Cannae Holdings, Inc.
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Range $17 – $17
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About the company
Cannae Holdings, Inc. operates as a core investment enterprise. This firm primarily funnels capital into a range of sectors, including the restaurant industry, technology-driven healthcare services, and various financial ventures.
- CEO
- Ryan Richard Caswell
- IPO
- 2017
- Employees
- 6,602
- HQ
- Las Vegas, NV, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $659.99M
- P/E
- -4.97
- PEG
- -0.17
- P/S
- 1.62
- P/B
- 0.68
- EV/EBITDA
- -17.30
- Div Yield
- 3.99%
- Gross Margin
- 11.16%
- Op Margin
- -28.44%
- Net Margin
- -38.18%
- ROE
- -15.04%
- ROIC
- -10.18%
Latest fiscal year · YoY change
- Revenue
- $423.60M-6.4%
- Gross Profit
- $53.70M+1751.7%
- Op Income
- $-119,600,000
- Net Income
- $-513,200,000-68.5%
- EPS
- $-9.08-92.0%
- OCF Growth
- +79.9%
- FCF Growth
- +70.6%
- 52W High
- $19.88
- 52W Low
- $10.46
- 50D MA
- $14.60
- 200D MA
- $14.32
- Beta
- 1.22
- RSI (14)
- 53
- Avg Volume
- 475.50K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Cannae reported a mixed quarter with lower consolidated revenue, a large SpaceX mark-to-market gain, major progress on non-core asset sales, and a continued pivot toward sports and entertainment.· August 10, 2026
- Revenue fell to $102 million from $110 million, pressured by weaker restaurant traffic and store closures at O'Charley's.
- Operating expenses declined to $159 million from $171 million, but included $45 million of non-cash impairment charges at the restaurant group.
- Corporate holding company costs were cut sharply, to just under $9 million from $59 million a year ago, and management said the lower run rate should continue materially.
- Cannae monetized non-core assets with a $90 million Watkins sale and the Brasada Ranch transaction, which freed about $47 million of capital by eliminating the put right.
- Black Knight Football continued to show momentum, with AFC Bournemouth finishing sixth in the Premier League, qualifying for the UEFA Europa League, and opening the next phase of stadium redevelopment soon.
For the second quarter of 2026, total operating revenues were $102 million versus $110 million in the prior-year period. Total operating expenses were $159 million versus $171 million last year, including $45 million of non-cash impairment charges at the restaurant group in 2026 versus $1 million in 2025. Corporate holding company operating expenses were just under $9 million, down 85% from $59 million in 2025, and $18 million year-to-date versus $75 million last year, down 76%. The company also recorded an $83.4 million gain in Q2 from marking its SpaceX investment to market after the June IPO. Black Knight Football, reported on a one-quarter lag, had $89 million of revenue in the quarter ended March 31, 2026, up 45% from $61 million, EBITDA of $80 million versus $8 million, and adjusted EBITDA excluding player trading profit of $34 million versus $8 million. Cannae ended the quarter with $46 million of cash and $47.5 million of debt maturing in 2030, and said it now has $124 million of corporate cash after July transactions; it also expects to collect a $45 million federal tax refund in 2026. Management did not give formal quarterly or full-year revenue/EPS guidance, but said it expects buybacks in the second half, anticipates Brasada will no longer be consolidated, and does not expect a full quarter of Exeter P&L until Q4 2026 when it reports Exeter’s Q3 results.
Ryan Caswell framed the quarter as a period of active capital allocation and portfolio reshaping, emphasizing buybacks, investment discipline, and monetizing non-core assets. He highlighted the sale of Watkins, the Brasada transaction, and new capital deployed into BKFC and Exeter Rugby as evidence of a more focused push into sports and entertainment. His tone was constructive and confident, repeatedly pointing to opportunities to close the discount to NAV and create shareholder value over time.
Brett Correia focused on the numbers behind the quarter and the balance sheet. He cited $102 million of operating revenue, $159 million of operating expenses, the $45 million restaurant impairment, and the $83.4 million SpaceX gain, while noting that corporate holdco costs fell to just under $9 million from $59 million last year. On liquidity, he said the company ended Q2 with $46 million of cash and $47.5 million of debt due in 2030, then improved to $124 million of corporate cash after the Watkins and Brasada transactions, plus an expected $45 million federal tax refund in 2026.
