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CHDN · Churchill Downs Inc

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$99.72 +0.10 (+0.10%) At close · Nov 13
Market Cap
$6.84B
Shares
68.55M
Volume · Nov 13 764.68K Avg daily vol (3M) 1.11M

Price & Indicators

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20d MA 50d MA 200d MA Earnings Filing Insider Congress Investor day
Close$99.72 Open$99.70 Day$99.37–100.65 52W close$73.95–117.59 Avg vol 30d1.2M Short int5.4M · 7.9% of shares · 5.0d Short vol54% Last earningsOct 29, 2026 DataJan 2020–Nov 2026 Filing10-Q · Oct 28

Up next

Feb 25, 2027 Est · unconfirmed · in 15 wks

Latest documents

2026
Oct 29
Earnings call
Q3 2026 earnings call

Churchill Downs Incorporated reported record net revenue of $696 million and adjusted EBITDA of $264 million; expects regional gaming asset sales by year-end, authorized a $750 million share repurchase program, and targets bank leverage below 3.0 times after sales.

Oct 28
Current report 8-K Events of Oct 27
Regulation FD disclosure

Churchill Downs Incorporated’s Board approved a $750 million share repurchase program on October 27, 2026, replacing the prior $500 million authorization from July 2025 and including $306 million remaining as of October 27, 2026.

Oct 28
Quarterly report 10-Q FY2026 Q3, ended Sep 30
Quarterly report for FY2026 Q3

Churchill Downs Incorporated reported nine-month net revenue of 2,339 and Adjusted EBITDA of 998, up 79 and 40, respectively. On July 29, 2026, it began exploring a sale of nine regional gaming properties representing 280 to 300 million of annual Adjusted EBITDA.

Revenue $696M ▲ 1.9% Net income $80M ▲ 110.5%
Read from the MD&A section
Oct 28
Current report 8-K
Financial results

Churchill Downs Incorporated reported for the quarter ended September 30, 2026 record net revenue of $696 million, up $13 million or 2%, net income attributable to CDI of $80 million, up $42 million, and Adjusted EBITDA of $264 million, up $2 million or 1%.

All documents

Metrics snapshot

Useful current figures from the complete screener profile.

Revenue (TTM)
$3.00B
Trailing 12 months
Net income (TTM)
$455.00M
Trailing 12 months
Revenue growth YoY
+1.9%
Year over year
Operating margin
25.5%
Trailing 12 months
P / E (TTM)
15.0
Trailing earnings · reciprocal yield 6.7%
FCF yield
—
TTM · current market cap
Return on invested capital
9.3%
Trailing 12 months
Net cash
−$4.55B
Latest balance sheet
Dividend yield
0.4%
Trailing 12 months
Shares change YoY
-1.4%
Year over year · fewer shares
Price change (1Y)
-0.1%
Trailing year
Short interest
7.9%
Latest settlement · 5.0 days to cover
View all 125 metrics

AI Brief

Q2 FY26 earnings call · Jul 30, 2026
Q2 FY26

TL;DR. Churchill Downs delivered record Q2 results with $980M revenue and $477M adjusted EBITDA, driven by a record Kentucky Derby Week with all-time wagering and viewership. The company announced a strategic review to sell nine wholly-owned regional gaming properties to reduce leverage and fund share repurchases.

Bullish
  • + Live and Historical Racing segment adjusted EBITDA grew 7% with Churchill Downs Racetrack up $16M on Derby strength.
  • + NBC broadcast revenue increased $10M under new agreement with first-ever primetime Kentucky Oaks reaching 2.4M viewers.
  • + Generated record first-half free cash flow of $474M ($6.70 per share), supporting reinvestment and capital returns.
Bearish
  • − New Hampshire venues EBITDA declined $2M due to planned closure of temporary Casino Salem during Rockingham Grand Casino construction.
  • − Corporate All Other adjusted EBITDA deteriorated $5M due to reduction of corporate legal-related fees in prior year quarter and captive insurance claim development.
  • − Current debt maturities of $663M represent significant near-term refinancing obligation.

AI-generated from the earnings call and 8-K · may contain errors · not investment advice

Equibles Rating

blended score · not investment advice
Overall
Buy
SellHoldBuy
Technical Buy Momentum Strong Sentiment Bullish Fundamentals Strong Quant / Vol Moderate
Market backdrop VIX 19.3 · elevated Equity put/call 0.63
Technical
price trend
Buy
50 / 200-day cross No cross
Price vs 200-day avg +13%
above
Price vs 50-day avg +17%
above
RSI (14) 70
overbought
MACD trend Positive
52-week position 59%
mid-range
Volume (OBV) Confirms
volume backs price
Momentum
relative strength
Strong
1-month return +22%
trailing
6-month return +20%
trailing
YTD return −12%
this year
Relative strength +20%
vs S&P · 6-mo
Sentiment
smart money
Bullish
Trend (MA cross) No cross
50d $85 › 200d $88 — 200d above 50d
Institutional flow Accumulating
404 of 471 funds reported for Sep 30 · net +605.3K sh shares · +50 new
Insider flow Flat
No net insider activity over 90 days
Short interest Falling
7.88% of shares out · ▼ -1.7% MoM · 5.0 days cover
Volume signal Normal
Volume near normal
Institution breadth Multi-yr high
471 holders — near 3-yr high, broad support
Squeeze score 65
elevated · 0–100
Fundamentals
Strong
Revenue growth +13%
Y/Y
EPS growth −4%
Y/Y
Free cash flow $112.3M
Valuation P/E 15.2
below peers
Buyback $750.0M
authorized
Balance sheet $4.9B
net debt
Quant / Vol
risk profile
Moderate
Volatility 37%
annualized · 1-yr
Max drawdown −37%
past year
ATR 3.2%
of price · 14-day

Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.

