CHDNChurchill Downs Inc

Insider trades (Form 4)

Directors, top managers and anyone owning more than 10% of a company must report every time they buy, sell or receive its shares, within two business days, on a Form 4. Here is what Churchill Downs's insiders did over the last year, and what each kind of trade means.

Bought on the open market$00 trades by 0 people

Sold on the open market$00 trades by 0 people

Sales that were planned ahead–made under a pre-set trading plan (Rule 10b5-1)

Filings read29every Form 4 in the last year

Buying and selling, month by month

Open-market trades only, by value. Tap a month.

DecJanFebMarAprMayJunJulAugSepOctNov

■ above the line: bought · ■ below: sold

Who traded

Person and role	Bought	Sold	Shares held after
Douglas C GrissomDirector	–	–	43.5K
Richard Alex RankinDirector	–	–	101.5K
Daniel P HarringtonDirector	–	–	126.1K
Paul C VargaDirector	–	–	35.6K
Karole LloydDirector	–	–	40.3K
Andrea M CarterDirector	–	–	8.0K
William E. MuddChief operating officer (President and COO)	–	–	748.7K
William C. CarstanjenChief executive (Chief Executive Officer)	–	–	1.7M
Bradley K. BlackwellChief lawyer (EVP, General Counsel)	–	–	32.8K
Marcia A DallChief financial officer (EVP, and CFO)	–	–	157.8K
Maureen AdamsEVP, Gaming Operations	–	–	16.6K

Every trade (52)

