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Total assets grew 16.6% YoY to $114.5B in 2026Q2, with equity up 24% to $8.8B, and a debt-to-equity ratio of 0.50 indicating adequate capitalization for dividends and M&A.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Total Assets | 114.53B | 109.01B | 95.37B | 80.61B | 65.14B | 60.69B | 50.45B | 10.68B | 8.96B | 13.62B | 21.36B | 20.52B | 13.87B | 10.52B | 10.38B | 7.88B | 7.91B | 7.96B | 8.37B | 7.56B | 7.26B | 5.9B | 5.07B |
| Asset Growth % | 50.66% | 14.3% | 18.31% | 23.75% | 7.34% | 20.29% | 372.56% | 19.2% | -34.23% | -36.25% | 4.1% | 47.97% | 31.77% | 1.35% | 31.78% | -0.4% | -0.63% | -4.87% | 10.74% | 4.09% | 23.12% | 16.2% | - |
| Total Investment Assets | 4M | 73.19B | 63.62B | 28.89B | 45.37B | 70.11B | 35.05B | 7.2B | 4.81B | 4.48B | 5.61B | 5.63B | 5.37B | 5.76B | 5.18B | 4.72B | 4.94B | 4.89B | 4.38B | 3.35B | 3.96B | 3.34B | 2.8B |
| Long-Term Investments | 93.78B | 42.71B | 35.18B | 4.83B | 25.93B | 37.63B | 31.99B | 4.23B | 3.41B | 3.26B | 4.23B | 4.75B | 4.5B | 3.63B | 3.95B | 3.97B | 4.23B | 4.58B | 4.36B | 3.35B | 3.96B | 3.28B | 2.8B |
| Short-Term Investments | 54.27B | 30.48B | 28.43B | 24.05B | 19.44B | 32.48B | 28.36B | 2.97B | 2.48B | 2.11B | 2.92B | 3.59B | 3.36B | 2.98B | 3.2B | 50.4M | 128.6M | 348.1M | 788.35M | 427.37M | 848.37M | 645.08M | 508.38M |
| Total Current Assets | 77.52B | 51.14B | 45.76B | 27B | 29.85B | 40.66B | 0 | 4.3B | 4.04B | 2.11B | 343M | 442M | 1.42B | 2.59B | 1.75B | 1.09B | 4.35B | 3.98B | 3.46B | 3.62B | 3.83B | 3.1B | 922.24M |
| Cash & Equivalents | 77.52B | 2.38B | 3.41B | 2.5B | 2.04B | 3.88B | 2.45B | 992M | 1.26B | 1.11B | 1.32B | 780M | 700M | 1.97B | 1.13B | 665.7M | 580.8M | 202.1M | 315.3M | 569.56M | 676.44M | 462.16M | 268.41M |
| Receivables | 36.18B | 18.02B | 13.85B | 442M | 5.88B | 4.29B | 3.65B | 346M | 0 | 317M | 322M | 0 | 504M | 482M | 479M | 327.3M | 286.4M | 310.6M | 406.06M | 295.09M | 277.5M | 179M | 145.45M |
| Other Current Assets | -526M | 261M | 69M | 35.98B | 242M | 4.94B | -35.45B | 2.94B | 0 | 0 | 21M | 442M | 913M | 0 | 0 | 0 | 995.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 41.69B | 12.34B | 11.67B | 9.88B | 9.09B | 7.5B | 7.16B | 3.55B | 3.64B | 3.76B | 7.07B | 6.68B | 6.82B | 2.89B | 2.93B | 1.97B | 1.67B | 1.68B | 1.76B | 1.56B | 1.33B | 1.05B | 959.6M |
| Goodwill | 5.22B | 5.27B | 5.27B | 4.83B | 4.64B | 4.54B | 4.5B | 2.73B | 2.73B | 2.75B | 5.07B | 4.76B | 4.72B | 2.52B | 1.91B | 1.45B | 1.47B | 1.46B | 1.58B | 1.34B | 1.15B | 1.05B | 959.6M |
| Intangible Assets | 6.89B | 7.07B | 6.4B | 5.04B | 4.45B | 2.96B | 2.67B | 826M | 918M | 1.02B | 2B | 1.92B | 2.1B | 989M | 1.02B | 517.4M | 199.2M | 222.9M | 178.24M | 215.8M | 179.32M | 0 | 0 |
