Churchill Downs Executive Compensation (FY25)
CHDN · Louisville, KY · Executive and director compensation, fiscal 2022 to 2025
The paid brief on Churchill Downs
Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
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Data as of September 12, 2026Latest filing (8-K): April 21, 2026
15 filings cited on this page
Method: intel.velarion.ai/methodology
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Published by Velarion Company Intelligence
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236 figures on this page: 225 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
More on Churchill Downs
Five data products on this company. Each one is requested through the developer setup page.
- Peer Disclosure Audit$5The comparison companies this board named, each one tied to the filing that lists it.How to get Peer Disclosure Audit
- Governance Provisions PullfreeThe governance provisions as the proxy states them: board leadership, committee membership, and shareholder rights.How to get Governance Provisions Pull
- Say-on-Pay Risk Signal$9A risk band for the next say-on-pay vote, with the support history and the peer comparison behind it.How to get Say-on-Pay Risk Signal
- NEO Comp Report$24Every named executive officer’s pay by element and year, with the citation behind each figure.How to get NEO Comp Report
- Board Comp Report$24What each non-employee director was paid, the standing fee schedule, and the equity each one holds at year end.How to get Board Comp Report
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — William Carstanjen: $15,103,663 → $19,172,839 (26.9% higher)
Say-on-pay support: 96.7% → 84.6% (12.1 points lower)
CEO pay ratio: 507:1 → 573:1 (13.0% higher)
Frequently asked questions
Answers drawn from the data on this page.
Who is Churchill Downs' chief executive and what were they paid?
Total compensation for William Carstanjen, Chief Executive Officer, came to $19,172,839 in fiscal 2025. Carstanjen's total was 26.9% higher than the $15,103,663 reported for fiscal 2024.
What was Churchill Downs' say-on-pay result?
Shareholders supported the say-on-pay proposal with 84.6% of votes cast including abstentions in favor at the meeting held April 21, 2026 for fiscal 2025.
Which companies are in Churchill Downs' peer group?
The disclosed peer group includes Aristocrat Leisure Limited, Boyd Gaming Corporation, Caesars Entertainment, Inc., DraftKings Inc. and Flutter Entertainment PLC, among others.
What is Churchill Downs' chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 573:1, against median employee compensation of $33,486.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
William Carstanjen Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
William Mudd President and Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Marcia Dall Executive Vice President and Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Bradley Blackwell Executive Vice President, General Counsel and Secretary | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Maureen Adams Executive Vice President and Chief Technology Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
William Carstanjen Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
William Mudd President and Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Marcia Dall Executive Vice President and Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Bradley Blackwell Executive Vice President, General Counsel and Secretary | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Maureen Adams Executive Vice President and Chief Technology Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
William Carstanjen Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
William Mudd President and Chief Operating Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Marcia Dall Executive Vice President and Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Bradley Blackwell Executive Vice President and General Counsel | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Maureen Adams Executive Vice President, Gaming Operations | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
William Carstanjen Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
William Mudd President and Chief Operating Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Marcia Dall Executive Vice President and Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Bradley Blackwell Executive Vice President and General Counsel | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Maureen Adams Former Executive Vice President, Gaming Operations Departed during or after this year | ◇ | ◇ | — | — | ◇ | — | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Bradley K. Blackwell | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Bradley K. Blackwell | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Marcia A. Dall | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Marcia A. Dall | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| William C. Carstanjen | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| William C. Carstanjen | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| William E. Mudd | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| William E. Mudd | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
Fiscal 2022, 2023 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Bradley Blackwell | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| William Carstanjen | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| William Mudd | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Marcia Dall | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Maureen Adams | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
R. Alex Rankin Board chair | ◇ | ◇ | — | — | — | — | ◇ |
Karole F. Lloyd | ◇ | ◇ | — | — | — | — | ◇ |
Daniel P. Harrington | ◇ | ◇ | — | — | — | — | ◇ |
Douglas C. Grissom | ◇ | ◇ | — | — | — | — | ◇ |
Paul C. Varga | ◇ | ◇ | — | — | — | — | ◇ |
Andréa Carter | ◇ | ◇ | — | — | — | — | ◇ |
Ulysses L. Bridgeman, Jr | ◇ | — | — | — | — | — | ◇ |
William C. Carstanjen served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Board equity retainer | ◇ |
| Total board retainer | ◇ |
| Board chair premium | ◇ |
| Audit committee member | ◇ |
| Compensation committee member | ◇ |
| Nominating and governance member | ◇ |
Equity is delivered as restricted stock units.
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- Aristocrat Leisure Limited symbol not shown
- Boyd Gaming Corporation BYD
- Caesars Entertainment, Inc. CZR
- DraftKings Inc. DKNG
- Flutter Entertainment PLC FLTR
- Gaming and Leisure Properties Inc. GLPI
- Light & Wonder, Inc. LAWIL
- MGM Resorts International MGM
- PENN Entertainment, Inc. PENN
- Red Rock Resorts Inc. RRR
- Wynn Resorts, Limited WYNN
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | April 21, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | April 22, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | April 23, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | April 25, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | April 26, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | April 20, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | April 21, 2020 | = | ◇ | ◇ | ◇ |
| 2018 | April 24, 2019 | = | ◇ | ◇ | ◇ |
| 2017 | April 26, 2018 | = | ◇ | ◇ | ◇ |
| 2016 | April 27, 2017 | = | ◇ | ◇ | ◇ |
| 2015 | April 29, 2016 | = | ◇ | ◇ | ◇ |
Chief executive pay ratio
As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
What this page does not include
Everything above is a fact Churchill Downs disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Churchill Downs sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Inquire about accessMultiple companies at once
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
236 figures on this page: 225 cited to the filing that reported them, 11 calculated from figures it prints.
225 cited to the filing
11 calculated from the filing
Documents cited
- 0000020212-26-000033Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001193125-26-1041182025 SUMMARY COMPENSATION TABLE · Director Compensation · Director Compensation for Fiscal Year Ended December 31, 2025 · Grants of Plan-Based Awards for Fiscal Year Ended December 31, 2025 · and 2 more sections
- 0000020212-25-000062Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001193125-25-0539042024 SUMMARY COMPENSATION TABLE
- 0000020212-24-000063
- 0001193125-24-0678822023 SUMMARY COMPENSATION TABLE
- 0000020212-23-000076
- 0001193125-23-0725742022 SUMMARY COMPENSATION TABLE
- 0000020212-22-000085
- 0000020212-21-000029
- 0000020212-20-000043
- 0000020212-19-000030
- 0000020212-18-000018
- 0000020212-17-000021
- 0000020212-16-000077
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Churchill Downs executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/CHDN (accessed 2026).
Short form: data: Velarion
The paid brief for Churchill Downs
Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
15 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers Churchill Downs discloses
The companies named in CHDN's own disclosed peer group.
Terms on this page
Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}