Churchill Downs Incorporated (CHDN)

In the past six months, Churchill Downs reported Q3 2025 earnings that exceeded expectations, with an EPS of $1.09 and revenue of $683.00 million. The company announced an increased annual dividend of $0.438. A new common stock repurchase program of up to $500.0 million was approved. CDI announced agreements to acquire 90% of Casino Salem in New Hampshire for $180 million. Churchill Downs Incorporated announced a new Victory Run capital investment project at Churchill Downs Racetrack. Everi entered into a seven-year strategic relationship with Churchill Downs Incorporated for financial technology-related services. CHDN's stock has gained 14.9%, outperforming the S&P 500's return of 11.7%.

Demand for Churchill Downs, Inc.'s products and services is seasonal, driven by the Kentucky Derby. Derby Week is a period of heightened activity and demand. The company's diversified portfolio of regional casinos, Historical Racing Machine (HRM) venues, and online wagering platforms (TwinSpires) helps to provide more consistent revenue streams throughout the year.

Churchill Downs, Inc. (CHDN) is an American entertainment and gaming company based in Louisville, Kentucky, operating in the Racing & Individual Sports and Horse Racing Tracks industries. The company leverages its horse racing events and diversifies into digital gaming and casinos. Its major products and services include live and historical racing, wagering services through TwinSpires, and gaming operations with slot machines, table games, and hotel services.

Churchill Downs, Inc. has a significant geographic footprint across multiple American states, including Kentucky, Florida, New York, Louisiana, Iowa, Mississippi, Ohio, Maryland, Maine, Pennsylvania, Illinois, Indiana, Virginia and New Hampshire. Its portfolio includes numerous racetracks and casino properties.

Churchill Downs, Inc. benefits from the strong brand equity of the Kentucky Derby. The 151st Kentucky Derby achieved record all-sources handle and viewership, attracting interest from well-respected brands. The company remains focused on strengthening its sponsorship portfolio, and there have been no significant negative events affecting its brand reputation.

Churchill Downs, Inc. is primarily owned by institutional shareholders (approximately 76.79%), with insiders holding about 29.29% and retail investors holding 0.00%. Major institutional owners include BlackRock, Inc., Vanguard Group Inc., and Capital International Investors. Key individual and insider owners include Richard L. Duchossois, Craig Duchossois, William C. Carstanjen and Daniel P. Harrington.