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FNF

Fidelity National Financial, Inc.

FNF

Fidelity National Financial, Inc. • NYSE
$59.43 ▼ -0.08% (-0.05)
Market Cap $16.11 B
52w High $66.72
52w Low $50.61
Dividend Yield 2.00%
P/E 13.92
Volume 554.47K
Outstanding Shares 271.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.939B ▲ $1.502B ▲ $358M ▲ 9.089% ▲ $-1.32 ▼ $740M ▲
Q2-2025 $3.575B ▲ $1.484B ▲ $278M ▲ 7.776% ▲ $1.02 ▲ $643M ▲
Q1-2025 $2.674B ▼ $1.348B ▼ $83M ▼ 3.104% ▼ $0.3 ▼ $367M ▼
Q4-2024 $3.529B ▲ $1.397B ▲ $450M ▲ 12.751% ▲ $1.65 ▲ $891M ▲
Q3-2024 $3.519B $1.367B $266M 7.559% $0.98 $558M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $32.36B ▲ $106.636B ▲ $97.302B ▲ $8.355B ▲
Q2-2025 $31.804B ▲ $102.331B ▲ $93.512B ▲ $7.906B ▲
Q1-2025 $30.647B ▼ $98.209B ▲ $89.412B ▲ $7.893B ▲
Q4-2024 $31.049B ▼ $95.372B ▲ $86.84B ▲ $7.754B ▼
Q3-2024 $31.063B $94.672B $85.77B $8.082B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $389M ▲ $1.311B ▼ $-2.058B ▲ $969M ▲ $222M ▲ $1.273B ▼
Q2-2025 $293M ▲ $1.896B ▲ $-3.483B ▼ $375M ▼ $-1.212B ▼ $1.858B ▲
Q1-2025 $83M ▼ $1.115B ▼ $-785M ▲ $675M ▲ $1.005B ▲ $1.078B ▼
Q4-2024 $508M ▲ $1.495B ▼ $-2.846B ▼ $-140M ▲ $-1.491B ▼ $1.465B ▼
Q3-2024 $271M $2.366B $-1.995B $-291M $80M $2.326B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Corporate And Reconciling Items
Corporate And Reconciling Items
 $0 ▲$30.00M ▲$30.00M ▲$30.00M ▲
FG Segment
FG Segment
 $1.37Bn ▲$510.00M ▼$630.00M ▲$730.00M ▲
Title Segment
Title Segment
 $6.58Bn ▲$1.73Bn ▼$2.14Bn ▲$2.35Bn ▲

Five-Year Company Overview

Income Statement

Income Statement FNF’s revenue and profit have been quite cyclical, rising strongly in boom years for real estate and dipping when the housing market slows. After a weaker year, earnings have recently recovered, showing that the core business can bounce back when activity improves. Profit margins compressed during the slowdown but have since moved higher again, helped by cost control and efficiency gains. Overall, the company has a history of being solidly profitable over time, but results can swing with interest rates and real estate volumes, so investors should expect some ups and downs rather than a smooth growth path.

Balance Sheet

Balance Sheet The balance sheet looks generally sturdy. Total assets and shareholders’ equity have grown over the past several years, suggesting that the company has been building its underlying value base. Debt has increased, but at a measured pace, and remains moderate relative to the size of the business. Cash levels are healthy for an insurer and provide a buffer against shocks and claims volatility. Credit ratings in the strong category support the view that counterparties and regulators see FNF as financially sound, though the business is still exposed to broader economic and real estate cycles.

Cash Flow

Cash Flow FNF generates strong, consistent cash flow from its operations, even in years when accounting earnings are under pressure. Free cash flow is robust and comfortably exceeds the company’s modest capital spending needs, which reflects the relatively low physical investment required for a largely service- and data-driven business. This steady cash generation gives management flexibility to fund dividends, buybacks, and acquisitions while still investing in technology and growth initiatives. The key risk is that a prolonged downturn in real estate activity could soften cash flows, but recent history shows good resilience across different conditions.

Competitive Edge

Competitive Edge FNF holds a dominant position in U.S. title insurance, with top market share in many states and a very large share nationally. Its scale, long operating history, and deep relationships with lenders, realtors, and attorneys give it a strong edge over smaller rivals. Proprietary title plants and large data sets improve speed and accuracy, which is difficult for new entrants to replicate quickly. The company also benefits from a diversified set of related services and its majority stake in an annuities and life business, which broadens its earnings base beyond pure title insurance. Main competitive risks include increased price pressure, regulatory changes, and potential disruption from new technology players targeting parts of the real estate transaction chain.

Innovation and R&D

Innovation and R&D FNF is not a heavy traditional R&D spender like a tech or pharma company, but it is actively modernizing its business through applied technology. It is automating title search and closing processes, using AI and data analytics to reduce manual work and errors, and rolling out digital platforms such as inHere® and SoftPro to streamline transactions. Its extensive proprietary title data is a key asset that amplifies the benefits of these tools. The company is also experimenting with technologies like blockchain and leveraging major cloud and AI providers. The opportunity is more efficient operations and stickier customer relationships; the main risks are execution missteps, cybersecurity concerns, and the possibility that competing platforms or standards gain traction elsewhere in the industry.

Summary

Overall, FNF appears to be a financially solid, cash-generative leader in a niche but essential part of the real estate ecosystem. Its earnings are cyclical but have shown the ability to rebound as market conditions improve. The balance sheet and cash flow profile provide room to navigate downturns and invest in the business. Its competitive strength rests on scale, data, relationships, and a broadened mix of services, including annuities and life products. The ongoing push into AI and digital platforms aims to deepen this moat and support margins, but also introduces technology and execution risks. Anyone following FNF should pay close attention to the health of the housing market, interest rate trends, regulatory developments, and the company’s progress in turning its technology investments into lasting cost and service advantages.

NEWS

November 25, 2025 · 4:15 PM UTC

Fidelity National Financial CEO Mike Nolan and CFO Tony Park to Speak at the KBW 2025 Title Insurance Day

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November 11, 2025 · 4:15 PM UTC

Fidelity National Financial CEO Mike Nolan and CFO Tony Park to Speak at the Stephens Annual Investment Conference

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November 7, 2025 · 7:30 AM UTC

Fidelity National Financial Announces 4% Increase in Quarterly Cash Dividend

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November 7, 2025 · 6:25 AM UTC

Fidelity National Financial and F&G Annuities & Life Announce a Planned Distribution of Approximately 12% Ownership of F&G to FNF Shareholders

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November 6, 2025 · 4:17 PM UTC

FNF Reports Third Quarter 2025 Financial Results

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