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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and PRA GROUP INC (PRAA). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $333.4M, roughly 2.0× PRA GROUP INC). PRA GROUP INC runs the higher net margin — 17.0% vs 12.5%, a 4.4% gap on every dollar of revenue. On growth, PRA GROUP INC posted the faster year-over-year revenue change (13.7% vs 3.1%). Over the past eight quarters, PRA GROUP INC's revenue compounded faster (14.2% 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.
PRA Group, Inc. is a publicly traded debt buyer and debt collection company based in Norfolk, Virginia. The company buys delinquent consumer debt from credit card issuers and other financial institutions at a discount and pursues collection of the full debt owed. Founded in 1996, PRA Group employs more than 3200 people in 18 countries.
CHDN vs PRAA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $333.4M |
| Net Profit | $83.0M | $56.5M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 37.7% |
| Net Margin | 12.5% | 17.0% |
| Revenue YoY | 3.1% | 13.7% |
| Net Profit YoY | 7.8% | 206.3% |
| EPS (diluted) | $1.16 | $1.47 |
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 | $333.4M | ||
| Q3 25 | $683.0M | $311.1M | ||
| Q2 25 | $934.4M | $287.7M | ||
| Q1 25 | $642.6M | $269.6M | ||
| Q4 24 | $624.2M | $293.2M | ||
| Q3 24 | $628.5M | $281.5M | ||
| Q2 24 | $890.7M | $284.2M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $56.5M | ||
| Q3 25 | $38.1M | $-407.7M | ||
| Q2 25 | $216.9M | $42.4M | ||
| Q1 25 | $76.7M | $3.7M | ||
| Q4 24 | $71.7M | $18.5M | ||
| Q3 24 | $65.4M | $27.2M | ||
| Q2 24 | $209.3M | $21.5M |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 37.7% | ||
| Q3 25 | 14.3% | -101.4% | ||
| Q2 25 | 35.1% | 29.6% | ||
| Q1 25 | 20.9% | 27.7% | ||
| Q4 24 | 20.3% | 32.1% | ||
| Q3 24 | 20.0% | 32.0% | ||
| Q2 24 | 37.0% | 31.4% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 17.0% | ||
| Q3 25 | 5.6% | -131.0% | ||
| Q2 25 | 23.2% | 14.7% | ||
| Q1 25 | 11.9% | 1.4% | ||
| Q4 24 | 11.5% | 6.3% | ||
| Q3 24 | 10.4% | 9.6% | ||
| Q2 24 | 23.5% | 7.6% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $1.47 | ||
| Q3 25 | — | $-10.43 | ||
| Q2 25 | — | $1.08 | ||
| Q1 25 | — | $0.09 | ||
| Q4 24 | — | $0.47 | ||
| Q3 24 | — | $0.69 | ||
| Q2 24 | — | $0.54 |
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 | $104.4M |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | $979.9M |
| Total Assets | $7.5B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $104.4M | ||
| Q3 25 | $180.5M | $107.5M | ||
| Q2 25 | $182.4M | $131.6M | ||
| Q1 25 | $174.2M | $128.7M | ||
| Q4 24 | $175.5M | $105.9M | ||
| Q3 24 | $152.7M | $141.1M | ||
| Q2 24 | $140.3M | $118.9M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $979.9M | ||
| Q3 25 | $1.0B | $928.5M | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $1.1B | $1.2B | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.1B | $1.2B | ||
| Q2 24 | $1.0B | $1.1B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $5.1B | ||
| Q3 25 | $7.5B | $5.0B | ||
| Q2 25 | $7.4B | $5.4B | ||
| Q1 25 | $7.3B | $5.1B | ||
| Q4 24 | $7.3B | $4.9B | ||
| Q3 24 | $7.2B | $4.9B | ||
| Q2 24 | $7.2B | $4.7B |
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 | $-85.5M |
| Free Cash FlowOCF − Capex | — | $-90.4M |
| FCF MarginFCF / Revenue | — | -27.1% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | 3.55× | -1.51× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-169.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $-85.5M | ||
| Q3 25 | $187.7M | $-10.1M | ||
| Q2 25 | — | $-12.9M | ||
| Q1 25 | $246.5M | $-52.6M | ||
| Q4 24 | — | $-94.6M | ||
| Q3 24 | $169.4M | $-35.0M | ||
| Q2 24 | — | $-29.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-90.4M | ||
| Q3 25 | $166.3M | $-11.3M | ||
| Q2 25 | — | $-14.2M | ||
| Q1 25 | $233.9M | $-53.5M | ||
| Q4 24 | — | $-98.6M | ||
| Q3 24 | $154.4M | $-36.1M | ||
| Q2 24 | — | $-30.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | -27.1% | ||
| Q3 25 | 24.3% | -3.6% | ||
| Q2 25 | — | -4.9% | ||
| Q1 25 | 36.4% | -19.8% | ||
| Q4 24 | — | -33.6% | ||
| Q3 24 | 24.6% | -12.8% | ||
| Q2 24 | — | -10.8% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 1.4% | ||
| Q3 25 | 3.1% | 0.4% | ||
| Q2 25 | 2.0% | 0.4% | ||
| Q1 25 | 2.0% | 0.3% | ||
| Q4 24 | 5.4% | 1.4% | ||
| Q3 24 | 2.4% | 0.4% | ||
| Q2 24 | 2.5% | 0.5% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | -1.51× | ||
| Q3 25 | 4.93× | — | ||
| Q2 25 | — | -0.30× | ||
| Q1 25 | 3.21× | -14.37× | ||
| Q4 24 | — | -5.13× | ||
| Q3 24 | 2.59× | -1.29× | ||
| Q2 24 | — | -1.37× |
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% |
PRAA
| GB | $170.1M | 51% |
| Other | $163.3M | 49% |
