Executive Summary

Strong beat on both top and bottom line: Adjusted EPS of $1.63 vs S&P Global consensus of $1.42*; total revenue of $4.03B vs $3.57B*; Title delivered an industry‑leading 17.8% adjusted pre‑tax margin, up 190 bps YoY .
Title strength was broad-based: commercial revenue +34% YoY to $389M, with notable growth in national commercial; refinance orders accelerated as mortgage rates drifted ~30 bps lower intra‑quarter, lifting refi opens to 1,600/day in Q3 and 2,100/day in September .
F&G contributed $139M of adjusted net earnings; AUM before flow reinsurance reached a record $71.4B (+14% YoY) with net sales of $2.8B; management launched a reinsurance sidecar to support growth and capital-light shift .
Capital actions/catalysts: announced plan to distribute ~12% of FG shares to FNF shareholders (raising FG float to ~30%); reiterated $0.50 quarterly dividend; repurchased 631K shares for $37.5M in Q3. Near‑term stock catalysts include the FG share distribution and continued commercial pipeline strength .

Note: S&P Global estimates marked with an asterisk; see Estimates Context.

What Went Well and What Went Wrong

What Went Well
- Title margin outperformance: adjusted pre‑tax title margin of 17.8% (best in several years), driven by strong commercial/refi, centralized and home warranty ops, and disciplined costs .
- Commercial record: best Q3 in company history; commercial revenue +34% YoY to $389M; national +38% and local +29%; six consecutive quarters of double‑digit growth in national commercial opens .
- Technology and fraud prevention: 85% of residential sales engaged on inHere; 860K unique users; CLEAR biometric identity verification roll‑out enhances fraud prevention and customer experience .
What Went Wrong
- F&G alternatives underperformed LT expectations by ~$55M, tempering segment earnings; adjusted net still $139M but below potential had alts met the ~10% return target .
- Elevated health claims remained a headwind (partly offset by a legal settlement benefit), limiting incremental Title margin upside in the quarter .
- Management flagged a down‑trajectory for Title/Corporate interest and investment income if Fed cuts materialize (Q4 guide ~$100M, then ~$5M sequential declines), a modest drag on 2026 run‑rate .

Financial Results

Headline results vs prior periods

Metric	Q3 2024	Q2 2025	Q3 2025
Total Revenue ($USD Millions)	3,603	3,635	4,030
Net Earnings Attrib. to Common ($USD Millions)	266	278	358
GAAP Diluted EPS ($)	0.97	1.02	1.33
Adjusted Net Earnings ($USD Millions)	356	318	439
Adjusted Diluted EPS ($)	1.30	1.16	1.63
Title Segment Total Revenue ($USD Millions)	2,096	2,213	2,265
Adjusted Pre‑Tax Title Margin (%)	15.9%	15.5%	17.8%
F&G Adjusted Net Earnings ($USD Millions)	135	89	139

Results vs S&P Global consensus (Q3 2025)

Metric	Consensus Q3 2025	Actual Q3 2025
Revenue ($USD Millions)	3,567.7*	4,030
EPS (Primary/Company) ($)	1.42*	1.63

Values marked with an asterisk (*) retrieved from S&P Global.

Segment breakdown

Segment	Q3 2024	Q2 2025	Q3 2025
Total Revenue - Title ($USD Millions)	2,096	2,213	2,265
Total Revenue - F&G ($USD Millions)	1,444	1,364	1,694
Adjusted Net Earnings - Title ($USD Millions)	244	260	330
Adjusted Net Earnings - F&G ($USD Millions)	135	89	139
Adjusted Net Earnings - Corporate ($USD Millions)	3	(3)	(1)

KPIs

KPI	Q3 2024	Q2 2025	Q3 2025
Total Opened Orders per day	5.5	5.8	5.8
Fee per File ($)	3,708	3,894	3,994
Commercial Revenue ($USD Millions)	290	333	389
Title Claims Paid ($USD Millions)	64	66	58
Provision for Title Claim Losses ($USD Millions)	61	66	70
Refi Opens per Day (approx.)	—	1,300	1,600 (2,100 in Sept)

Non‑GAAP adjustments context: consolidated total non‑GAAP adjustments were $81M in Q3 2025, bridging GAAP net earnings ($358M) to adjusted net earnings ($439M) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Title & Corporate Interest and Investment Income	Q4 2025; 2026 trajectory	N/A	~$100M in Q4 2025; then decline by ~$5M per quarter through 2026, assuming ~75 bps Fed cuts	New trajectory commentary
Dividend income from F&G to Corporate	Run‑rate	N/A	~$30M per quarter	New disclosure
Title Claims Provision Rate	Ongoing policy	N/A	Continue provisioning at 4.5% of total title premiums	Maintained approach
Quarterly Cash Dividend	Q3 2025	N/A	$0.50 per share (payable Sep 30, record Sep 16)	Declared
FG Share Distribution	Post‑Q3 announcement	N/A	Plan to distribute ~12% of FG shares to FNF shareholders; FNF ownership ~70% post	Announced (taxable distribution)

No formal revenue/EPS or margin guidance ranges were provided.

