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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Pediatrix Medical Group, Inc. (MD). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $493.8M, roughly 1.3× Pediatrix Medical Group, Inc.). Churchill Downs Inc runs the higher net margin — 12.5% vs 6.8%, a 5.7% gap on every dollar of revenue. On growth, Churchill Downs Inc posted the faster year-over-year revenue change (3.1% vs -1.7%). Over the past eight quarters, Pediatrix Medical Group, Inc.'s revenue compounded faster (-0.1% 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.
Pediatrix Medical Group, Inc. is a leading U.S. specialized medical service provider focusing on maternal-fetal care, neonatology, pediatric cardiology and other pediatric subspecialties. It partners with U.S. healthcare facilities to deliver evidence-based care to women, newborns and children.
CHDN vs MD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $493.8M |
| Net Profit | $83.0M | $33.7M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 9.9% |
| Net Margin | 12.5% | 6.8% |
| Revenue YoY | 3.1% | -1.7% |
| Net Profit YoY | 7.8% | 10.5% |
| EPS (diluted) | $1.16 | $0.40 |
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 | $493.8M | ||
| Q3 25 | $683.0M | $492.9M | ||
| Q2 25 | $934.4M | $468.8M | ||
| Q1 25 | $642.6M | $458.4M | ||
| Q4 24 | $624.2M | $502.4M | ||
| Q3 24 | $628.5M | $511.2M | ||
| Q2 24 | $890.7M | $504.3M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $33.7M | ||
| Q3 25 | $38.1M | $71.7M | ||
| Q2 25 | $216.9M | $39.3M | ||
| Q1 25 | $76.7M | $20.7M | ||
| Q4 24 | $71.7M | $30.5M | ||
| Q3 24 | $65.4M | $19.4M | ||
| Q2 24 | $209.3M | $-153.0M |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 9.9% | ||
| Q3 25 | 14.3% | 13.8% | ||
| Q2 25 | 35.1% | 12.8% | ||
| Q1 25 | 20.9% | 7.0% | ||
| Q4 24 | 20.3% | 7.8% | ||
| Q3 24 | 20.0% | 6.6% | ||
| Q2 24 | 37.0% | -31.3% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 6.8% | ||
| Q3 25 | 5.6% | 14.5% | ||
| Q2 25 | 23.2% | 8.4% | ||
| Q1 25 | 11.9% | 4.5% | ||
| Q4 24 | 11.5% | 6.1% | ||
| Q3 24 | 10.4% | 3.8% | ||
| Q2 24 | 23.5% | -30.3% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $0.40 | ||
| Q3 25 | — | $0.84 | ||
| Q2 25 | — | $0.46 | ||
| Q1 25 | — | $0.24 | ||
| Q4 24 | — | $0.37 | ||
| Q3 24 | — | $0.23 | ||
| Q2 24 | — | $-1.84 |
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 | $375.2M |
| Total DebtLower is stronger | $840.0M | $570.5M |
| Stockholders' EquityBook value | — | $865.9M |
| Total Assets | $7.5B | $2.2B |
| Debt / EquityLower = less leverage | — | 0.66× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $375.2M | ||
| Q3 25 | $180.5M | $340.1M | ||
| Q2 25 | $182.4M | $224.7M | ||
| Q1 25 | $174.2M | $99.0M | ||
| Q4 24 | $175.5M | $229.9M | ||
| Q3 24 | $152.7M | $103.8M | ||
| Q2 24 | $140.3M | $19.4M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $570.5M | ||
| Q3 25 | — | $577.2M | ||
| Q2 25 | — | $583.9M | ||
| Q1 25 | — | $590.5M | ||
| Q4 24 | — | $597.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $865.9M | ||
| Q3 25 | $1.0B | $890.7M | ||
| Q2 25 | $1.0B | $833.8M | ||
| Q1 25 | $1.1B | $789.2M | ||
| Q4 24 | $1.1B | $764.9M | ||
| Q3 24 | $1.1B | $732.5M | ||
| Q2 24 | $1.0B | $706.5M |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $2.2B | ||
| Q3 25 | $7.5B | $2.2B | ||
| Q2 25 | $7.4B | $2.1B | ||
| Q1 25 | $7.3B | $2.0B | ||
| Q4 24 | $7.3B | $2.2B | ||
| Q3 24 | $7.2B | $2.1B | ||
| Q2 24 | $7.2B | $2.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | 0.70× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 0.78× | ||
| 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 | $114.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.55× | 3.39× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $114.1M | ||
| Q3 25 | $187.7M | $137.3M | ||
| Q2 25 | — | $137.2M | ||
| Q1 25 | $246.5M | $-117.5M | ||
| Q4 24 | — | $133.0M | ||
| Q3 24 | $169.4M | $91.8M | ||
| Q2 24 | — | $107.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $166.3M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $233.9M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $154.4M | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 24.3% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 36.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 24.6% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | — | ||
| Q3 25 | 3.1% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 5.4% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 2.5% | — |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 3.39× | ||
| Q3 25 | 4.93× | 1.91× | ||
| Q2 25 | — | 3.49× | ||
| Q1 25 | 3.21× | -5.66× | ||
| Q4 24 | — | 4.36× | ||
| Q3 24 | 2.59× | 4.72× | ||
| Q2 24 | — | — |
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% |
MD
| Health Care Patient Service | $421.6M | 85% |
| Hospitals Contracts | $70.0M | 14% |
| Other | $2.2M | 0% |
