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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Sinclair, Inc. (SBGI). Click either name above to swap in a different company.
Sinclair, Inc. is the larger business by last-quarter revenue ($807.0M vs $663.0M, roughly 1.2× Churchill Downs Inc). Churchill Downs Inc runs the higher net margin — 12.5% vs 2.5%, a 10.0% gap on every dollar of revenue. On growth, Sinclair, Inc. posted the faster year-over-year revenue change (4.0% vs 3.1%). Over the past eight quarters, Sinclair, Inc.'s revenue compounded faster (-1.3% 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.
Sinclair, Inc., doing business as Sinclair Broadcast Group, is a publicly traded American telecommunications conglomerate that is controlled by the descendants of company founder Julian Sinclair Smith. Headquartered in the Baltimore suburb of Cockeysville, Maryland, the company is the second-largest television station operator in the United States by number of stations after Nexstar Media Group, owning or operating 193 stations across the country in over 100 markets, covering 40% of American ...
CHDN vs SBGI — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $807.0M |
| Net Profit | $83.0M | $20.0M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 0.0% |
| Net Margin | 12.5% | 2.5% |
| Revenue YoY | 3.1% | 4.0% |
| Net Profit YoY | 7.8% | — |
| EPS (diluted) | $1.16 | $0.28 |
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 | $807.0M | ||
| Q4 25 | $665.9M | $836.0M | ||
| Q3 25 | $683.0M | $773.0M | ||
| Q2 25 | $934.4M | $784.0M | ||
| Q1 25 | $642.6M | $776.0M | ||
| Q4 24 | $624.2M | $1.0B | ||
| Q3 24 | $628.5M | $917.0M | ||
| Q2 24 | $890.7M | $829.0M |
| Q1 26 | $83.0M | $20.0M | ||
| Q4 25 | $51.3M | $109.0M | ||
| Q3 25 | $38.1M | $-1.0M | ||
| Q2 25 | $216.9M | $-64.0M | ||
| Q1 25 | $76.7M | $-156.0M | ||
| Q4 24 | $71.7M | $176.0M | ||
| Q3 24 | $65.4M | $94.0M | ||
| Q2 24 | $209.3M | $17.0M |
| Q1 26 | 21.6% | 0.0% | ||
| Q4 25 | 18.5% | 9.6% | ||
| Q3 25 | 14.3% | 7.5% | ||
| Q2 25 | 35.1% | 2.7% | ||
| Q1 25 | 20.9% | 1.8% | ||
| Q4 24 | 20.3% | 26.5% | ||
| Q3 24 | 20.0% | 19.5% | ||
| Q2 24 | 37.0% | 7.7% |
| Q1 26 | 12.5% | 2.5% | ||
| Q4 25 | 7.7% | 13.0% | ||
| Q3 25 | 5.6% | -0.1% | ||
| Q2 25 | 23.2% | -8.2% | ||
| Q1 25 | 11.9% | -20.1% | ||
| Q4 24 | 11.5% | 17.5% | ||
| Q3 24 | 10.4% | 10.3% | ||
| Q2 24 | 23.5% | 2.1% |
| Q1 26 | $1.16 | $0.28 | ||
| Q4 25 | — | $1.62 | ||
| Q3 25 | — | $-0.02 | ||
| Q2 25 | — | $-0.91 | ||
| Q1 25 | — | $-2.30 | ||
| Q4 24 | — | $2.64 | ||
| Q3 24 | — | $1.43 | ||
| Q2 24 | — | $0.27 |
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 | — |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | — |
| Total Assets | $7.5B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $866.0M | ||
| Q3 25 | $180.5M | $526.0M | ||
| Q2 25 | $182.4M | $616.0M | ||
| Q1 25 | $174.2M | $631.0M | ||
| Q4 24 | $175.5M | $697.0M | ||
| Q3 24 | $152.7M | $536.0M | ||
| Q2 24 | $140.3M | $378.0M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $4.1B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.1B |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $443.0M | ||
| Q3 25 | $1.0B | $347.0M | ||
| Q2 25 | $1.0B | $361.0M | ||
| Q1 25 | $1.1B | $436.0M | ||
| Q4 24 | $1.1B | $583.0M | ||
| Q3 24 | $1.1B | $415.0M | ||
| Q2 24 | $1.0B | $340.0M |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $5.9B | ||
| Q3 25 | $7.5B | $5.6B | ||
| Q2 25 | $7.4B | $5.7B | ||
| Q1 25 | $7.3B | $5.8B | ||
| Q4 24 | $7.3B | $5.9B | ||
| Q3 24 | $7.2B | $5.8B | ||
| Q2 24 | $7.2B | $5.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.84× | ||
| Q3 25 | — | 11.75× | ||
| Q2 25 | — | 11.30× | ||
| Q1 25 | — | 9.56× | ||
| Q4 24 | — | 7.02× | ||
| Q3 24 | — | 9.86× | ||
| Q2 24 | — | 12.08× |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 1.7% |
| 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 | — | $98.0M | ||
| Q3 25 | $187.7M | $-36.0M | ||
| Q2 25 | — | $122.0M | ||
| Q1 25 | $246.5M | $5.0M | ||
| Q4 24 | — | $198.0M | ||
| Q3 24 | $169.4M | $210.0M | ||
| Q2 24 | — | $-306.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $79.0M | ||
| Q3 25 | $166.3M | $-58.0M | ||
| Q2 25 | — | $105.0M | ||
| Q1 25 | $233.9M | $-11.0M | ||
| Q4 24 | — | $175.0M | ||
| Q3 24 | $154.4M | $193.0M | ||
| Q2 24 | — | $-329.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.4% | ||
| Q3 25 | 24.3% | -7.5% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | 36.4% | -1.4% | ||
| Q4 24 | — | 17.4% | ||
| Q3 24 | 24.6% | 21.0% | ||
| Q2 24 | — | -39.7% |
| Q1 26 | — | 1.7% | ||
| Q4 25 | 2.6% | 2.3% | ||
| Q3 25 | 3.1% | 2.8% | ||
| Q2 25 | 2.0% | 2.2% | ||
| Q1 25 | 2.0% | 2.1% | ||
| Q4 24 | 5.4% | 2.3% | ||
| Q3 24 | 2.4% | 1.9% | ||
| Q2 24 | 2.5% | 2.8% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 0.90× | ||
| Q3 25 | 4.93× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.21× | — | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | 2.59× | 2.23× | ||
| Q2 24 | — | -18.00× |
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% |
SBGI
| Media revenue | $701.0M | 87% |
| Other | $82.0M | 10% |
| Political advertising revenue | $18.0M | 2% |
| Non-media revenue | $6.0M | 1% |
