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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and LCI INDUSTRIES (LCII). Click either name above to swap in a different company.
LCI INDUSTRIES is the larger business by last-quarter revenue ($932.7M vs $663.0M, roughly 1.4× Churchill Downs Inc). Churchill Downs Inc runs the higher net margin — 12.5% vs 2.0%, a 10.5% gap on every dollar of revenue. On growth, LCI INDUSTRIES posted the faster year-over-year revenue change (16.1% vs 3.1%). Over the past eight quarters, LCI INDUSTRIES's revenue compounded faster (-1.8% 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.
Lucky Core Industries Limited, formerly known as ICI Pakistan, is a Pakistani conglomerate company headquartered in Karachi. It manufactures polyester, pharmaceutical, agrochemical, soda ash, and veterinary medicine.
CHDN vs LCII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $932.7M |
| Net Profit | $83.0M | $18.7M |
| Gross Margin | — | 22.1% |
| Operating Margin | 21.6% | 3.8% |
| Net Margin | 12.5% | 2.0% |
| Revenue YoY | 3.1% | 16.1% |
| Net Profit YoY | 7.8% | 95.7% |
| EPS (diluted) | $1.16 | $0.79 |
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 | $932.7M | ||
| Q3 25 | $683.0M | $1.0B | ||
| Q2 25 | $934.4M | $1.1B | ||
| Q1 25 | $642.6M | $1.0B | ||
| Q4 24 | $624.2M | $803.1M | ||
| Q3 24 | $628.5M | $915.5M | ||
| Q2 24 | $890.7M | $1.1B |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $18.7M | ||
| Q3 25 | $38.1M | $62.5M | ||
| Q2 25 | $216.9M | $57.6M | ||
| Q1 25 | $76.7M | $49.4M | ||
| Q4 24 | $71.7M | $9.5M | ||
| Q3 24 | $65.4M | $35.6M | ||
| Q2 24 | $209.3M | $61.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 22.1% | ||
| Q3 25 | — | 24.4% | ||
| Q2 25 | — | 24.4% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | — | 24.0% | ||
| Q2 24 | — | 25.3% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 3.8% | ||
| Q3 25 | 14.3% | 7.3% | ||
| Q2 25 | 35.1% | 7.9% | ||
| Q1 25 | 20.9% | 7.8% | ||
| Q4 24 | 20.3% | 2.0% | ||
| Q3 24 | 20.0% | 5.9% | ||
| Q2 24 | 37.0% | 8.6% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 2.0% | ||
| Q3 25 | 5.6% | 6.0% | ||
| Q2 25 | 23.2% | 5.2% | ||
| Q1 25 | 11.9% | 4.7% | ||
| Q4 24 | 11.5% | 1.2% | ||
| Q3 24 | 10.4% | 3.9% | ||
| Q2 24 | 23.5% | 5.8% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $0.79 | ||
| Q3 25 | — | $2.55 | ||
| Q2 25 | — | $2.29 | ||
| Q1 25 | — | $1.94 | ||
| Q4 24 | — | $0.37 | ||
| Q3 24 | — | $1.39 | ||
| Q2 24 | — | $2.40 |
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 | $222.6M |
| Total DebtLower is stronger | $840.0M | $945.2M |
| Stockholders' EquityBook value | — | $1.4B |
| Total Assets | $7.5B | $3.2B |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $222.6M | ||
| Q3 25 | $180.5M | $199.7M | ||
| Q2 25 | $182.4M | $191.9M | ||
| Q1 25 | $174.2M | $231.2M | ||
| Q4 24 | $175.5M | $165.8M | ||
| Q3 24 | $152.7M | $161.2M | ||
| Q2 24 | $140.3M | $130.4M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $945.2M | ||
| Q3 25 | — | $947.8M | ||
| Q2 25 | — | $948.0M | ||
| Q1 25 | — | $938.3M | ||
| Q4 24 | — | $757.3M | ||
| Q3 24 | — | $822.5M | ||
| Q2 24 | — | $829.7M |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.4B | ||
| Q3 25 | $1.0B | $1.4B | ||
| Q2 25 | $1.0B | $1.4B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.1B | $1.4B | ||
| Q3 24 | $1.1B | $1.4B | ||
| Q2 24 | $1.0B | $1.4B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $3.2B | ||
| Q3 25 | $7.5B | $3.2B | ||
| Q2 25 | $7.4B | $3.2B | ||
| Q1 25 | $7.3B | $3.1B | ||
| Q4 24 | $7.3B | $2.9B | ||
| Q3 24 | $7.2B | $3.0B | ||
| Q2 24 | $7.2B | $3.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.70× | ||
| Q2 25 | — | 0.68× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 0.55× | ||
| Q3 24 | — | 0.58× | ||
| Q2 24 | — | 0.60× |
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 | $78.9M |
| Free Cash FlowOCF − Capex | — | $64.3M |
| FCF MarginFCF / Revenue | — | 6.9% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | 3.55× | 4.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | $278.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $78.9M | ||
| Q3 25 | $187.7M | $97.2M | ||
| Q2 25 | — | $112.2M | ||
| Q1 25 | $246.5M | $42.7M | ||
| Q4 24 | — | $106.6M | ||
| Q3 24 | $169.4M | $78.4M | ||
| Q2 24 | — | $192.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $64.3M | ||
| Q3 25 | $166.3M | $80.9M | ||
| Q2 25 | — | $99.5M | ||
| Q1 25 | $233.9M | $33.7M | ||
| Q4 24 | — | $95.7M | ||
| Q3 24 | $154.4M | $68.3M | ||
| Q2 24 | — | $180.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.9% | ||
| Q3 25 | 24.3% | 7.8% | ||
| Q2 25 | — | 9.0% | ||
| Q1 25 | 36.4% | 3.2% | ||
| Q4 24 | — | 11.9% | ||
| Q3 24 | 24.6% | 7.5% | ||
| Q2 24 | — | 17.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 1.6% | ||
| Q3 25 | 3.1% | 1.6% | ||
| Q2 25 | 2.0% | 1.2% | ||
| Q1 25 | 2.0% | 0.9% | ||
| Q4 24 | 5.4% | 1.4% | ||
| Q3 24 | 2.4% | 1.1% | ||
| Q2 24 | 2.5% | 1.2% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 4.22× | ||
| Q3 25 | 4.93× | 1.55× | ||
| Q2 25 | — | 1.95× | ||
| Q1 25 | 3.21× | 0.86× | ||
| Q4 24 | — | 11.17× | ||
| Q3 24 | 2.59× | 2.20× | ||
| Q2 24 | — | 3.15× |
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% |
LCII
| Travel Trailer And Fifth Wheels | $378.4M | 41% |
| Chassis Chassis Partsand Slideout Mechanisms | $206.1M | 22% |
| Furnitureand Mattresses | $120.4M | 13% |
| Appliances | $69.9M | 7% |
| Other Products | $69.1M | 7% |
| Axlesand Suspension Solutions | $62.3M | 7% |
| Motorhomes | $34.2M | 4% |
