Cannae (CNNE) Q4 2025 earnings summary

Executive summary

• Achieved significant portfolio transformation in 2025, highlighted by the $630 million sale of Dun & Bradstreet and divestitures of Paysafe, System One, and Sightline, generating a $55 million tax refund expected in summer 2026.

• Returned $323 million to shareholders via stock repurchases, reducing shares outstanding by 28%, and increased the quarterly dividend by 25% to $0.15, totaling $30 million in dividends paid.

• Focused on proprietary private investments, notably increasing stakes in Black Knight Football Club and JANA Partners, and completed the acquisition of FC Lorient.

• Board and management are dissatisfied with stock price and have launched new strategic priorities to enhance value and transparency.

• Released fourth quarter and full year 2025 financial results, available on the company website, and scheduled a conference call for February 23, 2026, at 5:00 pm ET.

Financial highlights

• Q4 2025 operating revenue was $103 million, down 6% year-over-year, mainly due to lower restaurant revenue and fewer O'Charley's locations.

• Q4 2025 operating expenses were $127 million, including $12 million in non-cash impairment charges; excluding these, expenses fell by 13%.

• Full-year 2025 operating revenue was $424 million, down from $453 million in 2024; operating loss increased to $119 million from $104 million.

• Net recognized losses in Q4 2025 were $8 million, primarily from mark-to-market losses on Paysafe exit.

• Equity and losses of unconsolidated holdings were $69 million in Q4 2025, mainly due to Alight's goodwill write-off.

Outlook and guidance

• Strategic focus shifting toward sports and entertainment assets, with ongoing monetization of non-strategic holdings and exploration of alternatives for the restaurant group.

• Enhanced disclosure and transparency initiatives, including detailed asset-level reporting and public posting of Black Knight Football financials.

• Commitment to consistent quarterly dividends and opportunistic share repurchases, prioritizing capital flexibility.