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Fidelity National Financial
Fidelity National Financial (FNF) investor relations material
Fidelity National Financial Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Fourth quarter and full year 2025 results were strong, with both Title and F&G segments delivering robust performance and execution in a challenging market.
Adjusted net earnings for Q4 2025 were $382 million ($1.41/share), up from $366 million ($1.34/share) in Q4 2024; full year adjusted net earnings were $1.4 billion ($4.97/share), up from $1.3 billion ($4.63/share) in 2024.
Title business achieved industry-leading adjusted pre-tax margins and benefited from disciplined expense management and technology investments.
F&G segment grew assets under management and completed a significant share distribution to unlock shareholder value.
Net loss attributable to common shareholders for Q4 2025 was $117 million due to a $471 million noncash deferred tax charge from the F&G share distribution.
Financial highlights
Fourth quarter total revenue was $4.1 billion, up from $4 billion in Q4 2024; adjusted net earnings were $382 million ($1.41 per share), up from $366 million ($1.34 per share) in Q4 2024.
Full year 2025 adjusted net earnings reached $1.4 billion, a 7% increase over 2024, with total revenue (excluding gains/losses) of $14.5 billion, up 7% year-over-year.
Title segment Q4 revenue was $2.3 billion, with direct premiums up 21% and agency premiums up 7% year-over-year.
F&G segment AUM before flow reinsurance rose to $73.1 billion (+12% YoY); full year gross sales were $14.6 billion.
FNF returned $800 million to shareholders in 2025 via $546 million in dividends and $251 million in share repurchases.
Outlook and guidance
Management is optimistic for 2026, expecting higher purchase and refinance volumes as mortgage rates decline, with commercial activity expected to be as strong or better than 2025.
Title margins are expected to trend toward the midpoint of the 15%-20% normalized range, supported by efficiency gains and technology.
Interest and investment income is projected at $95-$100 million per quarter in 2026, assuming two Fed rate cuts.
Management expects continued strong performance in Title and F&G, with F&G focusing on growing fee-based, higher margin, and less capital-intensive earnings streams.
F&G aims to broaden investor interest and improve valuation through increased liquidity and a capital-light business model.
F&G 70% stake: future ownership strategy
Title margin drivers: commercial strength vs. cost
F&G adjusted earnings decline: strategy progress?
Will 2026 margins reach midpoint of 15-20% range?
What drives commercial fee per file volatility?
What M&A opportunities exist in tech for 2026?
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Next Fidelity National Financial earnings date
Q1 20267 May, 2026
Fidelity National Financial
Next Fidelity National Financial earnings date
Q1 20267 May, 2026
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Frequently asked questions
Fidelity National Financial, Inc. operates as a title insurance company in the United States. It offers title insurance, escrow, and other title related services, including trust activities, trustee sales guarantees, recordings and conveyances, and home warranty insurance. The company offers national title insurance policies through its direct underwriting divisions and agencies that reissue the policies under their names.
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