vs
Side-by-side financial comparison of Churchill Downs Inc (CHDN) and SM Energy Co (SM). Click either name above to swap in a different company.
SM Energy Co is the larger business by last-quarter revenue ($704.9M vs $663.0M, roughly 1.1× Churchill Downs Inc). On growth, Churchill Downs Inc posted the faster year-over-year revenue change (3.1% vs -17.3%). Over the past eight quarters, SM Energy Co's revenue compounded faster (12.2% 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.
SM Energy Company is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.
CHDN vs SM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $704.9M |
| Net Profit | $83.0M | — |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 25.9% |
| Net Margin | 12.5% | — |
| Revenue YoY | 3.1% | -17.3% |
| Net Profit YoY | 7.8% | — |
| EPS (diluted) | $1.16 | $0.94 |
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 | $704.9M | ||
| Q3 25 | $683.0M | $811.6M | ||
| Q2 25 | $934.4M | $792.9M | ||
| Q1 25 | $642.6M | $844.5M | ||
| Q4 24 | $624.2M | $852.0M | ||
| Q3 24 | $628.5M | $643.6M | ||
| Q2 24 | $890.7M | $634.6M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | — | ||
| Q3 25 | $38.1M | $155.1M | ||
| Q2 25 | $216.9M | $201.7M | ||
| Q1 25 | $76.7M | $182.3M | ||
| Q4 24 | $71.7M | — | ||
| Q3 24 | $65.4M | $240.5M | ||
| Q2 24 | $209.3M | $210.3M |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 25.9% | ||
| Q3 25 | 14.3% | 30.4% | ||
| Q2 25 | 35.1% | 37.2% | ||
| Q1 25 | 20.9% | 32.7% | ||
| Q4 24 | 20.3% | 33.7% | ||
| Q3 24 | 20.0% | 51.4% | ||
| Q2 24 | 37.0% | 44.0% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | — | ||
| Q3 25 | 5.6% | 19.1% | ||
| Q2 25 | 23.2% | 25.4% | ||
| Q1 25 | 11.9% | 21.6% | ||
| Q4 24 | 11.5% | — | ||
| Q3 24 | 10.4% | 37.4% | ||
| Q2 24 | 23.5% | 33.1% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $0.94 | ||
| Q3 25 | — | $1.35 | ||
| Q2 25 | — | $1.76 | ||
| Q1 25 | — | $1.59 | ||
| Q4 24 | — | $1.63 | ||
| Q3 24 | — | $2.09 | ||
| Q2 24 | — | $1.82 |
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 | $368.0M |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | $4.8B |
| Total Assets | $7.5B | $9.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $368.0M | ||
| Q3 25 | $180.5M | $162.3M | ||
| Q2 25 | $182.4M | $101.9M | ||
| Q1 25 | $174.2M | $54.0K | ||
| Q4 24 | $175.5M | — | ||
| Q3 24 | $152.7M | $1.7B | ||
| Q2 24 | $140.3M | $487.9M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $4.8B | ||
| Q3 25 | $1.0B | $4.7B | ||
| Q2 25 | $1.0B | $4.6B | ||
| Q1 25 | $1.1B | $4.4B | ||
| Q4 24 | $1.1B | $4.2B | ||
| Q3 24 | $1.1B | $4.1B | ||
| Q2 24 | $1.0B | $3.8B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $9.3B | ||
| Q3 25 | $7.5B | $9.1B | ||
| Q2 25 | $7.4B | $9.0B | ||
| Q1 25 | $7.3B | $8.8B | ||
| Q4 24 | $7.3B | $8.6B | ||
| Q3 24 | $7.2B | $8.0B | ||
| Q2 24 | $7.2B | $6.7B |
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 | $451.9M |
| 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 | — | $451.9M | ||
| Q3 25 | $187.7M | $505.0M | ||
| Q2 25 | — | $571.1M | ||
| Q1 25 | $246.5M | $483.0M | ||
| Q4 24 | — | $578.4M | ||
| Q3 24 | $169.4M | $452.3M | ||
| Q2 24 | — | $476.4M |
| 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 | — | — | ||
| Q3 25 | 4.93× | 3.26× | ||
| Q2 25 | — | 2.83× | ||
| Q1 25 | 3.21× | 2.65× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.59× | 1.88× | ||
| Q2 24 | — | 2.27× |
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% |
SM
Segment breakdown not available.
