Cannae Holdings, Inc. reported a significant net loss of $524.9 million for the fiscal year ending December 31, 2025, compared to a net loss of $310.1 million in the previous year. The company's total revenues decreased to $423.6 million from $452.5 million in 2024, primarily driven by a decline in the Restaurant Group segment, which saw revenues drop from $419.6 million to $390.5 million. The operating loss for the year was $119.6 million, slightly higher than the $103.7 million loss reported in 2024. The company attributed these losses to increased costs, including a $59.1 million impairment charge related to its investment in Alight, which also reported a substantial net loss of $3.1 billion for the year.
Cannae's financial performance reflects a challenging environment, particularly for its Restaurant Group, which has faced declining guest counts and increased operational costs. The company reported a 6.9% decrease in restaurant revenues, with comparable store sales for its O'Charley's brand dropping by 13.4%. The overall decline in revenues was compounded by rising costs of food and labor, which increased the cost of restaurant revenue as a percentage of sales. Additionally, the company recorded significant equity losses from its unconsolidated affiliates, including a $236.8 million loss from Alight and $11.4 million from Black Knight Football Club (BKFC).
Strategically, Cannae has made several notable moves, including the acquisition of an additional 30% interest in JANA Partners, bringing its total ownership to 50%. This investment, along with a $50 million investment in BKFC, reflects Cannae's ongoing strategy to enhance its portfolio through significant equity stakes in companies with growth potential. The company also completed the sale of its remaining shares in Dun & Bradstreet for $540.3 million, marking a significant divestiture that has been classified as a discontinued operation in its financial statements.
Operationally, Cannae's workforce comprised 6,602 employees as of December 31, 2025, with the majority (6,303) employed in the Restaurant Group. The company has also been active in stock repurchase programs, completing the repurchase of 10 million shares under its 2023 program for approximately $195.2 million. Looking ahead, Cannae's management has indicated a focus on evaluating its assets and investments to create liquidity for future strategic initiatives, while also navigating the challenges posed by inflation and competitive pressures in the restaurant industry. The company remains committed to its long-term growth strategy, although it acknowledges the potential for continued volatility in its financial performance.
About Cannae Holdings, Inc.
Cannae Holdings, Inc. is a diversified investment company that acquires and actively manages interests in operating businesses across various sectors, including data analytics, employee benefits, sports, and hospitality. It focuses on long-term ownership, leveraging operational expertise and industry relationships to maximize value. Core assets include stakes in Dun & Bradstreet, Alight, and BKFC, with a strategy centered on controlling or influencing high-quality companies in growth-oriented industries.
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