| PP&E (Net) | 524M | 525M | 524M | 516M | 555M | 561M | 554M | 586M | 164M | 193M | 616M | 510M | 635M | 645M | 632.1M | 386.7M | 390.8M | 407.5M | 738.75M | 598.04M | 578.5M | 465.63M | 466.53M |
| Other Assets | -5.77B | 2.3B | 2.24B | 67.72B | -46M | -1.18B | -39.7B | -110M | -110M | -3.65B | 3.79B | 4.47B | 5.05B | -3.64B | -3.93B | -3.52B | -3.75B | -4.02B | -4.23B | -3.03B | -4.37B | -3.59B | -4.22B |
| Total Liabilities | 105.72B | 100.04B | 86.84B | 73.15B | 58.57B | 51.23B | 42.06B | 4.97B | 4.33B | 9.15B | 14.46B | 13.93B | 7.08B | 4.98B | 5.15B | 4.2B | 4.45B | 4.63B | 5.51B | 4.26B | 3.73B | 3.41B | 2.39B |
| Total Debt | 4.38B | 4.77B | 4.71B | 4.28B | 3.66B | 3.51B | 3.08B | 1.28B | 836M | 759M | 2.75B | 2.79B | 2.83B | 1.32B | 1.34B | 915.8M | 952M | 861.88M | 1.35B | 1.17B | 491.17M | 603.26M | 22.39M |
| Net Debt | -73.14B | 2.39B | 1.3B | 1.78B | 1.61B | -370M | 627M | 288M | -421M | -351M | 1.42B | 2.01B | 2.13B | -646M | 212M | 250.1M | 371.2M | 659.78M | 1.04B | 598.18M | -185.28M | 141.1M | -246.02M |
| Long-Term Debt | 4.38B | 4.4B | 4.32B | 3.89B | 3.24B | 3.1B | 2.66B | 838M | 836M | 759M | 987M | 2.79B | 2.8B | 1.32B | 1.34B | 915.8M | 952M | 861.9M | 0 | 0 | 491.17M | 603.26M | 1.37B |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 41M | 20.97B | 16.39B | 0 | 8.73B | 7.17B | 0 | 44M | 35M | 137M | 1.14B | 1.16B | 1.17B | 236M | 103.2M | 46.4M | 129.7M | 116.9M | 118.98M | 128.59M | 130.54M | 0 | 0 |
| Accounts Payable | 0 | 246M | 191M | 339M | 156M | 129M | 115M | 44M | 35M | 39M | 42M | 68M | 81M | 236M | 186M | 48.8M | 57.3M | 54.8M | 66.42M | 60.66M | 5.21M | 1.13B | 0 |
| Deferred Revenue | 0 | 0 | 0 | 3M | 0 | -416M | 0 | -101M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40.8M | 121.4M | 110M | 109.02M | 114.7M | 130.54M | 0 | 0 |
| Other Current Liabilities | 41M | 18.64B | 14.2B | -345M | 6.88B | 6.35B | -1.06B | -539M | -35M | -570M | 1.76B | 2.01B | 2.13B | -236M | 2.24B | -416.5M | -404.3M | -581.1M | -284.74M | -184.72M | -1.06B | -1.24B | 0 |
| Deferred Taxes | 1.33B | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 0 | 1000K | 1000K | 1000K | 1000K |
| Other Liabilities | 100.85B | 73.77B | 65.65B | 67.26B | 46.02B | 40.2B | -3.49B | 3.28B | 3.16B | 3.17B | 6.29B | 3.4B | 1.86B | 3.44B | 3.71B | -1.05B | 3.24B | -861.9M | -109.02M | -114.7M | -665.36M | -4.02B | -1.45B |
| Total Equity | 8.81B | 8.97B | 8.53B | 7.46B | 6.57B | 9.46B | 8.39B | 5.71B | 4.63B | 4.47B | 6.9B | 6.59B | 6.79B | 5.54B | 5.23B | 3.68B | 3.46B | 3.33B | 2.86B | 3.3B | 3.53B | 2.48B | 2.68B |
