Cannae (CNNE) financial statements
Cannae reported revenue of $424M in fiscal 2025, down 10.7% a year over 9 years.
Net income was -$525M and the operating margin -28.2%, against -0.2% in 2016.
Free cash flow was -$28M, and the company returned $30M in dividends and $320M in net buybacks.
The diluted share count fell 20% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cannae's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.2B | $1.1B | $1.1B | $586M | $742M | $662M | $570M | $452M | $424M |
| Cost of revenue | $984M | $991M | $991M | — | — | — | $571M | $475M | $371M | $358M |
| Gross profit | $194M | $166M | $156M | — | — | — | $91M | $95M | $81M | $66M |
| Operating income | -$2M | -$78M | -$146M | -$118M | -$188M | -$134M | -$145M | -$119M | -$104M | -$120M |
| Interest expense | $5M | $7M | $5M | $18M | $9M | $10M | $12M | $18M | $12M | $12M |
| Pre-tax income | $5M | -$74M | $23M | $238M | $2.2B | -$433M | -$336M | -$200M | -$252M | -$190M |
| Income tax | -$10M | -$14M | $15M | $24M | $481M | -$74M | -$90M | -$72M | $3M | $25M |
| Net income | -$12M | $109M | $28M | $77M | $1.8B | -$287M | -$428M | -$313M | -$305M | -$525M |
| EPS (diluted) | -$0.18 | $1.54 | $0.39 | $1.07 | $20.79 | -$3.19 | -$5.25 | -$4.27 | -$4.73 | -$9.29 |
| Diluted shares | 71M | 71M | 71M | 72M | 86M | 90M | 82M | 73M | 64M | 56M |
| Gross margin | 16.5% | 14.3% | 13.6% | — | — | — | 13.7% | 16.7% | 18.0% | 15.5% |
| Operating margin | -0.2% | -6.7% | -12.7% | -11.0% | -32.2% | -18.0% | -21.8% | -20.9% | -22.9% | -28.2% |
| Net margin | -1.1% | 9.4% | 2.4% | 7.2% | 305.0% | -38.7% | -64.7% | -55.0% | -67.3% | -123.9% |
Balance sheet
Fiscal years, from Cannae's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $142M | $246M | $347M | $534M | $760M | $86M | $248M | $106M | $132M | $182M |
| Receivables | $25M | $36M | $30M | $16M | — | — | — | — | — | — |
| Inventory | $24M | $30M | $22M | $16M | — | — | — | — | — | — |
| Total current assets | $273M | $350M | $452M | $631M | $844M | $122M | $311M | $177M | $197M | $256M |
| Property, plant and equipment | $235M | $219M | $176M | $163M | $146M | $101M | $88M | $59M | $62M | $49M |
| Goodwill | $103M | $103M | $76M | $66M | $53M | $53M | $53M | $53M | $53M | $53M |
| Total assets | $1.5B | $1.5B | $1.5B | $2.1B | $4.6B | $3.9B | $3.1B | $2.7B | $2.2B | $1.3B |
| Total current liabilities | $160M | $250M | $160M | $199M | $202M | $180M | $123M | $108M | $146M | $130M |
| Long-term debt | $93M | $13M | $42M | $120M | $52M | $14M | $95M | $102M | $120M | $64M |
| Total liabilities | $464M | $334M | $260M | $562M | $828M | $548M | $411M | $378M | $414M | $330M |
| Shareholders' equity | $894M | $1.1B | $1.1B | $1.5B | $3.8B | $3.3B | $2.7B | $2.3B | $1.8B | $1.0B |
| Net debt | -$37M | -$111M | -$268M | -$407M | -$661M | -$69M | -$150M | -$1M | $50M | -$111M |
Cash flow
Fiscal years, from Cannae's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $60M | -$91M | -$23M | -$84M | -$114M | -$176M | -$205M | -$88M | -$90M | -$18M |
| Capital spending | $50M | $39M | $16M | $28M | $22M | $14M | $14M | $10M | $7M | $10M |
| Free cash flow | $11M | -$130M | -$38M | -$112M | -$136M | -$190M | -$219M | -$98M | -$97M | -$28M |
| Stock-based compensation | $1M | $500,000 | $22M | $5M | $4M | $2M | $2M | $4M | $19M | $19M |
| Dividends paid | — | — | — | — | — | — | $0 | $0 | $22M | $30M |
| Share buybacks (net) | — | $0 | $0 | -$5M | -$14M | -$160M | -$230M | -$113M | -$231M | -$320M |
| Net borrowing | $32M | $49M | -$90M | $76M | -$64M | -$30M | $83M | $7M | $75M | -$98M |
| Free cash flow margin | 0.9% | -11.2% | -3.4% | -10.5% | -23.3% | -25.6% | -33.1% | -17.2% | -21.5% | -6.7% |
| Dividends per share | — | — | — | — | — | — | — | — | $0.35 | $0.54 |
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Open CNNE in InvestinglyQuestions
What was Cannae's revenue in 2025?
$424M in fiscal 2025, from its 10-K filing.
How much free cash flow does Cannae generate?
-$28M in fiscal 2025 (operating cash flow minus capital spending).
From Cannae's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.