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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $340.0M, roughly 1.9× Walker & Dunlop, Inc.). Churchill Downs Inc runs the higher net margin — 12.5% vs -12.9%, a 25.4% gap on every dollar of revenue. On growth, Churchill Downs Inc posted the faster year-over-year revenue change (3.1% vs -0.4%). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% 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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
CHDN vs WD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $340.0M |
| Net Profit | $83.0M | $-13.9M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | -17.2% |
| Net Margin | 12.5% | -12.9% |
| Revenue YoY | 3.1% | -0.4% |
| Net Profit YoY | 7.8% | -131.0% |
| EPS (diluted) | $1.16 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $683.0M | $337.7M | ||
| Q2 25 | $934.4M | $319.2M | ||
| Q1 25 | $642.6M | $237.4M | ||
| Q4 24 | $624.2M | $341.5M | ||
| Q3 24 | $628.5M | $292.3M | ||
| Q2 24 | $890.7M | $270.7M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $-13.9M | ||
| Q3 25 | $38.1M | $33.5M | ||
| Q2 25 | $216.9M | $34.0M | ||
| Q1 25 | $76.7M | $2.8M | ||
| Q4 24 | $71.7M | $44.8M | ||
| Q3 24 | $65.4M | $28.8M | ||
| Q2 24 | $209.3M | $22.7M |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | -17.2% | ||
| Q3 25 | 14.3% | 13.6% | ||
| Q2 25 | 35.1% | 14.5% | ||
| Q1 25 | 20.9% | 2.2% | ||
| Q4 24 | 20.3% | 15.3% | ||
| Q3 24 | 20.0% | 12.8% | ||
| Q2 24 | 37.0% | 10.4% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | -12.9% | ||
| Q3 25 | 5.6% | 9.9% | ||
| Q2 25 | 23.2% | 10.6% | ||
| Q1 25 | 11.9% | 1.2% | ||
| Q4 24 | 11.5% | 13.1% | ||
| Q3 24 | 10.4% | 9.9% | ||
| Q2 24 | 23.5% | 8.4% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $-0.41 | ||
| Q3 25 | — | $0.98 | ||
| Q2 25 | — | $0.99 | ||
| Q1 25 | — | $0.08 | ||
| Q4 24 | — | $1.32 | ||
| Q3 24 | — | $0.85 | ||
| Q2 24 | — | $0.67 |
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 | $299.3M |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | $1.7B |
| Total Assets | $7.5B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $299.3M | ||
| Q3 25 | $180.5M | $274.8M | ||
| Q2 25 | $182.4M | $233.7M | ||
| Q1 25 | $174.2M | $181.0M | ||
| Q4 24 | $175.5M | $279.3M | ||
| Q3 24 | $152.7M | $179.8M | ||
| Q2 24 | $140.3M | $208.1M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.7B | ||
| Q3 25 | $1.0B | $1.8B | ||
| Q2 25 | $1.0B | $1.8B | ||
| Q1 25 | $1.1B | $1.7B | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | $1.0B | $1.7B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $5.1B | ||
| Q3 25 | $7.5B | $5.8B | ||
| Q2 25 | $7.4B | $4.7B | ||
| Q1 25 | $7.3B | $4.5B | ||
| Q4 24 | $7.3B | $4.4B | ||
| Q3 24 | $7.2B | $4.6B | ||
| Q2 24 | $7.2B | $4.2B |
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 | $-664.3M |
| Free Cash FlowOCF − Capex | — | $-680.1M |
| FCF MarginFCF / Revenue | — | -200.0% |
| Capex IntensityCapex / Revenue | — | 4.6% |
| Cash ConversionOCF / Net Profit | 3.55× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $-664.3M | ||
| Q3 25 | $187.7M | $-948.1M | ||
| Q2 25 | — | $-238.5M | ||
| Q1 25 | $246.5M | $-281.1M | ||
| Q4 24 | — | $129.4M | ||
| Q3 24 | $169.4M | $-202.0M | ||
| Q2 24 | — | $-237.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-680.1M | ||
| Q3 25 | $166.3M | $-950.4M | ||
| Q2 25 | — | $-241.0M | ||
| Q1 25 | $233.9M | $-284.7M | ||
| Q4 24 | — | $116.4M | ||
| Q3 24 | $154.4M | $-204.0M | ||
| Q2 24 | — | $-241.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | -200.0% | ||
| Q3 25 | 24.3% | -281.5% | ||
| Q2 25 | — | -75.5% | ||
| Q1 25 | 36.4% | -120.0% | ||
| Q4 24 | — | 34.1% | ||
| Q3 24 | 24.6% | -69.8% | ||
| Q2 24 | — | -89.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 4.6% | ||
| Q3 25 | 3.1% | 0.7% | ||
| Q2 25 | 2.0% | 0.8% | ||
| Q1 25 | 2.0% | 1.5% | ||
| Q4 24 | 5.4% | 3.8% | ||
| Q3 24 | 2.4% | 0.7% | ||
| Q2 24 | 2.5% | 1.4% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 4.93× | -28.34× | ||
| Q2 25 | — | -7.02× | ||
| Q1 25 | 3.21× | -102.07× | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | 2.59× | -7.01× | ||
| Q2 24 | — | -10.49× |
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% |
WD
Segment breakdown not available.
