Fidelity National Financial, Inc. (FNF) Earnings
Fidelity National Financial, Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $1.40. FNF has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -6.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $1.09 | $0.93 | -14.7% | $3.2B | -10.7% |
| Feb 19, 2026 | $1.51 | $1.41 | -6.6% | $4.1B | +16.8% |
| Nov 6, 2025 | $1.42 | $1.57 | +10.6% | $3.9B | +10.4% |
| Aug 6, 2025 | $1.37 | $1.16 | -15.3% | $3.6B | +2.7% |
| May 7, 2025 | $1.10 | $0.78 | -29.1% | $718M | -78.4% |
| Feb 20, 2025 | $1.23 | $1.34 | +8.9% | $3.5B | +6.0% |
| Feb 21, 2024 | $1.02 | $0.75 | -26.5% | $3.4B | +18.7% |
| May 3, 2023 | $0.94 | $0.52 | -44.7% | $2.5B | +2.4% |
| Feb 22, 2023 | $1.28 | $1.06 | -17.2% | $2.6B | -13.1% |
| Aug 2, 2022 | $1.63 | $1.90 | +16.6% | $2.6B | -22.1% |
| Feb 23, 2022 | $1.63 | $2.16 | +32.5% | $4.8B | +49.4% |
| Nov 2, 2021 | $1.65 | $2.12 | +28.5% | $3.9B | +28.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Title: Strong performance across business, with direct commercial, refinance, and agency businesses strong. Disciplined expense management drove strong incremental margins. Purchase had typical first quarter seasonality with sequential improvement. Refinance volumes responsive to mortgage rates. Commercial volumes strong with direct commercial revenue up 15%, national and local revenues increased. Total orders opened averaged 6,400 per day in Q1. • AI: FNF and title industry in unique position in real estate transactions. Embedding AI tools to enhance efficiency, customer experience, reduce risk, strengthen fraud prevention. More than half of workforce using AI tools regularly. Deploying customized solutions across various operations. Focused on responsible and compliant implementation. • F&G: Diversified, self-funding capital model supported by annual in-force capital generation and third-party capital. Executing on strategy toward more fee-based, higher margin and less capital intensive business model.
Guidance
• Title and corporate: Expect interest and investment income range of $90 to $95 million per quarter during 2026 assuming no Fed rate cuts and stable cash balances. Also expect approximately $28 million per quarter of common and preferred dividend income from F&G to corporate segment. • F&G: AUM before reinsurance expected to continue growth. • General: Confident in continuing to deliver within 15 to 20% annual adjusted pre-tax title margin range even if total residential volumes remain at current levels near term. Expect margin improvement over time with AI tooling even if market size holds at current levels.
Segment performance
Title: Adjusted pre-tax title earnings of $268 million, up 27% from Q1 2025; adjusted pre-tax title margin 13.1%, up 140 basis points from 11.7% in Q1 2025. Direct commercial revenue $338 million in Q1, up 15% from Q1 2025. F&G: Assets under management before reinsurance nearly $75 billion at March 31st, up 11% over prior year. F&G reported GAAP equity excluding AOCI of $6.2 billion at quarter end, book value per share excluding AOCI $46.51, up 70% since 2020 acquisition. F&G's AUM before reinsurance increased to $74.5 billion at March 31, up 11% over prior year. F&G's gross sales $3.2 billion in Q1, net sales $2.2 billion. Title segment contributed $197 million, F&G segment contributed $80 million.
Analyst Q&A
Q: How are FGE's earnings tracking to expectations and disconnects with analyst modeling?
A: Chris says they were pleased with results, disconnect around alternatives which have underperformed.
Q: How often will there be margin lift from AI even if market size holds?
A: Mike says they expect margin improvement with AI tooling like title automation, with smaller wins in balance of year and bigger wins in 2027.
Q: Margins by segment and commercial margins?
A: Tony says pre-tax title margin 13.1%, direct ops had ~20% margin up 100 basis points, agency ~7% margin up 100 basis points, national commercial unit 27% margin up from 24% prior year, loan subservicing 20% margin, home warranty 16% margin up from 14% prior year, service link 23% margin up from 18% prior year.
Q: Buybacks?
A: Tony says they remain active, bought $82 million of shares in first quarter, expect to be active throughout year.
Q: Return on asset modeling for F&G?
A: Chris says modeling at 80 basis points could be conservative.
Q: Title fee per file trajectory?
A: Mike says residential fee per file pretty consistent year over year, commercial national fee profile up almost $1,000 from Q1 2025, local up about $500.
Q: Residential outlook?
A: Mike says base case had upside in purchase and refi with lower, more stable rates at start of year, but macro environment upset apple cart, but sees more sensitivity to lower rate movements and potential upside in back half of year if rates stabilize.
Q: M&A pipeline?
A: Mike says more conversations on title agent side, expect more activity this year and next.