Short answer
Cannae Holdings (CNNE) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $424M (−6.4% year over year) and net income of −$513M.
- Top risk flagged: Investment Company Act of 1940 (Section 3(b)(1)) risk: if classified as investment company, faces mandatory registration, governance restructuring, and potential contract unenforceability
FY2025 key financial metrics · XBRL
- Revenue
- $424M
- −6.4% YoY
- Net income
- −$513M
- −68.5% YoY
- Operating margin
- -28.2%
- −5.3 pp YoY
- EPS (diluted)
- −$9.08
- −92.0% YoY
- ROE
- -50.1%
- −33.5 pp YoY
- Operating cash flow
- −$18M
- +79.9% YoY
Source: XBRL data from the Cannae Holdings (CNNE) FY2025 10-K on SEC EDGAR. USD.
Cannae Holdings FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Cannae Holdings: diversified holding company actively managing portfolio of operating businesses across fintech, sports, restaurants, insurance, and investment management
- Key structural change: terminated external management agreement with Trasimene Capital Management on May 12, 2025; total termination payments ~$31.3M ($11.4M + $6.7M + $6.6M + monthly fees)
- BKFC expanded multi-club football portfolio: acquired 70% of Portugal's Moreirense FC (June 2025) and 100% of France's FC Lorient (January 2026); Premier League media rights now ~$9B domestic + ~$9B international for current cycle
- 6,602 total employees as of December 31, 2025; 6,303 (95%) concentrated in Restaurant Group casual dining operations
- Filing header mislabeled as "Datadog Inc": document is actually Cannae Holdings, Inc. 10-K, a material discrepancy in filing identification
Management Discussion & Analysis
- Total revenue $423.6M, down $28.9M (6.4%) YoY; Restaurant Group drove decline, falling $29.1M (6.9%) to $390.5M
- Operating loss widened to $(119.6)M vs $(103.7)M; cost of restaurant revenue margin deteriorated to 91.7% vs 88.5% of restaurant revenue
- Net loss attributable to Cannae $(513.2)M vs $(304.6)M prior year; equity losses in unconsolidated affiliates surged to $(223.5)M driven by Alight $(236.8)M goodwill impairment
- Investing cash inflows $518.1M (vs $298.3M); D&B disposition generated $629.8M; capex $10.4M; financing outflows $449.5M driven by treasury stock buybacks and Margin Loan repayment
- Dividends $0.54/share paid in 2025; $0.15/share declared post-year-end; Alight book value risk flagged: fair value $78.9M vs book $73.8M, vulnerable to further impairment
Risk Factors
- Investment Company Act of 1940 (Section 3(b)(1)) risk: if classified as investment company, faces mandatory registration, governance restructuring, and potential contract unenforceability
- Alight's IT infrastructure dependent on AWS and Microsoft Azure; cyberattack risk heightened by Russia-Ukraine geopolitical tensions per filing
- BKFC's AFC Bournemouth relegation from Premier League would trigger significant drop in media rights revenue; domestic broadcasting rights locked only through 2028/29 season
- Alight faces faster AI/ML innovation from larger, better-capitalized competitors threatening market share in HR and benefits administration
- MSA negotiated between related parties controlled by Vice Chairman Foley; independent directors may under-enforce rights to protect executive relationships
Generated from the filing text; verify against the original. How to read a 10-K
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