At a glance
Fidelity National Financial Inc is worth $10.54B, about 18 times its fiscal 2025 earnings. Revenue grew 5.6% to $14.45B in fiscal 2025, with 4.2% kept as profit; over 5 years it has grown 6.0% a year. It pays a 5.29% dividend yield, raised every year for at least 7 years, and returned $3.79B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −23.9% over the past year with dividends reinvested and +0.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 51.0% in the 2020 crash (S&P 500: 33.7%) and 36.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 18 months after the lows.
The business in plain English
Fidelity National Financial (FNF) is one of the largest US title insurers. Title insurance is a one-time policy bought when a property is purchased or refinanced. It protects the owner and lender if an old problem with the ownership record, such as an unpaid lien, surfaces later. FNF's underwriters, including Chicago Title and Fidelity National Title, issue more title policies than any other US group. Through the third quarter of 2025 they held 32% of the market, according to the American Land Title Association.
The Title segment earns premiums and fees from title policies, escrow (holding and releasing money at closing) and home warranties. Through its ServiceLink unit, it also earns fees from mortgage services. Most of the business is residential, but commercial title work is also significant. It works through about 1,300 company-run offices and 5,100 agents. Title produced $8.49 billion, or 58.8% of FNF's $14.4 billion revenue, in fiscal 2025.
Most of the rest comes from F&G Annuities & Life, a separately traded insurer. After handing about 12% of F&G's shares to FNF shareholders on December 31, 2025, FNF owned about 70%. F&G offers annuities (contracts that turn savings into future income), life insurance and pension deals for employers. It earns the spread between its investment returns and what it credits customers. F&G brought in $5.73 billion, or 39.7% of revenue.
Price history
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FNF -23.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Title | $8.49B | 58.8% |
| F&G | $5.73B | 39.7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $4.05B, up 11.4% from a year earlier, and net income was $288.0M (+3.6%).
- For fiscal 2025, revenue was $14.45B (+5.6% year over year; +6.0% a year from FY2020 to FY2025) with a 4.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.0% good |
|---|---|
| Return on equity (FY2025) | 8.1% watch |
| Return on assets (FY2025) | 0.6% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $10.78B | $1.43B | — |
| FY2021 | $15.65B | $2.80B | — |
| FY2022 | $11.56B | $1.29B | — |
| FY2023 | $11.75B | $517.0M | — |
| FY2024 | $13.68B | $1.27B | — |
| FY2025 | $14.45B | $602.0M | — |
Valuation snapshot
| Market value | $10.54B |
|---|---|
| P/E ratio | 17.8 |
| Dividend yield | 5.29% |
Rank among 1514 US companies
Market value at each year end
Fidelity National Financial’s market value went from $14.61B at the end of 2017 to $10.54B on Oct 28, 2026, down 28%; since the end of 2025 it is down 29%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $10.54B | -28.8% |
| 2025 | $14.80B | -3.7% |
| 2024 | $15.36B | +10.6% |
| 2023 | $13.89B | +35.6% |
| 2022 | $10.24B | -31.0% |
| 2021 | $14.85B | +29.3% |
| 2020 | $11.48B | -8.0% |
| 2019 | $12.47B | +44.2% |
| 2018 | $8.65B | -40.8% |
| 2017 | $14.61B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FNF price data to Oct 28, 2026 | -25.6% | -23.9% | +4.8% | +0.9% | +8.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -25.6% |
| 2025 | +0.7% |
| 2024 | +14.1% |
| 2023 | +42.1% |
| 2022 | -21.6% |
| 2021 | +38.0% |
| 2020 | -10.2% |
| 2019 | +49.8% |
| 2018 | -17.3% |
| 2017 | +64.9% |
| 2016 | +0.5% |
| 2015 | +2.9% |
| 2014 | +32.6% |
| 2013 | +41.4% |
| 2012 | +52.2% |
| 2011 | +20.2% |
| 2010 | +6.7% |
| 2009 | -21.1% |
| 2008 | +30.3% |
| 2007 | -35.1% |
| 2006 | +1.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 9.1% over that stretch · deepest drop along the way 63.4%, back to its old high 2.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 50.8% over that stretch · deepest drop along the way 51%, back to its old high 11.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.2% over that stretch · deepest drop along the way 36.4%, back to its old high 18.1 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (24 read): 0 open-market purchases and 5 sales ($7.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 24, 2026 | Halim Dhanidina Director | sell | $4.0M |
| Jun 26, 2026 | Peter T Sadowski EVP, Chief Legal Officer | sell | $3.2M |
| Nov 17, 2025 | Daniel D Lane Director | sell | $367K |
| Jan 5, 2026 | Halim Dhanidina Director | sell | $335K |
| Apr 8, 2026 | Peter T Sadowski EVP, Chief Legal Officer | sell | $23K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.7% | Mar 31, 2026 |
| The WindAcre Partnership LLC | 6.97% | Nov 14, 2025 |
| Vanguard Capital Management | 4.82% | Sep 30, 2026 |
ETFs with the most weight in FNF
| FPX First Trust US Equity Opportunities ETF | 2.4% |
| MBOX Freedom Day Dividend ETF | 2.22% |
| IAK iShares U.S. Insurance ETF | 1.89% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 1.36% |
| IJJ iShares S&P Mid-Cap 400 Value ETF | 1.28% |
| MDYV SPDR S&P 400 Mid Cap Value ETF | 1.24% |
| IVOV Vanguard S&P Mid-Cap 400 Value ETF | 1.17% |
| NIXT Research Affiliates Deletions ETF | 1% |
What could go wrong
- A housing slowdown hits the biggest segment. Title produced 58.8% of fiscal 2025 revenue and depends on property sales and refinancings. Higher mortgage rates or a weak economy can slow both, and FNF calls title a cyclical industry.
