CHDN
Churchill Downs Incorporated
NasdaqGSUSDEQUITY
Consumer Cyclical
DELAYED
Sell
-42/100
Last price
78.21
▲ 0.64 (0.83%)
MARKET · —
Price
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Tool
1D
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Open
—
Prev close
77.57
Day high
79.46
Day low
77.50
Volume
695.64K
Market cap
$5.45B
P/E (TTM)
13.35
52W range
73.98 – 118.35
Trailing performance
Returnvs SPY
1W
+2.69%
+0.7%
1M
-10.18%
-11.3%
3M
-8.31%
-12.8%
6M
-11.64%
-29.8%
YTD
-31.26%
-45.5%
1Y
-18.51%
-34.9%
3Y
-32.60%
-114.9%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on CHDN open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
4.12M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Jun 30, 26 | GRISSOM DOUGLAS C Director |
STOCK | 383 | $0 | Direct |
| Apr 21, 26 | RANKIN RICHARD ALEX Director |
STOCK | 2.26K | $0 | Direct |
| Apr 21, 26 | LLOYD KAROLE F. Director |
STOCK | 2.26K | $0 | Direct |
| Apr 21, 26 | CARTER ANDREA M Director |
STOCK | 2.26K | $0 | Direct |
| Apr 21, 26 | HARRINGTON DANIEL P Director |
STOCK | 2.26K | $0 | Direct |
| Apr 21, 26 | GRISSOM DOUGLAS C Director |
STOCK | 2.26K | $0 | Direct |
| Apr 21, 26 | VARGA PAUL C Director |
STOCK | 2.26K | $0 | Direct |
| Mar 31, 26 | GRISSOM DOUGLAS C Director |
STOCK | 382 | $0 | Direct |
| Feb 5, 26 | DALL MARCIA A Chief Financial Officer |
STOCK | 12.21K | $0 | Direct |
| Feb 5, 26 | BLACKWELL BRADLEY K General Counsel |
STOCK | 6.10K | $0 | Direct |
| Feb 5, 26 | MUDD WILLIAM E President |
STOCK | 16.65K | $0 | Direct |
| Feb 5, 26 | CARSTANJEN WILLIAM C Chief Executive Officer |
STOCK | 37.73K | $0 | Direct |
| Jan 6, 26 | RANKIN RICHARD ALEX Director |
STOCK | 199 | $0 | Direct |
| Jan 6, 26 | LLOYD KAROLE F. Director |
STOCK | 59 | $0 | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
BLACKWELL BRADLEY K |
General Counsel | 30.93K | Stock Award(Grant) |
BRIDGEMAN ULYSSES L JR |
Director | 51.77K | Stock Award(Grant) |
CARSTANJEN WILLIAM C |
Chief Executive Officer | 1.69M | Stock Award(Grant) |
DALL MARCIA A |
Chief Financial Officer | 153.84K | Stock Award(Grant) |
GRISSOM DOUGLAS C |
Director | 43.01K | Stock Award(Grant) |
HARRINGTON DANIEL P |
Director | 1.27M | Stock Award(Grant) |
LLOYD KAROLE F. |
Director | 40.32K | Stock Award(Grant) |
MUDD WILLIAM E |
President | 732.07K | Stock Award(Grant) |
RANKIN RICHARD ALEX |
Director | 101.47K | Stock Award(Grant) |
VARGA PAUL C |
Director | 35.56K | Stock Award(Grant) |
Fundamentals
Market cap$5.45B
Enterprise value$10.16B
Revenue (TTM)$2.99B
Gross profit$1.02B
EBITDA$990.70M
Net income$412.00M
EPS (TTM)$5.86
Free cash flow$138.71M
Total cash$196.00M
Total debt$4.86B
Book value / share$19.16
Shares outstanding69.70M
Float65.78M
Short % of float6.72%
Dividend yield0.56%
Beta (5Y)0.77
Valuation & profitability ratios
Trailing P/E13.35
Forward P/E10.56
PEG ratio1.69
Price / sales—
Price / book4.08
EV / revenue3.40
EV / EBITDA10.26
Gross margin34.18%
Operating margin36.53%
