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CNNE

Cannae Holdings, Inc.

CNNE

Cannae Holdings, Inc. • NYSE
$16.10 ▲ 0.19% (+0.03)
Market Cap $966.81 M
52w High $21.96
52w Low $15.05
Dividend Yield 0.51%
P/E -2.45
Volume 438.18K
Outstanding Shares 60.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $106.9M ▼ $19.4M ▼ $-68.4M ▲ -63.985% ▲ $-1.25 ▲ $-54.3M ▲
Q2-2025 $110.2M ▲ $44.1M ▲ $-238.8M ▼ -216.697% ▼ $-3.93 ▼ $-125.9M ▼
Q1-2025 $103.2M ▼ $19.4M ▼ $-113M ▼ -109.496% ▼ $-1.81 ▼ $-6.3M ▲
Q4-2024 $109.9M ▼ $22.1M ▲ $-46.1M ▼ -41.947% ▼ $-0.74 ▼ $-36.2M ▼
Q3-2024 $113.9M $20.9M $-13.6M -11.94% $-0.22 $12.8M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $233.8M ▲ $1.514B ▼ $331.6M ▼ $1.21B ▼
Q2-2025 $66.7M ▼ $1.786B ▼ $429.1M ▲ $1.381B ▼
Q1-2025 $126.2M ▼ $2.096B ▼ $399.7M ▼ $1.72B ▼
Q4-2024 $137.7M ▼ $2.229B ▼ $413.6M ▼ $1.837B ▼
Q3-2024 $169.6M $2.286B $423.4M $1.884B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-68.4M ▲ $-21.6M $416.3M ▲ $-227.6M ▼ $167.1M ▲ $-24.1M ▼
Q2-2025 $-240.5M ▼ $-21.6M ▼ $84.5M ▲ $-122.4M ▼ $-59.5M ▼ $-23.6M ▼
Q1-2025 $-36.7M ▲ $14.6M ▲ $-12.5M ▼ $-7.4M ▲ $-5.3M ▲ $12.7M ▲
Q4-2024 $-45.8M ▼ $-12M ▲ $-8.8M ▼ $-8.4M ▼ $-29.2M ▼ $-14.4M ▲
Q3-2024 $-19.4M $-40.3M $63M $92.3M $115M $-37.4M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Restaurant Sales
Restaurant Sales
 $210.00M ▲$100.00M ▼$100.00M ▲$90.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Cannae’s income statement looks like that of an investment holding company going through a long transition. Reported sales are relatively small and have drifted down over the past few years, while operating results have stayed in the loss-making zone. Profitability has been volatile, with a one‑time windfall earlier in the period followed by several years of red ink. Losses have recently narrowed somewhat but remain meaningful, suggesting the portfolio has yet to consistently cover corporate costs and mark‑to‑market swings. Overall, the earnings profile is still uneven and heavily dependent on investment performance rather than steady operating profits.

Balance Sheet

Balance Sheet The balance sheet has been gradually shrinking, with total assets and shareholder equity stepping down year after year since the peak early in the period. This likely reflects realizations, write‑downs, and portfolio reshaping. Cash on hand is modest but not alarmingly low, and debt levels appear manageable relative to the size of the company, so leverage risk does not jump out as extreme. The trade‑off is that the capital base and cushion for absorbing future losses are smaller than they used to be, making capital allocation and risk control increasingly important.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, but the outflows are relatively contained rather than extreme. Free cash flow mirrors this pattern: modest but persistent cash burn, not a strong self‑funding engine. Capital spending needs are low, which fits an asset‑light holding company, but it also means there is no large internal cash generator to fund new investments. The company appears reliant on portfolio realizations, financing activities, or balance sheet resources to support ongoing operations and future deals.

Competitive Edge

Competitive Edge Cannae competes more with private equity and other holding companies than with traditional restaurant operators, despite its classification. Its edge lies in the “Foley playbook”: active, hands‑on ownership; tight performance management; and a history of using mergers, acquisitions, and industry roll‑ups to build scale. The portfolio spans human capital software, fintech and regtech, digital marketing, digital payments, and sports and entertainment, offering diversification and access to multiple growth themes. On the flip side, this model is complex, execution‑heavy, and exposed to market valuations and deal cycles. Performance hinges on Cannae’s ability to pick the right assets, influence management teams, and time exits better than competing capital providers.

Innovation and R&D

Innovation and R&D Cannae itself does not run large in‑house R&D labs; its innovation comes through owning and shaping businesses that are technology‑driven. Key holdings focus on cloud‑based employee platforms, modern bank technology and compliance tools, algorithmic digital marketing, and digital payment and wallet solutions. These areas are all being reshaped by data, AI, and real‑time connectivity, so there is meaningful embedded innovation at the portfolio level. The sports and entertainment platform adds a different twist, where innovation is more about commercial models, data‑driven fan engagement, and multi‑club synergies than classic technology R&D. The main risk is indirect: Cannae’s fortunes depend on how well each underlying company continues to invest, adapt, and stay ahead in its own niche.

Summary

Cannae is best understood as an actively managed investment platform rather than a conventional operating company. Financially, it shows a pattern of shrinking scale, ongoing but narrowing losses, and modest, persistent cash outflows. The balance sheet is lighter than a few years ago but not overburdened with debt, which gives room to maneuver but less margin for prolonged missteps. Strategically, the company leans on a disciplined, activist style of ownership and a diversified set of technology‑enabled and sports‑related assets. The opportunity lies in unlocking value through operational improvements, portfolio rebalancing, and well‑timed transactions. The key risks are execution complexity, dependence on investment marks and exits, and the need to respond effectively to shareholder pressure while steering a leaner capital base.

NEWS

November 26, 2025 · 3:44 PM UTC

Leading Independent Proxy Advisory Firm ISS Endorses All Four of Carronade's Director Nominees for Election at Cannae's Annual Meeting

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November 25, 2025 · 10:28 AM UTC

Leading Proxy Advisory Firm Glass Lewis Recommends Cannae Shareholders Vote “FOR” All Four of Carronade's Director Nominees at Cannae's Annual Meeting

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November 24, 2025 · 11:01 AM UTC

Carronade Capital Issues Presentation Setting the Record Straight on Cannae's Chronic Underperformance and Correcting Cannae's Blatant Misrepresentation of Facts

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November 17, 2025 · 4:15 PM UTC

Cannae Holdings, Inc. Releases Investor Presentation Highlighting Superior Board Nominees and Path to Unlock Further Long-Term Value

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November 13, 2025 · 5:53 PM UTC

Cannae Holdings, Inc. Urges Shareholders to Support Its Director Nominees at December 12 Annual Meeting

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