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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Gaming & Leisure Properties, Inc. (GLPI). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $420.0M, roughly 1.6× Gaming & Leisure Properties, Inc.). Gaming & Leisure Properties, Inc. runs the higher net margin — 57.0% vs 12.5%, a 44.5% gap on every dollar of revenue. On growth, Gaming & Leisure Properties, Inc. posted the faster year-over-year revenue change (6.3% vs 3.1%). Over the past eight quarters, Gaming & Leisure Properties, Inc.'s revenue compounded faster (5.0% 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.
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 62 casino properties, all of which are leased to other companies.
CHDN vs GLPI — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $420.0M |
| Net Profit | $83.0M | $239.4M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 79.4% |
| Net Margin | 12.5% | 57.0% |
| Revenue YoY | 3.1% | 6.3% |
| Net Profit YoY | 7.8% | 40.5% |
| EPS (diluted) | $1.16 | — |
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 | $420.0M | ||
| Q4 25 | $665.9M | $407.0M | ||
| Q3 25 | $683.0M | $397.6M | ||
| Q2 25 | $934.4M | $394.9M | ||
| Q1 25 | $642.6M | $395.2M | ||
| Q4 24 | $624.2M | $389.6M | ||
| Q3 24 | $628.5M | $385.3M | ||
| Q2 24 | $890.7M | $380.6M |
| Q1 26 | $83.0M | $239.4M | ||
| Q4 25 | $51.3M | $275.4M | ||
| Q3 25 | $38.1M | $241.2M | ||
| Q2 25 | $216.9M | $151.4M | ||
| Q1 25 | $76.7M | $165.2M | ||
| Q4 24 | $71.7M | $223.6M | ||
| Q3 24 | $65.4M | $184.7M | ||
| Q2 24 | $209.3M | $208.3M |
| Q1 26 | 21.6% | 79.4% | ||
| Q4 25 | 18.5% | 89.3% | ||
| Q3 25 | 14.3% | 84.8% | ||
| Q2 25 | 35.1% | 61.3% | ||
| Q1 25 | 20.9% | 65.5% | ||
| Q4 24 | 20.3% | 79.1% | ||
| Q3 24 | 20.0% | 70.4% | ||
| Q2 24 | 37.0% | 77.1% |
| Q1 26 | 12.5% | 57.0% | ||
| Q4 25 | 7.7% | 67.6% | ||
| Q3 25 | 5.6% | 60.7% | ||
| Q2 25 | 23.2% | 38.4% | ||
| Q1 25 | 11.9% | 41.8% | ||
| Q4 24 | 11.5% | 57.4% | ||
| Q3 24 | 10.4% | 47.9% | ||
| Q2 24 | 23.5% | 54.7% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $0.96 | ||
| Q3 25 | — | $0.85 | ||
| Q2 25 | — | $0.54 | ||
| Q1 25 | — | $0.60 | ||
| Q4 24 | — | $0.79 | ||
| Q3 24 | — | $0.67 | ||
| Q2 24 | — | $0.77 |
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 | $274.5M |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | $5.0B |
| Total Assets | $7.5B | $13.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | $274.5M | ||
| Q4 25 | $200.6M | — | ||
| Q3 25 | $180.5M | — | ||
| Q2 25 | $182.4M | — | ||
| Q1 25 | $174.2M | — | ||
| Q4 24 | $175.5M | $560.8M | ||
| Q3 24 | $152.7M | $560.8M | ||
| Q2 24 | $140.3M | $560.8M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $7.2B | ||
| Q3 25 | — | $7.2B | ||
| Q2 25 | — | $6.9B | ||
| Q1 25 | — | $6.9B | ||
| Q4 24 | — | $7.7B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $6.6B |
| Q1 26 | — | $5.0B | ||
| Q4 25 | $1.0B | $4.6B | ||
| Q3 25 | $1.0B | $4.6B | ||
| Q2 25 | $1.0B | $4.6B | ||
| Q1 25 | $1.1B | $4.2B | ||
| Q4 24 | $1.1B | $4.3B | ||
| Q3 24 | $1.1B | $4.3B | ||
| Q2 24 | $1.0B | $4.1B |
| Q1 26 | $7.5B | $13.8B | ||
| Q4 25 | $7.5B | $12.9B | ||
| Q3 25 | $7.5B | $12.8B | ||
| Q2 25 | $7.4B | $12.5B | ||
| Q1 25 | $7.3B | $12.1B | ||
| Q4 24 | $7.3B | $13.1B | ||
| Q3 24 | $7.2B | $12.7B | ||
| Q2 24 | $7.2B | $11.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.56× | ||
| Q3 25 | — | 1.57× | ||
| Q2 25 | — | 1.51× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.74× | ||
| Q2 24 | — | 1.60× |
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 | — | $1.1B | ||
| Q3 25 | $187.7M | $240.3M | ||
| Q2 25 | — | $293.4M | ||
| Q1 25 | $246.5M | $252.5M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $169.4M | $270.4M | ||
| Q2 24 | — | $252.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $166.3M | $183.0M | ||
| Q2 25 | — | $272.3M | ||
| Q1 25 | $233.9M | $239.6M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $154.4M | $261.5M | ||
| Q2 24 | — | $245.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 24.3% | 46.0% | ||
| Q2 25 | — | 69.0% | ||
| Q1 25 | 36.4% | 60.6% | ||
| Q4 24 | — | 275.3% | ||
| Q3 24 | 24.6% | 67.9% | ||
| Q2 24 | — | 64.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | — | ||
| Q3 25 | 3.1% | 14.4% | ||
| Q2 25 | 2.0% | 5.3% | ||
| Q1 25 | 2.0% | 3.3% | ||
| Q4 24 | 5.4% | 0.0% | ||
| Q3 24 | 2.4% | 2.3% | ||
| Q2 24 | 2.5% | 1.9% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 4.10× | ||
| Q3 25 | 4.93× | 1.00× | ||
| Q2 25 | — | 1.94× | ||
| Q1 25 | 3.21× | 1.53× | ||
| Q4 24 | — | 4.80× | ||
| Q3 24 | 2.59× | 1.46× | ||
| Q2 24 | — | 1.21× |
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% |
GLPI
Segment breakdown not available.
