# Fidelity National Financial, Inc. (FNF)

Informational only - not investment advice.

CIK: 0001331875
SIC: 6361 Title Insurance
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Insurance Carriers](/major-group/63/) > [SIC 6361 Title Insurance](/industry/6361/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=1331875
Filing source: https://www.sec.gov/Archives/edgar/data/1331875/000133187526000026/fnf-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001331875-26-000026 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001331875.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 14,445,000,000 USD | 2025 | verified |
| Net income | 602,000,000 USD | 2025 | verified |
| Assets | 109,014,000,000 USD | 2025 | verified |
| Net margin | 4.17% | 2025 | computed |
| Revenue YoY | +5.58% | 2025 | computed |
| ROE | 8.11% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | FNF | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 4.2% | 9.5% | 24 | 93 |
| Revenue growth | 5.6% | 7.9% | 38 | 92 |
| ROE | 8.1% | 12.1% | 25 | 92 |
| ROA | 0.6% | 3.1% | 23 | 93 |
| Liabilities / equity | 13.48 | 3.05 | 89 | 92 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 63 Insurance Carriers, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 14445000000 | USD | 2025 | 2026-02-26 |
| Net income | 602000000 | USD | 2025 | 2026-02-26 |
| Assets | 109014000000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001331875.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 7,257,000,000 | 7,663,000,000 | 7,594,000,000 | 8,469,000,000 | 10,778,000,000 | 15,655,000,000 | 11,565,000,000 | 11,752,000,000 | 13,681,000,000 | 14,445,000,000 |
| Net income |  |  | 650,000,000 | 771,000,000 | 628,000,000 | 1,062,000,000 | 1,427,000,000 | 2,797,000,000 | 1,294,000,000 | 517,000,000 | 1,270,000,000 | 602,000,000 |
| Diluted EPS | 2.69 | 1.71 |  |  | 2.26 | 3.83 | 4.99 | 9.75 | 4.67 | 1.91 | 4.65 | 2.21 |
| Operating cash flow |  |  | 1,162,000,000 | 737,000,000 | 943,000,000 | 1,121,000,000 | 1,578,000,000 | 4,090,000,000 | 4,355,000,000 | 6,478,000,000 | 6,815,000,000 | 5,828,000,000 |
| Dividends paid |  |  | 239,000,000 | 278,000,000 | 328,000,000 | 344,000,000 | 389,000,000 | 446,000,000 | 489,000,000 | 500,000,000 | 532,000,000 | 546,000,000 |
| Share buybacks |  |  | 276,000,000 | 23,000,000 | 20,000,000 | 86,000,000 | 236,000,000 | 463,000,000 | 553,000,000 | 6,000,000 | 0.00 | 251,000,000 |
| Assets |  |  | 14,521,000,000 | 9,151,000,000 | 9,301,000,000 | 10,677,000,000 | 50,455,000,000 | 61,330,000,000 | 65,143,000,000 | 80,614,000,000 | 95,263,000,000 | 109,014,000,000 |
| Liabilities |  |  | 7,279,000,000 | 4,340,000,000 | 4,329,000,000 | 4,968,000,000 | 42,063,000,000 | 51,233,000,000 | 58,574,000,000 | 73,154,000,000 | 86,731,000,000 | 100,042,000,000 |
| Stockholders' equity |  |  | 5,996,000,000 | 4,447,000,000 | 4,630,000,000 | 5,382,000,000 | 8,351,000,000 | 9,414,000,000 | 6,116,000,000 | 6,908,000,000 | 7,754,000,000 | 7,424,000,000 |
| Cash and cash equivalents |  |  | 1,049,000,000 | 1,110,000,000 | 1,257,000,000 | 1,376,000,000 | 2,719,000,000 | 4,360,000,000 | 2,286,000,000 | 2,767,000,000 | 3,479,000,000 | 2,636,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | 8.96% | 10.06% | 8.27% | 12.54% | 13.24% | 17.87% | 11.19% | 4.40% | 9.28% | 4.17% |
| Return on equity |  |  | 10.84% | 17.34% | 13.56% | 19.73% | 17.09% | 29.71% | 21.16% | 7.48% | 16.38% | 8.11% |
| Return on assets |  |  | 4.48% | 8.43% | 6.75% | 9.95% | 2.83% | 4.56% | 1.99% | 0.64% | 1.33% | 0.55% |
| Liabilities / equity |  |  | 1.21 | 0.98 | 0.93 | 0.92 | 5.04 | 5.44 | 9.58 | 10.59 | 11.19 | 13.48 |

