Fidelity National Financial (FNF) Company Report

Fidelity National Financial reported strong November 2025 order trends, with purchase orders up 5% daily, refinance opens up 54%, and commercial opens up 14% compared to November 2024.
The company achieved a 17.8% margin in Q3 2025 and anticipates 2025 margins to outperform 2024. For 2026, the base case projects better margins than 2025, driven by an expected 10% improvement in existing home sales (forecasted at 4.4-4.5 million), stable to positive refi and commercial markets, and stable or declining interest rates.
The commercial pipeline is robust, with open orders consistently in the mid to higher 800s a day in 2025, and November 2025 reaching 891 commercial open orders a day. 2025 commercial revenue is expected to exceed $1.4 billion, with 2026 potentially surpassing $1.5 billion.
Refinance activity, which constituted 7% of direct revenue in Q1-Q3 2025, saw a significant increase to 2,100 open refinances a day in September 2025. The company foresees further substantial growth if interest rates decline into the 5s.
FNF distributed an additional 12% of its F&G ownership to FNF shareholders as a dividend, increasing F&G's public float to 30% (approximately $1 billion). FNF will retain a 70% ownership stake post-distribution, which prevents a tax-free spin-off of the remaining shares.

4 days ago

Transcript

Fidelity National Financial Reports Strong Order Trends and Positive 2026 Outlook, Announces F&G Share Distribution

FNF

Guidance Update

Dividends

Revenue Acceleration/Inflection

Fidelity National Financial (FNF) reported strong order trends for November 2025 compared to the prior year, with purchase orders up 5% daily, refinance opens up 54%, and commercial opens up 14%. Commercial opens in November were the second best of the year, indicating strength going into 2026.
The company expects to outperform 2024 margins for the full year 2025 and projects better margins in 2026 compared to 2025, assuming stable or declining rates and improved existing home sales. The normalized margin range remains 15%-20%.
FNF anticipates 2025 commercial revenue to exceed $1.4 billion, making it the third-best year ever, with potential for 2026 to surpass $1.5 billion. The refinance market, which was 7% of direct revenue in Q3 2025, could see a doubling of activity in 2026 if rates remain stable or decline, with further upside if rates drop to the 5s.
At the end of Q3 2025, FNF's holding company cash stood at $735 million. The company recently raised its common dividend (annual commitment of ~$560-$565 million) and plans opportunistic share buybacks and M&A, generating $900 million-$1 billion in annual cash flow to the holding company in a normal year.
The board approved distributing an additional 12% of F&G shares as a dividend to FNF shareholders, increasing F&G's public float to 30% while FNF retains a 70% ownership stake.

4 days ago

Transcript

Fidelity National Financial Reports Strong Q3 Margins and Positive Market Trends, Announces F&G Share Distribution

FNF

Guidance Update

Revenue Acceleration/Inflection

Dividends

FNF's November 2025 order trends showed strength with purchase orders up 5% daily, refinance opens up 54%, and commercial opens up 14% compared to last November.
The company reported a strong 17.8% margin in Q3 2025 and anticipates better overall margins in 2026 compared to 2025, projecting existing home sales to improve by about 10% to the 4.4-4.5 million range.
FNF expects its commercial revenue to be $1.4 billion or more in 2025, potentially exceeding $1.5 billion in 2026, driven by a strong pipeline and increasing transaction sizes.
The company distributed an additional 12% of F&G ownership to FNF shareholders as a dividend, increasing F&G's public float to 30%, with FNF retaining a 70% stake.
FNF ended Q3 2025 with $735 million in holding company cash and prioritizes its common dividend (approximately $560-565 million annually), opportunistic share buybacks, and M&A.

