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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $631.2M, roughly 1.1× FORWARD AIR CORP). Churchill Downs Inc runs the higher net margin — 12.5% vs -4.5%, a 17.0% gap on every dollar of revenue. On growth, Churchill Downs Inc posted the faster year-over-year revenue change (3.1% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% 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.
Forward Air Corp is a leading North American asset-light logistics and transportation provider. It offers core services including expedited less-than-truckload freight delivery, final-mile logistics, intermodal transport, warehousing, and supply chain solutions, serving key sectors such as e-commerce, retail, manufacturing, and automotive across the U.S., Canada, and Mexico.
CHDN vs FWRD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $631.2M |
| Net Profit | $83.0M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | -0.5% |
| Net Margin | 12.5% | -4.5% |
| Revenue YoY | 3.1% | -0.3% |
| Net Profit YoY | 7.8% | 22.2% |
| 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 | $631.2M | ||
| Q3 25 | $683.0M | $631.8M | ||
| Q2 25 | $934.4M | $618.8M | ||
| Q1 25 | $642.6M | $613.3M | ||
| Q4 24 | $624.2M | $632.8M | ||
| Q3 24 | $628.5M | $655.9M | ||
| Q2 24 | $890.7M | $643.7M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $-28.3M | ||
| Q3 25 | $38.1M | $-16.3M | ||
| Q2 25 | $216.9M | $-12.6M | ||
| Q1 25 | $76.7M | $-50.6M | ||
| Q4 24 | $71.7M | $-36.4M | ||
| Q3 24 | $65.4M | $-73.4M | ||
| Q2 24 | $209.3M | $-645.4M |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | -0.5% | ||
| Q3 25 | 14.3% | 2.4% | ||
| Q2 25 | 35.1% | 3.2% | ||
| Q1 25 | 20.9% | 0.8% | ||
| Q4 24 | 20.3% | 12.0% | ||
| Q3 24 | 20.0% | 3.5% | ||
| Q2 24 | 37.0% | -170.2% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | -4.5% | ||
| Q3 25 | 5.6% | -2.6% | ||
| Q2 25 | 23.2% | -2.0% | ||
| Q1 25 | 11.9% | -8.3% | ||
| Q4 24 | 11.5% | -5.8% | ||
| Q3 24 | 10.4% | -11.2% | ||
| Q2 24 | 23.5% | -100.3% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $-0.90 | ||
| Q3 25 | — | $-0.52 | ||
| Q2 25 | — | $-0.41 | ||
| Q1 25 | — | $-1.68 | ||
| Q4 24 | — | $-1.69 | ||
| Q3 24 | — | $-2.66 | ||
| Q2 24 | — | $-23.47 |
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 | $106.0M |
| Total DebtLower is stronger | $840.0M | $1.7B |
| Stockholders' EquityBook value | — | $113.3M |
| Total Assets | $7.5B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $106.0M | ||
| Q3 25 | $180.5M | $140.4M | ||
| Q2 25 | $182.4M | $95.1M | ||
| Q1 25 | $174.2M | $116.3M | ||
| Q4 24 | $175.5M | $104.9M | ||
| Q3 24 | $152.7M | $136.6M | ||
| Q2 24 | $140.3M | $84.9M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $113.3M | ||
| Q3 25 | $1.0B | $139.8M | ||
| Q2 25 | $1.0B | $151.8M | ||
| Q1 25 | $1.1B | $154.6M | ||
| Q4 24 | $1.1B | $201.7M | ||
| Q3 24 | $1.1B | $226.1M | ||
| Q2 24 | $1.0B | $283.8M |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $2.7B | ||
| Q3 25 | $7.5B | $2.8B | ||
| Q2 25 | $7.4B | $2.8B | ||
| Q1 25 | $7.3B | $2.8B | ||
| Q4 24 | $7.3B | $2.8B | ||
| Q3 24 | $7.2B | $3.1B | ||
| Q2 24 | $7.2B | $3.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | — | 1.3% |
| 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 | — | — | ||
| Q3 25 | $187.7M | $52.7M | ||
| Q2 25 | — | — | ||
| Q1 25 | $246.5M | $27.6M | ||
| Q4 24 | — | $-23.2M | ||
| Q3 24 | $169.4M | $51.2M | ||
| Q2 24 | — | $-45.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $166.3M | $48.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | $233.9M | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | $154.4M | $40.7M | ||
| Q2 24 | — | $-59.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 24.3% | 7.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | 36.4% | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | 24.6% | 6.2% | ||
| Q2 24 | — | -9.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 1.3% | ||
| Q3 25 | 3.1% | 0.7% | ||
| Q2 25 | 2.0% | 0.8% | ||
| Q1 25 | 2.0% | 1.9% | ||
| Q4 24 | 5.4% | 1.1% | ||
| Q3 24 | 2.4% | 1.6% | ||
| Q2 24 | 2.5% | 2.2% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 4.93× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.21× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.59× | — | ||
| Q2 24 | — | — |
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% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
