Fidelity National Financial (FNF) Financials

$47.74 +0.27 (+0.56%)

Closing price 05/14/2026 03:59 PM Eastern

Extended Trading

$47.78 +0.05 (+0.10%)

As of 05/14/2026 06:12 PM Eastern

Annual Income Statements for Fidelity National Financial

This table shows Fidelity National Financial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	4,714	650	771	628	1,062	1,427	2,797	1,294	517	1,270	602
Consolidated Net Income / (Loss)	561	692	794	635	1,076	1,452	2,817	1,306	518	1,391	679
Net Income / (Loss) Continuing Operations	501	622	639	635	1,076	1,477	2,809	1,306	518	1,391	679
Total Pre-Tax Income	770	955	864	750	1,369	1,784	3,558	1,730	693	1,742	1,397
Total Operating Income	4,957	1,019	912	1,014	1,416	1,874	3,672	2,789	4,515	5,717	5,769
Total Gross Profit	6,664	4,982	3,114	5,056	5,533	7,544	7,921	8,373	6,836	10,533	8,490
Total Revenue	6,664	7,257	7,663	7,594	8,469	10,778	15,655	11,565	11,752	13,681	14,445
Operating Revenue	6,664	7,257	7,663	7,594	8,469	10,778	15,655	11,565	11,752	13,681	14,445
Total Cost of Revenue	0.00	2,275	4,549	2,538	2,936	3,234	7,734	3,192	4,916	3,148	5,955
Operating Cost of Revenue	-	2,275	4,549	2,538	2,696	2,951	7,349	3,192	4,916	3,148	5,955
Total Operating Expenses	1,707	3,963	2,202	4,042	4,117	5,670	4,249	5,584	2,321	4,816	2,721
Selling, General & Admin Expense	-	1,648	1,781	1,801	1,681	1,759	1,929	1,721	1,521	1,558	1,615
Depreciation Expense	150	160	183	182	178	296	432	491	593	739	844
Other Operating Expenses / (Income)	1,557	2,155	238	2,059	2,258	3,615	1,888	3,372	207	2,519	262
Total Other Income / (Expense), net	0.00	-64	-48	-264	-47	-90	-114	-1,059	-3,822	-3,975	-4,372
Interest Expense	-	64	48	43	47	90	114	115	174	209	242
Other Income / (Expense), net	-	-	-	-221	-	-	-	-944	-3,648	-3,766	-4,130
Income Tax Expense	274	347	235	120	308	322	813	439	192	367	753
Other Gains / (Losses), net	5.00	14	10	5.00	15	15	64	15	17	16	35
Net Income / (Loss) Attributable to Noncontrolling Interest	34	42	23	7.00	14	25	20	12	1.00	121	77
Basic Earnings per Share	$0.00	$2.34	$4.12	$2.30	$3.89	$5.02	$9.81	$4.71	$1.91	$4.69	$2.22
Weighted Average Basic Shares Outstanding	0.00	339M	336M	273M	273M	284M	285M	275M	270M	271M	271M
Diluted Earnings per Share	$0.00	$2.34	$2.38	$2.26	$3.83	$4.99	$9.75	$4.67	$1.91	$4.65	$2.21
Weighted Average Diluted Shares Outstanding	0.00	350M	345M	278M	277M	286M	287M	277M	271M	273M	272M
Weighted Average Basic & Diluted Shares Outstanding	0.00	-	274.44M	275.33M	275.61M	291.17M	283.57M	272.21M	273.21M	274.99M	271.14M
Cash Dividends to Common per Share	$0.00	-	-	-	-	-	$1.56	$1.77	$1.83	$1.94	$2.02

This table shows Fidelity National Financial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	426	-69	248	306	266	450	83	278	358	-117	243
Consolidated Net Income / (Loss)	477	-114	269	343	271	508	83	293	389	-86	321
Net Income / (Loss) Continuing Operations	477	-114	269	343	271	508	83	293	389	-86	321
Total Pre-Tax Income	603	-168	331	458	313	640	111	382	453	451	498
Total Operating Income	890	2,495	1,530	1,133	1,535	2,669	804	439	1,737	2,789	1,116
Total Gross Profit	2,044	2,734	2,572	2,379	2,793	2,835	1,959	2,114	3,131	1,286	2,399
Total Revenue	2,778	3,432	3,299	3,158	3,603	3,621	2,729	3,635	4,030	4,051	3,226
Operating Revenue	2,778	3,432	3,299	3,158	3,603	3,621	2,729	3,635	4,030	4,051	3,226
Total Cost of Revenue	734	698	727	779	810	786	770	1,521	899	2,765	827
Operating Cost of Revenue	734	742	727	779	810	832	770	1,521	899	2,765	827
Total Operating Expenses	1,154	239	1,042	1,246	1,258	166	1,155	1,675	1,394	-1,503	1,283
Selling, General & Admin Expense	380	387	369	387	396	406	377	416	407	415	398
Depreciation Expense	153	155	167	189	189	194	196	200	227	221	215
Other Operating Expenses / (Income)	621	-303	506	670	673	-434	582	1,059	760	-2,139	670
Total Other Income / (Expense), net	-287	-2,663	-1,199	-675	-1,222	-2,029	-693	-57	-1,284	-2,338	-618
Interest Expense	44	45	49	47	56	57	60	61	60	61	61
Other Income / (Expense), net	-243	-	-1,150	-628	-1,166	-	-633	4.00	-1,224	-2,277	-557
Income Tax Expense	141	-53	63	116	44	144	29	98	90	536	175
Other Gains / (Losses), net	15	1.00	1.00	1.00	2.00	12	1.00	9.00	26	-1.00	-2.00
Net Income / (Loss) Attributable to Noncontrolling Interest	51	-45	21	37	5.00	58	0.00	15	31	31	78
Basic Earnings per Share	-	-	$0.92	$1.13	$0.98	-	$0.30	$1.02	$1.33	($0.43)	$0.90
Weighted Average Basic Shares Outstanding	270M	270M	271M	271M	272M	271M	273M	272M	269M	271M	269M
Diluted Earnings per Share	-	-	$0.91	$1.12	$0.97	-	$0.30	$1.02	$1.33	($0.44)	$0.90
Weighted Average Diluted Shares Outstanding	271M	271M	272M	273M	273M	273M	273M	273M	270M	272M	269M
Weighted Average Basic & Diluted Shares Outstanding	272.16M	273.21M	273.24M	273.46M	273.64M	274.99M	274.64M	271.72M	271.12M	271.14M	269.16M
Cash Dividends to Common per Share	$0.45	$0.48	$0.48	$0.48	$0.48	$0.50	$0.50	$0.50	$0.50	$0.52	$0.52

