Fidelity National Financial, Inc. (FNF) financial statements: income statement, balance sheet and cash flow

Fidelity National Financial, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Fidelity National Financial, Inc. reported revenue of $14.4B (+5.6% year on year) and net income of $679.0M (-51.2% year on year).

Income statement

Fidelity National Financial, Inc. income statement, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Direct title insurance premiums$2.6B$2.2B$2.0B$2.9B
Agency title insurance premiums$3.3B$3.0B$2.6B$4.0B
Escrow, title-related and other fees$5.4B$5.3B$4.7B$4.3B
Interest and investment income$3.2B$3.1B$2.6B$1.9B
Recognized gains and losses, net($60.0M)$83.0M($164.0M)($1.5B)
Total revenues$14.4B$13.7B$11.8B$11.6B
Personnel costs$3.4B$3.1B$2.9B$3.2B
Agent commissions$2.5B$2.3B$2.0B$3.1B
Other operating expenses$1.6B$1.6B$1.5B$1.7B
Benefits and other changes in policy reserves$4.0B$3.8B$3.6B$1.1B
Market risk benefit (gains) losses$167.0M($25.0M)$95.0M—
Depreciation and amortization$844.0M$739.0M$593.0M$496.0M
Provision for title claim losses$262.0M$232.0M$207.0M$308.0M
Interest expense$242.0M$209.0M$174.0M$115.0M
Total expenses$13.0B$11.9B$11.1B$10.0B
Earnings before income taxes and equity in earnings of unconsolidated affiliates$1.4B$1.7B$693.0M$1.5B
Income tax expense$753.0M$367.0M$192.0M$398.0M
Earnings before equity in earnings of unconsolidated affiliates$644.0M$1.4B$501.0M$1.1B
Equity in earnings of unconsolidated affiliates$35.0M$16.0M$17.0M$15.0M
Net earnings$679.0M$1.4B$518.0M$1.2B
Less: Net earnings attributable to non-controlling interests$77.0M$121.0M$1.0M$16.0M
Net earnings attributable to Fidelity National Financial, Inc. common shareholders$602.0M$1.3B$517.0M$1.1B
Net earnings per share attributable to FNF common shareholders, basic (in dollars per share)$2.22$4.69$1.91$4.13
Net earnings per share attributable to FNF common shareholders, diluted (in dollars per share)$2.21$4.65$1.91$4.10
Weighted average shares outstanding FNF common stock, basic basis (in shares)271.0M271.0M270.0M275.0M
Weighted average shares outstanding FNF common stock, diluted basis (in shares)272.0M273.0M271.0M277.0M
Fidelity National Financial, Inc. income statement, quarters
Line itemJun 30, 2026 · Q2Mar 31, 2026 · Q1Sep 30, 2025 · Q3Jun 30, 2025 · Q2
Direct title insurance premiums$767.0M$583.0M$678.0M$632.0M
Agency title insurance premiums$967.0M$788.0M$890.0M$839.0M
Escrow, title-related and other fees$1.2B$1.1B$1.4B$1.3B
Interest and investment income$811.0M$822.0M$857.0M$777.0M
Recognized gains and losses, net$333.0M($78.0M)$176.0M$98.0M
Total revenues$4.1B$3.2B$4.0B$3.6B
Personnel costs$965.0M$827.0M$899.0M$867.0M
Agent commissions$749.0M$608.0M$690.0M$654.0M
Other operating expenses$460.0M$398.0M$407.0M$416.0M
Benefits and other changes in policy reserves$1.1B$484.0M$1.2B$993.0M
Market risk benefit losses (gains)$32.0M$73.0M$43.0M($4.0M)
Depreciation and amortization$219.0M$215.0M$227.0M$200.0M
Provision for title claim losses$78.0M$62.0M$70.0M$66.0M
Interest expense$61.0M$61.0M$60.0M$61.0M
Total expenses$3.7B$2.7B$3.6B$3.3B
Earnings before income taxes and equity in earnings of unconsolidated affiliates$338.0M$498.0M$453.0M$382.0M
Income tax expense$63.0M$175.0M$90.0M$98.0M
Earnings before equity in earnings of unconsolidated affiliates$275.0M$323.0M$363.0M$284.0M
Equity in earnings (losses) of unconsolidated affiliates$1.0M($2.0M)$26.0M$9.0M
Net earnings$276.0M$321.0M$389.0M$293.0M
Less: Net (losses) earnings attributable to non-controlling interests($12.0M)$78.0M$31.0M$15.0M
