Fidelity National Financial (FNF) reported fourth‑quarter and full‑year 2025 results on February 19, 2026, with total revenue of $4.051 billion, an 11.9% year‑over‑year increase that surpassed consensus estimates of $3.58 billion to $3.73 billion by roughly $320 million to $470 million.
Adjusted net earnings per share were $1.41, falling short of the consensus range of $1.50 to $1.51 by about $0.09 to $0.10, a miss of 5.8% to 6.5%. The company’s adjusted pre‑tax title margin rose to 17.5% in the quarter from 16.6% in Q4 2024, and the full‑year margin climbed to 15.9% from 15.6% in 2024, reflecting technology‑driven cost efficiencies that offset the EPS shortfall caused by cost inflation.
Management reiterated its 2026 outlook, maintaining guidance for adjusted net earnings per share in the $1.50 to $1.60 range. Chairman William P. Foley II said, "The fourth quarter rounded out an excellent year for our Title and F&G businesses," while F&G CEO Chris Blunt noted, "We delivered a strong finish to an outstanding year, highlighted by record assets under management before flow reinsurance of $73 billion fueled by $14.6 billion of gross sales in full year 2025."
The company completed a special dividend distribution of approximately 12% of its F&G ownership to FNF shareholders, valued at about $500 million. The transaction reduced FNF’s ownership of F&G below 80% and triggered a $471 million non‑cash deferred income tax charge.
Market reaction to the earnings was muted; after the release, the stock traded flat at $54.21, indicating investors weighed the revenue beat against the EPS miss and the unchanged guidance.
The results underscore strong demand for FNF’s title and F&G services, with revenue growth driven by commercial real‑estate activity. The margin expansion demonstrates effective technology investments and disciplined expense management, but the EPS miss highlights ongoing cost inflation pressures that the company is managing while maintaining confidence in its 2026 outlook.
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