CHDN Churchill Downs, Incorporated - Common Stock
$89.04
Price · Aug 18, 2026
Fundamentals as of Jul 29, 2026
52W Range
$79–$118
25% of range
Analyst Rating
BUY
18 analysts
Price Target
$132
+48% upside
P/E (TTM)
6.3
ROE
37.3%
Net Profit Margin
13.1%
CHDN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$89.04
Market Cap
$6.20B
P/E (TTM)
6.3
EPS (TTM)
$5.49
Revenue (TTM)
$2.93B
Div Yield
0.50%
ROE
37.3%
Debt/Equity
5.1
52W Range
$79 – $118
CHDN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$2.93B
2016-12-31
→
2025-12-31
EPS
$5.49
2016-12-31
→
2023-12-31
Free Cash Flow
—
2016-12-31
→
2018-12-31
Margins
13.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CHDN
Peer Median
P/E (TTM)
6.3
32.1
P/S (TTM)
2.1
1.7
P/B
6.1
8.2
EV / EBITDA
16.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CHDN
Peer Median
Operating Margin
23.4%
—
Net Profit Margin
13.1%
4.1%
ROA
5.2%
3.7%
ROE
37.3%
17.1%
ROIC
8.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CHDN
Peer Median
Debt / Equity
5.1
—
Current Ratio
0.6
0.9
Quick Ratio
0.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CHDN
Peer Median
Revenue YoY
7.0%
—
Revenue CAGR 3Y
17.4%
—
Revenue CAGR 5Y
22.7%
—
EPS YoY
-3.9%
—
Net Income YoY
-10.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CHDN
Peer Median
Payout Ratio
8.0%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
0.50%
Payout Ratio
8.0%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Dec. 5, 2025 | $0.4380 |
| Dec. 6, 2024 | $0.4090 |
| Nov. 30, 2023 | $0.3820 |
| Dec. 1, 2022 | $0.3570 |
| Dec. 2, 2021 | $0.3335 |
| Dec. 3, 2020 | $0.3110 |
| Dec. 5, 2019 | $0.2905 |
| Dec. 6, 2018 | $0.2717 |
| Nov. 30, 2017 | $0.2533 |
| Nov. 30, 2016 | $0.2200 |
| Dec. 2, 2015 | $0.1917 |
| Dec. 3, 2014 | $0.1667 |
| Dec. 4, 2013 | $0.1450 |
| Nov. 26, 2012 | $0.1200 |
| Dec. 28, 2011 | $0.1000 |
| Dec. 29, 2010 | $0.0833 |
| Dec. 29, 2009 | $0.0833 |
| Dec. 29, 2008 | $0.0833 |
| Dec. 26, 2007 | $0.0833 |
| Dec. 27, 2006 | $0.0833 |
CHDN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
18 analysts
- Strong Buy 5 27.8%
- Buy 12 66.7%
- Hold 1 5.6%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
11 analysts · 2026-08-13
Median
$132.00
← Below all targets
$89.04
Low
$100.00
High
$157.00
Median target
$132.00
+48.2%
Mean target
$131.64
+47.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $3.45 | $3.49 | -0.04% |
| March 31, 2026 | $1.21 | $1.02 | 0.19% |
| Dec. 31, 2025 | $0.97 | $1.05 | -0.08% |
| Sept. 30, 2025 | $1.09 | $1.00 | 0.09% |
| June 30, 2025 | $3.10 | $3.13 | -0.03% |
| March 31, 2025 | $1.07 | $1.03 | 0.04% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CHDN | $7.92B | 8.0 | 7.0% | 13.1% | 37.3% | — |
| DKNG | — | -3446.0 | 27.0% | 0.06% | 0.45% | — |
| MGM | $9.43B | 48.0 | 1.7% | 1.2% | 7.5% | — |
| WYNN | $12.51B | 38.3 | 0.14% | 4.6% | -131.0% | — |
| RRR | — | 19.9 | 3.7% | 9.3% | 88.8% | — |
| BYD | $6.51B | 3.8 | 4.1% | 45.1% | 88.0% | — |
| CZR | $4.74B | -9.7 | 2.1% | -4.4% | -13.1% | — |
| RSI | — | 62.7 | 22.8% | 2.9% | 29.5% | — |
| PENN | — | -2.5 | 5.8% | -12.1% | -35.9% | — |
| MCRI | $1.71B | 17.6 | 4.4% | 18.6% | 18.8% | 23.4% |
| SBET | $1.76B | -1.2 | 666.1% | -2618.4% | -51.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.93B | $2.73B | $2.46B | $1.81B | $1.60B | $1.05B | $1.33B | $1.01B | $883M | $822M | $0 | $0 | |
| R&D Expense | · | · | · | · | · | · | · | · | · | $39M | $39M | $0 | |
| SG&A Expense | $246M | $238M | $202M | $164M | $138M | $115M | $122M | $91M | $84M | $79M | $76M | $76M | |
| Operating Expenses | $2.24B | $2.03B | $1.90B | $1.49B | $1.31B | $994M | $1.11B | $820M | $737M | $650M | $672M | $722M | |
| Operating Income | $684M | $709M | $564M | $322M | $284M | $60M | $216M | $189M | $146M | $172M | $126M | $90M | |
| Interest Expense | · | · | $268M | $147M | $85M | $80M | $71M | $40M | $49M | $44M | $29M | $21M | |
| Interest Income | · | · | · | · | · | · | · | · | · | · | $42.0K | $20.0K | |
| Other Non-op | $7M | $9M | $6M | $7M | $59M | $-52M | $-19M | $45M | $-43M | $-25M | $-11M | $-14M | |
| Pretax Income | $532M | $573M | $562M | $609M | $344M | $8M | $196M | $234M | $102M | $147M | $115M | $76M | |
| Income Tax | $147M | $144M | $144M | $169M | $94M | $-5M | $57M | $51M | $-20M | $51M | $45M | $30M | |
| Net Income | $383M | $427M | $417M | $439M | $249M | $-82M | $138M | $353M | $140M | $108M | $65M | $46M | |
| EPS (Basic) | · | · | $5.55 | $5.79 | $3.22 | $-2.07 | $3.43 | $8.54 | $2.97 | $2.17 | $3.75 | $2.67 | |
| EPS (Diluted) | · | · | $5.49 | $5.71 | $3.18 | $-2.08 | $3.38 | $8.48 | $2.92 | $2.14 | $3.71 | $2.64 | |
