Churchill Downs (CHDN) Operating Margin (2010 - 2026)
Churchill Downs (CHDN) posted quarterly Operating Margin of 36.43% for Q2 2026, up 142.0% year-over-year from 15.05% in Q2 2025, and up 68.9% quarter-over-quarter from 21.57% in Q1 2026.
Churchill Downs (CHDN) Operating Margin (2010 - 2026) Analysis & Trends
Churchill Downs' Operating Margin history runs 17 years deep, the most recent figure standing at 36.43% for Q2 2026.
- In Q2 2026, Operating Margin rose 142.0% year-over-year to 36.43%; the TTM figure through Jun 2026 stood at 24.12% (down 114.0% YoY), while the FY2025 annual figure was 23.37%, down 256.0% from the prior year.
- Operating Margin for Q2 2026 stood at 36.43%, 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.
- The 5-year median for Operating Margin is 20.65% (2024), against an average of 22.29%.
- The sharpest annual moves came in 2022 and 2023: Operating Margin plunged 708 bps in 2022, then surged 1649 bps in 2023.
- Churchill Downs' Operating Margin stood at 2.44% in 2022, then jumped by 677 bps to 18.92% in 2023, then gained by 7 bps to 20.31% in 2024, then decreased by 9 bps to 18.55% in 2025, then jumped by 96 bps to 36.43% in 2026.
- Business Quant data shows CHDN's Operating Margin at 36.43% in Q2 2026, 21.57% in Q1 2026, and 18.55% in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Flutter Entertainment | 17.90 Bn | 16.33 Bn | 1.71 Bn | -3.33% |
| 2 | DraftKings | 12.76 Bn | 11.77 Bn | 551.45 Mn | -4.72% |
| 3 | Super Group (SGHC) | 6.69 Bn | 6.27 Bn | - | - |
| 4 | Churchill Downs | 6.51 Bn | 6.32 Bn | 712.00 Mn | 36.43% |
| 5 | Rush Street Interactive | 2.80 Bn | 2.46 Bn | 139.66 Mn | 11.74% |
| 6 | Brightstar Lottery | 2.24 Bn | 964.51 Mn | 297.00 Mn | 40.37% |
| 7 | Accel Entertainment | 969.70 Mn | 714.25 Mn | 115.51 Mn | 8.71% |
| 8 | Codere Online Luxembourg | 415.01 Mn | 345.58 Mn | - | - |
| 9 | Inspired Entertainment | 173.74 Mn | 149.34 Mn | 52.10 Mn | 16.28% |
| 10 | Grandstand | 71.01 Mn | 62.20 Mn | 31.83 Mn | -3.10% |
Historic Data
Download 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% |