second quarter 2026
Filed Aug 5, 2026FNF reported second-quarter adjusted net earnings of $370 million, or $1.39 per share, as Title revenue and adjusted pre-tax title earnings increased, while F&G gross and net sales declined from a prior-year period that included near record opportunistic sales.
Consolidated revenue, GAAP net earnings, adjusted net earnings, and Title profitability increased from the second quarter of 2025. Title delivered higher direct, agency, and commercial activity with a 17.8% adjusted pre-tax title margin. F&G reached record AUM before reinsurance, but gross sales, net sales, core sales, and opportunistic sales were below prior-year levels.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $4,051 million | – | – |
| Year-to-date total revenueGAAP | $7,277 million | – | – |
| Net earnings attributable to common shareholdersGAAP | $288 million | – | – |
| Net earnings per share attributable to common shareholdersGAAP | $1.08 | – | – |
| Year-to-date net earnings attributable to common shareholdersGAAP | $531 million | – | – |
| Year-to-date net earnings per share attributable to common shareholdersGAAP | $1.98 | – | – |
| Adjusted net earnings attributable to common shareholdersnon-GAAP | $370 million | – | – |
| Adjusted net earnings per sharenon-GAAP | $1.39 | – | – |
| Year-to-date adjusted net earningsnon-GAAP | $619 million | – | – |
| Year-to-date adjusted net earnings per sharenon-GAAP | $2.31 | – | – |
| Weighted average common diluted sharesGAAP | 267 million | – | – |
| Year-to-date weighted average common diluted sharesGAAP | 268 million | – | – |
| Total common shares outstandingother | 268 million | – | – |
| F&G AUM before reinsuranceother | $74,687 million | – | 8% |
| F&G assets under managementother | $55,868 million | – | – |
| F&G gross salesother | $2,719 million | – | – |
| F&G net salesother | $1,464 million | – | – |
| Year-to-date F&G gross salesother | $5,892 million | – | – |
| Year-to-date F&G net salesother | $3,709 million | – | – |
| Total assetsGAAP | $114,528 million | – | – |
| Adjusted pre-tax title marginnon-GAAP | 17.8% | – | – |
| Year-to-date adjusted pre-tax title marginnon-GAAP | 15.7% | – | – |
| Title pre-tax marginGAAP | 17.8% | – | – |
| Title pre-tax earningsGAAP | $451 million | – | – |
| Title adjusted pre-tax earningsnon-GAAP | $448 million | – | 33% |
| Title direct title premiumsGAAP | $767 million | – | 21% |
| Title agency title premiumsGAAP | $967 million | – | 15% |
| Title commercial revenueGAAP | $440 million | – | 32% |
| Title purchase orders openedother | increased 3% on a daily basis | – | increased 3% on a daily basis |
| Title purchase orders closedother | increased 4% on a daily basis | – | increased 4% on a daily basis |
| Title refinance orders openedother | increased 16% on a daily basis | – | increased 16% on a daily basis |
| Title refinance orders closedother | increased 26% on a daily basis | – | increased 26% on a daily basis |
| Title commercial orders openedother | increased 7% | – | increased 7% |
| Title commercial orders closedother | increased 11% | – | increased 11% |
| Title total fee per fileother | $4,107 | – | 5% increase |
| F&G retained AUMother | $55.9 billion | – | 1% |
| F&G core salesother | $2.0 billion | – | – |
| F&G core retail salesother | $1.8 billion | – | – |
| F&G pension risk transfer salesother | $0.2 billion | – | – |
| F&G opportunistic salesother | $0.7 billion | – | – |
| Title Segment contributionnon-GAAP | $339 million | – | – |
| F&G Segment contributionnon-GAAP | $65 million | – | – |
| Corporate Segment adjusted net loss before eliminating dividend income from F&G in the consolidated financial statementsnon-GAAP | $6 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Title SegmentHigher direct operating revenue and agent premiums drove adjusted pre-tax earnings; direct title premiums increased 21%, agency title premiums increased 15%, and commercial revenue increased 32% over the second quarter of 2025. | $2.5 billion | – | 16% increase |
Capital returns
- approximately $195 million of capital returned to shareholders in the second quarter through $138 million of common stock dividends and $57 million of share repurchases
- approximately $417 million of capital returned to shareholders in the first half of 2026 through $278 million of dividends and $139 million of share repurchases
What drove it
- Title total revenue was $2.5 billion, compared with $2.2 billion for the second quarter of 2025.
- Title adjusted pre-tax earnings increased 33% over the second quarter of 2025, driven primarily by higher direct operating revenue and agent premiums.
- Commercial transaction activity and fee per file continued to trend higher, according to management.
- F&G reached record AUM before reinsurance of $74.7 billion, supported by continued momentum in core retail.
- F&G reported $1.8 billion of core retail sales, described as one of its strongest quarters on record.
Concerns
- F&G gross sales were $2,719 million versus $4,106 million in the second quarter of 2025.
- F&G net sales were $1,464 million versus $2,744 million in the second quarter of 2025.
- F&G core sales were $2.0 billion versus $2.2 billion in the second quarter of 2025, while opportunistic sales were $0.7 billion versus $1.9 billion.