| Shares (Basic) | 71,400,000 | 74,000,000 | 75,200,000 | 75,900,000 | 77,200,000 | 39,600,000 | 40,100,000 | 41,300,000 | 47,200,000 | 49,300,000 | 17,200,000 | 17,300,000 | |
| Shares (Diluted) | 71,800,000 | 74,600,000 | 76,100,000 | 77,000,000 | 78,400,000 | 40,100,000 | 40,600,000 | 41,600,000 | 48,000,000 | 50,500,000 | 17,600,000 | 17,600,000 | |
| EBITDA | $684M | $709M | $564M | $322M | $284M | $60M | $216M | $189M | $146M | $194M | $124M | $90M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $201M | $176M | $144M | $130M | $291M | $67M | $96M | $133M | $52M | $83M | $74M | $74M | |
| Receivables | $93M | $99M | $107M | $82M | $42M | $36M | $37M | $29M | $50M | $57M | $68M | $76M | |
| Inventory | $12M | $12M | $17M | · | · | · | · | · | · | · | · | · | |
| Other Current Assets | $44M | $46M | $60M | $44M | $38M | $28M | $27M | $22M | $19M | $18M | $40M | $24M | |
| Current Assets | $443M | $412M | $401M | $344M | $502M | $235M | $221M | $242M | $256M | $246M | $220M | $243M | |
| PP&E (Net) | $2.92B | $2.85B | $2.54B | $1.95B | $968M | $1.06B | $912M | $758M | $608M | $561M | $573M | $595M | |
| PP&E (Gross) | $4.26B | $4.02B | $3.53B | $2.78B | $1.71B | $1.78B | $1.55B | $1.32B | $1.12B | $1.03B | $1.00B | $1.01B | |
| Accum. Depreciation | $1.38B | $1.17B | $988M | $837M | $737M | $722M | $635M | $560M | $514M | $466M | $430M | $411M | |
| Goodwill | $900M | $900M | $900M | $724M | $367M | $367M | $367M | $338M | $318M | $302M | $842M | $841M | |
| Intangibles | $2.52B | $2.41B | $2.42B | $2.39B | $348M | $351M | $370M | $264M | $169M | $174M | $496M | $550M | |
| Other Non-current Assets | $23M | $18M | $19M | $27M | $19M | $21M | $21M | $16M | $14M | $10M | $14M | $18M | |
| Total Assets | $7.49B | $7.28B | $6.96B | $6.21B | $2.98B | $2.98B | $2.55B | $1.73B | $2.36B | $2.25B | $2.28B | $2.36B | |
| Accounts Payable | $184M | $180M | $158M | $146M | $82M | $71M | $58M | $47M | $54M | $50M | $39M | $45M | |
| Accrued Liabilities | · | · | · | · | · | · | · | $90M | $76M | $73M | $98M | $93M | |
| Current Liabilities | $733M | $729M | $756M | $622M | $395M | $424M | $301M | $257M | $453M | $468M | $640M | $336M | |
| Capital Leases | $33M | $18M | $18M | $26M | $22M | $19M | $21M | · | · | · | · | · | |
| Deferred Tax | $520M | $433M | $388M | $341M | $253M | $214M | $213M | $78M | $41M | $63M | $128M | $150M | |
| Other Non-current Liabilities | $94M | $146M | $138M | $122M | $53M | $46M | $39M | $16M | $16M | $14M | $18M | $22M | |
| Total Liabilities | $6.43B | $6.17B | $6.06B | $5.66B | $2.67B | $2.32B | $2.04B | $1.25B | $1.72B | $1.57B | $1.66B | $1.66B | |
| Long-term Debt | $5.13B | $4.91B | $4.84B | $4.61B | $1.97B | $1.62B | $1.47B | $884M | $1.13B | $922M | $782M | $764M | |
| Total Debt | $5.13B | $4.91B | $4.84B | $4.61B | $1.97B | $1.62B | $1.47B | $884M | $1.13B | $922M | $782M | $470M | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $18M | $0 | $0 | $7M | $116M | $134M | $262M | |
| Retained Earnings | $1.01B | $1.08B | $894M | $552M | $308M | $350M | $509M | $474M | $634M | $570M | $484M | $438M | |
| Stockholders' Equity | $1.01B | $1.08B | $894M | $552M | $307M | $367M | $511M | $473M | $640M | $685M | $617M | $700M | |
| Liabilities + Equity | $7.49B | $7.28B | $6.96B | $6.21B | $2.98B | $2.69B | $2.55B | $1.73B | $2.36B | $2.25B | $2.28B | $2.36B | |
| Shares Outstanding | 69,600,000 | 73,500,000 | 74,500,000 | 74,800,000 | 38,100,000 | 39,500,000 | 39,700,000 | 40,400,000 | 46,200,000 | 16,500,000 | · | · |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $233M | $199M | $169M | $114M | $103M | $93M | $96M | $64M | $97M | $109M | $110M | $68M | |
| Stock-based Comp | $30M | $36M | $33M | $32M | $28M | $24M | $24M | $21M | $27M | $19M | $14M | $12M | |
| Deferred Tax | $87M | $44M | $47M | $109M | $10M | $30M | $32M | $37M | $-52M | $14M | $8M | $15M | |
| Amort. of Intangibles | $10M | $11M | $7M | $5M | $5M | $5M | $15M | $6M | $7M | $9M | $10M | $13M | |
| Operating Cash Flow | $770M | $772M | $605M | $511M | $460M | $143M | $292M | $198M | $215M | $231M | $264M | $142M | |
| CapEx | · | · | · | · | · | · | · | $30M | $33M | $31M | $31M | $23M | |
| Investing Cash Flow | $-472M | $-545M | $-718M | $-3.10B | $-100M | $-239M | $-781M | $824M | $-154M | $-51M | $-66M | $-440M | |
| Debt Issued | $1.10B | $966M | $1.77B | $2.86B | $781M | $726M | $1.24B | $135M | $2.05B | $727M | $1.00B | $0 | |
| Net Debt Issued | $1.10B | $966M | $1.77B | $2.86B | $781M | $726M | $1.24B | $-246M | $215M | $0 | $300M | $0 | |
| Stock Issued | · | · | · | · | · | · | · | $2M | $2M | $2M | $1M | $7M | |
| Stock Repurchased | $428M | $186M | $56M | $175M | $298M | $28M | $95M | $531M | $181M | $39M | $148M | $77M | |
