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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and MSCI Inc. (MSCI). Click either name above to swap in a different company.
MSCI Inc. is the larger business by last-quarter revenue ($822.5M vs $663.0M, roughly 1.2× Churchill Downs Inc). MSCI Inc. runs the higher net margin — 34.6% vs 12.5%, a 22.1% gap on every dollar of revenue. On growth, MSCI Inc. posted the faster year-over-year revenue change (10.6% vs 3.1%). Over the past eight quarters, MSCI Inc.'s revenue compounded faster (10.0% 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.
MSCI Inc. is an American finance company headquartered in New York City. MSCI is a global provider of equity, fixed income, real estate indices, multi-asset portfolio analysis tools, ESG and climate finance products. It operates the MSCI World, MSCI Emerging Markets, and MSCI All Country World (ACWI) indices, among others.
CHDN vs MSCI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $822.5M |
| Net Profit | $83.0M | $284.7M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 56.4% |
| Net Margin | 12.5% | 34.6% |
| Revenue YoY | 3.1% | 10.6% |
| Net Profit YoY | 7.8% | -6.8% |
| EPS (diluted) | $1.16 | $3.81 |
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 | $822.5M | ||
| Q3 25 | $683.0M | $793.4M | ||
| Q2 25 | $934.4M | $772.7M | ||
| Q1 25 | $642.6M | $745.8M | ||
| Q4 24 | $624.2M | $743.5M | ||
| Q3 24 | $628.5M | $724.7M | ||
| Q2 24 | $890.7M | $707.9M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $284.7M | ||
| Q3 25 | $38.1M | $325.4M | ||
| Q2 25 | $216.9M | $303.6M | ||
| Q1 25 | $76.7M | $288.6M | ||
| Q4 24 | $71.7M | $305.5M | ||
| Q3 24 | $65.4M | $280.9M | ||
| Q2 24 | $209.3M | $266.8M |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 56.4% | ||
| Q3 25 | 14.3% | 56.4% | ||
| Q2 25 | 35.1% | 55.0% | ||
| Q1 25 | 20.9% | 50.6% | ||
| Q4 24 | 20.3% | 54.5% | ||
| Q3 24 | 20.0% | 55.4% | ||
| Q2 24 | 37.0% | 54.0% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 34.6% | ||
| Q3 25 | 5.6% | 41.0% | ||
| Q2 25 | 23.2% | 39.3% | ||
| Q1 25 | 11.9% | 38.7% | ||
| Q4 24 | 11.5% | 41.1% | ||
| Q3 24 | 10.4% | 38.8% | ||
| Q2 24 | 23.5% | 37.7% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $3.81 | ||
| Q3 25 | — | $4.25 | ||
| Q2 25 | — | $3.92 | ||
| Q1 25 | — | $3.71 | ||
| Q4 24 | — | $3.89 | ||
| Q3 24 | — | $3.57 | ||
| Q2 24 | — | $3.37 |
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 | $515.3M |
| Total DebtLower is stronger | $840.0M | $6.2B |
| Stockholders' EquityBook value | — | $-2.7B |
| Total Assets | $7.5B | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $515.3M | ||
| Q3 25 | $180.5M | $400.1M | ||
| Q2 25 | $182.4M | $347.3M | ||
| Q1 25 | $174.2M | $360.7M | ||
| Q4 24 | $175.5M | $409.4M | ||
| Q3 24 | $152.7M | $501.0M | ||
| Q2 24 | $140.3M | $451.4M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $-2.7B | ||
| Q3 25 | $1.0B | $-1.9B | ||
| Q2 25 | $1.0B | $-886.2M | ||
| Q1 25 | $1.1B | $-958.6M | ||
| Q4 24 | $1.1B | $-940.0M | ||
| Q3 24 | $1.1B | $-751.0M | ||
| Q2 24 | $1.0B | $-734.5M |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $5.7B | ||
| Q3 25 | $7.5B | $5.4B | ||
| Q2 25 | $7.4B | $5.4B | ||
| Q1 25 | $7.3B | $5.3B | ||
| Q4 24 | $7.3B | $5.4B | ||
| Q3 24 | $7.2B | $5.4B | ||
| Q2 24 | $7.2B | $5.5B |
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 | $501.1M |
| Free Cash FlowOCF − Capex | — | $488.7M |
| FCF MarginFCF / Revenue | — | 59.4% |
| Capex IntensityCapex / Revenue | — | 1.5% |
| Cash ConversionOCF / Net Profit | 3.55× | 1.76× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $501.1M | ||
| Q3 25 | $187.7M | $449.4M | ||
| Q2 25 | — | $336.1M | ||
| Q1 25 | $246.5M | $301.7M | ||
| Q4 24 | — | $430.6M | ||
| Q3 24 | $169.4M | $421.6M | ||
| Q2 24 | — | $349.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $488.7M | ||
| Q3 25 | $166.3M | $445.5M | ||
| Q2 25 | — | $324.7M | ||
| Q1 25 | $233.9M | $290.2M | ||
| Q4 24 | — | $416.4M | ||
| Q3 24 | $154.4M | $415.0M | ||
| Q2 24 | — | $340.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | 59.4% | ||
| Q3 25 | 24.3% | 56.2% | ||
| Q2 25 | — | 42.0% | ||
| Q1 25 | 36.4% | 38.9% | ||
| Q4 24 | — | 56.0% | ||
| Q3 24 | 24.6% | 57.3% | ||
| Q2 24 | — | 48.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 1.5% | ||
| Q3 25 | 3.1% | 0.5% | ||
| Q2 25 | 2.0% | 1.5% | ||
| Q1 25 | 2.0% | 1.5% | ||
| Q4 24 | 5.4% | 1.9% | ||
| Q3 24 | 2.4% | 0.9% | ||
| Q2 24 | 2.5% | 1.2% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 1.76× | ||
| Q3 25 | 4.93× | 1.38× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | 3.21× | 1.05× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | 2.59× | 1.50× | ||
| Q2 24 | — | 1.31× |
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% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
