STOCK TITAN

[8-K] Churchill Downs Inc Reports Material Event

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

On 23 Jul 2025 Churchill Downs Incorporated (Nasdaq: CHDN) filed an 8-K (Item 7.01) stating that its Board has approved a new $500 million share repurchase program. The authorization replaces the $500 million plan adopted in March 2025 and therefore is not additive to any unused amount under the prior mandate. Buybacks may occur at management’s discretion in the open market—optionally under a Rule 10b5-1 plan—or through privately negotiated transactions. The program has no stated expiration and can be suspended or terminated at any time.

No financial results, guidance changes, or other material transactions were disclosed. A press release describing the buyback was furnished as Exhibit 99.1; the information is treated as “furnished,” not “filed,” under the Exchange Act.

Il 23 luglio 2025 Churchill Downs Incorporated (Nasdaq: CHDN) ha presentato un 8-K (Voce 7.01) annunciando che il suo Consiglio di Amministrazione ha approvato un nuovo programma di riacquisto azionario da 500 milioni di dollari. L'autorizzazione sostituisce il piano da 500 milioni di dollari adottato a marzo 2025 e quindi non si somma a eventuali importi non utilizzati del mandato precedente. I riacquisti possono avvenire a discrezione della direzione sul mercato aperto—anche tramite un piano ai sensi della Regola 10b5-1—o tramite transazioni negoziate privatamente. Il programma non ha una scadenza definita e può essere sospeso o terminato in qualsiasi momento.

Non sono stati divulgati risultati finanziari, modifiche alle previsioni o altre operazioni rilevanti. Un comunicato stampa che descrive il riacquisto è stato fornito come Esibizione 99.1; le informazioni sono considerate “fornite” e non “depositate” ai sensi dell’Exchange Act.

El 23 de julio de 2025, Churchill Downs Incorporated (Nasdaq: CHDN) presentó un 8-K (Ítem 7.01) indicando que su Junta Directiva aprobó un nuevo programa de recompra de acciones por 500 millones de dólares. La autorización reemplaza el plan de 500 millones adoptado en marzo de 2025 y, por lo tanto, no es adicional a cualquier monto no utilizado bajo el mandato anterior. Las recompras pueden realizarse a discreción de la gerencia en el mercado abierto—opcionalmente bajo un plan conforme a la Regla 10b5-1—o mediante transacciones negociadas de forma privada. El programa no tiene fecha de expiración establecida y puede ser suspendido o terminado en cualquier momento.

No se divulgaron resultados financieros, cambios en las guías ni otras transacciones materiales. Un comunicado de prensa que describe la recompra fue presentado como Exhibición 99.1; la información se considera “proporcionada” y no “presentada” bajo la Exchange Act.

2025년 7월 23일, 처칠 다운스 인코포레이티드(나스닥: CHDN)는 8-K (항목 7.01)을 제출하며 이사회가 새로운 5억 달러 규모의 자사주 매입 프로그램을 승인했다고 밝혔습니다. 이번 승인으로 2025년 3월에 채택된 5억 달러 계획이 대체되며, 이전 승인에서 미사용된 금액에 추가되지 않습니다. 자사주 매입은 경영진 재량에 따라 공개 시장에서—선택적으로 규칙 10b5-1 계획에 따라—또는 사적으로 협상된 거래를 통해 이루어질 수 있습니다. 이 프로그램은 만료일이 명시되어 있지 않으며 언제든지 중단하거나 종료할 수 있습니다.

재무 실적, 가이드 변경 또는 기타 중요한 거래는 공개되지 않았습니다. 매입에 관한 보도자료는 증빙자료 99.1로 제공되었으며, 해당 정보는 증권거래법상 “제출된” 것이 아니라 “제공된” 것으로 간주됩니다.

Le 23 juillet 2025, Churchill Downs Incorporated (Nasdaq : CHDN) a déposé un 8-K (Article 7.01) indiquant que son conseil d'administration a approuvé un nouveau programme de rachat d'actions de 500 millions de dollars. Cette autorisation remplace le plan de 500 millions adopté en mars 2025 et n'est donc pas additionnellepas de date d'expiration définie et peut être suspendu ou arrêté à tout moment.

Aucun résultat financier, modification des prévisions ou autre transaction importante n'a été divulgué. Un communiqué de presse décrivant le rachat a été fourni en tant que Pièce 99.1 ; ces informations sont considérées comme « fournies » et non « déposées » au sens de la loi sur les valeurs mobilières (Exchange Act).

