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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Construction Partners, Inc. (ROAD). Click either name above to swap in a different company.
Construction Partners, Inc. is the larger business by last-quarter revenue ($809.5M vs $663.0M, roughly 1.2× Churchill Downs Inc). Churchill Downs Inc runs the higher net margin — 12.5% vs 2.1%, a 10.4% gap on every dollar of revenue. On growth, Construction Partners, Inc. posted the faster year-over-year revenue change (44.1% vs 3.1%). Over the past eight quarters, Construction Partners, Inc.'s revenue compounded faster (47.6% 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.
Alexander Construction Company was a Palm Springs, California, residential development company that built over 2,200 houses in the Coachella Valley of Riverside County, California, between 1955 and 1965.
CHDN vs ROAD — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $809.5M |
| Net Profit | $83.0M | $17.2M |
| Gross Margin | — | 15.0% |
| Operating Margin | 21.6% | 6.2% |
| Net Margin | 12.5% | 2.1% |
| Revenue YoY | 3.1% | 44.1% |
| Net Profit YoY | 7.8% | 663.9% |
| EPS (diluted) | $1.16 | $0.31 |
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 | $809.5M | ||
| Q3 25 | $683.0M | $899.8M | ||
| Q2 25 | $934.4M | $779.3M | ||
| Q1 25 | $642.6M | $571.6M | ||
| Q4 24 | $624.2M | $561.6M | ||
| Q3 24 | $628.5M | $538.2M | ||
| Q2 24 | $890.7M | $517.8M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $17.2M | ||
| Q3 25 | $38.1M | $56.6M | ||
| Q2 25 | $216.9M | $44.0M | ||
| Q1 25 | $76.7M | $4.2M | ||
| Q4 24 | $71.7M | $-3.1M | ||
| Q3 24 | $65.4M | $29.3M | ||
| Q2 24 | $209.3M | $30.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 15.0% | ||
| Q3 25 | — | 17.7% | ||
| Q2 25 | — | 16.9% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 15.6% | ||
| Q2 24 | — | 16.1% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 6.2% | ||
| Q3 25 | 14.3% | 11.2% | ||
| Q2 25 | 35.1% | 10.6% | ||
| Q1 25 | 20.9% | 4.8% | ||
| Q4 24 | 20.3% | 2.5% | ||
| Q3 24 | 20.0% | 8.5% | ||
| Q2 24 | 37.0% | 8.8% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 2.1% | ||
| Q3 25 | 5.6% | 6.3% | ||
| Q2 25 | 23.2% | 5.7% | ||
| Q1 25 | 11.9% | 0.7% | ||
| Q4 24 | 11.5% | -0.5% | ||
| Q3 24 | 10.4% | 5.4% | ||
| Q2 24 | 23.5% | 6.0% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $0.31 | ||
| Q3 25 | — | $1.03 | ||
| Q2 25 | — | $0.79 | ||
| Q1 25 | — | $0.08 | ||
| Q4 24 | — | $-0.06 | ||
| Q3 24 | — | $0.55 | ||
| Q2 24 | — | $0.59 |
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 | $104.1M |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | $969.1M |
| Total Assets | $7.5B | $3.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $104.1M | ||
| Q3 25 | $180.5M | $156.1M | ||
| Q2 25 | $182.4M | $114.3M | ||
| Q1 25 | $174.2M | $101.9M | ||
| Q4 24 | $175.5M | $132.5M | ||
| Q3 24 | $152.7M | $74.7M | ||
| Q2 24 | $140.3M | $56.3M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $515.0M | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $969.1M | ||
| Q3 25 | $1.0B | $912.0M | ||
| Q2 25 | $1.0B | $853.3M | ||
| Q1 25 | $1.1B | $807.9M | ||
| Q4 24 | $1.1B | $811.1M | ||
| Q3 24 | $1.1B | $573.7M | ||
| Q2 24 | $1.0B | $552.9M |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $3.4B | ||
| Q3 25 | $7.5B | $3.2B | ||
| Q2 25 | $7.4B | $2.9B | ||
| Q1 25 | $7.3B | $2.8B | ||
| Q4 24 | $7.3B | $2.6B | ||
| Q3 24 | $7.2B | $1.5B | ||
| Q2 24 | $7.2B | $1.4B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.78× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.90× | ||
| 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 | $82.6M |
| Free Cash FlowOCF − Capex | — | $47.1M |
| FCF MarginFCF / Revenue | — | 5.8% |
| Capex IntensityCapex / Revenue | — | 4.4% |
| Cash ConversionOCF / Net Profit | 3.55× | 4.80× |
| TTM Free Cash FlowTrailing 4 quarters | — | $186.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $82.6M | ||
| Q3 25 | $187.7M | $112.0M | ||
| Q2 25 | — | $83.0M | ||
| Q1 25 | $246.5M | $55.6M | ||
| Q4 24 | — | $40.7M | ||
| Q3 24 | $169.4M | $95.9M | ||
| Q2 24 | — | $34.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $47.1M | ||
| Q3 25 | $166.3M | $78.9M | ||
| Q2 25 | — | $46.4M | ||
| Q1 25 | $233.9M | $14.2M | ||
| Q4 24 | — | $13.8M | ||
| Q3 24 | $154.4M | $78.4M | ||
| Q2 24 | — | $19.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.8% | ||
| Q3 25 | 24.3% | 8.8% | ||
| Q2 25 | — | 5.9% | ||
| Q1 25 | 36.4% | 2.5% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | 24.6% | 14.6% | ||
| Q2 24 | — | 3.8% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 4.4% | ||
| Q3 25 | 3.1% | 3.7% | ||
| Q2 25 | 2.0% | 4.7% | ||
| Q1 25 | 2.0% | 7.2% | ||
| Q4 24 | 5.4% | 4.8% | ||
| Q3 24 | 2.4% | 3.3% | ||
| Q2 24 | 2.5% | 2.9% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 4.80× | ||
| Q3 25 | 4.93× | 1.98× | ||
| Q2 25 | — | 1.88× | ||
| Q1 25 | 3.21× | 13.20× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.59× | 3.27× | ||
| Q2 24 | — | 1.12× |
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% |
ROAD
Segment breakdown not available.
