Detailed financial statements for Fidelity National Financial, Inc. (FNF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Fidelity National Financial, Inc., or FNF, is a leading provider of various insurance solutions and related services across the United States. The company structures its operations into three primary divisions: Title, F&G, and Corporate and Other. Its Title segment offers a broad range of services crucial for real estate and mortgage transactions.
Analysis Summary
Fidelity National Financial, Inc. reported revenue of $14.51B in the most recent fiscal year, growing at a 5-year CAGR of 6.3%. Net income reached $602.0M, with a -15.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 77.9%, operating margin 13.0%, net margin 5.1%. Free cash flow grew at 34.1% CAGR over 5 years.
At $40.51 (closing price, October 30, 2026), FNF trades at a P/E of 14.07 and an ROE of 10.13%. Market capitalisation stands at $10.9B, placing it among large-cap names.
Balance sheet quality for FNF: current ratio of 2.4, net cash position of $28.09B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $6.38B represents 1059% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.26B | $7.66B | $7.59B | $8.47B | $10.70B | $15.07B | $11.46B | $11.52B | $13.36B | $14.51B |
| Cost of Revenue | $2.15B | $2.33B | $2.28B | $2.50B | $3.90B | $6.09B | $4.32B | $5.86B | $6.29B | $262.0M |
| Gross Profit | $5.10B | $5.34B | $5.31B | $5.97B | $6.80B | $8.97B | $7.14B | $5.66B | $7.07B | $14.24B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $2.27B | $2.46B | $2.54B | $2.70B | $2.95B | $3.53B | $3.19B | $2.91B | $3.15B | $3.44B |
| Operating Expenses | $4.15B | $4.47B | $4.56B | $4.60B | $5.02B | $5.41B | $5.41B | $4.96B | $5.33B | $12.81B |
| Operating Income | $955.0M | $864.0M | $750.0M | $1.37B | $1.78B | $3.56B | $1.73B | $693.0M | $1.74B | $1.43B |
| EBITDA | $1.45B | $1.30B | $975.0M | $1.59B | $2.17B | $4.10B | $2.34B | $1.46B | $2.69B | $2.52B |
| Interest Expense | $64.0M | $48.0M | $43.0M | $47.0M | $90.0M | $114.0M | $115.0M | $174.0M | $209.0M | $242.0M |
| Pre-tax Income | $955.0M | $864.0M | $750.0M | $1.37B | $1.80B | $3.62B | $1.75B | $710.0M | $1.76B | $1.43B |
| Income Tax | $347.0M | $235.0M | $120.0M | $308.0M | $322.0M | $813.0M | $439.0M | $192.0M | $367.0M | $753.0M |
| Net Income | $650.0M | $771.0M | $628.0M | $1.06B | $1.43B | $2.80B | $1.29B | $517.0M | $1.27B | $602.0M |
| EPS | $1.92 | $2.44 | $2.30 | $3.89 | $5.02 | $8.50 | $4.71 | $1.91 | $4.69 | $2.22 |
| EPS (Diluted) | $1.92 | $2.38 | $2.26 | $3.83 | $4.99 | $8.44 | $4.67 | $1.91 | $4.65 | $2.21 |
| Shares Outstanding (Diluted) | 338.8 M | 278.0 M | 278.0 M | 277.0 M | 286.0 M | 287.0 M | 277.0 M | 271.0 M | 273.0 M | 272.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $3.94B | $4.07B | $3.22B | $4.05B |
| Gross Profit | $1.96B | $4.00B | $3.16B | $2.79B |
| Operating Income | $453.0M | $450.0M | $496.0M | $594.0M |
| EBITDA | $740.0M | $733.0M | $772.0M | $833.0M |
| Net Income | $358.0M | -$117.0M | $243.0M | $288.0M |
| EPS | $1.33 | $-0.43 | $0.90 | $1.08 |
| EPS (Diluted) | $1.33 | $-0.43 | $0.90 | $1.08 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.32B | $1.11B | $1.26B | $992.0M | $2.45B | $3.88B | $2.04B | $2.50B | $3.41B | $2.38B |