Net earnings attributable to Fidelity National Financial, Inc. common shareholders$288.0M$243.0M$358.0M$278.0M
Net earnings per share attributable to common shareholders, basic (in usd per share)$1.08$0.90$1.33$1.02
Net earnings per share attributable to common shareholders, diluted (in usd per share)$1.08$0.90$1.33$1.02
Weighted average common shares outstanding - basic (in shares)267.0M269.0M269.0M272.0M
Weighted average common shares outstanding - diluted (in shares)267.0M269.0M270.0M273.0M

Balance sheet

Fidelity National Financial, Inc. balance sheet, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Fixed maturity securities available for sale, at fair value, as of December 31, 2025 and 2024, at an amortized cost of $57,161 and $51,681, respectively, net of allowance for credit losses of $112 and $67, respectively, and includes pledged fixed maturity securities of $446 and $495, respectively, related to secured trust deposits$54.6B$48.2B$42.4B$33.1B
Securities, at fair value$929.0M$1.1B$1.4B$1.6B
Derivative investments$1.2B$794.0M$797.0M$244.0M
Mortgage loans, net of allowance for credit losses of $86 and $70 as of December 31, 2025 and 2024, respectively$7.9B$5.9B$5.3B—
Investments in unconsolidated affiliates (2025 includes $262 related to investments held by consolidated variable interest entities (“VIEs”) and 2025 and 2024 include certain investments at fair value of $270 and $272, respectively)$5.2B$3.7B$3.3B$2.6B
Other long-term investments (2025 includes $248 related to investments held by consolidated VIEs)$1.6B$811.0M$703.0M$692.0M
Short-term investments (2025 includes $116 related to investments held by consolidated VIEs)$1.9B$3.0B$2.1B$2.6B
Total investments$73.2B$63.6B$56.0B$45.4B
Cash and cash equivalents, as of December 31, 2025 and 2024 includes $261 and $69, respectively, of pledged cash related to secured trust deposits$2.6B$3.5B$2.8B$2.3B
Trade and notes receivables, net of allowance of $31 and $32 as of December 31, 2025 and 2024, respectively$473.0M$471.0M$442.0M$467.0M
Reinsurance recoverable, net of allowance for credit losses of $18 and $20 at December 31, 2025 and 2024, respectively$17.6B$13.4B$9.0B$5.6B
Goodwill$5.3B$5.3B$4.8B$4.6B
Prepaid expenses and other assets$2.0B$2.0B$1.9B$2.2B
Market risk benefits assets$285.0M$189.0M$88.0M—
Lease assets$336.0M$351.0M$348.0M$376.0M
Other intangible assets, net$6.6B$6.0B$4.6B$4.0B
Title plants$424.0M$420.0M$418.0M$416.0M
Property and equipment, net$189.0M$173.0M$168.0M$179.0M
Total assets$109.0B$95.4B$80.6B$65.6B
Contractholder funds$62.7B$56.4B$48.8B$41.2B
Future policy benefits$10.8B$8.7B$7.0B$5.9B
Accounts payable and accrued liabilities$3.8B$3.2B$3.0B$2.4B
Market risk benefits liability$903.0M$549.0M$403.0M—
Notes payable$4.4B$4.3B$3.9B$3.2B
Reserve for title claim losses$1.7B$1.7B$1.8B$1.8B
Funds withheld for reinsurance liabilities$14.2B$10.9B$7.1B$3.7B
Secured trust deposits$731.0M$551.0M$731.0M$862.0M
Lease liabilities$368.0M$385.0M$394.0M$418.0M
Income taxes payable$1.0M$52.0M$0$0
Deferred tax liability$439.0M$0$29.0M$71.0M
Total liabilities$100.0B$86.8B$73.2B$59.6B
FNF common stock, $0.0001 par value; authorized 600 shares as of December 31, 2025 and 2024, respectively; outstanding of 271 and 275 as of December 31, 2025 and 2024, respectively, and issued of 332 and 331 as of December 31, 2025 and 2024, respectively0000
Preferred stock, $0.0001 par value; authorized 50 shares; issued and outstanding, none0000
Additional paid-in capital$6.0B$6.0B$5.9B$5.9B
Retained earnings$5.5B$6.0B$5.2B$4.7B
