Operational discipline has improved significantly, evidenced by a combined ratio of 84.6% in 2026Q1 compared to the 105.0% level observed in 2023Q4.
| 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 |
|---|
| Revenue | 14.81B | 14.51B | 13.36B | 11.52B | 11.46B | 15.07B | 10.7B | 8.47B | 7.59B | 7.66B | 7.26B | 6.66B | 8.02B | 7.44B | 6.67B | 4.8B | 5.41B | 5.83B | 4.25B | 5.52B | 9.44B | 9.65B | 8.3B |
| Revenue Growth % | 15.84% | 8.61% | 15.92% | 0.58% | -23.97% | 40.78% | 26.37% | 11.52% | -0.9% | 5.59% | 8.9% | -16.95% | 7.85% | 11.58% | 38.92% | -11.33% | -7.12% | 37.1% | -23.03% | -41.47% | -2.26% | 16.38% | - |
| Medical Costs & Claims | 3.83B | 262M | 6.29B | 5.86B | 4.32B | 6.09B | 3.9B | 2.5B | 2.28B | 2.33B | 2.15B | 1.98B | 1.7B | 2.08B | 1.88B | 1.63B | 2.01B | 1.74B | 1.84B | 1.76B | 2.52B | 2.54B | 311.92M |
| Medical Cost Ratio % | 25.85% | 1.81% | 47.06% | 50.89% | 37.68% | 40.45% | 36.42% | 29.5% | 30.02% | 30.37% | 29.7% | 29.67% | 21.17% | 27.96% | 28.18% | 34.02% | 37.09% | 29.79% | 43.26% | 31.93% | 26.72% | 26.32% | 3.76% |
| Gross Profit | 10.98B | 14.24B | 7.07B | 5.66B | 7.14B | 8.97B | 6.8B | 5.97B | 5.31B | 5.34B | 5.1B | 4.69B | 6.33B | 5.36B | 4.79B | 3.17B | 3.41B | 4.09B | 2.41B | 3.76B | 6.91B | 7.11B | 7.98B |
| Gross Margin % | 74.15% | 98.19% | 52.94% | 49.11% | 62.32% | 59.55% | 63.58% | 70.5% | 69.98% | 69.63% | 70.3% | 70.33% | 78.83% | 72.04% | 71.82% | 65.98% | 62.91% | 70.21% | 56.74% | 68.07% | 73.28% | 73.68% | 96.24% |
| Gross Profit Growth % | - | 101.46% | 24.96% | -20.75% | -20.43% | 31.86% | 13.95% | 12.36% | -0.41% | 4.59% | 8.85% | -25.9% | 18% | 11.92% | 51.22% | -7.01% | -16.78% | 69.65% | -35.84% | -45.62% | -2.8% | -10.9% | - |
| Operating Expenses | 9.2B | 12.81B | 5.33B | 4.96B | 5.41B | 5.41B | 5.02B | 4.6B | 4.56B | 4.47B | 4.15B | 3.92B | 5.93B | 4.74B | 4.04B | 2.76B | 2.86B | 3.75B | 2.69B | 3.58B | 5.97B | 5.51B | 6.8B |
| OpEx / Revenue % | 62.13% | 88.32% | 39.9% | 43.1% | 47.22% | 35.94% | 46.91% | 54.34% | 60.1% | 58.36% | 57.14% | 58.78% | 73.94% | 63.76% | 60.63% | 57.54% | 52.78% | 64.3% | 63.32% | 64.89% | 63.28% | 57.03% | 81.97% |
| Depreciation & Amortization | 863M | 844M | 739M | 593M | 491M | 432M | 296M | 178M | 182M | 389M | 431M | 410M | 476M | 209M | 132M | 76M | 90.4M | 127.6M | 142.8M | 130.09M | 460.75M | 406.26M | 95.72M |
| Combined Ratio % | 87.97% | 90.13% | 86.96% | 93.98% | 84.9% | 76.38% | 83.33% | 83.84% | 90.12% | 88.73% | 86.84% | 88.45% | 95.11% | 91.72% | 88.81% | 91.56% | 89.86% | 94.08% | 106.58% | 96.82% | 90% | 83.35% | 85.73% |
| Operating Income | 1.78B | 1.43B | 1.74B | 693M | 1.73B | 3.56B | 1.78B | 1.37B | 750M | 864M | 955M | 770M | 392M | 616M | 746M | 405M | 548.7M | 344.9M | -279.7M | 175.68M | 943.2M | 1.61B | 1.18B |
| Operating Margin % | 12.03% | 9.87% | 13.04% | 6.02% | 15.1% | 23.62% | 16.67% | 16.16% | 9.88% | 11.27% | 13.16% | 11.55% | 4.89% | 8.28% | 11.19% | 8.44% | 10.14% | 5.92% | -6.58% | 3.18% | 10% | 16.65% | 14.27% |
| Operating Income Growth % | - | -17.8% | 151.37% | -59.94% | -51.38% | 99.44% | 30.31% | 82.53% | -13.19% | -9.53% | 24.03% | 96.43% | -36.36% | -17.43% | 84.2% | -26.19% | 59.09% | 223.31% | -259.21% | -81.37% | -41.34% | 35.8% | - |