Profit margin13.80%
Return on equity33.85%
Return on assets6.48%
Debt / equity349.17
Current ratio0.36
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $2.93B | $2.73B | $2.46B | $1.81B | +7.0% |
| Operating revenue | $2.93B | $2.73B | $2.46B | $1.81B | +7.0% |
| Cost of revenue | $1.94B | $1.80B | $1.67B | $1.24B | +8.2% |
| Gross profit | $982.60M | $938.50M | $795.70M | $566.40M | +4.7% |
| Selling, general & admin | $246.20M | $237.70M | $202.30M | $164.20M | +3.6% |
| Total operating expense | $246.20M | $237.70M | $202.30M | $164.20M | +3.6% |
| Operating income | $736.40M | $700.80M | $593.40M | $402.20M | +5.1% |
| Net interest income | -$297.70M | -$289.80M | -$268.40M | -$147.30M | -2.7% |
| Pre-tax income | $532.40M | $573.20M | $561.80M | $608.80M | -7.1% |
| Tax provision | $146.90M | $144.10M | $144.50M | $169.40M | +1.9% |
| Net income | $383.00M | $426.80M | $417.30M | $439.40M | -10.3% |
| Net income to common | $379.70M | $423.80M | $417.30M | $439.40M | -10.4% |
| Basic EPS | 5.32 | 5.73 | 5.55 | 5.79 | -7.2% |
| Diluted EPS | 5.29 | 5.68 | 5.49 | 5.71 | -6.9% |
| EBIT | $830.10M | $863.00M | $830.20M | $756.10M | -3.8% |
| EBITDA | $1.07B | $1.07B | $1.01B | $875.10M | +0.2% |
| Basic shares | 71.40M | 74.00M | 75.20M | 75.80M | -3.5% |
| Diluted shares | 71.80M | 74.60M | 76.10M | 77.00M | -3.8% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $200.60M | $175.50M | $144.50M | $129.80M | +14.3% |
| Cash & short-term investments | $200.60M | $175.50M | $144.50M | $129.80M | +14.3% |
| Accounts receivable | $34.50M | $37.30M | $42.60M | $12.50M | -7.5% |
| Inventory | $11.90M | $11.60M | $17.20M | — | +2.6% |
| Total current assets | $443.20M | $412.30M | $400.80M | $344.50M | +7.5% |
| Property, plant & equipment | $2.92B | $2.87B | $2.56B | $1.98B | +1.5% |
| Goodwill & intangibles | $3.42B | $3.31B | $3.32B | $3.12B | +3.2% |
| Total assets | $7.48B | $7.28B | $6.96B | $6.21B | +2.9% |
| Total current liabilities | $733.30M | $729.30M | $755.80M | $621.60M | +0.5% |
| Current debt | $63.10M | $63.10M | $68.00M | $47.00M | 0.0% |
| Long-term debt | $5.07B | $4.84B | $4.77B | $4.56B | +4.6% |
| Total debt | $5.14B | $4.92B | $4.84B | $4.61B | +4.5% |
| Total liabilities | $6.43B | $6.17B | $6.06B | $5.66B | +4.1% |
| Retained earnings | $1.01B | $1.08B | $894.50M | $552.40M | -6.8% |
| Shareholder equity | $1.01B | $1.08B | $893.60M | $551.50M | -6.8% |
| Working capital | -$290.10M | -$317.00M | -$355.00M | -$277.10M | +8.5% |
| Net tangible assets | -$2.41B | -$2.23B | -$2.42B | -$2.56B | -8.1% |
| Shares issued | 69.60M | 73.50M | 74.50M | 74.80M | -5.3% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $385.50M | $429.10M | $417.30M | $439.40M | -10.2% |
| Depreciation & amortisation | $239.50M | $204.70M | $175.20M | $119.00M | +17.0% |
| Stock-based compensation | $30.20M | $36.10M | $32.90M | $31.80M | -16.3% |
| Change in working capital | -$5.10M | $49.90M | $7.70M | $36.60M | -110.2% |
