Churchill Downs has authorized a new $750 million share repurchase program, replacing the $500 million program approved in July 2025. The new authorization gives management discretion to buy back shares over time; it does not commit the company to spend the full amount or set a schedule for purchases.
- The $750 million replaces the old program; it is not added to it. Churchill Downs had $306 million of capacity remaining under the prior authorization as of Oct. 27. The new program therefore provides $444 million more repurchase capacity than remained under the old one.
- Management can choose how and when to buy shares. Purchases may be made in the open market, with or without a 10b5-1 trading plan, or in privately negotiated transactions.
- There is no expiration date. The company may suspend or end the program at any time.
- The announcement sets no purchase timetable or minimum level of repurchases. The authorization is permission to buy shares, not a commitment to do so.
In practical terms, the board has expanded the company’s available buyback capacity, while leaving the timing and pace of any repurchases to management.