Churchill Downs Incorporated filed a Form 8-K on October 28, 2026, disclosing that its Board of Directors approved a new $750 million share repurchase program, replacing a prior $500 million authorization from July 2025.

Key Highlights

  • New program size: The Board approved a $750 million share repurchase program, according to the filing.
  • Prior program replaced: The new program replaces the prior $500 million program authorized in July 2025.
  • Not additive: The filing states the new program "includes and is not in addition to any repurchase authority remaining under the prior authorization."
  • No time limit: The repurchase program has no time limit and may be suspended or discontinued at any time, the company disclosed.
  • Repurchase methods: Purchases may be made in the open market, with or without a 10b5-1 plan, or through privately negotiated transactions, at management's discretion.

Churchill Downs Board Authorizes $750 Million Buyback, Replacing July 2025 Program

Churchill Downs Incorporated (NASDAQ:CHDN) filed an 8-K on October 28, 2026, under Item 7.01 (Regulation FD Disclosure), reporting that on October 27, 2026, its Board of Directors approved a new $750 million share repurchase program. The announcement was accompanied by a press release furnished as Exhibit 99.1.

According to the filing, the new authorization replaces the prior $500 million program that had been approved in July 2025. The company clarified that the new program "includes and is not in addition to any repurchase authority remaining under the prior authorization," meaning any unused capacity from the earlier program is folded into, not added to, the $750 million total. The program carries no expiration date and may be suspended or discontinued at any time.

The filing states that repurchases may be executed "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 disclosure was furnished, not filed, under Section 18 of the Securities Exchange Act of 1934, and the company noted the information shall not be deemed incorporated by reference into other filings unless expressly stated. The 8-K was signed by Marcia A. Dall, Executive Vice President and Chief Financial Officer.

What Was Disclosed

Churchill Downs Incorporated disclosed a new $750 million share repurchase program approved by its Board on October 27, 2026, replacing the prior $500 million program from July 2025, with no time limit on the authorization.