| Operating cash flow | $769.80M | $772.70M | $605.80M | $536.80M | -0.4% |
| Capital expenditure | -$460.20M | -$547.00M | -$676.50M | -$456.80M | +15.9% |
| Investing cash flow | -$471.50M | -$545.20M | -$718.00M | -$3.10B | +13.5% |
| Share buybacks | -$427.80M | -$186.00M | -$55.90M | -$174.90M | -130.0% |
| Dividends paid | -$30.80M | -$29.20M | -$27.10M | -$26.00M | -5.5% |
| Financing cash flow | -$262.50M | -$196.60M | $129.30M | $2.42B | -33.5% |
| Free cash flow | $309.60M | $225.70M | -$70.70M | $80.00M | +37.2% |
| End cash position | $288.50M | $252.70M | $221.80M | $204.70M | +14.2% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $980.00M | $663.00M | $665.90M | $683.00M | $934.00M | +47.8% |
| Operating revenue | $980.00M | $663.00M | $665.90M | $683.00M | $934.00M | +47.8% |
| Cost of revenue | $561.00M | $460.00M | $469.20M | $478.70M | $542.00M | +22.0% |
| Gross profit | $419.00M | $203.00M | $196.70M | $204.30M | $392.00M | +106.4% |
| Selling, general & admin | $61.00M | $59.00M | $71.50M | $59.30M | $61.00M | +3.4% |
| Total operating expense | $61.00M | $59.00M | $71.50M | $59.30M | $61.00M | +3.4% |
| Operating income | $358.00M | $144.00M | $125.20M | $145.00M | $331.00M | +148.6% |
| Net interest income | -$70.00M | -$72.00M | -$75.60M | -$75.60M | -$75.00M | +2.8% |
| Pre-tax income | $328.00M | $113.00M | $83.30M | $61.20M | $292.00M | +190.3% |
| Tax provision | $86.00M | $30.00M | $31.80M | $22.00M | $74.00M | +186.7% |
| Net income | $241.00M | $83.00M | $51.30M | $38.10M | $217.00M | +190.4% |
| Net income to common | $241.00M | $81.00M | $48.00M | $38.10M | $217.00M | +197.5% |
| Basic EPS | 3.43 | 1.16 | 0.71 | 0.54 | 3.02 | +195.7% |
| Diluted EPS | 3.42 | 1.16 | 0.71 | 0.54 | 2.99 | +194.8% |
| EBIT | $398.00M | $185.00M | $158.90M | $136.80M | $367.00M | +115.1% |
| EBITDA | $458.00M | $243.00M | $220.10M | $195.10M | $426.00M | +88.5% |
| Basic shares | 70.00M | 70.00M | 70.00M | 70.30M | 72.00M | 0.0% |
| Diluted shares | 70.00M | 70.00M | 70.30M | 71.00M | 72.00M | 0.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $196.00M | $200.00M | $200.60M | $180.50M | $182.40M | -2.0% |
| Cash & short-term investments | $196.00M | $200.00M | $200.60M | $180.50M | $182.40M | -2.0% |
| Accounts receivable | $58.00M | $33.00M | $34.50M | $36.00M | $49.10M | +75.8% |
| Inventory | $11.00M | $11.00M | $11.90M | $12.40M | $12.60M | 0.0% |
| Total current assets | $484.00M | $452.00M | $443.20M | $414.90M | $464.00M | +7.1% |
| Property, plant & equipment | $2.91B | $2.91B | $2.92B | $2.93B | $2.92B | +0.0% |
| Goodwill & intangibles | $3.41B | $3.42B | $3.42B | $3.42B | $3.31B | -0.1% |
| Total assets | $7.52B | $7.49B | $7.48B | $7.45B | $7.38B | +0.5% |
| Total current liabilities | $1.36B | $836.00M | $733.30M | $725.20M | $772.10M | +62.6% |
| Current debt | $663.00M | $63.00M | $63.10M | $63.10M | $63.10M | +952.4% |
| Long-term debt | $4.11B | $4.87B | $5.07B | $5.04B | $4.94B | -15.5% |
