Cannae Holdings, Inc.

Listed Company

CNNECIK 0001704720NYSELarge AcceleratedRetail-Eating & Drinking PlacesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$423.60M

Net Income

—

Total Assets

—

Equity

—

Shares Out

43.94M

Op. Cash Flow

$-18.10M

+ 13F Filer

Business

Cannae Holdings, Inc. acquires meaningful equity interests in operating companies and actively manages and operates a core group of subsidiaries to support long-term value creation. Its primary offerings include operational management, capital deployment and strategic oversight across businesses that provide data and analytics, human capital management services, payments and fintech solutions, casual dining restaurants, sports club ownership and consumer products. Reportable segments include Dun & Bradstreet, Alight, Black Knight Football, the Restaurant Group and a Corporate and Other aggregation of minority and controlled interests. The Company operates through subsidiaries and equity investments across global and domestic markets via digital platforms, direct B2B sales, retail and venue-based channels.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total operating revenues	424	453	570	662	742
Cost of restaurant revenue	358	371	475	571	—
Personnel costs	74	78	52	60	80
Depreciation and amortization	12	13	19	23	—
Other operating expenses, including asset impairments	100	93	143	153	152
Total operating expenses	543	556	689	807	876
Operating loss	−120	−104	−119	−145	−134
Interest, investment and other income	10	5	14	3	21
Interest expense	−12	−12	−18	−12	—
Recognized losses, net	−69	−141	−77	−181	−311
Total other expense	−71	−148	−82	−191	−300
Loss before income taxes and equity in losses of unconsolidated affiliates	−191	−252	−200	−336	−433
Income tax expense (benefit)	13	3	−72	−90	−74
Loss before equity in losses of unconsolidated affiliates	−204	−255	−129	−246	−359
Equity in losses of unconsolidated affiliates	−224	−33	−177	−184	73
Loss from continuing operations	−427	−288	−306	—	−286
Net loss from discontinued operations, net of tax - see Note Q	−98	−22	−18	—	0
Net loss	−525	−310	−324	−430	−286
Less: Net loss attributable to noncontrolling interests	−12	−6	−11	−2	600,000
Net loss attributable to Cannae Holdings, Inc. common shareholders	−513	−305	−313	−428	−287
Net loss from continuing operations attributable to Cannae Holdings, Inc. common shareholders	−415	−282	−295	—	—
Net loss from discontinued operations attributable to Cannae Holdings, Inc. common shareholders	−98	−22	−18	—	—
Net loss attributable to Cannae Holdings, Inc. common shareholders	−513	−305	−313	—	—
Net loss per share from continuing operations (in usd per share)	−7.35	−4.38	−4.02	—	−3.19
Net loss per share from discontinued operations (in usd per share)	−1.73	−0.35	−0.25	—	—
Net loss per share - basic (in usd per share)	−9.08	−4.73	−4.27	−5.25	−3.19
Net loss per share from continuing operations (in usd per share)	−7.35	−4.38	−4.02	—	−3.19
Net loss per share from discontinued operations (in usd per share)	−1.73	−0.35	−0.25	—	—
Net loss per share - diluted (in usd per share)	−9.08	−4.73	−4.27	−5.25	−3.19
Weighted average shares outstanding Cannae Holdings common stock, basic basis (in shares)	57	64	73	82	90
Weighted average shares outstanding Cannae Holdings common stock, diluted basis (in shares)	57	64	73	82	90