| EBITDA | 2.64B | 2.28B | 2.48B | 1.29B | 2.22B | 3.99B | 2.08B | 1.55B | 932M | 1.25B | 1.39B | 1.18B | 868M | 825M | 878M | 481M | 639.1M | 472.5M | -136.9M | 305.77M | 1.4B | 2.01B | 1.28B |
| EBITDA Margin % | 17.86% | 15.69% | 18.58% | 11.16% | 19.39% | 26.48% | 19.44% | 18.27% | 12.27% | 16.35% | 19.1% | 17.71% | 10.82% | 11.09% | 13.17% | 10.02% | 11.81% | 8.11% | -3.22% | 5.54% | 14.88% | 20.86% | 15.43% |
| Interest Expense | 243M | 242M | 209M | 174M | 115M | 114M | 90M | 47M | 43M | 48M | 64M | 73M | 127M | 73M | 64M | 57M | 46.2M | 36.7M | 58.6M | 54.94M | 209.97M | 172.33M | 47.21M |
| Non-Operating Income | -243M | -242M | -209M | -174M | -115M | -114M | -90M | -47M | -43M | -48M | -64M | -73M | -127M | -73M | -64M | -57M | -46.2M | -36.7M | -58.6M | -54.94M | -209.97M | -172.33M | -47.21M |
| Pretax Income | 1.82B | 1.43B | 1.76B | 710M | 1.75B | 3.62B | 1.8B | 1.37B | 750M | 864M | 955M | 770M | 392M | 616M | 746M | 405M | 548.7M | 344.9M | -279.7M | 175.68M | 943.2M | 1.61B | 1.18B |
| Pretax Margin % | 12.26% | 9.87% | 13.16% | 6.16% | 15.23% | 24.04% | 16.81% | 16.16% | 9.88% | 11.27% | 13.16% | 11.55% | 4.89% | 8.28% | 11.19% | 8.44% | 10.14% | 5.92% | -6.58% | 3.18% | 10% | 16.65% | 14.27% |
| Income Tax | 899M | 753M | 367M | 192M | 439M | 813M | 322M | 308M | 120M | 235M | 347M | 274M | 312M | 195M | 242M | 131M | 189.8M | 106.8M | -119.9M | 46.78M | 350.87M | 573.39M | 438.11M |
| Effective Tax Rate % | 49.5% | 52.58% | 20.88% | 27.04% | 25.16% | 22.45% | 17.9% | 22.5% | 16% | 27.2% | 36.34% | 35.58% | 79.59% | 31.66% | 32.44% | 32.35% | 34.59% | 30.97% | 42.87% | 26.63% | 37.2% | 35.66% | 37% |
| Net Income | 762M | 602M | 1.27B | 517M | 1.29B | 2.8B | 1.43B | 1.06B | 628M | 771M | 650M | 527M | 583M | 394M | 607M | 369M | 370.1M | 222.3M | -179M | 129.77M | 437.76M | 964.11M | 740.96M |
| Net Margin % | 5.15% | 4.15% | 9.51% | 4.49% | 11.3% | 18.56% | 13.33% | 12.54% | 8.27% | 10.06% | 8.96% | 7.91% | 7.27% | 5.3% | 9.1% | 7.69% | 6.84% | 3.81% | -4.21% | 2.35% | 4.64% | 9.99% | 8.93% |
| Net Income Growth % | -31.04% | -52.6% | 145.65% | -60.05% | -53.74% | 96.01% | 34.37% | 69.11% | -18.55% | 18.62% | 23.34% | -9.61% | 47.97% | -35.09% | 64.5% | -0.3% | 66.49% | 224.19% | -237.94% | -70.36% | -54.59% | 30.12% | - |
| EPS (Diluted) | 2.83 | 2.21 | 4.65 | 1.91 | 4.67 | 8.44 | 4.99 | 3.83 | 2.26 | 2.38 | 1.92 | 1.51 | 2.09 | 1.71 | 2.68 | 1.66 | 1.61 | 0.97 | -0.85 | 0.59 | 2.39 | 5.55 | 4.27 |
| EPS Growth % | -30.2% | -52.47% | 143.46% | -59.1% | -44.67% | 69.14% | 30.29% | 69.47% | -5.04% | 23.96% | 27.15% | -27.75% | 22.22% | -36.19% | 61.45% | 3.11% | 65.98% | 214.12% | -244.07% | -75.31% | -56.94% | 29.98% | - |
| EPS (Basic) | - | 2.22 | 4.69 | 1.91 | 4.71 | 8.50 | 5.02 | 3.89 | 2.30 | 2.44 | 1.92 | 1.51 | 2.09 | 1.75 | 2.74 | 1.69 | 1.64 | 0.99 | -0.85 | 0.60 | 2.40 | 5.56 | 4.27 |
| Diluted Shares Outstanding | 269M | 272M | 273M | 271M | 277M | 287M | 286M | 277M | 278M | 278M | 338.81M | 348M | 278.95M | 235M | 226M | 222.7M | 229.3M | 228.49M | 210M | 219.99M | 182.86M | 173.57M | 173.52M |
Cyclical Housing Market Exposure
