CNNENYSERetail-Eating & Drinking PlacesUS GAAP · USD

Cannae Holdings, Inc.

Cannae Holdings, Inc. is a U.S.-based holding company that acquires meaningful ownership stakes in operating businesses and then stays actively involved in their management and growth. Its portfolio includes restaurant assets, financial technology and compliance businesses, insurance distribution, flavoring products, and other controlled or minority investments. The company is structured to be a long-term owner rather than a short-term trader, and it uses governance rights, operational support, and capital allocation to try to create value across its holdings. In recent years, Cannae has also focused on liquidity management, monetizing non-core assets when attractive, and returning capital through dividends and share repurchases.

Revenue424m USD
−6.4 %y/y
Operating profit (EBIT)-120m USD
−15.3 %y/y
EBIT margin-28.2%
−5.3 ppy/y
Net income-513m USD
−68.5 %y/y
Free cash flow-18.1m USD
+79.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1,00001,0002,0003,000m USD2020: 2,965 m USD2020: EBIT -189 m USD20202021: 742 m USD2021: EBIT -134 m USD20212022: 662 m USD2022: EBIT -145 m USD20222023: 570 m USD2023: EBIT -119 m USD20232024: 453 m USD2024: EBIT -104 m USD20242025: 424 m USD2025: EBIT -120 m USD2025424-120
RevenueOperating profit (EBIT)

Business

Share of revenue
Restaurant operations25 %

Company-owned casual dining restaurant brands serving guests through dine-in and takeaway channels.

Financial technology and compliance20 %

Core banking, digital banking, payments, cybersecurity, and regulatory compliance solutions for financial institutions.

Insurance distribution and retirement solutions20 %

Marketing and distribution of life, health, annuity, and retirement planning products through a national agent network.

Consumer packaged goods10 %

Flavoring products including spices, seasonings, extracts, and related natural ingredient-based products.

Investment holdings and asset management interests25 %

Equity stakes in operating companies and investment platforms that generate earnings, dividends, and liquidity.

Products

Reported · share of revenue
92.2%FY2025100 %
  • Restaurant Sales92.2 %
  • Other Operating Revenue7.8 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Cannae's customers are not end consumers in a single product market; instead, it serves customers through the operating companies it owns. In restaurants, the end customers are diners seeking casual meals, value, and convenience, with demand driven by guest counts and local competition. In CSI, the customers are regional and community banks plus other financial institutions that need core processing, digital banking, payments, and cybersecurity tools to remain competitive. AmeriLife sells through a large network of insurance agents and advisors to individuals seeking life, health, annuity, and retirement solutions, while Watkins sells flavoring products to consumers and food users who value natural ingredients and brand trust.

Restaurant guests

Consumers dining at O'Charley's and 99 Restaurants for casual meals, value, and convenience.

Regional and community banks

Financial institutions that buy CSI's core banking, digital banking, payments, and compliance software to support operations and customer experience.

Insurance agents and advisors

Independent distribution partners that place AmeriLife's life, health, annuity, and retirement products with end customers.

End consumers seeking insurance and retirement products

Individuals buying protection, income, and retirement solutions distributed through AmeriLife's network.

Food and household consumers

Shoppers buying Watkins flavoring products for home cooking and premium natural ingredients.

Financial institutions and corporate customers

Organizations using CSI's managed cybersecurity, loan origination, document distribution, and regulatory compliance services.

Strategy

Cannae's strategy is to own control or significant influence stakes in quality businesses and support them with active management, governance, and capital allocation discipline. The company is focused on monetizing assets when attractive, using proceeds for acquisitions, debt reduction, share repurchases, dividends, or cash conservation. It also emphasizes liquidity generation from subsidiaries and investment securities because much of its cash flow comes from investing activities rather than consolidated operating cash flow. Recent management changes and the termination of the external management services agreement suggest a continued effort to simplify governance and improve capital allocation flexibility.

Monetize selected investments and recycle capitalShort term

Liquidity from asset sales can fund new investments, reduce debt, and support shareholder returns.