| Short-term Investments | $2.92B | $2.11B | $2.48B | $2.97B | $28.36B | $32.48B | $19.44B | $24.05B | $28.43B | $30.48B |
| Receivables | $322.0M | $317.0M | 0 | $346.0M | $3.65B | $4.29B | $5.88B | $442.0M | $13.85B | $18.02B |
| Inventory | -$4.77B | -$3.65B | -$2.39B | -$2.94B | 0 | -$6.14B | 0 | -$35.98B | 0 | 0 |
| Total Current Assets | $343.0M | $2.11B | $4.04B | $4.30B | 0 | $40.66B | $29.85B | $27.00B | $45.76B | $51.14B |
| Property, Plant & Equipment | $616.0M | $193.0M | $164.0M | $586.0M | $554.0M | $561.0M | $555.0M | $516.0M | $524.0M | $525.0M |
| Goodwill | $5.07B | $2.75B | $2.73B | $2.73B | $4.50B | $4.54B | $4.64B | $4.83B | $5.27B | $5.27B |
| Intangible Assets | $2.00B | $1.02B | $918.0M | $826.0M | $2.67B | $2.96B | $4.45B | $5.04B | $6.40B | $7.07B |
| Total Assets | $21.36B | $13.62B | $8.96B | $10.68B | $50.45B | $60.69B | $65.14B | $80.61B | $95.37B | $109.01B |
| Accounts Payable | $42.0M | $39.0M | $35.0M | $44.0M | $115.0M | $129.0M | $156.0M | $339.0M | $191.0M | $246.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.14B | $137.0M | $35.0M | $44.0M | 0 | $7.17B | $8.73B | 0 | $16.39B | $20.97B |
| Long-term Debt | $987.0M | $759.0M | $836.0M | $838.0M | $2.66B | $3.10B | $3.24B | $3.89B | $4.32B | $4.40B |
| Total Liabilities | $14.46B | $9.15B | $4.33B | $4.97B | $42.06B | $51.23B | $58.57B | $73.15B | $86.84B | $100.04B |
| Retained Earnings | $1.78B | $217.0M | $641.0M | $1.36B | $2.39B | $4.37B | $5.22B | $5.24B | $5.98B | $5.48B |
| Total Equity | $6.00B | $4.45B | $4.63B | $5.38B | $8.35B | $9.41B | $6.12B | $6.91B | $7.75B | $7.42B |
| Total Debt | $2.75B | $759.0M | $836.0M | $1.28B | $3.08B | $3.51B | $3.66B | $4.28B | $4.71B | $4.77B |
| Net Debt | -$1.50B | -$2.46B | -$2.90B | -$2.68B | -$27.73B | -$32.85B | -$17.83B | -$22.28B | -$27.14B | -$28.09B |
| Working Capital | -$797.0M | $1.97B | $4.01B | $4.26B | 0 | $33.49B | $21.12B | $27.00B | $29.37B | $30.18B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $3.22B | $2.38B | $2.47B | $3.58B |
| Total Assets | $106.64B | $109.01B | $109.80B | $114.53B |
| Total Liabilities | $97.30B | $100.04B | $101.08B | $105.72B |
| Total Equity | $8.36B | $7.42B | $7.25B | $7.45B |
| Total Debt | $4.77B | $4.77B | $4.77B | $4.74B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $692.0M | $794.0M | $635.0M | $1.08B | $1.45B | $2.44B | $1.15B | $518.0M | $1.39B | $602.0M |
| Depreciation & Amortization | $431.0M | $389.0M | $182.0M | $178.0M | $296.0M | $432.0M | $491.0M | $593.0M | $739.0M | $844.0M |
| Stock-based Compensation | $58.0M | $44.0M | $31.0M | $38.0M | $39.0M | $42.0M | $49.0M | $60.0M | $82.0M | 0 |
| Change in Working Capital | -$29.0M | -$232.0M | -$15.0M | $159.0M | -$97.0M | $1.89B | $2.73B | $4.71B | $5.32B | $5.35B |
| Operating Cash Flow | $1.16B | $737.0M | $943.0M | $1.12B | $1.58B | $4.09B | $4.36B | $6.48B | $6.82B | $6.52B |
| Capital Expenditure | -$290.0M | -$149.0M | -$83.0M | -$96.0M | -$110.0M | -$131.0M | -$138.0M | -$132.0M | -$146.0M | -$147.0M |
| Acquisitions | -$723.0M | -$235.0M | -$59.0M | -$35.0M | -$1.25B | -$1.85B | -$1.26B | -$1.59B | -$1.72B | -$62.0M |
| Stock Repurchased | -$276.0M | -$70.0M | -$20.0M | -$86.0M | -$236.0M | -$463.0M | -$553.0M | -$24.0M | -$34.0M | -$289.0M |
