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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Mid-America Apartment Communities (MAA). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $553.7M, roughly 1.2× Mid-America Apartment Communities). On growth, Mid-America Apartment Communities posted the faster year-over-year revenue change (438.7% vs 3.1%). Over the past eight quarters, Mid-America Apartment Communities's revenue compounded faster (0.7% 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.
Mid-America Apartment Communities, Inc. (MAA) is a publicly traded real estate investment trust based in Memphis, Tennessee that invests in apartments in the Southeastern United States and the Southwestern United States.
CHDN vs MAA — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $553.7M |
| Net Profit | $83.0M | — |
| Gross Margin | — | — |
| Operating Margin | 21.6% | — |
| Net Margin | 12.5% | — |
| Revenue YoY | 3.1% | 438.7% |
| Net Profit YoY | 7.8% | — |
| EPS (diluted) | $1.16 | $4.34 |
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 | $553.7M | ||
| Q4 25 | $665.9M | $555.6M | ||
| Q3 25 | $683.0M | $554.4M | ||
| Q2 25 | $934.4M | $549.9M | ||
| Q1 25 | $642.6M | $549.3M | ||
| Q4 24 | $624.2M | $549.8M | ||
| Q3 24 | $628.5M | $551.1M | ||
| Q2 24 | $890.7M | $546.4M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $57.6M | ||
| Q3 25 | $38.1M | $99.5M | ||
| Q2 25 | $216.9M | $108.1M | ||
| Q1 25 | $76.7M | $181.7M | ||
| Q4 24 | $71.7M | $166.6M | ||
| Q3 24 | $65.4M | $115.2M | ||
| Q2 24 | $209.3M | $102.0M |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 10.4% | ||
| Q3 25 | 14.3% | 18.7% | ||
| Q2 25 | 35.1% | 20.2% | ||
| Q1 25 | 20.9% | 34.0% | ||
| Q4 24 | 20.3% | 31.3% | ||
| Q3 24 | 20.0% | 21.5% | ||
| Q2 24 | 37.0% | 19.3% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 10.4% | ||
| Q3 25 | 5.6% | 18.0% | ||
| Q2 25 | 23.2% | 19.7% | ||
| Q1 25 | 11.9% | 33.1% | ||
| Q4 24 | 11.5% | 30.3% | ||
| Q3 24 | 10.4% | 20.9% | ||
| Q2 24 | 23.5% | 18.7% |
| Q1 26 | $1.16 | $4.34 | ||
| Q4 25 | — | $0.48 | ||
| Q3 25 | — | $0.84 | ||
| Q2 25 | — | $0.92 | ||
| Q1 25 | — | $1.54 | ||
| Q4 24 | — | $1.43 | ||
| Q3 24 | — | $0.98 | ||
| Q2 24 | — | $0.86 |
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 | — |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | — |
| Total Assets | $7.5B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $60.3M | ||
| Q3 25 | $180.5M | $32.2M | ||
| Q2 25 | $182.4M | $54.5M | ||
| Q1 25 | $174.2M | $55.8M | ||
| Q4 24 | $175.5M | $43.0M | ||
| Q3 24 | $152.7M | $50.2M | ||
| Q2 24 | $140.3M | $62.8M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $5.7B | ||
| Q3 25 | $1.0B | $5.8B | ||
| Q2 25 | $1.0B | $5.9B | ||
| Q1 25 | $1.1B | $5.9B | ||
| Q4 24 | $1.1B | $5.9B | ||
| Q3 24 | $1.1B | $5.9B | ||
| Q2 24 | $1.0B | $6.0B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $12.0B | ||
| Q3 25 | $7.5B | $11.9B | ||
| Q2 25 | $7.4B | $11.8B | ||
| Q1 25 | $7.3B | $11.8B | ||
| Q4 24 | $7.3B | $11.8B | ||
| Q3 24 | $7.2B | $11.8B | ||
| Q2 24 | $7.2B | $11.6B |
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 | — | — |
| 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 | — | $261.7M | ||
| Q3 25 | $187.7M | $266.4M | ||
| Q2 25 | — | $353.4M | ||
| Q1 25 | $246.5M | $196.6M | ||
| Q4 24 | — | $239.1M | ||
| Q3 24 | $169.4M | $309.5M | ||
| Q2 24 | — | $349.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $158.6M | ||
| Q3 25 | $166.3M | $170.8M | ||
| Q2 25 | — | $264.5M | ||
| Q1 25 | $233.9M | $124.0M | ||
| Q4 24 | — | $152.6M | ||
| Q3 24 | $154.4M | $215.5M | ||
| Q2 24 | — | $259.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 28.5% | ||
| Q3 25 | 24.3% | 30.8% | ||
| Q2 25 | — | 48.1% | ||
| Q1 25 | 36.4% | 22.6% | ||
| Q4 24 | — | 27.8% | ||
| Q3 24 | 24.6% | 39.1% | ||
| Q2 24 | — | 47.5% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 18.6% | ||
| Q3 25 | 3.1% | 17.2% | ||
| Q2 25 | 2.0% | 16.2% | ||
| Q1 25 | 2.0% | 13.2% | ||
| Q4 24 | 5.4% | 15.7% | ||
| Q3 24 | 2.4% | 17.1% | ||
| Q2 24 | 2.5% | 16.4% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 4.55× | ||
| Q3 25 | 4.93× | 2.68× | ||
| Q2 25 | — | 3.27× | ||
| Q1 25 | 3.21× | 1.08× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | 2.59× | 2.69× | ||
| Q2 24 | — | 3.43× |
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% |
MAA
| Same Store Communities | $517.0M | 93% |
| Non-Same Store Communities | $22.1M | 4% |
| Lease-up/Development Communities | $7.7M | 1% |
| Commercial Property/Land | $7.0M | 1% |
