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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $425.9M, roughly 1.6× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 12.5%, a 23.2% 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, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% 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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
CHDN vs NFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $425.9M |
| Net Profit | $83.0M | $152.0M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 81.5% |
| Net Margin | 12.5% | 35.7% |
| Revenue YoY | 3.1% | 1.7% |
| Net Profit YoY | 7.8% | — |
| EPS (diluted) | $1.16 | $1.59 |
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 | $425.9M | ||
| Q4 25 | $665.9M | $637.9M | ||
| Q3 25 | $683.0M | $443.1M | ||
| Q2 25 | $934.4M | $527.4M | ||
| Q1 25 | $642.6M | $734.8M | ||
| Q4 24 | $624.2M | $513.8M | ||
| Q3 24 | $628.5M | $310.0M | ||
| Q2 24 | $890.7M | $338.6M |
| Q1 26 | $83.0M | $152.0M | ||
| Q4 25 | $51.3M | $181.6M | ||
| Q3 25 | $38.1M | $107.3M | ||
| Q2 25 | $216.9M | $149.8M | ||
| Q1 25 | $76.7M | $216.4M | ||
| Q4 24 | $71.7M | $45.0M | ||
| Q3 24 | $65.4M | $-167.6M | ||
| Q2 24 | $209.3M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% |
| Q1 26 | 21.6% | 81.5% | ||
| Q4 25 | 18.5% | 43.3% | ||
| Q3 25 | 14.3% | 40.6% | ||
| Q2 25 | 35.1% | 43.7% | ||
| Q1 25 | 20.9% | 43.2% | ||
| Q4 24 | 20.3% | 16.8% | ||
| Q3 24 | 20.0% | -63.4% | ||
| Q2 24 | 37.0% | -15.2% |
| Q1 26 | 12.5% | 35.7% | ||
| Q4 25 | 7.7% | 28.5% | ||
| Q3 25 | 5.6% | 24.2% | ||
| Q2 25 | 23.2% | 28.4% | ||
| Q1 25 | 11.9% | 29.4% | ||
| Q4 24 | 11.5% | 8.8% | ||
| Q3 24 | 10.4% | -54.1% | ||
| Q2 24 | 23.5% | -16.0% |
| Q1 26 | $1.16 | $1.59 | ||
| Q4 25 | — | $1.98 | ||
| Q3 25 | — | $1.18 | ||
| Q2 25 | — | $1.64 | ||
| Q1 25 | — | $2.37 | ||
| Q4 24 | — | $0.49 | ||
| Q3 24 | — | $-1.81 | ||
| Q2 24 | — | $-0.59 |
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 | $300.0M |
| Stockholders' EquityBook value | — | — |
| Total Assets | $7.5B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $271.4M | ||
| Q3 25 | $180.5M | $43.2M | ||
| Q2 25 | $182.4M | $39.3M | ||
| Q1 25 | $174.2M | $40.0M | ||
| Q4 24 | $175.5M | $48.7M | ||
| Q3 24 | $152.7M | $38.2M | ||
| Q2 24 | $140.3M | $81.4M |
| Q1 26 | $840.0M | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $3.6B | ||
| Q3 25 | $1.0B | $3.1B | ||
| Q2 25 | $1.0B | $3.0B | ||
| Q1 25 | $1.1B | $2.8B | ||
| Q4 24 | $1.1B | $-76.2M | ||
| Q3 24 | $1.1B | $-15.5M | ||
| Q2 24 | $1.0B | $5.0M |
| Q1 26 | $7.5B | $9.1B | ||
| Q4 25 | $7.5B | $9.2B | ||
| Q3 25 | $7.5B | $8.7B | ||
| Q2 25 | $7.4B | $8.4B | ||
| Q1 25 | $7.3B | $8.5B | ||
| Q4 24 | $7.3B | $8.3B | ||
| Q3 24 | $7.2B | $8.3B | ||
| Q2 24 | $7.2B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 117.0% |
| Cash ConversionOCF / Net Profit | 3.55× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | $657.3M | ||
| Q4 25 | — | $274.9M | ||
| Q3 25 | $187.7M | $237.8M | ||
| Q2 25 | — | $388.4M | ||
| Q1 25 | $246.5M | $253.8M | ||
| Q4 24 | — | $220.1M | ||
| Q3 24 | $169.4M | $197.9M | ||
| Q2 24 | — | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-2.7M | ||
| Q3 25 | $166.3M | $-47.8M | ||
| Q2 25 | — | $195.3M | ||
| Q1 25 | $233.9M | $59.9M | ||
| Q4 24 | — | $-20.3M | ||
| Q3 24 | $154.4M | $-49.1M | ||
| Q2 24 | — | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | -0.4% | ||
| Q3 25 | 24.3% | -10.8% | ||
| Q2 25 | — | 37.0% | ||
| Q1 25 | 36.4% | 8.2% | ||
| Q4 24 | — | -4.0% | ||
| Q3 24 | 24.6% | -15.8% | ||
| Q2 24 | — | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 2.6% | 43.5% | ||
| Q3 25 | 3.1% | 64.4% | ||
| Q2 25 | 2.0% | 36.6% | ||
| Q1 25 | 2.0% | 26.4% | ||
| Q4 24 | 5.4% | 46.8% | ||
| Q3 24 | 2.4% | 79.7% | ||
| Q2 24 | 2.5% | 59.7% |
| Q1 26 | 3.55× | 4.32× | ||
| Q4 25 | — | 1.51× | ||
| Q3 25 | 4.93× | 2.21× | ||
| Q2 25 | — | 2.59× | ||
| Q1 25 | 3.21× | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| 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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