This table details how cash moves in and out of Fidelity National Financial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	108	543	-213	147	119	1,343	1,641	-2,074	481	712	-843
Net Cash From Operating Activities	951	1,162	737	943	1,121	1,578	4,090	4,355	6,478	6,815	5,828
Net Cash From Continuing Operating Activities	951	1,162	737	943	1,121	1,578	4,090	4,355	6,478	6,815	5,828
Net Income / (Loss) Continuing Operations	561	692	794	635	1,076	1,452	2,817	1,306	518	1,391	679
Consolidated Net Income / (Loss)	561	692	794	635	1,076	1,452	2,817	1,306	518	1,391	679
Depreciation Expense	410	431	389	182	178	296	432	491	593	739	844
Non-Cash Adjustments To Reconcile Net Income	71	68	-214	141	-292	218	410	2,913	4,795	4,471	3,265
Changes in Operating Assets and Liabilities, net	-91	-29	-232	-15	159	-388	431	-355	572	214	1,040
Net Cash From Investing Activities	-571	-191	79	-354	-520	-2,331	-7,449	-10,524	-9,090	-7,862	-8,934
Net Cash From Continuing Investing Activities	-571	-191	79	-354	-520	-2,331	-7,449	-10,524	-9,090	-7,862	-8,934
Purchase of Property, Plant & Equipment	-241	-290	-149	-83	-96	-110	-131	-138	-132	-146	-147
Acquisitions	-208	-723	-560	-62	-34	-1,245	-1,846	-1,257	-1,595	-1,131	-2,555
Purchase of Investments	-1,694	-589	-719	-1,498	-867	-4,959	-16,014	-13,148	-13,985	-17,825	-23,198
Sale and/or Maturity of Investments	1,525	1,412	1,185	1,266	482	3,978	10,553	4,104	6,638	11,819	16,977
Other Investing Activities, net	-11	-7.00	-7.00	-1.00	-8.00	5.00	-11	-85	-16	-579	-11
Net Cash From Financing Activities	-272	-428	-1,029	-442	-482	2,096	5,000	4,095	3,093	1,759	2,263
Net Cash From Continuing Financing Activities	-272	-428	-1,029	-442	-482	2,096	5,000	4,095	3,093	1,759	2,263
Repayment of Debt	-1,359	-202	-1,315	-515	-10	-2,327	-2,931	-3,850	-4,810	-8,625	-9,063
Repurchase of Preferred Equity	-	-	-	-	-	-	0.00	0.00	-18	0.00	0.00
Repurchase of Common Equity	-499	-276	-70	-20	-89	-348	-469	-572	-41	-41	-273
Payment of Dividends	-249	-248	-287	-338	-355	-403	-465	-509	-532	-581	-608
Issuance of Debt	1,360	132	785	442	0.00	1,000	0.00	550	851	1,068	385
Issuance of Common Equity	475	-	-	0.00	0.00	1,246	449	0.00	0.00	0.00	117
Other Financing Activities, net	0.00	166	-142	-11	-28	2,928	8,416	8,476	7,643	9,938	11,705

This table details how cash moves in and out of Fidelity National Financial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	73	-442	750	1,373	80	-1,491	1,005	-1,212	222	-858	-169
Net Cash From Operating Activities	1,076	2,263	1,591	1,363	2,366	1,495	1,115	1,896	1,311	1,506	875
Net Cash From Continuing Operating Activities	1,076	2,263	1,591	1,363	2,366	1,495	1,115	1,896	1,311	1,506	875
Net Income / (Loss) Continuing Operations	477	-114	269	343	271	508	83	293	389	-86	321
Consolidated Net Income / (Loss)	477	-114	269	343	271	508	83	293	389	-86	321
Depreciation Expense	153	155	167	189	189	194	196	200	227	221	215
Non-Cash Adjustments To Reconcile Net Income	550	1,504	1,055	802	1,677	915	1,035	1,316	482	432	836
Changes in Operating Assets and Liabilities, net	-104	718	100	29	229	-122	-199	87	213	939	-497
Net Cash From Investing Activities	-1,529	-3,330	-1,096	-1,925	-1,995	-2,846	-785	-3,483	-2,058	-2,608	-945
Net Cash From Continuing Investing Activities	-1,529	-3,330	-1,096	-1,925	-1,995	-2,846	-785	-3,483	-2,058	-2,608	-945
Purchase of Property, Plant & Equipment	-32	-31	-35	-41	-40	-30	-37	-38	-38	-34	-27
Acquisitions	-331	-235	-556	-453	-464	-244	-665	-431	-571	-888	-191
Purchase of Investments	-3,490	-3,325	-3,819	-3,705	-5,118	-5,183	-5,128	-6,343	-5,049	-6,678	-4,079
Sale and/or Maturity of Investments	2,331	264	3,292	2,253	3,632	2,617	5,042	3,339	3,597	4,999	3,360
Other Investing Activities, net	-7.00	-3.00	22	21	-5.00	-6.00	3.00	-10	3.00	-7.00	-8.00
Net Cash From Financing Activities	526	625	255	1,935	-291	-140	675	375	969	244	-99
Net Cash From Continuing Financing Activities	526	625	255	1,935	-291	-140	675	375	969	244	-99
Repayment of Debt	-1,172	-1,509	-1,502	-2,553	-2,782	-1,807	-2,491	-2,233	-2,208	-2,115	-2,556
Repurchase of Common Equity	-	-35	0.00	5.00	-	-41	-24	-154	-43	-52	-78
Payment of Dividends	-112	-142	-137	-155	-126	-156	-150	-158	-152	-150	-190
Issuance of Debt	-	-	7.00	-	-	-	375	-	-10	10	0.00
Issuance of Common Equity	-	345	0.00	-	-	500	117	-	-	-	0.00
Other Financing Activities, net	1,812	1,960	1,887	4,095	2,617	1,346	2,848	2,920	3,382	2,551	2,725

This table presents Fidelity National Financial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	13,931	14,521	9,151	9,301	10,677	50,455	60,690	65,143	80,614	95,263	109,014
Total Current Assets	1,115	1,793	1,825	4,422	4,244	34,540	42,350	40,506	54,937	63,082	69,493
Cash & Equivalents	-	1,049	1,110	1,257	1,376	2,719	4,360	2,286	2,767	3,479	2,636
Short-Term Investments	-	-	-	2,478	2,090	28,356	32,481	35,685	44,492	51,268	56,481
Note & Lease Receivable	-	-	-	-	0.00	2,031	3,749	-	5,336	5,926	7,891
Accounts Receivable	500	322	317	306	346	437	557	467	442	471	473
Prepaid Expenses	615	422	398	377	432	997	1,203	2,068	1,900	1,938	2,012
Plant, Property, & Equipment, net	510	192	193	164	176	180	185	179	168	173	189
Total Noncurrent Assets	12,306	12,536	7,133	4,715	6,257	15,735	18,155	24,458	25,509	32,008	39,332
Long-Term Investments	4,853	3,782	3,371	1,071	2,294	4,660	6,545	9,685	6,221	6,421	8,823
Goodwill	4,756	2,555	2,746	2,726	2,727	4,495	4,539	4,635	4,830	5,271	5,272
Intangible Assets	1,522	585	618	513	422	2,264	2,557	3,811	4,627	5,976	6,641
Other Noncurrent Operating Assets	1,175	395	398	405	814	3,989	4,514	6,327	9,831	14,340	18,596
Total Liabilities & Shareholders' Equity	13,931	14,521	9,151	9,301	10,677	50,455	60,690	65,143	80,614	95,263	109,014
Total Liabilities	6,999	7,279	4,340	4,329	4,968	42,063	51,233	58,574	73,154	86,731	100,042
Total Current Liabilities	3,567	3,280	3,275	2,444	2,603	4,386	4,579	4,136	4,779	4,962	5,528
Accounts Payable	1,283	933	955	956	1,094	2,402	2,696	2,326	3,009	3,249	3,828
Other Current Liabilities	1,583	1,487	1,490	1,488	1,509	1,623	1,883	1,810	1,770	1,713	1,700
Total Noncurrent Liabilities	3,432	3,999	1,065	1,885	2,365	37,677	46,654	54,438	68,375	81,769	94,514
Long-Term Debt	2,793	987	759	836	838	2,662	3,096	3,238	3,887	4,321	4,400
Noncurrent Deferred & Payable Income Tax Liabilities	594	370	169	227	284	300	205	71	29	0.00	439
Other Noncurrent Operating Liabilities	45	4.00	137	822	1,243	34,715	43,353	51,129	64,459	77,448	89,675
Total Equity & Noncontrolling Interests	6,588	6,898	4,467	4,628	5,365	8,392	9,457	6,569	7,460	8,532	8,972
Total Preferred & Common Equity	5,754	5,996	4,447	4,630	5,382	8,351	9,414	6,116	6,908	7,754	7,424
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5,754	5,996	4,447	4,630	5,382	8,351	9,414	6,116	6,908	7,754	7,424
Common Stock	4,795	4,848	4,587	4,500	4,581	5,720	5,811	5,870	5,913	5,976	6,042
Retained Earnings	1,374	1,784	217	641	1,356	2,394	4,369	5,225	5,244	5,982	5,484
Treasury Stock	-346	-623	-468	-498	-598	-1,067	-1,545	-2,109	-2,130	-2,152	-2,424
Accumulated Other Comprehensive Income / (Loss)	-69	-13	111	-13	43	1,304	779	-2,870	-2,119	-2,052	-1,678
Noncontrolling Interest	834	902	20	-2.00	-17	41	43	453	552	778	1,548

