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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and UDR, Inc. (UDR). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $425.8M, roughly 1.6× UDR, Inc.). UDR, Inc. runs the higher net margin — 44.6% vs 12.5%, a 32.1% gap on every dollar of revenue. On growth, Churchill Downs Inc posted the faster year-over-year revenue change (3.1% vs 0.9%). Over the past eight quarters, UDR, 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.
UDR, Inc. is a leading U.S.-headquartered real estate investment trust specializing in owning, operating, and redeveloping high-quality multifamily residential apartment communities. It operates across major U.S. metropolitan markets, catering to a diverse tenant base including young professionals, families, and middle-to-high income households.
CHDN vs UDR — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $425.8M |
| Net Profit | $83.0M | $189.8M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 54.0% |
| Net Margin | 12.5% | 44.6% |
| Revenue YoY | 3.1% | 0.9% |
| Net Profit YoY | 7.8% | 147.2% |
| EPS (diluted) | $1.16 | $0.63 |
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 | $425.8M | ||
| Q4 25 | $665.9M | $433.1M | ||
| Q3 25 | $683.0M | $431.9M | ||
| Q2 25 | $934.4M | $425.4M | ||
| Q1 25 | $642.6M | $421.9M | ||
| Q4 24 | $624.2M | $422.7M | ||
| Q3 24 | $628.5M | $420.2M | ||
| Q2 24 | $890.7M | $415.3M |
| Q1 26 | $83.0M | $189.8M | ||
| Q4 25 | $51.3M | $222.9M | ||
| Q3 25 | $38.1M | $40.4M | ||
| Q2 25 | $216.9M | $37.7M | ||
| Q1 25 | $76.7M | $76.7M | ||
| Q4 24 | $71.7M | $-5.0M | ||
| Q3 24 | $65.4M | $22.6M | ||
| Q2 24 | $209.3M | $28.9M |
| Q1 26 | 21.6% | 54.0% | ||
| Q4 25 | 18.5% | 64.1% | ||
| Q3 25 | 14.3% | 17.7% | ||
| Q2 25 | 35.1% | 18.2% | ||
| Q1 25 | 20.9% | 29.0% | ||
| Q4 24 | 20.3% | 15.7% | ||
| Q3 24 | 20.0% | 16.6% | ||
| Q2 24 | 37.0% | 16.5% |
| Q1 26 | 12.5% | 44.6% | ||
| Q4 25 | 7.7% | 51.5% | ||
| Q3 25 | 5.6% | 9.4% | ||
| Q2 25 | 23.2% | 8.9% | ||
| Q1 25 | 11.9% | 18.2% | ||
| Q4 24 | 11.5% | -220.5% | ||
| Q3 24 | 10.4% | 5.4% | ||
| Q2 24 | 23.5% | 7.0% |
| Q1 26 | $1.16 | $0.63 | ||
| Q4 25 | — | $0.67 | ||
| Q3 25 | — | $0.12 | ||
| Q2 25 | — | $0.11 | ||
| Q1 25 | — | $0.23 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | — | $0.06 | ||
| Q2 24 | — | $0.08 |
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 | $1.3M |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | $3.3B |
| Total Assets | $7.5B | $10.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | $1.3M | ||
| Q4 25 | $200.6M | $1.2M | ||
| Q3 25 | $180.5M | $1.2M | ||
| Q2 25 | $182.4M | $1.5M | ||
| Q1 25 | $174.2M | $1.3M | ||
| Q4 24 | $175.5M | $1.3M | ||
| Q3 24 | $152.7M | $2.3M | ||
| Q2 24 | $140.3M | $2.8M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $5.8B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | — | $5.8B | ||
| Q1 25 | — | $5.8B | ||
| Q4 24 | — | $5.8B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $5.8B |
| Q1 26 | — | $3.3B | ||
| Q4 25 | $1.0B | $3.3B | ||
| Q3 25 | $1.0B | $3.3B | ||
| Q2 25 | $1.0B | $3.3B | ||
| Q1 25 | $1.1B | $3.3B | ||
| Q4 24 | $1.1B | $3.4B | ||
| Q3 24 | $1.1B | $3.5B | ||
| Q2 24 | $1.0B | $3.7B |
| Q1 26 | $7.5B | $10.3B | ||
| Q4 25 | $7.5B | $10.6B | ||
| Q3 25 | $7.5B | $10.6B | ||
| Q2 25 | $7.4B | $10.6B | ||
| Q1 25 | $7.3B | $10.7B | ||
| Q4 24 | $7.3B | $10.9B | ||
| Q3 24 | $7.2B | $11.1B | ||
| Q2 24 | $7.2B | $11.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.77× | ||
| Q3 25 | — | 1.78× | ||
| Q2 25 | — | 1.74× | ||
| Q1 25 | — | 1.74× | ||
| Q4 24 | — | 1.69× | ||
| Q3 24 | — | 1.67× | ||
| Q2 24 | — | 1.55× |
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 | — | 4.9% |
| 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 | — | $902.9M | ||
| Q3 25 | $187.7M | $234.9M | ||
| Q2 25 | — | $250.3M | ||
| Q1 25 | $246.5M | $156.2M | ||
| Q4 24 | — | $876.8M | ||
| Q3 24 | $169.4M | $230.3M | ||
| Q2 24 | — | $238.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $650.0M | ||
| Q3 25 | $166.3M | $164.6M | ||
| Q2 25 | — | $190.1M | ||
| Q1 25 | $233.9M | $103.2M | ||
| Q4 24 | — | $627.0M | ||
| Q3 24 | $154.4M | $161.3M | ||
| Q2 24 | — | $171.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 150.1% | ||
| Q3 25 | 24.3% | 38.1% | ||
| Q2 25 | — | 44.7% | ||
| Q1 25 | 36.4% | 24.5% | ||
| Q4 24 | — | 148.3% | ||
| Q3 24 | 24.6% | 38.4% | ||
| Q2 24 | — | 41.2% |
| Q1 26 | — | 4.9% | ||
| Q4 25 | 2.6% | 58.4% | ||
| Q3 25 | 3.1% | 16.3% | ||
| Q2 25 | 2.0% | 14.2% | ||
| Q1 25 | 2.0% | 12.6% | ||
| Q4 24 | 5.4% | 59.1% | ||
| Q3 24 | 2.4% | 16.4% | ||
| Q2 24 | 2.5% | 16.2% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 4.05× | ||
| Q3 25 | 4.93× | 5.81× | ||
| Q2 25 | — | 6.64× | ||
| Q1 25 | 3.21× | 2.04× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.59× | 10.19× | ||
| Q2 24 | — | 8.26× |
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% |
UDR
| Rental income | $423.3M | 99% |
| Joint venture management and other fees | $2.5M | 1% |