Sep 30, 2026Received shares or options as payDouglas C Grissom · DirectorA grant from the company as part of their pay, not a purchase. Form 4+454.22 sharesno price (not a sale)owns 43,459.99 after
Jun 30, 2026Received shares or options as payDouglas C Grissom · DirectorA grant from the company as part of their pay, not a purchase. Form 4+383.48 sharesno price (not a sale)owns 43,005.77 after
Apr 21, 2026Received shares or options as payRichard Alex Rankin · DirectorA grant from the company as part of their pay, not a purchase. Form 4+2,257 sharesno price (not a sale)owns 101,468.17 after
Apr 21, 2026Received shares or options as payDaniel P Harrington · DirectorA grant from the company as part of their pay, not a purchase. Form 4+2,257 sharesno price (not a sale)owns 126,086.18 after
Apr 21, 2026Received shares or options as payHeld indirectly (trust, family…)Daniel P Harrington · DirectorA grant from the company as part of their pay, not a purchase. Form 4+0 sharesno price (not a sale)owns 1,145,352 after
Apr 21, 2026Received shares or options as payDouglas C Grissom · DirectorA grant from the company as part of their pay, not a purchase. Form 4+2,257 sharesno price (not a sale)owns 42,622.29 after
Apr 21, 2026Received shares or options as payPaul C Varga · DirectorA grant from the company as part of their pay, not a purchase. Form 4+2,257 sharesno price (not a sale)owns 35,556.5 after
Apr 21, 2026Received shares or options as payKarole Lloyd · DirectorA grant from the company as part of their pay, not a purchase. Form 4+2,257 sharesno price (not a sale)owns 40,316.84 after
Apr 21, 2026Received shares or options as payAndrea M Carter · DirectorA grant from the company as part of their pay, not a purchase. Form 4+2,257 sharesno price (not a sale)owns 7,957.96 after
Mar 31, 2026Received shares or options as payDouglas C Grissom · DirectorA grant from the company as part of their pay, not a purchase. Form 4+382.67 sharesno price (not a sale)owns 40,365.29 after
Mar 19, 2026Received shares or options as payWilliam E. Mudd · Chief operating officer (President and COO)A grant from the company as part of their pay, not a purchase. (Restricted Stock Units) Form 4+1,449 unitsno price (not a sale)owns 37,679 after
Mar 19, 2026Received shares or options as payMarcia A Dall · Chief financial officer (EVP, and CFO)A grant from the company as part of their pay, not a purchase. (Restricted Stock Units) Form 4+1,449 unitsno price (not a sale)owns 33,701.128 after
Feb 5, 2026Received shares or options as payWilliam E. Mudd · Chief operating officer (President and COO)A grant from the company as part of their pay, not a purchase. Form 4+16,648 sharesno price (not a sale)owns 748,714.8 after
Feb 5, 2026Handed shares back to the companyWilliam E. Mudd · Chief operating officer (President and COO)Shares returned to the company, not sold on the market. Form 4−16,648 sharesat $93.69 = $1.6Mowns 732,066.8 after
Feb 5, 2026Received shares or options as payWilliam E. Mudd · Chief operating officer (President and COO)A grant from the company as part of their pay, not a purchase. (Restricted Stock Units) Form 4+21,348 unitsno price (not a sale)owns 36,230 after
Feb 5, 2026Received shares or options as payWilliam C. Carstanjen · Chief executive (Chief Executive Officer)A grant from the company as part of their pay, not a purchase. Form 4+37,727 sharesno price (not a sale)owns 1,723,336 after
Feb 5, 2026Handed shares back to the companyWilliam C. Carstanjen · Chief executive (Chief Executive Officer)Shares returned to the company, not sold on the market. Form 4−37,727 sharesat $93.69 = $3.5Mowns 1,685,609 after
Feb 5, 2026Received shares or options as payWilliam C. Carstanjen · Chief executive (Chief Executive Officer)A grant from the company as part of their pay, not a purchase. (Restricted Stock Units) Form 4+64,041 unitsno price (not a sale)owns 183,697.52 after
Feb 5, 2026Received shares or options as payBradley K. Blackwell · Chief lawyer (EVP, General Counsel)A grant from the company as part of their pay, not a purchase. Form 4+6,104 sharesno price (not a sale)owns 32,769 after
Feb 5, 2026Shares kept back to pay taxBradley K. Blackwell · Chief lawyer (EVP, General Counsel)When share pay vests, the company keeps some shares to cover the tax bill. Not a decision to sell. Form 4−1,835 sharesat $93.69 = $171.9Kowns 30,934 after
Feb 5, 2026Received shares or options as payBradley K. Blackwell · Chief lawyer (EVP, General Counsel)A grant from the company as part of their pay, not a purchase. (Restricted Stock Units) Form 4+9,075 unitsno price (not a sale)owns 15,164 after
Feb 5, 2026Received shares or options as payMarcia A Dall · Chief financial officer (EVP, and CFO)A grant from the company as part of their pay, not a purchase. Form 4+12,207 sharesno price (not a sale)owns 157,787 after
Feb 5, 2026Shares kept back to pay taxMarcia A Dall · Chief financial officer (EVP, and CFO)When share pay vests, the company keeps some shares to cover the tax bill. Not a decision to sell. Form 4−3,944 sharesat $93.69 = $369.5Kowns 153,843 after
Feb 5, 2026Received shares or options as payMarcia A Dall · Chief financial officer (EVP, and CFO)A grant from the company as part of their pay, not a purchase. (Restricted Stock Units) Form 4+12,276 unitsno price (not a sale)owns 32,252.128 after
Jan 6, 2026Received shares or options as payDouglas C Grissom · DirectorA grant from the company as part of their pay, not a purchase. Form 4+116.68 sharesno price (not a sale)owns 39,982.62 after
Jan 6, 2026Received shares or options as payDaniel P Harrington · DirectorA grant from the company as part of their pay, not a purchase. Form 4+476.98 sharesno price (not a sale)owns 123,829.18 after
Jan 6, 2026Received shares or options as payHeld indirectly (trust, family…)Daniel P Harrington · DirectorA grant from the company as part of their pay, not a purchase. Form 4+0 sharesno price (not a sale)owns 1,145,352 after
Jan 6, 2026Received shares or options as payRichard Alex Rankin · DirectorA grant from the company as part of their pay, not a purchase. Form 4+199.38 sharesno price (not a sale)owns 99,211.17 after
Jan 6, 2026Received shares or options as payAndrea M Carter · DirectorA grant from the company as part of their pay, not a purchase. Form 4+17.11 sharesno price (not a sale)owns 5,700.96 after
Jan 6, 2026Received shares or options as payPaul C Varga · DirectorA grant from the company as part of their pay, not a purchase. Form 4+39.45 sharesno price (not a sale)owns 33,299.5 after
