vs
Side-by-side financial comparison of Churchill Downs Inc (CHDN) and PHINIA INC. (PHIN). Click either name above to swap in a different company.
PHINIA INC. is the larger business by last-quarter revenue ($889.0M vs $663.0M, roughly 1.3× Churchill Downs Inc). On growth, PHINIA INC. posted the faster year-over-year revenue change (6.7% vs 3.1%). Over the past eight quarters, PHINIA INC.'s revenue compounded faster (1.5% 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.
PHINIA Inc. is a global automotive technology provider specializing in fuel injection systems, starters, alternators, and hybrid/electric vehicle components. It serves OEMs and aftermarket customers across North America, Europe, Asia Pacific and key markets, covering passenger car, commercial vehicle and industrial mobility segments.
CHDN vs PHIN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $889.0M |
| Net Profit | $83.0M | — |
| Gross Margin | — | 21.7% |
| Operating Margin | 21.6% | 7.8% |
| Net Margin | 12.5% | — |
| Revenue YoY | 3.1% | 6.7% |
| Net Profit YoY | 7.8% | — |
| EPS (diluted) | $1.16 | $1.14 |
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 | $889.0M | ||
| Q3 25 | $683.0M | $908.0M | ||
| Q2 25 | $934.4M | $890.0M | ||
| Q1 25 | $642.6M | $796.0M | ||
| Q4 24 | $624.2M | $833.0M | ||
| Q3 24 | $628.5M | $839.0M | ||
| Q2 24 | $890.7M | $868.0M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | — | ||
| Q3 25 | $38.1M | $13.0M | ||
| Q2 25 | $216.9M | $46.0M | ||
| Q1 25 | $76.7M | $26.0M | ||
| Q4 24 | $71.7M | — | ||
| Q3 24 | $65.4M | $31.0M | ||
| Q2 24 | $209.3M | $14.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 21.7% | ||
| Q3 25 | — | 22.0% | ||
| Q2 25 | — | 22.1% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 22.7% | ||
| Q3 24 | — | 22.3% | ||
| Q2 24 | — | 21.7% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 7.8% | ||
| Q3 25 | 14.3% | 3.7% | ||
| Q2 25 | 35.1% | 10.0% | ||
| Q1 25 | 20.9% | 7.8% | ||
| Q4 24 | 20.3% | 6.1% | ||
| Q3 24 | 20.0% | 7.9% | ||
| Q2 24 | 37.0% | 8.2% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | — | ||
| Q3 25 | 5.6% | 1.4% | ||
| Q2 25 | 23.2% | 5.2% | ||
| Q1 25 | 11.9% | 3.3% | ||
| Q4 24 | 11.5% | — | ||
| Q3 24 | 10.4% | 3.7% | ||
| Q2 24 | 23.5% | 1.6% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $1.14 | ||
| Q3 25 | — | $0.33 | ||
| Q2 25 | — | $1.14 | ||
| Q1 25 | — | $0.63 | ||
| Q4 24 | — | $0.13 | ||
| Q3 24 | — | $0.70 | ||
| Q2 24 | — | $0.31 |
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 | $359.0M |
| Total DebtLower is stronger | $840.0M | $970.0M |
| Stockholders' EquityBook value | — | $1.6B |
| Total Assets | $7.5B | $3.8B |
| Debt / EquityLower = less leverage | — | 0.61× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $359.0M | ||
| Q3 25 | $180.5M | $349.0M | ||
| Q2 25 | $182.4M | $347.0M | ||
| Q1 25 | $174.2M | $373.0M | ||
| Q4 24 | $175.5M | $484.0M | ||
| Q3 24 | $152.7M | $477.0M | ||
| Q2 24 | $140.3M | $339.0M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $970.0M | ||
| Q3 25 | — | $990.0M | ||
| Q2 25 | — | $990.0M | ||
| Q1 25 | — | $989.0M | ||
| Q4 24 | — | $988.0M | ||
| Q3 24 | — | $987.0M | ||
| Q2 24 | — | $821.0M |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.6B | ||
| Q3 25 | $1.0B | $1.6B | ||
| Q2 25 | $1.0B | $1.6B | ||
| Q1 25 | $1.1B | $1.5B | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | $1.0B | $1.7B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $3.8B | ||
| Q3 25 | $7.5B | $4.0B | ||
| Q2 25 | $7.4B | $3.9B | ||
| Q1 25 | $7.3B | $3.7B | ||
| Q4 24 | $7.3B | $3.8B | ||
| Q3 24 | $7.2B | $4.0B | ||
| Q2 24 | $7.2B | $3.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.61× | ||
| Q3 25 | — | 0.62× | ||
| Q2 25 | — | 0.61× | ||
| Q1 25 | — | 0.64× | ||
| Q4 24 | — | 0.63× | ||
| Q3 24 | — | 0.58× | ||
| Q2 24 | — | 0.47× |
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 | $96.0M |
| Free Cash FlowOCF − Capex | — | $67.0M |
| FCF MarginFCF / Revenue | — | 7.5% |
| Capex IntensityCapex / Revenue | — | 3.3% |
| Cash ConversionOCF / Net Profit | 3.55× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $188.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $96.0M | ||
| Q3 25 | $187.7M | $119.0M | ||
| Q2 25 | — | $57.0M | ||
| Q1 25 | $246.5M | $40.0M | ||
| Q4 24 | — | $73.0M | ||
| Q3 24 | $169.4M | $95.0M | ||
| Q2 24 | — | $109.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $67.0M | ||
| Q3 25 | $166.3M | $93.0M | ||
| Q2 25 | — | $23.0M | ||
| Q1 25 | $233.9M | $5.0M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | $154.4M | $70.0M | ||
| Q2 24 | — | $92.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 7.5% | ||
| Q3 25 | 24.3% | 10.2% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | 36.4% | 0.6% | ||
| Q4 24 | — | 6.4% | ||
| Q3 24 | 24.6% | 8.3% | ||
| Q2 24 | — | 10.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 3.3% | ||
| Q3 25 | 3.1% | 2.9% | ||
| Q2 25 | 2.0% | 3.8% | ||
| Q1 25 | 2.0% | 4.4% | ||
| Q4 24 | 5.4% | 2.4% | ||
| Q3 24 | 2.4% | 3.0% | ||
| Q2 24 | 2.5% | 2.0% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 4.93× | 9.15× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | 3.21× | 1.54× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.59× | 3.06× | ||
| Q2 24 | — | 7.79× |
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% |
PHIN
| Customer | $618.0M | 70% |
| Fuel Systems | $194.0M | 22% |
| Other | $77.0M | 9% |
