Fidelity National Financial (FNF) FY2019 results: revenue $8.5 billion, up 11.5% on the year
Fidelity National Financial, Inc. (FNF) reported revenue of $8.5 billion for fiscal 2019, the year ended 31 December 2019, up 11.5% on the year before. Net income was $1.1 billion, up 69.1%, and diluted earnings per share $3.83. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$8.5 billion
+11.5% on the year
FY2012FY2019
Operating margin
16.2%
9.9% a year earlier
FY2012FY2019
Net income
$1.1 billion
+69.1% on the year
FY2012FY2019
Diluted EPS
$3.83
+69.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
8,469
7,594
7,663
+11.5%
Operating income
1,369
750
864
+82.5%
Operating margin
16.2%
9.9%
11.3%
Interest expense
47.0
43.0
48.0
+9.3%
Pre-tax income
1,369
750
864
+82.5%
Income tax
308
120
235
+156.7%
Effective tax rate
22.5%
16.0%
27.2%
Net income
1,062
628
771
+69.1%
Net margin
12.5%
8.3%
10.1%
Diluted EPS
$3.83
$2.26
n/a
+69.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,121
943
737
+18.9%
Cash from investing
-520
-354
79.0
Cash from financing
-482
-442
-1,029
Depreciation and amortisation
178
182
389
-2.2%
Share-based compensation
38.0
31.0
44.0
+22.6%
Buybacks
86.0
20.0
23.0
+330.0%
Dividends paid
344
328
278
+4.9%
Diluted shares, weighted
277m
278m
n/a
-0.4%
Shares outstanding at period end
276m
275m
274m
+0.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,382
4,630
4,447
+16.2%
Non-controlling interest
-17.0
-2.0
20.0
Redeemable equity
344
344
344
0.0%
Deposits
791
822
n/a
-3.8%
Debt
838
836
759
+0.2%
Other liabilities
3,339
2,671
3,581
+25.0%
Total liabilities and equity
10,677
9,301
9,151
+14.8%
Fixed assets
176
164
193
+7.3%
Goodwill
2,727
2,726
2,746
+0.0%
Intangible assets
422
513
618
-17.7%
Securities held for sale or to maturity
2,090
1,998
1,816
+4.6%
Cash and equivalents
1,376
1,257
1,110
+9.5%
Other assets
3,886
2,643
2,668
+47.0%
Total assets
10,677
9,301
9,151
+14.8%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.