vs
Side-by-side financial comparison of Churchill Downs Inc (CHDN) and PEGASYSTEMS INC (PEGA). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $430.0M, roughly 1.5× PEGASYSTEMS INC). Churchill Downs Inc runs the higher net margin — 12.5% vs 7.6%, a 4.9% gap on every dollar of revenue. On growth, Churchill Downs Inc posted the faster year-over-year revenue change (3.1% vs -9.6%). Over the past eight quarters, PEGASYSTEMS INC's revenue compounded faster (10.7% 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.
Pegasystems Inc. (Pega) is a global software company based in Waltham, Massachusetts, in the United States, and founded in 1983. The company has been publicly traded since 1996 as PEGA (NASDAQ). Pega is a low-code platform for workflow automation and generative AI-powered decision-making for businesses.
CHDN vs PEGA — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $430.0M |
| Net Profit | $83.0M | $32.8M |
| Gross Margin | — | 75.2% |
| Operating Margin | 21.6% | 8.6% |
| Net Margin | 12.5% | 7.6% |
| Revenue YoY | 3.1% | -9.6% |
| Net Profit YoY | 7.8% | — |
| EPS (diluted) | $1.16 | $0.18 |
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 | $430.0M | ||
| Q4 25 | $665.9M | $504.3M | ||
| Q3 25 | $683.0M | $381.4M | ||
| Q2 25 | $934.4M | $384.5M | ||
| Q1 25 | $642.6M | $475.6M | ||
| Q4 24 | $624.2M | $490.8M | ||
| Q3 24 | $628.5M | $325.1M | ||
| Q2 24 | $890.7M | $351.2M |
| Q1 26 | $83.0M | $32.8M | ||
| Q4 25 | $51.3M | $234.6M | ||
| Q3 25 | $38.1M | $43.4M | ||
| Q2 25 | $216.9M | $30.1M | ||
| Q1 25 | $76.7M | $85.4M | ||
| Q4 24 | $71.7M | $119.1M | ||
| Q3 24 | $65.4M | $-14.4M | ||
| Q2 24 | $209.3M | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | — | 79.5% | ||
| Q3 25 | — | 72.2% | ||
| Q2 25 | — | 71.5% | ||
| Q1 25 | — | 78.5% | ||
| Q4 24 | — | 79.1% | ||
| Q3 24 | — | 70.2% | ||
| Q2 24 | — | 72.4% |
| Q1 26 | 21.6% | 8.6% | ||
| Q4 25 | 18.5% | 20.7% | ||
| Q3 25 | 14.3% | 3.8% | ||
| Q2 25 | 35.1% | 4.5% | ||
| Q1 25 | 20.9% | 26.7% | ||
| Q4 24 | 20.3% | 29.1% | ||
| Q3 24 | 20.0% | -3.6% | ||
| Q2 24 | 37.0% | 3.7% |
| Q1 26 | 12.5% | 7.6% | ||
| Q4 25 | 7.7% | 46.5% | ||
| Q3 25 | 5.6% | 11.4% | ||
| Q2 25 | 23.2% | 7.8% | ||
| Q1 25 | 11.9% | 18.0% | ||
| Q4 24 | 11.5% | 24.3% | ||
| Q3 24 | 10.4% | -4.4% | ||
| Q2 24 | 23.5% | 1.9% |
| Q1 26 | $1.16 | $0.18 | ||
| Q4 25 | — | $0.81 | ||
| Q3 25 | — | $0.24 | ||
| Q2 25 | — | $0.17 | ||
| Q1 25 | — | $0.91 | ||
| Q4 24 | — | $1.35 | ||
| Q3 24 | — | $-0.17 | ||
| Q2 24 | — | $0.07 |
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 | $270.0M |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | $705.9M |
| Total Assets | $7.5B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | $270.0M | ||
| Q4 25 | $200.6M | $425.8M | ||
| Q3 25 | $180.5M | $351.4M | ||
| Q2 25 | $182.4M | $411.6M | ||
| Q1 25 | $174.2M | $371.7M | ||
| Q4 24 | $175.5M | $740.0M | ||
| Q3 24 | $152.7M | $703.0M | ||
| Q2 24 | $140.3M | $665.1M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $705.9M | ||
| Q4 25 | $1.0B | $787.4M | ||
| Q3 25 | $1.0B | $596.8M | ||
| Q2 25 | $1.0B | $624.5M | ||
| Q1 25 | $1.1B | $611.3M | ||
| Q4 24 | $1.1B | $585.5M | ||
| Q3 24 | $1.1B | $473.0M | ||
| Q2 24 | $1.0B | $435.4M |
| Q1 26 | $7.5B | $1.6B | ||
| Q4 25 | $7.5B | $1.6B | ||
| Q3 25 | $7.5B | $1.3B | ||
| Q2 25 | $7.4B | $1.3B | ||
| Q1 25 | $7.3B | $1.3B | ||
| Q4 24 | $7.3B | $1.8B | ||
| Q3 24 | $7.2B | $1.6B | ||
| Q2 24 | $7.2B | $1.5B |
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 | — |
| Free Cash FlowOCF − Capex | — | $206.5M |
| FCF MarginFCF / Revenue | — | 48.0% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.55× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $158.4M | ||
| Q3 25 | $187.7M | $56.3M | ||
| Q2 25 | — | $86.3M | ||
| Q1 25 | $246.5M | $204.2M | ||
| Q4 24 | — | $95.2M | ||
| Q3 24 | $169.4M | $30.5M | ||
| Q2 24 | — | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | — | $152.4M | ||
| Q3 25 | $166.3M | $51.8M | ||
| Q2 25 | — | $84.1M | ||
| Q1 25 | $233.9M | $202.3M | ||
| Q4 24 | — | $92.4M | ||
| Q3 24 | $154.4M | $27.4M | ||
| Q2 24 | — | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | — | 30.2% | ||
| Q3 25 | 24.3% | 13.6% | ||
| Q2 25 | — | 21.9% | ||
| Q1 25 | 36.4% | 42.5% | ||
| Q4 24 | — | 18.8% | ||
| Q3 24 | 24.6% | 8.4% | ||
| Q2 24 | — | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 1.2% | ||
| Q3 25 | 3.1% | 1.2% | ||
| Q2 25 | 2.0% | 0.6% | ||
| Q1 25 | 2.0% | 0.4% | ||
| Q4 24 | 5.4% | 0.6% | ||
| Q3 24 | 2.4% | 0.9% | ||
| Q2 24 | 2.5% | 0.4% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 0.68× | ||
| Q3 25 | 4.93× | 1.30× | ||
| Q2 25 | — | 2.87× | ||
| Q1 25 | 3.21× | 2.39× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | 2.59× | — | ||
| Q2 24 | — | 6.06× |
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% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
