Churchill Downs (CHDN) Stock Price, News & Analysis
What Changed
Price Move History
- Daily moves over 5%
- 9 252 sessions, September 23, 2025 to September 23, 2026
- Largest daily move
- +10.1% close of April 23, 2026
- 1-year change
- -16.9% closing prices, September 23, 2025 to September 23, 2026
- 5-year change
- -32.4% closing prices, September 23, 2021 to September 23, 2026
Company Description
Churchill Downs Incorporated (NASDAQ: CHDN) is a gaming entertainment, online wagering, and racing company in the U.S. arts, entertainment, and recreation sector. The company is known for creating entertainment experiences for over 150 years, beginning with its most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, Churchill Downs Incorporated ("CDI") develops and operates live and historical racing venues, online wagering businesses, and regional casino gaming properties.
According to company disclosures, CDI’s operations are organized around three primary areas that align with its reported segments and activities: Live and Historical Racing, Wagering Services and Solutions, and Gaming. These segments reflect how CDI participates in horse racing, historical racing machine (HRM) entertainment, online wagering, and casino-style gaming.
Live and Historical Racing
The Live and Historical Racing activities include live pari-mutuel racing and historical racing entertainment venues. This segment encompasses Churchill Downs Racetrack, home of the Kentucky Derby, and multiple HRM venues in Kentucky and Virginia. Company reports describe revenue contributions from Kentucky HRM venues in Western Kentucky, Louisville, Northern Kentucky, and Southwestern Kentucky, as well as Virginia HRM venues in Northern and Central Virginia and other locations in the state.
CDI has also expanded its live and historical racing footprint through projects such as The Rose Gaming Resort and Rosie's-branded venues in Virginia, along with new developments like Roseshire Gaming Parlor in Henrico County, Virginia. In New Hampshire, the company operates a temporary facility at Casino Salem and has outlined plans to redevelop and expand this location.
Wagering Services and Solutions
The Wagering Services and Solutions segment reflects CDI’s online and technology-enabled wagering activities. Company disclosures state that this segment includes pari-mutuel wagers through TwinSpires Horse Racing, as well as contributions from Exacta, which is associated with incremental HRMs in Virginia and New Hampshire, and the company’s sports betting business.
These wagering services support online and retail betting on horse racing and other approved activities. CDI uses this segment to report revenue and Adjusted EBITDA from TwinSpires Horse Racing, sports betting, and technology and content-related solutions tied to HRM operations.
Gaming
The Gaming segment includes CDI’s regional casino gaming properties and associated racetracks that support casino licenses. According to company descriptions, this segment generates revenue and expenses from slot machines, video lottery terminals, video poker, historical racing machines, ancillary food and beverage services, hotel services, commissions on pari-mutuel wagering, and racing events.
CDI’s gaming operations span multiple states, with company reports referencing wholly owned gaming properties and equity investments such as Miami Valley Gaming and Rivers Des Plaines. The company has also noted changes in its gaming mix, including the cessation of HRM operations in Louisiana and performance at properties in New York, Maine, Indiana, Iowa, and other markets.
Strategic Expansion and Development
Churchill Downs Incorporated emphasizes growth through acquisition, development, and expansion of its venues and properties. The company has reported acquiring 90% of Casino Salem in Salem, New Hampshire, with the right to develop a charitable gaming, entertainment, and dining destination featuring historical horse racing machines. Following this transaction, local partners Joe Faro and Sal Lupoli maintain a minority ownership stake and contribute local expertise.
CDI later announced detailed development plans to transform Casino Salem into Rockingham Grand Casino, a larger charitable gaming facility within The Mall at Rockingham Park. The planned venue is expected to feature historical racing machines, table games, electronic table game seats, a live entertainment venue, and multiple food and beverage concepts, positioning it as a key tenant in a major regional retail and entertainment area.
At Churchill Downs Racetrack, CDI has announced the Victory Run project, a multi-level hospitality structure on the first turn of the racetrack between the First Turn Club and the Skye Terrace. This project is intended to replace existing seating and dining areas with premium hospitality experiences, including private suites, indoor and outdoor dining, and covered box seating, with capacity for thousands of guests.
Brand and Media Relationships
CDI’s identity is closely tied to the Kentucky Derby and related racing events. Company communications highlight the Kentucky Derby as its most iconic asset and describe record wagering and viewership for Derby Week. CDI has a long-running media relationship with NBC Sports, which broadcasts the Kentucky Derby and Kentucky Oaks. The company and NBC Sports have announced that the Kentucky Oaks will be presented in primetime for the first time, and that NBC will continue as the broadcast home of the Kentucky Derby under a multi-year extension.
These events contribute to CDI’s live racing segment through wagering, ticketing, and licensing and sponsorship revenue, and they support the prominence of the Churchill Downs Racetrack brand in the broader sports and entertainment landscape.
Financial and Capital Management Approach
CDI regularly reports its results by segment and uses non-GAAP measures such as Adjusted EBITDA, adjusted net income, and adjusted diluted EPS as key performance metrics. The company explains that these measures are used internally to evaluate operating performance, compare results between periods, and assess segment performance and resource allocation.