- Title claims could exceed reserves. FNF sets aside reserves for future claims on past policies. Many policies go through independent agents, which FNF says can raise how often claims happen and how big they are. Higher claims mean extra charges and lumpier earnings.
- Heavy reliance on Texas and California. Texas and California supplied about 14.1% and 12.2% of title premiums, respectively, according to the fiscal 2025 annual report. States regulate title insurance rates, so unfavorable changes in either state could squeeze results.
- F&G's investments carry credit and rate risk. F&G earns a spread on investments that Blackstone helps select. Defaults, rate swings or market turmoil could force write-downs. As of June 30, 2026, FNF had $114.5 billion of assets against $7.5 billion of equity.
- Annuity guarantees depend on reserve assumptions. F&G sets its reserves using assumptions about customer behavior, such as withdrawals and surrenders. If actual experience differs, or stock markets fall sharply, the cost of annuity guarantees could rise and cut earnings.
- A holding company with substantial debt. FNF depends on cash from its subsidiaries to pay dividends and interest, and its debt could limit its room to respond in a downturn. Total debt was $4.4 billion as of June 30, 2026.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Bylaws or fiscal year changed; Shareholder vote results
- Executive or board change
- Quarterly results released
- Quarterly results released
- Other company announcement
- Other company announcement
- Quarterly results released
For income and retirement investors
FNF's dividend per share rose in every fiscal year from 2018 through 2025, which makes at least seven straight increases. It reached $2.02 in fiscal 2025, up from $1.36 in fiscal 2020, a gain of about 8.2% a year. The dividend yield (the yearly dividend as a share of the stock price) was 5.29% as of October 28, 2026. Coverage is thin: dividends equaled 90.7% of fiscal 2025 net income, which fell 52.6% from fiscal 2024. From fiscal 2021 through 2025, FNF paid $2.51 billion in dividends and spent $1.27 billion on buybacks (share repurchases). The share count fell 5.7% between October 2021 and July 2026.
In past slumps the shares fell 63.4% in the 2008 financial crisis and 51% in the 2020 COVID crash, which took about 12 months to recover. They fell 36.4% in the 2022 bear market and took about 18 months to recover. As of October 28, 2026, they were down 25.6% for the year to date. A single stock like FNF carries more risk than a diversified fund.
Questions investors ask
How does Fidelity National Financial make money?
Mainly from title insurance and from annuities. In fiscal 2025, the Title segment brought in $8.49 billion, or 58.8% of revenue, from title policies, escrow and other closing services. F&G Annuities & Life brought in $5.73 billion, or 39.7%. FNF owned about 70% of F&G after a distribution of shares to its shareholders on December 31, 2025. F&G earns the spread between its investment returns and what it credits customers. Total revenue was $14.4 billion.
Does Fidelity National Financial raise its dividend every year?
Yes, for at least seven years in a row. Dividends per share rose in every fiscal year from 2018 through 2025, and the true streak may be longer. The dividend reached $2.02 per share in fiscal 2025, up from $1.36 in fiscal 2020, or about 8.2% a year. Past increases do not guarantee future ones, especially with dividends equal to 90.7% of fiscal 2025 net income.
What is FNF's dividend yield?
FNF's dividend yield was 5.29% as of October 28, 2026. Yield is the yearly dividend divided by the share price, so a falling price pushes it up. The shares were down 25.6% for the year to that date. Dividends equaled 90.7% of fiscal 2025 net income, which fell 52.6% from the year before. That leaves little cushion if earnings weaken again.
What is F&G, and how much of it does FNF own?
F&G Annuities & Life is FNF's majority-owned annuity and life insurance business. FNF handed about 15% of F&G's shares to its own shareholders on December 1, 2022, and about 12% more on December 31, 2025, which left it with roughly 70%. F&G offers annuities, life insurance and pension risk transfer deals, in which it takes over an employer's pension payments. It produced 39.7% of FNF's fiscal 2025 revenue, and Blackstone helps choose its investments.
How has FNF stock performed over the long term?
The record is mixed. As of October 28, 2026, the price-based return was about 8.8% a year over 10 years (133% in total). Over five years it was only 0.9% a year, and over three years 4.8% a year. In the 12 months to that date the shares lost 23.9%, with a peak-to-trough drop of 30.6%. Between 2007 and 2025, calendar-year returns ranged from a 64.9% gain in 2017 to a 35.1% loss in 2007.