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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and NCR Atleos Corp (NATL). Click either name above to swap in a different company.
NCR Atleos Corp is the larger business by last-quarter revenue ($1.2B vs $663.0M, roughly 1.7× Churchill Downs Inc). Churchill Downs Inc runs the higher net margin — 12.5% vs 7.2%, a 5.3% gap on every dollar of revenue. On growth, NCR Atleos Corp posted the faster year-over-year revenue change (4.0% vs 3.1%). Over the past eight quarters, NCR Atleos Corp's revenue compounded faster (4.9% 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.
NCR Voyix Corporation, previously known as NCR Corporation and National Cash Register, is a global software, consulting and technology company providing several professional services and electronic products. It manufactured self-service kiosks, point-of-sale terminals, automated teller machines, check processing systems, and barcode scanners.
CHDN vs NATL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $1.2B |
| Net Profit | $83.0M | $83.0M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 13.5% |
| Net Margin | 12.5% | 7.2% |
| Revenue YoY | 3.1% | 4.0% |
| Net Profit YoY | 7.8% | 102.4% |
| EPS (diluted) | $1.16 | $1.09 |
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 | $1.2B | ||
| Q3 25 | $683.0M | $1.1B | ||
| Q2 25 | $934.4M | $1.1B | ||
| Q1 25 | $642.6M | $979.0M | ||
| Q4 24 | $624.2M | $1.1B | ||
| Q3 24 | $628.5M | $1.1B | ||
| Q2 24 | $890.7M | $1.1B |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $83.0M | ||
| Q3 25 | $38.1M | $26.0M | ||
| Q2 25 | $216.9M | $39.0M | ||
| Q1 25 | $76.7M | $14.0M | ||
| Q4 24 | $71.7M | $41.0M | ||
| Q3 24 | $65.4M | $21.0M | ||
| Q2 24 | $209.3M | $27.0M |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 13.5% | ||
| Q3 25 | 14.3% | 9.8% | ||
| Q2 25 | 35.1% | 10.8% | ||
| Q1 25 | 20.9% | 9.5% | ||
| Q4 24 | 20.3% | 13.4% | ||
| Q3 24 | 20.0% | 10.6% | ||
| Q2 24 | 37.0% | 9.8% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 7.2% | ||
| Q3 25 | 5.6% | 2.3% | ||
| Q2 25 | 23.2% | 3.5% | ||
| Q1 25 | 11.9% | 1.4% | ||
| Q4 24 | 11.5% | 3.7% | ||
| Q3 24 | 10.4% | 2.0% | ||
| Q2 24 | 23.5% | 2.5% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $1.09 | ||
| Q3 25 | — | $0.34 | ||
| Q2 25 | — | $0.52 | ||
| Q1 25 | — | $0.19 | ||
| Q4 24 | — | $0.56 | ||
| Q3 24 | — | $0.28 | ||
| Q2 24 | — | $0.37 |
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 | $456.0M |
| Total DebtLower is stronger | $840.0M | $2.7B |
| Stockholders' EquityBook value | — | $403.0M |
| Total Assets | $7.5B | $5.7B |
| Debt / EquityLower = less leverage | — | 6.63× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $456.0M | ||
| Q3 25 | $180.5M | $412.0M | ||
| Q2 25 | $182.4M | $357.0M | ||
| Q1 25 | $174.2M | $352.0M | ||
| Q4 24 | $175.5M | $419.0M | ||
| Q3 24 | $152.7M | $395.0M | ||
| Q2 24 | $140.3M | $374.0M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $403.0M | ||
| Q3 25 | $1.0B | $330.0M | ||
| Q2 25 | $1.0B | $350.0M | ||
| Q1 25 | $1.1B | $275.0M | ||
| Q4 24 | $1.1B | $219.0M | ||
| Q3 24 | $1.1B | $264.0M | ||
| Q2 24 | $1.0B | $250.0M |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $5.7B | ||
| Q3 25 | $7.5B | $5.7B | ||
| Q2 25 | $7.4B | $5.8B | ||
| Q1 25 | $7.3B | $5.7B | ||
| Q4 24 | $7.3B | $5.5B | ||
| Q3 24 | $7.2B | $5.7B | ||
| Q2 24 | $7.2B | $5.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.63× | ||
| Q3 25 | — | 8.45× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 13.05× | ||
| 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 | $231.0M |
| Free Cash FlowOCF − Capex | — | $194.0M |
| FCF MarginFCF / Revenue | — | 16.8% |
| Capex IntensityCapex / Revenue | — | 3.2% |
| Cash ConversionOCF / Net Profit | 3.55× | 2.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $231.0M | ||
| Q3 25 | $187.7M | $25.0M | ||
| Q2 25 | — | $-23.0M | ||
| Q1 25 | $246.5M | $123.0M | ||
| Q4 24 | — | $80.0M | ||
| Q3 24 | $169.4M | $107.0M | ||
| Q2 24 | — | $9.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $194.0M | ||
| Q3 25 | $166.3M | $-5.0M | ||
| Q2 25 | — | $-44.0M | ||
| Q1 25 | $233.9M | $94.0M | ||
| Q4 24 | — | $62.0M | ||
| Q3 24 | $154.4M | $85.0M | ||
| Q2 24 | — | $-14.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 16.8% | ||
| Q3 25 | 24.3% | -0.4% | ||
| Q2 25 | — | -4.0% | ||
| Q1 25 | 36.4% | 9.6% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | 24.6% | 7.9% | ||
| Q2 24 | — | -1.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 3.2% | ||
| Q3 25 | 3.1% | 2.7% | ||
| Q2 25 | 2.0% | 1.9% | ||
| Q1 25 | 2.0% | 3.0% | ||
| Q4 24 | 5.4% | 1.6% | ||
| Q3 24 | 2.4% | 2.1% | ||
| Q2 24 | 2.5% | 2.1% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 2.78× | ||
| Q3 25 | 4.93× | 0.96× | ||
| Q2 25 | — | -0.59× | ||
| Q1 25 | 3.21× | 8.79× | ||
| Q4 24 | — | 1.95× | ||
| Q3 24 | 2.59× | 5.10× | ||
| Q2 24 | — | 0.33× |
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% |
NATL
| Services | $848.0M | 74% |
| APJ | $136.0M | 12% |
| Americas Excluding United States | $135.0M | 12% |
| TT | $44.0M | 4% |
