Cannae Holdings, Inc.CNNE

Cannae Holdings, Inc. Revenue Disclosure

10-KFiled Mar 2, 20262 min read
Revenue Recognition
Disaggregation of Revenue
Our revenue consists of the following:
Year ended December 31,
202520242023
Revenue StreamSegmentTotal Revenue
Restaurant revenue:(In millions)
Restaurant salesRestaurant Group$390.5 $419.6 $535.6 
OtherRestaurant Group— — 0.4 
Total restaurant revenue390.5 419.6 536.0 
Other operating revenue:
Real estate and resortCorporate and Other33.0 32.4 33.5 
OtherCorporate and Other0.1 0.5 0.5 
Total other operating revenue33.1 32.9 34.0 
Total operating revenue$423.6 $452.5 $570.0 
Restaurant revenue consists of restaurant sales and, to a lesser extent, franchise revenue. Restaurant sales include food and beverage sales, are net of applicable state and local sales taxes and discounts, and are recognized at a point in time as services are performed and goods are provided.
Other operating revenue consists of income generated by our resort operations, which includes sales of real estate, lodging rentals, food and beverage sales, and other income from various resort services offered. Revenue is recognized at a point in time upon closing of the sale of real estate or once goods and services have been provided and billed to the customer.
All of our revenues are generated in the United States. Refer to Note A - Revenue Recognition for further discussion.
Contract Balances
The following table provides information about receivables and deferred revenue:
 December 31,
 20252024
 (In millions)
Trade receivables, net$7.6 $8.1 
Deferred revenue (contract liabilities)16.1 16.2 
Trade receivables, net are included in Other current assets on our Consolidated Balance Sheets.
Deferred revenue is recorded primarily for restaurant gift card sales. The unrecognized portion of such revenue is recorded as Deferred revenue in the Consolidated Balance Sheets. Revenue of $8.7 million and $9.4 million was recognized in the years ended December 31, 2025 and 2024, respectively, which was included in Deferred revenue at the beginning of the period.
There was no impairment related to contract balances.
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Historical Timeline

Fiscal YearFiled
2025Mar 2, 2026Showing above
2024Feb 27, 2025
2023Feb 29, 2024
2022Mar 1, 2023
2021Feb 25, 2022
2020Feb 26, 2021
2019Mar 2, 2020
2018Mar 18, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

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