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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Federal Realty Investment Trust (FRT). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $336.0M, roughly 2.0× Federal Realty Investment Trust). Federal Realty Investment Trust runs the higher net margin — 38.6% vs 12.5%, a 26.1% gap on every dollar of revenue. On growth, Federal Realty Investment Trust posted the faster year-over-year revenue change (8.7% vs 3.1%). Over the past eight quarters, Federal Realty Investment Trust's revenue compounded faster (6.5% 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.
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
CHDN vs FRT — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $336.0M |
| Net Profit | $83.0M | $129.7M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 53.8% |
| Net Margin | 12.5% | 38.6% |
| Revenue YoY | 3.1% | 8.7% |
| Net Profit YoY | 7.8% | 103.5% |
| EPS (diluted) | $1.16 | $1.49 |
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 | $336.0M | ||
| Q4 25 | $665.9M | $336.0M | ||
| Q3 25 | $683.0M | $322.3M | ||
| Q2 25 | $934.4M | $311.5M | ||
| Q1 25 | $642.6M | $309.2M | ||
| Q4 24 | $624.2M | $311.4M | ||
| Q3 24 | $628.5M | $303.6M | ||
| Q2 24 | $890.7M | $296.1M |
| Q1 26 | $83.0M | $129.7M | ||
| Q4 25 | $51.3M | $129.7M | ||
| Q3 25 | $38.1M | $61.6M | ||
| Q2 25 | $216.9M | $155.9M | ||
| Q1 25 | $76.7M | $63.8M | ||
| Q4 24 | $71.7M | $65.5M | ||
| Q3 24 | $65.4M | $61.0M | ||
| Q2 24 | $209.3M | $112.0M |
| Q1 26 | 21.6% | 53.8% | ||
| Q4 25 | 18.5% | 53.8% | ||
| Q3 25 | 14.3% | 34.3% | ||
| Q2 25 | 35.1% | 65.1% | ||
| Q1 25 | 20.9% | 35.0% | ||
| Q4 24 | 20.3% | 35.1% | ||
| Q3 24 | 20.0% | 34.9% | ||
| Q2 24 | 37.0% | 53.0% |
| Q1 26 | 12.5% | 38.6% | ||
| Q4 25 | 7.7% | 38.6% | ||
| Q3 25 | 5.6% | 19.1% | ||
| Q2 25 | 23.2% | 50.0% | ||
| Q1 25 | 11.9% | 20.6% | ||
| Q4 24 | 11.5% | 21.0% | ||
| Q3 24 | 10.4% | 20.1% | ||
| Q2 24 | 23.5% | 37.8% |
| Q1 26 | $1.16 | $1.49 | ||
| Q4 25 | — | $1.49 | ||
| Q3 25 | — | $0.69 | ||
| Q2 25 | — | $1.78 | ||
| Q1 25 | — | $0.72 | ||
| Q4 24 | — | $0.74 | ||
| Q3 24 | — | $0.70 | ||
| Q2 24 | — | $1.32 |
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 | $107.4M |
| Total DebtLower is stronger | $840.0M | $5.0B |
| Stockholders' EquityBook value | — | $3.2B |
| Total Assets | $7.5B | $9.1B |
| Debt / EquityLower = less leverage | — | 1.53× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | $107.4M | ||
| Q4 25 | $200.6M | $107.4M | ||
| Q3 25 | $180.5M | $111.3M | ||
| Q2 25 | $182.4M | $177.0M | ||
| Q1 25 | $174.2M | $109.2M | ||
| Q4 24 | $175.5M | $123.4M | ||
| Q3 24 | $152.7M | $97.0M | ||
| Q2 24 | $140.3M | $103.2M |
| Q1 26 | $840.0M | $5.0B | ||
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $1.0B | $3.2B | ||
| Q3 25 | $1.0B | $3.2B | ||
| Q2 25 | $1.0B | $3.2B | ||
| Q1 25 | $1.1B | $3.2B | ||
| Q4 24 | $1.1B | $3.2B | ||
| Q3 24 | $1.1B | $3.1B | ||
| Q2 24 | $1.0B | $3.0B |
| Q1 26 | $7.5B | $9.1B | ||
| Q4 25 | $7.5B | $9.1B | ||
| Q3 25 | $7.5B | $8.9B | ||
| Q2 25 | $7.4B | $8.6B | ||
| Q1 25 | $7.3B | $8.6B | ||
| Q4 24 | $7.3B | $8.5B | ||
| Q3 24 | $7.2B | $8.5B | ||
| Q2 24 | $7.2B | $8.4B |
| Q1 26 | — | 1.53× | ||
| Q4 25 | — | 1.53× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.42× | ||
| 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 | — |
| 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 | — | $622.4M | ||
| Q3 25 | $187.7M | $147.8M | ||
| Q2 25 | — | $150.7M | ||
| Q1 25 | $246.5M | $179.0M | ||
| Q4 24 | — | $574.6M | ||
| Q3 24 | $169.4M | $144.1M | ||
| Q2 24 | — | $169.7M |
| 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 | — | 4.80× | ||
| Q3 25 | 4.93× | 2.40× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | 3.21× | 2.81× | ||
| Q4 24 | — | 8.77× | ||
| Q3 24 | 2.59× | 2.36× | ||
| Q2 24 | — | 1.52× |
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% |
FRT
Segment breakdown not available.
