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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) 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 $414.7M, roughly 1.6× BILL Holdings, Inc.). Churchill Downs Inc runs the higher net margin — 12.5% vs -0.6%, a 13.1% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 3.1%). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs -13.7%).
BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.
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.
BILL vs CHDN — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $663.0M |
| Net Profit | $-2.6M | $83.0M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 21.6% |
| Net Margin | -0.6% | 12.5% |
| Revenue YoY | 14.4% | 3.1% |
| Net Profit YoY | -107.7% | 7.8% |
| EPS (diluted) | $-0.03 | $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 | $414.7M | $665.9M | ||
| Q3 25 | $395.7M | $683.0M | ||
| Q2 25 | $383.3M | $934.4M | ||
| Q1 25 | $358.2M | $642.6M | ||
| Q4 24 | $362.6M | $624.2M | ||
| Q3 24 | $358.4M | $628.5M | ||
| Q2 24 | $343.7M | $890.7M |
| Q1 26 | — | $83.0M | ||
| Q4 25 | $-2.6M | $51.3M | ||
| Q3 25 | $-3.0M | $38.1M | ||
| Q2 25 | $-7.1M | $216.9M | ||
| Q1 25 | $-11.6M | $76.7M | ||
| Q4 24 | $33.5M | $71.7M | ||
| Q3 24 | $8.9M | $65.4M | ||
| Q2 24 | $7.6M | $209.3M |
| Q1 26 | — | — | ||
| Q4 25 | 79.8% | — | ||
| Q3 25 | 80.5% | — | ||
| Q2 25 | 80.8% | — | ||
| Q1 25 | 81.2% | — | ||
| Q4 24 | 81.6% | — | ||
| Q3 24 | 82.0% | — | ||
| Q2 24 | 81.0% | — |
| Q1 26 | — | 21.6% | ||
| Q4 25 | -4.4% | 18.5% | ||
| Q3 25 | -5.2% | 14.3% | ||
| Q2 25 | -5.8% | 35.1% | ||
| Q1 25 | -8.1% | 20.9% | ||
| Q4 24 | -6.0% | 20.3% | ||
| Q3 24 | -2.1% | 20.0% | ||
| Q2 24 | -6.5% | 37.0% |
| Q1 26 | — | 12.5% | ||
| Q4 25 | -0.6% | 7.7% | ||
| Q3 25 | -0.7% | 5.6% | ||
| Q2 25 | -1.8% | 23.2% | ||
| Q1 25 | -3.2% | 11.9% | ||
| Q4 24 | 9.3% | 11.5% | ||
| Q3 24 | 2.5% | 10.4% | ||
| Q2 24 | 2.2% | 23.5% |
| Q1 26 | — | $1.16 | ||
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $-0.03 | — | ||
| Q2 25 | $0.02 | — | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.06 | — | ||
| Q3 24 | $0.08 | — | ||
| Q2 24 | $0.37 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | $200.0M |
| Total DebtLower is stronger | $1.8B | $840.0M |
| Stockholders' EquityBook value | $3.8B | — |
| Total Assets | $10.1B | $7.5B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $200.0M | ||
| Q4 25 | $1.1B | $200.6M | ||
| Q3 25 | $1.1B | $180.5M | ||
| Q2 25 | $1.0B | $182.4M | ||
| Q1 25 | $1.0B | $174.2M | ||
| Q4 24 | $1.6B | $175.5M | ||
| Q3 24 | $853.5M | $152.7M | ||
| Q2 24 | $985.9M | $140.3M |
| Q1 26 | — | $840.0M | ||
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $914.8M | — | ||
| Q2 24 | $914.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | $3.8B | $1.0B | ||
| Q3 25 | $3.9B | $1.0B | ||
| Q2 25 | $3.9B | $1.0B | ||
| Q1 25 | $3.9B | $1.1B | ||
| Q4 24 | $3.8B | $1.1B | ||
| Q3 24 | $4.0B | $1.1B | ||
| Q2 24 | $4.1B | $1.0B |
| Q1 26 | — | $7.5B | ||
| Q4 25 | $10.1B | $7.5B | ||
| Q3 25 | $10.2B | $7.5B | ||
| Q2 25 | $10.1B | $7.4B | ||
| Q1 25 | $9.6B | $7.3B | ||
| Q4 24 | $9.7B | $7.3B | ||
| Q3 24 | $9.0B | $7.2B | ||
| Q2 24 | $9.2B | $7.2B |
| Q1 26 | — | — | ||
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.43× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.22× | — |
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 | $105.3M | $295.0M |
| Free Cash FlowOCF − Capex | $103.8M | — |
| FCF MarginFCF / Revenue | 25.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | 3.55× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $295.0M | ||
| Q4 25 | $105.3M | — | ||
| Q3 25 | $96.9M | $187.7M | ||
| Q2 25 | $83.8M | — | ||
| Q1 25 | $99.5M | $246.5M | ||
| Q4 24 | $78.7M | — | ||
| Q3 24 | $88.6M | $169.4M | ||
| Q2 24 | $78.6M | — |
| Q1 26 | — | — | ||
| Q4 25 | $103.8M | — | ||
| Q3 25 | $95.6M | $166.3M | ||
| Q2 25 | $81.0M | — | ||
| Q1 25 | $98.4M | $233.9M | ||
| Q4 24 | $78.3M | — | ||
| Q3 24 | $88.6M | $154.4M | ||
| Q2 24 | $78.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | 25.0% | — | ||
| Q3 25 | 24.1% | 24.3% | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 27.5% | 36.4% | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 24.7% | 24.6% | ||
| Q2 24 | 22.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | 2.6% | ||
| Q3 25 | 0.3% | 3.1% | ||
| Q2 25 | 0.7% | 2.0% | ||
| Q1 25 | 0.3% | 2.0% | ||
| Q4 24 | 0.1% | 5.4% | ||
| Q3 24 | 0.0% | 2.4% | ||
| Q2 24 | 0.1% | 2.5% |
| Q1 26 | — | 3.55× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 4.93× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.21× | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | 2.59× | ||
| Q2 24 | 10.35× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
CHDN
| Live and Historical Racing | $297.0M | 45% |
| Gaming | $257.0M | 39% |
| Wagering Services and Solutions | $109.0M | 16% |
