Cannae Swings to $37.5M Q2 Profit as Black Knight Football Surges, Restaurant Group Weighs
CNNE sits 41% above its 52-week low of $10.46.
Summary
Cannae Holdings reported Q2 2026 net earnings of $37.5 million, reversing a year-ago loss, as Black Knight Football delivered a historic Premier League finish and the Restaurant Group took a goodwill impairment.
Key Events · Earnings and Guidance · CNNE
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Q2 Net Profit of $37.5M
Driven by $82.8 million in recognized gains and improved equity earnings from unconsolidated affiliates, Cannae swung to net earnings of $37.5 million from a $238.8 million loss in Q2 2025.
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Black Knight Football Historic Finish
For the first time, AFC Bournemouth finished 6th in the Premier League and qualified for the Europa League, with BKFC generating $301.3 million in trailing twelve-month revenue and $207.4 million in EBITDA.
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Restaurant Group Goodwill Impairment
A $32.1 million goodwill impairment and a $40.0 million net loss hit the Restaurant Group, where same-store sales declined 4% at Ninety Nine and 13% at O'Charley's.
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Portfolio Transformation Progress
The portfolio pivot advanced with the acquisition of Exeter Rugby Group for £19.6 million (~$26 million USD) and the sale of the Watkins stake for $90 million, generating a 1.2x return on invested capital.
Analysis · CNNE · Trade & Services
A sharp turnaround delivered $37.5 million in net profit, reversing a $238.8 million loss from the prior year, thanks to $82.8 million in recognized gains and a swing in equity earnings. The standout is Black Knight Football, whose Premier League club AFC Bournemouth secured a historic 6th-place finish and Europa League qualification—a milestone that materially expands commercial opportunities. Weighing on consolidated results, however, the Restaurant Group recorded a $32.1 million goodwill impairment and a $40 million net loss. The quarter also saw the closing of the Exeter Rugby Group acquisition and the Watkins sale, advancing the portfolio pivot toward sports and entertainment. With no share buybacks executed in Q2, the focus remains on capital allocation and operational execution.
At the time of this filing, CNNE was trading at $14.74 on NYSE in the Trade & Services sector, with a market capitalization of approximately $643.7M. The 52-week trading range was $10.46 to $20.23. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.