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

Churchill Downs' Operating Margin history runs 17 years deep, the most recent figure standing at 21.57% for Q1 2026.

• On a quarterly basis, Operating Margin rose 57.0% year-over-year to 21.57% in Q1 2026; TTM through Mar 2026 was 23.49%, a 226.0% decrease from a year earlier, with the FY2025 full-year figure at 23.37%, down 256.0% from the prior year.
• Operating Margin grew to 21.57% in Q1 2026 per CHDN's latest filing, from 18.55% in the prior quarter.
• Across five years, Operating Margin topped out at 37.05% in Q2 2024 and bottomed at 2.44% in Q4 2022.
• The 5-year median for Operating Margin is 20.31% (2024), against an average of 21.46%.
• Across the five-year window, Operating Margin sank 708 bps in 2022 and surged 1649 bps in 2023, its largest moves.
• Year by year, Operating Margin stood at 2.44% in 2022, then surged by 677 bps to 18.92% in 2023, then advanced by 7 bps to 20.31% in 2024, then slipped by 9 bps to 18.55% in 2025, then advanced by 16 bps to 21.57% in 2026.
• Per Business Quant, the three latest CHDN Operating Margin figures stand at 21.57% (Q1 2026), 18.55% (Q4 2025), and 14.35% (Q3 2025).