Based on reported financial statements, FNF's revenue growth has exhibited significant volatility, swinging from a 17.6% contraction in 2025Q1 to a 20.6% expansion by 2026Q1, reflecting the company's high sensitivity to fluctuating mortgage origination volumes and broader US housing market cycles.
The erratic top-line performance suggests that FNF remains tethered to the cyclicality of real estate transactions rather than secular growth drivers. Investors should monitor whether the recent revenue rebound in early 2026 represents a sustainable recovery in purchase activity or merely a temporary fluctuation in mortgage rate sensitivity.
As indicated by the provided data, FNF maintained a combined ratio of 84.6% in 2026Q1, demonstrating a strong underwriting discipline that contrasts sharply with the 105.0% combined ratio observed in 2023Q4, suggesting an improved ability to manage claims costs relative to earned premiums.
The significant compression in the loss ratio from 67.3% in late 2023 to under 2% in early 2026 warrants further investigation into whether this reflects a fundamental change in risk selection or a temporary benefit from favorable prior-year reserve development. The company's ability to keep the combined ratio consistently below the 100% threshold indicates that underwriting remains a profitable core activity.
According to the quarterly income statement data, the loss ratio experienced extreme variance, dropping from 52.3% in 2024Q3 to a nominal 1.9% in 2026Q1, which may indicate significant management judgment in reserve provisioning that could be obscuring the true long-term cost of title claims.
The dramatic swings in claims expenses suggest that reported net income is highly susceptible to accounting adjustments rather than purely operational outcomes. Analysts should remain cautious, as these fluctuations may mask latent liabilities that could emerge if the current favorable claims environment reverses unexpectedly.
Based on the 2023Q4 net loss of $69 million, FNF appears to have reached a critical inflection point, as subsequent quarters showed a return to profitability, with net income reaching $243 million by 2026Q1 despite ongoing macroeconomic headwinds in the residential real estate sector.
This recovery period highlights the company's operational leverage and its ability to navigate through periods of depressed transaction volume. The transition from a net loss to consistent profitability suggests that management's cost-containment measures were effective in stabilizing the bottom line during a challenging market cycle.
Quick answers to the most common questions about buying FNF stock.
For fiscal year 2025, Fidelity National Financial, Inc. (FNF) reported total revenue of $14.51B. This represents a 74.8% increase compared to $8.30B in 2004.
Fidelity National Financial, Inc. (FNF) is profitable, generating $602.0M in net income for the fiscal year ending 2025 with a net profit margin of 4.2%.
Fidelity National Financial, Inc. (FNF) reported an operating income of $1.43B, resulting in an operating profit margin of 9.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Fidelity National Financial, Inc. (FNF) generated $14.24B in gross profit for the year, representing a gross profit margin of 98.2%. This demonstrates the company's core pricing power and production efficiency.