This table presents Fidelity National Financial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	62,164	69,654	73,021	74,002	84,496	88,824	94,672	98,209	102,331	106,636	111,499
Total Current Assets	37,780	42,696	44,816	45,288	51,037	59,320	62,911	64,114	66,197	68,522	69,577
Cash & Equivalents	2,474	2,821	3,136	3,209	3,517	4,890	4,970	4,484	3,272	3,494	2,467
Short-Term Investments	32,707	37,456	39,001	39,504	45,212	46,633	50,117	50,985	53,498	55,164	56,062
Note & Lease Receivable	-	-	-	-	-	5,439	5,626	6,366	6,940	7,391	8,459
Accounts Receivable	530	428	465	442	409	439	443	421	477	475	473
Prepaid Expenses	2,069	1,991	2,214	2,133	1,899	1,919	1,755	1,858	2,010	1,998	2,116
Plant, Property, & Equipment, net	182	177	175	172	167	170	174	188	191	190	187
Total Noncurrent Assets	24,202	26,781	28,030	28,542	33,292	29,334	31,587	33,907	35,943	37,924	41,642
Long-Term Investments	10,113	10,581	10,928	10,926	12,166	6,954	7,244	6,816	7,584	8,330	8,618
Goodwill	4,609	4,791	4,811	4,830	5,107	5,107	5,272	5,271	5,272	5,272	5,216
Intangible Assets	3,838	4,158	4,317	4,439	5,027	5,362	5,758	6,113	6,326	6,471	6,761
Other Noncurrent Operating Assets	5,642	7,251	7,974	8,347	10,992	11,911	13,313	15,707	16,761	17,851	21,047
Total Liabilities & Shareholders' Equity	62,164	69,654	73,021	74,002	84,496	88,824	94,672	98,209	102,331	106,636	111,499
Total Liabilities	56,365	63,006	66,344	67,418	76,659	80,843	85,770	89,412	93,512	97,302	102,780
Total Current Liabilities	4,291	4,134	4,506	4,206	4,884	5,081	6,095	4,966	5,399	5,486	5,048
Accounts Payable	2,438	2,343	2,725	2,438	3,138	3,360	4,375	3,271	3,704	3,778	3,344
Other Current Liabilities	1,853	1,791	1,781	1,768	1,746	1,721	1,720	1,695	1,695	1,708	1,704
Total Noncurrent Liabilities	52,074	58,872	61,838	63,212	71,775	75,762	79,675	84,446	88,113	91,816	97,732
Long-Term Debt	2,693	3,696	3,696	3,695	3,884	4,175	4,186	4,394	4,397	4,398	4,402
Noncurrent Deferred & Payable Income Tax Liabilities	79	61	63	15	28	29	0.00	-	-	-	438
Other Noncurrent Operating Liabilities	49,302	55,115	58,079	59,502	67,863	71,558	75,489	80,052	83,716	87,418	92,892
Total Equity & Noncontrolling Interests	5,799	6,648	6,677	6,584	7,837	7,981	8,902	8,797	8,819	9,334	8,719
Total Preferred & Common Equity	5,712	6,192	6,229	6,158	7,125	7,260	8,082	7,893	7,906	8,355	7,254
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5,712	6,192	6,229	6,158	7,125	7,260	8,082	7,893	7,906	8,355	7,254
Common Stock	5,885	5,871	5,883	5,895	5,924	5,942	5,965	6,008	6,022	6,044	6,068
Retained Earnings	5,069	5,044	5,140	5,444	5,361	5,536	5,671	5,928	6,071	6,293	5,586
Treasury Stock	-2,056	-2,113	-2,113	-2,114	-2,131	-2,131	-2,131	-2,177	-2,338	-2,376	-2,505
Accumulated Other Comprehensive Income / (Loss)	-3,186	-2,610	-2,681	-3,067	-2,029	-2,087	-1,423	-1,866	-1,849	-1,606	-1,895
Noncontrolling Interest	87	456	448	426	712	721	820	904	913	979	1,465

