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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $382.7M, roughly 1.7× INNOVATE Corp.). Churchill Downs Inc runs the higher net margin — 12.5% vs -1.9%, a 14.5% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 3.1%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% 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.
Innovate Corp. is an American public financial services company founded in 1994.
CHDN vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $382.7M |
| Net Profit | $83.0M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 21.6% | 3.7% |
| Net Margin | 12.5% | -1.9% |
| Revenue YoY | 3.1% | 61.7% |
| Net Profit YoY | 7.8% | 55.4% |
| EPS (diluted) | $1.16 | $-0.57 |
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 | $382.7M | ||
| Q3 25 | $683.0M | $347.1M | ||
| Q2 25 | $934.4M | $242.0M | ||
| Q1 25 | $642.6M | $274.2M | ||
| Q4 24 | $624.2M | $236.6M | ||
| Q3 24 | $628.5M | $242.2M | ||
| Q2 24 | $890.7M | $313.1M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $-7.4M | ||
| Q3 25 | $38.1M | $-8.9M | ||
| Q2 25 | $216.9M | $-19.8M | ||
| Q1 25 | $76.7M | $-24.5M | ||
| Q4 24 | $71.7M | $-16.6M | ||
| Q3 24 | $65.4M | $-15.0M | ||
| Q2 24 | $209.3M | $14.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 3.7% | ||
| Q3 25 | 14.3% | 1.8% | ||
| Q2 25 | 35.1% | 2.0% | ||
| Q1 25 | 20.9% | 1.2% | ||
| Q4 24 | 20.3% | 1.1% | ||
| Q3 24 | 20.0% | 2.4% | ||
| Q2 24 | 37.0% | 9.2% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | -1.9% | ||
| Q3 25 | 5.6% | -2.6% | ||
| Q2 25 | 23.2% | -8.2% | ||
| Q1 25 | 11.9% | -8.9% | ||
| Q4 24 | 11.5% | -7.0% | ||
| Q3 24 | 10.4% | -6.2% | ||
| Q2 24 | 23.5% | 4.6% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $-0.57 | ||
| Q3 25 | — | $-0.71 | ||
| Q2 25 | — | $-1.67 | ||
| Q1 25 | — | $-1.89 | ||
| Q4 24 | — | $-0.72 | ||
| Q3 24 | — | $-1.18 | ||
| Q2 24 | — | $1.03 |
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 | $112.1M |
| Total DebtLower is stronger | $840.0M | $80.3M |
| Stockholders' EquityBook value | — | $-240.1M |
| Total Assets | $7.5B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $112.1M | ||
| Q3 25 | $180.5M | $35.5M | ||
| Q2 25 | $182.4M | $33.4M | ||
| Q1 25 | $174.2M | $33.3M | ||
| Q4 24 | $175.5M | $48.8M | ||
| Q3 24 | $152.7M | $51.0M | ||
| Q2 24 | $140.3M | $80.2M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $-240.1M | ||
| Q3 25 | $1.0B | $-233.3M | ||
| Q2 25 | $1.0B | $-224.8M | ||
| Q1 25 | $1.1B | $-204.2M | ||
| Q4 24 | $1.1B | $-180.4M | ||
| Q3 24 | $1.1B | $-163.1M | ||
| Q2 24 | $1.0B | $-149.0M |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $950.1M | ||
| Q3 25 | $7.5B | $913.2M | ||
| Q2 25 | $7.4B | $890.9M | ||
| Q1 25 | $7.3B | $868.0M | ||
| Q4 24 | $7.3B | $891.1M | ||
| Q3 24 | $7.2B | $897.2M | ||
| Q2 24 | $7.2B | $898.9M |
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 | $101.1M |
| 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 | — | $101.1M | ||
| Q3 25 | $187.7M | $19.2M | ||
| Q2 25 | — | $40.4M | ||
| Q1 25 | $246.5M | $-14.1M | ||
| Q4 24 | — | $41.4M | ||
| Q3 24 | $169.4M | $-28.4M | ||
| Q2 24 | — | $21.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $166.3M | $19.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | $233.9M | $-18.8M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | $154.4M | $-31.5M | ||
| Q2 24 | — | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 24.3% | 5.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | 36.4% | -6.9% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | 24.6% | -13.0% | ||
| Q2 24 | — | 5.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | — | ||
| Q3 25 | 3.1% | 0.1% | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 2.0% | 1.7% | ||
| Q4 24 | 5.4% | 3.0% | ||
| Q3 24 | 2.4% | 1.3% | ||
| Q2 24 | 2.5% | 1.0% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 4.93× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.21× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.59× | — | ||
| Q2 24 | — | 1.49× |
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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
