Revenue growth accelerated to 13.3% year-over-year in 2026Q2, yet underwriting profitability remains volatile, with the combined ratio swinging from a concerning 95.8% in 2025Q1 to a profitable 85.3% most recently.
Fidelity National Financial, Inc. (FNF) annual income statement — 22-year revenue, gross profit & net income history
| 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 | 14.92B | 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 % | 8.77% | 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 | 1.4B | 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 % | 9.36% | 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 | 9.95B | 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 % | 66.66% | 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 | 8.4B | 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 % | 56.33% | 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 | 893M | 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 % | 65.7% | 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 | 1.54B | 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 % | 10.32% | 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 | 3.52B | 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 % | 23.61% | 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 | 183M | 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 | -142M | -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 | 2.53B | 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 % | 16.95% | 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 | 1.17B | 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 % | 46.3% | 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 | 1.05B | 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 % | 7.02% | 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 % | -10.44% | -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) | 3.92 | 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 % | -8.84% | -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 | 267M | 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 |
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.
Key Metrics
Top Statement Risk
Cyclical Revenue Concentration in Housing
Metrics are mathematically derived from official filings.
Accelerating Top-Line Growth Amid Mix Shift
FNF's revenue growth accelerated to 13.3% year-over-year in the second quarter of 2026, suggesting a recovery in transaction volume, though the shift from high-margin refinance to purchase activity continues to pressure fee-per-file economics.
The 13.3% revenue growth in 2026Q2, following a strong 20.6% growth in 2026Q1, indicates that the title segment is benefiting from a stabilization in housing activity. However, the persistent weakness in 2025Q1's -17.6% growth underscores the business's extreme sensitivity to mortgage rate fluctuations. The current growth trajectory appears to be driven by purchase transactions, which are more stable but typically carry lower profitability than the refinance boom periods, suggesting the quality of the growth may be evolving.
Underwriting Profitability Volatile but Resilient
The combined ratio improved to 85.3% in 2026Q2, indicating a return to underwriting profitability, but the wild swings—peaking at 95.8% in 2025Q1—highlight the core earnings volatility driven by title claim provisions.
The combined ratio's recovery to a sub-86% level is a positive signal for core operational profitability, yet the loss ratio's path from 1.9% in 2025Q4 to 31.2% in 2026Q2 demonstrates the significant judgment involved in provisioning for title claims. This volatility is not operational but rather an accounting reflection of prior-period risk assessment. Investors should focus on the expense ratio, which appears to be managed effectively in the mid-50s, as the primary controllable margin driver in a given quarter.
Provisioning Swings Drive Earnings Noise
A provision for title claims of $1.3 billion in 2026Q2, following a minimal $72 million in 2025Q4, is the dominant factor behind earnings volatility and warrants scrutiny regarding the adequacy of prior-period reserves.
The massive swing in claims provisions suggests management is actively adjusting reserve estimates based on current loss experience and housing market conditions. A period of very low provisions, like 2025Q4, may indicate prior reserves were released into earnings, flattering net income. The subsequent large charge in 2026Q2 could imply that earlier estimates were insufficient, or it could represent a conservative build for future uncertainty. This timing difference is the primary source of the negative net income reported in 2025Q4 despite positive operating income.
2025: A Year of Provision Resets
The full-year 2025 results, marked by a net loss in Q4 despite strong revenue, indicate a potential reset in title loss reserves that impacted reported earnings but may strengthen the balance sheet for future periods.
The 2025 fiscal year appears to have been a transitional period for FNF's loss provisioning. The progression from a 45.4% loss ratio in 2025Q1 to a 50.4% loss ratio in 2025Q3, capped by a massive Q4 charge, suggests management took the opportunity to clear prior-period contingencies. This pattern often occurs during housing market shifts when historical trends become less predictive. While it depressed 2025 earnings, this reset may reduce the risk of adverse reserve development in future quarters, provided the underlying claims environment is accurately modeled.
The Hidden Value of the Escrow Float
The market may be underappreciating the substantial, low-cost investment income generated from billions in escrow and 1031 exchange funds held temporarily, which provides a countercyclical earnings buffer not fully reflected in the title segment's reported margins.
While investment income data is unavailable in the provided table, FNF's business model involves holding vast amounts of customer funds during the transaction closing period. In a 'higher-for-longer' interest rate environment, this float generates significant interest income with almost no associated cost or risk, acting as a hidden profit center. This earnings stream is less volatile than the underwriting results and can materially support overall corporate profitability during housing market troughs, potentially making the stock more attractive on a cash-flow basis than a simple P/E multiple suggests.