Churchill Downs Incorporated (CHDN)
Pretax margin
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 573,200 | 554,100 | 549,800 | 454,700 | 561,800 | 486,800 | 478,400 | 759,100 | 608,800 | 665,600 | 679,900 | 349,900 | 343,600 | 306,600 | 275,900 | 94,500 | 8,000 | -800 | -34,600 | 143,800 |
| Revenue (ttm) | US$ in thousands | 2,734,300 | 2,671,300 | 2,615,300 | 2,493,100 | 2,461,700 | 2,380,600 | 2,191,200 | 2,005,200 | 1,809,800 | 1,694,500 | 1,704,400 | 1,637,000 | 1,597,200 | 1,510,600 | 1,455,400 | 1,125,400 | 1,054,000 | 1,056,400 | 1,024,900 | 1,317,200 |
| Pretax margin | 20.96% | 20.74% | 21.02% | 18.24% | 22.82% | 20.45% | 21.83% | 37.86% | 33.64% | 39.28% | 39.89% | 21.37% | 21.51% | 20.30% | 18.96% | 8.40% | 0.76% | -0.08% | -3.38% | 10.92% |
December 31, 2024 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $573,200K ÷ $2,734,300K
= 20.96%
The pretax margin of Churchill Downs Incorporated has shown fluctuations over the reported periods. It started at a positive rate of 10.92% as of March 31, 2020, but then turned negative in the subsequent quarters, reaching a low of -3.38% by June 30, 2020. However, the company managed to improve its performance and returned to positive territory by the end of 2020, with a pretax margin of 0.76%.
Throughout 2021 and early 2022, Churchill Downs Incorporated demonstrated a consistent increase in its pretax margin, reaching a peak of 39.89% by June 30, 2022. Subsequently, there was a slight decline in the pretax margin for the following quarters but remained relatively strong, hovering around the 20-30% range.
Overall, the pretax margin of Churchill Downs Incorporated reflects a mixture of positive and negative trends over the reporting periods, with the company exhibiting periods of improvement and stability amidst fluctuations in its profitability before settling around the 20% level in the most recent quarters.