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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $384.8M, roughly 1.7× P3 Health Partners Inc.). Churchill Downs Inc runs the higher net margin — 12.5% vs -19.6%, a 32.1% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs 3.1%). Over the past eight quarters, P3 Health Partners Inc.'s revenue compounded faster (-0.5% 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.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
CHDN vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $384.8M |
| Net Profit | $83.0M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | -40.0% |
| Net Margin | 12.5% | -19.6% |
| Revenue YoY | 3.1% | 3.8% |
| Net Profit YoY | 7.8% | -28.8% |
| EPS (diluted) | $1.16 | $-23.08 |
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 | $384.8M | ||
| Q3 25 | $683.0M | $345.3M | ||
| Q2 25 | $934.4M | $355.8M | ||
| Q1 25 | $642.6M | $373.2M | ||
| Q4 24 | $624.2M | $370.7M | ||
| Q3 24 | $628.5M | $362.1M | ||
| Q2 24 | $890.7M | $379.2M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $-75.5M | ||
| Q3 25 | $38.1M | $-31.6M | ||
| Q2 25 | $216.9M | $-20.4M | ||
| Q1 25 | $76.7M | $-20.5M | ||
| Q4 24 | $71.7M | $-58.6M | ||
| Q3 24 | $65.4M | $-46.5M | ||
| Q2 24 | $209.3M | $-12.0M |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | -40.0% | ||
| Q3 25 | 14.3% | -12.8% | ||
| Q2 25 | 35.1% | -9.6% | ||
| Q1 25 | 20.9% | -10.2% | ||
| Q4 24 | 20.3% | -37.4% | ||
| Q3 24 | 20.0% | -29.5% | ||
| Q2 24 | 37.0% | -8.3% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | -19.6% | ||
| Q3 25 | 5.6% | -9.1% | ||
| Q2 25 | 23.2% | -5.7% | ||
| Q1 25 | 11.9% | -5.5% | ||
| Q4 24 | 11.5% | -15.8% | ||
| Q3 24 | 10.4% | -12.8% | ||
| Q2 24 | 23.5% | -3.2% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $-23.08 | ||
| Q3 25 | — | $-9.67 | ||
| Q2 25 | — | $-6.23 | ||
| Q1 25 | — | $-6.28 | ||
| Q4 24 | — | $-23.13 | ||
| Q3 24 | — | $-15.70 | ||
| Q2 24 | — | $-7.37 |
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 | $25.0M |
| Total DebtLower is stronger | $840.0M | $228.4M |
| Stockholders' EquityBook value | — | $-155.2M |
| Total Assets | $7.5B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $25.0M | ||
| Q3 25 | $180.5M | $37.7M | ||
| Q2 25 | $182.4M | $38.6M | ||
| Q1 25 | $174.2M | $40.1M | ||
| Q4 24 | $175.5M | $38.8M | ||
| Q3 24 | $152.7M | $63.0M | ||
| Q2 24 | $140.3M | $73.1M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $228.4M | ||
| Q3 25 | — | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | — | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $-155.2M | ||
| Q3 25 | $1.0B | $-18.7M | ||
| Q2 25 | $1.0B | $44.5M | ||
| Q1 25 | $1.1B | $63.3M | ||
| Q4 24 | $1.1B | $75.9M | ||
| Q3 24 | $1.1B | $120.5M | ||
| Q2 24 | $1.0B | $166.8M |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $656.6M | ||
| Q3 25 | $7.5B | $683.6M | ||
| Q2 25 | $7.4B | $731.6M | ||
| Q1 25 | $7.3B | $783.9M | ||
| Q4 24 | $7.3B | $783.4M | ||
| Q3 24 | $7.2B | $833.3M | ||
| Q2 24 | $7.2B | $892.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× |
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 | $-25.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.55× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $-25.7M | ||
| Q3 25 | $187.7M | $-15.4M | ||
| Q2 25 | — | $-16.6M | ||
| Q1 25 | $246.5M | $-33.5M | ||
| Q4 24 | — | $-57.2M | ||
| Q3 24 | $169.4M | $-22.6M | ||
| Q2 24 | — | $-10.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $166.3M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $233.9M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $154.4M | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 24.3% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 36.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 24.6% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | — | ||
| Q3 25 | 3.1% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 5.4% | 0.0% | ||
| Q3 24 | 2.4% | 0.0% | ||
| Q2 24 | 2.5% | 0.0% |
| 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% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
