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: Mudd William E. (President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-31	Common Stock	M	13477	—	Acquired	741151.8	Direct
2025-12-31	Common Stock	F	3676	$113.78	Disposed	737475.8	Direct
2025-12-31	Common Stock	D	5409	$113.78	Disposed	732066.8	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-31	Restricted Stock Units	$	M	13477	Disposed		Common Stock (13477)	Direct

Footnotes

F1: The reporting person is voluntarily reporting the acquisition of 178 shares acquired under the Churchill Downs Incorporated Employee Stock Purchase Plan (the "ESPP") for the period August 1, 2024 through July 31, 2025, and 211 shares from the ESPP for the period August 1, 2023 through July 31, 2024.

F2: Based on the closing price of common stock on December 31, 2025.

F3: Restricted stock units do not have a conversion price or expiration date.

F4: Restricted stock vests over a multi-year period.