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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Global Business Travel Group, Inc. (GBTG). Click either name above to swap in a different company.
Global Business Travel Group, Inc. is the larger business by last-quarter revenue ($792.0M vs $663.0M, roughly 1.2× Churchill Downs Inc). Churchill Downs Inc runs the higher net margin — 12.5% vs 10.5%, a 2.0% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 3.1%). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% 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.
A travel management company (TMC) is a travel agency which manages organizations' corporate or business travel programs. Such companies will often provide an end-user online booking tool, mobile application, program management, and consulting teams, executive travel services, meetings and events support, reporting functionality, duty of care, and more. Non-Profit travel management companies also provide services to manage complex visa requirements, pre-trip medical needs, remote area travel, ...
CHDN vs GBTG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $792.0M |
| Net Profit | $83.0M | $83.0M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 3.7% |
| Net Margin | 12.5% | 10.5% |
| Revenue YoY | 3.1% | 34.0% |
| Net Profit YoY | 7.8% | 692.9% |
| EPS (diluted) | $1.16 | $0.16 |
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 | $792.0M | ||
| Q3 25 | $683.0M | $674.0M | ||
| Q2 25 | $934.4M | $631.0M | ||
| Q1 25 | $642.6M | $621.0M | ||
| Q4 24 | $624.2M | $591.0M | ||
| Q3 24 | $628.5M | $597.0M | ||
| Q2 24 | $890.7M | $625.0M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $83.0M | ||
| Q3 25 | $38.1M | $-62.0M | ||
| Q2 25 | $216.9M | $15.0M | ||
| Q1 25 | $76.7M | $75.0M | ||
| Q4 24 | $71.7M | $-14.0M | ||
| Q3 24 | $65.4M | $-128.0M | ||
| Q2 24 | $209.3M | $27.0M |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 3.7% | ||
| Q3 25 | 14.3% | 1.8% | ||
| Q2 25 | 35.1% | 5.4% | ||
| Q1 25 | 20.9% | 8.9% | ||
| Q4 24 | 20.3% | 5.1% | ||
| Q3 24 | 20.0% | 4.5% | ||
| Q2 24 | 37.0% | 6.7% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 10.5% | ||
| Q3 25 | 5.6% | -9.2% | ||
| Q2 25 | 23.2% | 2.4% | ||
| Q1 25 | 11.9% | 12.1% | ||
| Q4 24 | 11.5% | -2.4% | ||
| Q3 24 | 10.4% | -21.4% | ||
| Q2 24 | 23.5% | 4.3% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $0.16 | ||
| Q3 25 | — | $-0.13 | ||
| Q2 25 | — | $0.03 | ||
| Q1 25 | — | $0.16 | ||
| Q4 24 | — | $-0.04 | ||
| Q3 24 | — | $-0.28 | ||
| Q2 24 | — | $0.06 |
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 | $434.0M |
| Total DebtLower is stronger | $840.0M | $1.4B |
| Stockholders' EquityBook value | — | $1.6B |
| Total Assets | $7.5B | $4.9B |
| Debt / EquityLower = less leverage | — | 0.88× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $434.0M | ||
| Q3 25 | $180.5M | $427.0M | ||
| Q2 25 | $182.4M | $601.0M | ||
| Q1 25 | $174.2M | $552.0M | ||
| Q4 24 | $175.5M | $536.0M | ||
| Q3 24 | $152.7M | $524.0M | ||
| Q2 24 | $140.3M | $515.0M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.6B | ||
| Q3 25 | $1.0B | $1.5B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $1.0B | $1.2B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $4.9B | ||
| Q3 25 | $7.5B | $4.8B | ||
| Q2 25 | $7.4B | $3.9B | ||
| Q1 25 | $7.3B | $3.8B | ||
| Q4 24 | $7.3B | $3.6B | ||
| Q3 24 | $7.2B | $3.8B | ||
| Q2 24 | $7.2B | $3.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.88× | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.26× | ||
| 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 | $52.0M |
| Free Cash FlowOCF − Capex | — | $13.0M |
| FCF MarginFCF / Revenue | — | 1.6% |
| Capex IntensityCapex / Revenue | — | 4.9% |
| Cash ConversionOCF / Net Profit | 3.55× | 0.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $104.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $52.0M | ||
| Q3 25 | $187.7M | $71.0M | ||
| Q2 25 | — | $57.0M | ||
| Q1 25 | $246.5M | $53.0M | ||
| Q4 24 | — | $65.0M | ||
| Q3 24 | $169.4M | $85.0M | ||
| Q2 24 | — | $73.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $13.0M | ||
| Q3 25 | $166.3M | $38.0M | ||
| Q2 25 | — | $27.0M | ||
| Q1 25 | $233.9M | $26.0M | ||
| Q4 24 | — | $33.0M | ||
| Q3 24 | $154.4M | $59.0M | ||
| Q2 24 | — | $49.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.6% | ||
| Q3 25 | 24.3% | 5.6% | ||
| Q2 25 | — | 4.3% | ||
| Q1 25 | 36.4% | 4.2% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | 24.6% | 9.9% | ||
| Q2 24 | — | 7.8% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 4.9% | ||
| Q3 25 | 3.1% | 4.9% | ||
| Q2 25 | 2.0% | 4.8% | ||
| Q1 25 | 2.0% | 4.3% | ||
| Q4 24 | 5.4% | 5.4% | ||
| Q3 24 | 2.4% | 4.4% | ||
| Q2 24 | 2.5% | 3.8% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 0.63× | ||
| Q3 25 | 4.93× | — | ||
| Q2 25 | — | 3.80× | ||
| Q1 25 | 3.21× | 0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.59× | — | ||
| Q2 24 | — | 2.70× |
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% |
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