Accumulated other comprehensive earnings($1.7B)($2.1B)($2.1B)($2.9B)
Less: Treasury stock, 61 and 56 shares as of December 31, 2025 and 2024, at cost-2.4B-2.2B-2.1B-2.1B
Total Fidelity National Financial, Inc. shareholders’ equity$7.4B$7.8B$6.9B$5.6B
Non-controlling interests$1.5B$778.0M$552.0M$360.0M
Total equity$9.0B$8.5B$7.5B$6.0B
Total liabilities and equity$109.0B$95.4B$80.6B$65.6B
Fidelity National Financial, Inc. balance sheet, quarters
Line itemJun 30, 2026Mar 31, 2026Sep 30, 2025Jun 30, 2025
Fixed maturity securities available for sale, at fair value, as of June 30, 2026 and December 31, 2025, at an amortized cost of $57,287 and $57,161, respectively, net of allowance for credit losses of $78 and $112, respectively, and includes pledged fixed maturity securities of $470 and $446, respectively, related to secured trust deposits$54.3B$54.4B$53.5B$52.0B
Fixed maturity securities, at fair value under the fair value option$94.0M$93.0M——
Securities, at fair value$1.1B$842.0M$890.0M$926.0M
Derivative investments$1.3B$898.0M$1.2B$936.0M
Mortgage loans, net of allowance of $108 and $86 as of June 30, 2026 and December 31, 2025, respectively$9.3B$8.5B$7.4B$6.9B
Investments in unconsolidated affiliates (2026 and 2025 includes $277 and $262 related to investments held by consolidated variable interest entities ("VIEs") and 2026 and 2025 include certain investments at fair value of $267 and $270, respectively)$5.2B$5.3B$4.9B$4.5B
Other long-term investments (2026 and 2025 include $264 and $248 related to investments held by consolidated VIEs)$1.6B$1.6B$1.3B$1.3B
Short-term investments (2026 and 2025 include $34 and $116 related to investments held by consolidated VIEs)$981.0M$1.7B$1.7B$1.5B
Total investments$73.9B$73.2B$70.9B$68.0B
Cash and cash equivalents, as of June 30, 2026 and December 31, 2025 includes $546 and $261, respectively, of pledged cash related to secured trust deposits$3.6B$2.5B$3.5B$3.3B
Trade and notes receivables, net of allowance of $25 and $31 as of June 30, 2026 and December 31, 2025, respectively$526.0M$473.0M$475.0M$477.0M
Reinsurance recoverable, net of allowance of $19 and $18 as of June 30, 2026 and December 31, 2025, respectively$20.9B$20.0B$16.8B$15.8B
Goodwill$5.2B$5.2B$5.3B$5.3B
Prepaid expenses and other assets$2.2B$2.1B$2.0B$2.0B
Market risk benefits asset$364.0M$308.0M$242.0M$213.0M
Lease assets$336.0M$336.0M$340.0M$346.0M
Other intangible assets, net$6.9B$6.8B$6.5B$6.3B
Title plants$425.0M$424.0M$421.0M$421.0M
Property and equipment, net$188.0M$187.0M$190.0M$191.0M
Total assets$114.5B$111.5B$106.6B$102.3B
Contractholder funds$64.4B$63.5B$61.8B$59.8B
Future policy benefits$10.9B$10.7B$10.1B$9.5B
Accounts payable and accrued liabilities$3.9B$3.3B$3.8B$3.7B
Market risk benefits liability$1.1B$968.0M$830.0M$711.0M
Notes payable$4.4B$4.4B$4.4B$4.4B
Reserve for title claim losses$1.7B$1.7B$1.7B$1.7B
Funds withheld for reinsurance liabilities$17.5B$16.5B$13.6B$12.5B
Secured trust deposits$1.0B$802.0M$734.0M$845.0M
Lease liabilities$364.0M$367.0M$372.0M$378.0M
Income taxes payable$41.0M$46.0M$47.0M$37.0M
Deferred tax liability$451.0M$438.0M——
Total liabilities$105.7B$102.8B$97.3B$93.5B
FNF common stock, $0.0001 par value; authorized 600 shares as of June 30, 2026 and December 31, 2025; outstanding of 268 and 271 as of June 30, 2026 and December 31, 2025, respectively0000
Preferred stock, $0.0001 par value; authorized 50 shares; issued and outstanding, none0000
Additional paid-in capital$6.1B$6.1B$6.0B$6.0B
Retained earnings$5.7B$5.6B$6.3B$6.1B
Accumulated other comprehensive loss ("AOCL")($1.8B)($1.9B)($1.6B)($1.8B)
