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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Skyward Specialty Insurance Group, Inc. (SKWD). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $475.9M, roughly 1.4× Skyward Specialty Insurance Group, Inc.). Churchill Downs Inc runs the higher net margin — 12.5% vs 10.5%, a 2.1% gap on every dollar of revenue. On growth, Skyward Specialty Insurance Group, Inc. posted the faster year-over-year revenue change (44.8% vs 3.1%). Over the past eight quarters, Skyward Specialty Insurance Group, Inc.'s revenue compounded faster (30.4% 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.
Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurance provider offering tailored coverage solutions including commercial auto, general liability, professional indemnity, and specialty property policies. It primarily serves small-to-medium enterprises and niche industry segments across the United States, focusing on underwriting complex, hard-to-place risks for underserved client groups.
CHDN vs SKWD — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $475.9M |
| Net Profit | $83.0M | $49.7M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 14.9% |
| Net Margin | 12.5% | 10.5% |
| Revenue YoY | 3.1% | 44.8% |
| Net Profit YoY | 7.8% | — |
| EPS (diluted) | $1.16 | $1.09 |
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 | $475.9M | ||
| Q4 25 | $665.9M | $385.6M | ||
| Q3 25 | $683.0M | $382.5M | ||
| Q2 25 | $934.4M | $319.9M | ||
| Q1 25 | $642.6M | $328.5M | ||
| Q4 24 | $624.2M | $304.4M | ||
| Q3 24 | $628.5M | $300.9M | ||
| Q2 24 | $890.7M | $279.9M |
| Q1 26 | $83.0M | $49.7M | ||
| Q4 25 | $51.3M | $43.2M | ||
| Q3 25 | $38.1M | $45.9M | ||
| Q2 25 | $216.9M | $38.8M | ||
| Q1 25 | $76.7M | $42.1M | ||
| Q4 24 | $71.7M | $14.4M | ||
| Q3 24 | $65.4M | $36.7M | ||
| Q2 24 | $209.3M | $31.0M |
| Q1 26 | 21.6% | 14.9% | ||
| Q4 25 | 18.5% | 14.2% | ||
| Q3 25 | 14.3% | 15.8% | ||
| Q2 25 | 35.1% | 15.6% | ||
| Q1 25 | 20.9% | 15.7% | ||
| Q4 24 | 20.3% | 6.1% | ||
| Q3 24 | 20.0% | 15.6% | ||
| Q2 24 | 37.0% | 14.4% |
| Q1 26 | 12.5% | 10.5% | ||
| Q4 25 | 7.7% | 11.2% | ||
| Q3 25 | 5.6% | 12.0% | ||
| Q2 25 | 23.2% | 12.1% | ||
| Q1 25 | 11.9% | 12.8% | ||
| Q4 24 | 11.5% | 4.7% | ||
| Q3 24 | 10.4% | 12.2% | ||
| Q2 24 | 23.5% | 11.1% |
| Q1 26 | $1.16 | $1.09 | ||
| Q4 25 | — | $1.03 | ||
| Q3 25 | — | $1.10 | ||
| Q2 25 | — | $0.93 | ||
| Q1 25 | — | $1.01 | ||
| Q4 24 | — | $0.33 | ||
| Q3 24 | — | $0.89 | ||
| Q2 24 | — | $0.75 |
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 | $4.1M |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | $1.2B |
| Total Assets | $7.5B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | $4.1M | ||
| Q4 25 | $200.6M | $168.5M | ||
| Q3 25 | $180.5M | $160.1M | ||
| Q2 25 | $182.4M | $136.6M | ||
| Q1 25 | $174.2M | $112.9M | ||
| Q4 24 | $175.5M | $121.6M | ||
| Q3 24 | $152.7M | $105.6M | ||
| Q2 24 | $140.3M | $73.0M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.0B | $1.0B | ||
| Q3 25 | $1.0B | $961.4M | ||
| Q2 25 | $1.0B | $899.9M | ||
| Q1 25 | $1.1B | $850.7M | ||
| Q4 24 | $1.1B | $794.0M | ||
| Q3 24 | $1.1B | $797.5M | ||
| Q2 24 | $1.0B | $723.6M |
| Q1 26 | $7.5B | $6.5B | ||
| Q4 25 | $7.5B | $4.8B | ||
| Q3 25 | $7.5B | $4.6B | ||
| Q2 25 | $7.4B | $4.3B | ||
| Q1 25 | $7.3B | $4.0B | ||
| Q4 24 | $7.3B | $3.7B | ||
| Q3 24 | $7.2B | $3.6B | ||
| Q2 24 | $7.2B | $3.4B |
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 | — | — |
| 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 | — | $408.1M | ||
| Q3 25 | $187.7M | $171.4M | ||
| Q2 25 | — | $88.2M | ||
| Q1 25 | $246.5M | $96.8M | ||
| Q4 24 | — | $305.1M | ||
| Q3 24 | $169.4M | $168.0M | ||
| Q2 24 | — | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $402.6M | ||
| Q3 25 | $166.3M | $168.9M | ||
| Q2 25 | — | $87.1M | ||
| Q1 25 | $233.9M | $96.6M | ||
| Q4 24 | — | $300.9M | ||
| Q3 24 | $154.4M | $167.6M | ||
| Q2 24 | — | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 104.4% | ||
| Q3 25 | 24.3% | 44.2% | ||
| Q2 25 | — | 27.2% | ||
| Q1 25 | 36.4% | 29.4% | ||
| Q4 24 | — | 98.8% | ||
| Q3 24 | 24.6% | 55.7% | ||
| Q2 24 | — | 6.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 1.4% | ||
| Q3 25 | 3.1% | 0.6% | ||
| Q2 25 | 2.0% | 0.3% | ||
| Q1 25 | 2.0% | 0.1% | ||
| Q4 24 | 5.4% | 1.4% | ||
| Q3 24 | 2.4% | 0.1% | ||
| Q2 24 | 2.5% | 0.9% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 9.44× | ||
| Q3 25 | 4.93× | 3.73× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | 3.21× | 2.30× | ||
| Q4 24 | — | 21.18× | ||
| Q3 24 | 2.59× | 4.58× | ||
| Q2 24 | — | 0.68× |
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% |
SKWD
Segment breakdown not available.
