Operational liquidity remains under pressure as the company continues to fund share repurchases, including $14.7 million in 2026Q1, despite generating negative free cash flow of $20.5 million in the same period.
| Cash from Operations | -43.8M | -18.1M | -90.1M | -87.8M | -205.1M | -176.1M | -113.9M | -84.2M | -22.9M | -90.7M | 60.3M | 11.1M |
| Operating CF Margin % | - | -4.27% | -19.91% | -15.4% | -30.98% | -23.73% | -19.45% | -7.87% | -1.9% | -7.76% | 5.12% | 0.78% |
| Operating CF Growth % | -42.61% | 79.91% | -2.62% | 57.19% | -16.47% | -54.61% | -35.27% | -267.69% | 74.75% | -250.41% | 443.24% | - |
| Net Income | -432.3M | -3.08B | -310.1M | -313.4M | -429.6M | -286.4M | 1.79B | 46.8M | -10.6M | 92.5M | -11.9M | -7.3M |
| Depreciation & Amortization | 121.6M | 407M | 27.8M | 38.3M | 44.6M | 49M | 55.8M | 93.3M | 61.3M | 58.1M | 62.9M | 65.5M |
| Stock-Based Compensation | 18.1M | 19M | 19M | 3.5M | 1.5M | 2.4M | 4.2M | 4.6M | 21.8M | 500K | 1.2M | 1.4M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -48.9M | 0 | 214.3M | 72.7M | -269.5M | 32.8M | 44.5M |
| Other Non-Cash Items | 1.08B | 2.6B | 205.3M | 314.4M | 414.3M | 309.2M | -1.9B | -354.1M | -182.7M | -4.9M | -9.3M | -11.8M |
| Working Capital Changes | 5.5M | 33.6M | -32.1M | -130.6M | -235.9M | -201.4M | -59.7M | -89.1M | 14.6M | 32.6M | -15.4M | -81.2M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.2M | -7.3M | -1.2M | -4.2M | -1.6M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -36.2M | 9.5M | -12.2M | 11.8M | 11.2M |
| Change in Payables | 22.7M | 0 | -19.4M | -19.4M | -36.7M | -1.2M | 0 | 8.4M | 900K | 15M | -7.6M | -23.5M |
| Cash from Investing | 518.8M | 518.1M | 298.3M | 53.1M | 521.2M | -272.4M | -74.2M | -24.2M | 186.7M | 91.7M | -168.2M | 273.1M |
| Capital Expenditures | -10.3M | 0 | 0 | -10M | -14.3M | -13.7M | -22.3M | -28.3M | -15.9M | -40.1M | -55.2M | -60.5M |
| CapEx % of Revenue | 2.47% | 2.46% | 1.55% | 1.75% | 2.16% | 1.85% | 3.81% | 2.64% | 1.32% | 3.43% | 4.68% | 4.28% |
| Acquisitions | 89.6M | 0 | 0 | 7.3M | 266.7M | -954.8M | 8.6M | -504.9M | 61.5M | 102M | -144.5M | 52.9M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 420.8M | 518.1M | 472.6M | 52.7M | 18M | -13.2M | -60.5M | 25.4M | 5.4M | 2.5M | 41.7M | 4.5M |
| Cash from Financing | -465.3M | -449.5M | -182.9M | -106.8M | -154.2M | -190.4M | 379.1M | 319.1M | -86.4M | 98.2M | -20.8M | -212.5M |
| Debt Issued (Net) | 41.5M | -97.8M | 103.7M | 65.7M | 83.4M | -29.8M | 45.2M | 76.5M | 33.9M | 84.4M | 76.7M | 132M |
| Equity Issued (Net) | -334.4M | -319.7M | -235M | -113.4M | -229.5M | -160.4M | -15.2M | -5.7M | -200K | 0 | -52.1M | 0 |
| Dividends Paid | -29.8M | -30.5M | -22.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -334.4M | -319.7M | -235M | -113.4M | -229.5M | -160.4M | -15.2M | -5.7M | -200K | -46M | -52.1M | -285.8M |
| Other Financing | -142.6M | -1.5M | -29.2M | -59.1M | -8.1M | -200K | 349.1M | 248.3M | -120.1M | 13.8M | -45.4M | -344.5M |
| Net Change in Cash | 9.5M | 50.5M | 25.3M | -141.5M | 161.9M | -638.9M | 191M | 210.7M | 77.4M | 99.2M | -128.7M | 71.7M |
| Free Cash Flow | -54.1M | -28.5M | -97.1M | -97.8M | -219.4M | -189.8M | -136.2M | -112.5M | -38.8M | -130.8M | 5.1M | -49.4M |
| FCF Margin % | -12.99% | -6.73% | -21.46% | -17.16% | -33.14% | -25.57% | -23.25% | -10.51% | -3.22% | -11.18% | 0.43% | -3.49% |
| FCF Growth % | -6.29% | 70.65% | 0.72% | 55.42% | -15.6% | -39.35% | -21.07% | -189.95% | 70.34% | -2664.71% | 110.32% | - |