Treasury stock, 64 and 61 shares as of June 30, 2026 and December 31, 2025, respectively, at cost-2.6B-2.5B-2.4B-2.3B
Total Fidelity National Financial, Inc. shareholders’ equity$7.5B$7.3B$8.4B$7.9B
Non-controlling interests$1.4B$1.5B$979.0M$913.0M
Total equity$8.8B$8.7B$9.3B$8.8B
Total liabilities and equity$114.5B$111.5B$106.6B$102.3B

Cash flow statement

Fidelity National Financial, Inc. cash flow statement, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Net earnings$679.0M$1.4B$518.0M$1.2B
Depreciation and amortization$844.0M$739.0M$593.0M$496.0M
Equity in earnings of unconsolidated affiliates($35.0M)($16.0M)($17.0M)($15.0M)
Loss (gain) on sales of investments and other assets and asset impairments, net$215.0M—$542.0M$533.0M
Interest credited/index credits to contractholder account balances$202.0M$1.3B$1.4B($542.0M)
Change in market risk benefits, net$167.0M($25.0M)$95.0M—
Deferred policy acquisition costs and deferred sales inducements($1.3B)($1.4B)($1.1B)($814.0M)
Charges assessed to contractholders for mortality and administration($330.0M)($291.0M)($255.0M)($212.0M)
Non-cash lease costs$131.0M$132.0M$136.0M$142.0M
Operating lease payments($136.0M)($147.0M)($153.0M)($154.0M)
Distributions from unconsolidated affiliates, return on investment$196.0M$127.0M$122.0M$151.0M
Stock-based compensation cost$88.0M$82.0M$60.0M$49.0M
Change in NAV of limited partnerships, net($349.0M)($350.0M)($220.0M)($109.0M)
Change in valuation of derivatives, equity and preferred securities, net($160.0M)$189.0M($388.0M)$947.0M
Change in derivative collateral liability, net$249.0M$91.0M——
Change in reinsurance recoverable($1.0M)($13.0M)$78.0M$149.0M
Change in future policy benefits$1.7B$1.9B$1.3B$1.2B
Change in funds withheld from reinsurers$3.3B$3.8B$3.4B$2.1B
Net (increase) decrease in trade receivables($14.0M)($43.0M)$37.0M$178.0M
Net decrease in reserve for title claim losses($12.0M)($57.0M)($40.0M)($73.0M)
Net change in income taxes$481.0M$83.0M($50.0M)$25.0M
Net change in other assets and other liabilities($88.0M)($294.0M)$384.0M($795.0M)
Net cash provided by (used in) operating activities$5.8B$6.8B$6.5B$4.4B
Proceeds from sales, calls and maturities of investment securities$15.0B$12.3B$5.9B$6.3B
Fundings of notes receivable($16.0M)($21.0M)($19.0M)($99.0M)
Additions to property and equipment and capitalized software($147.0M)($146.0M)($132.0M)($138.0M)
Purchases of investment securities($23.2B)($17.8B)($14.0B)($13.1B)
Net proceeds from (purchases of) sales and maturities of short-term investment securities$1.3B($1.1B)$340.0M($2.6B)
Other acquisitions/disposals, net of cash acquired($62.0M)($586.0M)($299.0M)($180.0M)
Additional investments in unconsolidated affiliates($2.5B)($1.1B)($1.3B)($1.1B)
Distributions from unconsolidated affiliates, return of investment$694.0M$621.0M$423.0M$335.0M
Net other investing activities$5.0M$28.0M$3.0M$14.0M
Net cash used in investing activities($8.9B)($7.9B)($9.1B)($10.5B)
Borrowings$10.0M$18.0M$6.0M$550.0M
Debt offering$375.0M———
F&G Credit Agreement repayments, net$0($365.0M)($185.0M)—
Debt costs/equity issuance additions($11.0M)($20.0M)($16.0M)$0
Debt service payments($300.0M)($250.0M)$0($404.0M)
Dividends paid($546.0M)($532.0M)($500.0M)($489.0M)
Subsidiary dividends paid to non-controlling interest shareholders($62.0M)($49.0M)($32.0M)($20.0M)
Exercise of stock options$4.0M$21.0M$15.0M$39.0M
Net change in secured trust deposits$180.0M($179.0M)($132.0M)($72.0M)
Purchase of additional share in consolidated subsidiaries($11.0M)($21.0M)($19.0M)($15.0M)
