vs
Side-by-side financial comparison of Churchill Downs Inc (CHDN) and ESAB Corp (ESAB). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($727.8M vs $663.0M, roughly 1.1× Churchill Downs Inc). Churchill Downs Inc runs the higher net margin — 12.5% vs 7.5%, a 5.0% gap on every dollar of revenue. On growth, ESAB Corp posted the faster year-over-year revenue change (8.5% vs 3.1%). Over the past eight quarters, ESAB Corp's revenue compounded faster (2.8% 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.
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
CHDN vs ESAB — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $727.8M |
| Net Profit | $83.0M | $54.8M |
| Gross Margin | — | 37.0% |
| Operating Margin | 21.6% | 14.6% |
| Net Margin | 12.5% | 7.5% |
| Revenue YoY | 3.1% | 8.5% |
| Net Profit YoY | 7.8% | 2.1% |
| EPS (diluted) | $1.16 | $0.90 |
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 | $727.8M | ||
| Q3 25 | $683.0M | $715.6M | ||
| Q2 25 | $934.4M | $678.1M | ||
| Q1 25 | $642.6M | — | ||
| Q4 24 | $624.2M | $670.8M | ||
| Q3 24 | $628.5M | $673.3M | ||
| Q2 24 | $890.7M | $707.1M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $54.8M | ||
| Q3 25 | $38.1M | $66.9M | ||
| Q2 25 | $216.9M | $67.4M | ||
| Q1 25 | $76.7M | — | ||
| Q4 24 | $71.7M | $53.7M | ||
| Q3 24 | $65.4M | $68.2M | ||
| Q2 24 | $209.3M | $82.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 37.0% | ||
| Q3 25 | — | 37.2% | ||
| Q2 25 | — | 37.6% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 38.5% | ||
| Q3 24 | — | 37.7% | ||
| Q2 24 | — | 38.2% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 14.6% | ||
| Q3 25 | 14.3% | 15.2% | ||
| Q2 25 | 35.1% | 16.2% | ||
| Q1 25 | 20.9% | — | ||
| Q4 24 | 20.3% | 16.6% | ||
| Q3 24 | 20.0% | 15.7% | ||
| Q2 24 | 37.0% | 16.9% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 7.5% | ||
| Q3 25 | 5.6% | 9.3% | ||
| Q2 25 | 23.2% | 9.9% | ||
| Q1 25 | 11.9% | — | ||
| Q4 24 | 11.5% | 8.0% | ||
| Q3 24 | 10.4% | 10.1% | ||
| Q2 24 | 23.5% | 11.7% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $0.90 | ||
| Q3 25 | — | $1.09 | ||
| Q2 25 | — | $1.10 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0.87 | ||
| Q3 24 | — | $1.11 | ||
| Q2 24 | — | $1.35 |
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 | $218.2M |
| Total DebtLower is stronger | $840.0M | $1.3B |
| Stockholders' EquityBook value | — | $2.1B |
| Total Assets | $7.5B | $4.9B |
| Debt / EquityLower = less leverage | — | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $218.2M | ||
| Q3 25 | $180.5M | $258.2M | ||
| Q2 25 | $182.4M | $291.3M | ||
| Q1 25 | $174.2M | — | ||
| Q4 24 | $175.5M | $249.4M | ||
| Q3 24 | $152.7M | $253.7M | ||
| Q2 24 | $140.3M | $228.5M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $2.1B | ||
| Q3 25 | $1.0B | $2.1B | ||
| Q2 25 | $1.0B | $1.9B | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | $1.8B | ||
| Q3 24 | $1.1B | $1.8B | ||
| Q2 24 | $1.0B | $1.7B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $4.9B | ||
| Q3 25 | $7.5B | $4.4B | ||
| Q2 25 | $7.4B | $4.2B | ||
| Q1 25 | $7.3B | — | ||
| Q4 24 | $7.3B | $4.0B | ||
| Q3 24 | $7.2B | $4.1B | ||
| Q2 24 | $7.2B | $4.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | — | 0.55× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.59× | ||
| Q2 24 | — | 0.63× |
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 | $81.5M |
| Free Cash FlowOCF − Capex | — | $70.3M |
| FCF MarginFCF / Revenue | — | 9.7% |
| Capex IntensityCapex / Revenue | — | 1.5% |
| Cash ConversionOCF / Net Profit | 3.55× | 1.49× |
| TTM Free Cash FlowTrailing 4 quarters | — | $238.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $81.5M | ||
| Q3 25 | $187.7M | $46.6M | ||
| Q2 25 | — | $35.4M | ||
| Q1 25 | $246.5M | — | ||
| Q4 24 | — | $126.9M | ||
| Q3 24 | $169.4M | $101.0M | ||
| Q2 24 | — | $83.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $70.3M | ||
| Q3 25 | $166.3M | $37.4M | ||
| Q2 25 | — | $28.1M | ||
| Q1 25 | $233.9M | — | ||
| Q4 24 | — | $102.2M | ||
| Q3 24 | $154.4M | $90.4M | ||
| Q2 24 | — | $74.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.7% | ||
| Q3 25 | 24.3% | 5.2% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | 36.4% | — | ||
| Q4 24 | — | 15.2% | ||
| Q3 24 | 24.6% | 13.4% | ||
| Q2 24 | — | 10.5% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 1.5% | ||
| Q3 25 | 3.1% | 1.3% | ||
| Q2 25 | 2.0% | 1.1% | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 5.4% | 3.7% | ||
| Q3 24 | 2.4% | 1.6% | ||
| Q2 24 | 2.5% | 1.3% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 1.49× | ||
| Q3 25 | 4.93× | 0.70× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | 3.21× | — | ||
| Q4 24 | — | 2.36× | ||
| Q3 24 | 2.59× | 1.48× | ||
| Q2 24 | — | 1.00× |
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% |
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
