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Dec 31, 2025
Fidelity National Financial Q4 2025 Earnings Report
Fidelity National Financial reported financial results for the fourth quarter and full year ended December 31, 2025.
Key Takeaways
Fidelity National Financial (FNF) delivered strong fourth-quarter results, with total revenue reaching $4.051 billion and adjusted net earnings of $382 million. The Title Segment showed excellent performance, contributing $306 million to adjusted net earnings, while the F&G Segment contributed $104 million. FNF also completed a special stock distribution of approximately 12% ownership of F&G to its shareholders, valued at $500 million.
Total revenue for the fourth quarter was $4.051 billion, an increase from $3.621 billion in the prior year.
Adjusted net earnings for the fourth quarter were $382 million, or $1.41 per share, up from $366 million, or $1.34 per share, in Q4 2024.
The Title Segment's adjusted pre-tax title margin was 17.5%, demonstrating industry-leading performance.
F&G Segment achieved record assets under management (AUM) before flow reinsurance of $73.1 billion, a 12% increase over Q4 2024.
Revenue by Segment
Forward Guidance
FNF is focused on continuing to grow its core business and delivering long-term shareholder value, benefiting from scale advantages and efficiency gains in the Title business, and transitioning F&G to a capital-light business model.
Positive Outlook
- Title business is well-positioned for eventual recovery in the housing market.
- F&G's increased liquidity from the share dividend is expected to broaden investor interest and improve valuation.
- F&G is executing a strategy toward a more fee-based, higher margin, and less capital-intensive business model.
- Strengthened capital position augmented by the launch of reinsurance sidecar.
- Expanded public float of F&G to 30% to enhance market liquidity and investor access.
Challenges Ahead
- Potential future tax obligation from the F&G share distribution.
- Investment income from alternative investments in F&G was below management's long-term expected return.
- Opportunistic sales volumes in F&G vary quarter to quarter depending on economics and market opportunity.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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