EarningsQ2 2026 Earnings Report

Cannae Holdings (CQ2) Q2 2026 Earnings Report

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Previous Report: Q1 2026

DE:CQ2 Q2 2026 EPS Results

Actual EPS€0.77

Consensus EPS-€0.37

Beat/MissBeat by +€1.14

One Year Ago EPS-€3.35

DE:CQ2 Q2 2026 Revenue Results

Actual Revenue€91.20M

Expected Revenue€88.93M

Beat/MissBeat by +€2.28M

YoY Revenue Growth-7.26%

Earnings Announcement Details

QuarterQ2 2026

Date08/10/2026

TimeAfter Close

Conference CallMonday, August 10, 2026

DE:CQ2 Upcoming Earnings

Cannae Holdings's next earnings date is estimated for November 9, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

DE:CQ2 Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Aug 10, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed a constructive strategic direction: management materially improved liquidity, monetized non-core assets (Watkins and Brasada) to free capital, delivered significant corporate cost reductions, and highlighted standout operational and financial performance in the sports portfolio (AFC Bournemouth and Black Knight Football). Offsetting these positives are continued weakness and significant impairments in the restaurant group, delays in that strategic review, and the potential for earnings volatility from mark-to-market accounting of SpaceX. On balance, the highlights — especially strong sports performance, asset monetizations, and improved cash position — outweigh the lowlights.

Company Guidance

The company guided that it will remain committed to opportunistic share buybacks in the second half of 2026, supported by current liquidity of $124 million of corporate cash (up from $46 million at quarter end) plus an expected $45 million federal tax refund in 2026; year-to-date through July Cannae has returned $58 million to shareholders ( $44 million buybacks and $14 million dividends) and paid a $7 million dividend in Q2, and it allocated approximately $45 million to investments in Q2 ($54 million YTD). Management highlighted balance-sheet and portfolio actions that underpin that guidance: the $90 million sale of a 49% stake in Watkins (≈1.2x MOIC in <2 years, ~10% IRR), the Brasada transaction (≈$40 million enterprise value with ~$17 million debt and ~$23 million equity, elimination of a put right that freed ~ $47 million of capital), and a Q2 mark-to-market gain of $83.4 million on SpaceX (with ongoing earnings variability expected). They also pointed to sharp cost reductions at the holding company (corporate operating expenses of just under $9 million in Q2, an ~85% decrease from $59 million a year ago; $18 million YTD, ~76% below $75 million prior-year YTD), and cited portfolio performance at Black Knight Football (AFC Bournemouth finished 6th with 57 points, qualified for the UEFA Europa League, club revenues for the quarter ended Mar. 31 were $89 million, up 45% from $61 million, EBITDA $80 million vs. $8 million prior year, adjusted EBITDA excluding player trading $34 million vs. $8 million), plus stadium capacity growth to 17,600 next season via a Phase 1 increase of 1,000 seats and doubled hospitality — all of which management said provides “plenty of flexibility” to support buybacks and new sports-related investments.

Shareholder Returns & Capital Allocation

Q2 dividend of $7M; year-to-date through July allocated $58M to shareholders ( $44M buybacks and $14M dividends ). No buybacks in Q2 due to transactions but management expects opportunistic repurchases in H2. Q2 investments of approximately $45M and YTD investments of $54M as management prioritizes long-term return opportunities versus buybacks.

Monetization of Non-Core Assets — Watkins Sale

Sold 49% stake in The Watkins Company for $90M on July 30. Including sale proceeds, preferred dividends, and fees, transaction represents ~1.2x multiple on invested capital in under two years and an IRR of nearly 10%.

Brasada Transaction — Put Right Eliminated and Capital Freed

Closed sale of 87% interest in Brasada Ranch to a company owned by Vice Chairman Bill Foley in exchange for termination of put rights; transaction freed up approximately $47M of capital, monetized a non-core asset, eliminated potential future CapEx obligations, and was unanimously approved by independent committees.

AFC Bournemouth Historic Sporting Achievements

AFC Bournemouth finished 6th in the Premier League with 57 points — the club's highest finish in its 127-year history — and qualified for the UEFA Europa League for the first time. Club also completed two transfer windows that yielded over $350M in player sales. Stadium redevelopment Phase 1 will open soon, adding 1,000 seats and doubling hospitality with capacity set to increase to 17,600 next season.

Black Knight Football — Strong Financial Performance

For the quarter ended March 31, 2026 (reported on a one-quarter lag) Black Knight Football revenue was $89M, up 45% from $61M a year earlier. EBITDA rose to $80M from $8M (approximately +900%), driven by TV rights, sponsorship growth and player trading; adjusted EBITDA excluding player trading was $34M versus $8M (+325%).

Material Corporate Cost Reductions

Corporate holding company operating expenses were just under $9M in Q2 2026, an 85% decrease from $59M in Q2 2025; year-to-date holding company costs were $18M, down ~76% from $75M in 2025. Management attributes declines to cost discipline and elimination of prior management transition fees.

Improved Liquidity & Balance Sheet Flexibility

Holding company ended the quarter with $46M cash and $47.5M debt maturing in 2030. After the Watkins sale and Brasada transaction, corporate cash increased to $124M. Management expects a $45M federal tax refund in 2026, providing flexibility to support buybacks and investments.

SpaceX Mark-to-Market Gain Boost

Began marking SpaceX investment to market after its IPO, resulting in a Q2 mark-to-market gain of $83.4M based on June 30 pricing, materially boosting reported earnings for the period.

DE:CQ2 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 09, 2026	2026 (Q3)	-0.17 / -	-0.946	―
Aug 10, 2026	2026 (Q2)	-0.37 / 0.77	-3.347	122.93% (+4.11)
May 11, 2026	2026 (Q1)	-0.39 / -0.62	-1.615	61.33% (+0.99)
Feb 23, 2026	2025 (Q4)	-0.33 / -1.72	-0.66	-160.81% (-1.06)
Nov 10, 2025	2025 (Q3)	-0.26 / -0.95	-0.196	-381.82% (-0.75)
Aug 11, 2025	2025 (Q2)	-0.25 / -3.35	-2.222	-50.60% (-1.12)
May 12, 2025	2025 (Q1)	-0.36 / -1.62	-1.133	-42.52% (-0.48)
Feb 24, 2025	2024 (Q4)	-0.26 / -0.66	-0.741	10.84% (+0.08)
Nov 12, 2024	2024 (Q3)	-0.19 / -0.20	-1.945	89.91% (+1.75)
Aug 08, 2024	2024 (Q2)	-0.15 / -2.22	-1.035	-114.66% (-1.19)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed