Welcome to our dedicated page for Church Downs SEC filings (Ticker: CHDN), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Churchill Downs Incorporated (NASDAQ: CHDN) SEC filings page on Stock Titan provides access to the company’s regulatory disclosures as filed with the U.S. Securities and Exchange Commission. As a Kentucky-incorporated issuer with common stock listed on The Nasdaq Global Select Market, Churchill Downs Incorporated ("CDI") reports material events, financial results, and governance matters through forms such as 10-K, 10-Q, and 8-K.
Recent Form 8-K filings illustrate the range of topics covered in CDI’s current reports. The company has filed 8-Ks to furnish quarterly financial results for its Live and Historical Racing, Wagering Services and Solutions, and Gaming segments; to announce a $500 million share repurchase program approved by its Board of Directors; and to disclose the acquisition of 90% of Casino Salem in Salem, New Hampshire, including the right to develop a charitable gaming, entertainment, and dining destination featuring historical horse racing machines.
Other 8-K filings document matters such as executive compensation arrangements and leadership changes, including memoranda of understanding related to executive retirement. Regulation FD disclosures appear in filings that attach press releases or outline transactions and development plans, while Item 2.02 filings furnish earnings releases for specific quarters.
Through its periodic reports, CDI also discusses non-GAAP measures like Adjusted EBITDA, adjusted net income, and adjusted diluted EPS, explaining how these metrics are used to evaluate segment performance and compare results between periods. Risk factor discussions referenced in the company’s annual reports address regulatory, competitive, financial, and operational risks associated with gaming, racing, and online wagering activities.
On Stock Titan, these filings are updated in near real time from the SEC’s EDGAR system and are paired with AI-powered summaries that highlight key points in each document. Users can quickly identify items related to quarterly earnings (10-Q), annual reporting (10-K), share repurchases, acquisitions, and executive or governance changes, and can review insider-related disclosures such as Form 4 filings when they are available.
This structured view of Churchill Downs Incorporated’s SEC filings helps investors and researchers understand how developments in racing, online wagering, and regional casino gaming are reflected in the company’s official regulatory record.
Churchill Downs Incorporated files its annual report describing a diversified business built around the Kentucky Derby, historical racing venues, online wagering, and regional casinos across multiple states. Operations span 10,190 historical racing machines and 14,335 slots and video lottery terminals, supported by about 9,000 team members as of December 31, 2025.
The company continues heavy capital investment at Churchill Downs Racetrack and new HRM properties, including the Rockingham Grand Casino project in New Hampshire with an expected $180–$200 million spend. A Louisiana Supreme Court decision declared the state’s 2021 historical horse racing law unconstitutional, forcing discontinuation of HRM operations there and reducing related 2025 revenue.
Churchill Downs Incorporated reported higher revenue but lower profit for the fourth quarter and full year 2025. Fourth quarter net revenue reached $665.9 million, up 7%, with record Adjusted EBITDA of $247.0 million, while net income attributable to CDI fell to $51.3 million from $71.7 million.
For 2025, net revenue rose to $2,925.9 million from $2,734.3 million, and Adjusted EBITDA increased to $1,205.3 million. Full-year net income attributable to CDI declined to $383.0 million from $426.8 million, driven by higher impairment charges, increased transaction and pre-opening expenses, and tax valuation allowances, while adjusted net income stayed roughly flat.
Growth was led by the Live and Historical Racing segment, especially Kentucky and Virginia HRM venues, and by Wagering Services and Solutions. Gaming was roughly flat on revenue but saw lower Adjusted EBITDA. CDI returned $456.3 million to shareholders through share repurchases and dividends in 2025, ended the year with net bank leverage of 4.1x, and plans $180–$220 million of project capital spending in 2026, including major investments in Rockingham Grand Casino and continued development at Churchill Downs Racetrack.
Churchill Downs Inc. President and COO William E. Mudd reported equity compensation and a stock sale. On February 5, 2026, he received 21,348 restricted stock units at $0, which will convert into common shares vesting in thirds on December 31 of 2026, 2027, and 2028. The same day, he acquired 16,648 shares of common stock at $0 in connection with the cash settlement of performance share units for the January 1, 2023–December 31, 2025 performance period, and then sold 16,648 shares of common stock at $93.69 per share. After these transactions, he directly owned 732,066.8 shares of common stock and 36,230 restricted stock units.
Churchill Downs Inc. Chief Executive Officer William C. Carstanjen reported multiple equity transactions on February 5, 2026. He received 37,727 shares of common stock at
Churchill Downs Inc. executive vice president and general counsel Bradley K. Blackwell reported routine equity compensation activity. On February 5, 2026, he acquired 6,104 shares of common stock at $0, reflecting settlement of performance share units for the 2023–2025 performance period, and had 30,934 common shares directly owned afterward.
That same day, 9,075 restricted stock units were granted at $0, bringing his directly owned restricted stock units to 15,164. These units will settle in common stock in three equal installments on December 31, 2026, December 31, 2027, and December 31, 2028, with the restricted stock vesting over a multi-year period. To cover taxes, 1,835 common shares were withheld at $93.69, leaving him with 30,934 common shares directly owned after the tax-related disposition.
Churchill Downs Inc. executive Marcia A. Dall, EVP and CFO, reported equity awards and related share withholding. On February 5, 2026 she acquired 12,207 shares of common stock at $0 from settlement of performance share units for the January 1, 2023 to December 31, 2025 performance period.
On the same date she had 3,944 shares of common stock withheld at $93.69, typically for taxes, leaving 153,843 common shares held directly. She was also granted 12,276 restricted stock units, increasing her RSU holdings to 32,252.128 units that will vest in one-third increments on December 31, 2026, 2027 and 2028, with the underlying restricted stock vesting over a multi-year period.
Churchill Downs Inc. director Douglas C. Grissom reported a small increase in his holdings through a stock-based dividend. On 01/06/2026, he acquired 116.68 shares of common stock of Churchill Downs Inc. (CHDN) at
According to the footnote, the shares were granted as dividends in the form of restricted stock units and phantom share units, each economically equivalent to one share of common stock, with the underlying shares delivered when his service as a director ends. After this transaction, Grissom directly beneficially owned 39,982.62 shares of Churchill Downs common stock.
Churchill Downs Inc. director Daniel P. Harrington reported dividend-equivalent stock awards in the company’s common shares. On 01/06/2026, he acquired 476.98 shares of common stock at a price of $0, described as dividends granted in the form of restricted stock units and phantom share units. Each unit is the economic equivalent of one share, with the underlying common shares delivered when he completes his service as a director.
After this transaction, Harrington directly beneficially owned 123,829.18 shares of Churchill Downs common stock. He also reported indirect beneficial ownership of 1,145,352 shares held through TVI Corp. The filing is made as a single-reporting-person Form 4 reflecting his status as a director of Churchill Downs Inc. (CHDN).
Churchill Downs Inc. director R. Alexander Rankin reported a routine equity transaction. On 01/06/2026, he acquired 199.38 shares of Churchill Downs common stock at a price of $0 per share, described as dividends granted in the form of restricted stock units (RSUs). Each RSU is the economic equivalent of one share of common stock, with the underlying shares delivered when he completes his service as a director. Following this grant, Rankin directly beneficially owned 99,211.17 shares of Churchill Downs common stock.
Churchill Downs Inc director Andrea M. Carter reported an automatic acquisition of common stock as a board-related award. On January 6, 2026, she received 17.11 shares of common stock at a price of