Fidelity National Financial (FNF) investor relations material

Executive summary

• Q3 net earnings were $848M; earnings attributable to common shareholders were $633M, or $2.37 per diluted share, versus $358M, or $1.33, a year earlier.

• Adjusted net earnings were $352M, or $1.32 per share, versus $439M, or $1.63; adjusted Title earnings rose 3% YoY while F&G adjusted earnings declined.

• Title activity and commercial results improved; F&G reported pretax earnings rose sharply amid favorable market-related movements, while high rates and seasonality pressured residential activity.

Financial highlights

• Q3 revenue was $3.578B versus $4.030B YoY; excluding net recognized gains and losses, revenue was $3.5B versus $3.9B. Nine-month revenue was $10.855B versus $10.394B.

• Q3 earnings before taxes were $1.245B versus $453M; income tax expense was $397M versus $90M, with effective tax rates of 32% versus 20%.

• Nine-month operating cash flow was $4.167B versus $4.322B; investing cash outflow was $2.502B versus $6.326B, and financing cash outflow was $1.443B versus $2.019B inflow.

Outlook and guidance

• Q4 adjusted pretax Title margin expected toward the lower end of the 15%-20% normal range, reflecting seasonality, elevated rates, recruiting and acquisitions.

• Title and corporate interest and investment income expected to rise from $98M in Q3 to ~$105M in Q4, then increase ~$5M quarterly through 2027, assuming 75 bps of Fed rate hikes over nine months.

• F&G expects high-single-digit gross AUM growth and low-single-digit net AUM growth; flow reinsurance remains part of its capital-light strategy.

• Commercial activity expected to remain strong into 2027; improved rates, transaction growth, AI and technology productivity could support results, with cost and staffing levers available if volumes weaken.

• MBA forecast U.S. mortgage originations of $2.1T in 2026 and 2027 and $2.2T in 2028; purchase activity expected relatively flat YoY in 2026 amid inventory and affordability constraints.