NYSE : FNF
Fidelity National Financial, Inc. — Financial statements
Financials · Insurance - Specialty · United States
Last price 40.51 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 10.86B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 6.27B | 5.82B | 5.15B | 4.59B | 6.83B | 8.55B |
| Total Interest & Dividend Income | 2.96B | 2.93B | 2.80B | 2.38B | 1.78B | 1.37B |
| Gain (Loss) on Sale of Investments | -288.00M | -111.00M | 66.00M | -158.00M | -937.00M | -329.00M |
| Other Revenue | 6.41B | 5.86B | 5.70B | 4.98B | 3.93B | 6.05B |
| Total Revenue | 15.35B | 14.51B | 13.71B | 11.79B | 11.61B | 15.65B |
| Policy Benefits | 4.36B | 4.22B | 4.02B | 3.76B | 1.43B | 2.32B |
| Policy Acquisition & Underwriting Costs | 2.69B | 2.52B | 2.29B | 2.01B | 3.06B | 3.82B |
| Depreciation & Amortization | 882.00M | 844.00M | 739.00M | 593.00M | 491.00M | 432.00M |
| Selling, General & Administrative | 223.00M | 218.00M | 216.00M | 197.00M | 191.00M | 181.00M |
| Other Operating Expenses | 1.56B | 1.54B | 1.46B | 1.42B | 1.62B | 1.78B |
| Total Operating Expenses | 13.21B | 12.70B | 11.79B | 10.83B | 9.94B | 12.02B |
| Operating Income | 2.14B | 1.81B | 1.93B | 962.00M | 1.66B | 3.63B |
| Interest Expense | -243.00M | -242.00M | -209.00M | -174.00M | -115.00M | -114.00M |
| Earnings From Equity Investments | 24.00M | 35.00M | 16.00M | 17.00M | 15.00M | 64.00M |
| Other Non Operating Income (Expenses) | -167.00M | -167.00M | 25.00M | -95.00M | 182.00M | 44.00M |
| EBT Excluding Unusual Items | 1.75B | 1.43B | 1.76B | 710.00M | 1.75B | 3.62B |
| Gain (Loss) on Sale of Assets | 14.00M | |||||
| Pretax Income | 1.76B | 1.43B | 1.76B | 710.00M | 1.75B | 3.62B |
| Income Tax Expense | 864.00M | 753.00M | 367.00M | 192.00M | 439.00M | 813.00M |
| Earnings From Continuing Ops. | 900.00M | 679.00M | 1.39B | 518.00M | 1.31B | 2.81B |
| Earnings From Discontinued Ops. | 8.00M | |||||
| Net Income to Company | 900.00M | 679.00M | 1.39B | 518.00M | 1.31B | 2.82B |
| Minority Interest in Earnings | -128.00M | -77.00M | -121.00M | -1.00M | -12.00M | -20.00M |
| Net Income | 772.00M | 602.00M | 1.27B | 517.00M | 1.29B | 2.80B |
| Net Income to Common | 772.00M | 602.00M | 1.27B | 517.00M | 1.29B | 2.80B |
| Shares Outstanding (Basic) | 269.00M | 271.00M | 271.00M | 270.00M | 275.00M | 285.00M |
| Shares Outstanding (Diluted) | 269.50M | 272.00M | 273.00M | 271.00M | 277.00M | 287.00M |
| EPS (Basic) | 2.87 | 2.22 | 4.69 | 1.91 | 4.71 | 9.81 |
| EPS (Diluted) | 2.86 | 2.21 | 4.65 | 1.91 | 4.67 | 9.75 |
| Free Cash Flow | 5.43B | 5.68B | 6.67B | 6.35B | 4.22B | 3.96B |
| Free Cash Flow Per Share | 20.14 | 20.89 | 24.43 | 23.42 | 15.22 | 13.79 |
| Dividend Per Share | 2.06 | 2.02 | 1.94 | 1.83 | 1.77 | 1.56 |
| Operating Margin | 13.91% | 12.45% | 14.04% | 8.16% | 14.33% | 23.19% |
| Profit Margin | 5.03% | 4.15% | 9.26% | 4.39% | 11.15% | 17.88% |
| Free Cash Flow Margin | 35.36% | 39.17% | 48.63% | 53.83% | 36.34% | 25.30% |
| EBITDA | 2.41B | 2.07B | 2.17B | 1.18B | 1.86B | 4.06B |
| EBITDA Margin | 15.69% | 14.30% | 15.82% | 9.99% | 16.04% | 25.95% |
