• Churchill Downs average pre-tax profit margin for 2023 was 25.73%, a 23.38% decline from 2022.
• Churchill Downs average pre-tax profit margin for 2022 was 33.58%, a 94.1% decline from 2021.
• Churchill Downs average pre-tax profit margin for 2021 was 17.3%, a 743.9% increase from 2020.

Pre-tax profit margin can be defined as earnings before taxes as a portion of total revenue.