Support portfolio company operating performanceMedium term

Cannae's value creation depends on improving the businesses it owns, especially where it has control or significant influence.

Preserve balance sheet flexibility and liquidityShort term

The holding company model requires cash to service debt, fund overhead, and respond to investment opportunities.

Improve governance and capital allocation disciplineMedium term

Simpler governance and tighter capital allocation can reduce overhead and improve investor confidence.

Geography

Cannae is headquartered in the United States and most of its operating exposure is tied to U.S. businesses and U.S. consumer demand. The company notes that some ownership interests, including Alight and BKFC, have global operations, which introduces country-specific regulatory, macroeconomic, and foreign exchange risk. Its restaurant businesses are local-market driven, so performance depends on regional traffic, labor availability, and competitive intensity rather than a single national geography. Because Cannae is a holding company, geography matters mainly through the operating footprint of its subsidiaries and the jurisdictions in which those businesses earn revenue, employ staff, and face regulation.

Risks

Cannae's results depend heavily on the operating performance and valuation of its portfolio companies, so weakness in any major holding can affect earnings and asset values. The company is exposed to restaurant industry pressures such as intense competition, changing consumer tastes, labor shortages, commodity inflation, and traffic volatility, which can quickly pressure margins at its restaurant businesses. It also faces risks from global operations in holdings such as Alight and BKFC, including geopolitical events, foreign exchange swings, regulatory uncertainty, and local macroeconomic weakness. In addition, the company disclosed a proxy contest, which can distract management, increase legal and advisory costs, and create uncertainty around strategy and governance. Because many holdings are accounted for under the equity method, impairment judgments and valuation assumptions are also important sources of earnings volatility.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Proxy contest and governance disruption1Restaurant industry competition and demand shifts2Commodity and labor inflation3Impairment of equity-method investments4Global operating and geopolitical exposure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Proxy contest and governance disruptionImpact: HighLikelihood: High

    A contested board process can divert management attention, increase professional fees, and create uncertainty about strategy and leadership.

    Exposure: Corporate level

  2. Restaurant industry competition and demand shiftsImpact: HighLikelihood: Medium

    O'Charley's and 99 Restaurants compete on price, service, location, and menu appeal, so changes in consumer tastes or traffic can reduce sales and margins.

    Exposure: Restaurant Group

  3. Commodity and labor inflationImpact: HighLikelihood: Medium

    Higher beef, poultry, and personnel costs directly pressure restaurant profitability and can outpace pricing power.

    Exposure: Restaurant Group

  4. Impairment of equity-method investmentsImpact: HighLikelihood: Medium

    The company must test non-public holdings for recoverability and fair value, and adverse changes can trigger impairment charges.

    Exposure: Investment portfolio

  5. Global operating and geopolitical exposureImpact: MediumLikelihood: Medium

    Some ownership interests operate internationally, exposing Cannae to foreign exchange, political instability, and local regulatory risk.

    ExposureAlightBKFCOther global holdings

Accounting

Judgemental items
Equity-method accounting for major holdings

Cannae records its share of earnings or losses from unconsolidated affiliates, so reported results depend on portfolio company performance and timing.

Impact: Can create volatility and reduce comparability across periods

Impairment of equity-method investments

Management must assess whether carrying values of private holdings remain recoverable and estimate fair value when indicators of impairment arise.

Impact: Potential material non-cash charges

Cash flow classification under GAAP

Distributions from unconsolidated affiliates and investment sales are often classified in investing activities rather than operations.

Impact: Operating cash flow may understate underlying cash generation

Restaurant seasonality and cost volatility

Guest traffic, menu mix, and commodity prices can vary by quarter and affect restaurant revenue and margins.

Impact: Quarterly comparability and margin analysis

Related-party transactions and management fees

Historical external management arrangements and related-party dealings require careful disclosure and expense analysis.

Impact: Affects SG&A and governance assessment

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Cannae Holdings, Inc. (CNNE) Revenue, Earnings & Financials 2025 – Clarifo