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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $614.5M, roughly 1.1× Cloudflare, Inc.). Churchill Downs Inc runs the higher net margin — 12.5% vs -2.0%, a 14.5% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 3.1%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% 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.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
CHDN vs NET — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $614.5M |
| Net Profit | $83.0M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 21.6% | -8.0% |
| Net Margin | 12.5% | -2.0% |
| Revenue YoY | 3.1% | 33.6% |
| Net Profit YoY | 7.8% | 6.0% |
| EPS (diluted) | $1.16 | $-0.03 |
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 | $614.5M | ||
| Q3 25 | $683.0M | $562.0M | ||
| Q2 25 | $934.4M | $512.3M | ||
| Q1 25 | $642.6M | $479.1M | ||
| Q4 24 | $624.2M | $459.9M | ||
| Q3 24 | $628.5M | $430.1M | ||
| Q2 24 | $890.7M | $401.0M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $-12.1M | ||
| Q3 25 | $38.1M | $-1.3M | ||
| Q2 25 | $216.9M | $-50.4M | ||
| Q1 25 | $76.7M | $-38.5M | ||
| Q4 24 | $71.7M | $-12.8M | ||
| Q3 24 | $65.4M | $-15.3M | ||
| Q2 24 | $209.3M | $-15.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | -8.0% | ||
| Q3 25 | 14.3% | -6.7% | ||
| Q2 25 | 35.1% | -13.1% | ||
| Q1 25 | 20.9% | -11.1% | ||
| Q4 24 | 20.3% | -7.5% | ||
| Q3 24 | 20.0% | -7.2% | ||
| Q2 24 | 37.0% | -8.7% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | -2.0% | ||
| Q3 25 | 5.6% | -0.2% | ||
| Q2 25 | 23.2% | -9.8% | ||
| Q1 25 | 11.9% | -8.0% | ||
| Q4 24 | 11.5% | -2.8% | ||
| Q3 24 | 10.4% | -3.6% | ||
| Q2 24 | 23.5% | -3.8% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $-0.03 | ||
| Q3 25 | — | $0.00 | ||
| Q2 25 | — | $-0.15 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $-0.04 |
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 | $943.5M |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | $1.5B |
| Total Assets | $7.5B | $6.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $943.5M | ||
| Q3 25 | $180.5M | $1.1B | ||
| Q2 25 | $182.4M | $1.5B | ||
| Q1 25 | $174.2M | $204.5M | ||
| Q4 24 | $175.5M | $147.7M | ||
| Q3 24 | $152.7M | $182.9M | ||
| Q2 24 | $140.3M | $157.0M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.5B | ||
| Q3 25 | $1.0B | $1.3B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.1B | $973.1M | ||
| Q2 24 | $1.0B | $881.5M |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $6.0B | ||
| Q3 25 | $7.5B | $5.8B | ||
| Q2 25 | $7.4B | $5.6B | ||
| Q1 25 | $7.3B | $3.7B | ||
| Q4 24 | $7.3B | $3.3B | ||
| Q3 24 | $7.2B | $3.1B | ||
| Q2 24 | $7.2B | $2.9B |
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 | $190.4M |
| Free Cash FlowOCF − Capex | — | $105.2M |
| FCF MarginFCF / Revenue | — | 17.1% |
| Capex IntensityCapex / Revenue | — | 13.9% |
| Cash ConversionOCF / Net Profit | 3.55× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $190.4M | ||
| Q3 25 | $187.7M | $167.1M | ||
| Q2 25 | — | $99.8M | ||
| Q1 25 | $246.5M | $145.8M | ||
| Q4 24 | — | $127.3M | ||
| Q3 24 | $169.4M | $104.7M | ||
| Q2 24 | — | $74.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $105.2M | ||
| Q3 25 | $166.3M | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | $233.9M | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | $154.4M | $54.5M | ||
| Q2 24 | — | $45.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 17.1% | ||
| Q3 25 | 24.3% | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | 36.4% | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | 24.6% | 12.7% | ||
| Q2 24 | — | 11.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 13.9% | ||
| Q3 25 | 3.1% | 15.1% | ||
| Q2 25 | 2.0% | 11.7% | ||
| Q1 25 | 2.0% | 17.9% | ||
| Q4 24 | 5.4% | 15.9% | ||
| Q3 24 | 2.4% | 11.7% | ||
| Q2 24 | 2.5% | 7.4% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 4.93× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.21× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.59× | — | ||
| 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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
