Fidelity National Financial (FNF) Q1 2026 earnings summary

Executive summary

• Net earnings rose to $243 million ($0.90 per diluted share) in Q1 2026, up from $83 million in Q1 2025, driven by strong Title and F&G segment performance and a $14 million gain from the F&G Life Re sale.

• Adjusted net earnings were $249 million ($0.93 per share), up from $213 million ($0.78 per share) year-over-year, excluding mark-to-market and non-recurring items.

• Title segment delivered industry-leading adjusted pre-tax margin of 13.1%, up 140 basis points year-over-year, with robust commercial, direct, and refinance activity.

• F&G segment achieved record assets under management before reinsurance of $74.5 billion, up 11% year-over-year, and returned to profitability with $323 million pre-tax earnings.

• Returned $222 million to shareholders via $140 million in dividends and $82 million in share repurchases in Q1 2026.

Financial highlights

• Q1 2026 revenues were $3.23 billion, up from $2.73 billion in Q1 2025; adjusted revenue (excluding gains/losses) was $3.3 billion.

• Title segment revenue was $2.1 billion, up from $1.8 billion; direct premiums rose 14%, agency premiums 16%, and escrow/title fees 12%.

• Commercial revenue grew 15% to $338 million; refinance orders opened increased 52% and closed increased 75% year-over-year.

• F&G segment reported gross sales of $3.2 billion, with net sales of $2.2 billion and pre-tax earnings of $323 million.

• Cash and cash equivalents at quarter-end were $2.47 billion; total assets were $111.5 billion.

Outlook and guidance

• Confident in maintaining 15%-20% annual adjusted pre-tax title margin even if residential volumes remain at current levels.

• Expect $90-$95 million in interest and investment income per quarter for the remainder of 2026, assuming no Fed rate cuts.

• MBA forecasts U.S. mortgage originations to increase in 2026 and remain flat in 2027-2028; residential purchase and refinance originations expected to rise.

• Management remains confident in the strategy for both Title and F&G segments, emphasizing continued execution, cash generation, and long-term shareholder value.

• Residential outlook is sensitive to mortgage rates; upside possible if rates stabilize in the low 6% range.