FNF Reports Third Quarter 2026 Financial Results
Fidelity National Financial, Inc. (FNF) filed an SEC Form 8-K — Results of Operations and Financial Condition. FNF Reports Third Quarter 2026 Financial Results Jacksonville, Fla. – (November 5, 2026) - Fidelity National Financial, Inc. (NYSE:FNF) (FNF or the Company), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading pr
How this was made
The 30-second read
Why it matters
The earnings beat and strong cash returns provide a clear catalyst for short‑term price appreciation.
Market read
First‑report earnings release for a large‑cap financial services firm, offering actionable insight for traders.
What to watch
Potential pressure from a weak residential transaction volume could temper upside.
FNF Reports Third Quarter 2026 Financial Results
GAAP net earnings attributable to common shareholders increased to $633 million from $358 million, and Title revenue and pre-tax earnings increased, but consolidated revenue declined to $3,578 million from $4,030 million while adjusted net earnings declined to $352 million from $439 million, reflecting lower F&G sales and adjusted earnings.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30GAAP | $3.58B | – | – |
| Total revenue, nine months ended September 30GAAP | $10.86B | – | – |
| Total expenses, three months ended September 30GAAP | $2.33B | – | – |
| Pre-tax earnings, three months ended September 30GAAP | $1.25B | – | – |
| Income tax expense, three months ended September 30GAAP | $397M | – | – |
| Net earnings attributable to common shareholders, three months ended September 30GAAP | $633M | – | – |
| Net earnings per share attributable to common shareholders, diluted, three months ended September 30GAAP | $ 2.37 | – | – |
| Weighted average shares, diluted, three months ended September 30GAAP | 267M | – | – |
| Adjusted net earnings attributable to common shareholders, three months ended September 30non-GAAP | $352M | – | – |
| Adjusted EPS attributable to common shareholders, diluted, three months ended September 30non-GAAP | $ 1.32 | – | – |
| Net earnings attributable to common shareholders, nine months ended September 30GAAP | $1.16B | – | – |
| Net earnings per share attributable to common shareholders, diluted, nine months ended September 30GAAP | $ 4.34 | – | – |
| Adjusted net earnings attributable to common shareholders, nine months ended September 30non-GAAP | $971M | – | – |
| Adjusted EPS attributable to common shareholders, diluted, nine months ended September 30non-GAAP | $ 3.62 | – | – |
| Title pre-tax earnings, three months ended September 30GAAP | $391M | – | – |
| Title adjusted pre-tax earnings, three months ended September 30non-GAAP | $422M | – | an increase of 3% |
| Title pre-tax margin, three months ended September 30GAAP | 16.0% | – | – |
| Title adjusted pre-tax margin, three months ended September 30non-GAAP | 17.1% | – | – |
| F&G assets under management before reinsurance, as of September 30non-GAAP | $76.23B | – | a 7% increase |
| F&G assets under management, as of September 30non-GAAP | $56.21B | – | – |
| F&G gross sales, three months ended September 30non-GAAP | $3B | – | – |
| F&G net sales, three months ended September 30non-GAAP | $1.41B | – | – |
| F&G Segment net earnings attributable to common shareholders, three months ended September 30GAAP | $535M | – | – |
| F&G Segment adjusted net earnings attributable to common shareholders, three months ended September 30non-GAAP | $72M | – | – |
| Total assets, as of September 30GAAP | $114.7B | – | – |
| Cash and investment portfolio, as of September 30GAAP | $76.45B | – | – |
| Notes payable, as of September 30GAAP | $4.38B | – | – |
| Total equity attributable to common shareholders, as of September 30GAAP | $7.37B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| TitleDirect title premiums were $755 million, an 11% increase; agency title premiums were $915 million, a 3% increase; commercial revenue was $463 million, a 19% increase over the third quarter of 2025. | $2.44B | – | – |
| F&GGross sales were $3.0 billion, including $2.3 billion of core sales and nearly $700 million of opportunistic sales. Net sales were $1.4 billion, reflecting flow reinsurance in line with capital targets for multiyear guaranteed annuities and fixed indexed annuities. | $1.13B | – | – |
| Corporate and OtherCorporate Segment adjusted net loss was $7 million for the third quarter, before eliminating dividend income from F&G in the consolidated financial statements, compared with an adjusted net loss of $1 million for the third quarter of 2025. | $31M | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- FNF returned approximately $143 million of capital to shareholders in the third quarter through $138 million of common stock dividends and $5 million of share repurchases.