## As-reported value updates

7 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/FNF/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001331875.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q1 | 2022-03-31 |  |  | 1.40 | reported discrete quarter |
| 2022-Q2 | 2022-06-30 |  |  | 1.37 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 1.05 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.22 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.81 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 2,778,000,000 | 426,000,000 | 1.57 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 3,432,000,000 | -69,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 3,299,000,000 | 248,000,000 | 0.91 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 3,158,000,000 | 306,000,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 3,603,000,000 | 266,000,000 |  | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 3,621,000,000 | 450,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 2,729,000,000 | 83,000,000 | 0.30 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 3,635,000,000 | 278,000,000 | 1.02 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 4,030,000,000 | 358,000,000 | 1.33 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 4,051,000,000 | -117,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 3,226,000,000 | 243,000,000 | 0.90 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 4,051,000,000 | 288,000,000 | 1.08 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from FNF's latest 10-K: [/company/FNF/business/](/company/FNF/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from FNF's latest 10-K: [/company/FNF/risk-factors/](/company/FNF/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1331875/000133187526000073/fnf-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations, hopes, intentions or strategies regarding the future. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. It is important to note that our actual results could vary materially from those forward-looking statements contained herein due to many factors, including, but not limited to: the potential impact of the F&G Distribution on relationships, including employees, suppliers, customers and competitors; changes in general economic, business, and political conditions, including changes in the financial markets and geopolitical uncertainties associated with international conflicts; consumer spending; government spending; government shutdowns; the volatility and strength of the capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policy; tariffs and trade sanctions on goods; trade wars; supply chain disruptions; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding, or a weak U.S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in consummating and integrating acquisitions; our dependence on distributions from our title insurance underwriters as our main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2025 and other filings with the Securities and Exchange Commission ("SEC").

Unless the context indicates otherwise, as used herein, the terms “we,” “us,” “our,” the “Company” or “FNF” refer collectively to Fidelity National Financial, Inc., and its subsidiaries.

The following discussion should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025.

Overview

For a description of our business, including descriptions of recent business developments, see the discussion in Note A Basis of Financial Statements in the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Report, which is incorporated by reference into this Part I, Item 2.

Business Trends and Conditions

Title

Our Title segment revenue is closely related to the level of real estate activity that includes sales, mortgage financing, and mortgage refinancing. Declines in the level of real estate activity or the average price of real estate sales will adversely affect our title insurance revenues.

We have found that residential real estate activity is generally dependent on the following factors:

•mortgage interest rates;

•mortgage funding supply;

•housing inventory and home prices;

•supply and demand for commercial real estate; and

•the strength of the United States economy, including employment levels.

The most recent forecast of the Mortgage Bankers Association ("MBA"), as of July 22, 2026, estimates (actual for fiscal year 2025) the size of the U.S. residential mortgage originations market as shown in the following table for 2025 - 2028 in its "Mortgage Finance Forecast" (in trillions):

[[GREPCENT_TABLE]]
[["","","","","2028","","2027","","2026","","2025"],["Purchase originations","","","","$","1.5","","","$","1.5","","","$","1.4","","","$","1.4"],["Refinance originations","","","","$","0.7","","","$","0.7","","","$","0.8","","","$","0.7"],["Total U.S. mortgage originations forecast","","","","$","2.2","","","$","2.2","","","$","2.2","","","$","2.1"]]
[[/GREPCENT_TABLE]]

As of July 22, 2026, the MBA expects residential purchase originations to increase in 2026 and 2027, and remain flat in 2028, and expects residential refinance originations to increase in 2026, decrease in 2027 and remain flat in 2028. Overall mortgage originations are expected to increase in 2026 and remain flat in 2027 and 2028.