Analysts focused on capital allocation, the restaurant strategic review, SpaceX lockup and monetization plans, and the Brasada valuation. Management said it remains committed to buybacks and has about $124 million of cash today, but will also consider investment opportunities. On restaurants, Ryan Caswell said financing delays are stretching the process, but the team has a path forward and hopes to complete something over the next quarter; he also said the $32 million goodwill impairment does not change the review timeline. On SpaceX, he said the lockup is tiered over 180 days and that the board will assess timing for liquidity quarter by quarter.
The positive case from the call is that Cannae is showing real progress in simplifying the portfolio and raising liquidity, while corporate costs are falling sharply. Black Knight Football delivered strong operating momentum, and Bournemouth’s sixth-place finish and Europa League qualification support the sports platform strategy. Management also sounded confident that buybacks will resume in the second half as cash builds.
The main downside is that consolidated revenue declined and the restaurant business remains under pressure, with reduced traffic, store closures, and a $45 million impairment charge. The restaurant strategic review is taking longer than expected because of financing delays, and management did not give a firm completion date. There is also expected earnings variability from marking SpaceX to market, and Exeter will not contribute a full quarter of P&L until late in 2026.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 71.1%
- Shares Outstanding
- 43.94M
- Float Shares
- 31.22M
of shares held by institutions
206 13F filers
Buy/sell ratio 4.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 4.24M | ▼ 837.28K |
| Blackrock, Inc. | 4.13M | ▼ 153.50K |
| Carronade Capital Management, LP | 3.23M | ▼ 32.50K |
| Newtyn Management, LLC | 3.17M | ▼ 97.32K |
| Private Management Group Inc | 2.40M | ▲ 101.20K |
| River Road Asset Management, LLC | 1.92M | ▼ 44.36K |
| Vanguard Capital Management LLC | 1.66M | ▼ 197.40K |
| Saba Capital Management, L.P. | 1.58M | ▼ 132.77K |
| State Street Corp | 1.42M | ▲ 68.34K |
| State Of Wisconsin Investment Board | 1.32M | ▲ 158.43K |
| Geode Capital Management, LLC | 1.07M | ▲ 13.00K |
| Poehling Capital Management, Inc. | 960.11K | ▲ 5.92K |
Held by 174 ETFs
Biggest fund positions in CNNE by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 13, 26 | Caswell Ryan R. | sell | 33,333 |
| Aug 13, 26 | Caswell Ryan R. | other | 33,333 |
| Aug 13, 26 | Caswell Ryan R. | other | 13,116 |
| Jun 30, 26 | Tyler Woodrow | other | 1,086 |
| Jun 30, 26 | Schaible Cherie L | other | 2,171 |
| Jun 30, 26 | Harris Hugh R | other | 1,129 |
| Jun 30, 26 | Ammerman Douglas K | other | 3,039 |
| Jun 12, 26 | Correia Brett A | other | 0 |
| Apr 8, 26 | SADOWSKI PETER T | sell | 157 |
| Mar 31, 26 | Tyler Woodrow | other | 1,375 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
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Recent articles, reports, and earnings notes.
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Generate CNNE report →Cannae Holdings, Inc. (CNNE) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 11
Cannae Q2 Earnings Call Highlights
marketbeat.com · Aug 10
Cannae Holdings, Inc. Announces Second Quarter 2026 Financial Results
businesswire.com · Aug 10
Cannae Holdings, Inc. Announces Quarterly Cash Dividend of $0.15
businesswire.com · Aug 6
Cannae Holdings, Inc. Sells its Ownership Interest in The Watkins Company to KDSA Investment Partners
businesswire.com · Jul 31
Cannae Holdings, Inc. Announces Second Quarter 2026 Earnings Release Date and Conference Call
businesswire.com · Jul 27
Cannae Holdings, Inc. Agrees to Sell Brasada Ranch to a Company Owned by William P. Foley, II in Exchange for Termination of Mr.
businesswire.com · Jul 1
Cannae Holdings, Inc. Acquires 100% of Exeter Rugby Group, Accelerating Its Strategy of Concentrating on Sports and Entertainment Assets
businesswire.com · Jun 30
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