Cannae Holdings Reports Q2 2026 Earnings with Asset Sales and Sports Portfolio Growth
Cannae Holdings (CNNE) reported second-quarter results for fiscal year 2026, highlighting a strategic shift toward monetizing non-core assets to fund growth in its sports portfolio. The company sold its stake in Watkins Company for $90 million and divested Brasada Ranch at an enterprise value of $40 million, significantly reducing liabilities and improving corporate cash reserves from $46 million to $124 million. Black Knight Football saw a 45% revenue increase year-over-year due to TV rights and sponsorship growth. The segment also reported EBITDA of $80 million in the quarter, driven by player trading profits. Additionally, Cannae realized an investment gain of $83.4 million from its SpaceX stake following the company's June IPO. Despite lower restaurant group revenues attributed to store closures at O'Charley’s and reduced traffic, corporate expenses dropped 85% year-over-year due to cost management efforts.
Topics: ebitda investments revenue shareholder_returns