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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Liberty Energy Inc. (LBRT). Click either name above to swap in a different company.
Liberty Energy Inc. 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 2.2%, a 10.3% gap on every dollar of revenue. On growth, Liberty Energy Inc. posted the faster year-over-year revenue change (4.5% vs 3.1%). Over the past eight quarters, Liberty Energy Inc.'s revenue compounded faster (-6.2% 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.
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
CHDN vs LBRT — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $1.0B |
| Net Profit | $83.0M | $22.6M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 2.2% |
| Net Margin | 12.5% | 2.2% |
| Revenue YoY | 3.1% | 4.5% |
| Net Profit YoY | 7.8% | 64.8% |
| EPS (diluted) | $1.16 | $0.14 |
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 | $1.0B | ||
| Q4 25 | $665.9M | $1.0B | ||
| Q3 25 | $683.0M | $947.4M | ||
| Q2 25 | $934.4M | $1.0B | ||
| Q1 25 | $642.6M | $977.5M | ||
| Q4 24 | $624.2M | $943.6M | ||
| Q3 24 | $628.5M | $1.1B | ||
| Q2 24 | $890.7M | $1.2B |
| Q1 26 | $83.0M | $22.6M | ||
| Q4 25 | $51.3M | $13.7M | ||
| Q3 25 | $38.1M | $43.1M | ||
| Q2 25 | $216.9M | $71.0M | ||
| Q1 25 | $76.7M | $20.1M | ||
| Q4 24 | $71.7M | $51.9M | ||
| Q3 24 | $65.4M | $73.8M | ||
| Q2 24 | $209.3M | $108.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 20.6% | ||
| Q3 25 | — | 18.7% | ||
| Q2 25 | — | 22.1% | ||
| Q1 25 | — | 22.1% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 27.9% |
| Q1 26 | 21.6% | 2.2% | ||
| Q4 25 | 18.5% | 1.9% | ||
| Q3 25 | 14.3% | -0.3% | ||
| Q2 25 | 35.1% | 3.6% | ||
| Q1 25 | 20.9% | 1.9% | ||
| Q4 24 | 20.3% | 2.6% | ||
| Q3 24 | 20.0% | 9.4% | ||
| Q2 24 | 37.0% | 12.2% |
| Q1 26 | 12.5% | 2.2% | ||
| Q4 25 | 7.7% | 1.3% | ||
| Q3 25 | 5.6% | 4.5% | ||
| Q2 25 | 23.2% | 6.8% | ||
| Q1 25 | 11.9% | 2.1% | ||
| Q4 24 | 11.5% | 5.5% | ||
| Q3 24 | 10.4% | 6.5% | ||
| Q2 24 | 23.5% | 9.3% |
| Q1 26 | $1.16 | $0.14 | ||
| Q4 25 | — | $0.08 | ||
| Q3 25 | — | $0.26 | ||
| Q2 25 | — | $0.43 | ||
| Q1 25 | — | $0.12 | ||
| Q4 24 | — | $0.31 | ||
| Q3 24 | — | $0.44 | ||
| Q2 24 | — | $0.64 |
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 | $699.1M |
| Total DebtLower is stronger | $840.0M | $7.1M |
| Stockholders' EquityBook value | — | $1.9B |
| Total Assets | $7.5B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | $699.1M | ||
| Q4 25 | $200.6M | $27.6M | ||
| Q3 25 | $180.5M | $13.5M | ||
| Q2 25 | $182.4M | $19.6M | ||
| Q1 25 | $174.2M | $24.1M | ||
| Q4 24 | $175.5M | $20.0M | ||
| Q3 24 | $152.7M | $23.0M | ||
| Q2 24 | $140.3M | $30.0M |
| Q1 26 | $840.0M | $7.1M | ||
| Q4 25 | — | $246.6M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $190.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $1.0B | $2.1B | ||
| Q3 25 | $1.0B | $2.1B | ||
| Q2 25 | $1.0B | $2.0B | ||
| Q1 25 | $1.1B | $2.0B | ||
| Q4 24 | $1.1B | $2.0B | ||
| Q3 24 | $1.1B | $2.0B | ||
| Q2 24 | $1.0B | $1.9B |
| Q1 26 | $7.5B | $4.4B | ||
| Q4 25 | $7.5B | $3.6B | ||
| Q3 25 | $7.5B | $3.5B | ||
| Q2 25 | $7.4B | $3.4B | ||
| Q1 25 | $7.3B | $3.4B | ||
| Q4 24 | $7.3B | $3.3B | ||
| Q3 24 | $7.2B | $3.3B | ||
| Q2 24 | $7.2B | $3.2B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | — | 0.12× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.10× | ||
| Q3 24 | — | — | ||
| 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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 13.1% |
| 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 | — | $195.4M | ||
| Q3 25 | $187.7M | $51.5M | ||
| Q2 25 | — | $170.6M | ||
| Q1 25 | $246.5M | $192.1M | ||
| Q4 24 | — | $177.3M | ||
| Q3 24 | $169.4M | $244.5M | ||
| Q2 24 | — | $248.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-10.0M | ||
| Q3 25 | $166.3M | $-67.2M | ||
| Q2 25 | — | $33.1M | ||
| Q1 25 | $233.9M | $58.2M | ||
| Q4 24 | — | $-26.2M | ||
| Q3 24 | $154.4M | $77.9M | ||
| Q2 24 | — | $112.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | -1.0% | ||
| Q3 25 | 24.3% | -7.1% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | 36.4% | 6.0% | ||
| Q4 24 | — | -2.8% | ||
| Q3 24 | 24.6% | 6.8% | ||
| Q2 24 | — | 9.7% |
| Q1 26 | — | 13.1% | ||
| Q4 25 | 2.6% | 19.8% | ||
| Q3 25 | 3.1% | 12.5% | ||
| Q2 25 | 2.0% | 13.2% | ||
| Q1 25 | 2.0% | 13.7% | ||
| Q4 24 | 5.4% | 21.6% | ||
| Q3 24 | 2.4% | 14.6% | ||
| Q2 24 | 2.5% | 11.7% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 14.28× | ||
| Q3 25 | 4.93× | 1.20× | ||
| Q2 25 | — | 2.40× | ||
| Q1 25 | 3.21× | 9.55× | ||
| Q4 24 | — | 3.42× | ||
| Q3 24 | 2.59× | 3.31× | ||
| Q2 24 | — | 2.29× |
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% |
LBRT
Segment breakdown not available.
