Filing Flows › Cannae Holdings (CNNE) › Q3 2025
Cannae Holdings (CNNE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Cannae Holdings (CNNE) reported revenue of $107M for the third quarter 2025 (Q3 2025), -23% from a year earlier and -3% from the quarter before. Operating margin was -12.3%, net loss $70.8M (66.2% of revenue).
Cannae Holdings, Q3 2025: revenue $107M (-23% year over year), operating margin -12.3%, net loss $70.8M, operating cash flow −$21.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $107M | -3% | -23% |
| Operating profit | −$13.2M | — | — |
| Net earnings | −$70.8M | — | — |
| Operating cash flow | −$21.6M | — | — |
What changed
Revenue was $106.9M in Q3 2025, down 23% year over year and down 3% from the previous quarter. Restaurant revenue was the largest line at 88% of revenue. Restaurant revenue lost $7.5M year over year (down 7%), 24% of the total change.
Operating costs exceeded revenue by $13.2M, an operating margin of -12.3%. Total costs fell 23% while revenue fell 23%. The quarter ended with a net loss of $70.8M, narrower than the previous quarter's $240.5M loss. Minority interests bore $2.4M of it: to shareholders the quarter was a loss of $68.4M. Net interest and other expense of $61.4M was the main reason.
Operating cash flow was −$21.6M. Non-cash charges added back $2.9M of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items added $44.4M. Capital expenditures of $2.5M exceeded it, leaving free cash flow of −$24.1M.
Questions
What was Cannae Holdings' revenue in the third quarter 2025?
Cannae Holdings (CNNE) reported revenue of $107M for the third quarter 2025 (Q3 2025), -23% from a year earlier and -3% from the quarter before.
Was Cannae Holdings profitable in the third quarter 2025?
Operating loss was $13.2M (-12.3% of revenue) and net loss $70.8M.
Source: Cannae Holdings 10-Q on SEC EDGAR.