Payment of contingent consideration for prior period acquisitions($27.0M)($17.0M)($10.0M)($7.0M)
Payment for shares withheld for taxes on share-based compensation-27.0M-34.0M-17.0M-15.0M
Fidelity National Financial, Inc. cash flow statement, quarters
Line itemJun 30, 2026 · YTDMar 31, 2026 · Q1Sep 30, 2025 · YTDJun 30, 2025 · YTD
Net earnings$597.0M$321.0M$765.0M$376.0M
Depreciation and amortization$434.0M$215.0M$623.0M$396.0M
Equity in earnings of unconsolidated affiliates$1.0M$2.0M($36.0M)($10.0M)
Loss on sales of investments and other assets and asset impairments, net$48.0M$26.0M$90.0M$35.0M
Gain on the sale of businesses($14.0M)($14.0M)——
Interest credited/index credits to contractholder account balances$907.0M$49.0M$337.0M$608.0M
Change in market risk benefits, net$105.0M$73.0M$148.0M$105.0M
Deferred policy acquisition costs and deferred sales inducements($576.0M)($284.0M)($956.0M)($645.0M)
Charges assessed to contractholders for mortality and admin($161.0M)($115.0M)($248.0M)($165.0M)
Non-cash lease costs$64.0M$32.0M$96.0M$65.0M
Operating lease payments($68.0M)($34.0M)($102.0M)($69.0M)
Distributions from unconsolidated affiliates, return on investment$81.0M$33.0M$140.0M$104.0M
Stock-based compensation cost$46.0M$23.0M$64.0M$41.0M
Change in NAV of limited partnerships, net($194.0M)($106.0M)($231.0M)($126.0M)
Change in valuation of derivatives, equity securities, preferred securities, and other assets, net($288.0M)$66.0M($82.0M)$154.0M
Change in derivative collateral liabilities($77.0M)($396.0M)$144.0M$95.0M
Change in reinsurance recoverable$22.0M$14.0M$9.0M$2.0M
Change in future policy benefits$295.0M$197.0M$978.0M$548.0M
Change in funds withheld from reinsurers$1.6B$787.0M$2.6B$1.6B
Net increase in trade receivables($91.0M)$7.0M($18.0M)($16.0M)
Net increase (decrease) in reserve for title claim losses$15.0M$4.0M($5.0M)($17.0M)
Net change in income taxes$108.0M$167.0M$8.0M($52.0M)
Net change in other assets and other liabilities($132.0M)($192.0M)($50.0M)($25.0M)
Net cash provided by operating activities$2.7B$875.0M$4.3B$3.0B
Proceeds from sales, calls and maturities of investment securities$10.5B$3.0B$10.1B$6.5B
Additions to property and equipment, capitalized software and title plants($63.0M)($27.0M)($113.0M)($75.0M)
Purchases of investment securities($12.1B)($4.1B)($16.5B)($11.5B)
Net proceeds from sales and maturities of short-term investment securities$940.0M$265.0M$1.5B$1.8B
Acquisitions and dispositions$34.0M$73.0M($60.0M)($9.0M)
Additional investments in unconsolidated affiliates($532.0M)($264.0M)($1.6B)($1.1B)
Distributions from unconsolidated affiliates, return of investment$343.0M$122.0M$330.0M$180.0M
Net other investing activities($21.0M)($8.0M)($4.0M)($7.0M)
Net cash used in investing activities($916.0M)($945.0M)($6.3B)($4.3B)
Borrowings$0——$10.0M
Debt offering$0$0$375.0M$375.0M
Debt service payments$0$0($300.0M)($300.0M)
Dividends paid($278.0M)($140.0M)($406.0M)($271.0M)
Subsidiary dividends paid to non-controlling interest shareholders($39.0M)($20.0M)($43.0M)($26.0M)
Subsidiary repurchases of own equity($123.0M)($30.0M)($9.0M)($9.0M)
Net change in secured trust deposits$284.0M$70.0M$183.0M$294.0M
Payment of contingent consideration for prior period acquisitions($21.0M)($14.0M)($24.0M)($22.0M)
Contractholder account deposits$4.4B$2.7B$9.0B$5.5B
Contractholder account withdrawals($5.0B)($2.6B)($6.6B)($4.4B)
Purchases of treasury stock($138.0M)($78.0M)($221.0M)($178.0M)
F&G common stock offering$0$0$117.0M$117.0M

Fidelity National Financial, Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.