• Churchill Downs average ebitda margin for 2023 was 27.21%, a 6.71% increase from 2022.
• Churchill Downs average ebitda margin for 2022 was 25.5%, a 8.37% increase from 2021.
• Churchill Downs average ebitda margin for 2021 was 23.53%, a 51.9% increase from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.