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2025)	Previous Mentions (Q2 2025)	Current Period (Q3 2025)	Trend
AI/Technology & Digital	Tech investments driving efficiency and margins	Higher investments in security, tech, recruiting (margin headwind)	AI tools deployed enterprise‑wide; 85% inHere engagement; 860K unique users	Accelerating adoption/engagement
Mortgage rates & Refi sensitivity	Refi opens +33% YoY	Refi opens +28% YoY	30‑40 bps drop drove 1,600/day opens; 2,100/day in Sept; Oct ~1,800/day	Improving sensitivity/volume
Commercial Title	$293M revenue; solid pipeline	$333M revenue; +22% YoY	Best Q3 ever; $389M; broad‑based across asset classes	Strong upward trajectory
Fraud prevention/Identity	—	—	CLEAR biometric ID verification integrated with inHere (phase 1 in July)	New enhancement
F&G capital‑light shift	AUM before flow reinsurance $67.4B; capital flexibility	Expense/AUM ratio improving; record retail sales	AUM before flow reinsurance $71.4B; reinsurance sidecar launch; alts below LT return	Scaling with mix shift
Corporate action	—	—	Distribute ~12% of FG shares; FG float ~30%; post‑dist FNF ~70% ownership	Structural unlock

Management Commentary

“We delivered adjusted pre‑tax title earnings of $410 million... and an adjusted pre‑tax title margin of 17.8%, up 190 basis points from 15.9% in the third quarter of 2024” – Mike Nolan, CEO .
“This was our best third quarter in history, with a 34% increase in commercial revenue over the third quarter of 2024… activity remains broad based across several asset classes” – Mike Nolan, CEO .
“Looking ahead, we expect quarterly interest and investment income to trend down from the $109 million in the third quarter to around $100 million in the fourth quarter, and then decline around $5 million in each subsequent quarter through 2026…” – Tony Park, CFO .
“We plan to distribute approximately 12% of the outstanding shares of F&G’s common stock to FNF shareholders… strengthening F&G’s positioning within the equity markets…” – Mike Nolan, CEO .
F&G CEO on mix/scale: operating expense to AUM before flow reinsurance improved ~10 bps YoY to 52 bps; alternative investments below LT expectations impacted earnings, but portfolio quality remains high .

Q&A Highlights

FG share distribution mechanics: management confirmed the ~12% FG distribution is a taxable dividend; dropping below 80% ownership removes the option for a future tax‑free spin, though other options remain; rationale was to double free float and unlock value .
Commercial outlook: Management sees a range of outcomes where 2026 commercial could rival 2021–2022 peak years, with improving office (suburban and CBD moved up to ranks 7 and 8 in internal survey) potentially additive .
Title margin puts/takes: One‑offs largely netted (legal settlement +$11M benefit vs elevated health claims ~$6–$7M); Q4 is seasonally weaker for purchase, but mix and commercial performance will drive the print .
Refi cadence: October refi opens ~1,800/day (vs 2,100/day Sept; 1,600/day Q3 avg), underscoring high rate sensitivity .
Equity investment marks: recent strength not assumed to be sustainable; investors should model a small contribution .

Estimates Context

EPS and revenue beat S&P Global consensus: EPS $1.63 vs $1.42*; revenue $4,030M vs $3,567.7M*; EPS based on company primary metric (Adjusted) .
Estimates detail: EPS estimates count = 4*; revenue estimates count = 3*; target price consensus = $69.8 with 5 estimates*.

Values marked with an asterisk (*) retrieved from S&P Global.

Key Takeaways for Investors

Title outperformance remains the core driver: industry‑leading 17.8% adjusted pre‑tax margin with accelerating commercial and improving refi—setup is favorable into 2026 if rates ease and office continues to thaw .
FNF is executing a capital‑light transition at FG while scaling AUM; alts underperformance created a temporary drag, but structural earnings power is building as fee‑based revenues rise .
Near‑term modeling: incorporate CFO’s interest/investment income glide path (~$100M in Q4; −$5M sequential thereafter) and ~$30M/quarter of FG dividends at Corporate .
Fraud mitigation/identity verification is a differentiator: CLEAR biometric integration plus high inHere engagement can protect margin and reduce operational risk .
Capital returns and structural catalysts: continued $0.50 dividend, opportunistic buybacks, and the FG share distribution (float to ~30%) are potential stock catalysts as the market re‑rates FG and consolidates FNF’s sum‑of‑the‑parts .
Watch list for Q4: seasonally softer purchase, commercial pipeline conversion, agency mix, and any further health claims volatility .
Estimate revisions: Expect upward EPS/revenue revisions post beat; monitor alt investment return assumptions at FG and interest income roll‑off to calibrate FY26 models .

Fidelity National Financial, Inc. (FNF)·Q3 2025 Earnings Summary