| Total debt | $4.78B | $4.94B | $5.14B | $5.11B | $5.01B | -3.1% |
| Total liabilities | $6.13B | $6.34B | $6.43B | $6.38B | $6.31B | -3.3% |
| Retained earnings | $1.33B | $1.09B | $1.01B | $1.04B | $1.04B | +22.0% |
| Shareholder equity | $1.34B | $1.10B | $1.01B | $1.03B | $1.04B | +22.4% |
| Working capital | -$875.00M | -$384.00M | -$290.10M | -$310.30M | -$308.10M | -127.9% |
| Net tangible assets | -$2.07B | -$2.32B | -$2.41B | -$2.38B | -$2.26B | +10.7% |
| Shares issued | 69.70M | 69.70M | 69.60M | 69.80M | 70.20M | 0.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $242.00M | $83.00M | $51.50M | $39.00M | $218.00M | +191.6% |
| Depreciation & amortisation | $60.00M | $58.00M | $61.20M | $58.30M | $59.00M | +3.4% |
| Stock-based compensation | $8.00M | $5.00M | $12.00M | $7.20M | $7.00M | +60.0% |
| Change in working capital | -$114.00M | $128.00M | -$48.50M | -$14.60M | -$47.00M | -189.1% |
| Operating cash flow | $217.00M | $295.00M | $96.00M | $186.80M | $240.00M | -26.4% |
| Capital expenditure | -$58.00M | -$59.00M | -$50.30M | -$244.90M | -$85.00M | +1.7% |
| Investing cash flow | -$58.00M | -$61.00M | -$50.10M | -$255.40M | -$86.00M | +4.9% |
| Share buybacks | $0 | $0 | -$32.00M | -$54.80M | -$254.00M | — |
| Dividends paid | $0 | -$31.00M | -$600.00K | -$200.00K | $1.00M | +100.0% |
| Financing cash flow | -$155.00M | -$232.00M | -$25.90M | $50.40M | -$139.00M | +33.2% |
| Free cash flow | $159.00M | $236.00M | $45.70M | -$58.10M | $155.00M | -32.6% |
| End cash position | $295.00M | $291.00M | $288.50M | $268.50M | $286.00M | +1.4% |
Options analytics
Put / call volume
1.14
Put-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
65.00
-16.9% from spot
ATM implied vol
3.1%
Nearest strike to spot
Skew (10% OTM)
0.0%
Calls bid over puts
Call volume
63
Contracts, this expiry
Put volume
72
Contracts, this expiry
Heaviest call OI
80.00
0 contracts
Heaviest put OI
65.00
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 3.43 | 3.45 | +0.5% |
| Mar 2026 | 1.00 | 1.21 | +20.4% |
| Dec 2025 | 1.03 | 0.97 | -5.5% |
| Sep 2025 | 0.98 | 1.09 | +10.9% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 1.19 | 9 | $701.70M | +2.7% |
| Next quarter | 1.07 | 9 | $680.90M | +2.3% |
| Current year | 6.92 | 9 | $3.03B | +3.4% |
| Next year | 7.40 | 9 | $3.12B | +3.0% |
Analyst targets & ownership
Mean target$130.83
High target$157.00
Low target$100.00
Implied upside67.28%
Analyst count12
ConsensusNONE
Strong buy / Buy3 / 9
Hold0
Sell / Strong sell0 / 0
Held by insiders5.91%
Held by institutions89.42%
Institutions holding581
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
77.39
+1.07% from price
SMA 20
79.85
-2.05% from price
SMA 50
84.84
-7.81% from price
SMA 100
85.77
-8.81% from price
SMA 200
90.84
-13.90% from price
EMA 12
78.20
+0.01% from price
EMA 26
80.78
-3.18% from price
EMA 50
83.17
-5.97% from price
RSI (14)
42.0
Neutral
MACD (12,26,9)
-2.57
Hist -0.06
ATR (14)
2.62
3.35% of price
