Cannae Holdings Inc (NYSE: CNNE) is a holding company that owns, manages, and operates a portfolio of businesses across restaurant operations, financial technology, employee benefits administration, and sports properties. Revenue comes primarily from restaurant operations and management fees from its portfolio companies, with additional contributions from minority-owned affiliates. For the year ended December 31, 2025, Cannae reported total operating revenues of $423.6 million, down from $452.5 million in FY2024 and $570.0 million in FY2023, with restaurant revenue accounting for $390.5 million of the FY2025 total. The company's principal holdings as of the 10-K filed March 2, 2026 include the Restaurant Group (operating casual dining brands including O'Charley's), a stake in Alight (employee benefits and health and wealth administration), and Black Knight Football Club (professional soccer). CEO Ryan R. Caswell and Vice Chairman William P. Foley II lead the company, which pursues acquisitions and dispositions as a core capital allocation strategy.

Revenue model

Cannae generates revenue through consolidated restaurant operations (the largest segment, $390.5 million in FY2025) and other operating revenue including management fees and carried interest fees from portfolio companies ($33.1 million in FY2025). It also recognizes gains and losses from acquisitions, dispositions, and changes in the fair value of equity investments in affiliates such as Alight, Dun & Bradstreet, Paysafe, and System1.

Products and services

Restaurant Group: casual dining restaurants including the O'Charley's brand. Alight: employee benefits administration, health and wealth decision support, and HR outsourcing services for employers. Black Knight Football Club (BKFC): ownership and operation of professional soccer clubs competing in top global leagues. The company also held minority interests in Dun & Bradstreet, Paysafe, System1, and Sightline Payment Holdings, several of which were sold during FY2025.

Customers and end markets

Restaurant Group customers are retail dining consumers, primarily in the U.S. Alight serves large employers seeking employee benefits administration and HR technology outsourcing. Black Knight Football Club targets live sports audiences and advertisers globally. The filing does not disclose customer concentration percentages.

Value-chain role

Cannae operates as a principal investor and operating parent, consolidating the Restaurant Group and holding significant stakes in financial technology, benefits administration, and sports businesses. It allocates capital across acquisitions and dispositions, actively managing the portfolio rather than acting as a passive fund.

Geographic exposure

The Restaurant Group operates in the United States. Alight has presence in multiple geographies, with the filing noting competitive dynamics across various markets. Black Knight Football Club operates in global soccer leagues. The filing does not provide a precise revenue breakdown by geography.

Competitors

Alight competitors described in filing as large, well-capitalized technology and HR services providers (specific names not disclosed in excerpts)

Source: SEC 10-K, filed 2026-03-02

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