Cannae Holdings earnings date
Cannae Holdings (CQ2) Q3 2026 Earnings Report
DE:CQ2 Q3 2026 EPS Results
- Actual EPS
- -EUR 0.13
- Consensus EPS
- -EUR 0.17
- Beat/Miss
- Beat by +EUR 0.04
- One Year Ago EPS
- -EUR 0.95
DE:CQ2 Q3 2026 Revenue Results
- Actual Revenue
- EUR 60.97M
- Expected Revenue
- EUR 82.60M
- Beat/Miss
- Missed by -EUR 21.62M
- YoY Revenue Growth
- -36.30%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/09/2026
- Time
- After Close
- Conference Call
- Monday, November 9, 2026
Cannae Holdings's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was predominantly positive, supported by substantial shareholder returns, strong Bournemouth sporting and financial performance, growth in Black Knight Football revenue, progress in sports-related investments, portfolio monetization, and significant holding-company cost reductions. These positives were tempered by O'Charley's closure, delays in monetizing Ninety Nine, lower consolidated revenue, higher expenses from impairment charges, and a sharp decline in Black Knight Football EBITDA caused by lower player-trading profit.
Management said it will remain committed to both disciplined share buybacks and its quarterly dividend, while comparing any new investment to buying back Cannae's stock. Cash uses at the Restaurant Group are expected to be much lower going forward given the closure of O'Charley's, and Cannae expects to save approximately $16 million of cash annually from the closure of O'Charley's, based on the run rate of Cannae's funding of the business from the first half of 2026. Phase 2 of AFC Bournemouth's stadium renovation, which will open next year, is focused on further increasing capacity to approximately 17,600 and is expected to allow the stadium to generate additional match day revenue of approximately $10 million when complete. Cannae also identified approximately $3 million of additional annualized savings going forward by eliminating the lease and cost-sharing agreements, has about $7.6 million of remaining authority under its current programs, and said the Ninety Nine transaction is still ongoing but has been delayed.
- Significant Shareholder ReturnsCannae allocated $54 million to shareholders in the third quarter through share buybacks and its quarterly dividend. Year-to-date through the call, it had returned $131 million, including repurchases of 7.7 million shares, representing over 16% of shares outstanding. Management said it remains committed to disciplined share buybacks and the quarterly dividend.
- Continued Investment in Sports and EntertainmentCannae allocated $28 million to new investments during the quarter, including $22 million to Black Knight Football and $4 million to the Restaurant Group. Year-to-date, $62 million, or 91% of capital allocated to new investments excluding Restaurant Group funding, had gone to sports-related assets.
- Black Knight Capital Raise and Growth InvestmentCannae participated in a $40 million Black Knight capital raise to accelerate growth and expansion of the platform. The raise was completed at a 20% premium to the initial capital raise and a 7% premium to shares issued in connection with the FC Lorient transaction in January. The proceeds are being used primarily for Bournemouth's stadium renovation and operations, with smaller capital needs at Lorient and Moreirense.
- AFC Bournemouth Stadium ExpansionBournemouth opened Phase 1 of its stadium renovation, including updated hospitality offerings, doubled hospitality covers, and increased stadium capacity. Phase 2 is expected to open next year and is focused on increasing capacity to approximately 17,600. When complete, the investment is expected to generate approximately $10 million of additional match-day revenue.
- Strong AFC Bournemouth Sporting PerformanceBournemouth was on an 8-game winning streak across all competitions, had won its first 4 games in its first-ever European campaign, and sat in second place in the Europa League. In the Premier League, it had won 4 straight games and sat in seventh place. The team was also in the quarterfinals of the Carabao Cup for only the second time in its history.
- AFC Bournemouth Financial Value CreationBournemouth's fiscal year 2026 performance was up 50% since Cannae acquired the team, and EBITDA including player trading was $84 million, up over 250% since acquisition. Bournemouth achieved record revenue of $287 million for the fiscal year ended June 30, 2026, a 21% increase from 2025.
- Black Knight Football Revenue GrowthBlack Knight Football generated $118 million of revenue in the quarter ended June 30, 2026, up 34% from $88 million in the prior-year quarter. Trailing 12-month revenue was $312 million, up 32% from 2025, driven by continued growth at Bournemouth and the inclusion of post-majority acquisition revenue from FC Lorient and Moreirense.
- Expansion of Exeter RugbySince acquiring Exeter Rugby at the end of June, Cannae has begun transforming the business by focusing on hiring additional commercial and marketing experience, expanding the fan base, improving fan experience, increasing commercial revenues, and improving facilities and the playing squad within the salary-cap framework. Management said it was very optimistic about the team's prospects.
- Progress on Portfolio MonetizationCannae closed the sale of its 49% ownership stake in The Watkins Company and its 87% ownership interest in Brasada Ranch. The transactions contributed to recognized third-quarter gains, including a $15 million gain on the sale of Watkins and a $9 million gain on the sale of Brasada.
- Holding Company Cost ReductionHolding company operating expenses were $7 million in the third quarter versus $9 million in the prior-year period. Year-to-date holding company expenses were $25 million, a 70% or $59 million decrease from $84 million in 2025, driven by cost management and the elimination of management transition and management fees. Cannae also identified approximately $3 million of additional annualized savings from eliminating lease and cost-sharing agreements.
- Additional Cash Savings from O'Charley's ClosureFollowing the closure of O'Charley's remaining restaurants, Cannae expects to save approximately $16 million of cash annually based on the run rate of its funding of the business during the first half of 2026. Management said all material expenses associated with the wind-down had been recognized and expected Restaurant Group cash uses to be much lower going forward.
- Recognized Gains and Tax RefundRecognized gains were $30 million in the third quarter versus $9 million in the prior-year quarter. In addition to the Watkins and Brasada gains, the quarter included a $20 million bargain purchase gain on the Exeter acquisition. Cannae also collected a $45 million federal tax refund and received $90 million from the sale of Watkins during the quarter.
- Governance and Board ChangesThe Board announced that Mark Linehan and Woody Tyler would not stand for reelection and that the overall Board size would be reduced to 10 members. Management also said the Board remained focused on improving governance policies and procedures.
DE:CQ2 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 24, 2027 | 2026 (Q4) | -0.33- | -1.73 | ― | ― |
| Nov 09, 2026 | 2026 (Q3) | -0.17-0.13 | -0.95 | 86.79% (+0.82) | |
| Aug 10, 2026 | 2026 (Q2) | -0.380.77 | -3.36 | 122.93% (+4.13) | |
| May 11, 2026 | 2026 (Q1) | -0.39-0.63 | -1.62 | 61.33% (+0.99) | |
| Feb 23, 2026 | 2025 (Q4) | -0.34-1.73 | -0.66 | -160.81% (-1.07) | |
| Nov 10, 2025 | 2025 (Q3) | -0.26-0.95 | -0.2 | -381.82% (-0.75) | |
| Aug 11, 2025 | 2025 (Q2) | -0.25-3.36 | -2.23 | -50.60% (-1.13) | |
| May 12, 2025 | 2025 (Q1) | -0.36-1.62 | -1.14 | -42.52% (-0.48) | |
| Feb 24, 2025 | 2024 (Q4) | -0.26-0.66 | -0.74 | 10.84% (+0.08) | |
| Nov 12, 2024 | 2024 (Q3) | -0.19-0.20 | -1.95 | 89.91% (+1.75) |
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.
