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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Qnity Electronics, Inc. (Q). Click either name above to swap in a different company.
Qnity Electronics, Inc. is the larger business by last-quarter revenue ($1.3B vs $663.0M, roughly 1.9× Churchill Downs Inc). Qnity Electronics, Inc. runs the higher net margin — 16.5% vs 12.5%, a 4.0% gap on every dollar of revenue. On growth, Qnity Electronics, Inc. posted the faster year-over-year revenue change (11.1% vs 3.1%).
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.
CHDN vs Q — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $1.3B |
| Net Profit | $83.0M | $211.0M |
| Gross Margin | — | 45.1% |
| Operating Margin | 21.6% | 21.3% |
| Net Margin | 12.5% | 16.5% |
| Revenue YoY | 3.1% | 11.1% |
| Net Profit YoY | 7.8% | 6.0% |
| EPS (diluted) | $1.16 | $1.01 |
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 | — | ||
| Q3 25 | $683.0M | $1.3B | ||
| Q2 25 | $934.4M | — | ||
| Q1 25 | $642.6M | — | ||
| Q4 24 | $624.2M | — | ||
| Q3 24 | $628.5M | $1.1B | ||
| Q2 24 | $890.7M | — |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | — | ||
| Q3 25 | $38.1M | $211.0M | ||
| Q2 25 | $216.9M | — | ||
| Q1 25 | $76.7M | — | ||
| Q4 24 | $71.7M | — | ||
| Q3 24 | $65.4M | $199.0M | ||
| Q2 24 | $209.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 45.1% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 47.0% | ||
| Q2 24 | — | — |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | — | ||
| Q3 25 | 14.3% | 21.3% | ||
| Q2 25 | 35.1% | — | ||
| Q1 25 | 20.9% | — | ||
| Q4 24 | 20.3% | — | ||
| Q3 24 | 20.0% | 21.8% | ||
| Q2 24 | 37.0% | — |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | — | ||
| Q3 25 | 5.6% | 16.5% | ||
| Q2 25 | 23.2% | — | ||
| Q1 25 | 11.9% | — | ||
| Q4 24 | 11.5% | — | ||
| Q3 24 | 10.4% | 17.3% | ||
| Q2 24 | 23.5% | — |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $1.01 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0.95 | ||
| Q2 24 | — | — |
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 | $128.0M |
| Total DebtLower is stronger | $840.0M | $1.7B |
| Stockholders' EquityBook value | — | $9.1B |
| Total Assets | $7.5B | $12.5B |
| Debt / EquityLower = less leverage | — | 0.19× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | — | ||
| Q3 25 | $180.5M | $128.0M | ||
| Q2 25 | $182.4M | — | ||
| Q1 25 | $174.2M | — | ||
| Q4 24 | $175.5M | — | ||
| Q3 24 | $152.7M | — | ||
| Q2 24 | $140.3M | — |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.0B | $9.1B | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | $11.1B | ||
| Q2 24 | $1.0B | — |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | — | ||
| Q3 25 | $7.5B | $12.5B | ||
| Q2 25 | $7.4B | — | ||
| Q1 25 | $7.3B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | $7.2B | — | ||
| Q2 24 | $7.2B | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $782.0M |
| Free Cash FlowOCF − Capex | — | $568.0M |
| FCF MarginFCF / Revenue | — | 44.5% |
| Capex IntensityCapex / Revenue | — | 16.8% |
| Cash ConversionOCF / Net Profit | 3.55× | 3.71× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $187.7M | $782.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | $246.5M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $169.4M | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $166.3M | $568.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | $233.9M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $154.4M | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 24.3% | 44.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | 36.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 24.6% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | — | ||
| Q3 25 | 3.1% | 16.8% | ||
| 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 | — | — | ||
| Q3 25 | 4.93× | 3.71× | ||
| 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% |
Q
| Semiconductor Technologies | $693.0M | 54% |
| Interconnect Solutions | $583.0M | 46% |
