Cash generation remains structurally robust, with an OCF/NI ratio that reached 13.43x in 2025Q1, consistently supporting quarterly dividend payments of approximately $140 million.
| 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 |
|---|
| Cash from Operations | 5.95B | 6.52B | 6.82B | 6.48B | 4.36B | 4.09B | 1.58B | 1.12B | 943M | 737M | 1.16B | 917M | 567M | 484M | 620M | 124.9M | 182.5M | 380.3M | 4.59M | 341.93M | 721.15M | 697.47M | 645.8M |
| Operating CF Growth % | -1.93% | -4.3% | 5.2% | 48.75% | 6.48% | 159.19% | 40.77% | 18.88% | 27.95% | -36.57% | 26.72% | 61.73% | 17.15% | -21.94% | 396.4% | -31.56% | -52.01% | 8190.82% | -98.66% | -52.59% | 3.39% | 8% | - |
| Operating CF / Revenue % | 40.2% | 44.96% | 51.03% | 56.23% | 38.02% | 27.15% | 14.74% | 13.24% | 12.42% | 9.62% | 16.01% | 13.76% | 7.07% | 6.51% | 9.3% | 2.6% | 3.37% | 6.52% | 0.11% | 6.19% | 7.64% | 7.22% | 7.78% |
| Net Income | 762M | 602M | 1.39B | 518M | 1.15B | 2.44B | 1.45B | 1.08B | 635M | 794M | 692M | 561M | 519M | 419M | 611.7M | 379.1M | 375.6M | 222.3M | -179.02M | 129.77M | 437.76M | 538.98M | 558.16M |
| Depreciation & Amortization | 767M | 844M | 739M | 593M | 496M | 645M | 296M | 178M | 182M | 389M | 431M | 410M | 476M | 209M | 131.8M | 76.3M | 90.4M | 127.6M | 142.76M | 130.09M | 460.75M | 102.11M | 95.72M |
| Stock-Based Compensation | 66M | 0 | 82M | 60M | 49M | 42M | 39M | 38M | 31M | 44M | 58M | 56M | 51M | 35M | 27.5M | 26.6M | 25.1M | 33.7M | 32.67M | 29.87M | 64.98M | 12.44M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -738M | -10M | -328M | 0 | 0 | 0 | -21M | -16M | -17M | -31M | -6.3M | 0 | -13.8M | 35.29M | -29.87M | -64.98M | -12.44M | 0 |
| Other Non-Cash Items | -253M | -277M | -721M | 597M | -73M | -190M | -102M | -2M | 110M | -258M | 10M | 17M | -419M | 14M | -206M | -159.4M | -238.5M | 2.2M | -4.21M | -169.69M | 220.84M | 51.79M | -11.44M |
| Working Capital Changes | 4.49B | 5.35B | 5.32B | 4.71B | 2.73B | 1.89B | -97M | 159M | -15M | -232M | -29M | -106M | -44M | -176M | 86M | -191.4M | -70.1M | 8.3M | -22.91M | 251.76M | -398.2M | 4.59M | 3.36M |
| Cash from Investing | -9.46B | -9.63B | -7.86B | -9.09B | -10.52B | -7.45B | -2.33B | -520M | -354M | -95M | -254M | -571M | -2.72B | -60M | -310M | 149.5M | 332.7M | -368.6M | -24.93M | -515.62M | -115.72M | -414.93M | -367.7M |
| Capital Expenditures | -137M | -147M | -146M | -132M | -138M | -131M | -110M | -96M | -83M | -149M | -290M | -241M | -210M | -145M | -79.2M | -35.9M | -53.9M | -59.8M | -107.28M | -124.64M | -344.75M | -100.2M | -77.58M |
| Acquisitions | -1B | -62M | -1.72B | -1.59B | -1.26B | -1.85B | -1.25B | -35M | -59M | -235M | -723M | -152M | -2.36B | -45M | -80.9M | 31.7M | 183.2M | 4.9M | -89.37M | -245.82M | -172.96M | -137.24M | -115.71M |
| Purchase of Investments | -23.04B | -25.69B | -18.9B | -13.98B | -15.72B | -16.01B | -4.81B | -1.26B | -1.5B | -893M | -598M | -1.69B | -1.43B | -979M | -1.17B | -1.33B | -1.43B | -1.93B | -757.25M | -5.17B | -2.96B | -2.91B | -3.25B |
| Sale/Maturity of Investments | 14.56B | 16.28B | 12.27B | 6.21B | 6.34B | 10.06B | 3.59B | 831M | 1.19B | 1.08B | 1.22B | 1.16B | 1.24B | 1.09B | 1.01B | 1.37B | 1.63B | 1.56B | 928.79M | 5.52B | 3.28B | 2.67B | 3.06B |
| Other Investing | 158M | -11M | 628M | 407M | 250M | 480M | 246M | 42M | 93M | 101M | 138M | 358M | 44M | 22M | 4.6M | 122.9M | 1.5M | 53.8M | 179K | -495.73M | 82.71M | 60M | 13.41M |
| Cash from Financing | 1.49B | 2.26B | 1.76B | 3.09B | 4.09B | 5B | 2.1B | -482M | -442M | -999M | -588M | -238M | 1.09B | 340M | 51.6M | -204.6M | -185.9M | -112.1M | -150.03M | 101.78M | -436.13M | -128.31M | -369.6M |
| Dividends Paid | -550M | -546M | -532M | -500M | -489M | -446M | -389M | -344M | -328M | -278M | -239M | -237M | -203M | -153M | -128.7M | -105.1M | -156.6M | -139M | -226.61M | -262.18M | -195.91M | -841.15M | -438M |
| Share Repurchases | -343M | -289M | -34M | -24M | -553M | -463M | -236M | -86M | -20M | -70M | -276M | -498M | -2M | -34M | -38M | -86.2M | -117.6M | -74.9M | -46M | -187.25M | -145.69M | -70.87M | 0 |
| Stock Issued | 0 | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 475M | 0 | 511M | 0 | 0 | 0 | 331.4M | 0 | 8.41M | 50.65M | 0 | 0 |
| Debt Issuance (Net) | -2M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 132K |
| Other Financing | 2.31B | 2.9B | 1.87B | 2.97B | 5B | 5.48B | 1.48B | -37M | -166M | -470M | 6M | 492M | 534M | -325M | 96M | -5.2M | -6.7M | 18.6M | 5.58M | 10.17M | 137.38M | 1.03B | 68.27M |
