CNNE Cannae Holdings, Inc.

Overview and Growth

Fiscal 2025 results for Cannae Holdings, Inc. combined $423.60M of revenue with net loss of $513.20M and an operating cash outflow of $18.10M. At $423.60M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line contracted 6.4% from $452.50M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. The company reported diluted EPS of -$9.08, adding a shareholder-level measure to the absolute income figures considered below. Total assets stood at $1.32B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.32x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $65.60M as gross profit before recognizing operating expenses and other items. Gross margin was 15.5%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced a $119.60M operating loss before non-operating and tax effects. The operating loss equaled 28.2% of revenue, showing the scale of the operating deficit relative to sales. The company ended the period with a net loss of $513.20M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 121.2% after all recognized items. The reported income-tax provision was $13.00M, the amount recognized between pretax income and the final net-income result. The net loss equaled 51.8% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 38.9%, placing the bottom-line deficit against the company’s resource base. Compared with a $304.60M net loss in fiscal 2024, the current loss increased to $513.20M.

Liquidity and Capital Structure

The company held $1.32B of assets against $329.80M of liabilities and $990.90M of equity, revealing how the asset base was financed. At period end, current assets of $268.30M compared with current liabilities of $129.70M, defining the company’s short-term resource position. The current ratio was 2.07x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $182.00M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 140.3% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $70.80M, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 0.07x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 5.4%, comparing borrowing with the total asset balance. Liabilities represented 25.0% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 13.8%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $2.23B in fiscal 2024, the current asset base moved 40.7% and finished lower. Book equity was 45.4% lower than fiscal 2024 equity of $1.82B, showing how shareholder capital changed year over year. The reported cash balance changed 38.4% from $131.50M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $18.10M, rather than cash generation from operations. The company spent $10.40M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. The company recorded a $28.50M cash deficit after capital spending for the period. Free-cash-flow margin was -6.7%, reflecting a cash deficit equal to 6.7% of revenue after capital spending. The cash deficit after capital spending represented 2.2% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.