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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Dream Finders Homes, Inc. (DFH). Click either name above to swap in a different company.
Dream Finders Homes, Inc. is the larger business by last-quarter revenue ($1.2B vs $663.0M, roughly 1.8× Churchill Downs Inc). Churchill Downs Inc runs the higher net margin — 12.5% vs 4.8%, a 7.7% gap on every dollar of revenue. On growth, Churchill Downs Inc posted the faster year-over-year revenue change (3.1% vs -22.3%). Over the past eight quarters, Dream Finders Homes, Inc.'s revenue compounded faster (21.0% CAGR vs -13.7%).
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.
Dream Finders Homes, Inc. is a U.S. homebuilding firm that constructs and sells entry-level to luxury residential properties, including single-family homes and townhomes, across high-growth domestic markets. It also provides mortgage, title insurance and home warranty services for homebuyers.
CHDN vs DFH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $1.2B |
| Net Profit | $83.0M | $58.8M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 6.4% |
| Net Margin | 12.5% | 4.8% |
| Revenue YoY | 3.1% | -22.3% |
| Net Profit YoY | 7.8% | -54.9% |
| EPS (diluted) | $1.16 | $0.57 |
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 | $1.2B | ||
| Q3 25 | $683.0M | $969.8M | ||
| Q2 25 | $934.4M | $1.2B | ||
| Q1 25 | $642.6M | $989.9M | ||
| Q4 24 | $624.2M | $1.6B | ||
| Q3 24 | $628.5M | $1.0B | ||
| Q2 24 | $890.7M | $1.1B |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $58.8M | ||
| Q3 25 | $38.1M | $47.0M | ||
| Q2 25 | $216.9M | $56.6M | ||
| Q1 25 | $76.7M | $54.9M | ||
| Q4 24 | $71.7M | $130.5M | ||
| Q3 24 | $65.4M | $70.7M | ||
| Q2 24 | $209.3M | $80.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 19.2% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 6.4% | ||
| Q3 25 | 14.3% | 6.3% | ||
| Q2 25 | 35.1% | 6.4% | ||
| Q1 25 | 20.9% | 7.2% | ||
| Q4 24 | 20.3% | 10.8% | ||
| Q3 24 | 20.0% | 9.2% | ||
| Q2 24 | 37.0% | 10.0% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 4.8% | ||
| Q3 25 | 5.6% | 4.8% | ||
| Q2 25 | 23.2% | 4.9% | ||
| Q1 25 | 11.9% | 5.5% | ||
| Q4 24 | 11.5% | 8.4% | ||
| Q3 24 | 10.4% | 7.0% | ||
| Q2 24 | 23.5% | 7.7% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $0.57 | ||
| Q3 25 | — | $0.47 | ||
| Q2 25 | — | $0.56 | ||
| Q1 25 | — | $0.54 | ||
| Q4 24 | — | $1.28 | ||
| Q3 24 | — | $0.70 | ||
| Q2 24 | — | $0.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $200.0M | $234.8M |
| Total DebtLower is stronger | $840.0M | $1.6B |
| Stockholders' EquityBook value | — | $1.4B |
| Total Assets | $7.5B | $3.7B |
| Debt / EquityLower = less leverage | — | 1.13× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $234.8M | ||
| Q3 25 | $180.5M | $251.0M | ||
| Q2 25 | $182.4M | $210.3M | ||
| Q1 25 | $174.2M | $297.5M | ||
| Q4 24 | $175.5M | $274.4M | ||
| Q3 24 | $152.7M | $204.9M | ||
| Q2 24 | $140.3M | $274.8M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.4B | ||
| Q3 25 | $1.0B | $1.4B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $1.0B | $1.0B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $3.7B | ||
| Q3 25 | $7.5B | $3.8B | ||
| Q2 25 | $7.4B | $3.7B | ||
| Q1 25 | $7.3B | $3.5B | ||
| Q4 24 | $7.3B | $3.3B | ||
| Q3 24 | $7.2B | $3.3B | ||
| Q2 24 | $7.2B | $3.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.13× | ||
| Q3 25 | — | 1.29× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.03× | ||
| 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 | $295.0M | $143.6M |
| Free Cash FlowOCF − Capex | — | $136.0M |
| FCF MarginFCF / Revenue | — | 11.2% |
| Capex IntensityCapex / Revenue | — | 0.6% |
| Cash ConversionOCF / Net Profit | 3.55× | 2.44× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-126.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $143.6M | ||
| Q3 25 | $187.7M | $-131.0M | ||
| Q2 25 | — | $-68.5M | ||
| Q1 25 | $246.5M | $-44.7M | ||
| Q4 24 | — | $306.5M | ||
| Q3 24 | $169.4M | $-205.0M | ||
| Q2 24 | — | $-110.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $136.0M | ||
| Q3 25 | $166.3M | $-135.7M | ||
| Q2 25 | — | $-78.8M | ||
| Q1 25 | $233.9M | $-47.9M | ||
| Q4 24 | — | $302.6M | ||
| Q3 24 | $154.4M | $-222.5M | ||
| Q2 24 | — | $-112.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 11.2% | ||
| Q3 25 | 24.3% | -14.0% | ||
| Q2 25 | — | -6.8% | ||
| Q1 25 | 36.4% | -4.8% | ||
| Q4 24 | — | 19.4% | ||
| Q3 24 | 24.6% | -22.1% | ||
| Q2 24 | — | -10.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 0.6% | ||
| Q3 25 | 3.1% | 0.5% | ||
| Q2 25 | 2.0% | 0.9% | ||
| Q1 25 | 2.0% | 0.3% | ||
| Q4 24 | 5.4% | 0.3% | ||
| Q3 24 | 2.4% | 1.7% | ||
| Q2 24 | 2.5% | 0.2% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 2.44× | ||
| Q3 25 | 4.93× | -2.79× | ||
| Q2 25 | — | -1.21× | ||
| Q1 25 | 3.21× | -0.81× | ||
| Q4 24 | — | 2.35× | ||
| Q3 24 | 2.59× | -2.90× | ||
| Q2 24 | — | -1.37× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CHDN
| Live and Historical Racing | $297.0M | 45% |
| Gaming | $257.0M | 39% |
| Wagering Services and Solutions | $109.0M | 16% |
DFH
| Midwest Segment | $454.2M | 37% |
| Southeast Segment | $397.5M | 33% |
| Mid Atlantic Segment | $307.3M | 25% |
| Financial Services Segment | $53.7M | 4% |