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Following a decline in inflation in 2024, the Federal Reserve reduced the target range for the federal funds rate to 4.25% and 4.50%, where it remained as of June 30, 2025. After additional rate cuts during 2025, the Federal Reserve maintained the federal funds rate at a target range of 3.50%–3.75% as of June 30, 2026. Average interest rates for a 30-year fixed rate mortgage were 6.4% and 6.3% for the three and six months ended June 30, 2026, respectively, as compared to 6.8% for the corresponding periods in 2025.

A shortage in the supply of homes for sale, increasing home prices, high mortgage interest rates, disrupted labor markets including the potential for rising unemployment, government shutdowns, changes in U.S. trade policies, including tariffs and geopolitical uncertainties associated with international conflicts created some volatility in the residential real estate market in 2025, which has continued into 2026. Existing-home sales increased 3% in June 2026 as compared to the corresponding period in 2025, while median existing-home sales prices increased to $440,600, or approximately 2%, from the corresponding period in 2025.

Other economic indicators used to measure the health of the U.S. economy, including the unemployment rate, have remained strong. The unemployment rate was 4.2% and 4.1% in June 2026 and 2025, respectively.

We issue commercial title insurance policies in sectors including office, industrial, energy, hospitality, retail, and multi-family, among others. The demand for commercial title insurance varies based on a variety of factors such as investor appetite, financing availability, and supply and demand in a particular area. Because commercial real estate transactions tend to be generally driven by supply and demand for commercial space in a particular area rather than by interest rate fluctuations, we believe that our commercial real estate title insurance business is less dependent on the industry cycles discussed above than our residential real estate title business. Factors including U.S. tax reform and a shift in U.S. monetary policy have had, or are expected to have, varying effects on availability of financing in the U.S. Lower corporate and individual tax rates and corporate tax-deductibility of capital expenditures have provided increased capacity and incentive for investments in commercial real estate. In recent years, we experienced fluctuating demand in commercial real estate markets. Commercial volumes and commercial fee-per-file increased in the three and six months ended June 30, 2026 as compared to the corresponding periods in 2025.

We continually monitor mortgage origination trends and believe that, based on our ability to produce industry leading operating margins through all economic cycles, we are well positioned to adjust our operations for adverse changes in real estate activity and to take advantage of increased volume when demand increases.

Seasonality. Historically, real estate transactions have produced seasonal revenue fluctuations in the real estate industry. The first calendar quarter is typically the weakest quarter in terms of revenue due to the generally low volume of home sales during January and February. The second and third calendar quarters are typically the strongest quarters in terms of revenue, primarily due to a higher volume of residential transactions in the spring and summer months. The fourth quarter is typically strong due to the desire of commercial entities to complete transactions by year-end. We have noted short-term fluctuations through recent years in resale and refinance transactions as a result of changes in interest rates.

F&G

The following factors represent some of the key trends and uncertainties that have influenced the development of our F&G segment and its historical financial performance, and we believe these key trends and uncertainties will continue to influence the business and financial performance of our F&G segment in the future.

Market Conditions

Market conditions can change rapidly with significant positive or negative impacts on our results. Volatility can pressure sales and reduce demand as consumers hesitate to make financial decisions. We anticipate various macroeconomic factors will continue to drive uncertainty and instability, which could have a significant impact on the Company during fiscal year 2026. These factors include, among others, consumer spending, business investment, government spending, government shutdown, the volatility and strength of the capital markets, investor and consumer confidence, foreign currency exchange rates, commodity prices, inflation levels, changes in trade policy, tariffs and trade sanctions on goods, trade wars, United States-China relations, and supply chain disruptions.

In light of increasing uncertainty in the markets we serve, we are unable to predict how long the current environment will last or the significance of the financial and operational impacts to us. To enhance the attractiveness and profitability of our products and services, we continually monitor the behavior of our customers, as evidenced by annuitization rates and lapse rates, which vary in response to changes in market conditions. See “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 26, 2026, for further discussion of risk factors that could affect market conditions.

