Churchill Downs

Churchill Downs Inc

CIK 0000020212 · CHDN Nasdaq

SIC
7948 · Racing, Including Track Operation
Type
Operating
Status
Public
Filer
Large accelerated filer
Incorporated
Kentucky
FY End
Dec 31

Business Summary

Churchill Downs Incorporated (CDI) is a diversified gaming, entertainment, and wagering company headquartered in Louisville, Kentucky, with over 150 years of history centered on its flagship asset, the Kentucky Derby and Churchill Downs Racetrack. The company operates across three segments — Live and Historical Racing, Wagering Services and Solutions, and Gaming — owning and operating racetracks, historical racing machine (HRM) entertainment venues, regional casinos, and online wagering platforms across more than a dozen states. CDI is one of the largest integrated horse racing and gaming entertainment companies in the United States, anchored by iconic brands and a growing portfolio of regional gaming properties.

Products & Services

  • Kentucky Derby and live thoroughbred racing at Churchill Downs Racetrack (~80 race days/year)
  • Historical Racing Machine (HRM) entertainment venues (17 locations in KY, VA, NH with ~10,190 HRMs)
  • TwinSpires online advance deposit wagering (ADW) platform for horse...
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AI-generated summary of Item 1 (Business) from the 10-K filed Feb 25, 2026 — View filing on SEC.gov. May contain errors — refer to the filing for authoritative information.

Institutional holders · 13F

Q2 2026
463 managers reported a position for Q2 2026 +11 vs Q1 2026
Largest holders Reported value
BlackRock Inc $555.9M
VANGUARD PORTFOLIO MANAGEMENT LLC $287.6M
VANGUARD CAPITAL MANAGEMENT LLC $267.9M
FMR LLC $264.2M
LONDON CO OF VIRGINIA $220.9M
All institutional holders Holders of CUSIP 171484108

5%+ holders · 13D/G

2 filers
Filer % of class Filed
VANGUARD CAPITAL MANAGEMENT LLC 13G 5.0% 2026-07-31
BlackRock Inc 13G 9.1% 2025-04-24

Latest Schedule 13D or 13G from each filer; stakes a filer has reported closed are left out.

Federal lobbying · LD-2

$270.0K reported spend, four quarters through Q3 2026
Churchill Downs lobbying profile

Securities

CUSIP Security Type
171484108 CHDN CHURCHILL DOWNS INC Common stock

Insider trades · Form 4

No open-market purchases or sales by Churchill Downs insiders in the last 12 months.

Latest filings

All Churchill Downs insider trades

Annual results · 10-K

Fiscal 2025
Revenue
$2.9B
Net income
$383.0M

As reported in the fiscal 2025 annual report.

Financial statements View the filing

Funds & ETFs · N-PORT

Latest SEC filings

All filings →
Form Description Filed
8-K Current Report 2026-10-28
8-K Current Report 2026-10-28
10-Q Quarterly Report 2026-10-28
8-K Current Report 2026-10-28
4 Insider Transaction · Douglas C Grissom 2026-10-02
8-K Current Report 2026-09-28
SCHEDULE 13G SCHEDULE 13G 2026-07-31
10-Q Quarterly Report 2026-07-29
8-K Current Report 2026-07-29
8-K Current Report 2026-07-29

Recent Signals

  1. New Form 13-F by KETTLE HILL CAPITAL MANAGEMENT, LLC — exits 22 position(s) ($192.0M), opens CHURCHILL DOWNS INC (CHDN) position ($26.6M), opens VAIL RESORTS INC (MTN) position ($26.5M) (Q1 2026) CHDN

Valuation is a Premium feature

What this company is worth versus its price — fair value at today's bond rate, margin of safety, and the Graham Number against the institutional consensus price.

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