| Net Stock Activity | $-428M | $-186M | $-56M | $-175M | $-298M | $-28M | $-95M | $-546M | $-189M | $-37M | $-146M | $-8M | |
| Dividends Paid | $31M | $29M | $27M | $26M | $25M | $23M | $22M | $24M | $22M | $19M | $17M | $15M | |
| Financing Cash Flow | $-262M | $-197M | $129M | $2.42B | $-500.0K | $76M | $461M | $-933M | $-60M | $-202M | $-191M | $322M | |
| Net Change in Cash | $36M | $31M | $17M | $-151M | $235M | $-22M | $-31M | $89M | $2M | · | · | $23M | |
| Taxes Paid | $64M | $103M | $98M | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | · | · | · | · | · | · | $168M | $185M | $196M | $221M | $87M | |
| Levered FCF | · | · | · | · | · | · | · | $137M | $126M | $168M | $204M | $75M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 23.4% | 25.9% | 22.9% | 17.8% | 17.8% | 5.7% | 16.2% | 18.7% | · | -444.4% | · | · | |
| Net Margin | 13.1% | 15.6% | 17.0% | 24.3% | 15.6% | -7.8% | 10.3% | 35.0% | · | -247.4% | · | · | |
| Pretax Margin | 18.2% | 21.0% | 22.8% | 33.6% | 21.5% | 0.76% | 14.8% | 23.2% | · | -384.7% | · | · | |
| EBITDA Margin | 23.4% | 25.9% | 22.9% | 17.8% | 17.8% | 5.7% | 16.2% | 18.7% | · | -444.4% | · | · | |
| ROA | 5.2% | 6.0% | 6.3% | 9.6% | 8.3% | -3.1% | 6.4% | 17.3% | 6.1% | 4.8% | 2.8% | 2.5% | |
| ROE | 37.3% | 39.1% | 46.8% | 101.1% | 79.8% | -22.2% | 25.9% | 71.4% | 21.2% | 16.6% | 9.9% | 6.6% | |
| ROIC | 8.1% | 8.9% | 7.3% | 4.5% | 9.1% | 5.0% | 7.7% | 10.9% | 9.8% | 7.8% | 5.1% | 4.7% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.6 | 0.6 | 0.5 | 0.6 | 1.3 | 0.6 | 0.7 | 0.9 | 0.6 | 0.5 | 0.3 | 0.7 | |
| Quick Ratio | 0.4 | 0.4 | 0.3 | 0.3 | 0.8 | 0.2 | 0.4 | 0.6 | 0.2 | 0.3 | 0.2 | 0.4 | |
| Debt / Equity | 5.1 | 4.5 | 5.4 | 8.4 | 6.4 | 4.4 | 2.9 | 1.9 | 1.8 | 1.3 | 1.3 | 0.7 | |
| LT Debt / Equity | 5.0 | 4.5 | 5.3 | 8.3 | 6.4 | 4.4 | 2.9 | 1.9 | 1.8 | 1.3 | 1.2 | 0.7 | |
| Interest Coverage | · | · | 2.1 | 2.2 | 3.4 | 0.8 | 3.0 | 4.7 | 3.0 | 4.4 | 4.3 | 4.3 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 0.4 | 0.6 | 0.5 | · | -0.0 | 0.0 | 0.0 | |
| Receivables Turnover | 30.4 | 26.6 | 26.1 | 29.2 | 40.5 | 28.6 | 40.2 | 35.7 | · | -0.6 | 0.0 | 0.0 |
Growth Rates 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 7.0% | 11.1% | 36.0% | 13.3% | 51.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 17.4% | 19.6% | 32.7% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 22.7% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | · | -3.9% | 79.6% | · | · | · | · | · | · | · | · | |
| Net Income YoY | -10.3% | 2.3% | -5.0% | 76.4% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -4.5% | 19.7% | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 5.7% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.93B | $2.73B | $2.46B | $1.81B | $1.60B | $1.05B | $1.33B | $1.01B | $883M | $822M | $0 | $0 | |
| Net Income TTM | $383M | $427M | $417M | $439M | $249M | $-82M | $138M | $353M | $140M | $108M | $65M | $46M | |
| Market Cap | $7.92B | $9.82B | $10.05B | $3.95B | $4.59B | $3.85B | $2.72B | $1.64B | $597M | · | · | · | |
| Enterprise Value | $12.85B | $14.55B | $14.74B | $8.43B | $6.27B | $5.40B | $4.10B | $2.39B | $1.67B | · | · | · | |
| P/E | 8.0 | 9.4 | 24.6 | 18.5 | 37.9 | -46.8 | 20.3 | 4.8 | 13.3 | 11.7 | 6.4 | 6.0 | |
| P/S | 2.7 | 3.6 | 4.1 | 2.2 | 2.9 | 3.6 | 2.0 | 1.6 | 0.7 | · | · | · | |
| P/B | 7.8 | 9.1 | 11.2 | 7.2 | 15.0 | 10.5 | 5.4 | 3.5 | 0.9 | · | · | · | |
| P / Cash Flow | 10.3 | 12.7 | 16.6 | 7.7 | 10.0 | 27.1 | 9.4 | 8.3 | 2.7 | · | · | · | |
| P / FCF | · | · | · | · | · | · | · | 9.8 | 3.2 | · | · | · | |
| EV / EBITDA | 18.8 | 20.5 | 26.1 | 26.2 | 22.0 | 89.7 | 19.0 | 12.7 | 11.5 | · | · | · | |
| EV / FCF | · | · | · | · | · | · | · | 14.2 | 9.1 | · | · | · | |
| EV / Revenue | 4.4 | 5.3 | 6.0 | 4.7 | 3.9 | 5.1 | 3.1 | 2.4 | 1.9 | · | · | · | |
| Dividend Yield | 0.39% | 0.30% | 0.27% | 0.66% | 0.54% | 0.61% | 0.82% | 1.4% | 3.6% | · | · | · | |
| Earnings Yield | 12.5% | 10.6% | 4.1% | 5.4% | 2.6% | -2.1% | 4.9% | 20.9% | 7.5% | 8.5% | 15.7% | 16.6% | |
| Payout Ratio | 8.0% | 6.8% | 6.5% | 5.9% | 10.0% | -28.6% | 16.2% | 6.7% | 15.3% | 17.7% | 26.7% | 32.8% | |
| Annual Payout | $31M | $29M | $27M | $26M | $25M | $23M | $22M | $24M | $22M | $19M | $17M | $15M |
Income Statement 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $980M | $663M | $666M | $683M | $934M | $643M | $624M | $628M | $891M | $591M | $561M | $572M | $768M | $560M | $480M | $383M | |
| SG&A Expense | $61M | $59M | $72M | $59M | $61M | $55M | $66M | $60M | $57M | $55M | $52M | $50M | $48M | $52M | $52M | $38M | |
| Operating Expenses | $623M | $520M | $542M | $585M | $607M | $508M | $497M | $503M | $561M | $465M | $455M | $460M | $543M | $440M | $468M | $320M | |
