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Side-by-side financial comparison of Allegiant Travel CO (ALGT) and Churchill Downs Inc (CHDN). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $595.5M, roughly 1.1× Allegiant Travel CO). Churchill Downs Inc runs the higher net margin — 12.5% vs 5.4%, a 7.2% gap on every dollar of revenue. On growth, Allegiant Travel CO posted the faster year-over-year revenue change (7.6% vs 3.1%). Over the past eight quarters, Allegiant Travel CO's revenue compounded faster (1.3% CAGR vs -13.7%).
Allegiant Air, styled as allegiant, is an American low-cost airline headquartered in Las Vegas, Nevada. The airline focuses on serving leisure traffic from small and medium-sized cities which it considers to be underserved, using an ultra low-cost business model with minimal inclusions in fares and a greater number of add-on fees.
Churchill Downs Incorporated is the parent company of Churchill Downs. The company has evolved from one racetrack in Louisville, Kentucky, to a multi American-state-wide, publicly traded company with racetracks, casinos and an online wagering company among its portfolio of businesses.
ALGT vs CHDN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $595.5M | $663.0M |
| Net Profit | $31.9M | $83.0M |
| Gross Margin | — | — |
| Operating Margin | 11.2% | 21.6% |
| Net Margin | 5.4% | 12.5% |
| Revenue YoY | 7.6% | 3.1% |
| Net Profit YoY | 114.8% | 7.8% |
| EPS (diluted) | $1.82 | $1.16 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $663.0M | ||
| Q4 25 | $595.5M | $665.9M | ||
| Q3 25 | $494.1M | $683.0M | ||
| Q2 25 | $617.9M | $934.4M | ||
| Q1 25 | $616.8M | $642.6M | ||
| Q4 24 | $553.6M | $624.2M | ||
| Q3 24 | $489.0M | $628.5M | ||
| Q2 24 | $594.5M | $890.7M |
| Q1 26 | — | $83.0M | ||
| Q4 25 | $31.9M | $51.3M | ||
| Q3 25 | $-43.6M | $38.1M | ||
| Q2 25 | $-65.2M | $216.9M | ||
| Q1 25 | $32.1M | $76.7M | ||
| Q4 24 | $-216.2M | $71.7M | ||
| Q3 24 | $-36.8M | $65.4M | ||
| Q2 24 | $13.7M | $209.3M |
| Q1 26 | — | 21.6% | ||
| Q4 25 | 11.2% | 18.5% | ||
| Q3 25 | -5.5% | 14.3% | ||
| Q2 25 | -10.9% | 35.1% | ||
| Q1 25 | 10.5% | 20.9% | ||
| Q4 24 | -47.7% | 20.3% | ||
| Q3 24 | -5.4% | 20.0% | ||
| Q2 24 | 5.9% | 37.0% |
| Q1 26 | — | 12.5% | ||
| Q4 25 | 5.4% | 7.7% | ||
| Q3 25 | -8.8% | 5.6% | ||
| Q2 25 | -10.5% | 23.2% | ||
| Q1 25 | 5.2% | 11.9% | ||
| Q4 24 | -39.1% | 11.5% | ||
| Q3 24 | -7.5% | 10.4% | ||
| Q2 24 | 2.3% | 23.5% |
| Q1 26 | — | $1.16 | ||
| Q4 25 | $1.82 | — | ||
| Q3 25 | $-2.41 | — | ||
| Q2 25 | $-3.62 | — | ||
| Q1 25 | $1.73 | — | ||
| Q4 24 | $-12.12 | — | ||
| Q3 24 | $-2.05 | — | ||
| Q2 24 | $0.75 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $805.7M | $200.0M |
| Total DebtLower is stronger | $1.7B | $840.0M |
| Stockholders' EquityBook value | $1.1B | — |
| Total Assets | $4.2B | $7.5B |
| Debt / EquityLower = less leverage | 1.60× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $200.0M | ||
| Q4 25 | $805.7M | $200.6M | ||
| Q3 25 | $956.7M | $180.5M | ||
| Q2 25 | $842.8M | $182.4M | ||
| Q1 25 | $878.6M | $174.2M | ||
| Q4 24 | $781.1M | $175.5M | ||
| Q3 24 | $759.3M | $152.7M | ||
| Q2 24 | $791.9M | $140.3M |
| Q1 26 | — | $840.0M | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.7B | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.0B | ||
| Q3 25 | $1.0B | $1.0B | ||
| Q2 25 | $1.1B | $1.0B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.3B | $1.0B |
| Q1 26 | — | $7.5B | ||
| Q4 25 | $4.2B | $7.5B | ||
| Q3 25 | $4.4B | $7.5B | ||
| Q2 25 | $4.4B | $7.4B | ||
| Q1 25 | $4.5B | $7.3B | ||
| Q4 24 | $4.4B | $7.3B | ||
| Q3 24 | $4.8B | $7.2B | ||
| Q2 24 | $4.9B | $7.2B |
| Q1 26 | — | — | ||
| Q4 25 | 1.60× | — | ||
| Q3 25 | 1.76× | — | ||
| Q2 25 | 1.68× | — | ||
| Q1 25 | 1.57× | — | ||
| Q4 24 | 1.48× | — | ||
| Q3 24 | 1.36× | — | ||
| Q2 24 | 1.30× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $112.2M | $295.0M |
| Free Cash FlowOCF − Capex | $90.4M | — |
| FCF MarginFCF / Revenue | 15.2% | — |
| Capex IntensityCapex / Revenue | 3.7% | — |
| Cash ConversionOCF / Net Profit | 3.51× | 3.55× |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $295.0M | ||
| Q4 25 | $112.2M | — | ||
| Q3 25 | $-6.1M | $187.7M | ||
| Q2 25 | $92.2M | — | ||
| Q1 25 | $191.4M | $246.5M | ||
| Q4 24 | $84.4M | — | ||
| Q3 24 | $17.3M | $169.4M | ||
| Q2 24 | $68.9M | — |
| Q1 26 | — | — | ||
| Q4 25 | $90.4M | — | ||
| Q3 25 | $-121.7M | $166.3M | ||
| Q2 25 | $-10.5M | — | ||
| Q1 25 | $116.9M | $233.9M | ||
| Q4 24 | $24.0M | — | ||
| Q3 24 | $-28.7M | $154.4M | ||
| Q2 24 | $7.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 15.2% | — | ||
| Q3 25 | -24.6% | 24.3% | ||
| Q2 25 | -1.7% | — | ||
| Q1 25 | 19.0% | 36.4% | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | -5.9% | 24.6% | ||
| Q2 24 | 1.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | 2.6% | ||
| Q3 25 | 23.4% | 3.1% | ||
| Q2 25 | 16.6% | 2.0% | ||
| Q1 25 | 12.1% | 2.0% | ||
| Q4 24 | 10.9% | 5.4% | ||
| Q3 24 | 9.4% | 2.4% | ||
| Q2 24 | 10.4% | 2.5% |
| Q1 26 | — | 3.55× | ||
| Q4 25 | 3.51× | — | ||
| Q3 25 | — | 4.93× | ||
| Q2 25 | — | — | ||
| Q1 25 | 5.96× | 3.21× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.59× | ||
| Q2 24 | 5.03× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ALGT
| Airrelatedrevenue | $307.1M | 52% |
| Scheduled Service Revenue | $267.1M | 45% |
| Cobrand Revenue | $21.3M | 4% |
| Other | $1.0K | 0% |
CHDN
| Live and Historical Racing | $297.0M | 45% |
| Gaming | $257.0M | 39% |
| Wagering Services and Solutions | $109.0M | 16% |
