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Side-by-side financial comparison of American Homes 4 Rent (AMH) 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 $455.0M, roughly 1.5× American Homes 4 Rent). American Homes 4 Rent runs the higher net margin — 31.7% vs 12.5%, a 19.2% gap on every dollar of revenue. On growth, American Homes 4 Rent posted the faster year-over-year revenue change (4.2% vs 3.1%). Over the past eight quarters, American Homes 4 Rent's revenue compounded faster (3.6% CAGR vs -13.7%).
American Homes 4 RentAMHEarnings & Financial Report
American Homes 4 Rent, doing business as AMH, is a real estate investment trust based in Las Vegas, Nevada, that invests in single-family rental homes. As of December 31, 2019, the company owned 52,552 homes in 22 states. Its largest concentrations are in Atlanta, Dallas-Fort Worth, and Charlotte, North Carolina.
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.
AMH vs CHDN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $455.0M | $663.0M |
| Net Profit | $144.3M | $83.0M |
| Gross Margin | — | — |
| Operating Margin | — | 21.6% |
| Net Margin | 31.7% | 12.5% |
| Revenue YoY | 4.2% | 3.1% |
| Net Profit YoY | 0.3% | 7.8% |
| EPS (diluted) | $0.33 | $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 | $455.0M | $665.9M | ||
| Q3 25 | $478.5M | $683.0M | ||
| Q2 25 | $457.5M | $934.4M | ||
| Q1 25 | $459.3M | $642.6M | ||
| Q4 24 | $436.6M | $624.2M | ||
| Q3 24 | $445.1M | $628.5M | ||
| Q2 24 | $423.5M | $890.7M |
| Q1 26 | — | $83.0M | ||
| Q4 25 | $144.3M | $51.3M | ||
| Q3 25 | $116.8M | $38.1M | ||
| Q2 25 | $123.6M | $216.9M | ||
| Q1 25 | $128.7M | $76.7M | ||
| Q4 24 | $143.9M | $71.7M | ||
| Q3 24 | $87.6M | $65.4M | ||
| Q2 24 | $108.5M | $209.3M |
| Q1 26 | — | 21.6% | ||
| Q4 25 | — | 18.5% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 35.1% | ||
| Q1 25 | — | 20.9% | ||
| Q4 24 | — | 20.3% | ||
| Q3 24 | — | 20.0% | ||
| Q2 24 | — | 37.0% |
| Q1 26 | — | 12.5% | ||
| Q4 25 | 31.7% | 7.7% | ||
| Q3 25 | 24.4% | 5.6% | ||
| Q2 25 | 27.0% | 23.2% | ||
| Q1 25 | 28.0% | 11.9% | ||
| Q4 24 | 33.0% | 11.5% | ||
| Q3 24 | 19.7% | 10.4% | ||
| Q2 24 | 25.6% | 23.5% |
| Q1 26 | — | $1.16 | ||
| Q4 25 | $0.33 | — | ||
| Q3 25 | $0.27 | — | ||
| Q2 25 | $0.28 | — | ||
| Q1 25 | $0.30 | — | ||
| Q4 24 | $0.33 | — | ||
| Q3 24 | $0.20 | — | ||
| Q2 24 | $0.25 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $108.5M | $200.0M |
| Total DebtLower is stronger | $5.1B | $840.0M |
| Stockholders' EquityBook value | $7.0B | — |
| Total Assets | $13.2B | $7.5B |
| Debt / EquityLower = less leverage | 0.72× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $200.0M | ||
| Q4 25 | $108.5M | $200.6M | ||
| Q3 25 | $45.6M | $180.5M | ||
| Q2 25 | $323.3M | $182.4M | ||
| Q1 25 | $69.7M | $174.2M | ||
| Q4 24 | $199.4M | $175.5M | ||
| Q3 24 | $162.5M | $152.7M | ||
| Q2 24 | $718.4M | $140.3M |
| Q1 26 | — | $840.0M | ||
| Q4 25 | $5.1B | — | ||
| Q3 25 | $4.8B | — | ||
| Q2 25 | $5.2B | — | ||
| Q1 25 | $4.9B | — | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $5.0B | — |
| Q1 26 | — | — | ||
| Q4 25 | $7.0B | $1.0B | ||
| Q3 25 | $7.2B | $1.0B | ||
| Q2 25 | $7.2B | $1.0B | ||
| Q1 25 | $7.2B | $1.1B | ||
| Q4 24 | $7.2B | $1.1B | ||
| Q3 24 | $7.0B | $1.1B | ||
| Q2 24 | $7.0B | $1.0B |
| Q1 26 | — | $7.5B | ||
| Q4 25 | $13.2B | $7.5B | ||
| Q3 25 | $13.3B | $7.5B | ||
| Q2 25 | $13.6B | $7.4B | ||
| Q1 25 | $13.3B | $7.3B | ||
| Q4 24 | $13.4B | $7.3B | ||
| Q3 24 | $12.8B | $7.2B | ||
| Q2 24 | $13.3B | $7.2B |
| Q1 26 | — | — | ||
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.68× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 0.69× | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.71× | — |
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 | $864.3M | $295.0M |
| Free Cash FlowOCF − Capex | $823.7M | — |
| FCF MarginFCF / Revenue | 181.0% | — |
| Capex IntensityCapex / Revenue | 8.9% | — |
| Cash ConversionOCF / Net Profit | 5.99× | 3.55× |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $295.0M | ||
| Q4 25 | $864.3M | — | ||
| Q3 25 | $223.3M | $187.7M | ||
| Q2 25 | $271.9M | — | ||
| Q1 25 | $223.4M | $246.5M | ||
| Q4 24 | $811.5M | — | ||
| Q3 24 | $233.6M | $169.4M | ||
| Q2 24 | $274.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | $823.7M | — | ||
| Q3 25 | $214.5M | $166.3M | ||
| Q2 25 | $257.7M | — | ||
| Q1 25 | $215.9M | $233.9M | ||
| Q4 24 | $777.5M | — | ||
| Q3 24 | $225.3M | $154.4M | ||
| Q2 24 | $263.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | 181.0% | — | ||
| Q3 25 | 44.8% | 24.3% | ||
| Q2 25 | 56.3% | — | ||
| Q1 25 | 47.0% | 36.4% | ||
| Q4 24 | 178.1% | — | ||
| Q3 24 | 50.6% | 24.6% | ||
| Q2 24 | 62.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 8.9% | 2.6% | ||
| Q3 25 | 1.8% | 3.1% | ||
| Q2 25 | 3.1% | 2.0% | ||
| Q1 25 | 1.6% | 2.0% | ||
| Q4 24 | 7.8% | 5.4% | ||
| Q3 24 | 1.9% | 2.4% | ||
| Q2 24 | 2.5% | 2.5% |
| Q1 26 | — | 3.55× | ||
| Q4 25 | 5.99× | — | ||
| Q3 25 | 1.91× | 4.93× | ||
| Q2 25 | 2.20× | — | ||
| Q1 25 | 1.74× | 3.21× | ||
| Q4 24 | 5.64× | — | ||
| Q3 24 | 2.67× | 2.59× | ||
| Q2 24 | 2.52× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMH
Segment breakdown not available.
CHDN
| Live and Historical Racing | $297.0M | 45% |
| Gaming | $257.0M | 39% |
| Wagering Services and Solutions | $109.0M | 16% |