| Dividends Paid | -$239.0M | -$278.0M | -$328.0M | -$344.0M | -$389.0M | -$446.0M | -$489.0M | -$500.0M | -$532.0M | -$546.0M |
| Free Cash Flow | $872.0M | $588.0M | $860.0M | $1.02B | $1.47B | $3.96B | $4.22B | $6.35B | $6.67B | $6.38B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $1.31B | $1.87B | $875.0M | $1.87B |
| Capital Expenditure | -$38.0M | -$34.0M | -$27.0M | -$36.0M |
| Free Cash Flow | $1.27B | $1.84B | $848.0M | $1.83B |
| Dividends Paid | -$135.0M | -$140.0M | -$140.0M | -$138.0M |
| Stock-based Compensation | $23.0M | 0 | $23.0M | $23.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.6% | -0.9% | +11.5% | +26.4% | +40.8% | -24.0% | +0.6% | +15.9% | +8.6% | |
| Net Income Growth (YoY) | +18.6% | -18.5% | +69.1% | +34.4% | +96.0% | -53.7% | -60.0% | +145.6% | -52.6% | |
| EPS Growth (YoY) | +27.1% | -5.7% | +69.1% | +29.0% | +69.3% | -44.6% | -59.4% | +145.5% | -52.7% | |
| Shares Change (YoY) | -17.9% | +0.0% | -0.4% | +3.2% | +0.3% | -3.5% | -2.2% | +0.7% | -0.4% | |
| FCF Growth (YoY) | -32.6% | +46.3% | +19.2% | +43.2% | +169.7% | +6.5% | +50.5% | +5.1% | -4.4% | |
| Gross Margin | 70.3% | 69.6% | 70.0% | 70.5% | 63.6% | 59.6% | 62.3% | 49.1% | 52.9% | 98.2% |
| Operating Margin | 13.2% | 11.3% | 9.9% | 16.2% | 16.7% | 23.6% | 15.1% | 6.0% | 13.0% | 9.9% |
| EBITDA Margin | 20.0% | 17.0% | 12.8% | 18.8% | 20.3% | 27.2% | 20.4% | 12.7% | 20.1% | 17.4% |
| Net Margin | 9.0% | 10.1% | 8.3% | 12.5% | 13.3% | 18.6% | 11.3% | 4.5% | 9.5% | 4.2% |
| FCF Margin | 12.0% | 7.7% | 11.3% | 12.1% | 13.7% | 26.3% | 36.8% | 55.1% | 49.9% | 44.0% |
| Effective Tax Rate | 36.3% | 27.2% | 16.0% | 22.5% | 17.9% | 22.4% | 25.2% | 27.0% | 20.9% | 52.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.57 | $2.12 | $3.09 | $3.70 | $5.13 | $13.79 | $15.22 | $23.42 | $24.43 | $23.44 |
| Dividends Per Share | $0.71 | $1.00 | $1.18 | $1.24 | $1.36 | $1.55 | $1.77 | $1.85 | $1.95 | $2.01 |
| Shares Outstanding (Basic) | 338.8 M | 271.0 M | 273.0 M | 273.0 M | 284.0 M | 285.0 M | 275.0 M | 270.0 M | 271.0 M | 271.0 M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when our data does not include it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 10.13% |
| Return on Invested Capital | 1.23% |
| Return on Assets | 0.67% |
| Gross Margin | 77.87% |
| Operating Margin | 13.04% |
| Net Margin | 5.05% |
Financial Health
| Debt / Equity | 0.64 |
| Current Ratio | 1,890.80 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 0.67 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 12.55 | 15.46 | 13.14 | 11.21 | 7.49 | 5.90 | 7.99 | 26.71 | 11.97 | 24.59 |
| P/B | 1.36 | 2.30 | 1.78 | 2.21 | 1.28 | 1.52 | 1.69 | 1.99 | 1.96 | 1.99 |
| P/S | 1.12 | 1.33 | 1.09 | 1.41 | 1.00 | 0.95 | 0.90 | 1.20 | 1.14 | 1.02 |
| Gross Margin | 70.3% | 69.6% | 70.0% | 70.5% | 63.6% | 59.6% | 62.3% | 49.1% | 52.9% | 98.2% |
| Operating Margin | 13.2% | 11.3% | 9.9% | 16.2% | 16.7% | 23.6% | 15.1% | 6.0% | 13.0% | 9.9% |
| Net Margin | 9.0% | 10.1% | 8.3% | 12.5% | 13.3% | 18.6% | 11.3% | 4.5% | 9.5% | 4.2% |
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Explore sector: Financial Services · Insurance - Specialty
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