Cannae Holdings, Inc.CNNE
Cannae Holdings, Inc. Segments Disclosure
Segment Information
Cannae is a holding company engaged in actively managing and operating a core group of companies which meet the definition of an operating segment. Our operating segments are organized on the basis of the separate businesses in which we hold interests. The Company has evaluated its operating segments and determined that O'Charley's and 99 Restaurants should be aggregated into a single reportable segment referred to as the Restaurant Group. The operating segments of the Restaurant Group exhibit similar long-term economic and qualitative characteristics including the nature of products and services, production processes, type or class of customer, distribution methods, and regulatory environment.
Cannae’s CODM is the Company’s CEO, who oversees all of the Company’s investments and are responsible for the key operating decisions of the Company. The CODM primarily uses net earnings or loss and EBITDA as the performance measure for each operating segment which helps the CODM in deciding how to allocate resources. The CODM uses the performance measure to evaluate profitability and income generated from the businesses in deciding how to allocate the Company's resources and decisions regarding the investee relationship. As net earnings or loss is the measure most consistent with U.S. GAAP, we include such measure in our segment tables that follow.
In the year ended December 31, 2025, we began accounting for our investment in D&B as a discontinued operation and no longer consider D&B a reportable segment. Segment information for the years ended December 31, 2024 and 2023 has been recast in the tables that follow to remove D&B as a reportable segment.
In the year ended December 31, 2025, JANA exceeded certain of the quantitative thresholds prescribed by ASC 280 Segment Reporting, and we began considering JANA as a reportable segment. Segment information for the year ended December 31, 2024 has been recast in the tables that follow to add JANA as a reportable segment.
As of December 31, 2025, Cannae has identified four reportable segments: Restaurant Group, Alight, BKFC and JANA. The tables below provide information about the Company's segments, as well as an aggregation of all other non-reportable operating segments within the Corporate and Other category. For Alight, BKFC and JANA, which are accounted for as unconsolidated affiliates, the amounts presented in the tables below represent our portion of equity in losses and our investment balance that reconcile to our consolidated statements of operations and balance sheets, respectively. Refer to Note B - Investments for certain summarized gross amounts of the results of operations and balance sheets of these unconsolidated affiliates.
As of and for the year ended December 31, 2025:
| Restaurant Group | Alight | BKFC | JANA | Total Reportable Segments | Corporate and Other | Total Consolidated | |||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||
| Restaurant revenues | $ | 390.5 | $ | 390.5 | $ | — | $ | 390.5 | |||||||||||||||||||||||||||||||||
| Other revenues | — | — | 33.1 | 33.1 | |||||||||||||||||||||||||||||||||||||
| Total revenues | 390.5 | 390.5 | 33.1 | 423.6 | |||||||||||||||||||||||||||||||||||||
| Expenses | |||||||||||||||||||||||||||||||||||||||||
| Cost of revenue | 358.0 | 358.0 | |||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 9.7 | 9.7 | |||||||||||||||||||||||||||||||||||||||
Other segment items (1) | 50.9 | 50.9 | |||||||||||||||||||||||||||||||||||||||
| Interest expense | 6.4 | 6.4 | |||||||||||||||||||||||||||||||||||||||
| Equity in (losses) earnings of unconsolidated affiliates | — | (236.8) | (11.4) | 4.4 | (243.8) | ||||||||||||||||||||||||||||||||||||
| Net (loss) earnings from continuing operations | $ | (34.5) | $ | (236.8) | $ | (11.4) | $ | 4.4 | $ | (278.3) | $ | (148.7) | $ | (427.0) | |||||||||||||||||||||||||||
| Assets | $ | 252.5 | $ | 73.8 | $ | 147.3 | $ | 141.1 | $ | 614.7 | $ | 706.0 | $ | 1,320.7 | |||||||||||||||||||||||||||
| Goodwill | 53.4 | 53.4 | — | 53.4 | |||||||||||||||||||||||||||||||||||||
As of and for the year ended December 31, 2024:
| Restaurant Group | Alight | BKFC | JANA | Total Reportable Segments | Corporate and Other | Total Consolidated | |||||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||||||||
| Restaurant revenues | $ | 419.6 | $ | 419.6 | $ | — | $ | 419.6 | |||||||||||||||||||||||||||||||||
| Other revenues | — | — | 32.9 | 32.9 | |||||||||||||||||||||||||||||||||||||
| Total revenues | 419.6 | 419.6 | 32.9 | 452.5 | |||||||||||||||||||||||||||||||||||||
| Expenses | |||||||||||||||||||||||||||||||||||||||||
| Cost of revenue | 371.2 | 371.2 | |||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 10.5 | 10.5 | |||||||||||||||||||||||||||||||||||||||
Other segment items (1) | 28.1 | 28.1 | |||||||||||||||||||||||||||||||||||||||
| Interest expense | 5.7 | 5.7 | |||||||||||||||||||||||||||||||||||||||
| Equity in (losses) earnings of unconsolidated affiliates | — | (15.5) | (49.9) | 2.4 | (63.0) | ||||||||||||||||||||||||||||||||||||
| Net earnings (loss) from continuing operations | $ | 4.1 | $ | (15.5) | $ | (49.9) | $ | 2.4 | $ | (58.9) | $ | (228.9) | $ | (287.8) | |||||||||||||||||||||||||||
| Assets | $ | 274.8 | $ | 374.0 | $ | 108.3 | $ | 56.3 | $ | 813.4 | $ | 1,415.5 | $ | 2,228.9 | |||||||||||||||||||||||||||
| Goodwill | 53.4 | 53.4 | — | 53.4 | |||||||||||||||||||||||||||||||||||||
As of and for the year ended December 31, 2023:
| Restaurant Group | Alight | BKFC | Total Reportable Segments | Corporate and Other | Total Consolidated | ||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||
| Restaurant revenues | $ | 536.0 | $ | 536.0 | $ | — | $ | 536.0 | |||||||||||||||||||||||||||
| Other revenues | — | — | 34.0 | 34.0 | |||||||||||||||||||||||||||||||
| Total revenues | 536.0 | 536.0 | 34.0 | 570.0 | |||||||||||||||||||||||||||||||
| Expenses | |||||||||||||||||||||||||||||||||||
| Cost of revenue | 474.9 | 474.9 | |||||||||||||||||||||||||||||||||
| Depreciation and amortization | 17.0 | 17.0 | |||||||||||||||||||||||||||||||||
Other segment items (1) | 63.8 | 63.8 | |||||||||||||||||||||||||||||||||
| Interest expense | 6.1 | 6.1 | |||||||||||||||||||||||||||||||||
| Equity in losses of unconsolidated affiliates | — | (35.1) | (51.9) | (87.0) | |||||||||||||||||||||||||||||||
| Net loss from continuing operations | $ | (25.8) | $ | (35.1) | $ | (51.9) | $ | (112.8) | $ | (193.0) | $ | (305.8) | |||||||||||||||||||||||
| Assets | $ | 290.4 | $ | 507.2 | $ | 112.3 | $ | 909.9 | $ | 1,776.8 | 2,686.7 | ||||||||||||||||||||||||
| Goodwill | 53.4 | 53.4 | — | 53.4 | |||||||||||||||||||||||||||||||
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(1) Other segment items includes restaurant corporate personnel costs, advertising, professional fees and recognized gains and losses, net.
The activities in our segments include the following:
•Restaurant Group. This segment consists primarily of the operations of O'Charley's and 99 Restaurants in which we have 65.4% and 88.5% ownership interests, respectively. O'Charley's and 99 Restaurants and their affiliates are the owners and operators of the O'Charley's and Ninety Nine Restaurants restaurant concepts, respectively.
•Alight. This segment consists of our 7.7% ownership interest in Alight. Alight is a technology-enabled services company delivering human capital management solutions to many of the world’s largest and most complex organizations. This includes the implementation and administration of employee benefits (e.g., health, wealth and leaves) solutions. Alight’s numerous solutions and services are utilized year-round by employees and their family members in support of their overall health, wealth and wellbeing goals. Participants can access their solutions digitally, including through a mobile application on Alight Worklife®, their intuitive, cloud-based employee engagement platform. Through Alight Worklife, Alight believes it is defining the future of employee benefits by providing an enterprise level, integrated offering designed to drive better outcomes for organizations and individuals. Our chief operating decision maker reviews the financial results of Alight for purposes of assessing performance and allocating resources. Thus, we consider Alight an operating segment. We account for Alight using the equity method of accounting and therefore its results do not consolidate into ours.
•Black Knight Football Club. This segment consists of our 44.7% ownership interest in BKFC. BKFC is a partnership, led by Mr. Foley, which owns and operates AFC Bournemouth ("AFCB"), an English Premier League ("EPL" or the "Premier League") football club and held a significant minority interest in FC Lorient ("FCL"), a French Ligue 1 football club through December 31, 2025. In June 2025, BKFC acquired a controlling interest in Moreirense Futebol Clube ("MFC"), a Portuguese Primeira Liga Football club. Subsequent to December 31, 2025, BKFC acquired the remaining interests in FCL and owns 100% of the equity interests of FCL. BKFC aims to grow into a leading multi-club operator of football assets across the world. Our chief operating decision maker reviews the financial results of Black Knight Football for purposes of assessing performance and allocating resources. Thus, we consider BKFC an operating segment. We account for our ownership of BKFC using the equity method of accounting and therefore its results of operations do not consolidate into ours. We report our equity in earnings or loss of BKFC on a three-month lag. Accordingly, our net earnings (loss) for the years ended December 31, 2025 and 2024 includes our equity in losses of BKFC for the years ended September 30, 2025 and 2024, respectively, and our net earnings (loss) for the year ended December 31, 2023 includes the period from December 13, 2022 (the date we acquired our initial interest in BKFC) through September 30, 2023.
•JANA. This segment consists of our 50.0% ownership interest in JANA. JANA is an investment manager founded in 2001. Our chief operating decision maker reviews the financial results of JANA for purposes of assessing performance and allocating resources. Thus, we consider JANA an operating segment. We account for our ownership of JANA using the equity method of accounting and therefore its results of operations do not consolidate into ours. We report our equity in earnings or loss of JANA on a three-month lag. Accordingly, our net earnings (loss) for the year ended December 31, 2025 includes our equity in earnings of JANA for the year ended September 30, 2025, and our net earnings (loss) for the year ended December 31, 2024 includes the period from February 21, 2024 (the date we acquired our initial interest in JANA) through September 30, 2024.
•Corporate and Other. This aggregation of nonreportable segments consists of our revenue and net earnings or loss for the operations of certain controlled portfolio companies, other equity investments, and the corporate holding company.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 18, 2019 | |
| 2017 | Mar 26, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.