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Jun 30, 2025
Fidelity National Financial Q2 2025 Earnings Report
Fidelity National Financial reported its second quarter 2025 financial results, showing an increase in total revenue and adjusted net earnings compared to the prior year.
Key Takeaways
Fidelity National Financial (FNF) delivered a strong second quarter in 2025, with total revenue increasing by 15% and adjusted net earnings showing a solid performance. The Title Segment demonstrated an industry-leading margin and increased revenue, while the F&G Segment achieved record assets under management driven by robust annuity sales. Despite a muted residential housing market, FNF maintained healthy free cash flow, enabling significant share repurchases and dividend payments.
Total revenue for Q2 2025 increased to $3.635 billion, up 15% from $3.158 billion in Q2 2024.
Adjusted net earnings attributable to common shareholders were $318 million, or $1.16 per diluted share, for Q2 2025.
The Title Segment reported $2.2 billion in revenue and an adjusted pre-tax title margin of 15.5%, reflecting strong performance despite higher health claims and investments.
F&G Segment achieved record assets under management before flow reinsurance of $69.2 billion, a 13% increase year-over-year, driven by $4.1 billion in gross sales.
Revenue by Segment
Forward Guidance
The company expects continued strong performance from its Title segment and further improvement in the F&G segment's operating expense to AUM ratio in the second half of the year. They remain confident in achieving medium-term Investor Day targets.
Positive Outlook
- Expect further improvement in F&G's ratio of operating expense to AUM before flow reinsurance in the second half of the year.
- Confident in delivering on medium-term Investor Day targets for F&G, moving towards a more fee-based, higher margin, and less capital-intensive business model.
- Title business remains well positioned for an eventual rebound in the residential housing market.
- Management team continues to work to drive efficiencies across operations with the goal of further expanding profitability.
- High quality investment portfolio in F&G is performing well with credit related impairments remaining below pricing assumption.
Challenges Ahead
- Residential housing market remains muted.
- Elevated mortgage interest rates continue to impact the housing market.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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