Fidelity National Financial — Third Quarter 2026 Earnings Summary

Financial Performance

• Net earnings attributable to common shareholders were $633 million ($2.37 per diluted share) for the three months ended September 30, 2026, compared to $358 million ($1.33 per share) in the same period of 2025.
• Adjusted net earnings attributable to common shareholders were $352 million ($1.32 per share) for the third quarter of 2026, down from $439 million ($1.63 per share) in the third quarter of 2025.
• Consolidated total revenue was $3.578 billion for the third quarter of 2026, compared to $4.030 billion in the prior year period.
• Year-to-date consolidated net earnings were $1.164 billion ($4.34 per share) for the nine months ended September 30, 2026, compared to $719 million ($2.64 per share) in 2025.
• Year-to-date adjusted net earnings were $971 million ($3.62 per share) for the nine months ended September 30, 2026, compared to $970 million ($3.57 per share) in 2025.
• Total assets were $114.692 billion as of September 30, 2026, compared to $106.636 billion in the prior year period.
• F&G Segment adjusted net earnings were $72 million for the third quarter of 2026, compared to $139 million in 2025.
• Title Segment adjusted pre-tax earnings were $422 million for the third quarter of 2026, a 3% increase over $410 million in 2025.
• Title Segment adjusted pre-tax margin was 17.1% for the third quarter of 2026, compared to 17.8% in 2025.

Guidance and Future Outlook

• Management stated the business has the ability to generate attractive returns today with meaningful upside as market conditions improve.
• The Company plans to continue investing for future growth while returning excess capital to shareholders.
• F&G is prioritizing business that meets return targets and allocating capital to the most attractive opportunities while maintaining disciplined pricing.
• F&G is making progress toward a more fee-based, higher margin, and less capital-intensive business while growing its core spread-based franchise.
• F&G has de-emphasized multiyear guaranteed annuities sales due to returns below thresholds, maintaining pricing discipline to prioritize capital allocation to highest return opportunities.

Business Segments and Product Lines

• Title Segment:
  • Total revenue was $2.4 billion for the third quarter of 2026, compared to $2.3 billion in 2025.
  • Total revenue excluding recognized gains and losses was $2.5 billion, a 7% increase over the prior year.
  • Commercial revenue was $463 million, a 19% increase over the third quarter of 2025.
  • Direct title premiums were $755 million (up 11% year-over-year); Agency title premiums were $915 million (up 3% year-over-year).
  • Purchase orders opened increased 3% on a daily basis; purchase orders closed increased 2% on a daily basis.
  • Refinance orders opened decreased 11% on a daily basis; refinance orders closed increased 8% on a daily basis.
  • Total fee per file was $4,229, a 6% increase over the third quarter of 2025.
  • The segment continues to invest in technology platforms including identity verification, property monitoring, inHere, and AI.
• F&G Segment:
  • Assets under management (AUM) before reinsurance reached a record $76.2 billion as of September 30, 2026, a 7% increase over the prior year.
  • Retained AUM was $56.2 billion.
  • Gross sales were $3.0 billion, including record core retail sales of $2.1 billion.
  • Core sales were $2.3 billion, comprised of $2.1 billion in core retail (indexed annuities and indexed universal life) and $200 million in core institutional (pension risk transfer) sales.
  • Opportunistic sales were nearly $700 million, primarily funding agreements, compared to a record $2.0 billion in the prior year quarter.
  • Net sales were $1.4 billion for the third quarter of 2026, compared to $2.8 billion in 2025.
  • F&G Segment net earnings attributable to common shareholders were $535 million for the third quarter of 2026, compared to $98 million in 2025.
  • Investment income from alternative investments was $43 million, or $0.16 per share, below management's long-term expected return of approximately 12%.

Market and Competitive Landscape

• The Title business maintains an industry-leading adjusted pre-tax title margin despite dynamic market conditions and pressure on residential transaction volumes.
• The Title business continues to outperform the broader market through disciplined operating strategy and strong commercial performance.
• F&G maintains a diversified distribution platform and a growing core retail franchise.
• F&G's strong inforce book provides a stable foundation of earnings and capital generation.
• F&G utilizes strategic reinsurance relationships and an owned distribution platform to generate fee-based earnings and financial flexibility.

Risks and Challenges

• Forward-looking statements are subject to risks including changes in general economic, business, political crisis, war, and pandemic conditions.
• Risks include consumer spending, government spending, volatility and strength of capital markets, and investor/consumer confidence.
• Potential risks include foreign currency exchange rates, commodity prices, inflation levels, changes in trade policy, tariffs, trade sanctions, and supply chain disruptions.
• Weakness or adverse changes in real estate activity, potentially caused by high interest rates, limited mortgage funding, or a weak U.S. economy.
• Potential inability to find suitable acquisition candidates.
• Dependence on distributions from title insurance underwriters as a main source of cash flow.
• Significant competition faced by F&G and operating subsidiaries.
• Compliance with extensive government regulation of operating subsidiaries, including title insurance, services, privacy, and data protection laws.
• Risks related to systems damage, failures, interruptions, cyberattacks, intrusions, or unauthorized data disclosures.

Management Commentary and Tone

• William P. Foley, II, Chairman, commented that FNF delivered another quarter of strong execution across Title and F&G businesses, demonstrating the strength of their franchises.
• Foley noted the 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.
• Foley highlighted that F&G assets under management before reinsurance reached a record $76.2 billion, driven by record core retail sales of $2.1 billion.
• Foley stated the businesses produce strong and consistent cash flow, providing flexibility to invest for future growth while returning excess capital to shareholders.
• Mike Nolan, CEO of the Title business, emphasized the strength of their disciplined operating strategy and ability to consistently outperform the broader market.
• Nolan noted that commercial revenue increased 19% and residential purchase business continued to outperform despite low transaction volumes.
• Conor Murphy, CEO of F&G, stated the segment continued to build momentum with record core retail sales driving AUM to a record level while maintaining disciplined pricing and profitability.
• Murphy emphasized the commitment to managing growth for the long term and prioritizing business that meets return targets.

Other Key Points

• 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 totaled approximately $561 million, through $417 million of dividends and $144 million of share repurchases.
• FNF ended the quarter with $545 million in cash and short-term liquid investments at the holding company.
• F&G adjusted net earnings for the third quarter reflect an approximate 72% ownership stake following a stock distribution at year-end, compared to an approximate 82% stake in the prior year quarter.
• F&G Segment adjusted net earnings for the third quarter of 2025 included $11 million of significant income items.
• F&G Segment adjusted net earnings for the third quarter of 2026 included investment income from alternative investments below management's long-term expected return.
• Total common shares outstanding were 268 million as of September 30, 2026, compared to 271 million in the prior year period.
• Weighted average common diluted shares were 267 million for the third quarter of 2026, compared to 270 million in 2025.
• The Company hosts a conference call with investors and analysts on November 6, 2026, at 11:00 a.m. Eastern Time.