Churchill Downs Raises Annual Dividend 7% to $0.438, Marks 15th Consecutive Year of Increases
Churchill Downs Inc, the operator of the Kentucky Derby and gaming properties, declared an annual cash dividend of $0.438 per share, a 7% increase from the prior year's $0.409. The company has now raised its dividend for 15 consecutive years.
Churchill Downs Inc (NASDAQ: CHDN), the operator of the Kentucky Derby and gaming properties across North America, declared an annual cash dividend of $0.438 per share on October 21, 2025. The dividend represents a 7% increase from the prior year's payment of $0.409 per share. Read more dividend announcements.
The dividend was paid on January 6, 2026, to shareholders of record as of December 5, 2025. This marks the company's 15th consecutive year of dividend increases.
| Dividend Details | Amount/Date |
|---|---|
| Dividend Amount | $0.438 per share |
| Previous Amount | $0.409 per share |
| Increase | 7% |
| Record Date | December 5, 2025 |
| Payment Date | January 6, 2026 |
Share Repurchase Activity
Churchill Downs repurchased 310,639 shares of its common stock at a total cost of $32.0 million during the fourth quarter of 2025. For the full year 2025, the company repurchased 4,190,380 shares at a total cost of $425.3 million.
The company had approximately $429.5 million of repurchase authority remaining under its July 2025 Stock Repurchase Program as of December 31, 2025.
Capital Investment Plans
Churchill Downs expects project capital expenditures of approximately $180 million to $220 million in 2026. The company plans to fund these capital projects using operating cash flows and its existing revolving credit facility.
Tax Benefits
The company benefited from federal tax legislation enacted on July 4, 2025, which reinstated 100% bonus depreciation rules and a 30% EBITDA-based interest expense deduction limitation. Churchill Downs began utilizing a net deferred tax asset of $85.1 million primarily related to previously limited interest expense, which is expected to reduce cash tax payments and increase operating cash flow.
Fourth Quarter Earnings
Churchill Downs reported fourth quarter 2025 net income attributable to the company of $51.3 million, compared to $71.7 million in the prior year quarter.