Churchill Downs Inc — Director's Dealing 2026

Jan 5, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Churchill Downs Inc (CHDN)
CIK: 0000020212
Period of Report: 2025-12-31

Reporting Person: Carstanjen William C. (Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-31	Common Stock	M	26711	—	Acquired	1702226	Direct
2025-12-31	Common Stock	F	8504	$113.78	Disposed	1693722	Direct
2025-12-31	Common Stock	D	8113	$113.78	Disposed	1685609	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-31	Restricted Stock Units	$	M	26711	Disposed		Common Stock (26711)	Direct

Footnotes

F1: Based on the closing price of common stock on December 31, 2025.

F2: Restricted stock units do not have a conversion price or expiration date.

F3: Restricted stock vests over a multi-year period.