Am 23. Juli 2025 reichte Churchill Downs Incorporated (Nasdaq: CHDN) ein 8-K (Punkt 7.01) ein, in dem mitgeteilt wurde, dass der Vorstand ein neues 500-Millionen-Dollar-Aktienrückkaufprogramm genehmigt hat. Die Genehmigung ersetzt den im März 2025 angenommenen 500-Millionen-Dollar-Plan und ist somit nicht zusätzlich zu nicht genutzten Beträgen aus dem vorherigen Mandat. Rückkäufe können nach Ermessen des Managements am offenen Markt erfolgen—optional im Rahmen eines Rule 10b5-1-Plans—oder durch privat ausgehandelte Transaktionen. Das Programm hat keine festgelegte Ablaufzeit und kann jederzeit ausgesetzt oder beendet werden.

Es wurden keine Finanzergebnisse, Prognoseänderungen oder sonstige wesentliche Transaktionen bekannt gegeben. Eine Pressemitteilung zum Rückkauf wurde als Exhibit 99.1 bereitgestellt; die Informationen gelten gemäß dem Exchange Act als „bereitgestellt“, nicht als „eingereicht“.

Positive
  • $500 million share repurchase program authorized, potentially supporting EPS and share price
  • No expiration allows flexible capital deployment aligned with market conditions
Negative
  • Authorization is not incremental; it replaces the prior $500 million program
  • Program can be suspended any time, offering no firm commitment to return capital

Insights

TL;DR: $500M buyback renewal supports share price; impact modest because capacity merely reset, not expanded.

The Board’s decision refreshes CHDN’s repurchase capacity to a full $500 million only four months after the prior authorization. While management did not disclose the amount already spent, the reset could create incremental demand for the stock if meaningful capacity had been exhausted. An unlimited duration adds flexibility and signals confidence in long-term cash generation after recent property and online betting investments. However, as the new plan is inclusive of remaining authority, the headline figure may overstate the incremental benefit. Overall, the disclosure is mildly accretive to per-share metrics and offers downside support, but does not change the fundamental thesis.

TL;DR: Standard buyback authorization; governance and disclosure practices appear routine.

Reauthorizing a buyback through an 8-K with Item 7.01 keeps investors informed while avoiding “filed” status, limiting liability—common practice. The absence of a time limit maximizes board flexibility but provides investors limited visibility on capital allocation pacing. No indication of specific performance triggers or ESG considerations was provided. Disclosure of potential use of 10b5-1 plans aligns with SEC safe-harbor expectations. From a governance standpoint, the filing is neutral: transparent yet unremarkable.

Il 23 luglio 2025 Churchill Downs Incorporated (Nasdaq: CHDN) ha presentato un 8-K (Voce 7.01) annunciando che il suo Consiglio di Amministrazione ha approvato un nuovo programma di riacquisto azionario da 500 milioni di dollari. L'autorizzazione sostituisce il piano da 500 milioni di dollari adottato a marzo 2025 e quindi non si somma a eventuali importi non utilizzati del mandato precedente. I riacquisti possono avvenire a discrezione della direzione sul mercato aperto—anche tramite un piano ai sensi della Regola 10b5-1—o tramite transazioni negoziate privatamente. Il programma non ha una scadenza definita e può essere sospeso o terminato in qualsiasi momento.

Non sono stati divulgati risultati finanziari, modifiche alle previsioni o altre operazioni rilevanti. Un comunicato stampa che descrive il riacquisto è stato fornito come Esibizione 99.1; le informazioni sono considerate “fornite” e non “depositate” ai sensi dell’Exchange Act.

El 23 de julio de 2025, Churchill Downs Incorporated (Nasdaq: CHDN) presentó un 8-K (Ítem 7.01) indicando que su Junta Directiva aprobó un nuevo programa de recompra de acciones por 500 millones de dólares. La autorización reemplaza el plan de 500 millones adoptado en marzo de 2025 y, por lo tanto, no es adicional a cualquier monto no utilizado bajo el mandato anterior. Las recompras pueden realizarse a discreción de la gerencia en el mercado abierto—opcionalmente bajo un plan conforme a la Regla 10b5-1—o mediante transacciones negociadas de forma privada. El programa no tiene fecha de expiración establecida y puede ser suspendido o terminado en cualquier momento.

No se divulgaron resultados financieros, cambios en las guías ni otras transacciones materiales. Un comunicado de prensa que describe la recompra fue presentado como Exhibición 99.1; la información se considera “proporcionada” y no “presentada” bajo la Exchange Act.