- Capital returned to shareholders in the first nine months of 2026 was approximately $561 million, through $417 million of dividends and $144 million of share repurchases.
What drove it
- Title total revenue, excluding recognized gains and losses, was $2.5 billion, a 7% increase over the third quarter of 2025.
- Purchase orders opened increased 3% on a daily basis and purchase orders closed increased 2% on a daily basis compared with the third quarter of 2025.
- Refinance orders opened decreased 11% on a daily basis, while refinance orders closed increased 8% on a daily basis compared with the third quarter of 2025.
- Commercial orders opened increased 2% and commercial orders closed increased 4% over the third quarter of 2025.
- Total fee per file was $4,229, a 6% increase over the third quarter of 2025.
- F&G core sales were $2.3 billion, including record core retail sales of $2.1 billion and $200 million of core institutional sales.
- F&G indexed annuities sales were $ 2,143 million compared with $ 1,665 million, while pension risk transfer sales were $ 172 million compared with $ 538 million.
- F&G adjusted net earnings reflected consistent core spread, steady fees from accretive flow reinsurance and owned distribution margin, and disciplined expense management.
Concerns
- Consolidated total revenue was $ 3,578 million, compared with $ 4,030 million for the third quarter of 2025.
- Adjusted net earnings attributable to common shareholders were $ 352 million, compared with $ 439 million for the third quarter of 2025.
- F&G gross sales were $ 3,000 million, compared with $ 4,238 million, and F&G net sales were $ 1,405 million, compared with $ 2,800 million.
- F&G opportunistic sales were nearly $700 million, compared to a record $2.0 billion in the third quarter of 2025; the company de-emphasized multiyear guaranteed annuities sales due to returns below its threshold.
- F&G investment income from alternative investments was $43 million, or $0.16 per share, below management's current long-term expected return of approximately 12%.
- Title adjusted pre-tax margin was 17.1%, compared with 17.8% for the third quarter of 2025.
- Management cited continued pressure on residential transaction volumes.
What to watch
- Title direct premiums, agency premiums, commercial revenue, order volumes and total fee per file.
- Whether Title maintains adjusted pre-tax title margin amid residential transaction-volume pressure and continuing staffing investment.
- F&G core retail sales, opportunistic sales volumes, flow reinsurance and the mix between retained AUM and AUM before flow reinsurance.
- F&G alternative investment income relative to management's long-term expected return of approximately 12%.
- The effect of the F&G Life Re (Bermuda) sale, lower surrender charge fee income, higher other liability costs and increased amortization expense on F&G product margin.
- Capital returns following approximately $561 million returned through dividends and share repurchases during the first nine months of 2026.
Balance sheet and cash flow
- FNF ended the quarter with $545 million in cash and short-term liquid investments at the holding company.
- Cash and investment portfolio was $ 76,452 million as of September 30, 2026, compared with $ 75,831 million as of December 31, 2025.
- Total assets were $ 114,692 million as of September 30, 2026, compared with $ 109,014 million as of December 31, 2025.
- Notes payable was $ 4,380 million as of September 30, 2026, compared with $ 4,400 million as of December 31, 2025.
- Reserve for title claim losses was $ 1,718 million as of September 30, 2026, compared with $ 1,700 million as of December 31, 2025.
Analysis
FNF reported a sharp increase in GAAP profitability for the third quarter. Net earnings attributable to common shareholders were $633 million, or $2.37 per diluted share, compared with $358 million, or $1.33 per share, in the third quarter of 2025. The improvement included favorable mark-to-market movement in F&G. On an adjusted basis, earnings moved in the opposite direction: adjusted net earnings were $352 million, or $1.32 per share, compared with $439 million, or $1.63 per share. Consolidated revenue was $3,578 million versus $4,030 million, with the decline concentrated in F&G revenue and sales activity.
The Title business was the principal operating strength. Segment revenue was $2,444 million compared with $2,265 million, while pre-tax earnings increased to $391 million from $359 million and adjusted pre-tax earnings rose to $422 million from $410 million. Adjusted pre-tax margin was 17.1%, below 17.8% a year earlier but above the 16.0% GAAP pre-tax margin. Direct title premiums increased 11%, agency title premiums increased 3%, and commercial revenue increased 19%. Purchase orders opened and closed increased on a daily basis, commercial orders opened and closed increased, and total fee per file rose 6% to $4,229. These measures supported Title earnings despite continued pressure on residential transaction volumes.
