CHDN Churchill Downs margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 74

Gross margin

34.1%

Operating margin

25.5%

EBITDA margin

38.7%

Net margin

15.2%

At present, Churchill Downs reports a gross margin of 34.1%, an operating margin of 25.5%, an EBITDA margin of 38.7%, and a net margin of 15.2%. Each available margin increased from the same period last year. Operating margin recorded the strongest gain, rising by 1.7 percentage points.

CHDN margin history

Gross, operating, EBITDA and net margin trends

Churchill Downs's margins averaged 33.69% gross, 24.56% operating, 38.1% EBITDA, and 14.75% net during the last 3 years. Currently all four current margins are above their three-year averages.

CHDN margin expansion

Year-over-year margin changes in percentage points

Gross margin expanded by 0.6 percentage points, operating margin by 1.7 percentage points, EBITDA margin by 1.7 percentage points, and net margin by 1.2 percentage points, led by operating and EBITDA margins with an increase of 1.7 percentage points.

Gross margin expansion

0.6pp

Operating margin expansion

1.7pp

EBITDA margin expansion

1.7pp

Net margin expansion

1.2pp

CHDN Gross margin

Across the last 3 years, Churchill Downs had an average gross margin of 33.69%. The latest gross margin for Churchill Downs is 34.1%, 0.4 percentage points above its three-year average. Looking back over the last 3 years, Churchill Downs's gross margin reached 34.4% at its highest point in Sep 2024 and 32.3% at its lowest in Dec 2023.

CHDN Operating margin

Looking at the last 3 years, Churchill Downs had an average operating margin of 24.56%. Against its three-year average, Churchill Downs's operating margin is currently 25.5%, 0.9 percentage points above its three-year average. Looking back over the last 3 years, Churchill Downs's operating margin reached 25.9% at its highest point in Dec 2024 and 22.9% at its lowest in Dec 2023.

CHDN EBITDA margin

In the last 3 years, Churchill Downs had an average EBITDA margin of 38.1%. Against its three-year average, Churchill Downs's EBITDA margin is currently 38.7%, 0.6 percentage points above its three-year average. Looking back over the last 3 years, Churchill Downs's EBITDA margin reached 40.8% at its highest point in Dec 2023 and 36.5% at its lowest in Dec 2025.

CHDN Net margin

Across the last 3 years, Churchill Downs's net margin averaged 14.75%. Churchill Downs's current net margin is 15.2% and is 0.5 percentage points above its three-year average. Net margin was highest at 17% in Dec 2023 and lowest at 13.1% in Dec 2025.

CHDN margin group comparison

Margins compared with peer-group, industry and sector averages

Churchill Downs's gross margin of 34.1% is below the Consumer Cyclical sector and the industry average. Looking at its Consumer Cyclical sector average of 36.3%, Churchill Downs's gross margin is 6% lower.

CHDN margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Churchill Downs's gross margin?

As of Sep 30, 2026, CHDN has a gross margin of 34.1%.

What is Churchill Downs's operating margin?

For the period ending Sep 30, 2026, CHDN recorded an operating margin of 25.5%.

What is Churchill Downs's EBITDA margin?

As of Sep 30, 2026, CHDN has an EBITDA margin of 38.7%.

What is Churchill Downs's net margin?

As of Sep 30, 2026, CHDN has a net margin of 15.2%.

What are the average margins of CHDN?

Churchill Downs's average margins over the last 3 years were 33.7% gross, 24.6% operating, 38.1% EBITDA, and 14.8% net.

What are the highest historical margins of CHDN?

Looking back across 5 years, CHDN reached 34.4% gross in Sep 2024, 25.9% operating in Dec 2024, 54% EBITDA in Mar 2023, and 28.5% net in Jun 2022.

What are the lowest historical margins of CHDN?

Within the 5-year period, CHDN recorded its lowest margins at 27.9% gross in Dec 2021, 17.4% operating in Mar 2022, 33.3% EBITDA in Mar 2022, and 13.1% net in Dec 2025.