| FCF per Share | -1.18 | -0.50 | -1.51 | -1.33 | -2.69 | -2.11 | -1.59 | -1.55 | -0.54 | -1.85 | 0.07 | -0.70 |
| FCF Conversion (FCF/Net Income) | 0.13x | 0.04x | 0.30x | 0.28x | 0.48x | 0.61x | -0.06x | -1.80x | -0.83x | -0.83x | -4.86x | -0.48x |
| Interest Paid | 1.3M | 0 | 6.3M | 13.6M | 9.6M | 7M | 5.5M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 200K | 0 | 900K | 4.6M | 100M | 128.9M | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operational Cash Burn
According to the provided cash flow data, CNNE exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently fluctuating, most notably reaching 2.96 in 2024Q3, which suggests that reported net losses are significantly decoupled from actual cash-generating activities.
The wide variance between net income and operating cash flow indicates that non-cash items, such as mark-to-market adjustments on equity holdings, dominate the bottom line. Investors should monitor this divergence, as it implies that the consolidated restaurant operations are failing to convert accounting losses into a predictable cash-flow profile.
As reported in financial statements, CNNE's free cash flow trajectory remains volatile and largely negative, with FCF margins hitting a low of -33.7% in 2024Q1, indicating that the company's core operations are currently unable to self-fund without relying on external capital or asset liquidations.
The inability to maintain positive FCF margins suggests that the restaurant portfolio acts as a structural drain on the parent company's liquidity. This trend warrants further investigation into whether management can achieve a turnaround or if the cash burn will necessitate further divestitures of core investment holdings.
Based on historical cash flow figures, CNNE experiences significant working capital swings, including a $50.1 million outflow in 2023Q4, which suggests that the company's cash position is highly sensitive to the timing of payables and inventory management within its consolidated restaurant segment.
These erratic working capital movements imply that the company lacks a stable cash conversion cycle, likely exacerbated by the operational challenges of its dining brands. Such volatility complicates liquidity planning and may force the company to maintain higher cash balances than would otherwise be necessary.
Data from recent filings indicates that CNNE continues to prioritize share repurchases, such as the $119.7 million outflow in 2025Q3, even while the consolidated business generates negative operating cash flow, suggesting a management strategy that favors capital return over internal reinvestment or debt reduction.
This aggressive deployment of capital during periods of operational cash burn appears to rely on the monetization of minority stakes rather than organic cash generation. Investors should consider whether this strategy is sustainable if the valuation of the underlying investment portfolio faces continued market pressure.
Quick answers to the most common questions about buying CNNE stock.
Cannae Holdings, Inc. (CNNE) generated $-18.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cannae Holdings, Inc. (CNNE) reported negative free cash flow of $28.5M in 2025, indicating capital requirements exceeded cash from operations.
Cannae Holdings, Inc. (CNNE) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cannae Holdings, Inc. (CNNE) returned $30.5M to shareholders via cash dividends and spent $319.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.