This table displays calculated financial ratios and metrics derived from Fidelity National Financial's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	271,122,556.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	271,122,556.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.22
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-16.95%	8.90%	5.59%	-0.90%	11.52%	27.26%	45.25%	-26.13%	1.62%	16.41%	5.58%
EBITDA Growth	-16.84%	-72.98%	-10.28%	-25.06%	63.49%	36.14%	89.12%	-43.08%	-37.50%	84.25%	-7.70%
EBIT Growth	-17.08%	-79.44%	-10.50%	-13.05%	78.56%	32.34%	95.94%	-49.75%	-53.01%	125.03%	-15.99%
NOPAT Growth	-17.08%	-81.30%	2.34%	28.29%	28.84%	39.94%	84.47%	-26.53%	56.83%	38.25%	-41.07%
Net Income Growth	0.00%	0.00%	14.74%	-20.03%	69.45%	34.94%	94.01%	-53.64%	-60.34%	168.53%	-51.19%
EPS Growth	0.00%	0.00%	1.71%	-5.04%	69.47%	30.29%	95.39%	-52.10%	-59.10%	143.46%	-52.47%
Operating Cash Flow Growth	60.10%	22.19%	-36.57%	27.95%	18.88%	40.77%	159.19%	6.48%	48.75%	5.20%	-14.48%
Free Cash Flow Firm Growth	165.88%	66.81%	-91.67%	139.51%	39.80%	1,954.95%	-66.56%	0.87%	-17.03%	41.69%	-16.66%
Invested Capital Growth	15.40%	-83.23%	33.29%	-7.99%	-21.46%	-3,231.77%	-25.10%	-22.75%	-11.32%	-14.67%	-12.94%
Revenue Q/Q Growth	-41.22%	8.62%	373.61%	-23.76%	48.19%	15.03%	7.11%	-16.30%	8.04%	1.40%	3.07%
EBITDA Q/Q Growth	-41.73%	-73.52%	141.28%	-69.81%	373.88%	24.00%	-1.18%	-31.23%	-53.52%	-56.91%	-5.98%
EBIT Q/Q Growth	-43.57%	-79.85%	125.34%	-73.86%	286.81%	23.70%	4.73%	-41.32%	-66.30%	-64.80%	-10.14%
NOPAT Q/Q Growth	-43.57%	-81.67%	181.72%	-69.89%	313.23%	30.94%	1.68%	-11.17%	66.31%	-0.48%	-23.47%
Net Income Q/Q Growth	0.00%	0.00%	1,012.64%	-23.03%	38.30%	46.67%	3.99%	-41.33%	-17.25%	80.88%	-46.66%
EPS Q/Q Growth	0.00%	0.00%	6.25%	-100.00%	36.30%	50.30%	3.94%	-40.36%	0.00%	0.00%	-48.60%
Operating Cash Flow Q/Q Growth	-2.76%	13.59%	-25.03%	0.00%	15.33%	13.85%	27.30%	-2.51%	15.82%	-10.13%	0.19%
Free Cash Flow Firm Q/Q Growth	-61.46%	43.92%	-82.75%	-69.19%	461.88%	16.15%	-18.58%	-6.00%	-11.41%	2.66%	19.02%
Invested Capital Q/Q Growth	20.15%	-81.11%	-12.25%	-2.05%	-9.64%	-16.39%	-4.64%	-2.85%	2.83%	1.88%	-2.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	68.65%	40.64%	66.58%	65.33%	69.99%	50.60%	72.40%	75.26%	76.99%	58.77%
EBITDA Margin	80.54%	19.98%	16.98%	12.84%	18.82%	20.13%	26.22%	20.20%	12.42%	19.66%	17.19%
Operating Margin	74.38%	14.04%	11.90%	13.35%	16.72%	17.39%	23.46%	24.12%	38.42%	41.79%	39.94%
EBIT Margin	74.38%	14.04%	11.90%	10.44%	16.72%	17.39%	23.46%	15.95%	7.38%	14.26%	11.35%
Profit (Net Income) Margin	0.00%	9.54%	10.36%	8.36%	12.71%	13.47%	17.99%	11.29%	4.41%	10.17%	4.70%
Tax Burden Percent	0.00%	72.46%	91.90%	84.67%	78.60%	81.39%	79.17%	75.49%	74.75%	79.85%	48.60%
Interest Burden Percent	0.00%	93.72%	94.74%	94.58%	96.68%	95.20%	96.90%	93.77%	79.93%	89.29%	85.23%
Effective Tax Rate	0.00%	36.34%	27.20%	16.00%	22.50%	18.05%	22.85%	25.38%	27.71%	21.07%	53.90%
Return on Invested Capital (ROIC)	76.31%	22.81%	69.67%	81.47%	122.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	226.33%	21.79%	67.11%	87.11%	123.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-76.31%	-13.04%	-56.49%	-68.49%	-102.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	9.76%	13.18%	12.98%	20.15%	20.59%	31.56%	16.30%	7.38%	17.40%	7.76%
Cash Return on Invested Capital (CROIC)	62.02%	165.36%	41.13%	89.79%	146.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	35.69%	7.16%	7.71%	8.60%	14.18%	6.13%	6.61%	2.93%	1.19%	2.22%	1.60%
Return on Assets (ROA)	0.00%	4.86%	6.71%	6.88%	10.77%	4.75%	5.07%	2.08%	0.71%	1.58%	0.66%
Return on Common Equity (ROCE)	0.00%	8.09%	11.42%	12.04%	18.89%	20.06%	31.42%	15.79%	6.86%	15.95%	6.73%
Return on Equity Simple (ROE_SIMPLE)	9.75%	11.54%	17.85%	13.71%	19.99%	17.39%	29.92%	21.35%	7.50%	17.94%	0.00%
Net Operating Profit after Tax (NOPAT)	3,470	649	664	852	1,097	1,536	2,833	2,081	3,264	4,513	2,659
NOPAT Margin	52.07%	8.94%	8.66%	11.22%	12.96%	14.25%	18.10%	18.00%	27.77%	32.98%	18.41%
Net Nonoperating Expense Percent (NNEP)	-150.02%	1.02%	2.56%	-5.64%	-0.48%	-0.44%	-0.04%	-1.83%	-5.84%	-5.87%	-3.29%
Return On Investment Capital (ROIC_SIMPLE)	36.99%	8.23%	12.70%	15.59%	17.69%	13.89%	22.57%	21.22%	28.77%	35.11%	19.89%
Cost of Revenue to Revenue	0.00%	31.35%	59.36%	33.42%	34.67%	30.01%	49.40%	27.60%	24.74%	23.01%	41.23%
SG&A Expenses to Revenue	0.00%	22.71%	23.24%	23.72%	19.85%	16.32%	12.32%	14.88%	12.94%	11.39%	11.18%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.62%	54.61%	28.74%	53.23%	48.61%	52.61%	27.14%	48.28%	36.84%	35.20%	18.84%
Earnings before Interest and Taxes (EBIT)	4,957	1,019	912	793	1,416	1,874	3,672	1,845	867	1,951	1,639
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,367	1,450	1,301	975	1,594	2,170	4,104	2,336	1,460	2,690	2,483
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.50	1.38	2.19	1.42	1.81	1.12	1.33	1.53	1.92	1.97	1.99
Price to Tangible Book Value (P/TBV)	0.00	2.90	8.99	4.72	4.37	5.87	5.39	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.29	1.14	1.27	0.86	1.15	0.87	0.80	0.81	1.13	1.11	1.02
Price to Earnings (P/E)	1.83	12.76	12.63	10.45	9.19	6.55	4.47	7.23	25.72	12.00	24.59
Dividend Yield	3.28%	3.59%	0.00%	5.03%	3.55%	4.24%	3.55%	5.15%	3.75%	3.48%	7.49%
Earnings Yield	54.74%	7.84%	7.92%	9.57%	10.88%	15.27%	22.38%	13.84%	3.89%	8.33%	4.07%
Enterprise Value to Invested Capital (EV/IC)	1.59	6.97	5.86	2.93	6.56	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	1.16	0.78	0.83	0.39	0.61	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	1.44	3.93	4.91	3.01	3.24	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	1.56	5.59	7.00	3.70	3.65	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	2.23	8.78	9.61	3.45	4.71	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	8.13	4.90	8.66	3.11	4.61	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	2.74	1.21	16.28	3.13	3.94	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.40	0.14	0.16	0.17	0.15	0.32	0.33	0.49	0.52	0.51	0.49
Long-Term Debt to Equity	0.40	0.14	0.16	0.17	0.15	0.32	0.33	0.49	0.52	0.51	0.49
Financial Leverage	-0.34	-0.60	-0.84	-0.79	-0.83	-2.69	-4.11	-5.29	-6.70	-6.66	-6.88
Leverage Ratio	2.02	2.01	1.96	1.89	1.87	4.34	6.23	7.85	10.39	11.00	11.67
