Cannae Holdings Reports $70.8 Million Net Loss in Q3 2025, Revenue Declines

Cannae Holdings, Inc. reported a net loss of $70.8 million for the third quarter of 2025, a significant increase from the $17.5 million loss recorded in the same period of 2024. For the nine months ending September 30, 2025, the company’s net loss reached $426.3 million, compared to a loss of $264.3 million in the prior year. Total operating revenues for the third quarter were $106.9 million, down from $113.9 million year-over-year, with restaurant revenue specifically declining to $94.6 million from $102.1 million. The decrease in revenue was attributed to lower guest counts and comparable store sales, particularly in the O'Charley's and 99 Restaurants brands.

Cannae's operating expenses also decreased, totaling $120.1 million for the third quarter of 2025, down from $132.0 million in the previous year. The company reported an operating loss of $13.2 million for the quarter, an improvement from the $18.1 million loss in Q3 2024. The reduction in operating expenses was primarily driven by lower personnel costs and other operating expenses. However, the company faced significant equity losses from its unconsolidated affiliates, particularly a $57.5 million loss from Alight, which was impacted by a goodwill impairment.

Strategically, Cannae has made notable changes, including the completion of the sale of its remaining interest in Dun & Bradstreet for $540.3 million in cash, which has been classified as a discontinued operation. This sale significantly impacted the company's cash flow, contributing to a net cash provided by investing activities of $493.8 million for the nine months ended September 30, 2025, compared to $307.1 million in the same period of 2024. Additionally, Cannae invested $50 million in Black Knight Football Club, increasing its ownership interest to 44.7%.

The company has also been active in stock repurchases, buying back 9.7 million shares for approximately $189.8 million under its 2023 repurchase program. As of September 30, 2025, Cannae had cash and cash equivalents of $233.8 million, a significant increase from $131.5 million at the end of 2024. The company’s total assets decreased to $1.514 billion from $2.229 billion at the end of the previous fiscal year, primarily due to the reclassification of its investment in Dun & Bradstreet.

Looking ahead, Cannae Holdings anticipates continued challenges due to macroeconomic factors such as inflation and consumer spending volatility. The company remains focused on evaluating its assets and ownership interests to create liquidity for future acquisitions, debt reduction, and stock repurchases. The management has indicated that while they expect fluctuations in revenues and operating income, they are committed to long-term strategies that maximize shareholder value.