| D&A For EBITDA | 273.00M | 268.00M | 244.00M | 216.00M | 198.00M | 432.00M |
| EBIT | 2.14B | 1.81B | 1.93B | 962.00M | 1.66B | 3.63B |
| EBIT Margin | 13.91% | 12.45% | 14.04% | 8.16% | 14.33% | 23.19% |
| Effective Tax Rate | 48.98% | 52.58% | 20.88% | 27.04% | 25.16% | 22.45% |
| Revenue as Reported | 15.36B | 14.45B | 13.68B | 11.75B | 11.56B | 15.65B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 53.90B | 54.12B | 47.72B | 41.88B | 32.65B | 31.53B |
| Investments in Equity & Preferred Securities | 6.38B | 6.09B | 4.82B | 4.72B | 4.22B | 5.15B |
| Policy Loans | 171.00M | 147.00M | 104.00M | 71.00M | 52.00M | 39.00M |
| Other Investments | 1.89B | 2.70B | 3.48B | 2.41B | 2.93B | 664.00M |
| Total Investments | 71.61B | 70.95B | 62.05B | 54.43B | 44.40B | 41.13B |
| Cash & Equivalents | 3.04B | 2.38B | 3.41B | 2.50B | 2.04B | 3.88B |
| Reinsurance Recoverable | 20.88B | 17.55B | 13.38B | 8.98B | 5.42B | 3.74B |
| Other Receivables | 1.18B | 1.18B | 1.00B | 925.00M | 858.00M | 862.00M |
| Deferred Policy Acquisition Cost | 3.85B | 3.64B | 3.04B | 2.21B | 1.41B | 761.00M |
| Property, Plant & Equipment | 524.00M | 525.00M | 524.00M | 516.00M | 555.00M | 561.00M |
| Goodwill | 5.22B | 5.27B | 5.27B | 4.83B | 4.63B | 4.54B |
| Other Intangible Assets | 1.32B | 1.34B | 1.39B | 1.04B | 1.00B | 923.00M |
| Restricted Cash | 546.00M | 261.00M | 69.00M | 262.00M | 242.00M | 480.00M |
| Other Current Assets | 2.85B | 2.38B | 1.89B | 1.84B | 1.34B | 1.72B |
| Long-Term Deferred Tax Assets | 82.00M | 315.00M | 372.00M | 584.00M | ||
| Long-Term Deferred Charges | 1.01B | 891.00M | 625.00M | 346.00M | 200.00M | 88.00M |
| Other Long-Term Assets | 2.51B | 2.57B | 2.31B | 2.36B | 2.45B | 2.01B |
| Total Assets | 114.53B | 109.01B | 95.26B | 80.61B | 65.14B | 60.69B |
| Accounts Payable | 2.26B | 246.00M | 191.00M | 339.00M | 156.00M | 129.00M |
| Accrued Expenses | 1.50B | 1.39B | 1.22B | 1.24B | 1.45B | |
| Insurance & Annuity Liabilities | 68.17B | 66.94B | 59.93B | 51.59B | 42.75B | 36.37B |
| Unpaid Claims | 1.72B | 1.80B | 1.81B | 1.86B | 1.92B | 1.99B |
| Reinsurance Payable | 17.46B | 14.19B | 10.76B | 7.08B | 3.70B | 1.68B |
| Current Portion of Long-Term Debt | 41.00M | |||||
| Current Portion of Leases | 130.00M | |||||
| Current Income Taxes Payable | 41.00M | 1.00M | 52.00M | 72.00M | ||
| Long-Term Debt | 4.38B | 4.40B | 4.32B | 3.89B | 3.24B | 3.10B |
| Long-Term Leases | 364.00M | 238.00M | 385.00M | 394.00M | 418.00M | 414.00M |
| Long-Term Deferred Tax Liabilities | 451.00M | 439.00M | 29.00M | 71.00M | 205.00M | |
| Other Current Liabilities | 9.10B | 8.78B | 6.84B | 5.66B | 3.96B | 4.75B |
| Other Long-Term Liabilities | 1.02B | 731.00M | 551.00M | 731.00M | 862.00M | 934.00M |
| Total Liabilities | 105.72B | 100.04B | 86.73B | 73.15B | 58.57B | 51.23B |
| Additional Paid-In Capital | 6.09B | 6.04B | 5.98B | 5.91B | 5.87B | 5.81B |
| Retained Earnings | 5.73B | 5.48B | 5.98B | 5.24B | 5.22B | 4.37B |
| Treasury Stock | -2.56B | -2.42B | -2.15B | -2.13B | -2.11B | -1.54B |