Compound Leverage Factor	0.00	1.88	1.86	1.78	1.81	4.13	6.03	7.36	8.30	9.83	9.95
Debt to Total Capital	28.72%	11.99%	13.63%	14.39%	12.80%	24.08%	24.66%	33.02%	34.26%	33.62%	32.90%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	28.72%	11.99%	13.63%	14.39%	12.80%	24.08%	24.66%	33.02%	34.26%	33.62%	32.90%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	12.11%	15.14%	6.54%	5.89%	4.99%	0.37%	0.34%	4.62%	4.86%	6.05%	11.58%
Common Equity to Total Capital	59.17%	72.86%	79.84%	79.72%	82.21%	75.55%	74.99%	62.36%	60.88%	60.33%	55.52%
Debt to EBITDA	0.52	0.68	0.58	0.86	0.53	1.23	0.75	1.39	2.66	1.61	1.77
Net Debt to EBITDA	-0.38	-2.65	-2.86	-4.07	-3.09	-15.24	-9.82	-19.01	-33.97	-21.13	-25.59
Long-Term Debt to EBITDA	0.52	0.68	0.58	0.86	0.53	1.23	0.75	1.39	2.66	1.61	1.77
Debt to NOPAT	0.80	1.52	1.14	0.98	0.76	1.73	1.09	1.56	1.19	0.96	1.65
Net Debt to NOPAT	-0.59	-5.93	-5.61	-4.66	-4.49	-21.54	-14.22	-21.34	-15.19	-12.60	-23.89
Long-Term Debt to NOPAT	0.80	1.52	1.14	0.98	0.76	1.73	1.09	1.56	1.19	0.96	1.65
Altman Z-Score	2.32	1.46	2.36	2.36	2.77	1.25	1.45	1.15	1.13	1.14	1.05
Noncontrolling Interest Sharing Ratio	14.37%	17.10%	13.36%	7.22%	6.26%	2.61%	0.47%	3.10%	7.16%	8.32%	13.29%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.31	0.55	0.56	1.81	1.63	7.88	9.25	9.79	11.50	12.74	12.57
Quick Ratio	0.14	0.42	0.44	1.65	1.46	7.65	8.99	9.29	11.10	12.32	12.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,820	4,704	392	939	1,312	26,970	9,019	9,097	7,548	10,695	8,912
Operating Cash Flow to CapEx	397.91%	409.15%	508.28%	1,520.97%	1,218.48%	1,434.55%	3,122.14%	3,155.80%	4,907.58%	4,667.81%	3,964.63%
Free Cash Flow to Firm to Interest Expense	0.00	73.50	8.17	21.83	27.92	299.66	79.11	79.11	43.38	51.17	36.83
Operating Cash Flow to Interest Expense	0.00	18.16	15.35	21.93	23.85	17.53	35.88	37.87	37.23	32.61	24.08
Operating Cash Flow Less CapEx to Interest Expense	0.00	13.72	12.33	20.49	21.89	16.31	34.73	36.67	36.47	31.91	23.48
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.48	0.51	0.65	0.82	0.85	0.35	0.28	0.18	0.16	0.16	0.14
Accounts Receivable Turnover	0.00	17.66	23.98	24.38	25.98	27.53	31.50	22.59	25.86	29.97	30.60
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	11.64	20.68	39.81	42.54	49.82	60.55	85.78	63.54	67.73	80.24	79.81
Accounts Payable Turnover	0.00	2.05	4.82	2.66	2.86	1.85	3.03	1.27	1.09	1.01	1.68
Days Sales Outstanding (DSO)	0.00	20.67	15.22	14.97	14.05	13.26	11.59	16.16	14.12	12.18	11.93
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	177.77	75.74	137.41	127.43	197.29	120.30	287.13	334.81	362.80	216.89
Cash Conversion Cycle (CCC)	0.00	-157.10	-60.53	-122.44	-113.38	-184.03	-108.71	-270.97	-320.70	-350.62	-204.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,872	817	1,089	1,002	787	-24,647	-30,833	-37,849	-42,133	-48,315	-54,568
Invested Capital Turnover	1.47	2.55	8.04	7.26	9.47	-0.90	-0.56	-0.34	-0.29	-0.30	-0.28
Increase / (Decrease) in Invested Capital	650	-4,055	272	-87	-215	-25,434	-6,186	-7,016	-4,284	-6,182	-6,253
Enterprise Value (EV)	7,730	5,695	6,382	2,937	5,165	-23,689	-27,752	-34,614	-35,744	-40,825	-47,191
Market Capitalization	8,612	8,293	9,740	6,565	9,760	9,343	12,495	9,351	13,297	15,244	14,801
Book Value per Share	$16.29	$17.71	$13.16	$16.82	$19.57	$28.44	$33.09	$22.47	$25.38	$28.34	$27.38
Tangible Book Value per Share	($1.48)	$8.44	$3.20	$5.05	$8.12	$5.42	$8.15	($8.56)	($9.37)	($12.77)	($16.56)
Total Capital	9,725	8,229	5,570	5,808	6,547	11,054	12,553	9,807	11,347	12,853	13,372
Total Debt	2,793	987	759	836	838	2,662	3,096	3,238	3,887	4,321	4,400
Total Long-Term Debt	2,793	987	759	836	838	2,662	3,096	3,238	3,887	4,321	4,400
Net Debt	-2,060	-3,844	-3,722	-3,970	-4,922	-33,073	-40,290	-44,418	-49,593	-56,847	-63,540
Capital Expenditures (CapEx)	239	284	145	62	92	110	131	138	132	146	147
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,452	-2,536	-2,560	-1,757	-1,825	-921	930	-1,601	2,899	3,482	4,848
Debt-free Net Working Capital (DFNWC)	-2,452	-1,487	-1,450	1,978	1,641	30,154	37,771	36,370	50,158	58,229	63,965
Net Working Capital (NWC)	-2,452	-1,487	-1,450	1,978	1,641	30,154	37,771	36,370	50,158	58,229	63,965
Net Nonoperating Expense (NNE)	3,470	-43	-130	217	21	84	16	775	2,746	3,122	1,980
Net Nonoperating Obligations (NNO)	-2,060	-6,425	-3,722	-3,970	-4,922	-33,039	-40,290	-44,418	-49,593	-56,847	-63,540
Total Depreciation and Amortization (D&A)	410	431	389	182	178	296	432	491	593	739	844
Debt-free, Cash-free Net Working Capital to Revenue	-36.79%	-34.95%	-33.41%	-23.14%	-21.55%	-8.55%	5.94%	-13.84%	24.67%	25.45%	33.56%
Debt-free Net Working Capital to Revenue	-36.79%	-20.49%	-18.92%	26.05%	19.38%	279.77%	241.27%	314.48%	426.80%	425.62%	442.82%
Net Working Capital to Revenue	-36.79%	-20.49%	-18.92%	26.05%	19.38%	279.77%	241.27%	314.48%	426.80%	425.62%	442.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$4.12	$2.30	$3.89	$5.02	$8.50	$4.13	$1.91	$4.69	$2.22
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	336M	273M	273M	284M	285M	275M	270M	271M	271M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$2.38	$2.26	$3.83	$4.99	$8.44	$4.10	$1.91	$4.65	$2.21
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	345M	278M	277M	286M	287M	277M	271M	273M	272M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	481.04M	0.00	274.44M	275.33M	275.61M	291.17M	283.57M	272.21M	273.21M	274.99M	271.14M
Normalized Net Operating Profit after Tax (NOPAT)	3,470	649	664	852	1,097	1,536	2,833	2,081	3,264	4,513	4,038
Normalized NOPAT Margin	52.07%	8.94%	8.66%	11.22%	12.96%	14.25%	18.10%	18.00%	27.77%	32.98%	27.96%
Pre Tax Income Margin	0.00%	13.16%	11.28%	9.88%	16.16%	16.55%	22.73%	14.96%	5.90%	12.73%	9.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	15.92	19.00	18.44	30.13	20.82	32.21	16.04	4.98	9.33	6.77
NOPAT to Interest Expense	0.00	10.14	13.83	19.81	23.35	17.06	24.85	18.10	18.76	21.59	10.99
EBIT Less CapEx to Interest Expense	0.00	11.48	15.98	17.00	28.17	19.60	31.06	14.84	4.22	8.64	6.17
NOPAT Less CapEx to Interest Expense	0.00	5.70	10.81	18.37	21.39	15.84	23.70	16.90	18.00	20.89	10.38
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	35.84%	36.15%	53.23%	32.99%	27.75%	16.51%	38.97%	102.70%	41.77%	89.54%
Augmented Payout Ratio	0.00%	75.72%	44.96%	56.38%	41.26%	51.72%	33.16%	82.77%	110.62%	44.72%	129.75%

