Cannae Holdings, Inc. Common Stock 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Cannae Holdings allocated $7 million in capital during Q2 2026, with $58 million returned to shareholders year-to-date through July, including $44 million in buybacks and $14 million in dividends.
- No stock buybacks occurred in Q2 due to recent transactions, but management remains committed to buybacks in H2 2026.
- Approximately $45 million was allocated to investments in Q2 and $54 million year-to-date through July, including additional investment in Black Knight Football Club (BCFC) and a new investment in Exeter Rugby.
- The company sold its 49% stake in Watkins Company for $90 million, achieving a 1.2x multiple on invested capital and nearly 10% IRR in under two years.
- Cannae sold its 87% ownership in Bristow Ranch to a company owned by Vice Chairman Bill Foley, eliminating a put right and freeing approximately $47 million in capital.
- The restaurant group strategic review is ongoing but delayed due to financing issues; management aims to complete it in the next quarter.
- AFC Bournemouth finished sixth in the Premier League with 57 points, qualifying for the UEFA Europa League for the first time, increasing broadcast revenue and commercial opportunities.
- Phase one of AFC Bournemouth Stadium redevelopment will open later this month, adding 1,000 seats and doubling hospitality capacity, with plans to increase total capacity to 17,600 next season.
- Corporate holding company costs decreased approximately 76% year-over-year in Q2 2026 to just under $9 million, reflecting cost management and elimination of transition and management fees.
- SpaceX investment was marked to market following its June IPO, resulting in an $83.4 million gain in Q2 2026; future earnings will vary with market price.
- Black Knight Football reported Q1 2026 revenues of $89 million, up 45% year-over-year, driven by TV rights, sponsorships, and acquisitions; EBITDA increased to $80 million from $8 million in 2025.
- Cannae ended Q2 2026 with $46 million cash and $47.5 million debt maturing in 2030; liquidity improved to $124 million cash after Watkins sale and put right elimination, with an expected $45 million federal tax refund in 2026.
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Transcript
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Good afternoon, ladies and gentlemen, and welcome to the Cannae Holdings, Inc. second quarter 2026 financial results conference call. During today's presentation, all parties will be in a listen-only mode. Following the company's prepared remarks, the conference will be open for questions with instructions to follow at that time. As a reminder, this conference call is being recorded and a replay is available through 11:59 P.M. Eastern Time on August 24, 2026. With that, I would like to turn the call over to Jamie Lillis of Solebury Strategic Communications.
Please go ahead. Thank you, operator, and good afternoon.
Thank you for joining Cannae Holdings' second quarter 2026 earnings call. On today's call are Ryan Caswell, Chief Executive Officer, and Brett Correia, Interim Chief Financial Officer. But before we begin, I'd like to remind listeners that this call may contain forward-looking statements and references to non-GAAP financial measures. Statements that are not historical facts, including statements about Cannae's expectations, hopes, intentions, or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the risks and other factors detailed in our quarterly shareholder letter, which was released this afternoon, and in our other filings with the SEC. Today's remarks will also include references to non-GAAP financial measures. Additional information, including a reconciliation between non-GAAP financial information to the GAAP financial information, is provided in our shareholder letter. These statements are subject to risks and uncertainties described in our shareholder letter and our SEC filings. We undertake no obligation to update forward-looking statements. With that, I'll turn the call over to Ryan.
Thank you, Jamie, and good afternoon. On the call today, I plan to cover four topics: how we allocated capital during the quarter and our expectations going forward, the sale of non-core assets, the execution of our multi-club sports strategy at Black Knight Football, and how we are managing the holding company. Starting with capital allocation. In the second quarter, we allocated $7 million of capital as returns to shareholders through our quarterly dividend. And year to date through July, we have allocated $58 million to shareholders, of which $44 million is from buybacks and $14 million is dividends. In the second quarter, due to the recently announced transactions, the company did not buy back any stock.
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