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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and NCR Voyix Corp (VYX). Click either name above to swap in a different company.
NCR Voyix Corp is the larger business by last-quarter revenue ($720.0M vs $663.0M, roughly 1.1× Churchill Downs Inc). NCR Voyix Corp runs the higher net margin — 13.6% vs 12.5%, a 1.1% gap on every dollar of revenue. On growth, NCR Voyix Corp posted the faster year-over-year revenue change (6.2% vs 3.1%). Over the past eight quarters, NCR Voyix Corp's revenue compounded faster (0.7% 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.
NCR Voyix Corporation, previously known as NCR Corporation and National Cash Register, is a global software, consulting and technology company providing several professional services and electronic products. It manufactured self-service kiosks, point-of-sale terminals, automated teller machines, check processing systems, and barcode scanners.
CHDN vs VYX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $720.0M |
| Net Profit | $83.0M | $98.0M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 2.4% |
| Net Margin | 12.5% | 13.6% |
| Revenue YoY | 3.1% | 6.2% |
| Net Profit YoY | 7.8% | 990.9% |
| EPS (diluted) | $1.16 | $0.64 |
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 | $720.0M | ||
| Q3 25 | $683.0M | $684.0M | ||
| Q2 25 | $934.4M | $666.0M | ||
| Q1 25 | $642.6M | $617.0M | ||
| Q4 24 | $624.2M | $678.0M | ||
| Q3 24 | $628.5M | $708.0M | ||
| Q2 24 | $890.7M | $722.0M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $98.0M | ||
| Q3 25 | $38.1M | $-19.0M | ||
| Q2 25 | $216.9M | $0 | ||
| Q1 25 | $76.7M | $-17.0M | ||
| Q4 24 | $71.7M | $-11.0M | ||
| Q3 24 | $65.4M | $1.1B | ||
| Q2 24 | $209.3M | $-73.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.4% | ||
| Q2 24 | — | 17.5% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 2.4% | ||
| Q3 25 | 14.3% | 2.2% | ||
| Q2 25 | 35.1% | 2.1% | ||
| Q1 25 | 20.9% | -3.2% | ||
| Q4 24 | 20.3% | -0.1% | ||
| Q3 24 | 20.0% | 2.3% | ||
| Q2 24 | 37.0% | -4.7% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 13.6% | ||
| Q3 25 | 5.6% | -2.8% | ||
| Q2 25 | 23.2% | — | ||
| Q1 25 | 11.9% | -2.8% | ||
| Q4 24 | 11.5% | -1.6% | ||
| Q3 24 | 10.4% | 152.8% | ||
| Q2 24 | 23.5% | -10.1% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $0.64 | ||
| Q3 25 | — | $-0.16 | ||
| Q2 25 | — | $-0.03 | ||
| Q1 25 | — | $-0.15 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $7.41 | ||
| Q2 24 | — | $-0.53 |
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 | $231.0M |
| Total DebtLower is stronger | $840.0M | $1.1B |
| Stockholders' EquityBook value | — | $948.0M |
| Total Assets | $7.5B | $3.9B |
| Debt / EquityLower = less leverage | — | 1.17× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $231.0M | ||
| Q3 25 | $180.5M | $282.0M | ||
| Q2 25 | $182.4M | $276.0M | ||
| Q1 25 | $174.2M | $573.0M | ||
| Q4 24 | $175.5M | $722.0M | ||
| Q3 24 | $152.7M | $792.0M | ||
| Q2 24 | $140.3M | $203.0M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $948.0M | ||
| Q3 25 | $1.0B | $848.0M | ||
| Q2 25 | $1.0B | $867.0M | ||
| Q1 25 | $1.1B | $857.0M | ||
| Q4 24 | $1.1B | $933.0M | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $1.0B | $-85.0M |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $3.9B | ||
| Q3 25 | $7.5B | $4.0B | ||
| Q2 25 | $7.4B | $4.0B | ||
| Q1 25 | $7.3B | $4.3B | ||
| Q4 24 | $7.3B | $4.5B | ||
| Q3 24 | $7.2B | $4.7B | ||
| Q2 24 | $7.2B | $4.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.17× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.18× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $60.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.55× | 0.61× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $60.0M | ||
| Q3 25 | $187.7M | $14.0M | ||
| Q2 25 | — | $-242.0M | ||
| Q1 25 | $246.5M | $-42.0M | ||
| Q4 24 | — | $-170.0M | ||
| Q3 24 | $169.4M | $11.0M | ||
| Q2 24 | — | $62.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $166.3M | $10.0M | ||
| Q2 25 | — | $-249.0M | ||
| Q1 25 | $233.9M | $-50.0M | ||
| Q4 24 | — | $-177.0M | ||
| Q3 24 | $154.4M | $9.0M | ||
| Q2 24 | — | $49.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 24.3% | 1.5% | ||
| Q2 25 | — | -37.4% | ||
| Q1 25 | 36.4% | -8.1% | ||
| Q4 24 | — | -26.1% | ||
| Q3 24 | 24.6% | 1.3% | ||
| Q2 24 | — | 6.8% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | — | ||
| Q3 25 | 3.1% | 0.6% | ||
| Q2 25 | 2.0% | 1.1% | ||
| Q1 25 | 2.0% | 1.3% | ||
| Q4 24 | 5.4% | 1.0% | ||
| Q3 24 | 2.4% | 0.3% | ||
| Q2 24 | 2.5% | 1.8% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 0.61× | ||
| Q3 25 | 4.93× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.21× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.59× | 0.01× | ||
| Q2 24 | — | — |
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% |
VYX
| Services | $484.0M | 67% |
| Products | $236.0M | 33% |