This table displays calculated financial ratios and metrics derived from Fidelity National Financial's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	271,122,556.00	271,137,574.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	271,122,556.00	271,137,574.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.43	0.90
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-13.35%	34.22%	33.35%	2.93%	29.70%	5.51%	-17.28%	15.10%	11.85%	11.88%	18.21%
EBITDA Growth	21.77%	287.99%	436.27%	31.94%	-30.25%	8.04%	-32.91%	-7.35%	32.62%	-17.73%	110.90%
EBIT Growth	21.85%	351.18%	1,287.50%	34.67%	-42.97%	6.97%	-55.00%	-12.28%	39.02%	-26.54%	226.90%
NOPAT Growth	76.00%	351.18%	1,473.54%	-0.11%	93.46%	18.44%	-52.05%	-61.42%	5.51%	-144.65%	21.87%
Net Income Growth	29.97%	-1,800.00%	405.68%	41.15%	-43.19%	545.61%	-69.15%	-14.58%	43.54%	-116.93%	286.75%
EPS Growth	0.00%	0.00%	513.64%	0.00%	0.00%	0.00%	-67.03%	-8.93%	37.11%	-126.67%	200.00%
Operating Cash Flow Growth	-27.40%	64.22%	12.20%	-20.80%	119.89%	-33.94%	-29.92%	39.10%	-44.59%	0.74%	-21.52%
Free Cash Flow Firm Growth	-6.25%	-18.54%	-4.62%	-63.96%	-0.52%	36.81%	-94.81%	14.93%	-24.96%	-22.17%	1,018.57%
Invested Capital Growth	-17.82%	-11.32%	-21.38%	-8.50%	-13.57%	-14.67%	0.16%	-10.40%	-8.15%	-12.94%	-10.24%
Revenue Q/Q Growth	-9.45%	23.54%	-3.88%	-4.27%	14.09%	0.50%	-24.63%	33.20%	10.87%	0.52%	-20.37%
EBITDA Q/Q Growth	52.09%	231.25%	-79.36%	26.87%	-19.60%	413.08%	-87.18%	75.20%	15.09%	-0.95%	5.59%
EBIT Q/Q Growth	72.53%	285.63%	-84.77%	32.89%	-26.93%	623.31%	-93.59%	159.06%	15.80%	-0.19%	9.18%
NOPAT Q/Q Growth	-19.49%	156.13%	-82.38%	174.98%	55.93%	56.80%	-71.29%	-45.05%	326.47%	-137.76%	237.70%
Net Income Q/Q Growth	96.30%	-123.90%	335.96%	27.51%	-20.99%	87.45%	-83.66%	253.01%	32.76%	-122.11%	473.26%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	240.00%	30.39%	-133.08%	304.55%
Operating Cash Flow Q/Q Growth	-37.48%	110.32%	-29.70%	-14.33%	73.59%	-36.81%	-25.42%	70.04%	-30.85%	14.87%	-41.90%
Free Cash Flow Firm Q/Q Growth	-41.69%	-16.70%	48.71%	-50.10%	60.94%	14.55%	-93.77%	900.76%	5.08%	5.97%	0.37%
Invested Capital Q/Q Growth	-1.56%	2.83%	-16.71%	5.80%	-6.31%	1.88%	-1.61%	-4.16%	-4.14%	-2.46%	0.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	73.58%	79.66%	76.57%	75.33%	77.52%	78.29%	71.78%	58.16%	77.69%	31.75%	74.36%
EBITDA Margin	28.80%	77.21%	16.58%	21.98%	15.49%	79.07%	13.45%	17.69%	18.36%	18.09%	23.99%
Operating Margin	32.04%	72.70%	11.52%	35.88%	42.60%	73.71%	29.46%	12.08%	43.10%	68.85%	34.59%
EBIT Margin	23.29%	72.70%	11.52%	15.99%	10.24%	73.71%	6.27%	12.19%	12.73%	12.64%	17.33%
Profit (Net Income) Margin	17.17%	-3.32%	8.15%	10.86%	7.52%	14.03%	3.04%	8.06%	9.65%	-2.12%	9.95%
Tax Burden Percent	79.10%	67.86%	81.27%	74.89%	86.58%	79.38%	74.77%	76.70%	85.87%	-19.07%	64.46%
Interest Burden Percent	93.20%	-6.73%	87.11%	90.69%	84.82%	23.98%	64.91%	86.23%	88.30%	88.09%	89.09%
Effective Tax Rate	23.38%	0.00%	19.03%	25.33%	14.06%	22.50%	26.13%	25.65%	19.87%	118.85%	35.14%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	10.11%	7.38%	12.08%	13.30%	9.93%	17.40%	14.49%	13.75%	13.96%	7.76%	10.47%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	3.72%	11.72%	1.88%	2.50%	1.64%	11.46%	0.90%	1.73%	1.77%	1.79%	2.47%
Return on Assets (ROA)	2.74%	-0.54%	1.33%	1.70%	1.20%	2.18%	0.44%	1.15%	1.34%	-0.30%	1.42%
Return on Common Equity (ROCE)	9.69%	6.86%	11.11%	12.24%	9.13%	15.95%	13.08%	12.41%	12.58%	6.73%	9.05%
Return on Equity Simple (ROE_SIMPLE)	10.17%	0.00%	12.28%	13.43%	9.52%	0.00%	15.27%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	682	1,747	308	846	1,319	2,068	594	326	1,392	-526	724
NOPAT Margin	24.55%	50.89%	9.33%	26.79%	36.61%	57.12%	21.76%	8.98%	34.54%	-12.98%	22.44%
Net Nonoperating Expense Percent (NNEP)	-0.44%	-3.96%	-0.07%	-0.97%	-1.94%	-2.93%	-0.89%	-0.06%	-1.66%	0.73%	-0.67%
Return On Investment Capital (ROIC_SIMPLE)	6.63%	15.39%	2.63%	6.96%	10.08%	16.09%	4.50%	2.47%	10.14%	-3.93%	5.52%
Cost of Revenue to Revenue	26.42%	20.34%	23.43%	24.67%	22.48%	21.71%	28.22%	41.84%	22.31%	68.25%	25.64%
SG&A Expenses to Revenue	13.68%	11.28%	11.19%	12.25%	10.99%	11.21%	13.81%	11.44%	10.10%	10.24%	12.34%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	41.54%	6.96%	65.05%	39.46%	34.92%	4.58%	42.32%	46.08%	34.59%	-37.10%	39.77%
Earnings before Interest and Taxes (EBIT)	647	2,495	380	505	369	2,669	171	443	513	512	559
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	800	2,650	547	694	558	2,863	367	643	740	733	774
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.73	1.92	1.97	1.82	2.07	1.97	2.27	1.93	1.97	1.99	1.73
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.98	1.13	1.12	1.04	1.24	1.11	1.37	1.12	1.17	1.02	0.84
Price to Earnings (P/E)	18.34	25.72	17.02	14.47	22.24	12.00	16.20	14.18	14.06	24.59	16.50
Dividend Yield	4.60%	3.75%	3.62%	3.92%	3.14%	3.48%	3.01%	3.56%	3.31%	7.49%	8.86%
Earnings Yield	5.45%	3.89%	5.88%	6.91%	4.50%	8.33%	6.17%	7.05%	7.11%	4.07%	6.06%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.56	0.52	0.50	0.52	0.47	0.51	0.50	0.50	0.47	0.49	0.50
Long-Term Debt to Equity	0.56	0.52	0.50	0.52	0.47	0.51	0.50	0.50	0.47	0.49	0.50
Financial Leverage	-7.47	-6.70	-7.19	-7.07	-6.98	-6.66	-6.91	-6.80	-6.62	-6.88	-6.89
Leverage Ratio	11.00	10.39	10.64	11.04	10.89	11.00	10.98	11.38	11.04	11.67	11.97
Compound Leverage Factor	10.25	-0.70	9.27	10.01	9.24	2.64	7.13	9.81	9.75	10.28	10.67
Debt to Total Capital	35.95%	34.26%	33.14%	34.35%	31.98%	33.62%	33.31%	33.27%	32.03%	32.90%	33.55%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	35.95%	34.26%	33.14%	34.35%	31.98%	33.62%	33.31%	33.27%	32.03%	32.90%	33.55%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.14%	4.86%	6.07%	5.93%	6.27%	6.05%	6.85%	6.91%	7.13%	11.58%	11.17%
Common Equity to Total Capital	59.91%	60.88%	60.79%	59.72%	61.75%	60.33%	59.84%	59.82%	60.84%	55.52%	55.29%
Debt to EBITDA	1.18	2.66	0.70	0.75	0.67	1.61	1.75	1.79	1.67	1.77	1.52
