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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Public Storage (PSA). Click either name above to swap in a different company.
Public Storage is the larger business by last-quarter revenue ($1.2B vs $663.0M, roughly 1.8× Churchill Downs Inc). Public Storage runs the higher net margin — 41.7% vs 12.5%, a 29.2% gap on every dollar of revenue. On growth, Public Storage posted the faster year-over-year revenue change (3.3% vs 3.1%). Over the past eight quarters, Public Storage's revenue compounded faster (2.5% 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.
Public Storage, headquartered in Glendale, California, is a real estate investment trust that invests in self storage. It is the largest brand of self-storage services in the US and owns approximately 9% of the self storage square footage in the U.S. As of December 31, 2024, the company operated 3,073 self-storage facilities containing an aggregate of 221 million net rentable square feet of space.
CHDN vs PSA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $1.2B |
| Net Profit | $83.0M | $507.1M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 40.7% |
| Net Margin | 12.5% | 41.7% |
| Revenue YoY | 3.1% | 3.3% |
| Net Profit YoY | 7.8% | -17.5% |
| EPS (diluted) | $1.16 | $2.59 |
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 | $1.2B | ||
| Q3 25 | $683.0M | $1.2B | ||
| Q2 25 | $934.4M | $1.2B | ||
| Q1 25 | $642.6M | $1.2B | ||
| Q4 24 | $624.2M | $1.2B | ||
| Q3 24 | $628.5M | $1.2B | ||
| Q2 24 | $890.7M | $1.2B |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $507.1M | ||
| Q3 25 | $38.1M | $511.1M | ||
| Q2 25 | $216.9M | $358.4M | ||
| Q1 25 | $76.7M | $407.8M | ||
| Q4 24 | $71.7M | $614.6M | ||
| Q3 24 | $65.4M | $430.3M | ||
| Q2 24 | $209.3M | $518.1M |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 40.7% | ||
| Q3 25 | 14.3% | 42.3% | ||
| Q2 25 | 35.1% | 30.4% | ||
| Q1 25 | 20.9% | 34.8% | ||
| Q4 24 | 20.3% | 52.4% | ||
| Q3 24 | 20.0% | 36.7% | ||
| Q2 24 | 37.0% | 44.6% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 41.7% | ||
| Q3 25 | 5.6% | 41.8% | ||
| Q2 25 | 23.2% | 29.8% | ||
| Q1 25 | 11.9% | 34.5% | ||
| Q4 24 | 11.5% | 52.2% | ||
| Q3 24 | 10.4% | 36.2% | ||
| Q2 24 | 23.5% | 44.2% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $2.59 | ||
| Q3 25 | — | $2.62 | ||
| Q2 25 | — | $1.76 | ||
| Q1 25 | — | $2.04 | ||
| Q4 24 | — | $3.22 | ||
| Q3 24 | — | $2.16 | ||
| Q2 24 | — | $2.66 |
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 | $318.1M |
| Total DebtLower is stronger | $840.0M | $10.3B |
| Stockholders' EquityBook value | — | $9.2B |
| Total Assets | $7.5B | $20.2B |
| Debt / EquityLower = less leverage | — | 1.11× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $318.1M | ||
| Q3 25 | $180.5M | $296.5M | ||
| Q2 25 | $182.4M | $1.1B | ||
| Q1 25 | $174.2M | $287.2M | ||
| Q4 24 | $175.5M | $447.4M | ||
| Q3 24 | $152.7M | $599.0M | ||
| Q2 24 | $140.3M | $542.3M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $10.3B | ||
| Q3 25 | — | $10.0B | ||
| Q2 25 | — | $10.4B | ||
| Q1 25 | — | $9.4B | ||
| Q4 24 | — | $9.4B | ||
| Q3 24 | — | $9.5B | ||
| Q2 24 | — | $9.4B |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $9.2B | ||
| Q3 25 | $1.0B | $9.3B | ||
| Q2 25 | $1.0B | $9.4B | ||
| Q1 25 | $1.1B | $9.6B | ||
| Q4 24 | $1.1B | $9.7B | ||
| Q3 24 | $1.1B | $9.6B | ||
| Q2 24 | $1.0B | $9.7B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $20.2B | ||
| Q3 25 | $7.5B | $20.1B | ||
| Q2 25 | $7.4B | $20.5B | ||
| Q1 25 | $7.3B | $19.6B | ||
| Q4 24 | $7.3B | $19.8B | ||
| Q3 24 | $7.2B | $19.8B | ||
| Q2 24 | $7.2B | $19.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.08× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 0.96× | ||
| Q3 24 | — | 0.99× | ||
| Q2 24 | — | 0.97× |
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 | $733.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.55× | 1.45× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $733.6M | ||
| Q3 25 | $187.7M | $875.1M | ||
| Q2 25 | — | $872.7M | ||
| Q1 25 | $246.5M | $705.1M | ||
| Q4 24 | — | $768.6M | ||
| Q3 24 | $169.4M | $798.8M | ||
| Q2 24 | — | $895.3M |
| 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% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 2.5% | — |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 1.45× | ||
| Q3 25 | 4.93× | 1.71× | ||
| Q2 25 | — | 2.43× | ||
| Q1 25 | 3.21× | 1.73× | ||
| Q4 24 | — | 1.25× | ||
| Q3 24 | 2.59× | 1.86× | ||
| Q2 24 | — | 1.73× |
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% |
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