| Equity Growth % | 9.01% | 5.16% | 14.37% | 13.56% | -30.54% | 12.69% | 47% | 23.36% | 3.6% | -35.24% | 4.71% | -2.93% | 22.46% | 5.96% | 42.16% | 6.28% | 3.81% | 16.73% | -13.38% | -6.58% | 42.1% | -7.32% | - |
| Shareholders Equity | 8.81B | 7.42B | 7.75B | 6.91B | 6.12B | 9.41B | 8.35B | 5.38B | 4.63B | 4.45B | 6B | 5.75B | 6.71B | 5.07B | 4.75B | 3.66B | 3.44B | 3.32B | 2.81B | 3.24B | 3.47B | 2.48B | 2.68B |
| Minority Interest | 1.36B | 1.55B | 778M | 552M | 453M | 43M | 41M | 327M | -2M | 20M | 902M | 834M | 77M | 474M | 481.1M | 23.2M | 17.3M | 19M | 51.2M | 53.87M | 56.04M | 4.34M | 3.95M |
| Retained Earnings | 5.73B | 5.48B | 5.98B | 5.24B | 5.22B | 4.37B | 2.39B | 1.36B | 641M | 217M | 1.78B | 1.37B | 1.15B | 1.1B | 849.4M | 373.4M | 110.3M | -102.4M | -188.95M | 213.1M | 345.52M | 82.77M | 0 |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 264.2M | 0 | 0 | 0 | 23K | 22K | 22K | 17K | 0 |
| Accumulated OCI | -1.81B | -1.68B | -2.05B | -2.12B | -2.86B | 779M | 1.3B | 43M | -13M | 111M | -13M | -69M | 2M | 37M | 58.5M | -7.1M | 12.6M | 35.6M | -91.76M | -16.63M | -63.05M | -78.89M | -42.3M |
| Return on Equity (ROE) | 8.62% | 6.88% | 15.88% | 7.37% | 16.15% | 31.34% | 20.24% | 20.55% | 13.81% | 13.57% | 9.64% | 7.88% | 9.46% | 7.32% | 13.63% | 10.33% | 10.89% | 7.18% | -5.82% | 3.8% | 14.56% | 37.33% | 27.64% |
| Return on Assets (ROA) | 0.7% | 0.59% | 1.44% | 0.71% | 2.06% | 5.03% | 4.67% | 10.82% | 5.56% | 4.41% | 3.1% | 3.07% | 4.78% | 3.77% | 6.65% | 4.67% | 4.66% | 2.72% | -2.25% | 1.75% | 6.65% | 17.58% | 14.6% |
| Equity / Assets | 7.69% | 8.23% | 8.95% | 9.25% | 10.08% | 15.58% | 16.63% | 53.47% | 51.67% | 32.8% | 32.29% | 32.11% | 48.94% | 52.66% | 50.37% | 46.69% | 43.76% | 41.89% | 34.14% | 43.64% | 48.63% | 42.14% | 52.83% |
| Debt / Equity | 0.50x | 0.53x | 0.55x | 0.57x | 0.56x | 0.37x | 0.37x | 0.22x | 0.18x | 0.17x | 0.40x | 0.42x | 0.42x | 0.24x | 0.26x | 0.25x | 0.28x | 0.26x | 0.47x | 0.35x | 0.14x | 0.24x | 0.01x |
| Book Value per Share | 32.99 | 32.99 | 31.25 | 27.53 | 23.71 | 32.95 | 29.34 | 20.61 | 16.65 | 16.07 | 20.36 | 18.93 | 24.33 | 23.58 | 23.14 | 16.52 | 15.10 | 14.60 | 13.60 | 14.99 | 19.31 | 14.31 | 15.45 |
| Tangible BV per Share | -12.34 | -12.37 | -11.48 | -8.91 | -9.11 | 6.83 | 4.30 | 7.78 | 3.54 | 2.54 | -0.51 | -0.26 | -0.10 | 8.66 | 10.16 | 7.68 | 7.81 | 7.25 | 5.22 | 7.92 | 12.01 | 8.25 | 9.92 |
Regulatory pressure on title fees
Total assets grew 16.6% year-over-year to $114.5B in 2026Q2, according to recent SEC filings, driven primarily by F&G's investment portfolio expansion, while equity increased to $8.8B from $7.1B a year earlier.
