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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) 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 $351.4M, roughly 1.9× APOGEE ENTERPRISES, INC.). Churchill Downs Inc runs the higher net margin — 12.5% vs 4.7%, a 7.8% gap on every dollar of revenue. On growth, Churchill Downs Inc posted the faster year-over-year revenue change (3.1% vs 1.6%). Over the past eight quarters, APOGEE ENTERPRISES, INC.'s revenue compounded faster (2.9% CAGR vs -13.7%).
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
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.
APOG vs CHDN — Head-to-Head
Income Statement — Q4 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $351.4M | $663.0M |
| Net Profit | $16.6M | $83.0M |
| Gross Margin | 22.4% | — |
| Operating Margin | 7.3% | 21.6% |
| Net Margin | 4.7% | 12.5% |
| Revenue YoY | 1.6% | 3.1% |
| Net Profit YoY | 568.8% | 7.8% |
| EPS (diluted) | $0.78 | $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 | $351.4M | $663.0M | ||
| Q4 25 | $348.6M | $665.9M | ||
| Q3 25 | $358.2M | $683.0M | ||
| Q2 25 | $346.6M | $934.4M | ||
| Q1 25 | $345.7M | $642.6M | ||
| Q4 24 | $341.3M | $624.2M | ||
| Q3 24 | $342.4M | $628.5M | ||
| Q2 24 | $331.5M | $890.7M |
| Q1 26 | $16.6M | $83.0M | ||
| Q4 25 | $16.5M | $51.3M | ||
| Q3 25 | $23.6M | $38.1M | ||
| Q2 25 | $-2.7M | $216.9M | ||
| Q1 25 | $2.5M | $76.7M | ||
| Q4 24 | $21.0M | $71.7M | ||
| Q3 24 | $30.6M | $65.4M | ||
| Q2 24 | $31.0M | $209.3M |
| Q1 26 | 22.4% | — | ||
| Q4 25 | 23.8% | — | ||
| Q3 25 | 23.1% | — | ||
| Q2 25 | 21.7% | — | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 26.1% | — | ||
| Q3 24 | 28.4% | — | ||
| Q2 24 | 29.8% | — |
| Q1 26 | 7.3% | 21.6% | ||
| Q4 25 | 7.1% | 18.5% | ||
| Q3 25 | 7.5% | 14.3% | ||
| Q2 25 | 2.0% | 35.1% | ||
| Q1 25 | 1.8% | 20.9% | ||
| Q4 24 | 8.4% | 20.3% | ||
| Q3 24 | 12.3% | 20.0% | ||
| Q2 24 | 12.5% | 37.0% |
| Q1 26 | 4.7% | 12.5% | ||
| Q4 25 | 4.7% | 7.7% | ||
| Q3 25 | 6.6% | 5.6% | ||
| Q2 25 | -0.8% | 23.2% | ||
| Q1 25 | 0.7% | 11.9% | ||
| Q4 24 | 6.1% | 11.5% | ||
| Q3 24 | 8.9% | 10.4% | ||
| Q2 24 | 9.4% | 23.5% |
| Q1 26 | $0.78 | $1.16 | ||
| Q4 25 | $0.77 | — | ||
| Q3 25 | $1.10 | — | ||
| Q2 25 | $-0.13 | — | ||
| Q1 25 | $0.12 | — | ||
| Q4 24 | $0.96 | — | ||
| Q3 24 | $1.40 | — | ||
| Q2 24 | $1.41 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $39.5M | $200.0M |
| Total DebtLower is stronger | $232.3M | $840.0M |
| Stockholders' EquityBook value | $511.8M | — |
| Total Assets | $1.1B | $7.5B |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $39.5M | $200.0M | ||
| Q4 25 | $41.3M | $200.6M | ||
| Q3 25 | $39.5M | $180.5M | ||
| Q2 25 | $32.8M | $182.4M | ||
| Q1 25 | $41.4M | $174.2M | ||
| Q4 24 | $43.9M | $175.5M | ||
| Q3 24 | $51.0M | $152.7M | ||
| Q2 24 | $30.4M | $140.3M |
| Q1 26 | $232.3M | $840.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $285.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $511.8M | — | ||
| Q4 25 | $512.3M | $1.0B | ||
| Q3 25 | $500.2M | $1.0B | ||
| Q2 25 | $481.8M | $1.0B | ||
| Q1 25 | $487.9M | $1.1B | ||
| Q4 24 | $522.1M | $1.1B | ||
| Q3 24 | $506.4M | $1.1B | ||
| Q2 24 | $480.0M | $1.0B |
| Q1 26 | $1.1B | $7.5B | ||
| Q4 25 | $1.1B | $7.5B | ||
| Q3 25 | $1.2B | $7.5B | ||
| Q2 25 | $1.2B | $7.4B | ||
| Q1 25 | $1.2B | $7.3B | ||
| Q4 24 | $1.2B | $7.3B | ||
| Q3 24 | $917.1M | $7.2B | ||
| Q2 24 | $889.0M | $7.2B |
| Q1 26 | 0.45× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $122.5M | $295.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 7.8% | — |
| Cash ConversionOCF / Net Profit | 7.37× | 3.55× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.5M | $295.0M | ||
| Q4 25 | $29.3M | — | ||
| Q3 25 | $57.1M | $187.7M | ||
| Q2 25 | $-19.8M | — | ||
| Q1 25 | $30.0M | $246.5M | ||
| Q4 24 | $31.0M | — | ||
| Q3 24 | $58.7M | $169.4M | ||
| Q2 24 | $5.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | — | ||
| Q3 25 | $52.4M | $166.3M | ||
| Q2 25 | $-26.9M | — | ||
| Q1 25 | $19.1M | $233.9M | ||
| Q4 24 | $22.0M | — | ||
| Q3 24 | $50.2M | $154.4M | ||
| Q2 24 | $-1.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | — | ||
| Q3 25 | 14.6% | 24.3% | ||
| Q2 25 | -7.8% | — | ||
| Q1 25 | 5.5% | 36.4% | ||
| Q4 24 | 6.4% | — | ||
| Q3 24 | 14.7% | 24.6% | ||
| Q2 24 | -0.5% | — |
| Q1 26 | 7.8% | — | ||
| Q4 25 | 1.9% | 2.6% | ||
| Q3 25 | 1.3% | 3.1% | ||
| Q2 25 | 2.1% | 2.0% | ||
| Q1 25 | 3.2% | 2.0% | ||
| Q4 24 | 2.6% | 5.4% | ||
| Q3 24 | 2.5% | 2.4% | ||
| Q2 24 | 2.2% | 2.5% |
| Q1 26 | 7.37× | 3.55× | ||
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.41× | 4.93× | ||
| Q2 25 | — | — | ||
| Q1 25 | 12.08× | 3.21× | ||
| Q4 24 | 1.48× | — | ||
| Q3 24 | 1.92× | 2.59× | ||
| Q2 24 | 0.18× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APOG
| Architectural Services | $127.1M | 36% |
| Architectural Metals | $110.0M | 31% |
| Architectural Glass | $67.4M | 19% |
| Performance Surfaces | $54.3M | 15% |
CHDN
| Live and Historical Racing | $297.0M | 45% |
| Gaming | $257.0M | 39% |
| Wagering Services and Solutions | $109.0M | 16% |
