98.77
+0.85%
Close of 9 Nov 2026, in USD
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About Churchill Downs
From its filings with the US Securities and Exchange Commission
Churchill Downs is based in Louisville, Kentucky and is incorporated in Kentucky. Its shares trade on Nasdaq under the ticker CHDN. The SEC classifies its business as racing, including track operation. In the fiscal year to 31 December 2025, it reported revenue of $2.93bn and net income of $383.0m. At that date it held total assets of $7.48bn and shareholders' equity of $1.01bn. By business, Live and Historical brought in 47.7% of revenue, followed by Gaming at 35.6% and Wagering Services and Solutions at 16.7%.
Churchill Downs Incorporated ("CDI" or the "Company") has been creating extraordinary entertainment experiences for over 150 years, beginning with the Company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of the online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties.
The Company manages its business through three reportable segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming. We aggregate our other businesses as well as certain corporate operations in All Other. We report net revenue and operating expense associated with these reportable segments and other information about these segments in Part II, Item 8. Financial Statements and Supplementary Data, contained within this Report. Further discussion of segment financial information, and our planned investments in segment properties, is set forth in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations contained within this Report.
Quoted from its 10-K, filed 25 Feb 2026. Read the filing on SEC.gov ↗
Company facts
- Sector
- Consumer Discretionary
- Industry
- Hotels, Restaurants & Leisure
- Listed since
- 29 Mar 1993
- Employees
- 9,000
- Website
- churchilldownsincorporated.com ↗
- Head office
- 600 N HURSTBOURNE PKWY, LOUISVILLE, KY, 40222-5389
- Incorporated in
- KY
- Classification
- Services-Racing, Including Track Operation
- Filer status
- Large accelerated filer
Leadership
Pay as last reported
- Mr. R. Alex RankinIndependent Chairman of the Board$390,000
- Mr. William MuddPresident, Chief Operating Officer$6.5m
- Mr. William CarstanjenChief Executive Officer, Director, since 2005$15.1m
- Ms. Marcia DallChief Financial Officer, Executive Vice President$4.6m
- Mr. Bradley BlackwellExecutive Vice President, General Counsel$2.9m
- Ms. Maureen AdamsExecutive Vice President - Gaming Operations$2.6m
- Ms. Andrea CarterIndependent Director$262,500
- Mr. Douglas GrissomIndependent Director$280,875
- Mr. Daniel HarringtonIndependent Director$298,000
- Mrs. Karole LloydIndependent Director$297,000
- Mr. Paul VargaIndependent Director$283,500
- Mr. Sam UllrichVice President, Investor Relations, since 2025
Environmental, social and governance
Scores out of 100, from our data supplier
- Overall
- 37
- Environment
- 19
- Social
- 40
- Governance
- 52
- Carbon reduction policy
- No
- Human rights policy
- Yes
SWOT analysis
AI-generated by our data supplier. Not written or checked by our editors.
Strengths
- Established Reputation: Churchill Downs Inc has a strong and well-known presence in the horse racing and entertainment industry.
- Diverse Portfolio: The company owns and operates multiple racetracks, casinos, and online wagering platforms, providing a wide range of entertainment options to customers.
- Iconic Events: Churchill Downs Inc owns and hosts prestigious horse racing events such as the Kentucky Derby, which attract a large number of participants and spectators.
Weaknesses
- Dependence on Horse Racing: The company's revenue heavily relies on horse racing events, making them vulnerable to fluctuations in the popularity and profitability of this sport.
- Limited Geographic Presence: Although Churchill Downs Inc has a strong presence in the United States, it may face challenges in expanding its operations globally due to regulatory barriers and cultural differences.
Opportunities
- Online Gambling Growth: The increasing popularity of online gambling presents an opportunity for Churchill Downs Inc to expand its online wagering platforms and attract a larger customer base.
- Sports Betting Legalization: The ongoing legalization of sports betting in various states opens up new revenue streams for the company by offering additional betting options to customers.
Threats
- Competition: The horse racing and entertainment industry is highly competitive, and Churchill Downs Inc faces competition from other racetracks, casinos, and online gambling platforms.
- Economic Factors: Fluctuations in the economy can impact consumer spending on entertainment activities, potentially affecting the company's revenue.
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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