2025년 7월 23일, 처칠 다운스 인코포레이티드(나스닥: CHDN)는 8-K (항목 7.01)을 제출하며 이사회가 새로운 5억 달러 규모의 자사주 매입 프로그램을 승인했다고 밝혔습니다. 이번 승인으로 2025년 3월에 채택된 5억 달러 계획이 대체되며, 이전 승인에서 미사용된 금액에 추가되지 않습니다. 자사주 매입은 경영진 재량에 따라 공개 시장에서—선택적으로 규칙 10b5-1 계획에 따라—또는 사적으로 협상된 거래를 통해 이루어질 수 있습니다. 이 프로그램은 만료일이 명시되어 있지 않으며 언제든지 중단하거나 종료할 수 있습니다.

재무 실적, 가이드 변경 또는 기타 중요한 거래는 공개되지 않았습니다. 매입에 관한 보도자료는 증빙자료 99.1로 제공되었으며, 해당 정보는 증권거래법상 “제출된” 것이 아니라 “제공된” 것으로 간주됩니다.

Le 23 juillet 2025, Churchill Downs Incorporated (Nasdaq : CHDN) a déposé un 8-K (Article 7.01) indiquant que son conseil d'administration a approuvé un nouveau programme de rachat d'actions de 500 millions de dollars. Cette autorisation remplace le plan de 500 millions adopté en mars 2025 et n'est donc pas additionnellepas de date d'expiration définie et peut être suspendu ou arrêté à tout moment.

Aucun résultat financier, modification des prévisions ou autre transaction importante n'a été divulgué. Un communiqué de presse décrivant le rachat a été fourni en tant que Pièce 99.1 ; ces informations sont considérées comme « fournies » et non « déposées » au sens de la loi sur les valeurs mobilières (Exchange Act).

Am 23. Juli 2025 reichte Churchill Downs Incorporated (Nasdaq: CHDN) ein 8-K (Punkt 7.01) ein, in dem mitgeteilt wurde, dass der Vorstand ein neues 500-Millionen-Dollar-Aktienrückkaufprogramm genehmigt hat. Die Genehmigung ersetzt den im März 2025 angenommenen 500-Millionen-Dollar-Plan und ist somit nicht zusätzlich zu nicht genutzten Beträgen aus dem vorherigen Mandat. Rückkäufe können nach Ermessen des Managements am offenen Markt erfolgen—optional im Rahmen eines Rule 10b5-1-Plans—oder durch privat ausgehandelte Transaktionen. Das Programm hat keine festgelegte Ablaufzeit und kann jederzeit ausgesetzt oder beendet werden.

Es wurden keine Finanzergebnisse, Prognoseänderungen oder sonstige wesentliche Transaktionen bekannt gegeben. Eine Pressemitteilung zum Rückkauf wurde als Exhibit 99.1 bereitgestellt; die Informationen gelten gemäß dem Exchange Act als „bereitgestellt“, nicht als „eingereicht“.

0000020212false00000202122025-07-232025-07-23


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 23, 2025
Churchill Downs Incorporated

(Exact name of registrant as specified in its charter)
Kentucky
001-33998
61-0156015
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
600 North Hurstbourne Parkway, Suite 400
Louisville
,
Kentucky
40222
(Address of Principal Executive Offices)
(Zip Code)
(502) 636-4400
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule l4a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, No Par ValueCHDNThe Nasdaq Global Select Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Item 7.01.    Regulation FD Disclosure.
On July 23, 2025, Churchill Downs Incorporated (the “Company”) announced that the Company’s Board of Directors approved a $500.0 million share repurchase program. The new share repurchase program replaces the prior $500.0 million program that was authorized in March 2025. The new share repurchase program includes and is not in addition to any repurchase authority remaining under the prior authorization. Share repurchases may be made at management’s discretion from time to time in the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The repurchase program has no time limit and may be suspended or discontinued at any time.
A copy of the press release announcing the Company’s new share repurchase program is furnished hereto as Exhibit 99.1. The information provided pursuant to this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing

Item 9.01. Financial Statements and Exhibits
 (d)Exhibits
Exhibit NumberDescription
99.1
Press Release dated July 23, 2025 issued by Churchill Downs Incorporated
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto, duly authorized.
 
CHURCHILL DOWNS INCORPORATED
July 23, 2025/s/ Marcia A. Dall
By: Marcia A. Dall
Title: Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)


FAQ

What did Churchill Downs (CHDN) announce on July 23, 2025?

A new $500 million share repurchase program replacing the March 2025 authorization.

Is the $500 million buyback additive to the previous plan?

No. The new authorization replaces and includes any remaining capacity under the prior $500 million program.

How will CHDN execute the share repurchases?

At management’s discretion in the open market, optionally under a Rule 10b5-1 plan, or through privately negotiated deals.

Does the repurchase program have an expiration date?

No. The Board set no time limit; the program can be suspended or terminated at any time.

Where can investors find additional details?

See Exhibit 99.1 (press release) furnished with the 8-K dated July 23 2025.
Church Downs

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