| Net Change in Cash | -2.02B | -843M | 712M | 481M | -2.07B | 1.64B | 1.34B | 119M | 147M | -357M | 320M | 108M | -1.07B | 764M | 361.6M | 69.8M | 329.3M | -100.4M | -170.37M | -71.91M | 169.3M | 154.23M | -91.5M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 2.64B | 3.48B | 2.77B | 2.29B | 4.36B | 2.72B | 1.38B | 1.26B | 1.11B | 992M | 672M | 564M | 1.63B | 866M | 504.4M | 434.6M | 105.3M | 205.7M | 376.08M | 447.99M | 278.69M | 73.21M | 164.72M |
| Cash at End | 2.47B | 2.64B | 3.48B | 2.77B | 2.29B | 4.36B | 2.72B | 1.38B | 1.26B | 635M | 992M | 672M | 564M | 1.63B | 866M | 504.4M | 434.6M | 105.3M | 205.71M | 376.08M | 447.99M | 227.45M | 73.21M |
| Free Cash Flow | 5.82B | 6.38B | 6.67B | 6.35B | 4.22B | 3.96B | 1.47B | 1.02B | 860M | 588M | 872M | 676M | 357M | 339M | 540.8M | 89M | 128.6M | 320.5M | -102.69M | 217.29M | 376.39M | 597.27M | 568.21M |
| FCF Growth % | -6.07% | -4.41% | 5.09% | 50.49% | 6.52% | 169.69% | 43.22% | 19.19% | 46.26% | -32.57% | 28.99% | 89.36% | 5.31% | -37.32% | 507.64% | -30.79% | -59.88% | 412.1% | -147.26% | -42.27% | -36.98% | 5.11% | - |
| FCF Margin % | 39.27% | 43.95% | 49.94% | 55.08% | 36.81% | 26.28% | 13.72% | 12.1% | 11.32% | 7.67% | 12.02% | 10.14% | 4.45% | 4.56% | 8.11% | 1.85% | 2.38% | 5.5% | -2.42% | 3.93% | 3.99% | 6.19% | 6.85% |
| FCF per Share | 21.62 | 23.44 | 24.43 | 23.42 | 15.22 | 13.79 | 5.13 | 3.7 | 3.09 | 2.12 | 2.57 | 1.94 | 1.28 | 1.44 | 2.39 | 0.4 | 0.56 | 1.4 | -0.49 | 0.99 | 2.06 | 3.44 | 3.27 |
Housing Market Cyclicality
As reported in quarterly financial filings, FNF consistently generated positive operating cash flow even during periods of net losses, with cash generation peaking at $2.4 billion in 2024Q3, highlighting the structural advantage of collecting premiums upfront while deferring the settlement of long-tail title insurance claims.
The company's ability to maintain robust operating cash flow despite significant net income swings suggests that the title insurance model provides a reliable liquidity buffer. This disconnect between accounting earnings and cash reality implies that the firm's core underwriting operations remain fundamentally cash-generative regardless of short-term volatility in the housing market.
Based on the provided cash flow data, FNF actively manages a massive investment portfolio, with quarterly purchases reaching as high as $7.6 billion in 2025Q4, indicating a strategy of continuous reinvestment of float into interest-bearing assets to capitalize on the current higher-for-longer interest rate environment.
The consistent volume of investment purchases and sales suggests that management is aggressively rotating the portfolio to optimize yield. Investors should monitor whether this high turnover in the investment book introduces unintended duration risk or liquidity constraints if market conditions for fixed-income assets deteriorate rapidly.
According to the historical cash flow data, the OCF/NI ratio has frequently exceeded 3.0x, reaching an extreme of 13.43x in 2025Q1, which underscores the significant impact of non-cash accruals and reserve adjustments on the company's reported net income compared to its actual cash-generating capacity.
This wide variance suggests that headline net income is a poor proxy for the company's true economic performance. The reliance on reserve provisioning, which is inherently subjective, appears to create a persistent gap that may lead market participants to misjudge the firm's underlying cash-flow strength.
As indicated by the company's financial statements, FNF maintained consistent dividend payments of approximately $130 million to $140 million per quarter, demonstrating a commitment to shareholder returns that remains well-supported by the firm's robust operating cash flow even during periods of negative net income.
The stability of these distributions suggests that management prioritizes shareholder yield as a core component of the investment thesis. However, the intermittent use of share buybacks, which fluctuated from zero to $154 million, indicates that capital allocation remains opportunistic and sensitive to the firm's immediate liquidity position.
Quick answers to the most common questions about buying FNF stock.
Fidelity National Financial, Inc. (FNF) generated $6.52B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fidelity National Financial, Inc. (FNF) generated $6.38B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Fidelity National Financial, Inc. (FNF) spent $147.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Fidelity National Financial, Inc. (FNF) returned $546.0M to shareholders via cash dividends and spent $289.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.