Churchill Downs (CHDN) Operating Margin (2010 - 2026)
Churchill Downs (CHDN) reported Operating Margin of 36.43% for Q2 2026, up 1.42 percentage points from 35.01% a year earlier and up 14.86 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 Jun 30, 2026, Churchill Downs' Operating Margin came in at 24.12%, down 1.14 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).
- The Q2 2026 figure ranks as the highest quarterly Operating Margin since Q2 2024.
- Year over year, Operating Margin gained in four of the last eight quarters, with an average year-over-year change of -0.76 percentage points.
- 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 Q2 2026 came in at 21.57% (Q1 2026), 18.55% (Q4 2025) and 14.35% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 24.82 Bn | 11.24 Bn | 1.48 Bn | 19.59% |
| 2 | DraftKings | 17.42 Bn | 13.08 Bn | 551.45 Mn | -4.72% |
| 3 | Flutter Entertainment | 12.92 Bn | 6.67 Bn | 1.71 Bn | -3.33% |
| 4 | Madison Square Garden Sports | 9.97 Bn | 9.56 Bn | 119.21 Mn | 11.53% |
| 5 | Life Time Group Holdings | 8.95 Bn | 8.18 Bn | 412.26 Mn | 17.29% |
| 6 | Wynn Resorts | 8.09 Bn | 1.64 Bn | 758.95 Mn | 16.03% |
| 7 | MGM Resorts International | 7.93 Bn | -255.39 Mn | 1.98 Bn | 11.32% |
| 8 | Caesars Entertainment | 6.03 Bn | 2.66 Bn | 1.50 Bn | 17.14% |
| 9 | Super Group (SGHC) | 5.86 Bn | 3.85 Bn | - | - |
| 10 | Churchill Downs | 5.31 Bn | 4.58 Bn | 419.00 Mn | 36.43% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 36.43% |
| Mar 31, 2026 | 21.57% |
| Dec 31, 2025 | 18.55% |
| 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% |
| Sep 30, 2021 | 17.20% |
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();