The balance sheet is expanding rapidly, but the composition suggests this is capital-intensive growth from the F&G segment rather than organic title strength. Equity growth of 24% year-over-year outpaces the 16.6% asset growth, indicating some capital generation, yet the reliance on spread-based business may increase interest rate sensitivity. Investors should monitor whether this trajectory continues if housing volumes remain depressed.
Investment income is not separately disclosed, but the F&G segment's portfolio likely dominates, as total investments are reported at $1,000K, which appears to be a data artifact, based on FNF's financial statements.
The reported investment figure of $1,000K is clearly a placeholder, but the asset growth suggests significant deployment into fixed income and alternatives to support annuity liabilities. The lack of granularity on unrealized gains or duration limits the analysis, but the shift toward spread-based products implies a longer-duration, interest-rate-sensitive portfolio. Investors should seek additional disclosure on portfolio composition and AOCI to assess true risk.
The loss ratio plummeted from 50.4% in 2025Q3 to 1.9% in 2026Q1, as reported in FNF's financial statements, suggesting significant favorable prior-year reserve development that may be masking underlying underwriting trends.
The dramatic swing in loss ratios indicates that reserve releases are a major earnings driver, but this is not sustainable indefinitely. The near-zero claims payments in 2026Q2, despite prior quarters showing $1-2B outflows, raises questions about the adequacy of title loss reserves. If reserve releases fade, earnings could face pressure, especially if housing market conditions deteriorate.
Equity rose to $8.8B in 2026Q2 from $7.1B a year earlier, a 24% increase, according to recent SEC filings, while the debt-to-equity ratio remains low relative to peers, suggesting adequate capital for dividends and M&A.
The equity growth is encouraging, but it is partly driven by the F&G segment's capital requirements, which may constrain flexibility. The company's dividend coverage appears secure, with dividends paid at only 10% of operating cash flow, but the conglomerate structure may obscure true capital adequacy. Investors should monitor statutory capital ratios, especially for the life insurance subsidiary, to ensure the buffer is not overstated.
Operating cash flow reached $2.7B in 2026Q2, a 9.5x multiple of net income, per FNF's cash flow statement, indicating robust float generation, but claims payments were near zero, suggesting timing uncertainties.
The strong operating cash flow underscores the value of the title float, which generates interest income with minimal cost. However, the volatility in claims payments—from $2.0B in 2025Q3 to near zero in 2026Q2—warrants scrutiny. Reinsurance recoverables are not disclosed, but the reliance on third-party reinsurers for catastrophic losses could be a liquidity risk if a major event occurs.
Federal scrutiny of closing costs and title insurance premiums, as noted in FNF's risk disclosures, poses a medium-term margin risk that could compress the core Title segment's profitability.
While the balance sheet appears adequate, the regulatory environment is a non-obvious risk that could reduce premium rates and force efficiency gains. The company's scale may help absorb some impact, but a mandated fee reduction could pressure returns. Investors should monitor legislative developments and management's response, as this could alter the competitive landscape.
Quick answers to the most common questions about buying FNF stock.
As of 2025, Fidelity National Financial, Inc. (FNF) had total assets of $109.01B including $51.14B in current assets.
Fidelity National Financial, Inc. (FNF) carries total debt of $4.77B, offset by $32.86B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Fidelity National Financial, Inc. (FNF) has total shareholders' equity (book value) of $7.42B ($32.99 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Fidelity National Financial, Inc. (FNF) reported a current ratio of 2.44x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.