| Comprehensive Income & Other | -1.81B | -1.68B | -2.05B | -2.12B | -2.87B | 779.00M |
| Total Common Equity | 7.45B | 7.42B | 7.75B | 6.91B | 6.12B | 9.41B |
| Minority Interest | 1.36B | 1.55B | 778.00M | 552.00M | 453.00M | 43.00M |
| Shareholders' Equity | 8.81B | 8.97B | 8.53B | 7.46B | 6.57B | 9.46B |
| Total Liabilities & Equity | 114.53B | 109.01B | 95.26B | 80.61B | 65.14B | 60.69B |
| Filing Date Shares Outstanding | 268.19M | 271.14M | 274.99M | 273.21M | 272.21M | 283.57M |
| Total Common Shares Outstanding | 268.00M | 271.00M | 275.00M | 273.25M | 272.31M | 283.78M |
| Total Debt | 4.78B | 4.77B | 4.71B | 4.28B | 3.66B | 3.51B |
| Net Cash (Debt) | -1.75B | -2.39B | -1.30B | -1.78B | -1.61B | 370.00M |
| Net Cash Per Share | -6.48 | -8.80 | -4.75 | -6.55 | -5.82 | 1.29 |
| Book Value Per Share | 27.81 | 27.39 | 28.20 | 25.28 | 22.46 | 33.17 |
| Tangible Book Value | 919.00M | 811.00M | 1.10B | 1.04B | 480.00M | 3.95B |
| Tangible Book Value Per Share | 3.43 | 2.99 | 3.99 | 3.81 | 1.76 | 13.93 |
| Land | 17.00M | 14.00M | 14.00M | 14.00M | 14.00M | |
| Buildings | 103.00M | 93.00M | 95.00M | 84.00M | 79.00M | |
| Machinery | 328.00M | 316.00M | 308.00M | 447.00M | 449.00M | |
| Leasehold Improvements | 131.00M | 126.00M | 121.00M | 118.00M | 121.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 772.00M | 602.00M | 1.27B | 517.00M | 1.29B | 2.80B |
| Depreciation & Amortization | 273.00M | 268.00M | 244.00M | 216.00M | 198.00M | 432.00M |
| Other Amortization | 609.00M | 576.00M | 495.00M | 377.00M | 293.00M | |
| Gain (Loss) on Sale of Assets | -14.00M | 14.00M | ||||
| Gain (Loss) on Sale of Investments | 228.00M | 215.00M | -341.00M | 542.00M | 530.00M | -588.00M |
| Stock-Based Compensation | 93.00M | 88.00M | 82.00M | 60.00M | 49.00M | 42.00M |
| Change in Accounts Receivable | -89.00M | -14.00M | -43.00M | 37.00M | 178.00M | -120.00M |
| Reinsurance Recoverable | 19.00M | -1.00M | -13.00M | 78.00M | 276.00M | 59.00M |
| Change in Income Taxes | 641.00M | 481.00M | 83.00M | -50.00M | 66.00M | 140.00M |
| Change in Insurance Reserves / Liabilities | 1.48B | 1.70B | 1.80B | 1.28B | 998.00M | 887.00M |
| Change in Other Net Operating Assets | -367.00M | -88.00M | -294.00M | -26.00M | -385.00M | 199.00M |
| Other Operating Activities | -1.52B | -1.44B | -372.00M | -49.00M | -1.34B | -664.00M |
| Operating Cash Flow | 5.56B | 5.83B | 6.82B | 6.48B | 4.36B | 4.09B |
| Capital Expenditures | -135.00M | -147.00M | -146.00M | -132.00M | -138.00M | -131.00M |
| Cash Acquisitions | -62.00M | -62.00M | -586.00M | -299.00M | -180.00M | -100.00M |
| Investment in Securities | -5.40B | -8.71B | -7.14B | -8.64B | -10.12B | -7.21B |
| Other Investing Activities | -25.00M | -11.00M | 7.00M | -16.00M | -85.00M | -11.00M |
| Investing Cash Flow | -5.58B | -8.93B | -7.86B | -9.09B | -10.52B | -7.45B |
| Long-Term Debt Issued | 385.00M | 1.07B | 851.00M | 550.00M | 449.00M | |
| Total Debt Repaid | -365.00M | -185.00M | ||||
| Net Debt Issued (Repaid) | 385.00M | 703.00M | 666.00M | 550.00M | 449.00M | |