Jan 6, 2026Received shares or options as payKarole Lloyd · DirectorA grant from the company as part of their pay, not a purchase. Form 4+59.98 sharesno price (not a sale)owns 38,059.84 after
Dec 31, 2025Turned options or share units into sharesWilliam C. Carstanjen · Chief executive (Chief Executive Officer)Swapping options or units they already had for actual shares. Often followed by a sale or tax withholding. Form 4+26,711 sharesno price (not a sale)owns 1,702,226 after
Dec 31, 2025Shares kept back to pay taxWilliam C. Carstanjen · Chief executive (Chief Executive Officer)When share pay vests, the company keeps some shares to cover the tax bill. Not a decision to sell. Form 4−8,504 sharesat $113.78 = $967.6Kowns 1,693,722 after
Dec 31, 2025Handed shares back to the companyWilliam C. Carstanjen · Chief executive (Chief Executive Officer)Shares returned to the company, not sold on the market. Form 4−8,113 sharesat $113.78 = $923.1Kowns 1,685,609 after
Dec 31, 2025Turned options or share units into sharesWilliam C. Carstanjen · Chief executive (Chief Executive Officer)Swapping options or units they already had for actual shares. Often followed by a sale or tax withholding. (Restricted Stock Units) Form 4−26,711 unitsno price (not a sale)owns 119,656.52 after
Dec 31, 2025Turned options or share units into sharesMarcia A Dall · Chief financial officer (EVP, and CFO)Swapping options or units they already had for actual shares. Often followed by a sale or tax withholding. Form 4+6,060 sharesno price (not a sale)owns 148,419 after
Dec 31, 2025Shares kept back to pay taxMarcia A Dall · Chief financial officer (EVP, and CFO)When share pay vests, the company keeps some shares to cover the tax bill. Not a decision to sell. Form 4−2,839 sharesat $113.78 = $323.0Kowns 145,580 after
Dec 31, 2025Turned options or share units into sharesMarcia A Dall · Chief financial officer (EVP, and CFO)Swapping options or units they already had for actual shares. Often followed by a sale or tax withholding. (Restricted Stock Units) Form 4−6,060 unitsno price (not a sale)owns 19,976.128 after
Dec 31, 2025Turned options or share units into sharesBradley K. Blackwell · Chief lawyer (EVP, General Counsel)Swapping options or units they already had for actual shares. Often followed by a sale or tax withholding. Form 4+5,258 sharesno price (not a sale)owns 30,313 after
Dec 31, 2025Shares kept back to pay taxBradley K. Blackwell · Chief lawyer (EVP, General Counsel)When share pay vests, the company keeps some shares to cover the tax bill. Not a decision to sell. Form 4−1,349 sharesat $113.78 = $153.5Kowns 28,964 after
Dec 31, 2025Handed shares back to the companyBradley K. Blackwell · Chief lawyer (EVP, General Counsel)Shares returned to the company, not sold on the market. Form 4−2,299 sharesat $113.78 = $261.6Kowns 26,665 after
Dec 31, 2025Turned options or share units into sharesBradley K. Blackwell · Chief lawyer (EVP, General Counsel)Swapping options or units they already had for actual shares. Often followed by a sale or tax withholding. (Restricted Stock Units) Form 4−5,258 unitsno price (not a sale)owns 6,089 after
Dec 31, 2025Turned options or share units into sharesWilliam E. Mudd · Chief operating officer (President and COO)Swapping options or units they already had for actual shares. Often followed by a sale or tax withholding. Form 4+13,477 sharesno price (not a sale)owns 741,151.8 after
Dec 31, 2025Shares kept back to pay taxWilliam E. Mudd · Chief operating officer (President and COO)When share pay vests, the company keeps some shares to cover the tax bill. Not a decision to sell. Form 4−3,676 sharesat $113.78 = $418.3Kowns 737,475.8 after
Dec 31, 2025Handed shares back to the companyWilliam E. Mudd · Chief operating officer (President and COO)Shares returned to the company, not sold on the market. Form 4−5,409 sharesat $113.78 = $615.4Kowns 732,066.8 after
Dec 31, 2025Turned options or share units into sharesWilliam E. Mudd · Chief operating officer (President and COO)Swapping options or units they already had for actual shares. Often followed by a sale or tax withholding. (Restricted Stock Units) Form 4−13,477 unitsno price (not a sale)owns 14,882 after
Dec 31, 2025Received shares or options as payDouglas C Grissom · DirectorA grant from the company as part of their pay, not a purchase. Form 4+302.12 sharesno price (not a sale)owns 39,865.94 after
Dec 31, 2025Turned options or share units into sharesMaureen Adams · EVP, Gaming OperationsSwapping options or units they already had for actual shares. Often followed by a sale or tax withholding. Form 4+2,959 sharesno price (not a sale)owns 16,557.842 after
Dec 31, 2025Shares kept back to pay taxMaureen Adams · EVP, Gaming OperationsWhen share pay vests, the company keeps some shares to cover the tax bill. Not a decision to sell. Form 4−1,437 sharesat $113.78 = $163.5Kowns 15,120.842 after
Dec 31, 2025Turned options or share units into sharesMaureen Adams · EVP, Gaming OperationsSwapping options or units they already had for actual shares. Often followed by a sale or tax withholding. (Restricted Stock Units) Form 4−2,959 unitsno price (not a sale)owns 1,491 after
Dec 26, 2025Gave shares away (gift)William E. Mudd · Chief operating officer (President and COO)A gift, often to family or charity. No money changes hands. Form 4−5,730 sharesno price (not a sale)owns 727,285.8 after
Dec 22, 2025Gave shares away (gift)Marcia A Dall · Chief financial officer (EVP, and CFO)A gift, often to family or charity. No money changes hands. Form 4−12,800 sharesno price (not a sale)owns 142,359 after

Read straight from the Form 4 filings Churchill Downs's directors, top managers and large owners sent to the SEC. Insiders sell for many reasons: taxes, diversifying, planned sales. Buying with their own money is rarer. None of this says whether to buy or sell the shares.

Finding insider trades…Reading each Form 4…Adding them up…

Who traded

Person and role	Bought	Sold	Shares held after
Douglas C GrissomDirector	–	–	43.5K
Richard Alex RankinDirector	–	–	101.5K
Daniel P HarringtonDirector	–	–	126.1K
Paul C VargaDirector	–	–	35.6K
Karole LloydDirector	–	–	40.3K
Andrea M CarterDirector	–	–	8.0K
William E. MuddChief operating officer (President and COO)	–	–	748.7K
William C. CarstanjenChief executive (Chief Executive Officer)	–	–	1.7M
Bradley K. BlackwellChief lawyer (EVP, General Counsel)	–	–	32.8K
Marcia A DallChief financial officer (EVP, and CFO)	–	–	157.8K
Maureen AdamsEVP, Gaming Operations	–	–	16.6K