| Operating Income | $357M | $143M | $124M | $98M | $327M | $135M | $127M | $126M | $330M | $126M | $106M | $112M | $226M | $120M | $12M | $63M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $70M | · | $68M | $65M | $65M | · | $36M | |
| Other Non-op | $0 | $6M | $1M | $4M | $3M | $0 | $1M | $-100.0K | $100.0K | $8M | $400.0K | $4M | $0 | $1M | $3M | $4M | |
| Pretax Income | $328M | $113M | $83M | $61M | $292M | $96M | $91M | $86M | $294M | $102M | $72M | $82M | $199M | $209M | $-3M | $73M | |
| Income Tax | $86M | $30M | $32M | $22M | $74M | $19M | $19M | $20M | $84M | $21M | $14M | $21M | $56M | $53M | $-4M | $16M | |
| Net Income | $241M | $83M | $51M | $38M | $217M | $77M | $72M | $65M | $209M | $80M | $58M | $61M | $143M | $156M | $1M | $57M | |
| Shares (Basic) | 70,000,000 | 70,000,000 | -144,300,000 | 70,300,000 | 72,000,000 | 74,000,000 | -147,900,000 | 73,900,000 | 73,900,000 | 74,100,000 | -150,600,000 | 75,200,000 | 75,300,000 | 75,300,000 | -114,200,000 | 75,600,000 | |
| Shares (Diluted) | 70,000,000 | 70,000,000 | -145,900,000 | 71,000,000 | 72,000,000 | 74,000,000 | -149,300,000 | 74,600,000 | 74,600,000 | 74,700,000 | -154,000,000 | 77,100,000 | 76,900,000 | 76,100,000 | -115,700,000 | 76,700,000 | |
| EBITDA | $357M | $143M | · | $98M | $328M | $135M | · | $126M | $330M | $126M | · | $112M | $226M | $120M | · | $63M |
Balance Sheet 25
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $196M | $200M | $201M | $180M | $182M | $174M | $176M | $153M | $140M | $149M | · | $130M | $374M | $174M | · | $111M | |
| Receivables | $129M | $99M | $94M | $90M | $118M | $109M | $99M | $93M | $136M | $115M | · | $102M | $80M | $74M | · | $69M | |
| Inventory | $11M | $11M | $12M | $12M | $13M | $12M | $12M | · | · | · | · | · | · | · | · | · | |
| Other Current Assets | $60M | $56M | $44M | $57M | $60M | $73M | $46M | $63M | $69M | $79M | · | $69M | $63M | $66M | · | $44M | |
| Current Assets | $484M | $452M | $443M | $415M | $464M | $452M | $412M | $387M | $436M | $416M | · | $371M | $583M | $378M | · | $1.81B | |
| PP&E (Net) | $2.91B | $2.91B | $2.88B | $2.93B | $2.92B | $2.91B | $2.85B | $2.81B | $2.75B | $2.67B | · | $2.38B | $2.23B | $2.10B | · | $1.24B | |
| PP&E (Gross) | · | · | $4.26B | · | · | · | $4.02B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $1.38B | · | · | · | $1.17B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $900M | $900M | $900M | $900M | $900M | $900M | $900M | $900M | $900M | $900M | $900M | $900M | $723M | $724M | $724M | $376M | |
| Intangibles | $2.51B | $2.52B | $2.52B | $2.52B | $2.41B | $2.41B | $2.41B | $2.41B | $2.41B | $2.42B | · | $2.42B | $2.36B | $2.39B | · | $485M | |
| Other Non-current Assets | $23M | $22M | $23M | $22M | $19M | $18M | $18M | $18M | $18M | $19M | · | $19M | $33M | $34M | · | $23M | |
| Total Assets | $7.52B | $7.49B | $7.48B | $7.45B | $7.38B | $7.35B | $7.28B | $7.17B | $7.17B | $7.07B | · | $6.75B | $6.58B | $6.27B | · | $4.67B | |
| Accounts Payable | $261M | $218M | $184M | $194M | $231M | $207M | $180M | $182M | $215M | $188M | · | $169M | $164M | $145M | · | $109M | |
| Current Liabilities | $1.36B | $836M | $733M | $725M | $772M | $846M | $729M | $710M | $763M | $837M | · | $670M | $648M | $694M | · | $492M | |
| Capital Leases | · | · | $33M | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $562M | $539M | $520M | $491M | $436M | $433M | $433M | $418M | $408M | $393M | · | $386M | $373M | $374M | · | $280M | |
| Other Non-current Liabilities | $87M | $86M | $93M | $98M | $143M | $141M | $146M | $139M | $141M | $139M | · | $142M | $143M | $138M | · | $104M | |
| Total Liabilities | $6.13B | $6.34B | $6.43B | $6.38B | $6.31B | $6.25B | $6.17B | $6.06B | $6.12B | $6.24B | · | $5.86B | $5.72B | $5.57B | · | $4.06B | |
| Long-term Debt | $4.77B | $4.93B | $5.13B | $5.11B | $5.01B | $4.88B | $4.91B | $4.83B | $4.86B | $4.93B | · | $4.72B | · | · | · | · | |
| Total Debt | $4.77B | $4.93B | · | $5.11B | $5.01B | $4.88B | · | $4.83B | $4.86B | $4.93B | · | $4.72B | $68M | $72M | · | $7M | |
| Common Stock | $7M | $3M | $0 | $0 | $0 | $0 | $0 | $2M | $0 | $0 | · | $0 | $8M | $5M | · | $0 | |
| Retained Earnings | $1.33B | $1.09B | $1.01B | $1.04B | $1.04B | $1.07B | $1.08B | $1.10B | $1.03B | $828M | · | $890M | $847M | $700M | · | $614M | |
| Stockholders' Equity | $1.34B | $1.10B | $1.01B | $1.03B | $1.04B | $1.07B | $1.08B | $1.10B | $1.03B | $827M | $894M | $889M | $854M | $704M | $552M | $613M | |
| Liabilities + Equity | $7.52B | $7.49B | $7.48B | $7.45B | $7.38B | $7.35B | $7.28B | $7.17B | $7.17B | $7.07B | · | $6.75B | $6.58B | $6.27B | · | $4.67B | |