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	182	132	106	248	86
Short-term investments	0	6	16	35	0
Other current assets	26	24	30	26	36
Income taxes receivable	61	36	26	2	0
Total current assets	268	197	177	311	122
Investments in unconsolidated affiliates	644	765	1,719	1,951	2,261
Equity securities, without a readily determinable fair value	147	160	—	—	—
Equity securities, at fair value	1	56	291	385	1,045
Lease assets	117	136	144	156	172
Property and equipment, net	49	62	59	88	101
Goodwill	53	53	53	53	53
Other intangible assets, net	13	15	17	24	27
Deferred tax assets	600,000	74	82	23	0
Other non-current assets	27	19	145	136	109
Non-current assets of discontinued operations - see Note Q	0	692	—	—	—
Total assets	1,321	2,229	2,687	3,126	3,890
Accounts payable and other accrued liabilities, current	92	55	74	79	106
Lease liabilities, current	15	15	14	23	24
Deferred revenue	16	16	17	19	23
Notes payable, current	6	61	3	2	2
Total current liabilities	130	147	108	123	180
Lease liabilities, long-term	123	135	142	151	166
Notes payable, long-term	65	120	103	95	14
Accounts payable and other accrued liabilities, long-term	13	13	25	42	45
Total liabilities	330	414	378	411	549
Commitments and contingencies - see Note M	—	—	—	—	—
Cannae common stock, $0.0001 par value; authorized 115,000,000 shares as of December 31, 2025 and December 31, 2024; issued of 94,925,400 and 94,328,322 shares as of December 31, 2025 and December 31, 2024, respectively; and outstanding of 46,703,745 and 62,789,542 shares as of December 31, 2025 and December 31, 2024, respectively	0	0	0	0	0
Preferred stock, $0.0001 par value; authorized 10,000,000 shares; issued and outstanding, none as of December 31, 2025 and December 31, 2024	0	0	0	0	0
Retained earnings	23	567	901	1,215	1,643
Additional paid-in capital	2,041	2,013	1,977	1,936	1,888
Less: Treasury stock, 48,221,655 and 31,538,780 shares as of December 31, 2025 and December 31, 2024, respectively, at cost	−1,047	−725	−534	−414	−189
Accumulated other comprehensive income (loss)	7	−19	−20	−18	−7
Total Cannae shareholders' equity	1,024	1,837	2,325	2,719	3,335
Noncontrolling interests	−33	−21	−15	−4	6
Total equity	991	1,815	2,309	2,715	3,341
Total liabilities and equity	1,321	2,229	2,687	3,126	3,890

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Distributions from investments in unconsolidated affiliates	24	4	200,000	15	24
Recognized losses and impairments of assets, net	82	143	124	184	309
Lease asset amortization	15	15	19	22	23
Stock-based compensation cost	19	19	4	2	2
Net loss from discontinued operations - see note Q	98	22	18	—	—
Other assets	−600,000	3	−10	9	28
Accounts payable, accrued liabilities, deferred revenue and other	7	−19	−19	−37	−1
Lease liabilities	−14	−14	−20	−18	−24
Income taxes	42	2	−76	−190	−204
Net cash used in operating activities	−18	−90	−88	−205	−176
Proceeds from sales of Dayforce shares	0	264	145	286	401
Proceeds from partial sale of D&B shares	630	101	0	127	186
Proceeds from partial sale of Alight shares	0	89	0	0	—
Proceeds from other sales of investments in unconsolidated affiliates, equity securities and other long- term investments	41	18	19	56	73
Distributions from investments in unconsolidated affiliates	12	19	53	8	298
Proceeds from the sale of property and equipment	2	7	7	9	10
Purchases of investments in unconsolidated affiliates	−153	−135	−162	−143	−44
Purchase of other long-term investments	−9	−67	−18	0	—
Additions to property and equipment and other intangible assets	−10	−7	−10	−14	−14
Purchases of short-term investment securities	0	−65	−152	−35	0
Proceeds from sale and maturity of short-term investment securities	6	74	171	0	0
Net cash provided by investing activities	518	298	53	521	−272
Borrowings, net of debt issuance costs	45	104	66	309	207
Debt service payments	−143	−29	−58	−225	−236
Subsidiary distributions paid to noncontrolling interest shareholders	0	−300,000	−700,000	−8	−200,000
Other activity in non-controlling interests	100,000	0	0	—	—
Payment for shares withheld for taxes and in treasury	−2	−4	−200,000	0	−200,000
Dividend paid	−31	−22	0	0	—
Purchases of treasury stock	−320	−231	−113	−230	−160
Net cash used in financing activities	−450	−183	−107	−154	−190
Net increase (decrease) in cash and cash equivalents	51	25	−142	162	−639

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 6 positions

Reported AUM

$3.22B

Holdings

Top sector

$3.22B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$3.22B	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
Dun & Bradstreet Hldgs Inc	—	88.28M	$1.55B	48.1%
Ceridian HCM Hldg Inc	—	8.00M	$546.88M	17.0%
Alight Inc	—	52.48M	$522.15M	16.2%
System1	—	27.18M	$394.41M	12.3%
Paysafe Limited	—	59.76M	$202.58M	6.3%
Paysafe Limited	—	5.00M	$2.63M	0.1%