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Friday 6 November 2026 Export CHDN’s income statement to Excel — free account

Churchill Downs, Incorporated

CHDN Consumer Cyclical Gambling

Churchill Downs, Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $2.9 billion, up 7.01% from fiscal 2024.

Revenue
+1.90%
EPS
+111.7%
Free cash flow
+252.7%
Total debt
−7.52%

Quarter to September 2026, against a year earlier

98.25 0.25 +0.26%
Market cap
$6.7B
P/E
15.2×
Fwd P/E
14.0×
Dividend yield
0.45%
F-score
6/9
Altman Z
1.59
Beneish M
−2.74
Dividend safety
74/100
Overview Business Profile Earnings & Analysis
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Churchill Downs, Incorporated (CHDN) Gross margin

Alert me on Gross margin

Churchill Downs, Incorporated's gross margin over the twelve months to 30 September 2026 was 34.1%, up 0.6 percentage points from fiscal 2025 (33.6%). Over the past ten years it has ranged from 18.4% (fiscal 2020) to 34.3% (fiscal 2024); the current reading is higher than 91% of that period. That is below the Gambling industry median of 48.5% and in line with the Consumer Cyclical sector median of 34.3%.

Gross margin, annual

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Annual newest first

Period Gross margin Change (points)
FY2025 33.6% (0.74)
FY2024 34.3% 2.00
FY2023 32.3% 1.02
FY2022 31.3% 3.37
FY2021 27.9% 9.57
FY2020 18.4% (7.44)
FY2019 25.8% (2.91)
FY2018 28.7% 0.02
FY2017 28.7% 0.92
FY2016 27.8% 0.75

Quarterly newest first

Period Gross margin Change (points)
Sep 2026 29.7% (13.02)
Jun 2026 42.8% 12.14
Mar 2026 30.6% 1.10
Dec 2025 29.5% (0.35)
43 more quarters

Against its own ten years

Low 18.4% High 34.3%
Ten-year median 28.7%
Current reading's percentile 91

Gross margin against peers

Company Gross margin
SGHC Super Group (SGHC) Limited compare 100.0%
LNWO Light & Wonder, Inc. compare 74.7%
BRSL Brightstar Lottery compare 48.5%
FLUT Flutter Entertainment PLC compare 41.6%
DKNG DraftKings Inc. compare 40.5%
RSI Rush Street Interactive, Inc. compare 35.5%
CHDN Churchill Downs, Incorporated 34.1%
ACEL Accel Entertainment, Inc. compare 31.4%
CDRO Codere Online Luxembourg, S.A. compare 0.00%
Gambling industry median 48.5%
Consumer Cyclical sector median 34.3%
Market median 45.1%

What Gross margin is

Gross Margin tells an investor how much of each sale a company keeps after paying the direct costs of making or buying what it sells.

Gross Profit ÷ Revenue

The full definition of Gross margin →

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