Cannae
Actively owns restaurants, Alight, BKFC, JANA, and other portfolio investments.
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Profile
Actively manages a portfolio spanning consolidated restaurant operations, equity-method stakes in Alight, BKFC, and JANA Partners, and other controlled or minority investments. Capital allocation is shifting toward sports and entertainment while non-strategic assets, including restaurants, are reviewed for monetization.
Actively manages and operates a portfolio of majority and minority ownership stakes, using control or significant influence where available. Reportable segments are Restaurant Group, Alight, BKFC, and JANA, with additional assets such as CSI, Watkins, AmeriLife, Minden Mill, JANA Fund, and other controlled subsidiaries or minority interests.
Restaurant Group consolidates O'Charley's and Ninety Nine Restaurants. Alight, BKFC, and JANA are equity-method segments; BKFC includes football-club holdings, while JANA Partners is an investment manager.
Capital allocation is being redirected toward sports and entertainment-related investments after the Dun & Bradstreet exit. The business depends on restaurant operations, affiliate performance, portfolio valuation, access to capital and investment opportunities, and execution of monetizations and redeployment.
Company facts
Categories
Key statistics
Year to date −0.6% · Average volume (30d) 462.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Apr 21, 2026 | RBC Capital | Target | $16 | $17 | |
| Feb 24, 2026 | RBC Capital | Reiterate | Outperform | $16 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | −$0.42 | $0.86 | +304.8% | $99.7M | $102.2M | +2.6% | +1.30% |
| May 11, 2026Q1 FY26 | −$0.40 | −$0.61 | −52.5% | $99.8M | $96.2M | −3.6% | −2.89% |
| Feb 23, 2026Q4 FY25 | −$0.38 | −$1.93 | −407.9% | $102.7M | $103.3M | +0.6% | −7.26% |
| Nov 10, 2025Q3 FY25 | −$0.31 | −$1.06 | −241.9% | $102.7M | $106.9M | +4.1% | −10.21% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $103.2M | $110.2M | $106.9M | $103.3M | $96.2M | $102.2M | |
| Gross profit | −$2.0M | −$16.8M | $6.2M | $12.8M | $9.7M | $16.9M | |
| Operating income | −$21.4M | −$60.9M | −$13.2M | −$24.1M | −$22.1M | −$56.8M | |
| Net income | −$113.0M | −$238.8M | −$68.4M | −$93.0M | −$32.1M | $37.5M | |
| Diluted EPS | −$1.81 | −$3.93 | −$1.25 | −$1.93 | −$0.70 | $0.86 | |
| Gross margin | -1.9% | -15.2% | 5.8% | 12.4% | 10.1% | 16.5% | |
| Operating margin | -20.7% | -55.3% | -12.3% | -23.3% | -23.0% | -55.6% |
Fiscal years (4-quarter sums)FY21 $742.2M · FY22 $662.1M · FY23 $570.0M · FY24 $452.5M · FY25 $423.6M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $70.4M · Total debt $194.3M · Total assets $1.26B · Shareholders' equity $957.6M
Dividends
Last raised to $0.15 from $0.12 in Sep 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 16, 2026 | Jun 16 | Jun 30 | $0.15 | |
| Mar 17, 2026 | Mar 17 | Mar 31 | $0.15 | |
| Dec 17, 2025 | Dec 17 | Dec 31 | $0.15 | |
| Sep 16, 2025 | Sep 16 | Sep 30 | $0.15 | raised from $0.12 |
| Jun 16, 2025 | Jun 16 | Jun 30 | $0.12 | |
| Mar 17, 2025 | Mar 17 | Mar 31 | $0.12 | |
| Dec 17, 2024 | Dec 17 | Dec 31 | $0.12 | |
| Sep 16, 2024 | Sep 16 | Sep 30 | $0.12 |
Ownership
Shares outstanding 43.94M · Float 31.22M · 71.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| William P. Foley, II | 4.99M | 11.30% | 13G | May 12, 2026 |
| BlackRock, Inc. | 4.13M | 9.40% | 13F | Aug 7, 2026 |
| Carronade Capital Management GP, LLC | 3.40M | 7.80% | 13D | Aug 7, 2026 |
| Newtyn Management, LLC | 3.17M | 7.21% | 13F | Aug 14, 2026 |
| Private Management Group Inc | 2.40M | 5.47% | 13F | Jul 31, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Apr 8, 2026 | Peter T. Sadowski | officer: EVP, Chief Legal Officer | −157 | $12.25 |
| Sep 2, 2025 | Frank R. Martire | director | −26,478 | $18.43 |
| Aug 29, 2025 | Frank R. Martire | director | −106,855 | $18.63 |
Peers
- Darden Restaurants
Scaled full-service dining against O'Charley's and Ninety Nine
- KKR
Private-markets capital allocation and active ownership
- Bloomin' Brands
Casual-dining brands against O'Charley's and Ninety Nine
- Blackstone
Alternative assets platform against portfolio-capital exposure
- Brinker International
Chili's and Maggiano's against casual-dining exposure
- ADP
HCM, payroll, and benefits services against Alight exposure
- Manchester United
Listed football-club economics against BKFC club ownership
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cannae | $15.64 | 0.00% | $687.2M | — | — | 1.7 | −7.3% |
| Darden Restaurants | $215.68 | −0.03% | $24.70B | 20.8 | 19.1 | 1.9 | +13.7% |
| KKR | $108.40 | −0.21% | $97.58B | 34.2 | 16.3 | 4.6 | −44.8% |
| Bloomin' Brands | $10.52 | −0.66% | $905.8M | 34.1 | 11.4 | 0.2 | +1.3% |
| Blackstone | $142.86 | +0.35% | $171.97B | 31.6 | 22.2 | 10.7 | +2.4% |
| Brinker International | $230.19 | −0.04% | $9.87B | 21.2 | 17.3 | 1.7 | +5.1% |
| ADP | $286.34 | −0.36% | $114.92B | 26.3 | 23.4 | 5.2 | +6.8% |
| Manchester United | $22.10 | −0.05% | $3.81B | — | — | 4.2 | +20.9% |
| Median | 28.9 | 18.2 | 4.2 | +5.1% |