| Shares Outstanding | · | · | 69,600,000 | · | · | · | 73,500,000 | · | · | · | · | · | · | · | · | · |
Cash Flow 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $59M | $56M | $60M | $56M | $58M | $59M | $53M | $50M | $49M | $47M | $47M | $42M | $42M | $38M | $35M | $28M | |
| Stock-based Comp | $8M | $5M | $12M | $7M | $7M | $4M | $13M | $7M | $9M | $7M | $8M | $8M | $8M | $9M | $8M | $9M | |
| Operating Cash Flow | $217M | $295M | $96M | $188M | $240M | $247M | $131M | $169M | $217M | $255M | $106M | $96M | $187M | $216M | $86M | $44M | |
| Investing Cash Flow | $-58M | $-61M | $-50M | $-255M | $-86M | $-80M | $-129M | $-126M | $-137M | $-153M | $-168M | $-430M | $-174M | $54M | $-3.00B | $-212M | |
| Debt Issued | $401M | $245M | $150M | $306M | $422M | $220M | $215M | $133M | $262M | $356M | $350M | $198M | $608M | $616M | $1.64B | $20M | |
| Net Debt Issued | · | $245M | · | · | · | $220M | · | · | · | $356M | · | · | · | $616M | · | · | |
| Stock Repurchased | $0 | $0 | $32M | $55M | $254M | $87M | $27M | $4M | $13M | $142M | $20M | $35M | $0 | $500.0K | $31M | $59M | |
| Net Stock Activity | · | $0 | · | · | · | $-86M | · | · | · | $-142M | · | · | · | $-500.0K | · | · | |
| Dividends Paid | $0 | $31M | $600.0K | $0 | $100.0K | $31M | $500.0K | $-100.0K | $200.0K | $29M | $300.0K | $100.0K | $0 | $27M | $300.0K | $0 | |
| Financing Cash Flow | $-155M | $-232M | $-26M | $50M | $-139M | $-148M | $20M | $-43M | $-72M | $-101M | $91M | $86M | $190M | $-238M | $1.40B | $-38M | |
| Net Change in Cash | $4M | $2M | $20M | $-17M | $14M | $19M | $21M | $500.0K | $9M | $200.0K | $29M | $-248M | $204M | $33M | $-1.49B | $-206M |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 36.4% | 21.6% | · | 14.3% | 35.1% | 20.9% | · | 20.0% | 37.0% | 21.4% | · | 19.6% | 29.4% | 21.4% | · | 16.4% | |
| Net Margin | 24.6% | 12.5% | · | 5.6% | 23.2% | 11.9% | · | 10.4% | 23.5% | 13.6% | · | 10.7% | 18.6% | 27.8% | · | 14.9% | |
| Pretax Margin | 33.5% | 17.0% | · | 9.0% | 31.2% | 14.9% | · | 13.7% | 33.0% | 17.2% | · | 14.3% | 25.9% | 37.3% | · | 19.2% | |
| EBITDA Margin | 36.4% | 21.6% | · | 14.3% | 35.1% | 20.9% | · | 20.0% | 37.0% | 21.4% | · | 19.6% | 29.4% | 21.4% | · | 16.4% | |
| ROA | 3.2% | 1.1% | · | 0.52% | 3.0% | 1.1% | · | 0.94% | 3.0% | 1.2% | · | 1.1% | 2.5% | 3.3% | · | 1.5% | |
| ROE | 20.2% | 7.7% | · | 3.6% | 20.9% | 8.1% | · | 6.6% | 22.2% | 10.5% | · | 8.1% | 19.6% | 30.5% | · | 12.0% | |
| ROIC | 4.3% | 1.7% | · | 1.0% | 4.0% | 1.8% | · | 1.6% | 4.0% | 1.7% | · | 1.5% | 17.6% | 11.5% | · | 7.9% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.4 | 0.5 | · | 0.6 | 0.6 | 0.5 | · | 0.5 | 0.6 | 0.5 | · | 0.6 | 0.9 | 0.5 | · | 3.7 | |
| Quick Ratio | 0.2 | 0.4 | · | 0.4 | 0.4 | 0.3 | · | 0.3 | 0.4 | 0.3 | · | 0.3 | 0.7 | 0.4 | · | 0.4 | |
| Debt / Equity | 3.6 | 4.5 | · | 4.9 | 4.8 | 4.6 | · | 4.4 | 4.7 | 6.0 | · | 5.3 | 0.1 | 0.1 | · | 0.0 | |
| LT Debt / Equity | 3.1 | 4.4 | · | 4.9 | 4.7 | 4.5 | · | 4.3 | 4.6 | 5.9 | · | 5.2 | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 1.8 | · | 1.7 | 3.5 | 1.9 | · | 1.7 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 7.9 | 6.4 | · | 7.5 | 7.3 | 5.7 | · | 6.4 | 8.3 | 6.3 | · | 6.7 | 10.6 | 9.3 | · | 6.4 |
Valuation (TTM) 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $3.26B | $2.92B | · | $2.89B | $3.10B | $2.75B | · | $2.68B | $2.82B | $2.49B | · | $2.28B | $2.29B | $1.89B | · | $1.72B | |
| Net Income TTM | $579M | $415M | · | $397M | $568M | $432M | · | $416M | $494M | $440M | · | $417M | $695M | $594M | · | $500M | |
| P/E | 6.3 | 6.3 | · | 6.8 | 7.1 | 7.8 | · | 9.5 | 9.8 | 8.7 | · | 8.2 | 9.8 | 9.1 | · | 6.5 | |
| Earnings Yield | 15.8% | 15.8% | · | 14.6% | 14.1% | 12.8% | · | 10.5% | 10.2% | 11.5% | · | 12.2% | 10.2% | 11.1% | · | 15.4% | |
| Payout Ratio | · | 37.4% | · | · | · | 39.2% | · | · | · | 35.6% | · | · | · | 17.2% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $2.93B | $2.73B | $2.46B | $1.81B | $1.60B |
| Operating Margin % | 23.4% | 25.9% | 22.9% | 17.8% | 17.8% |
| Net Income | $383M | $427M | $417M | $439M | $249M |
| Diluted EPS | — | — | $5.49 | $5.71 | $3.18 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 5.1 | 4.5 | 5.4 | 8.4 | 6.4 |
| Current Ratio | 0.6 | 0.6 | 0.5 | 0.6 | 1.3 |
| Quick Ratio | 0.4 | 0.4 | 0.3 | 0.3 | 0.8 |
Latest News Recent headlines mentioning this company
- London Company Small-Mid Cap Strategy Remains Confident on Churchill Downs Incorporated (CHDN) Despite Market Fears
- Churchill Downs (CHDN) Aims to Shed Its Regional Casino Portfolio to Boost Growth
- Churchill Downs Q1 Earnings Call Highlights
- Is Churchill Downs Incorporated (CHDN) A Good Stock To Buy Now?
Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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Institutional owners (13F) 510 filers · $4.2B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 80 (-5 vs prior Q) | 49 (-36 vs prior Q) | 164 (-8 vs prior Q) | 149 (+20 vs prior Q) | +12.1M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $287,558,038 | 3,207,921 | 6.92% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $267,928,671 | 2,988,941 | 6.45% | Shares |
| FMR LLC | $230,021,260 | 2,566,056 | 5.53% | Shares |
| LONDON CO OF VIRGINIA | $220,887,006 | 2,464,527 | 5.31% | Shares |
| STATE STREET CORP | $183,654,522 | 2,048,801 | 4.42% | Shares |
| CITADEL ADVISORS LLC | $150,691,115 | 1,681,070 | 3.63% | Shares |
| JANE STREET GROUP, LLC | $140,053,536 | 1,562,400 | 3.37% | Put option |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $129,477,092 | 1,444,412 | 3.11% | Shares |
| Balyasny Asset Management L.P. | $109,502,790 | 1,221,584 | 2.63% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $97,006,132 | 1,081,858 | 2.33% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $92,340,046 | 1,030,121 | 2.22% | Shares |
| JENNISON ASSOCIATES LLC | $91,930,675 | 1,025,554 | 2.21% | Shares |
| BARCLAYS PLC | $75,745,800 | 845,000 | 1.82% | Put option |
| NORGES BANK | $75,403,017 | 841,176 | 1.81% | Shares |
| Clearbridge Investments, LLC | $70,485,659 | 786,319 | 1.70% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $65,304,655 | 728,521 | 1.57% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $63,663,135 | 710,209 | 1.53% | Shares |
| Qube Research & Technologies Ltd | $61,431,995 | 685,319 | 1.48% | Shares |
| Gotham Asset Management, LLC | $58,151,799 | 648,726 | 1.40% | Shares |
| TWO SIGMA INVESTMENTS, LP | $51,300,524 | 572,295 | 1.23% | Shares |
| Interval Partners, LP | $45,716,579 | 510,002 | 1.10% | Shares |
| Apollo Management Holdings, L.P. | $44,773,566 | 499,482 | 1.08% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $43,832,617 | 488,985 | 1.05% | Shares |
| JANUS HENDERSON GROUP PLC | $40,127,869 | 446,709 | 0.97% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $37,602,366 | 419,482 | 0.90% | Shares |
| SAPIENT CAPITAL LLC | $37,556,112 | 418,966 | 0.90% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $36,571,645 | 411,241 | 0.88% | Shares |
| Long Pond Capital, LP | $35,714,279 | 398,419 | 0.86% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $33,265,025 | 371,096 | 0.80% | Shares |
| BANK OF AMERICA CORP /DE/ | $33,106,831 | 369,331 | 0.80% | Shares |
| Hudson Way Capital Management LLC | $32,992,361 | 368,054 | 0.79% | Shares |
| Cinctive Capital Management LP | $31,092,441 | 346,859 | 0.75% | Shares |
| JANE STREET GROUP, LLC | $28,075,875 | 313,207 | 0.68% | Shares |
| ProShare Advisors LLC | $26,140,368 | 291,615 | 0.63% | Shares |
| Solel Partners LP | $25,251,588 | 281,700 | 0.61% | Shares |
| Point72 Asset Management, L.P. | $22,924,623 | 255,741 | 0.55% | Shares |
| Rockefeller Capital Management L.P. | $21,213,575 | 236,653 | 0.51% | Shares |
| ArrowMark Colorado Holdings LLC | $20,876,797 | 232,896 | 0.50% | Shares |
| GAMCO INVESTORS, INC. ET AL | $19,974,033 | 222,825 | 0.48% | Shares |
| SYSTEMATIC FINANCIAL MANAGEMENT LP | $19,072,075 | 212,763 | 0.46% | Shares |
| Balyasny Asset Management L.P. | $19,048,500 | 212,500 | 0.46% | Call option |
| BlackRock, Inc. | $18,423,799 | 205,531 | 0.44% | Shares |
| COMMUNITY TRUST & INVESTMENT CO | $18,120,277 | 202,145 | 0.44% | Shares |
| MILLENNIUM MANAGEMENT LLC | $18,065,508 | 201,534 | 0.43% | Shares |
| MILLENNIUM MANAGEMENT LLC | $17,928,000 | 200,000 | 0.43% | Put option |
| KETTLE HILL CAPITAL MANAGEMENT, LLC | $17,892,861 | 199,608 | 0.43% | Shares |
| Retirement Systems of Alabama | $17,124,467 | 191,036 | 0.41% | Shares |
| Glenview Trust Co | $17,101,386 | 190,375 | 0.41% | Shares |
| Trexquant Investment LP | $16,923,942 | 188,799 | 0.41% | Shares |
| SEGALL BRYANT & HAMILL, LLC | $16,859,850 | 188,084 | 0.41% | Shares |
| Freestone Grove Partners LP | $16,785,897 | 187,259 | 0.40% | Shares |
| Baird Financial Group, Inc. | $16,239,362 | 181,162 | 0.39% | Shares |
| Bayberry Capital Partners LP | $15,955,920 | 178,000 | 0.38% | Shares |
| LOOMIS SAYLES & CO L P | $15,764,326 | 175,863 | 0.38% | Shares |
| Quantinno Capital Management LP | $15,414,240 | 171,957 | 0.37% | Shares |
| Penn Capital Management Company, LLC | $15,405,242 | 171,671 | 0.37% | Shares |
| Woodline Partners LP | $15,311,319 | 170,809 | 0.37% | Shares |
| RHUMBLINE ADVISERS | $15,110,564 | 168,570 | 0.36% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $14,813,010 | 165,250 | 0.36% | Shares |
| California Public Employees Retirement System | $14,436,522 | 161,050 | 0.35% | Shares |
| GOLDMAN SACHS GROUP INC | $14,224,075 | 158,680 | 0.34% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $14,064,516 | 156,900 | 0.34% | Call option |
| NEW YORK STATE COMMON RETIREMENT FUND | $13,844,539 | 154,446 | 0.33% | Shares |
| GABELLI FUNDS LLC | $13,316,560 | 148,556 | 0.32% | Shares |
| Squarepoint Ops LLC | $13,195,994 | 147,211 | 0.32% | Shares |
| Copeland Capital Management, LLC | $13,174,570 | 146,972 | 0.32% | Shares |
| Orvieto Partners, L.P. | $13,008,557 | 145,120 | 0.31% | Shares |
| Focus Partners Wealth | $12,509,437 | 139,554 | 0.30% | Shares |
| DISCOVERY CAPITAL MANAGEMENT, LLC / CT | $12,388,248 | 138,200 | 0.30% | Shares |
| Swiss National Bank | $11,285,676 | 125,900 | 0.27% | Shares |
