Churchill Downs Inc (CHDN) stock
CHDNNasdaqServices-Racing, Including Track OperationFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 28, 2026Score 13/3035% below fair value
$99.62−1.02 (-1.01%)
Close on Nov 12, 2026Market cap $6.83BP/E 15.4Yield 0.44%
Churchill Downs operating margin
Operating margin is operating income as a percentage of revenue.
Churchill Downs's operating margin for the twelve months ending Sep 30, 2026 was 25.5%. For fiscal 2025 it was 23.4%, against 25.9% the year before. The highest annual figure on record is 25.9% in fiscal 2024.
Annual operating margin
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 23.4% | −2.6 |
| FY2024 | Dec 31, 2024 | 25.9% | +3.0 |
| FY2023 | Dec 31, 2023 | 22.9% | +5.1 |
| FY2022 | Dec 31, 2022 | 17.8% | −0.0 |
| FY2021 | Dec 31, 2021 | 17.8% | +12.1 |
| FY2020 | Dec 31, 2020 | 5.7% | −10.5 |
| FY2019 | Dec 31, 2019 | 16.2% | −2.5 |
| FY2018 | Dec 31, 2018 | 18.7% | +2.2 |
| FY2017 | Dec 31, 2017 | 16.5% | −4.5 |
| FY2016 | Dec 31, 2016 | 21.0% | +5.2 |
| FY2015 | Dec 31, 2015 | 15.8% | +4.7 |
| FY2014 | Dec 31, 2014 | 11.1% | +5.7 |
| FY2010 | Dec 31, 2010 | 5.4% | −2.0 |
| FY2009 | Dec 31, 2009 | 7.4% | – |
Quarterly operating margin
Change is against the same quarter a year earlier.
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | 20.5% | +6.2 |
| Q2 FY2026 | Jun 30, 2026 | 36.4% | +1.4 |
| Q1 FY2026 | Mar 31, 2026 | 21.6% | +0.6 |
| Q4 FY2025 | Dec 31, 2025 | 18.6% | −1.7 |
| Q3 FY2025 | Sep 30, 2025 | 14.3% | −5.7 |
| Q2 FY2025 | Jun 30, 2025 | 35.0% | −2.0 |
| Q1 FY2025 | Mar 31, 2025 | 21.0% | −0.4 |
| Q4 FY2024 | Dec 31, 2024 | 20.3% | +1.4 |
| Q3 FY2024 | Sep 30, 2024 | 20.0% | +0.4 |
| Q2 FY2024 | Jun 30, 2024 | 37.0% | +7.7 |
| Q1 FY2024 | Mar 31, 2024 | 21.4% | −0.1 |
| Q4 FY2023 | Dec 31, 2023 | 18.9% | +16.5 |
| Q3 FY2023 | Sep 30, 2023 | 19.6% | +3.2 |
| Q2 FY2023 | Jun 30, 2023 | 29.4% | −4.9 |
| Q1 FY2023 | Mar 31, 2023 | 21.4% | +8.4 |
| Q4 FY2022 | Dec 31, 2022 | 2.4% | −7.1 |
| Q3 FY2022 | Sep 30, 2022 | 16.4% | −0.8 |
| Q2 FY2022 | Jun 30, 2022 | 34.3% | +8.0 |
| Q1 FY2022 | Mar 31, 2022 | 13.0% | −1.4 |
| Q4 FY2021 | Dec 31, 2021 | 9.5% | +1.4 |
| Q3 FY2021 | Sep 30, 2021 | 17.2% | +2.5 |
| Q2 FY2021 | Jun 30, 2021 | 26.3% | +26.5 |
| Q1 FY2021 | Mar 31, 2021 | 14.4% | +19.0 |
| Q4 FY2020 | Dec 31, 2020 | 8.2% | +6.9 |
| Q3 FY2020 | Sep 30, 2020 | 14.7% | +5.6 |
| Q2 FY2020 | Jun 30, 2020 | -0.2% | −33.0 |
| Q1 FY2020 | Mar 31, 2020 | -4.6% | −15.1 |
| Q4 FY2019 | Dec 31, 2019 | 1.2% | −4.2 |
| Q3 FY2019 | Sep 30, 2019 | 9.1% | −0.2 |
| Q2 FY2019 | Jun 30, 2019 | 32.8% | −3.2 |
| Q1 FY2019 | Mar 31, 2019 | 10.6% | +0.1 |
| Q4 FY2018 | Dec 31, 2018 | 5.5% | +12.6 |
| Q3 FY2018 | Sep 30, 2018 | 9.3% | −4.3 |
| Q2 FY2018 | Jun 30, 2018 | 36.0% | −0.3 |
| Q1 FY2018 | Mar 31, 2018 | 10.4% | +5.4 |
| Q4 FY2017 | Dec 31, 2017 | -7.2% | −27.2 |
| Q3 FY2017 | Sep 30, 2017 | 13.6% | – |
| Q2 FY2017 | Jun 30, 2017 | 36.3% | – |
| Q1 FY2017 | Mar 31, 2017 | 5.0% | – |
| Q4 FY2016 | Dec 31, 2016 | 20.0% | – |
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