| Issuance of Common Stock | 4.00M | 121.00M | 21.00M | 15.00M | 39.00M | 48.00M |
| Repurchases of Common Stock | -361.00M | -278.00M | -34.00M | -41.00M | -568.00M | -480.00M |
| Common Dividends Paid | -553.00M | -546.00M | -532.00M | -500.00M | -489.00M | -446.00M |
| Other Financing Activities | 64.00M | -231.00M | -536.00M | -209.00M | -517.00M | 194.00M |
| Financing Cash Flow | 329.00M | 2.26B | 1.76B | 3.09B | 4.09B | 5.00B |
| Net Cash Flow | 310.00M | -843.00M | 712.00M | 481.00M | -2.07B | 1.64B |
| Free Cash Flow | 5.43B | 5.68B | 6.67B | 6.35B | 4.22B | 3.96B |
| Free Cash Flow Margin | 35.36% | 39.17% | 48.63% | 53.83% | 36.34% | 25.30% |
| Free Cash Flow Per Share | 20.14 | 20.89 | 24.43 | 23.42 | 15.22 | 13.79 |
| Levered Free Cash Flow | 3.59B | 2.05B | 1.50B | 2.62B | -764.50M | 3.36B |
| Unlevered Free Cash Flow | 3.74B | 2.20B | 1.63B | 2.73B | -692.62M | 3.43B |
| Cash Interest Paid | 231.00M | 229.00M | 200.00M | 157.00M | 125.00M | 112.00M |
| Cash Income Tax Paid | 211.00M | 250.00M | 237.00M | 216.00M | 387.00M | 653.00M |
| Change in Working Capital | 4.97B | 5.35B | 5.32B | 4.71B | 3.19B | 2.02B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 11.19B | 14.81B | 15.36B | 13.89B | 10.24B | 14.85B |
| Enterprise Value | 12.93B | 17.35B | 16.07B | 15.61B | 11.40B | 13.94B |
| PE Ratio | 14.57 | 24.61 | 12.10 | 26.86 | 7.91 | 5.31 |
| PS Ratio | 0.71 | 1.02 | 1.12 | 1.18 | 0.88 | 0.95 |
| PB Ratio | 1.46 | 1.65 | 1.80 | 1.86 | 1.56 | 1.57 |
| P/FCF Ratio | 2.00 | 2.61 | 2.30 | 2.19 | 2.43 | 3.75 |
| P/OCF Ratio | 1.95 | 2.54 | 2.25 | 2.14 | 2.35 | 3.63 |
| EV/Sales Ratio | 0.82 | 1.20 | 1.17 | 1.32 | 0.98 | 0.89 |
| EV/EBITDA Ratio | 5.24 | 8.36 | 7.41 | 13.25 | 6.13 | 3.43 |
| EV/EBIT Ratio | 5.90 | 9.61 | 8.34 | 16.22 | 6.86 | 3.84 |
| EV/FCF Ratio | 2.32 | 3.05 | 2.41 | 2.46 | 2.70 | 3.52 |
| Debt / Equity Ratio | 0.54 | 0.53 | 0.55 | 0.57 | 0.56 | 0.37 |
| Debt / EBITDA Ratio | 1.89 | 2.16 | 2.04 | 3.26 | 1.83 | 0.84 |
| Debt / FCF Ratio | 0.88 | 0.84 | 0.71 | 0.68 | 0.87 | 0.89 |
| Net Debt / Equity Ratio | 0.20 | 0.27 | 0.15 | 0.24 | 0.24 | -0.04 |
| Net Debt / EBITDA Ratio | 0.72 | 1.15 | 0.60 | 1.51 | 0.87 | -0.09 |
| Net Debt / FCF Ratio | 0.32 | 0.42 | 0.19 | 0.28 | 0.38 | -0.09 |
| Quick Ratio | 0.14 | 0.19 | 0.32 | 0.31 | 0.46 | 0.49 |
| Current Ratio | 0.94 | 0.99 | 1.06 | 1.01 | 1.11 | 1.09 |
| Asset Turnover | 0.14 | 0.14 | 0.16 | 0.16 | 0.18 | 0.28 |
| Return on Equity (ROE) | 10.21% | 7.76% | 17.40% | 7.38% | 16.30% | 31.47% |
| Return on Assets (ROA) | 1.23% | 1.10% | 1.37% | 0.83% | 1.65% | 4.08% |
| Return on Invested Capital (ROIC) | 8.05% | 6.35% | 12.20% | 6.39% | 10.73% | 23.03% |
| Earnings Yield | 6.86% | 4.06% | 8.27% | 3.72% | 12.64% | 18.84% |
| FCF Yield | 49.96% | 38.35% | 43.41% | 45.70% | 41.19% | 26.67% |
| Dividend Yield | 4.99% | 3.70% | 3.47% | 3.60% | 4.71% | 2.98% |
| Payout Ratio | 72.67% | 90.70% | 41.89% | 96.71% | 37.79% | 15.95% |
| Buyback Yield / Dilution | 1.46% | 0.37% | -0.74% | 2.17% | 3.48% | -0.35% |
| Total Shareholder Return | 6.60% | 4.06% | 2.73% | 5.77% | 8.19% | 2.63% |