| Clearline Capital LP | $10,671,463 | 119,048 | 0.26% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $10,420,650 | 116,250 | 0.25% | Shares |
| Interval Partners, LP | $9,824,544 | 109,600 | 0.24% | Call option |
| AMERIPRISE FINANCIAL INC | $9,606,540 | 107,168 | 0.23% | Shares |
| Skylands Capital, LLC | $9,255,330 | 103,250 | 0.22% | Shares |
| GOLDMAN SACHS GROUP INC | $8,964,000 | 100,000 | 0.22% | Put option |
| WELLINGTON MANAGEMENT GROUP LLP | $8,837,159 | 98,585 | 0.21% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,730,936 | 97,400 | 0.21% | Put option |
| PRUDENTIAL FINANCIAL INC | $8,512,573 | 94,964 | 0.20% | Shares |
| Nitorum Capital, L.P. | $8,477,255 | 94,570 | 0.20% | Shares |
| STOCK YARDS BANK & TRUST CO | $8,326,033 | 92,883 | 0.20% | Shares |
| Verition Fund Management LLC | $8,316,710 | 92,779 | 0.20% | Shares |
| RAYMOND JAMES FINANCIAL INC | $8,230,504 | 91,817 | 0.20% | Shares |
| MORGAN STANLEY | $7,940,458 | 88,581 | 0.19% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $7,602,010 | 84,806 | 0.18% | Shares |
| Ancora Advisors LLC | $7,552,887 | 84,258 | 0.18% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $7,449,084 | 83,100 | 0.18% | Shares |
| ALLIANCEBERNSTEIN L.P. | $7,240,118 | 80,598 | 0.17% | Shares |
| SummitTX Capital, L.P. | $6,990,665 | 77,986 | 0.17% | Shares |
| Holocene Advisors, LP | $6,785,838 | 75,701 | 0.16% | Shares |
| FIRST TRUST ADVISORS LP | $6,761,276 | 75,427 | 0.16% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $6,728,289 | 75,059 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $6,613,824 | 73,626 | 0.16% | Shares |
| PARTHENON LLC | $6,512,705 | 72,654 | 0.16% | Shares |
| Atlanta Consulting Group Advisors, LLC | $6,362,020 | 70,973 | 0.15% | Shares |
| S.A.C. Capital Advisors (Hong Kong) Ltd. | $6,167,798 | 63,579 | 0.15% | Shares |
| Cubist Systematic Strategies, LLC | $5,884,724 | 60,661 | 0.14% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $5,492,781 | 61,276 | 0.13% | Shares |
| Assenagon Asset Management S.A. | $5,211,580 | 58,139 | 0.13% | Shares |
| WOLVERINE TRADING, LLC | $5,159,700 | 52,500 | 0.12% | Put option |
Company insiders 47 insiders · 16 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Marcia A Dall | EVP, and CFO | Dec. 31, 2025 M | 145,580 | 0 | 0 | $0 |
| Michael E Miller | EVP & Chief Financial Officer | Sept. 25, 2006 M | 10,532 | 0 | 0 | $0 |
| William E. Mudd | President and COO | Dec. 31, 2025 M | 732,067 | 0 | 0 | $0 |
| James Edward Gay | President, Churchill Downs Int | Dec. 31, 2014 F | 44,823 | 0 | 0 | $0 |
| Andrew G Skehan | EVP & Chief Operating Officer | Nov. 9, 2005 A | 8,682 | 0 | 0 | $0 |
| John R Long | EVP & Chief Operating Officer | Nov. 19, 2003 M | 2,427 | 0 | 0 | $0 |
| Bradley K. Blackwell | EVP, General Counsel | Dec. 31, 2025 M | 26,665 | 0 | 0 | $0 |
| Maureen Adams | EVP, Gaming Operations | Feb. 10, 2025 M | 13,421 | 0 | 0 | $0 |
| Austin W. Miller | SVP, Gaming Operations | Feb. 10, 2022 F | 25,724 | 0 | 0 | $0 |
| Alan K Tse | EVP and General Counsel | March 24, 2015 F | 20,858 | 0 | 0 | $0 |
| CHURCHILL DOWNS INC | SVP,General Counsel, Secretary | May 9, 2012 S | 7,586 | 0 | 0 | $0 |
| Rohit Thukral | EVP, Technology Initiatives | April 17, 2012 F | 17,073 | 0 | 0 | $0 |
| Rebecca C Reed | Sr. VP, Chief Compl. Officer | March 3, 2011 A | 2,611 | 0 | 0 | $0 |
| Steven P Sexton | Executive Vice President | Nov. 9, 2010 F | 5,757 | 0 | 0 | $0 |
| Michael W Anderson | VP Finance and Treasurer | Sept. 26, 2007 A | 219 | 0 | 0 | $0 |
| Karl F Schmitt JR | SVP, Special Projects | May 5, 2006 M | 3,238 | 0 | 0 | $0 |
| Douglas C Grissom | Director | June 30, 2026 A | 43,006 | 0 | 0 | $0 |
| HARRINGTON DANIEL P | Director | April 21, 2026 A | 1,145,352 | 0 | 0 | $0 |
| Andrea M Carter | Director | Jan. 6, 2026 A | 5,701 | 0 | 0 | $0 |
| Karole Lloyd | Director | Jan. 6, 2026 A | 38,060 | 0 | 0 | $0 |
| Richard Alex Rankin | Director | Jan. 6, 2026 A | 99,211 | 0 | 0 | $0 |
| Ulysses L Bridgeman Jr | Director | Jan. 3, 2025 A | 51,771 | 0 | 0 | $0 |
| Robert L Fealy | Director | April 23, 2024 A | 119,942 | 0 | 0 | $0 |
| Aditi Gokhale | Director | Jan. 6, 2017 A | 1,543 | 0 | 0 | $0 |
| MCDONALD JAMES F | Director | April 27, 2016 M | 12,320 | 0 | 0 | $0 |
| Leonard S Coleman JR | Director | April 22, 2014 A | 5,352 | 0 | 0 | $0 |
| Darrell R. Wells | Director | Jan. 6, 2014 A | 140,000 | 0 | 0 | $0 |
| Michael Brodsky | Director | Jan. 23, 2012 A | 13,915 | 0 | 0 | $0 |
| Carl F Pollard | Director | July 16, 2010 A | 65,635 | 0 | 0 | $0 |
| David J Grissom | Director | Dec. 4, 2009 G | 45,100 | 0 | 0 | $0 |
| Susan Elizabeth Packard | Director | Nov. 20, 2009 A | 2,945 | 0 | 0 | $0 |
| Paul C Varga | — | April 21, 2026 A | 35,556 | 0 | 0 | $0 |
| William C Carstanjen | — | Feb. 5, 2026 A | 1,685,609 | 0 | 0 | $0 |
| Richard L Duchossois | — | Jan. 4, 2019 A | 8,608 | 0 | 0 | $0 |
| Craig J Duchossois | — | March 30, 2018 A | 16,871 | 0 | 0 | $0 |
| Robert L Evans | — | Feb. 12, 2018 S | 58,022 | 0 | 0 | $0 |
| Paul J Thelen | — | Jan. 9, 2018 F | 176,774 | 0 | 0 | $0 |
| Watts G Humphrey JR | — | Jan. 5, 2018 A | 56,449 | 0 | 0 | $0 |
| Seth W Hancock | — | June 30, 2008 A | 0 | 0 | 0 | $0 |
| Donald R Richardson | — | Nov. 13, 2007 S | 9,748 | 0 | 0 | $0 |
| Randall Edward Soth | — | Sept. 21, 2007 M | 272 | 0 | 0 | $0 |
| Kenneth C Dunn | — | June 15, 2007 M | 5,974 | 0 | 0 | $0 |
| MEEKER THOMAS H | — | March 20, 2006 M | 45,884 | 0 | 0 | $0 |
| Timothy N Scott | — | Nov. 9, 2005 A | 1,757 | 0 | 0 | $0 |
| Clifford C Goodrich | — | Nov. 9, 2005 A | 4,789 | 0 | 0 | $0 |
