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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and CarMax (KMX). Click either name above to swap in a different company.
CarMax is the larger business by last-quarter revenue ($5.8B vs $663.0M, roughly 8.7× Churchill Downs Inc). Churchill Downs Inc runs the higher net margin — 12.5% vs 1.1%, a 11.4% gap on every dollar of revenue. On growth, Churchill Downs Inc posted the faster year-over-year revenue change (3.1% vs -6.9%). Over the past eight quarters, CarMax's revenue compounded faster (1.5% 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.
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia. As of January 2025, CarMax operates 253 locations.
CHDN vs KMX — Head-to-Head
Income Statement — Q1 2026 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $5.8B |
| Net Profit | $83.0M | $62.2M |
| Gross Margin | — | 10.2% |
| Operating Margin | 21.6% | — |
| Net Margin | 12.5% | 1.1% |
| Revenue YoY | 3.1% | -6.9% |
| Net Profit YoY | 7.8% | -50.4% |
| EPS (diluted) | $1.16 | $0.43 |
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 | $5.8B | ||
| Q3 25 | $683.0M | $6.6B | ||
| Q2 25 | $934.4M | $7.5B | ||
| Q1 25 | $642.6M | $6.0B | ||
| Q4 24 | $624.2M | $6.2B | ||
| Q3 24 | $628.5M | $7.0B | ||
| Q2 24 | $890.7M | $7.1B |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $62.2M | ||
| Q3 25 | $38.1M | $95.4M | ||
| Q2 25 | $216.9M | $210.4M | ||
| Q1 25 | $76.7M | $89.9M | ||
| Q4 24 | $71.7M | $125.4M | ||
| Q3 24 | $65.4M | $132.8M | ||
| Q2 24 | $209.3M | $152.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 10.2% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 11.1% | ||
| Q4 24 | — | 10.9% | ||
| Q3 24 | — | 10.8% | ||
| Q2 24 | — | 11.1% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | — | ||
| Q3 25 | 14.3% | — | ||
| Q2 25 | 35.1% | — | ||
| Q1 25 | 20.9% | 2.0% | ||
| Q4 24 | 20.3% | 2.7% | ||
| Q3 24 | 20.0% | 2.5% | ||
| Q2 24 | 37.0% | 2.9% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 1.1% | ||
| Q3 25 | 5.6% | 1.4% | ||
| Q2 25 | 23.2% | 2.8% | ||
| Q1 25 | 11.9% | 1.5% | ||
| Q4 24 | 11.5% | 2.0% | ||
| Q3 24 | 10.4% | 1.9% | ||
| Q2 24 | 23.5% | 2.1% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $0.43 | ||
| Q3 25 | — | $0.64 | ||
| Q2 25 | — | $1.38 | ||
| Q1 25 | — | $0.58 | ||
| Q4 24 | — | $0.81 | ||
| Q3 24 | — | $0.85 | ||
| Q2 24 | — | $0.97 |
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 | $204.9M |
| Total DebtLower is stronger | $840.0M | $16.6B |
| Stockholders' EquityBook value | — | $6.1B |
| Total Assets | $7.5B | $25.6B |
| Debt / EquityLower = less leverage | — | 2.74× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $204.9M | ||
| Q3 25 | $180.5M | $540.4M | ||
| Q2 25 | $182.4M | $262.8M | ||
| Q1 25 | $174.2M | $247.0M | ||
| Q4 24 | $175.5M | $271.9M | ||
| Q3 24 | $152.7M | $524.7M | ||
| Q2 24 | $140.3M | $218.9M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $16.6B | ||
| Q3 25 | — | $17.8B | ||
| Q2 25 | — | $18.0B | ||
| Q1 25 | — | $18.1B | ||
| Q4 24 | — | $18.1B | ||
| Q3 24 | — | $18.1B | ||
| Q2 24 | — | $18.2B |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $6.1B | ||
| Q3 25 | $1.0B | $6.2B | ||
| Q2 25 | $1.0B | $6.3B | ||
| Q1 25 | $1.1B | $6.2B | ||
| Q4 24 | $1.1B | $6.2B | ||
| Q3 24 | $1.1B | $6.2B | ||
| Q2 24 | $1.0B | $6.2B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $25.6B | ||
| Q3 25 | $7.5B | $27.1B | ||
| Q2 25 | $7.4B | $27.4B | ||
| Q1 25 | $7.3B | $27.4B | ||
| Q4 24 | $7.3B | $27.3B | ||
| Q3 24 | $7.2B | $27.3B | ||
| Q2 24 | $7.2B | $27.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | 2.87× | ||
| Q2 25 | — | 2.86× | ||
| Q1 25 | — | 2.91× | ||
| Q4 24 | — | 2.92× | ||
| Q3 24 | — | 2.93× | ||
| Q2 24 | — | 2.95× |
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 | $1.3B |
| Free Cash FlowOCF − Capex | — | $1.1B |
| FCF MarginFCF / Revenue | — | 19.2% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | 3.55× | 20.14× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.9B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $1.3B | ||
| Q3 25 | $187.7M | $785.5M | ||
| Q2 25 | — | $299.5M | ||
| Q1 25 | $246.5M | $146.4M | ||
| Q4 24 | — | $-23.4M | ||
| Q3 24 | $169.4M | $619.1M | ||
| Q2 24 | — | $-117.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | $166.3M | $654.0M | ||
| Q2 25 | — | $162.8M | ||
| Q1 25 | $233.9M | $18.8M | ||
| Q4 24 | — | $-150.6M | ||
| Q3 24 | $154.4M | $509.9M | ||
| Q2 24 | — | $-221.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | 19.2% | ||
| Q3 25 | 24.3% | 9.9% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | 36.4% | 0.3% | ||
| Q4 24 | — | -2.4% | ||
| Q3 24 | 24.6% | 7.3% | ||
| Q2 24 | — | -3.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 2.4% | ||
| Q3 25 | 3.1% | 2.0% | ||
| Q2 25 | 2.0% | 1.8% | ||
| Q1 25 | 2.0% | 2.1% | ||
| Q4 24 | 5.4% | 2.0% | ||
| Q3 24 | 2.4% | 1.6% | ||
| Q2 24 | 2.5% | 1.5% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 20.14× | ||
| Q3 25 | 4.93× | 8.24× | ||
| Q2 25 | — | 1.42× | ||
| Q1 25 | 3.21× | 1.63× | ||
| Q4 24 | — | -0.19× | ||
| Q3 24 | 2.59× | 4.66× | ||
| Q2 24 | — | -0.77× |
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% |
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
