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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Essex Property Trust (ESS). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $479.6M, roughly 1.4× Essex Property Trust). Essex Property Trust runs the higher net margin — 17.9% vs 12.5%, a 5.4% gap on every dollar of revenue. On growth, Essex Property Trust posted the faster year-over-year revenue change (5.5% vs 3.1%). Over the past eight quarters, Essex Property Trust's revenue compounded faster (6.0% 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.
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.
CHDN vs ESS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $479.6M |
| Net Profit | $83.0M | $85.7M |
| Gross Margin | — | 70.0% |
| Operating Margin | 21.6% | 31.7% |
| Net Margin | 12.5% | 17.9% |
| Revenue YoY | 3.1% | 5.5% |
| Net Profit YoY | 7.8% | -71.6% |
| EPS (diluted) | $1.16 | $1.24 |
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 | $479.6M | ||
| Q3 25 | $683.0M | $473.3M | ||
| Q2 25 | $934.4M | $469.8M | ||
| Q1 25 | $642.6M | $464.6M | ||
| Q4 24 | $624.2M | $454.5M | ||
| Q3 24 | $628.5M | $450.7M | ||
| Q2 24 | $890.7M | $442.4M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $85.7M | ||
| Q3 25 | $38.1M | $172.7M | ||
| Q2 25 | $216.9M | $231.5M | ||
| Q1 25 | $76.7M | $212.8M | ||
| Q4 24 | $71.7M | $301.7M | ||
| Q3 24 | $65.4M | $125.5M | ||
| Q2 24 | $209.3M | $99.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 70.0% | ||
| Q3 25 | — | 69.2% | ||
| Q2 25 | — | 70.7% | ||
| Q1 25 | — | 69.6% | ||
| Q4 24 | — | 70.0% | ||
| Q3 24 | — | 69.5% | ||
| Q2 24 | — | 70.8% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 31.7% | ||
| Q3 25 | 14.3% | 44.5% | ||
| Q2 25 | 35.1% | 59.5% | ||
| Q1 25 | 20.9% | 55.3% | ||
| Q4 24 | 20.3% | 67.0% | ||
| Q3 24 | 20.0% | 28.6% | ||
| Q2 24 | 37.0% | 31.1% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 17.9% | ||
| Q3 25 | 5.6% | 36.5% | ||
| Q2 25 | 23.2% | 49.3% | ||
| Q1 25 | 11.9% | 45.8% | ||
| Q4 24 | 11.5% | 66.4% | ||
| Q3 24 | 10.4% | 27.8% | ||
| Q2 24 | 23.5% | 22.4% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $1.24 | ||
| Q3 25 | — | $2.56 | ||
| Q2 25 | — | $3.44 | ||
| Q1 25 | — | $3.16 | ||
| Q4 24 | — | $4.00 | ||
| Q3 24 | — | $1.84 | ||
| Q2 24 | — | $1.45 |
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 | $76.2M |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | $5.5B |
| Total Assets | $7.5B | $13.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $76.2M | ||
| Q3 25 | $180.5M | $66.0M | ||
| Q2 25 | $182.4M | $58.7M | ||
| Q1 25 | $174.2M | $98.7M | ||
| Q4 24 | $175.5M | $66.8M | ||
| Q3 24 | $152.7M | $71.3M | ||
| Q2 24 | $140.3M | $55.2M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $6.4B | ||
| Q2 25 | — | $6.4B | ||
| Q1 25 | — | $6.8B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $6.2B |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $5.5B | ||
| Q3 25 | $1.0B | $5.6B | ||
| Q2 25 | $1.0B | $5.6B | ||
| Q1 25 | $1.1B | $5.6B | ||
| Q4 24 | $1.1B | $5.5B | ||
| Q3 24 | $1.1B | $5.4B | ||
| Q2 24 | $1.0B | $5.5B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $13.2B | ||
| Q3 25 | $7.5B | $13.2B | ||
| Q2 25 | $7.4B | $13.2B | ||
| Q1 25 | $7.3B | $13.2B | ||
| Q4 24 | $7.3B | $12.9B | ||
| Q3 24 | $7.2B | $12.6B | ||
| Q2 24 | $7.2B | $12.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.15× | ||
| Q2 25 | — | 1.14× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.18× | ||
| Q2 24 | — | 1.13× |
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 | $1.1B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.55× | 12.53× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | $187.7M | $342.6M | ||
| Q2 25 | — | $216.1M | ||
| Q1 25 | $246.5M | $281.5M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $169.4M | $316.2M | ||
| Q2 24 | — | $218.9M |
| 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 | — | 12.53× | ||
| Q3 25 | 4.93× | 1.98× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | 3.21× | 1.32× | ||
| Q4 24 | — | 3.54× | ||
| Q3 24 | 2.59× | 2.52× | ||
| Q2 24 | — | 2.21× |
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% |
ESS
Segment breakdown not available.
