Fidelity National Financial (FNF) FY2020 results: revenue $10.8 billion, up 27.3% on the year
Fidelity National Financial, Inc. (FNF) reported revenue of $10.8 billion for fiscal 2020, the year ended 31 December 2020, up 27.3% on the year before. Net income was $1.4 billion, up 34.4%, and diluted earnings per share $4.99. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$10.8 billion
+27.3% on the year
FY2013FY2020
Operating margin
16.6%
16.2% a year earlier
FY2013FY2020
Net income
$1.4 billion
+34.4% on the year
FY2013FY2020
Diluted EPS
$4.99
+30.3% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
10,778
8,469
7,594
+27.3%
Operating income
1,784
1,369
750
+30.3%
Operating margin
16.6%
16.2%
9.9%
Interest expense
90.0
47.0
43.0
+91.5%
Pre-tax income
1,784
1,369
750
+30.3%
Income tax
322
308
120
+4.5%
Effective tax rate
18.0%
22.5%
16.0%
Net income
1,427
1,062
628
+34.4%
Net margin
13.2%
12.5%
8.3%
Diluted EPS
$4.99
$3.83
$2.26
+30.3%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,578
1,121
943
+40.8%
Cash from investing
-2,331
-520
-354
Cash from financing
2,096
-482
-442
Depreciation and amortisation
296
178
182
+66.3%
Share-based compensation
39.0
38.0
31.0
+2.6%
Buybacks
236
86.0
20.0
+174.4%
Dividends paid
389
344
328
+13.1%
Diluted shares, weighted
286m
277m
278m
+3.2%
Shares outstanding at period end
291m
276m
275m
+5.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
8,351
5,382
4,630
+55.2%
Non-controlling interest
41.0
-17.0
-2.0
Redeemable equity
0.0
344
344
Deposits
n/a
791
822
Debt
2,662
838
836
+217.7%
Other liabilities
39,401
3,339
2,671
+1,080.0%
Total liabilities and equity
50,455
10,677
9,301
+372.6%
Fixed assets
180
176
164
+2.3%
Goodwill
4,495
2,727
2,726
+64.8%
Intangible assets
540
422
513
+28.0%
Securities held for sale or to maturity
27,587
2,090
1,998
+1,220.0%
Cash and equivalents
2,719
1,376
1,257
+97.6%
Other assets
14,934
3,886
2,643
+284.3%
Total assets
50,455
10,677
9,301
+372.6%
10-K for the year ended 31 December 2020, filed 1 March 2021: the filing.