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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $566.0M, roughly 1.2× WillScot Holdings Corp). Churchill Downs Inc runs the higher net margin — 12.5% vs -33.1%, a 45.6% gap on every dollar of revenue. On growth, Churchill Downs Inc posted the faster year-over-year revenue change (3.1% vs -6.1%). Over the past eight quarters, WillScot Holdings Corp's revenue compounded faster (-1.8% 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.
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
CHDN vs WSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $566.0M |
| Net Profit | $83.0M | $-187.3M |
| Gross Margin | — | 50.4% |
| Operating Margin | 21.6% | -32.5% |
| Net Margin | 12.5% | -33.1% |
| Revenue YoY | 3.1% | -6.1% |
| Net Profit YoY | 7.8% | -310.0% |
| EPS (diluted) | $1.16 | $-1.02 |
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 | $566.0M | ||
| Q3 25 | $683.0M | $566.8M | ||
| Q2 25 | $934.4M | $589.1M | ||
| Q1 25 | $642.6M | $559.6M | ||
| Q4 24 | $624.2M | $602.5M | ||
| Q3 24 | $628.5M | $601.4M | ||
| Q2 24 | $890.7M | $604.6M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $-187.3M | ||
| Q3 25 | $38.1M | $43.3M | ||
| Q2 25 | $216.9M | $47.9M | ||
| Q1 25 | $76.7M | $43.1M | ||
| Q4 24 | $71.7M | $89.2M | ||
| Q3 24 | $65.4M | $-70.5M | ||
| Q2 24 | $209.3M | $-46.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 50.4% | ||
| Q3 25 | — | 49.7% | ||
| Q2 25 | — | 50.3% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 53.5% | ||
| Q2 24 | — | 54.1% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | -32.5% | ||
| Q3 25 | 14.3% | 21.0% | ||
| Q2 25 | 35.1% | 21.5% | ||
| Q1 25 | 20.9% | 21.3% | ||
| Q4 24 | 20.3% | 28.9% | ||
| Q3 24 | 20.0% | -5.9% | ||
| Q2 24 | 37.0% | -0.9% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | -33.1% | ||
| Q3 25 | 5.6% | 7.6% | ||
| Q2 25 | 23.2% | 8.1% | ||
| Q1 25 | 11.9% | 7.7% | ||
| Q4 24 | 11.5% | 14.8% | ||
| Q3 24 | 10.4% | -11.7% | ||
| Q2 24 | 23.5% | -7.7% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $-1.02 | ||
| Q3 25 | — | $0.24 | ||
| Q2 25 | — | $0.26 | ||
| Q1 25 | — | $0.23 | ||
| Q4 24 | — | $0.48 | ||
| Q3 24 | — | $-0.37 | ||
| Q2 24 | — | $-0.25 |
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 | $14.6M |
| Total DebtLower is stronger | $840.0M | $3.6B |
| Stockholders' EquityBook value | — | $856.3M |
| Total Assets | $7.5B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $14.6M | ||
| Q3 25 | $180.5M | $14.8M | ||
| Q2 25 | $182.4M | $12.8M | ||
| Q1 25 | $174.2M | $10.7M | ||
| Q4 24 | $175.5M | $9.0M | ||
| Q3 24 | $152.7M | $11.0M | ||
| Q2 24 | $140.3M | $5.9M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.5B |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $856.3M | ||
| Q3 25 | $1.0B | $1.1B | ||
| Q2 25 | $1.0B | $1.0B | ||
| Q1 25 | $1.1B | $1.0B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $1.0B | $1.2B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $5.8B | ||
| Q3 25 | $7.5B | $6.1B | ||
| Q2 25 | $7.4B | $6.1B | ||
| Q1 25 | $7.3B | $6.0B | ||
| Q4 24 | $7.3B | $6.0B | ||
| Q3 24 | $7.2B | $6.0B | ||
| Q2 24 | $7.2B | $6.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 3.56× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | — | 2.88× |
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 | $158.9M |
| Free Cash FlowOCF − Capex | — | $149.7M |
| FCF MarginFCF / Revenue | — | 26.5% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | 3.55× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $158.9M | ||
| Q3 25 | $187.7M | $191.2M | ||
| Q2 25 | — | $205.3M | ||
| Q1 25 | $246.5M | $206.6M | ||
| Q4 24 | — | $178.9M | ||
| Q3 24 | $169.4M | $-1.6M | ||
| Q2 24 | — | $175.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $149.7M | ||
| Q3 25 | $166.3M | $186.9M | ||
| Q2 25 | — | $199.0M | ||
| Q1 25 | $233.9M | $202.0M | ||
| Q4 24 | — | $176.6M | ||
| Q3 24 | $154.4M | $-4.9M | ||
| Q2 24 | — | $169.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 26.5% | ||
| Q3 25 | 24.3% | 33.0% | ||
| Q2 25 | — | 33.8% | ||
| Q1 25 | 36.4% | 36.1% | ||
| Q4 24 | — | 29.3% | ||
| Q3 24 | 24.6% | -0.8% | ||
| Q2 24 | — | 28.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 1.6% | ||
| Q3 25 | 3.1% | 0.7% | ||
| Q2 25 | 2.0% | 1.1% | ||
| Q1 25 | 2.0% | 0.8% | ||
| Q4 24 | 5.4% | 0.4% | ||
| Q3 24 | 2.4% | 0.6% | ||
| Q2 24 | 2.5% | 1.0% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 4.93× | 4.41× | ||
| Q2 25 | — | 4.28× | ||
| Q1 25 | 3.21× | 4.80× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | 2.59× | — | ||
| 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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
