Filing Flows › Churchill Downs (CHDN) › Operating margin
Churchill Downs (CHDN) operating margin by quarter
Churchill Downs' operating margin was 20.5% in Q3 2026 (third quarter 2026), -15.9 pts from Q2 2026. Over the last 7 quarters it ranged from 14.3% (Q3 2025) to 36.4% (Q2 2026).
| Quarter | Operating margin | Q/Q | Y/Y |
|---|---|---|---|
| Q3 2026 | 20.5% | -15.9 pts | +6.2 pts |
| Q2 2026 | 36.4% | +14.9 pts | +1.4 pts |
| Q1 2026 | 21.6% | +3.0 pts | +0.6 pts |
| Q4 2025 | 18.6% | +4.2 pts | — |
| Q3 2025 | 14.3% | -20.7 pts | — |
| Q2 2025 | 35.0% | +14.0 pts | — |
| Q1 2025 | 21.0% | — | — |
Q3 2026 at a glance
Churchill Downs, Q3 2026: revenue $696M (+2% year over year), operating margin 20.5%, net earnings $80.0M, operating cash flow $148M. The chart follows the revenue to costs, profit and cash.
Questions
What is Churchill Downs' operating margin?
Churchill Downs' operating margin was 20.5% in Q3 2026 (third quarter 2026), -15.9 pts from Q2 2026.
How has Churchill Downs' operating margin changed?
Over the last 7 quarters it ranged from 14.3% (Q3 2025) to 36.4% (Q2 2026).