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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and JBT Marel Corp (JBTM). Click either name above to swap in a different company.
JBT Marel Corp is the larger business by last-quarter revenue ($1.0B vs $663.0M, roughly 1.5× Churchill Downs Inc). Churchill Downs Inc runs the higher net margin — 12.5% vs 5.3%, a 7.3% gap on every dollar of revenue. On growth, JBT Marel Corp posted the faster year-over-year revenue change (115.6% vs 3.1%). Over the past eight quarters, JBT Marel Corp's revenue compounded faster (60.3% 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.
JBT Marel Corporation, formerly known as JBT Corporation, or John Bean Technologies Corporation, is a food processing machinery and automated vehicle company. The company was incorporated in 2008 when FMC Technologies divested its non-energy businesses. The company is based in Chicago, Illinois and traces its history back to a company founded in 1884 by John Bean, an orchardist in Los Gatos, California.
CHDN vs JBTM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $1.0B |
| Net Profit | $83.0M | $53.1M |
| Gross Margin | — | 34.5% |
| Operating Margin | 21.6% | 7.2% |
| Net Margin | 12.5% | 5.3% |
| Revenue YoY | 3.1% | 115.6% |
| Net Profit YoY | 7.8% | 858.6% |
| EPS (diluted) | $1.16 | $1.04 |
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 | $1.0B | ||
| Q3 25 | $683.0M | $1.0B | ||
| Q2 25 | $934.4M | $934.8M | ||
| Q1 25 | $642.6M | $854.1M | ||
| Q4 24 | $624.2M | $467.6M | ||
| Q3 24 | $628.5M | $453.8M | ||
| Q2 24 | $890.7M | $402.3M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $53.1M | ||
| Q3 25 | $38.1M | $66.0M | ||
| Q2 25 | $216.9M | $3.4M | ||
| Q1 25 | $76.7M | $-173.0M | ||
| Q4 24 | $71.7M | $-7.0M | ||
| Q3 24 | $65.4M | $38.9M | ||
| Q2 24 | $209.3M | $30.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 34.5% | ||
| Q3 25 | — | 35.9% | ||
| Q2 25 | — | 35.8% | ||
| Q1 25 | — | 34.2% | ||
| Q4 24 | — | 38.4% | ||
| Q3 24 | — | 36.1% | ||
| Q2 24 | — | 35.6% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 7.2% | ||
| Q3 25 | 14.3% | 10.2% | ||
| Q2 25 | 35.1% | 5.2% | ||
| Q1 25 | 20.9% | -3.9% | ||
| Q4 24 | 20.3% | 3.4% | ||
| Q3 24 | 20.0% | 10.3% | ||
| Q2 24 | 37.0% | 6.7% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 5.3% | ||
| Q3 25 | 5.6% | 6.6% | ||
| Q2 25 | 23.2% | 0.4% | ||
| Q1 25 | 11.9% | -20.3% | ||
| Q4 24 | 11.5% | -1.5% | ||
| Q3 24 | 10.4% | 8.6% | ||
| Q2 24 | 23.5% | 7.6% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $1.04 | ||
| Q3 25 | — | $1.26 | ||
| Q2 25 | — | $0.07 | ||
| Q1 25 | — | $-3.35 | ||
| Q4 24 | — | $-0.22 | ||
| Q3 24 | — | $1.21 | ||
| Q2 24 | — | $0.95 |
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 | $167.9M |
| Total DebtLower is stronger | $840.0M | $1.5B |
| Stockholders' EquityBook value | — | $4.5B |
| Total Assets | $7.5B | $8.2B |
| Debt / EquityLower = less leverage | — | 0.33× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $167.9M | ||
| Q3 25 | $180.5M | — | ||
| Q2 25 | $182.4M | — | ||
| Q1 25 | $174.2M | — | ||
| Q4 24 | $175.5M | $1.2B | ||
| Q3 24 | $152.7M | — | ||
| Q2 24 | $140.3M | — |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $648.3M | ||
| Q2 24 | — | $647.7M |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $4.5B | ||
| Q3 25 | $1.0B | $4.4B | ||
| Q2 25 | $1.0B | $4.4B | ||
| Q1 25 | $1.1B | $4.1B | ||
| Q4 24 | $1.1B | $1.5B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $1.0B | $1.5B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $8.2B | ||
| Q3 25 | $7.5B | $8.2B | ||
| Q2 25 | $7.4B | $8.3B | ||
| Q1 25 | $7.3B | $8.0B | ||
| Q4 24 | $7.3B | $3.4B | ||
| Q3 24 | $7.2B | $2.8B | ||
| Q2 24 | $7.2B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.33× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 0.43× |
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 | $117.4M |
| Free Cash FlowOCF − Capex | — | $83.5M |
| FCF MarginFCF / Revenue | — | 8.3% |
| Capex IntensityCapex / Revenue | — | 3.4% |
| Cash ConversionOCF / Net Profit | 3.55× | 2.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | $238.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $117.4M | ||
| Q3 25 | $187.7M | $87.7M | ||
| Q2 25 | — | $102.2M | ||
| Q1 25 | $246.5M | $34.4M | ||
| Q4 24 | — | $128.7M | ||
| Q3 24 | $169.4M | $71.9M | ||
| Q2 24 | — | $21.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $83.5M | ||
| Q3 25 | $166.3M | $56.5M | ||
| Q2 25 | — | $83.7M | ||
| Q1 25 | $233.9M | $14.4M | ||
| Q4 24 | — | $118.7M | ||
| Q3 24 | $154.4M | $65.0M | ||
| Q2 24 | — | $11.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 8.3% | ||
| Q3 25 | 24.3% | 5.6% | ||
| Q2 25 | — | 9.0% | ||
| Q1 25 | 36.4% | 1.7% | ||
| Q4 24 | — | 25.4% | ||
| Q3 24 | 24.6% | 14.3% | ||
| Q2 24 | — | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 3.4% | ||
| Q3 25 | 3.1% | 3.1% | ||
| Q2 25 | 2.0% | 2.0% | ||
| Q1 25 | 2.0% | 2.3% | ||
| Q4 24 | 5.4% | 2.1% | ||
| Q3 24 | 2.4% | 1.5% | ||
| Q2 24 | 2.5% | 2.6% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 2.21× | ||
| Q3 25 | 4.93× | 1.33× | ||
| Q2 25 | — | 30.06× | ||
| Q1 25 | 3.21× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.59× | 1.85× | ||
| Q2 24 | — | 0.70× |
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% |
JBTM
Segment breakdown not available.
