Operating cash flow consistently overwhelms net income, reaching $1.9 billion (6.50x net income) in 2026Q2, demonstrating powerful cash conversion from its float-based model and providing ample liquidity for dividends and investment activity.
Fidelity National Financial, Inc. (FNF) cash flow statement — 22-year operating, investing & financing cash flows
| 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 | 6.04B | 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 % | 10.63% | -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 % | 40.46% | 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 | 1.05B | 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 | 893M | 844M | 739M | 593M | 491M | 432M | 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 | 72M | 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 | 2.1B | -277M | -721M | 597M | -68M | 23M | -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 | 1.64B | 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 | -5.47B | -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 | -129M | -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 | -2M | -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 | -25.3B | -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 | 20.33B | 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 | -373M | -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 | -1.2B | 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 | -557M | -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 | -212M | -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) | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 132K |
| Other Financing | -435M | 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 | -636M | -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 | 3.58B | 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 | 2.86B | 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 | 5.91B | 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 % | 4.12% | -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 % | 39.6% | 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 | 22.13 | 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 |
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.
Key Metrics
Top Statement Risk
Housing Cycle Sensitivity
Metrics are mathematically derived from official filings.
Float Generation Fuels Investment Engine
FNF's operating cash flow consistently exceeds net income, with a 2026Q2 OCF of $1.9 billion representing 6.50 times reported net income, demonstrating the powerful cash conversion of its insurance float model.
The persistent gap between OCF and net income indicates that cash from operations is being generated from premium collections and investment income that flow through differently than accrual accounting. This structural cash surplus provides the raw material for FNF's massive investment portfolio activity, which is the primary use of its cash.
Active Portfolio Churn Reflects Yield Play
Investment portfolio turnover is substantial and accelerating, with 2026Q2 purchases of $8.0 billion and sales of $7.2 billion, suggesting active management to capture higher yields in the elevated rate environment.
The scale of purchases and sales indicates FNF is not simply holding its portfolio to maturity but is actively trading. This behavior is consistent with a strategy to increase the investment spread on its float, particularly within the F&G segment. The net cash outflow from investment activity is consistently funded by the robust underwriting cash flow.
Claims Payments Show Staggered Lags
Claims and losses paid fluctuated dramatically from $62 million in 2025Q4 to $1.3 billion in 2026Q2, highlighting the non-linear and often lagged cash settlement of title insurance liabilities.
The erratic pattern of cash claims payments, which does not smoothly track the reported provision for title claims, suggests settlement timing is driven by individual large loss events rather than a steady flow. This creates cash flow lumpiness that requires the company to maintain significant liquidity buffers, even as the overall underwriting cash generation remains strong.
Dividend Commitment Appears Sustainable
Quarterly dividends paid have remained stable between $130 million and $141 million, fully covered by operating cash flow which has never fallen below $875 million in any reported period.
The commitment to a consistent dividend appears secure based on the cash generation profile, as OCF provides a wide margin of safety over the dividend obligation. The resumption of modest share buybacks in recent quarters, after none in 2024, suggests management views the current cash flow trajectory as supportive of modest capital return expansion.
What the Cash Statement Obscures
The cash flow statement does not reveal the adequacy of reserves for the long-tail title claims mentioned in the prior analysis, particularly the $1.3 billion provision booked in 2025Q3 which has only partially been paid out in cash to date.
While cash claims payments are visible, the critical accounting estimate of the ultimate cost of policies issued in prior years remains opaque. A significant portion of the 2025Q3 provision has not yet translated into cash outflow, creating a potential future liability. Investors must monitor whether paid claims begin to accelerate, which would indicate reserve strengthening and consume future cash flow.