F&G reached $76,232 million of AUM before reinsurance, a 7% increase from $71,430 million, while retained AUM was $56,212 million versus $56,647 million. Core sales were $2.3 billion, including record core retail sales of $2.1 billion, but gross sales declined to $3,000 million from $4,238 million and net sales declined to $1,405 million from $2,800 million. The release attributes the lower opportunistic activity in part to the de-emphasis of multiyear guaranteed annuities where returns were below the company's threshold. F&G Segment GAAP net earnings rose to $535 million from $98 million with favorable mark-to-market movement, while adjusted net earnings declined to $72 million from $139 million.
F&G's adjusted result also reflected alternative investment income of $43 million, or $0.16 per share, below management's current long-term expected return of approximately 12%. Management said core spread was consistent, but total product margin was reduced by the F&G Life Re (Bermuda) sale, lower surrender charge fee income and higher other liability costs including expected increased amortization expense. Steady fees from accretive flow reinsurance and owned distribution margin, together with disciplined expense management, partially offset those items.
Capital allocation remained active. FNF returned approximately $143 million in the quarter through $138 million of dividends and $5 million of repurchases, bringing the first-nine-month total to approximately $561 million. The company ended the quarter with $545 million in cash and short-term liquid investments at the holding company. Total assets were $114,692 million, cash and investment portfolio was $76,452 million, and notes payable was $4,380 million. The release provided no forward financial guidance, leaving the progression of Title volumes and margins, F&G sales mix, alternative investment returns and capital deployment as the central reported items to monitor.
Management, verbatim
FNF delivered another quarter of strong execution across our Title and F&G businesses, demonstrating the strength of our franchises. Our Title business generated an industry leading adjusted pre-tax title margin of 17.1% despite continued pressure on residential transaction volumes, supported by disciplined expense management and strong commercial performance. At F&G, assets under management before reinsurance reached a record $76.2 billion, driven by record core retail sales of $2.1 billion. Together, these results demonstrate the ability of our businesses to generate attractive returns today, with meaningful upside as market conditions improve.
William P. Foley, II, Chairman
Our Title business delivered another strong quarter, generating adjusted pre-tax title earnings of $422 million and an industry leading adjusted pre-tax title margin of 17.1%. These results reflect the strength of our disciplined operating strategy and our ability to consistently outperform the broader market. Commercial remained a meaningful contributor, with revenue increasing 19% over the prior year, while our residential purchase business continued to outperform despite low transaction volumes.
Mike Nolan, Chief Executive Officer
F&G continued to build momentum in the third quarter, with record core retail sales driving assets under management before reinsurance to a record $76.2 billion. Importantly, we are generating this growth while maintaining our disciplined approach to pricing and profitability, prioritizing business that meets our return targets and allocating capital to the most attractive opportunities.
Conor Murphy, F&G’s Chief Executive Officer and President
Not in the filing
stated, not guessed- Forward financial guidance was not provided.
- Prior-period outlook was not provided.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Gross margin was not reported.
- A consolidated operating income line was not reported.
- A consolidated net debt figure was not reported.
- A quarterly dividend per share was not reported.
- A reported effective tax rate was not provided.
- Prior-quarter comparatives for most financial metrics were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing is an SEC Form 8‑K Item 2.02, the first public disclosure of Fidelity National Financial's Q3 2026 results.
Ticker impact
Fidelity National Financial reported Q3 2026 earnings of $633 M, $2.37 EPS, beating prior year and providing detailed segment results.
likely upward pressure as the market prices in the earnings beat and higher cash return.
The report shows a 76% YoY increase in net earnings and a 7% revenue rise, exceeding expectations.
F&G Annuities & Life, a majority‑owned listed subsidiary (NYSE:FG), disclosed $76.2 B AUM and record $2.1 B core retail sales for Q3 2026.
may see modest upside as investors value the AUM expansion.
AUM rose 7% YoY and core retail sales hit a record, indicating robust performance.
Market effects
Title insurance and annuity sectors may see renewed investor interest from the earnings beat.
U.S. financial services sector could receive a modest lift.
Limited to U.S. markets; no direct global macro effect.
Counterpoint
If the market had already priced in the earnings beat, the stock could face a short‑term pullback.
Key entities
- companyFidelity National Financial, Inc.
Provider of title insurance and transaction services; ticker FNF.
- companyF&G Annuities & Life, Inc.
Majority‑owned subsidiary of FNF; ticker FG.
