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 20.55% |
| Jun 30, 2026 | 36.43% |
| Mar 31, 2026 | 21.57% |
| Dec 31, 2025 | 18.59% |
| Sep 30, 2025 | 14.35% |
| Jun 30, 2025 | 35.01% |
| Mar 31, 2025 | 21.00% |
| Dec 31, 2024 | 20.31% |
| Sep 30, 2024 | 20.03% |
| Jun 30, 2024 | 37.05% |
| Mar 31, 2024 | 21.37% |
| Dec 31, 2023 | 18.92% |
| Sep 30, 2023 | 19.62% |
| Jun 30, 2023 | 29.36% |
| Mar 31, 2023 | 21.43% |
| Dec 31, 2022 | 2.44% |
| Sep 30, 2022 | 16.44% |
| Jun 30, 2022 | 34.28% |
| Mar 31, 2022 | 13.02% |
| Dec 31, 2021 | 9.51% |
API Access
Churchill Downs Operating 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=operating-margin&ticker=CHDN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=CHDN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();