4 days ago

Transcript

Fidelity National Financial Discusses Housing Market, Commercial Growth, and Capital Allocation

FNF

Demand Weakening

Revenue Acceleration/Inflection

Dividends

Fidelity National Financial (FNF) observes the U.S. housing market is in its fourth year of a low transactional environment, with existing home sales forecasted around 4 million units annually. However, there are signs of stabilization, including more inventory, stable home prices, and modestly lower rates, with expectations for a gradual improvement to 4.5 million existing home sales by 2026 if rates reach 6%.
Refinance activity is highly rate-sensitive, with orders doubling in days when rates fell, and September volumes being 60% higher than July volumes following a 40 basis point rate drop. While refinance fees are lower (approximately $1,200-$1,300) compared to purchase transactions (high $3,000s), FNF still generates strong margins with volume.
The commercial segment has demonstrated significant strength, with seven consecutive quarters of double-digit growth, including over 20% year-over-year recently. FNF projects direct commercial revenue of $1 billion or modestly better for the current year, nearing the record levels of $1.5 billion seen in 2021 and 2022, driven by diverse asset classes and geographies.
FNF maintains strong margins through decades of investment in automation and technology, enabling efficient title operations and aggressive staff management in response to market changes, such as a 20% staff reduction in two weeks during COVID followed by rehiring. The company is also actively investing in AI for productivity gains and document analysis across its workforce.
Regarding capital allocation, FNF is a strong cash generator, providing approximately $900 million to $1 billion annually to the holding company. The company recently announced a distribution of 12% of F&G's common stock to FNF shareholders, scheduled for December 31, 2025, to increase F&G's market float and unlock value, reducing FNF's ownership to about 70%.

Nov 18, 2025, 2:00 PM

Transcript

FNF Discusses Housing Market Outlook, Commercial Growth, Capital Allocation, and F&G Distribution

FNF

Dividends

Share Buyback

Guidance Update

Fidelity National Financial (FNF) anticipates a gradual improvement in the U.S. housing market, with Fannie Mae forecasting 4.5 million existing home sales in 2026 if mortgage rates stabilize around 6%. Refinance volumes are highly rate-sensitive, with a 40 basis point drop in rates from July to September leading to a 60% increase in September refinance volumes compared to July.
The commercial segment has demonstrated robust performance, achieving seven consecutive quarters of double-digit growth, including over 20% year-over-year recently, and is projected to generate $1 billion in direct commercial revenue for the current year. This segment is considered the highest margin business for FNF.
FNF maintains a strong capital allocation strategy, generating $900 million to $1 billion in annual cash flow to the holding company even in a trough market, and ended Q3 with $733 million in holding company cash. The company's annual dividend costs $560-$565 million, and it engages in opportunistic share buybacks, with over 20 million shares authorized for repurchase.
FNF announced a distribution of 12% of F&G's common stock to FNF shareholders, scheduled for December 31, which will reduce FNF's ownership to approximately 70% and aims to double F&G's public float to $1 billion. This action is intended to unlock F&G's value, as it contributes 32% of FNF's adjusted earnings.

Nov 18, 2025, 2:00 PM

Transcript

FNF Discusses Housing Market, Commercial Growth, and F&G Stock Distribution

FNF

Demand Weakening

Revenue Acceleration/Inflection

Dividends

The U.S. housing and mortgage market is currently in a low transactional environment for residential purchase and refinancing, with existing home sales forecasted around 4 million units annually. However, there are early signs of stabilization, and Fannie Mae forecasts a 10% increase in existing home sales to 4.5 million by 2026 if rates reach 6%.
FNF's commercial segment has demonstrated seven consecutive quarters of double-digit growth, including over 20% year-over-year recently, driven by diverse asset classes and geographies. The company projects direct commercial revenue of $1 billion or modestly better for the current year, approaching record levels seen in 2021-2022.
FNF is a strong cash generator, with $900 million to $1 billion in annual cash flow to the holding company even in trough years. The company recently announced a distribution of 12% of F&G's common stock to FNF shareholders, scheduled for December 31, which will reduce FNF's ownership to approximately 70% and double F&G's public float to about $1 billion to unlock value.
FNF maintains its market-leading margins through decades of investment in automation and technology, with over 90% of its volume touching proprietary title plants and automation technologies. The company also employs aggressive staff management in response to market changes, such as a 20% staff reduction in two weeks during the COVID-19 downturn, followed by rehiring.

