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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Paylocity Holding Corp (PCTY). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $387.0M, roughly 1.7× Paylocity Holding Corp). Paylocity Holding Corp runs the higher net margin — 13.0% vs 12.5%, a 0.5% gap on every dollar of revenue. On growth, Paylocity Holding Corp posted the faster year-over-year revenue change (11.3% vs 3.1%). Over the past eight quarters, Paylocity Holding Corp's revenue compounded faster (2.7% 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.
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
CHDN vs PCTY — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $387.0M |
| Net Profit | $83.0M | $50.2M |
| Gross Margin | — | 72.9% |
| Operating Margin | 21.6% | 18.2% |
| Net Margin | 12.5% | 13.0% |
| Revenue YoY | 3.1% | 11.3% |
| Net Profit YoY | 7.8% | 34.0% |
| EPS (diluted) | $1.16 | $0.92 |
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 | $387.0M | ||
| Q3 25 | $683.0M | $378.9M | ||
| Q2 25 | $934.4M | $369.9M | ||
| Q1 25 | $642.6M | $421.1M | ||
| Q4 24 | $624.2M | $347.7M | ||
| Q3 24 | $628.5M | $333.1M | ||
| Q2 24 | $890.7M | $324.7M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $50.2M | ||
| Q3 25 | $38.1M | $48.0M | ||
| Q2 25 | $216.9M | $48.6M | ||
| Q1 25 | $76.7M | $91.5M | ||
| Q4 24 | $71.7M | $37.5M | ||
| Q3 24 | $65.4M | $49.6M | ||
| Q2 24 | $209.3M | $48.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 72.9% | ||
| Q3 25 | — | 73.9% | ||
| Q2 25 | — | 73.5% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 72.6% | ||
| Q3 24 | — | 74.4% | ||
| Q2 24 | — | 74.0% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 18.2% | ||
| Q3 25 | 14.3% | 19.6% | ||
| Q2 25 | 35.1% | 17.9% | ||
| Q1 25 | 20.9% | 30.2% | ||
| Q4 24 | 20.3% | 13.4% | ||
| Q3 24 | 20.0% | 19.3% | ||
| Q2 24 | 37.0% | 19.4% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 13.0% | ||
| Q3 25 | 5.6% | 12.7% | ||
| Q2 25 | 23.2% | 13.1% | ||
| Q1 25 | 11.9% | 21.7% | ||
| Q4 24 | 11.5% | 10.8% | ||
| Q3 24 | 10.4% | 14.9% | ||
| Q2 24 | 23.5% | 15.0% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $0.92 | ||
| Q3 25 | — | $0.86 | ||
| Q2 25 | — | $0.87 | ||
| Q1 25 | — | $1.61 | ||
| Q4 24 | — | $0.66 | ||
| Q3 24 | — | $0.88 | ||
| Q2 24 | — | $0.85 |
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 | $162.5M |
| Total DebtLower is stronger | $840.0M | $81.3M |
| Stockholders' EquityBook value | — | $1.1B |
| Total Assets | $7.5B | $7.0B |
| Debt / EquityLower = less leverage | — | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $162.5M | ||
| Q3 25 | $180.5M | $165.2M | ||
| Q2 25 | $182.4M | $398.1M | ||
| Q1 25 | $174.2M | $477.8M | ||
| Q4 24 | $175.5M | $482.4M | ||
| Q3 24 | $152.7M | $778.5M | ||
| Q2 24 | $140.3M | $401.8M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $81.3M | ||
| Q3 25 | — | $81.3M | ||
| Q2 25 | — | $162.5M | ||
| Q1 25 | — | $243.8M | ||
| Q4 24 | — | $325.0M | ||
| Q3 24 | — | $325.0M | ||
| Q2 24 | — | $0 |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.1B | ||
| Q3 25 | $1.0B | $1.1B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $1.1B | $1.2B | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $1.0B | $1.0B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $7.0B | ||
| Q3 25 | $7.5B | $4.2B | ||
| Q2 25 | $7.4B | $4.4B | ||
| Q1 25 | $7.3B | $5.2B | ||
| Q4 24 | $7.3B | $5.3B | ||
| Q3 24 | $7.2B | $4.0B | ||
| Q2 24 | $7.2B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.20× | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | 0.29× | ||
| Q2 24 | — | 0.00× |
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 | $117.0M |
| Free Cash FlowOCF − Capex | — | $113.6M |
| FCF MarginFCF / Revenue | — | 29.4% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | 3.55× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | — | $461.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $117.0M | ||
| Q3 25 | $187.7M | $86.5M | ||
| Q2 25 | — | $86.6M | ||
| Q1 25 | $246.5M | $186.0M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | $169.4M | $91.5M | ||
| Q2 24 | — | $79.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $113.6M | ||
| Q3 25 | $166.3M | $82.7M | ||
| Q2 25 | — | $81.1M | ||
| Q1 25 | $233.9M | $183.7M | ||
| Q4 24 | — | $51.2M | ||
| Q3 24 | $154.4M | $89.1M | ||
| Q2 24 | — | $73.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | 29.4% | ||
| Q3 25 | 24.3% | 21.8% | ||
| Q2 25 | — | 21.9% | ||
| Q1 25 | 36.4% | 43.6% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | 24.6% | 26.8% | ||
| Q2 24 | — | 22.7% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 0.9% | ||
| Q3 25 | 3.1% | 1.0% | ||
| Q2 25 | 2.0% | 1.5% | ||
| Q1 25 | 2.0% | 0.5% | ||
| Q4 24 | 5.4% | 0.9% | ||
| Q3 24 | 2.4% | 0.7% | ||
| Q2 24 | 2.5% | 1.9% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 2.33× | ||
| Q3 25 | 4.93× | 1.80× | ||
| Q2 25 | — | 1.78× | ||
| Q1 25 | 3.21× | 2.03× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | 2.59× | 1.84× | ||
| Q2 24 | — | 1.64× |
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% |
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
