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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Verisign (VRSN). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $425.3M, roughly 1.6× Verisign). Verisign runs the higher net margin — 48.5% vs 12.5%, a 36.0% gap on every dollar of revenue. On growth, Verisign posted the faster year-over-year revenue change (7.6% vs 3.1%). Over the past eight quarters, Verisign'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.
Verisign, Inc. is an American company based in Reston, Virginia, that operates a diverse array of network infrastructure, including two of the Internet's thirteen root nameservers, the authoritative registry for the .com, .net, and .name generic top-level domains and the .cc country-code top-level domains, and the back-end systems for the .jobs and .edu sponsored top-level domains.
CHDN vs VRSN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $425.3M |
| Net Profit | $83.0M | $206.2M |
| Gross Margin | — | 88.5% |
| Operating Margin | 21.6% | 67.0% |
| Net Margin | 12.5% | 48.5% |
| Revenue YoY | 3.1% | 7.6% |
| Net Profit YoY | 7.8% | 7.7% |
| EPS (diluted) | $1.16 | — |
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 | $425.3M | ||
| Q3 25 | $683.0M | $419.1M | ||
| Q2 25 | $934.4M | $409.9M | ||
| Q1 25 | $642.6M | $402.3M | ||
| Q4 24 | $624.2M | $395.4M | ||
| Q3 24 | $628.5M | $390.6M | ||
| Q2 24 | $890.7M | $387.1M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $206.2M | ||
| Q3 25 | $38.1M | $212.8M | ||
| Q2 25 | $216.9M | $207.4M | ||
| Q1 25 | $76.7M | $199.3M | ||
| Q4 24 | $71.7M | $191.5M | ||
| Q3 24 | $65.4M | $201.3M | ||
| Q2 24 | $209.3M | $198.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 88.5% | ||
| Q3 25 | — | 88.4% | ||
| Q2 25 | — | 88.0% | ||
| Q1 25 | — | 87.7% | ||
| Q4 24 | — | 87.8% | ||
| Q3 24 | — | 88.0% | ||
| Q2 24 | — | 87.8% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 67.0% | ||
| Q3 25 | 14.3% | 67.8% | ||
| Q2 25 | 35.1% | 68.5% | ||
| Q1 25 | 20.9% | 67.4% | ||
| Q4 24 | 20.3% | 66.7% | ||
| Q3 24 | 20.0% | 68.9% | ||
| Q2 24 | 37.0% | 68.8% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 48.5% | ||
| Q3 25 | 5.6% | 50.8% | ||
| Q2 25 | 23.2% | 50.6% | ||
| Q1 25 | 11.9% | 49.5% | ||
| Q4 24 | 11.5% | 48.4% | ||
| Q3 24 | 10.4% | 51.5% | ||
| Q2 24 | 23.5% | 51.4% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $580.5M |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | $-2.2B |
| Total Assets | $7.5B | $1.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $580.5M | ||
| Q3 25 | $180.5M | $617.7M | ||
| Q2 25 | $182.4M | $593.8M | ||
| Q1 25 | $174.2M | $648.5M | ||
| Q4 24 | $175.5M | $599.9M | ||
| Q3 24 | $152.7M | $644.9M | ||
| Q2 24 | $140.3M | $689.9M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $-2.2B | ||
| Q3 25 | $1.0B | $-2.1B | ||
| Q2 25 | $1.0B | $-2.0B | ||
| Q1 25 | $1.1B | $-2.0B | ||
| Q4 24 | $1.1B | $-2.0B | ||
| Q3 24 | $1.1B | $-1.9B | ||
| Q2 24 | $1.0B | $-1.8B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $1.3B | ||
| Q3 25 | $7.5B | $1.4B | ||
| Q2 25 | $7.4B | $1.4B | ||
| Q1 25 | $7.3B | $1.4B | ||
| Q4 24 | $7.3B | $1.4B | ||
| Q3 24 | $7.2B | $1.5B | ||
| Q2 24 | $7.2B | $1.5B |
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 | $289.6M |
| Free Cash FlowOCF − Capex | — | $285.1M |
| FCF MarginFCF / Revenue | — | 67.0% |
| Capex IntensityCapex / Revenue | — | 1.1% |
| Cash ConversionOCF / Net Profit | 3.55× | 1.40× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $289.6M | ||
| Q3 25 | $187.7M | $307.7M | ||
| Q2 25 | — | $202.5M | ||
| Q1 25 | $246.5M | $291.3M | ||
| Q4 24 | — | $231.5M | ||
| Q3 24 | $169.4M | $253.4M | ||
| Q2 24 | — | $160.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $285.1M | ||
| Q3 25 | $166.3M | $303.0M | ||
| Q2 25 | — | $194.7M | ||
| Q1 25 | $233.9M | $285.5M | ||
| Q4 24 | — | $222.0M | ||
| Q3 24 | $154.4M | $247.8M | ||
| Q2 24 | — | $151.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 67.0% | ||
| Q3 25 | 24.3% | 72.3% | ||
| Q2 25 | — | 47.5% | ||
| Q1 25 | 36.4% | 71.0% | ||
| Q4 24 | — | 56.1% | ||
| Q3 24 | 24.6% | 63.4% | ||
| Q2 24 | — | 39.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 1.1% | ||
| Q3 25 | 3.1% | 1.1% | ||
| Q2 25 | 2.0% | 1.9% | ||
| Q1 25 | 2.0% | 1.4% | ||
| Q4 24 | 5.4% | 2.4% | ||
| Q3 24 | 2.4% | 1.4% | ||
| Q2 24 | 2.5% | 2.4% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 1.40× | ||
| Q3 25 | 4.93× | 1.45× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | 3.21× | 1.46× | ||
| Q4 24 | — | 1.21× | ||
| Q3 24 | 2.59× | 1.26× | ||
| 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% |
VRSN
Segment breakdown not available.