| Frederick M Baedeker JR | — | Aug. 30, 2005 M | 1,574 | 0 | 0 | $0 |
| Alexander M Waldrop | — | Jan. 5, 2005 M | 8,786 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 9 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| The Duchossois Group, Inc., CDI Holdings LLC, Craig J. Duchossois ×2 filings | Dec. 19, 2023 | — | Initial filing | — | SEC |
| Richard L. Duchossois, The Duchossois Group, Inc., CDI Holdings LLC, Craig J. Duchossois ×4 filings | Feb. 2, 2021 | — | Initial filing | — | SEC |
| Gabelli Funds, LLC I.D. No., GAMCO Asset Management Inc. I.D. No., Teton Advisors, Inc. I.D. No., GGCP, Inc. I.D. No., GAMCO Investors, Inc. I.D. No., Associated Capital Group, Inc. I.D. No., Mario J. Gabelli ×9 filings | Jan. 10, 2017 | — | Initial filing | — | SEC |
| Gabelli Funds, LLC I.D. No ., GAMCO Asset Management Inc. I.D. No ., Teton Advisors, Inc. I.D. No ., GGCP, Inc. I.D. No ., GAMCO Investors, Inc. I.D. No ., Mario J. Gabelli ×2 filings | Nov. 1, 2012 | — | Initial filing | — | SEC |
| LOUISVILLE PUBLIC WAREHOUSE COMPANY, LOUISVILLE WAREHOUSE COMPANY, JASTEKA FOUNDATION, INC., JAMES S. KARP ×2 filings | Jan. 13, 2010 | — | Initial filing | — | SEC |
| Churchill Downs Incorporated | Nov. 20, 2009 | — | Initial filing | — | SEC |
| Duchossois Industries, Inc., Richard L. Duchossois, 845 Larch Acquisition Corp LLC ×2 filings | Sept. 22, 2008 | — | Initial filing | — | SEC |
| Undisclosed reporting person | April 30, 2004 | — | Initial filing | — | SEC |
| Undisclosed reporting person | April 30, 2004 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 96 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| RSMC · Tidal Trust III | 1.96% | 146,130 NS | April 30, 2026 | N-PORT |
| REGL · ProShares Trust | 1.51% | 290,052 NS | May 31, 2026 | N-PORT |
| PJFM · PGIM ETF Trust | 0.97% | 1,845 NS | May 29, 2026 | N-PORT |
| BUL · Pacer Funds Trust | 0.89% | 11,153 NS | April 30, 2026 | N-PORT |
| VGHY · VANGUARD FIXED INCOME SECURITIES FU… | 0.66% | 2,000,000 PA | Aug. 8, 2026 | Daily |
| BSJS · Invesco Exchange-Traded Self-Indexe… | 0.64% | 4,776,000 | Aug. 8, 2026 | Daily |
| FXD · First Trust Exchange-Traded AlphaDE… | 0.59% | 15,539 NS | April 30, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.49% | 6,065 NS | April 30, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.42% | 9,060 NS | May 31, 2026 | N-PORT |
| RFG · Invesco Exchange-Traded Fund Trust | 0.38% | 15,563 SH | Aug. 8, 2026 | Daily |
| VGMS · VANGUARD MALVERN FUNDS | 0.33% | 790,000 PA | Aug. 8, 2026 | Daily |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.31% | 65,333 SH | Aug. 8, 2026 | Daily |
| IJK · iShares Trust | 0.31% | 387,683 SH | Aug. 8, 2026 | Daily |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.30% | 15,266 NS | April 30, 2026 | N-PORT |
| APUE · Trust for Professional Managers | 0.28% | 80,787 NS | May 31, 2026 | N-PORT |
| MIDE · DBX ETF Trust | 0.23% | 89 NS | May 29, 2026 | N-PORT |
| SMMV · iShares Trust | 0.21% | 7,184 SH | Aug. 8, 2026 | Daily |
| PKW · Invesco Exchange-Traded Fund Trust | 0.21% | 41,746 SH | Aug. 8, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.20% | 7,612 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.19% | 62,014 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.18% | 21,058 SH | Aug. 8, 2026 | Daily |
| XJH · iShares Trust | 0.18% | 8,967 SH | Aug. 8, 2026 | Daily |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.17% | 8,664 SH | Aug. 8, 2026 | Daily |
| FSMD · FIDELITY COVINGTON TRUST | 0.17% | 40,055 NS | April 30, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.16% | 876,192 SH | Aug. 8, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.16% | 106,837 SH | Aug. 8, 2026 | Daily |
| BKMC · BNY Mellon ETF Trust | 0.16% | 9,831 NS | April 30, 2026 | N-PORT |
| IJH · iShares Trust | 0.16% | 2,284,586 SH | Aug. 8, 2026 | Daily |
| VCR · VANGUARD WORLD FUND | 0.14% | 110,689 SH | Aug. 8, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.14% | 28,040 NS | April 30, 2026 | N-PORT |
| FDIS · FIDELITY COVINGTON TRUST | 0.13% | 23,394 NS | April 30, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.13% | 1,097 NS | April 30, 2026 | N-PORT |
| MVV · ProShares Trust | 0.13% | 2,289 NS | May 31, 2026 | N-PORT |
| IEDI · iShares U.S. ETF Trust | 0.12% | 388 SH | Aug. 8, 2026 | Daily |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.11% | 17,580 SH | Aug. 8, 2026 | Daily |
| FNDA · SCHWAB STRATEGIC TRUST | 0.11% | 113,017 NS | May 31, 2026 | N-PORT |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.11% | 7,849 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.11% | 179,234 NS | May 31, 2026 | N-PORT |
| IYC · iShares Trust | 0.09% | 13,125 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.09% | 2,995 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.09% | 4,203 NS | April 30, 2026 | N-PORT |
| UMDD · ProShares Trust | 0.09% | 320 NS | May 31, 2026 | N-PORT |
| SMMD · iShares Trust | 0.08% | 33,178 SH | Aug. 8, 2026 | Daily |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.08% | 10,105 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.07% | 759,953 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.07% | 1,518,792 SH | Aug. 8, 2026 | Daily |
| EBI · RBB Fund Trust | 0.07% | 5,216 NS | May 31, 2026 | N-PORT |
| VSDB · VANGUARD MALVERN FUNDS | 0.06% | 560,000 PA | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.06% | 19,179 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.06% | 5,512 SH | Aug. 8, 2026 | Daily |