Cannae Q3 Update: Black Knight Football Revenue Rises to $117.5 Million

The Tip Desk · November 12, 2026 · 5 min read

Cannae’s third-quarter 2026 update reported Black Knight Football revenue of $117.5 million and a $42.4 million net loss for the quarter ended June 30, with Cannae’s share reported on a three-month lag. The holding company repurchased 4.2 million shares for $67 million from the third quarter through Nov. 9.

Cannae Holdings, Inc. (CNNE), a diversified holding company, reported in its third-quarter 2026 update that Black Knight Football revenue rose to $117.5 million from $87.9 million for the three months ended June 30, 2026, while net results swung to a $42.4 million loss from $60.4 million in income a year earlier. Cannae reports its share of those results on a three-month lag. The company said it closed the operations of the remaining O’Charley’s restaurants in September, eliminating that business’s cash burn to Cannae, and continues to explore alternatives for Ninety Nine Restaurants.

The company said it is accelerating a shift toward sports and entertainment assets by monetizing noncore holdings and redeploying capital into those businesses or shareholder returns. In July it closed the previously announced sale of its interest in Watkins for $90 million in cash and sold its interest in Brasada Ranch to eliminate both Bill Foley’s put right and Brasada’s debt. Since the beginning of 2025 through the third quarter of 2026, Cannae generated $793 million of proceeds from sales of noncore assets.

In September it invested an additional $22 million in Black Knight Football as part of a broader capital raise. The third quarter was its first quarter of ownership of Exeter Rugby Group, acquired June 29, 2026, at an enterprise value of £32.6 million (about $43 million), with Cannae investing £19.6 million (about $26 million) at closing.

Black Knight Football, reported on a three-month lag, posted revenue of $117.5 million for the three months ended June 30, 2026, versus $87.9 million a year earlier. Net loss was $42.4 million, versus net income of $60.4 million in the year-ago period. EBITDA was $11.6 million, versus $95.7 million. Adjusted EBITDA excluding profit on player trading was $6.6 million, versus $15.8 million.

For the trailing twelve months ended June 30, 2026, BKFC generated total revenue of $312.0 million, compared with $236.2 million in 2025. That 2026 revenue included $16.2 million from FC Lorient for the six months ended June 30, 2026, and $9.0 million from Moreirense, versus no revenue for those clubs in 2025 because of acquisition timing. BKFC EBITDA was $117.8 million, including profit on player trading of $91.4 million, versus prior-year EBITDA of $116.8 million. Adjusted EBITDA excluding player trading profit and other nonrecurring items was $(0.9) million, versus $(4.1) million.

BKFC recorded an operating loss of $80.3 million in the twelve months ended June 30, 2026, versus operating income of $0.5 million a year earlier. Net loss was $70.2 million, versus $14.4 million. Cannae’s share of net loss was $26.8 million, versus $6.2 million. Cash was $92.7 million, versus $123.7 million. Player transfer fees receivable were $252.6 million, versus $163.5 million. Total assets were $1,016.1 million, versus $787.1 million. Player transfer fee liabilities were $282.4 million, versus $192.4 million. Notes payable were $114.9 million, versus $67.0 million. Total liabilities were $646.4 million, versus $434.2 million. Total equity was $369.7 million, versus $345.2 million. As of November 6, 2026, Cannae had invested $285 million and held a 44.3% ownership interest in Black Knight Football.

AFC Bournemouth recorded total revenue of $286.6 million in the trailing 12 months ended June 30, 2026, a 21% increase over $236.2 million in 2025, which the company described as record-setting for the fiscal year ended June 30, 2026. The club opened Phase 1 of its stadium renovation this fall, doubling hospitality covers and increasing capacity by 10% by filling in two corners. Phase 2, opening next year, will increase capacity to approximately 17,600. Bournemouth started its first-ever European campaign, winning its first four games of European competition and sitting in 7th place in the Premier League.

FC Lorient grew revenue 38% in its fiscal year ended June 30, 2026. Moreirense finished 7th in the Portuguese Primeira Liga.

JANA Partners, also on a three-month lag, posted total revenues of $4.3 million for the three months ended June 30, 2026, versus $5.3 million a year earlier, and net income of $0.8 million, versus $1.7 million. For the twelve months ended June 30, 2026, JANA revenue was $20.8 million, versus $37.5 million, and net income was $6.7 million, versus $21.5 million. Cannae’s share of net income was $2.2 million, versus $3.7 million. Cannae’s investment in JANA Partners, net of distributions, was $116.3 million, with ownership at 50.0% after rising from 20.0% on September 30, 2025. JANA AUM was $2.2 billion at both period-ends.

Minden Mill’s three-month net revenue was $1.0 million, versus $0.8 million a year earlier. For the twelve months ended June 30, 2026, net sales were $3.3 million, a 14% increase, which the company said was primarily driven by Evil Bean. Cannae’s share of net loss was $3.8 million, versus $4.3 million.

Management said an efficiency drive decreased holding company expenses by $58.8 million, or 70%, in the first nine months of 2026 compared with 2025. In November the company cancelled a lease and cost-sharing agreement for a portion of an aircraft, which it said will reduce annual operating expenses by approximately $3 million.

During the third quarter through November 9, 2026, Cannae repurchased 4.2 million shares for $67 million. Year-to-date in 2026 it had repurchased 7.7 million shares for $111 million, representing 16.4% of shares outstanding, and paid $20 million of dividends, bringing total year-to-date capital returns to $131 million. In November it announced that two directors will not stand for re-election at the December 11, 2026 annual meeting and will reduce the size of its Board to ten members following the meeting.