Realised vol 30D
32.6%
Annualised
Bollinger upper
85.78
20, 2σ
Bollinger lower
73.92
20, 2σ
50 / 200 cross
Death
84.84 vs 90.84
Trend bias
Below 200
-13.90%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.53
Less volatile than market
Correlation to SPY
0.20
Largely independent
Realised vol 30D
32.6%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-36.4%
Peak to trough
Max drawdown 5Y
-49.8%
Peak to trough
ATR 14
2.62
3.35% of price
Beta (reported)
0.77
5Y monthly, from filing
Short interest
Shares short
4.41M
Prior 3.62M
Change vs prior
+21.9%
Shorts adding
% of float
6.72%
Normal
% of shares out
6.33%
Against total outstanding
Days to cover
4.8
Liquid
Float
65.78M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Sep 2, 26 | Wolfe Research | INITIATED | — | Outperform |
| Aug 3, 26 | Mizuho | MAINTAINED | Outperform | Outperform |
| Jul 31, 26 | Wells Fargo | MAINTAINED | Overweight | Overweight |
| Jul 31, 26 | Citizens | MAINTAINED | Market Outperform | Market Outperform |
| Jul 31, 26 | Susquehanna | MAINTAINED | Positive | Positive |
| Jul 14, 26 | Wells Fargo | MAINTAINED | Overweight | Overweight |
| May 19, 26 | Macquarie | MAINTAINED | Outperform | Outperform |
| Apr 24, 26 | Macquarie | MAINTAINED | Outperform | Outperform |
| Apr 24, 26 | Mizuho | MAINTAINED | Outperform | Outperform |
| Apr 24, 26 | Citizens | MAINTAINED | Market Outperform | Market Outperform |
| Apr 16, 26 | Wells Fargo | MAINTAINED | Overweight | Overweight |
| Feb 27, 26 | Wells Fargo | MAINTAINED | Overweight | Overweight |
Dividends & splits
Forward rate$0.44 / yr
Forward yield0.56%
5-year avg yield0.33%
Payout ratio7.47%
Ex-dividend dateDec 5, 2025
Next pay dateJan 6, 2026
Last split2:1
Split dateMay 22, 2023
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-09-28
Periodic Financial Reports
10-Q · 2026-07-29
Corporate Changes & Voting Matters
8-K · 2026-04-22
Corporate Changes & Voting Matters
8-K · 2026-04-21
Annual Report to Shareholders
ARS · 2026-03-12
Periodic Financial Reports
10-K · 2026-02-25
Periodic Financial Reports
10-Q · 2025-10-22
Corporate Changes & Voting Matters
8-K · 2025-08-27
Headlines
Reasons CHDN is Risky and 1 Stock to Buy Instead
StockStory · 5d ago
2 of Wall Street’s Favorite Stocks with Exciting Potential and 1 Facing Challenges
StockStory · 9d ago
What Is Drawing Fresh Attention To Churchill Downs (CHDN)?
Simply Wall St. · 13d ago
Sin Stock Investing: Finding Opportunities in Controversial Industries
Zacks · 14d ago
Churchill Downs (CHDN) Prices $500 Million Loan. Could Interest Costs Rise?
Insider Monkey · 14d ago
Churchill Downs Incorporated 2026 Third Quarter Financial Results Conference Call Invitation
GlobeNewswire · 16d ago
Churchill Downs Prices $500 Million Senior Secured Debt due 2033
MT Newswires · 19d ago
Churchill Downs Incorporated Announces Pricing of $500 Million Senior Secured Term Loan B Due 2033
GlobeNewswire · 20d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.