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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and F5, Inc. (FFIV). Click either name above to swap in a different company.
F5, Inc. is the larger business by last-quarter revenue ($811.7M vs $663.0M, roughly 1.2× Churchill Downs Inc). F5, Inc. runs the higher net margin — 18.2% vs 12.5%, a 5.7% gap on every dollar of revenue. On growth, F5, Inc. posted the faster year-over-year revenue change (11.0% vs 3.1%). Over the past eight quarters, F5, Inc.'s revenue compounded faster (8.0% 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.
F5, Inc. is an American technology company specializing in application security, multi-cloud management, online fraud prevention, application delivery networking (ADN), application availability and performance, and network security, access, and authorization.
CHDN vs FFIV — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $811.7M |
| Net Profit | $83.0M | $148.0M |
| Gross Margin | — | 81.4% |
| Operating Margin | 21.6% | 22.1% |
| Net Margin | 12.5% | 18.2% |
| Revenue YoY | 3.1% | 11.0% |
| Net Profit YoY | 7.8% | 1.5% |
| EPS (diluted) | $1.16 | $2.58 |
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 | $811.7M | ||
| Q4 25 | $665.9M | $822.5M | ||
| Q3 25 | $683.0M | $810.1M | ||
| Q2 25 | $934.4M | $780.4M | ||
| Q1 25 | $642.6M | $731.1M | ||
| Q4 24 | $624.2M | $766.5M | ||
| Q3 24 | $628.5M | $746.7M | ||
| Q2 24 | $890.7M | $695.5M |
| Q1 26 | $83.0M | $148.0M | ||
| Q4 25 | $51.3M | $180.1M | ||
| Q3 25 | $38.1M | $190.5M | ||
| Q2 25 | $216.9M | $189.9M | ||
| Q1 25 | $76.7M | $145.5M | ||
| Q4 24 | $71.7M | $166.4M | ||
| Q3 24 | $65.4M | $165.3M | ||
| Q2 24 | $209.3M | $144.1M |
| Q1 26 | — | 81.4% | ||
| Q4 25 | — | 81.5% | ||
| Q3 25 | — | 82.2% | ||
| Q2 25 | — | 81.0% | ||
| Q1 25 | — | 80.7% | ||
| Q4 24 | — | 81.7% | ||
| Q3 24 | — | 80.8% | ||
| Q2 24 | — | 80.4% |
| Q1 26 | 21.6% | 22.1% | ||
| Q4 25 | 18.5% | 26.0% | ||
| Q3 25 | 14.3% | 25.4% | ||
| Q2 25 | 35.1% | 25.2% | ||
| Q1 25 | 20.9% | 21.7% | ||
| Q4 24 | 20.3% | 26.8% | ||
| Q3 24 | 20.0% | 25.6% | ||
| Q2 24 | 37.0% | 23.4% |
| Q1 26 | 12.5% | 18.2% | ||
| Q4 25 | 7.7% | 21.9% | ||
| Q3 25 | 5.6% | 23.5% | ||
| Q2 25 | 23.2% | 24.3% | ||
| Q1 25 | 11.9% | 19.9% | ||
| Q4 24 | 11.5% | 21.7% | ||
| Q3 24 | 10.4% | 22.1% | ||
| Q2 24 | 23.5% | 20.7% |
| Q1 26 | $1.16 | $2.58 | ||
| Q4 25 | — | $3.10 | ||
| Q3 25 | — | $3.25 | ||
| Q2 25 | — | $3.25 | ||
| Q1 25 | — | $2.48 | ||
| Q4 24 | — | $2.82 | ||
| Q3 24 | — | $2.79 | ||
| Q2 24 | — | $2.44 |
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 | $1.4B |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | $3.6B |
| Total Assets | $7.5B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | $1.4B | ||
| Q4 25 | $200.6M | $1.2B | ||
| Q3 25 | $180.5M | $1.3B | ||
| Q2 25 | $182.4M | $1.4B | ||
| Q1 25 | $174.2M | $1.3B | ||
| Q4 24 | $175.5M | $1.2B | ||
| Q3 24 | $152.7M | $1.1B | ||
| Q2 24 | $140.3M | $935.6M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $3.6B | ||
| Q4 25 | $1.0B | $3.5B | ||
| Q3 25 | $1.0B | $3.6B | ||
| Q2 25 | $1.0B | $3.5B | ||
| Q1 25 | $1.1B | $3.3B | ||
| Q4 24 | $1.1B | $3.2B | ||
| Q3 24 | $1.1B | $3.1B | ||
| Q2 24 | $1.0B | $3.0B |
| Q1 26 | $7.5B | $6.5B | ||
| Q4 25 | $7.5B | $6.3B | ||
| Q3 25 | $7.5B | $6.3B | ||
| Q2 25 | $7.4B | $6.1B | ||
| Q1 25 | $7.3B | $5.9B | ||
| Q4 24 | $7.3B | $5.9B | ||
| Q3 24 | $7.2B | $5.6B | ||
| Q2 24 | $7.2B | $5.4B |
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 | $525.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.55× | 3.55× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | $525.1M | ||
| Q4 25 | — | $159.2M | ||
| Q3 25 | $187.7M | $208.1M | ||
| Q2 25 | — | $282.2M | ||
| Q1 25 | $246.5M | $256.6M | ||
| Q4 24 | — | $202.8M | ||
| Q3 24 | $169.4M | $246.5M | ||
| Q2 24 | — | $159.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $149.5M | ||
| Q3 25 | $166.3M | $191.9M | ||
| Q2 25 | — | $273.7M | ||
| Q1 25 | $233.9M | $246.1M | ||
| Q4 24 | — | $194.7M | ||
| Q3 24 | $154.4M | $240.4M | ||
| Q2 24 | — | $153.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 18.2% | ||
| Q3 25 | 24.3% | 23.7% | ||
| Q2 25 | — | 35.1% | ||
| Q1 25 | 36.4% | 33.7% | ||
| Q4 24 | — | 25.4% | ||
| Q3 24 | 24.6% | 32.2% | ||
| Q2 24 | — | 22.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 1.2% | ||
| Q3 25 | 3.1% | 2.0% | ||
| Q2 25 | 2.0% | 1.1% | ||
| Q1 25 | 2.0% | 1.4% | ||
| Q4 24 | 5.4% | 1.1% | ||
| Q3 24 | 2.4% | 0.8% | ||
| Q2 24 | 2.5% | 0.8% |
| Q1 26 | 3.55× | 3.55× | ||
| Q4 25 | — | 0.88× | ||
| Q3 25 | 4.93× | 1.09× | ||
| Q2 25 | — | 1.49× | ||
| Q1 25 | 3.21× | 1.76× | ||
| Q4 24 | — | 1.22× | ||
| Q3 24 | 2.59× | 1.49× | ||
| Q2 24 | — | 1.10× |
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% |
FFIV
Segment breakdown not available.