Guidance & track record

Latest guidance · from the Earnings Call filed Jul 30, 2026
full year 2026
Derby Week incremental adjusted EBITDA compared to the prior yea Non-GAAP $15M – $18M
Project capital expenditures $180M – $220M
Maintenance capital expenditures $90M – $110M
2026 compared to the prior year
Incremental adjusted EBITDA from Derby Week Non-GAAP $15M – $18M
full-year
Project capital $180M – $220M
Maintenance capital $90M – $110M
Previous outlook earlier release · from the Earnings Call filed Apr 23, 2026

Still-open targets the latest release did not restate under the same label.

Project capital spend · full year 2026 $180M – $220M
Maintenance capital spend · full year 2026 $90M – $110M
Derby growth over last year's number · Derby $15M – $20M
Derby growth over last year's number · this year's Derby $15M – $20M

Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.

Technicals

trend & momentum for long-term holders Buy
1 · 3 · 3
50 / 200-day cross
No cross Neutral
Price vs 200-day avg
+13% Bullish
Price vs 50-day avg
+17% Bullish
RSI (14)
70 Bearish
MACD trend
Positive Bullish
52-week position
59% Neutral
Volume (OBV)
Confirms Neutral
Market signals — smart money & positioning
Bullish · 3 of 6
Trend (MA cross) No cross
50d $85 › 200d $88 — 200d above 50d
Institutional flow Accumulating
404 of 471 funds reported for Sep 30 · net +605.3K sh shares · +50 new
Insider flow Flat
No net insider activity over 90 days
Short interest Falling
7.88% of shares out · ▼ -1.7% MoM · 5.0 days cover
Volume signal Normal
Volume near normal
Institution breadth Multi-yr high
471 holders — near 3-yr high, broad support
Price context
position in its 52-week range
Range low $74 Now $100 · 59% Range high $118
vs 200-day avg +13% vs 50-day avg +17%

Illustrative technical + ownership context — a signal mix, not investment advice.

Key metrics

Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.

Versus peers

Gambling — same industry group
Open screener →
Company Mkt cap YTD Rev growth Y/Y P/E Short % shares
CHDN
Churchill Downs Inc
this stock
$6.84B -12.4% +13.3% 15.2 7.9%
GRKZF
Greek Organisation of Football Prognostics S.A.
$18.00B — — — 0.0%
DKNG
DraftKings Inc.
$16.84B -45.2% +27.0% — 4.8%
FLUT
Flutter Entertainment plc
$14.11B -62.3% +16.6% — 9.8%
LOTMY
Lottomatica Group S.p.A.
$7.09B +16.5% — — 0.0%

Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding

At a glance

key data from every section
Ownership
Institutional Holders Accumulating
Holders
463
% held
93.4%
Reported
404 of 471
Top holder
BlackRock, Inc.
Held Float
View
Held by Funds
Fund positions
426
View
Short & Settlement
Short Interest Falling
Shares short
5.4M
Days to cover
5.0d
Change
-92.5K sh
View
Short Volume
Short vol %
54%
As of
Nov 13, 2026
Short Total
View
Fails to Deliver
FTD shares
87
Value
$6.6K
As of
Oct 9, 2026
View
Off-Exchange
Off-exchange %
41.9%
Week of
Oct 5, 2026
Off-exch Lit
View
Smart Money
Congressional Trades Sell
Member
James Comer
Amount
$1.0K–$15.0K
Traded
Jul 3, 2025
View
Financials
Financials
Revenue (FY)
$2.9B
Net income (FY)
$383.0M
EPS diluted
$5.49
View
Buybacks
Authorized
$750.0M
View
Filings
SEC Filings
Latest
10-Q
Filed
Oct 28, 2026
This year
17

Churchill Downs Incorporated reported nine-month net revenue of 2,339 and Adjusted EBITDA of 998, up 79 and 40, respectively. On July 29, 2026, it began exploring a sale of nine regional gaming properties representing 280 to 300 million of annual Adjusted EBITDA.

View
Proposed Sales
Value
$137.1K
Shares
1.0K
Filed
Sep 23, 2024
View
Earnings & Events
Webcasts
Last webcast
Nov 11, 2026
View
Investor Relations
Latest news
Churchill Downs Incorporated Repo…
Published
Oct 28, 2026
View

Performance

5D 20D 120D MTD YTD
CHDN +1.8% +22.1% +20.0% +5.2% -12.4%
SPY +2.6% -1.2% +0.5% -0.2% +10.6%
vs SPY -0.8% +23.2% +19.5% +5.3% -23.0%

Capital returns

Latest dividend
$0.438 / share · ex Dec 5, 2025
Declared · upcoming
$0.469 / share · ex Dec 4, 2026
Raised 7.1%
Paid (TTM)
$0.438 / share · 1 payout
Dividend yield (TTM, derived)
— · history filling in
Full dividend history
Buyback program · as of Oct 28, 2026
Authorized
$750.00M
Spent (derived)
—
Remaining
—

Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.

Key facts CIK 20212 CUSIP 171484108 13F (30d) 360 filings 314 filers Visit website Investor relations