The company’s capital management practices include share repurchase programs and annual dividends. CDI has disclosed multiple stock repurchase authorizations, including a $500 million share repurchase program approved by its Board of Directors, and has reported consecutive years of increased annual cash dividends per share. The company also discusses leverage, tax legislation impacts, and other financial considerations in its quarterly results.
Technology and Compliance Partnerships
CDI has entered into a seven-year relationship with Everi, an IGT brand, to utilize CashClub financial access services and other financial technology solutions across its live and historical racing venues and regional gaming properties. According to the announcement, CDI plans to implement ATM, debit, credit, and check services, as well as Everi Compliance anti-money laundering technology and additional back-office gaming operations tools.
The company also notes that Everi’s BeOn Venue Platform powers the Churchill Downs Racetrack mobile app and that IGT provides historical horse racing games and hardware. These relationships support CDI’s focus on secure financial transactions, regulatory compliance, and technology-enabled guest experiences at its properties.
Corporate Structure and Regulation
Churchill Downs Incorporated is incorporated in Kentucky and its common stock, with no par value, trades on The Nasdaq Global Select Market under the ticker symbol CHDN. As a public company, CDI files periodic and current reports with the U.S. Securities and Exchange Commission (SEC), including Forms 10-K, 10-Q, and 8-K. Recent 8-K filings have covered quarterly financial results, share repurchase authorizations, acquisitions such as Casino Salem, and executive compensation arrangements.
CDI operates in a highly regulated industry that includes gaming, pari-mutuel wagering, and online betting. Company disclosures describe a range of risk factors related to regulation, taxation, competition, technology, consumer behavior, and other operational and financial considerations.
Business Model Summary
Overall, Churchill Downs Incorporated’s business model combines:
- Live and historical racing venues, including Churchill Downs Racetrack and HRM facilities in Kentucky, Virginia, and other jurisdictions.
- Online and technology-driven wagering services through TwinSpires Horse Racing, sports betting operations, and solutions tied to HRM networks.
- Regional casino gaming properties that generate revenue from gaming devices, racing, and related hospitality services.
Growth is driven by acquisitions, development of new venues, expansion of existing facilities, and partnerships that enhance financial technology, compliance, and customer engagement. CDI’s long history with the Kentucky Derby and its ongoing investments in racing, wagering, and gaming assets underpin the CHDN stock story for investors seeking exposure to the gaming entertainment and racing industry.
Stock Performance
Churchill Downs (CHDN) closed at $80.46 on September 23, 2026. Over the past 12 months, the price has lost 16.9%.
CHDN Metrics & Rankings
Price returns through September 23, 2026. Month-to-date and YTD include the first trading day. Ranking links may use different dates.
Latest News
Churchill Downs has 10 recent news articles, with the latest published 2 days ago. Of the recent coverage, 2 articles coincided with positive price movement and 8 with negative movement. Key topics include conferences, earnings, acquisition. View all CHDN news →
SEC Filings
Churchill Downs has filed 10 recent SEC filings, including 6 Form 4, 2 Form 8-K, 1 Form SCHEDULE 13G, 1 Form 10-Q. The most recent filing was submitted on July 31, 2026. SEC filings provide transparency into a company's financial condition, material events, and regulatory compliance. View all CHDN SEC filings →
Financial Highlights
Churchill Downs generated $2.9B in revenue in FY2025, operating income reached $683.8M (23.4% operating margin), and net income was $383.0M, reflecting a 13.1% net profit margin. Diluted earnings per share stood at $5.29. The company generated $769.8M in operating cash flow. With a current ratio of 0.60, short-term liquidity bears monitoring.
Upcoming Events
Q3 2026 Results Release
Q3 2026 Earnings Call
Interim seating enhancements
Rockingham Grand Casino opening
Thoroughbred Championship Series
Temporary covered seating
Homestretch Club expansion
Infield seating upgrade
Skye Project completion
Conservatory Project completion
Churchill Downs has 13 upcoming scheduled events. The next event, "Q3 2026 Results Release", is scheduled for October 28, 2026 (in 34 days). Investors can track these dates to stay informed about potential catalysts that may affect the CHDN stock price.
Short Interest History
Short interest in Churchill Downs (CHDN) currently stands at 4.2 million shares, up 14.7% from the previous reporting period, representing 6.3% of the float. Since September 2025, short interest has increased by 98.2%.
Days to Cover History
Days to cover for Churchill Downs (CHDN) currently stands at 4.7 days, up 22.8% from the previous period. This days-to-cover ratio represents a balanced liquidity scenario for short positions. The days to cover has increased 56.5% over the past year, indicating either rising short interest or declining trading volume. The ratio has shown significant volatility over the period, ranging from 1.9 to 5.3 days.
CHDN Company Profile & Sector Positioning
Churchill Downs (CHDN) operates in the Gambling industry within the broader Consumer Cyclical sector and is listed on the NASDAQ. Among dividend-paying stocks, CHDN ranks #2,067 by dividend yield.
Investors comparing CHDN often look at related companies in the same sector, including Super Group (SGHC) Limited (SGHC), Light & Wonder, Inc. (LNW), Rush Street Interactive, Inc. (RSI), Sharplink, Inc. (SBET), and DraftKings Inc. (DKNG). Comparing financial metrics, valuation ratios, and stock performance across these peers can help investors evaluate CHDN's relative position within its industry.