Churchill Downs Authorizes $750 Million Buyback, Replacing Its $500 Million Program
The new repurchase plan has no time limit and folds in the $306 million left under the old authorization.
Churchill Downs, the company behind the Kentucky Derby, said Wednesday its board approved a $750 million share repurchase program that replaces the $500 million authorization it granted in July 2025. The new plan carries no expiration date.
Old money folded into the new
The $750 million is not a top-up on the earlier program. It includes the $306 million that remained under the prior authorization at the close of trading on October 27, 2026, the company said in its press release.
The company described the move in an 8-K furnished under Regulation FD, the SEC's fair-disclosure rule, which also records that the board acted on October 27.
How the buying can happen
Management has discretion over timing. Shares may be bought in the open market, either with or without a 10b5-1 plan, which is a pre-scheduled trading plan filed with the SEC, or through privately negotiated transactions.
The program has no time limit, and the company said it may be suspended or discontinued at any time. Authorizing a repurchase does not commit the company to buy any particular amount.
The Derby company's three businesses
Churchill Downs owns and runs horse racing, historical racing and casino operations, and is best known for the Kentucky Derby at Churchill Downs Racetrack in Louisville, Kentucky. According to its annual report for the year ended December 31, 2025, it reports three segments.
- Live and Historical Racing earns commissions on pari-mutuel wagering, plus admissions, sponsorships and food and beverage sales.
- Wagering Services and Solutions includes the TwinSpires online horse wagering business, tote systems, gaming technology and sports betting.
- Gaming covers casino properties with slot machines, table games and hotels.
As of December 31, 2025, it had approximately 9,000 team members, about 6,600 of them full-time.
The $306 million left under the old plan at the October 27 close is now part of a $750 million ceiling that has no end date.
Sources
- 8-K Filing — Churchill Downs Inc (CHDN) — SEC EDGAR
- Exhibit a10282026750sharerepurchas.htm — Churchill Downs Inc 8-K exhibit — SEC EDGAR
- Churchill Downs Incorporated Announces New $750 Million — globenewswire.com