Net Debt to EBITDA	-15.90	-33.97	-10.27	-9.76	-9.31	-21.13	-23.06	-24.38	-23.70	-25.59	-21.71
Long-Term Debt to EBITDA	1.18	2.66	0.70	0.75	0.67	1.61	1.75	1.79	1.67	1.77	1.52
Debt to NOPAT	1.88	1.19	1.01	1.09	0.92	0.96	1.13	1.31	1.27	1.65	1.46
Net Debt to NOPAT	-25.45	-15.19	-14.83	-14.18	-12.82	-12.60	-14.85	-17.84	-18.01	-23.89	-20.80
Long-Term Debt to NOPAT	1.88	1.19	1.01	1.09	0.92	0.96	1.13	1.31	1.27	1.65	1.46
Altman Z-Score	1.04	1.19	1.02	1.08	1.08	1.16	1.07	1.04	1.04	1.01	0.99
Noncontrolling Interest Sharing Ratio	4.14%	7.16%	8.06%	7.98%	8.05%	8.32%	9.72%	9.73%	9.87%	13.29%	13.52%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	10.77	11.50	10.45	11.67	10.32	12.74	12.91	12.26	12.49	12.57	13.78
Quick Ratio	10.26	11.10	10.06	11.30	10.03	12.32	12.54	11.89	12.13	12.21	13.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	7,240	6,031	8,968	4,475	7,202	8,250	514	5,143	5,405	5,727	5,749
Operating Cash Flow to CapEx	3,362.50%	7,300.00%	4,545.71%	3,324.39%	5,915.00%	4,983.33%	3,013.51%	4,989.47%	3,450.00%	4,429.41%	3,240.74%
Free Cash Flow to Firm to Interest Expense	164.54	134.01	183.01	95.21	128.61	144.75	8.57	84.32	90.08	93.89	94.24
Operating Cash Flow to Interest Expense	24.45	50.29	32.47	29.00	42.25	26.23	18.58	31.08	21.85	24.69	14.34
Operating Cash Flow Less CapEx to Interest Expense	23.73	49.60	31.76	28.13	41.54	25.70	17.97	30.46	21.22	24.13	13.90
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.16	0.16	0.16	0.16	0.16	0.14	0.14	0.14	0.14	0.14
Accounts Receivable Turnover	22.38	25.86	30.05	28.02	30.49	29.97	31.59	29.67	30.53	30.60	33.43
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	61.45	67.73	73.12	73.43	77.99	80.24	73.86	75.28	77.01	79.81	79.69
Accounts Payable Turnover	1.14	1.09	1.08	0.98	0.90	1.01	1.00	1.11	0.99	1.68	1.82
Days Sales Outstanding (DSO)	16.31	14.12	12.15	13.02	11.97	12.18	11.55	12.30	11.95	11.93	10.92
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	320.44	334.81	337.93	372.16	406.33	362.80	366.54	327.79	369.95	216.89	200.80
Cash Conversion Cycle (CCC)	-304.13	-320.70	-325.79	-359.13	-394.36	-350.62	-354.99	-315.48	-357.99	-204.96	-189.89
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-43,360	-42,133	-49,174	-46,321	-49,243	-48,315	-49,094	-51,138	-53,256	-54,568	-54,119
Invested Capital Turnover	-0.27	-0.29	-0.28	-0.28	-0.29	-0.30	-0.27	-0.28	-0.27	-0.28	-0.29
Increase / (Decrease) in Invested Capital	-6,558	-4,284	-8,660	-3,629	-5,883	-6,182	80	-4,817	-4,013	-6,253	-5,025
Enterprise Value (EV)	-38,862	-35,744	-42,276	-40,399	-40,626	-40,825	-39,091	-43,776	-45,175	-47,191	-48,705
Market Capitalization	10,656	13,297	14,023	13,182	16,699	15,244	17,896	15,268	16,436	14,801	12,575
Book Value per Share	$22.63	$25.38	$26.08	$26.57	$29.55	$28.34	$28.70	$28.79	$30.75	$27.38	$26.75
Tangible Book Value per Share	($11.43)	($9.37)	($11.01)	($11.74)	($10.78)	($12.77)	($12.70)	($13.44)	($12.47)	($16.56)	($17.42)
Total Capital	10,279	11,347	11,721	12,156	13,088	12,853	13,191	13,216	13,732	13,372	13,121
Total Debt	3,695	3,887	3,884	4,175	4,186	4,321	4,394	4,397	4,398	4,400	4,402
Total Long-Term Debt	3,695	3,887	3,884	4,175	4,186	4,321	4,394	4,397	4,398	4,400	4,402
Net Debt	-49,944	-49,593	-57,011	-54,302	-58,145	-56,847	-57,891	-59,957	-62,590	-63,540	-62,745
Capital Expenditures (CapEx)	32	31	35	41	40	30	37	38	38	34	27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,631	2,899	-2,576	2,716	1,729	3,482	3,679	4,028	4,378	4,848	6,000
Debt-free Net Working Capital (DFNWC)	41,082	50,158	46,153	54,239	56,816	58,229	59,148	60,798	63,036	63,965	64,529
Net Working Capital (NWC)	41,082	50,158	46,153	54,239	56,816	58,229	59,148	60,798	63,036	63,965	64,529
Net Nonoperating Expense (NNE)	205	1,861	39	503	1,048	1,560	511	33	1,003	-440	403
Net Nonoperating Obligations (NNO)	-49,944	-49,593	-57,011	-54,302	-58,145	-56,847	-57,891	-59,957	-62,590	-63,540	-62,838
Total Depreciation and Amortization (D&A)	153	155	167	189	189	194	196	200	227	221	215
Debt-free, Cash-free Net Working Capital to Revenue	-14.99%	24.67%	-20.48%	21.44%	12.82%	25.45%	28.06%	29.64%	31.24%	33.56%	40.16%
Debt-free Net Working Capital to Revenue	377.70%	426.80%	366.96%	428.19%	421.11%	425.62%	451.13%	447.44%	449.78%	442.82%	431.86%
Net Working Capital to Revenue	377.70%	426.80%	366.96%	428.19%	421.11%	425.62%	451.13%	447.44%	449.78%	442.82%	431.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.58	$0.00	$0.92	$0.00	$0.00	$0.00	$0.30	$1.02	$1.33	($0.43)	$0.90
Adjusted Weighted Average Basic Shares Outstanding	270M	270M	271M	271M	272M	271M	273M	272M	269M	271M	269M
Adjusted Diluted Earnings per Share	$1.57	$0.00	$0.91	$0.00	$0.00	$0.00	$0.30	$1.02	$1.33	($0.44)	$0.90
Adjusted Weighted Average Diluted Shares Outstanding	271M	271M	272M	273M	273M	273M	273M	273M	270M	272M	269M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	272.16M	273.21M	273.24M	273.46M	273.64M	274.99M	274.64M	271.72M	271.12M	271.14M	269.16M
Normalized Net Operating Profit after Tax (NOPAT)	682	1,747	308	846	1,319	2,068	594	326	1,392	1,952	724
Normalized NOPAT Margin	24.55%	50.89%	9.33%	26.79%	36.61%	57.12%	21.76%	8.98%	34.54%	48.19%	22.44%
Pre Tax Income Margin	21.71%	-4.90%	10.03%	14.50%	8.69%	17.67%	4.07%	10.51%	11.24%	11.13%	15.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	14.70	55.44	7.76	10.74	6.59	46.82	2.85	7.26	8.55	8.39	9.16
NOPAT to Interest Expense	15.50	38.81	6.28	18.00	23.56	36.29	9.90	5.35	23.20	-8.62	11.87
EBIT Less CapEx to Interest Expense	13.98	54.76	7.04	9.87	5.88	46.30	2.23	6.64	7.92	7.84	8.72
NOPAT Less CapEx to Interest Expense	14.77	38.12	5.56	17.13	22.84	35.76	9.28	4.73	22.57	-9.17	11.42
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	82.91%	102.70%	60.23%	56.72%	73.73%	41.77%	49.13%	50.91%	46.58%	89.54%	70.67%
Augmented Payout Ratio	94.73%	110.62%	63.66%	60.31%	78.28%	44.72%	54.52%	69.87%	67.16%	129.75%	106.33%