Nov 18, 2025, 2:00 PM

Transcript

Fidelity National Financial Announces Special Stock Distribution of F&G Shares

FNF

Dividends

Fidelity National Financial, Inc. (FNF) announced that its Board of Directors approved a special stock distribution of approximately 16 million shares of F&G Annuities & Life, Inc. (F&G) common stock, representing about 12% of F&G's outstanding shares.
The distribution will be made on December 31, 2025, to all FNF shareholders of record as of December 17, 2025.
FNF estimates that shareholders will receive approximately six shares of F&G's common stock for every 100 shares of FNF's common stock held.
This distribution is intended to be structured as a taxable dividend to FNF shareholders for U.S. federal income tax purposes.

Nov 7, 2025, 9:52 PM

8-K

FNF Reports Strong Q3 2025 Results and Announces F&G Share Distribution

FNF

Earnings

Dividends

Share Buyback

FNF reported strong third-quarter 2025 results, with $3.9 billion in total revenue (excluding net recognized gains and losses) and $439 million, or $1.63 per diluted share, in adjusted net earnings.
The title business delivered adjusted pre-tax earnings of $410 million, a 27% increase over Q3 2024, and an adjusted pre-tax margin of 17.8%. This performance was driven by a 34% increase in commercial revenue, marking its best third quarter in history, and refinance orders surging to 2,100 per day in September.
The F&G segment's Assets Under Management (AUM) before flow reinsurance reached $71.4 billion at September 30, and it contributed $139 million to adjusted net earnings, representing 32% of FNF's adjusted net earnings for the first nine months of 2025.
FNF's board approved a distribution of approximately 12% of F&G's outstanding common stock to FNF shareholders, which will increase F&G's public float to approximately 30% while FNF retains 70% ownership. This distribution is a taxable dividend and affects the ability to conduct a future tax-free spin-off of the remaining F&G shares.
The company repurchased 631,000 shares for $37.5 million in Q3 2025 and ended the quarter with $733 million in cash and short-term liquid investments at the holding company.

Nov 7, 2025, 4:00 PM

Transcript

FNF Reports Strong Q3 2025 Earnings and Announces F&G Stock Distribution

FNF

Earnings

Dividends

Share Buyback

FNF reported adjusted net earnings of $439 million, or $1.63 per diluted share, for Q3 2025, an increase from $356 million, or $1.30 per share, in Q3 2024.
The title business achieved adjusted pre-tax title earnings of $410 million, marking a 27% increase over Q3 2024, and an adjusted pre-tax title margin of 17.8%.
Commercial activity showed significant strength, with direct commercial revenue surpassing $1 billion in the first nine months of 2025, up 27% year-over-year, and Q3 2025 commercial revenue increasing 34% compared to Q3 2024.
The F&G segment's assets under management (AUM) before flow reinsurance grew 14% year-over-year to $71.4 billion at September 30, contributing $139 million in adjusted net earnings for the quarter.
FNF's board approved a distribution of approximately 12% of F&G's common stock to FNF shareholders, which will increase F&G's public float to about 30% while FNF maintains approximately 70% ownership.

Nov 7, 2025, 4:00 PM

Transcript

FNF Reports Strong Q3 2025 Earnings and Announces F&G Stock Distribution

FNF

Earnings

Dividends

Share Buyback

FNF reported strong third-quarter 2025 results, with adjusted net earnings of $439 million, or $1.63 per diluted share, compared to $356 million, or $1.30 per share, in Q3 2024. The title business delivered adjusted pre-tax title earnings of $410 million, an $87 million or 27% increase over the third quarter of 2024.
The title segment achieved a 17.8% adjusted pre-tax title margin in Q3 2025, up 190 basis points from 15.9% in the prior year quarter, driven by strong performance across commercial, refinance, and centralized operations.
Commercial activity was robust, with direct commercial revenue exceeding $1 billion in the first nine months of 2025, representing a 27% increase over the same period in 2024. The third quarter marked the best in history for commercial revenue, with a 34% increase over Q3 2024.
FNF's Board of Directors approved a plan to distribute approximately 12% of F&G's common stock to FNF shareholders. Following this distribution, FNF will retain control and majority ownership with approximately 70% of F&G's outstanding shares, increasing F&G's public float from 18% to approximately 30%.
The company continued its capital allocation strategy, repurchasing 631,000 shares for $37.5 million at an average price of $59.37 per share during Q3 2025. FNF has returned $627 million to shareholders year-to-date through common dividends and share repurchases.