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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Installed Building Products, Inc. (IBP). Click either name above to swap in a different company.
Installed Building Products, Inc. is the larger business by last-quarter revenue ($747.5M vs $663.0M, roughly 1.1× Churchill Downs Inc). Churchill Downs Inc runs the higher net margin — 12.5% vs 10.2%, a 2.3% gap on every dollar of revenue. On growth, Churchill Downs Inc posted the faster year-over-year revenue change (3.1% vs -0.4%). Over the past eight quarters, Installed Building Products, Inc.'s revenue compounded faster (3.9% 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.
Installed Building Products, Inc. is a leading US-based provider of professional installation services for building products. Core offerings include insulation, gutters, garage doors, fire protection systems and window treatments, serving residential new construction, repair & remodel, and commercial construction segments across most US regions.
CHDN vs IBP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $747.5M |
| Net Profit | $83.0M | $76.6M |
| Gross Margin | — | 35.0% |
| Operating Margin | 21.6% | 14.6% |
| Net Margin | 12.5% | 10.2% |
| Revenue YoY | 3.1% | -0.4% |
| Net Profit YoY | 7.8% | 14.5% |
| EPS (diluted) | $1.16 | $2.81 |
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 | $747.5M | ||
| Q3 25 | $683.0M | $778.2M | ||
| Q2 25 | $934.4M | $760.3M | ||
| Q1 25 | $642.6M | $684.8M | ||
| Q4 24 | $624.2M | $750.2M | ||
| Q3 24 | $628.5M | $760.6M | ||
| Q2 24 | $890.7M | $737.6M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $76.6M | ||
| Q3 25 | $38.1M | $74.4M | ||
| Q2 25 | $216.9M | $69.0M | ||
| Q1 25 | $76.7M | $45.4M | ||
| Q4 24 | $71.7M | $66.9M | ||
| Q3 24 | $65.4M | $68.6M | ||
| Q2 24 | $209.3M | $65.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 34.0% | ||
| Q2 25 | — | 34.2% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 33.6% | ||
| Q3 24 | — | 33.8% | ||
| Q2 24 | — | 34.1% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 14.6% | ||
| Q3 25 | 14.3% | 13.7% | ||
| Q2 25 | 35.1% | 13.3% | ||
| Q1 25 | 20.9% | 10.2% | ||
| Q4 24 | 20.3% | 13.1% | ||
| Q3 24 | 20.0% | 13.3% | ||
| Q2 24 | 37.0% | 12.9% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 10.2% | ||
| Q3 25 | 5.6% | 9.6% | ||
| Q2 25 | 23.2% | 9.1% | ||
| Q1 25 | 11.9% | 6.6% | ||
| Q4 24 | 11.5% | 8.9% | ||
| Q3 24 | 10.4% | 9.0% | ||
| Q2 24 | 23.5% | 8.8% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $2.81 | ||
| Q3 25 | — | $2.74 | ||
| Q2 25 | — | $2.52 | ||
| Q1 25 | — | $1.64 | ||
| Q4 24 | — | $2.39 | ||
| Q3 24 | — | $2.44 | ||
| Q2 24 | — | $2.30 |
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 | $321.9M |
| Total DebtLower is stronger | $840.0M | $886.6M |
| Stockholders' EquityBook value | — | $709.9M |
| Total Assets | $7.5B | $2.1B |
| Debt / EquityLower = less leverage | — | 1.25× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $321.9M | ||
| Q3 25 | $180.5M | $333.3M | ||
| Q2 25 | $182.4M | $305.2M | ||
| Q1 25 | $174.2M | $298.7M | ||
| Q4 24 | $175.5M | $327.6M | ||
| Q3 24 | $152.7M | $406.2M | ||
| Q2 24 | $140.3M | $380.3M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $886.6M | ||
| Q3 25 | — | $880.8M | ||
| Q2 25 | — | $876.1M | ||
| Q1 25 | — | $872.4M | ||
| Q4 24 | — | $874.8M | ||
| Q3 24 | — | $872.3M | ||
| Q2 24 | — | $875.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $709.9M | ||
| Q3 25 | $1.0B | $678.6M | ||
| Q2 25 | $1.0B | $664.5M | ||
| Q1 25 | $1.1B | $660.9M | ||
| Q4 24 | $1.1B | $705.3M | ||
| Q3 24 | $1.1B | $716.4M | ||
| Q2 24 | $1.0B | $685.3M |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $2.1B | ||
| Q3 25 | $7.5B | $2.1B | ||
| Q2 25 | $7.4B | $2.0B | ||
| Q1 25 | $7.3B | $2.0B | ||
| Q4 24 | $7.3B | $2.1B | ||
| Q3 24 | $7.2B | $2.1B | ||
| Q2 24 | $7.2B | $2.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.25× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | — | 1.32× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | — | 1.24× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 1.28× |
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 | $64.9M |
| Free Cash FlowOCF − Capex | — | $49.3M |
| FCF MarginFCF / Revenue | — | 6.6% |
| Capex IntensityCapex / Revenue | — | 2.1% |
| Cash ConversionOCF / Net Profit | 3.55× | 0.85× |
| TTM Free Cash FlowTrailing 4 quarters | — | $300.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $64.9M | ||
| Q3 25 | $187.7M | $124.0M | ||
| Q2 25 | — | $90.4M | ||
| Q1 25 | $246.5M | $92.1M | ||
| Q4 24 | — | $74.8M | ||
| Q3 24 | $169.4M | $101.4M | ||
| Q2 24 | — | $79.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $49.3M | ||
| Q3 25 | $166.3M | $104.8M | ||
| Q2 25 | — | $74.8M | ||
| Q1 25 | $233.9M | $71.9M | ||
| Q4 24 | — | $52.9M | ||
| Q3 24 | $154.4M | $77.3M | ||
| Q2 24 | — | $58.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.6% | ||
| Q3 25 | 24.3% | 13.5% | ||
| Q2 25 | — | 9.8% | ||
| Q1 25 | 36.4% | 10.5% | ||
| Q4 24 | — | 7.1% | ||
| Q3 24 | 24.6% | 10.2% | ||
| Q2 24 | — | 7.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 2.1% | ||
| Q3 25 | 3.1% | 2.5% | ||
| Q2 25 | 2.0% | 2.1% | ||
| Q1 25 | 2.0% | 2.9% | ||
| Q4 24 | 5.4% | 2.9% | ||
| Q3 24 | 2.4% | 3.2% | ||
| Q2 24 | 2.5% | 2.8% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 0.85× | ||
| Q3 25 | 4.93× | 1.67× | ||
| Q2 25 | — | 1.31× | ||
| Q1 25 | 3.21× | 2.03× | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | 2.59× | 1.48× | ||
| 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% |
IBP
| Residential New Construction | $488.6M | 65% |
| Other Customer Installation | $67.8M | 9% |
| Shower Doors Shelving And Mirrors | $53.5M | 7% |
| Other Building Products | $47.7M | 6% |
| Fireproofing And Firestopping | $37.6M | 5% |
| Rain Gutters | $31.3M | 4% |
| Window Blinds | $18.0M | 2% |
| Related Party | $6.7M | 1% |
