Churchill Downs’ $750M Buyback Carries $306M of the Old One Inside It

In actuality, the new program carries $444 million of capacity beyond what was already authorised, the difference between the two figures. That subtraction is a 15M calculation from the disclosed numbers, which CDI does not present in those terms.

A Record Quarter With Flat Profit

Along with approving its new share repurchase program, on 28 October 2026, CDI released its third-quarter results. Third-quarter net revenue was a record $696 million, up $13 million (2%). Adjusted EBITDA was also a record, $264 million, up $2 million (1%). CDI-attributable net income rose $42 million to $80 million, a gain of 26% ($10 million) when adjusted for an impairment and insurance recovery received last year. But despite celebrating a trio of record values, revenue growth was only 2%, and EBITDA growth was just 1%. Revenue and EBITDA moved by roughly the same cash amount.

The Capital Stack Behind the Buyback

The company announced a dividend increase of 7%, to $0.469 per share payable 5 January 2027 to shareholders of record as of 4 December 2026. During the third quarter, CDI repurchased $48 million of its common stock and ended the quarter with net bank leverage of 3.8 times.

CDI also announced the execution of a $500 million term loan B due 2033, and said it extended and amended its revolver and term loan A "at favorable rates". The refinancing and the term loan B closely coincided with the expansion of the share repurchase program.

Deals and a New Director

CDI completed the acquisition of 49% of United Tote Company from the New York Racing Association. The deal includes an extension of NYRA’s tote services agreement with United Tote through 2035. Together, CDI and NYRA announced a new Thoroughbred Championship Series, beginning with the Kentucky Oaks and Kentucky Derby in 2027. CDI’s site in Virginia received approval to relocate and increase its offering: the new Rosie’s Collinsville venue in Henry County will feature 150 historical racing machines.

The same day, CDI appointed Michael Tucker to its board. Tucker founded Orvieto Partners in 2021 and has, in the company’s words, "more than 30 years of investment management experience", previously at PAR Capital Management, Andover Capital Advisors and Standish Mellon Asset Management. Chairman Alex Rankin cited his "strong financial acumen" and knowledge of "strategic capital allocation".