- Management described the residential market as constrained by elevated mortgage rates and historically low transaction volumes.
- F&G retained AUM growth was offset by the $1.8 billion inforce block ceded and the $750 million funding agreement-backed note maturity.
What to watch
- Whether Title can sustain its 17.8% adjusted pre-tax title margin as residential transaction volumes remain constrained.
- Progress in purchase, refinance, and commercial title order activity, which increased 3%, 16%, and 7%, respectively, on the reported bases.
- Whether higher commercial revenue and total fee per file of $4,107 continue to support Title earnings.
- F&G sales composition between core retail, pension risk transfer, and opportunistic products.
- The pace of capital returns following approximately $417 million returned during the first half of 2026.
Balance sheet and cash flow
- FNF ended the quarter with $457 million in cash and short-term liquid investments at the holding company.
- Total assets were $114,528 million, compared with $102,331 million for the second quarter of 2025.
- F&G retained AUM reflected positive asset flows offset by $1.8 billion inforce block ceded with the F&G Life Re (Bermuda) sale effective March 1, 2026 and a $750 million funding agreement-backed note maturity in the second quarter of 2026.
Analysis
FNF delivered a solid second quarter. Total revenue was $4,051 million, compared with $3,635 million in the second quarter of 2025. Net earnings attributable to common shareholders were $288 million, or $1.08 per share, compared with $278 million, or $1.02 per share. Adjusted net earnings were $370 million, or $1.39 per share, compared with $318 million, or $1.16 per share. Year-to-date adjusted net earnings were $619 million, compared with $531 million.
Title was the principal earnings driver. Segment total revenue was $2.5 billion, compared with $2.2 billion, and revenue excluding recognized gains and losses increased 16%. Adjusted pre-tax title earnings were $448 million, an increase of 33% over $337 million, while adjusted pre-tax title margin reached 17.8%, compared with 15.5%. Direct title premiums, agency title premiums, and commercial revenue increased 21%, 15%, and 32%, respectively. Order trends were positive across purchase, refinance, and commercial activity, and total fee per file increased 5% to $4,107.
F&G added scale but had lower sales than a prior-year period that management said included near record opportunistic sales. AUM before reinsurance was $74,687 million, compared with $69,161 million, while retained AUM was $55.9 billion, up 1%. Gross sales were $2,719 million compared with $4,106 million, and net sales were $1,464 million compared with $2,744 million. Core sales were $2.0 billion compared with $2.2 billion, while opportunistic sales were $0.7 billion compared with $1.9 billion. The F&G Segment contribution was $65 million, compared with $89 million, reflecting FNF's approximately 72% ownership stake following the stock distribution at year-end versus approximately 82% in the prior-year period.
Capital allocation remained active. FNF returned approximately $195 million in the second quarter through $138 million of dividends and $57 million of share repurchases. First-half capital returned totaled approximately $417 million through $278 million of dividends and $139 million of repurchases. FNF ended the quarter with $457 million in cash and short-term liquid investments at the holding company.
The filing excerpt provides no forward guidance. The reported outlook themes are Title margin durability amid elevated mortgage rates and historically low residential transaction volumes, continued commercial activity and fee-per-file trends, and F&G's ability to grow assets while balancing sales, pricing, profitability, and capital efficiency.
Management, verbatim
Our second quarter results highlight the strength of FNF’s business model and the benefits of having two complementary market-leading franchises. In Title, we delivered an industry-leading adjusted pre-tax title margin of 17.8% despite a residential market that remains constrained by elevated mortgage rates and historically low transaction volumes. In F&G, assets under management before reinsurance approached $75 billion as the business continued to execute its strategy of balancing growth, profitability and capital efficiency.
William P. Foley, II, Chairman
The Title business delivered an outstanding second quarter, generating adjusted pre-tax title earnings of $448 million, up 33% over the prior year, and an industry-leading adjusted pre-tax title margin of 17.8%. These results reflect strength across our commercial, residential, and agency businesses, supported by disciplined expense management and the benefits of our scale and operating platform.
Mike Nolan, Chief Executive Officer
The second quarter reflects the strength and resilience of the business we have built at F&G. We achieved record assets under management before reinsurance of $74.7 billion underpinned by continued momentum in core retail, while maintaining our disciplined approach to sales, pricing and capital allocation.
Conor Murphy, F&G’s Chief Executive Officer and President
Not in the filing
stated, not guessed- Forward revenue guidance was not provided in the supplied filing text.
- Forward gross-margin guidance was not provided in the supplied filing text.
- Forward operating-expense guidance was not provided in the supplied filing text.
- Forward tax-rate guidance was not provided in the supplied filing text.
- Previous-period outlook was not provided, so no comparison with prior guidance is available.
- Operating cash flow was not reported in the supplied filing text.
- Free cash flow was not reported in the supplied filing text.
- Debt was not reported in the supplied filing text.
- F&G Segment revenue was not reported in the supplied filing text.
- Corporate Segment revenue was not reported in the supplied filing text.
- The supplied filing text ends during the F&G discussion, so additional financial results or guidance that may have appeared after the excerpt are unavailable.
AlphaAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.