Financials Breakdown Chart

Key Financial Trends

Fidelity National Financial (NYSE: FNF) shows a mix of solid cash generation and growing revenues in 2025, but faces a notable one-off pressure in Q4 due to sizable non-operating charges. The company maintains a large liquidity cushion and a rising dividend per share, while continuing to carry a high liability load. Here are the key takeaways drawn from the last four years of quarterly statements.

Strong year-end revenue in 2025: Q4 2025 operating revenue of 4.051B, up from 3.621B in Q4 2024, signaling ongoing top-line growth.
Consistent cash generation from operations in 2025: Net cash from continuing operating activities in Q4 2025 was 1.506B (vs 1.495B in Q4 2024), with earlier 2025 quarters also generating positive cash flow.
Improving operating profitability into Q4 2025: Total operating income rose to 2.889B in Q4 2025, up from 1.737B in Q3 2025, showing stronger quarterly profitability.
Substantial liquidity position: Large short-term investments (around 55.2B in late 2025) and meaningful cash balances support liquidity and flexibility.
Dividend per share steady-to-upward: Cash dividends per common share were 0.50 for most 2025 quarters and increased to 0.52 in Q4 2025, highlighting ongoing shareholder returns.
2025 quarterly earnings trend positive through Q3: Net income from continuing operations was 83M (Q1), 293M (Q2), and 389M (Q3), indicating a rising profitability trend through the first three quarters of 2025.

Leverage remains high: Total liabilities (~97.3B in Q3 2025) far exceed total equity (~9.3B in Q3 2025), signaling a high‑debt/financial‑leverage profile that's typical for this business but warrants monitoring.
Historical restatements observed in some periods: Several earlier quarters (e.g., restated Q4 2024 and prior years) show adjusted figures, a neutral risk factor to keep in mind when comparing quarter-to-quarter trends.

Q4 2025 net income declined sharply: Net income came in at -86.0M due to a large negative impact from other income/expense (about -2.338B) and higher income tax expense, obscuring operating strength.
Gross profit compression in Q4 2025: Total gross profit dropped to 1.286B in Q4 2025 from 2.835B in Q4 2024, driven by higher operating costs and substantial other operating expenses.

Overall, Fidelity National Financial demonstrates strong cash flow generation and liquidity with rising top-line revenue and improving quarterly profitability through 2025. However, a notable Q4 2025 earnings dip driven by large non-operating charges and the company’s material leverage are important factors for investors to monitor going forward.

05/15/26 02:05 AM ETAI Generated. May Contain Errors.

Fidelity National Financial Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Fidelity National Financial's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Fidelity National Financial's net income appears to be on an upward trend, with a most recent value of $679 million in 2025, rising from $561 million in 2015. The previous period was $1.39 billion in 2024. Find out what analysts predict for Fidelity National Financial in the coming months.

Fidelity National Financial's total operating income in 2025 was $5.77 billion, based on the following breakdown:

Total Gross Profit: $8.49 billion
Total Operating Expenses: $2.72 billion

Over the last 10 years, Fidelity National Financial's total revenue changed from $6.66 billion in 2015 to $14.45 billion in 2025, a change of 116.8%.

Fidelity National Financial's total liabilities were at $100.04 billion at the end of 2025, a 15.3% increase from 2024, and a 1,329.4% increase since 2015.

In the past 10 years, Fidelity National Financial's cash and equivalents has ranged from $0.00 in 2015 to $4.36 billion in 2021, and is currently $2.64 billion as of their latest financial filing in 2025.

Over the last 10 years, Fidelity National Financial's book value per share changed from 16.29 in 2015 to 27.38 in 2025, a change of 68.1%.

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Financial statements for NYSE:FNF last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Fidelity National Financial (FNF) Financials

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Fidelity National Financial (FNF) Financials

Annual Income Statements for Fidelity National Financial

Quarterly Income Statements for Fidelity National Financial

Annual Cash Flow Statements for Fidelity National Financial

Quarterly Cash Flow Statements for Fidelity National Financial

Annual Balance Sheets for Fidelity National Financial

Quarterly Balance Sheets for Fidelity National Financial

Annual Metrics And Ratios for Fidelity National Financial

Quarterly Metrics And Ratios for Fidelity National Financial

Financials Breakdown Chart

Key Financial Trends

Fidelity National Financial Financials - Frequently Asked Questions

When does Fidelity National Financial's fiscal year end?

How has Fidelity National Financial's net income changed over the last 10 years?

What is Fidelity National Financial's operating income?

How has Fidelity National Financial's revenue changed over the last 10 years?

How much debt does Fidelity National Financial have?

How much cash does Fidelity National Financial have?

How has Fidelity National Financial's book value per share changed over the last 10 years?

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