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Fidelity National Financial (FNF) FY2025 results: revenue $14.4 billion, up 5.6% on the year

Fidelity National Financial, Inc. (FNF) reported revenue of $14.4 billion for fiscal 2025, the year ended 31 December 2025, up 5.6% on the year before. Net income was $602 million, down 52.6%, and diluted earnings per share $2.21. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue
$14.4 billion
+5.6% on the year
FY2018FY2025
Operating margin
9.7%
12.7% a year earlier
FY2018FY2025
Net income
$602 million
-52.6% on the year
FY2018FY2025
Diluted EPS
$2.21
-52.5% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 kept.

  • Full-year adjusted earnings $4.97 per share: Full-year adjusted net earnings were $1.4 billion, or $4.97 per share, against $1.3 billion, or $4.63 per share, for 2024. The adjusted measure excludes mark-to-market effects and non-recurring items.
  • Title adjusted earnings rose to $1.1 billion: The Title Segment contributed $306 million in the fourth quarter and $1.1 billion for the full year, against $263 million and $877 million in 2024.
  • Commercial revenue up 27%: Commercial revenue was $479 million in the fourth quarter, up 27%. Commercial orders opened rose 8% and commercial orders closed rose 14% over the fourth quarter of 2024.
  • Fourth-quarter adjusted title margin 17.5%: Pre-tax title margin was 14.7% and adjusted pre-tax title margin 17.5% in the fourth quarter, against 13.5% and 16.6% a year earlier.
  • Record F&G assets under management: AUM before flow reinsurance reached $73.1 billion at year-end, up 12%. Retained AUM was $57.6 billion, up 7% over year-end 2024.
Read the Q4 FY2025 earnings call summary

From this 10-K

Fidelity National Financial provides title insurance, escrow and other title-related services, and transaction services to the real estate and mortgage industries. It issues title insurance through five underwriters: Fidelity National Title Insurance Company, Chicago Title Insurance Company, Commonwealth Land Title Insurance Company, Alamo Title Insurance and National Title Insurance of New York. The company states that together they issue more title insurance policies than any other title company in the United States. It also controls F&G Annuities & Life, Inc., a separately listed annuity and life insurer.

Fidelity National Financial, Inc., the 10-K for 2025

Fidelity National Financial provides title insurance, escrow and other title-related services, and transaction services to the real estate and mortgage industries. It issues title insurance through five underwriters: Fidelity National Title Insurance Company, Chicago Title Insurance Company, Commonwealth Land Title Insurance Company, Alamo Title Insurance and National Title Insurance of New York. The company states that together they issue more title insurance policies than any other title company in the United States. It also controls F&G Annuities & Life, Inc., a separately listed annuity and life insurer.

Title insurance

Most U.S. real estate transactions need title insurance before they can close. A lender's policy protects the mortgage lender against defects affecting the priority of its mortgage, and an owner's policy protects the buyer against defects in title. Through the third quarter of 2025, its insurance companies had a 32% share of the U.S. title insurance market, according to the American Land Title Association. Residential title insurance is the majority of its business, and it also insures commercial real estate.

It sells through its own direct operations and through independent agents. It has about 1,300 direct title offices and about 5,100 agents. In direct operations the underwriter issues the policy and keeps the whole premium; with an independent agent, the agent usually performs the title search, collects the premium and keeps the majority of it. Its commercial title business runs mainly through direct operations in major markets including Washington D.C., Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, New York, Philadelphia, Phoenix and Seattle. In its largest markets it runs several brands side by side, including Lawyers Title Company and Ticor Title Company as well as the underwriter names.

Around the policy it offers escrow and closing services, trust activities, trustee sales guarantees, recordings and reconveyances, and home warranty products. Its subsidiary ServiceLink Holdings, LLC provides mortgage transaction services, including title-related services and help producing and managing mortgage loans, including loans in default.

F&G

F&G sells deferred annuities, including fixed indexed annuities, registered index-linked annuities and multi-year guarantee annuities, as well as immediate annuities and indexed universal life insurance. To institutions it provides funding agreements and pension risk transfer. It distributes through about 300 Independent Marketing Organizations and 26 banks and broker dealers, representing about 187,000 independent agents and advisers. Blackstone Inc. handles idea generation and security selection for its investments under a strategic partnership.

FNF distributed about 15% of F&G's common stock to its shareholders on December 1, 2022, and a further 12% on December 31, 2025, after which it owned about 70% of F&G.

The segments

It reports three segments. Title covers the underwriters, the related title businesses and the transaction services business. F&G covers the annuity and life business. Corporate and Other covers the parent holding company, its real estate technology subsidiaries and other smaller non-title businesses.

People

At December 26, 2025 it employed 24,535 full-time equivalent employees: 22,790 in Title, 1,171 in F&G and 574 in Corporate and Other. Most F&G employees are in Des Moines, Iowa. None of its employees are subject to collective bargaining agreements.

From Fidelity National Financial's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue14,44513,68111,752+5.6%
Operating income1,3971,742693-19.8%
Operating margin9.7%12.7%5.9%
Interest expensen/a209174
Pre-tax income1,3971,742693-19.8%
Income tax753367192+105.2%
Effective tax rate53.9%21.1%27.7%
Net income6021,270517-52.6%
Net margin4.2%9.3%4.4%
Diluted EPS$2.21$4.65$1.91-52.5%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow5,8286,8156,478-14.5%
Cash from investing-8,934-7,862-9,090
Cash from financing2,2631,7593,093+28.7%
Depreciation and amortisation844739593+14.2%
Share-based compensation88.082.060.0+7.3%
Buybacks2510.06.0
Dividends paid546532500+2.6%
Dividend per share$2.02$1.94$1.83+4.1%
Diluted shares, weighted272m273m271m-0.4%
Shares outstanding at period end271m275m273m-1.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity7,4247,7546,908-4.3%
Non-controlling interest1,548778552+99.0%
Debt4,4004,3213,887+1.8%
Other liabilities95,64282,51969,267+15.9%
Total liabilities and equity109,01495,37280,614+14.3%
Fixed assets189173168+9.2%
Goodwill5,2725,2714,830+0.0%
Intangible assets9175,9764,627-84.7%
Securities held for sale or to maturity54,56148,21842,373+13.2%
Loans7,8915,9265,336+33.2%
Cash and equivalents2,6363,4792,767-24.2%
Other assets37,54826,32920,513+42.6%
Total assets109,01495,37280,614+14.3%

10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.