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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and MARRIOTT VACATIONS WORLDWIDE Corp (VAC). Click either name above to swap in a different company.
MARRIOTT VACATIONS WORLDWIDE Corp is the larger business by last-quarter revenue ($1.2B vs $663.0M, roughly 1.9× Churchill Downs Inc). Churchill Downs Inc runs the higher net margin — 12.5% vs -35.0%, a 47.5% gap on every dollar of revenue. On growth, Churchill Downs Inc posted the faster year-over-year revenue change (3.1% vs -0.7%). Over the past eight quarters, MARRIOTT VACATIONS WORLDWIDE Corp's revenue compounded faster (5.2% 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.
Marriott Vacations Worldwide Corporation is a pure-play public timeshare company. Formerly a division of Marriott International, Marriott Vacations Worldwide was established as a separate, publicly traded entity focusing primarily on vacation ownership in November 2011. Marriott Vacations Worldwide runs more than 120 resorts with over 700,000 Owners and members in a diverse portfolio of brands under The Marriott Vacation Clubs name. Its brands include Marriott Vacation Club, The Marriott Vaca...
CHDN vs VAC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $1.2B |
| Net Profit | $83.0M | $-431.0M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | — |
| Net Margin | 12.5% | -35.0% |
| Revenue YoY | 3.1% | -0.7% |
| Net Profit YoY | 7.8% | -962.0% |
| EPS (diluted) | $1.16 | $-12.00 |
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 | $1.2B | ||
| Q3 25 | $683.0M | $1.2B | ||
| Q2 25 | $934.4M | $1.2B | ||
| Q1 25 | $642.6M | $1.1B | ||
| Q4 24 | $624.2M | $1.2B | ||
| Q3 24 | $628.5M | $1.2B | ||
| Q2 24 | $890.7M | $1.1B |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $-431.0M | ||
| Q3 25 | $38.1M | $-2.0M | ||
| Q2 25 | $216.9M | $69.0M | ||
| Q1 25 | $76.7M | $56.0M | ||
| Q4 24 | $71.7M | $50.0M | ||
| Q3 24 | $65.4M | $84.0M | ||
| Q2 24 | $209.3M | $37.0M |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | — | ||
| Q3 25 | 14.3% | — | ||
| Q2 25 | 35.1% | — | ||
| Q1 25 | 20.9% | — | ||
| Q4 24 | 20.3% | — | ||
| Q3 24 | 20.0% | — | ||
| Q2 24 | 37.0% | — |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | -35.0% | ||
| Q3 25 | 5.6% | -0.2% | ||
| Q2 25 | 23.2% | 6.0% | ||
| Q1 25 | 11.9% | 5.0% | ||
| Q4 24 | 11.5% | 4.0% | ||
| Q3 24 | 10.4% | 6.9% | ||
| Q2 24 | 23.5% | 3.5% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $-12.00 | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | — | $1.77 | ||
| Q1 25 | — | $1.46 | ||
| Q4 24 | — | $1.29 | ||
| Q3 24 | — | $2.12 | ||
| Q2 24 | — | $0.98 |
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 | $406.0M |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | $2.0B |
| Total Assets | $7.5B | $9.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $406.0M | ||
| Q3 25 | $180.5M | $474.0M | ||
| Q2 25 | $182.4M | $205.0M | ||
| Q1 25 | $174.2M | $196.0M | ||
| Q4 24 | $175.5M | $197.0M | ||
| Q3 24 | $152.7M | $197.0M | ||
| Q2 24 | $140.3M | $206.0M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $2.0B | ||
| Q3 25 | $1.0B | $2.5B | ||
| Q2 25 | $1.0B | $2.5B | ||
| Q1 25 | $1.1B | $2.4B | ||
| Q4 24 | $1.1B | $2.4B | ||
| Q3 24 | $1.1B | $2.4B | ||
| Q2 24 | $1.0B | $2.4B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $9.8B | ||
| Q3 25 | $7.5B | $10.1B | ||
| Q2 25 | $7.4B | $9.9B | ||
| Q1 25 | $7.3B | $9.9B | ||
| Q4 24 | $7.3B | $9.8B | ||
| Q3 24 | $7.2B | $9.7B | ||
| Q2 24 | $7.2B | $9.6B |
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 | $6.0M |
| Free Cash FlowOCF − Capex | — | $-6.0M |
| FCF MarginFCF / Revenue | — | -0.5% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | 3.55× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-29.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $6.0M | ||
| Q3 25 | $187.7M | $62.0M | ||
| Q2 25 | — | $-48.0M | ||
| Q1 25 | $246.5M | $8.0M | ||
| Q4 24 | — | $100.0M | ||
| Q3 24 | $169.4M | $72.0M | ||
| Q2 24 | — | $30.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-6.0M | ||
| Q3 25 | $166.3M | $51.0M | ||
| Q2 25 | — | $-68.0M | ||
| Q1 25 | $233.9M | $-6.0M | ||
| Q4 24 | — | $86.0M | ||
| Q3 24 | $154.4M | $58.0M | ||
| Q2 24 | — | $17.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | -0.5% | ||
| Q3 25 | 24.3% | 4.3% | ||
| Q2 25 | — | -5.9% | ||
| Q1 25 | 36.4% | -0.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | 24.6% | 4.8% | ||
| Q2 24 | — | 1.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 1.0% | ||
| Q3 25 | 3.1% | 0.9% | ||
| Q2 25 | 2.0% | 1.7% | ||
| Q1 25 | 2.0% | 1.3% | ||
| Q4 24 | 5.4% | 1.1% | ||
| Q3 24 | 2.4% | 1.1% | ||
| Q2 24 | 2.5% | 1.2% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 4.93× | — | ||
| Q2 25 | — | -0.70× | ||
| Q1 25 | 3.21× | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | 2.59× | 0.86× | ||
| Q2 24 | — | 0.81× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
