Churchill Downs Incorporated (CHDN)

Over the past six months, Churchill Downs, Inc. (CHDN) stock has experienced a decline of approximately 24% over the past year. Key events include Q2 2025 financial results with record revenue and EBITDA, a new $500 million share repurchase program, and an agreement to acquire 90% of Casino Salem. Q3 2025 also saw record revenue and adjusted EBITDA, along with a 7% dividend increase. The company announced significant capital investment plans for Churchill Downs Racetrack. As of November 18, 2025, the share price was $104.56, a 24.64% decrease from November 19, 2024.

Demand for Churchill Downs, Inc.'s products and services exhibits clear seasonality, largely driven by its iconic events and the nature of the gaming industry. The second quarter, including the Kentucky Derby, is typically the company's strongest. The Live and Historical Racing segment consistently shows strong performance. The company is strategically positioned to capitalize on the growing demand for both traditional and digital forms of wagering and entertainment.

Churchill Downs Incorporated is a diversified entertainment company primarily engaged in racing, online wagering, and gaming, headquartered in Louisville, Kentucky. The company operates in the Consumer Discretionary sector, focusing on Services-Misc. Amusement & Recreation and Hotels, Restaurants and Leisure industries, with a significant presence in Horse Racing Tracks. The company's major segments include Live and Historical Racing, Wagering Services and Solutions (TwinSpires), and Gaming.

Churchill Downs, Inc. has a multi-state presence across the United States, with operations in Kentucky, Virginia, New Hampshire, New York, Louisiana, Iowa, Mississippi, Ohio, Maryland, Maine, Florida, Pennsylvania, Illinois and Indiana. The TwinSpires online wagering platform operates across the United States.

Churchill Downs, Inc. maintains a strong brand reputation, particularly anchored by the Kentucky Derby. The 151st Kentucky Derby achieved record all-sources handle, highest average viewership, and highest peak viewership. The company's regional gaming properties have also shown consistent strength. Management has emphasized the growing demand for Kentucky Derby tickets and premium experiences.

Churchill Downs, Inc. has a mixed ownership structure, with institutional investors holding approximately 79% of the company's shares. Major institutional owners include BlackRock, Inc., The Vanguard Group, Inc., Capital International Investors, State Street Corp, London Co Of Virginia and FMR LLC. Insiders own approximately 5.93% of the company's stock, including Richard L. Duchossois, Craig Duchossois, William Carstanjen, Duchossois Group Inc and CDI Holdings LLC. The general public holds approximately 11% to 20.18% ownership.