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Interest Rate Environment

As of June 30, 2026 and December 31, 2025, our reserves, net of reinsurance, and weighted average crediting rate on our fixed rate annuities were $6.0 billion and 4.81% and $6.4 billion and 4.84%, respectively. Some of our F&G products, most notably our fixed rate annuities, include guaranteed minimum crediting rates. We are required to pay the guaranteed minimum crediting rates even if earnings on our investment portfolio decline, which would negatively impact earnings. In addition, we expect more policyholders to hold policies with comparatively high guaranteed rates for a longer period in a low interest rate environment. Conversely, a rise in average yield on our investment portfolio would increase earnings if the average interest rate we pay on our products does not rise correspondingly. Similarly, we expect that policyholders would be less likely to hold policies with existing guarantees as interest rates rise and the relative value of other new business offerings are increased, which would negatively impact our earnings and cash flows.

See Item 7A of Part II of our Annual Report on Form 10-K for the year ended December 31, 2025 for a more detailed discussion of interest rate risk.

Aging of the U.S. Population

We believe that the aging of the U.S. population will continue to increase demand for retirement savings, growth, and income solutions, including demand for our indexed annuity and indexed universal life (“IUL”) products. We serve a growing retirement population, with more than 11,000 Americans turning 65 every day and a projected 30% increase in people age 65-100 over the next 25 years according to the U.S. Census Bureau. The impact of this growth may be offset to s

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1331875/000133187526000026/fnf-20251231.htm
Complete FY 2025 MD&A: /company/FNF/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the Consolidated Financial Statements and the Notes thereto and Selected Financial Data included elsewhere in this Annual Report.

Overview

For a description of our business, including descriptions of segments, see the discussion under Business in Item 1 of Part I of this Annual Report, which is incorporated by reference into this Item 7 of Part II of this Annual Report.

On June 11, 2025, the Company effected a redomestication of the Company from the State of Delaware to the State of Nevada (the “Redomestication”). As of June 11, 2025, the affairs of the Company ceased to be governed by the Delaware General Corporation Law and the Company adopted a new certificate of incorporation and bylaws governed by the Nevada Revised Statutes. The Redomestication did not result in any change in the business, physical location, management, assets, liabilities, or net worth of the Company, nor did it result in any change in location of the Company’s current employees, including management. The Redomestication did not affect any of the Company’s material contracts with any third parties, and the Company’s rights and obligations under those material contractual arrangements will continue to be the rights and obligations of the Company after the Redomestication. The daily business operations of the Company will continue as they were conducted prior to the Redomestication. The consolidated financial condition and results of operations of the Company immediately after consummation of the Redomestication remain the same as immediately before the Redomestication.

Business Trends and Conditions

Title

Our Title segment revenue is closely related to the level of real estate activity that includes sales, mortgage financing and mortgage refinancing. Declines in the level of real estate activity or the average price of real estate sales will adversely affect our title insurance revenues.

We have found that residential real estate activity is generally dependent on the following factors:

•mortgage interest rates;

•mortgage funding supply;

•housing inventory and home prices;

•supply and demand for commercial real estate; and

•the strength of the United States economy, including employment levels.

The most recent forecast of the MBA, as of February 17, 2026, estimated (actual for fiscal year 2024) the size of the U.S. residential mortgage originations market as shown in the following table for 2024 - 2028 in its "Mortgage Finance Forecast" (in trillions):

[[GREPCENT_TABLE]]
[["","","","","2028","","2027","","2026","","2025","","2024"],["Purchase transactions","","","","$","1.5","","","$","1.5","","","$","1.4","","","$","1.4","","","$","1.3"],["Refinance transactions","","","","$","0.7","","","$","0.7","","","$","0.8","","","$","0.7","","","$","0.4"],["Total U.S. mortgage originations forecast","","","","$","2.2","","","$","2.2","","","$","2.2","","","$","2.1","","","$","1.7"]]
[[/GREPCENT_TABLE]]

The Federal Reserve raised the benchmark interest rate from near zero as of March 2022 to a range between 5.25% and 5.50% in July 2023 in an effort to combat inflation. Following a decline in inflation in 2024, the Federal Reserve reduced the benchmark rate to a range of 4.25% and 4.50% as of December 31, 2024. The Federal Reserve further reduced the benchmark rate by 75 basis points in 2025 to a range of 3.50% and 3.75% as of December 31, 2025. Average interest rates for a 30-year fixed rate mortgage were averaged 6.6%, 6.7% and 6.8% during the years ended December 31, 2025, 2024 and 2023, respectively.

