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Side-by-side financial comparison of Brookfield Infrastructure Corp (BIPC) and Churchill Downs Inc (CHDN). Click either name above to swap in a different company.
Brookfield Infrastructure Corp is the larger business by last-quarter revenue ($866.0M vs $663.0M, roughly 1.3× Churchill Downs Inc). Churchill Downs Inc runs the higher net margin — 12.5% vs -35.7%, a 48.2% gap on every dollar of revenue. On growth, Churchill Downs Inc posted the faster year-over-year revenue change (3.1% vs -4.6%).
Brookfield Infrastructure Partners L.P. is a publicly traded limited partnership with corporate headquarters in Toronto, Canada, that engages in the acquisition and management of infrastructure assets on a global basis.
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.
BIPC vs CHDN — Head-to-Head
Income Statement — Q2 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $866.0M | $663.0M |
| Net Profit | $-309.0M | $83.0M |
| Gross Margin | 65.0% | — |
| Operating Margin | 62.7% | 21.6% |
| Net Margin | -35.7% | 12.5% |
| Revenue YoY | -4.6% | 3.1% |
| Net Profit YoY | -148.1% | 7.8% |
| EPS (diluted) | — | $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 | — | $665.9M | ||
| Q3 25 | — | $683.0M | ||
| Q2 25 | $866.0M | $934.4M | ||
| Q1 25 | — | $642.6M | ||
| Q4 24 | — | $624.2M | ||
| Q3 24 | — | $628.5M | ||
| Q2 24 | $908.0M | $890.7M |
| Q1 26 | — | $83.0M | ||
| Q4 25 | — | $51.3M | ||
| Q3 25 | — | $38.1M | ||
| Q2 25 | $-309.0M | $216.9M | ||
| Q1 25 | — | $76.7M | ||
| Q4 24 | — | $71.7M | ||
| Q3 24 | — | $65.4M | ||
| Q2 24 | $643.0M | $209.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 65.0% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 63.8% | — |
| Q1 26 | — | 21.6% | ||
| Q4 25 | — | 18.5% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | 62.7% | 35.1% | ||
| Q1 25 | — | 20.9% | ||
| Q4 24 | — | 20.3% | ||
| Q3 24 | — | 20.0% | ||
| Q2 24 | 61.9% | 37.0% |
| Q1 26 | — | 12.5% | ||
| Q4 25 | — | 7.7% | ||
| Q3 25 | — | 5.6% | ||
| Q2 25 | -35.7% | 23.2% | ||
| Q1 25 | — | 11.9% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | — | 10.4% | ||
| Q2 24 | 70.8% | 23.5% |
| Q1 26 | — | $1.16 | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.2B | $200.0M |
| Total DebtLower is stronger | — | $840.0M |
| Stockholders' EquityBook value | $2.2B | — |
| Total Assets | $23.9B | $7.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $200.0M | ||
| Q4 25 | — | $200.6M | ||
| Q3 25 | — | $180.5M | ||
| Q2 25 | $1.2B | $182.4M | ||
| Q1 25 | — | $174.2M | ||
| Q4 24 | — | $175.5M | ||
| Q3 24 | — | $152.7M | ||
| Q2 24 | $466.0M | $140.3M |
| Q1 26 | — | $840.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | $2.2B | $1.0B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $3.5B | $1.0B |
| Q1 26 | — | $7.5B | ||
| Q4 25 | — | $7.5B | ||
| Q3 25 | — | $7.5B | ||
| Q2 25 | $23.9B | $7.4B | ||
| Q1 25 | — | $7.3B | ||
| Q4 24 | — | $7.3B | ||
| Q3 24 | — | $7.2B | ||
| Q2 24 | $23.7B | $7.2B |
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 | $478.0M | $295.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 3.55× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $295.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $187.7M | ||
| Q2 25 | $478.0M | — | ||
| Q1 25 | — | $246.5M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $169.4M | ||
| Q2 24 | $511.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $166.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $233.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $154.4M | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 24.3% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 36.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 24.6% | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.6% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.5% |
| Q1 26 | — | 3.55× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 4.93× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.21× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.59× | ||
| Q2 24 | 0.79× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BIPC
Segment breakdown not available.
CHDN
| Live and Historical Racing | $297.0M | 45% |
| Gaming | $257.0M | 39% |
| Wagering Services and Solutions | $109.0M | 16% |
