• Churchill Downs average operating margin for 2024 was 25.07%, a 23.01% increase from 2023.
• Churchill Downs average operating margin for 2023 was 20.38%, a 7.15% increase from 2022.
• Churchill Downs average operating margin for 2022 was 19.02%, a 18.65% increase from 2021.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.