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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Cannae
Cannae (CNNE) investor relations material
Cannae Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary23 Feb, 2026
Executive summary
Achieved significant portfolio transformation in 2025, highlighted by the $630 million sale of Dun & Bradstreet and divestitures of Paysafe, System One, and Sightline, generating a $55 million tax refund expected in summer 2026.
Returned $323 million to shareholders via stock repurchases, reducing shares outstanding by 28%, and increased the quarterly dividend by 25% to $0.15, totaling $30 million in dividends paid.
Focused on proprietary private investments, notably increasing stakes in Black Knight Football Club and JANA Partners, and completed the acquisition of FC Lorient.
Board and management are dissatisfied with stock price and have launched new strategic priorities to enhance value and transparency.
Released fourth quarter and full year 2025 financial results, available on the company website, and scheduled a conference call for February 23, 2026, at 5:00 pm ET.
Financial highlights
Q4 2025 operating revenue was $103 million, down 6% year-over-year, mainly due to lower restaurant revenue and fewer O'Charley's locations.
Q4 2025 operating expenses were $127 million, including $12 million in non-cash impairment charges; excluding these, expenses fell by 13%.
Full-year 2025 operating revenue was $424 million, down from $453 million in 2024; operating loss increased to $119 million from $104 million.
Net recognized losses in Q4 2025 were $8 million, primarily from mark-to-market losses on Paysafe exit.
Equity and losses of unconsolidated holdings were $69 million in Q4 2025, mainly due to Alight's goodwill write-off.
Outlook and guidance
Strategic focus shifting toward sports and entertainment assets, with ongoing monetization of non-strategic holdings and exploration of alternatives for the restaurant group.
Enhanced disclosure and transparency initiatives, including detailed asset-level reporting and public posting of Black Knight Football financials.
Commitment to consistent quarterly dividends and opportunistic share repurchases, prioritizing capital flexibility.
What non-sports assets are next for sale?
BKFC monetization strategy and timeline
How will capital flexibility impact buybacks?
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Next Cannae earnings date
Q1 202611 May, 2026
Cannae
Next Cannae earnings date
Q1 202611 May, 2026
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Frequently asked questions
Cannae Holdings Inc is a diversified holding company with investments in financial services, technology, and restaurant brands. The company focuses on acquiring and managing controlling and non-controlling interests in public and private businesses. It operates with an opportunistic investment strategy. The company is headquartered in Las Vegas, Nevada, and its shares are listed on the NYSE.
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