A shortage in the supply of homes for sale, increasing home prices, varying mortgage interest rates, inflation, disrupted labor markets, and geopolitical uncertainties created a challenging residential real estate market in 2023, 2024, and 2025. In early 2026, the federal government implemented or proposed reforms to address housing and home affordability, including a directive to certain government-sponsored enterprises to purchase up to $200 billion of mortgage-backed securities in an effort to lower interest rates, enhance affordability and reduce the spread between mortgage rates and Treasury yields.

Existing-home sales increased 1% in December 2025 as compared to the corresponding month in 2024, while median existing-home sales prices rose to $405,400 in December 2025, a 0.4% increase over the corresponding month in 2024. Existing-home sales decreased 9% in December 2024 as compared to the corresponding month in 2023, while median existing-home sales prices rose to $404,400 in December 2024, a 6% increase over the corresponding month in 2023.

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According to the U.S. Department of Labor's Bureau of Labor, the unemployment rate was near record lows throughout 2023. The unemployment rate was 4.4%, 4.1% and 3.7% in December of 2025, 2024 and 2023, respectively.

We issue commercial title insurance policies in sectors including office, industrial, energy, hospitality, retail and multi-family, among others. The demand for commercial title insurance varies based on a variety of factors such as investor appetite, financing availability and supply and demand in a particular area. Because commercial real estate transactions tend to be generally driven by supply and demand for commercial space in a particular area rather than by interest rate fluctuations, we believe that our commercial real estate title insurance business is less dependent on the industry cycles discussed above than our residential real estate title business. Factors including U.S. tax reform and a shift in U.S. monetary policy have had, or are expected to have, varying effects on availability of financing in the U.S. Lower corporate and individual tax rates and corporate tax-deductibility of capital expenditures have provided increased capacity and incentive for investments in commercial real estate. In recent years, we experienced fluctuating demand in commercial real estate markets. Commercial volumes were depressed throughout 2023 and 2024 when compared to recent preceding years. Commercial volumes increased significantly in 2025. The increase in commercial volumes in 2025 was broad-based, across several asset classes.

We continually monitor mortgage origination trends and believe that, based on our ability to produce industry leading operating margins through all economic cycles, we are well positioned to adjust our operations for adverse changes in real estate activity and to take advantage of increased volume when demand increases.

Seasonality. Historically, real estate transactions have produced seasonal revenue fluctuations in the real estate industry. The first calendar quarter is typically the weakest quarter in terms of revenue due to the generally low volume of home sales during January and February. The second and third calendar quarters are typically the strongest quarters in terms of revenue, primarily due to a higher volume of residential transactions in the spring and summer months. The fourth quarter is typically strong due to the desire of commercial entities to complete transactions by year-end. We have noted short-term fluctuations through recent years in resale and refinance transactions as a result of changes in interest rates.

Geographic Operations. Our direct title operations are divided into approximately 166 profit centers. Each profit center processes title insurance transactions within its geographical area, which is usually identified by a county, a group of counties forming a region, or a state, depending on the management structure in that part of the country. We also transact title insurance business through a network of approximately 5,100 agents, primarily in those areas in which agents are the more prevalent title insurance provider. Substantially all of our revenues are generated in the United States.

The following table sets forth the approximate dollar and percentage volumes of our title insurance premium revenue by state:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024","","2023"],["","Amount","","%","","Amount","","%","","Amount","","%"],["","(Dollars in millions)"],["Texas","$","823","","","14.1","%","","$","710","","","13.8","%","","$","657","","","14.3","%"],["California","714","","","12.2","","","668","","","12.9","","","597","","","13.0"],["Florida","548","","","9.4","","","525","","","10.2","","","490","","","10.7"],["Illinois","336","","","5.8","","","298","","","5.8","","","275","","","6.0"],["Pennsylvania","313","","","5.4","","","269","","","5.2","","","227","","","4.9"],["All others","3,095","","","53.1","","","2,687","","","52.1","","","2,351","","","51.1"],["Totals","$","5,829","","","100.0","%","","$","5,157","","","100.0","%","","$","4,597","","","100.0","%"]]
[[/GREPCENT_TABLE]]

F&G

The following factors represent some of the key trends and uncertainties that have influenced the development of our F&G segment and its historical financial performance, and we believe these key trends and uncertainties will continue to influence the business and financial performance of our F&G segment in the future.

Market Conditions. Market conditions can change rapidly with significant positive or negative impacts on our results. Volatility can pressure sales and reduce demand as consumers hesitate to make financial decisions. We anticipate various macroeconomic factors will continue to drive uncertainty and instability, which could have a significant impact on the Company during fiscal year 2026. These factors include, among others, consumer spending, business investment, government spending, government shutdown, the volatility and strength of the capital markets, investor and consumer confidence, foreign currency exchange rates, commodity prices, inflation levels, changes in trade policy, tariffs and trade sanctions on goods, trade wars, United States-China relations and supply chain disruptions.

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In light of increasing uncertainty in the markets we serve, we are unable to predict how long the current environment will last or the significance of the financial and operational impacts to us. To enhance the attractiveness and profitability of our products and services, we continually monitor the behavior of our customers, as evidenced by annuitization rates and lapse rates, which vary in response to changes in market conditions. See “Part I. Item 1A. Risk Factors” in this Annual Report on Form 10-K for further discussion of risk factors that could affect market conditions.

Interest Rate Environment. Some of our products include guaranteed minimum crediting rates, most notably our fixed rate annuities. As of December 31, 2025 and December 31, 2024, our reserves, net of reinsurance, and average crediting rate on our fixed rate annuities were $6.4 billion and 4.8%, respectively, and $6.4 billion and 4.4%, respectively. We are required to pay the guaranteed minimum crediting rates even if earnings on our investment portfolio decline, which would negatively impact earnings. In addition, we expect more policyholders to hold policies with comparatively high guaranteed rates for a longer period in a low interest rate environment. Conversely, a rise in average yield on our investment portfolio would increase earnings if the average interest rate we pay on our products does not rise correspondingly. Similarly, we expect that policyholders would be less likely to hold policies with existing guarantees as interest rates rise and the relative value of other new business offerings are increased, which would negatively impact our earnings and cash flows.

See “Quantitative and Qualitative Disclosure about Market Risk” and “Part I. Item 1A. Risk Factors” in this Annual Report on Form 10-K for a more detailed discussion of interest rate risk.

Aging of the U.S. Population. We bel

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/FNF/mda/fy2025/
All MD&A years: /company/FNF/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/FNF/mda/fy2024/): filed 2025-02-28; accession 0001331875-25-000013 (https://www.sec.gov/Archives/edgar/data/1331875/000133187525000013/fnf-20241231.htm)
- [FY 2023 MD&A](/company/FNF/mda/fy2023/): filed 2024-02-29; accession 0001331875-24-000019 (https://www.sec.gov/Archives/edgar/data/1331875/000133187524000019/fnf-20231231.htm)
- [FY 2022 MD&A](/company/FNF/mda/fy2022/): filed 2023-02-27; accession 0001331875-23-000023 (https://www.sec.gov/Archives/edgar/data/1331875/000133187523000023/fnf-20221231.htm)
- [FY 2021 MD&A](/company/FNF/mda/fy2021/): filed 2022-02-25; accession 0001331875-22-000024 (https://www.sec.gov/Archives/edgar/data/1331875/000133187522000024/fnf-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6361 Title Insurance) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/FNF.md · JSON record: /company/FNF.json · verified financials: /company/FNF/financials.json / /company/FNF/financials.csv · machine TOC for the whole site: /llms.txt