Fidelity National Financial (NYSE:FNF) executives said fourth-quarter results capped what CEO Mike Nolan called “an excellent year” for both the company’s Title and F&G businesses, highlighting strong direct commercial performance, disciplined expense management, and continued investment in technology and fraud protection tools.
Title segment posts industry-leading adjusted margins
Nolan said the Title business produced adjusted pre-tax Title earnings of $401 million in the fourth quarter and $1.4 billion for the full year. That translated into adjusted pre-tax Title margins of 17.5% in the quarter and 15.9% for the year, which management described as industry-leading.
Order trends: purchase steady, refi responsive, commercial strong
On the residential side, Nolan said the company continued to operate in a low transaction environment, with purchase orders opened averaging 3,200 per day in the fourth quarter, in line with the same quarter a year earlier. For January, daily purchase orders opened were up 1% year-over-year and up 31% versus December.
Refinance volumes improved as mortgage rates fell during the quarter. Nolan said refinance orders opened averaged 1,700 per day in the fourth quarter, up from 1,600 in the prior quarter. Refinance orders opened per day were up 38% versus the fourth quarter of 2024, and in January were up 75% year-over-year and 28% from December.
Commercial results were a focal point. Nolan said direct commercial revenue was nearly $1.5 billion for the full year—its “third-best year on record,” behind 2021 and 2022—and $479 million in the fourth quarter, up 27% from the prior-year quarter. He attributed the quarterly increase to a 33% rise in national revenues and a 20% rise in local revenues.
Commercial order metrics also improved, according to management:
- National daily orders opened: up 9% year-over-year in the fourth quarter
- Local market daily orders opened: up 8% year-over-year in the fourth quarter
- Total commercial orders opened: 815 per day, up 8% year-over-year in the fourth quarter
- January commercial orders opened: up 11% year-over-year
Nolan said growth was driven by a “broad set of asset classes,” including industrial, multifamily, affordable housing, retail, and energy. He noted the office sector remained subdued but was showing signs of improvement, and said the company entered 2026 with a strong commercial pipeline, with office potentially “an added element” during the year.
Total orders opened averaged 5,300 per day in the fourth quarter (with December seasonally lower at 4,600 per day), and January averaged 5,900 per day, up 29% versus December, Nolan said.
Market outlook: management sees improved 2026 backdrop tied to rates
In response to analyst questions on margins and the 2026 outlook, Nolan said the company was “more optimistic” entering 2026 than it was entering 2025. He pointed to mortgage rates “in the low sixes or even six,” which he said should help drive more purchase volume, and noted Mortgage Bankers Association and Fannie Mae forecasts calling for about a 10% increase in existing home sales in 2026.
Nolan also said refinance could improve materially with modest moves in rates, citing the ICE Mortgage Monitor’s estimate that 5.8 million mortgages would be “in the money” to refinance at 6% rates, versus 3.5 million at 6.25%.
On home prices, Nolan said the company relies on external forecasts and anecdotal information, but pointed to modest fee-per-file increases as evidence prices have been “pretty stable.” He cited purchase fee per file up about 3% and refinance fee per file up about 4% versus the fourth quarter of 2024.
Technology, AI, and fraud prevention initiatives
Nolan highlighted several technology milestones in 2025, including scaling the company’s inHere digital transaction platform to a fully deployed enterprise solution. He said inHere engaged 80% of residential sale transactions and reached nearly 2.8 million unique users during 2025. He also said the company expanded identity verification processes to combat impersonation and wire fraud, and rolled out “AI tools enterprise-wide” to improve productivity and margin efficiency.
In Q&A, Nolan said inHere engagement is expected to rise, with a goal of exceeding 90%. He explained engagement levels fluctuate as new operations migrate onto the SoftPro platform, with more mature operations achieving engagement above 90%.
Financial results: tax charge tied to F&G share distribution; capital return continues
CFO Tony Park reported fourth-quarter total revenue of $4.1 billion. The company posted a fourth-quarter net loss of $117 million, which Park said included net recognized losses of $47 million and a $471 million non-cash deferred income tax charge related to the year-end distribution of F&G shares that reduced FNF’s ownership below 80%.
Park emphasized the deferred tax charge was non-cash, had “no impact” on current cash position, operations, or liquidity, and would represent a potential future tax obligation only if additional F&G shares were sold or distributed. Excluding that and other items, adjusted net earnings were $382 million, or $1.41 per diluted share, compared with $366 million, or $1.34, a year earlier.
For the full year, Park said total revenue excluding gains and losses was $14.5 billion, up 7% from 2024, and adjusted net earnings were $1.4 billion, also up 7%.
Within Title, Park said fourth-quarter revenue (excluding net recognized losses) was $2.3 billion, with direct premiums up 21%, agency premiums up 7%, and escrow and other fees up 9%. Personnel costs rose 12% and other operating expenses increased 9%. Title claims paid were $80 million versus a quarterly provision of $72 million, and the carried reserve for Title claim losses was about $34 million, or 2% above the actuary’s central estimate. Park said the company continues to provide for Title claims at 4.5% of total Title premiums.
Park also noted Title and Corporate interest and investment income was $102 million (excluding F&G dividends), down 6% year-over-year, and he guided to $95 million-$100 million per quarter in 2026 assuming two 25 basis-point Fed rate cuts. He added the company expects about $112 million of annual common and preferred dividend income from F&G to the Corporate segment.
On capital returns, Park said FNF returned about $800 million to shareholders in 2025, including $546 million in common dividends and $251 million in share repurchases. The board approved a 4% increase in the quarterly cash dividend to $0.52 per share.
Looking to 2026, Park said he expects more acquisition activity than in recent years, citing opportunities in the title agent space, while also describing buybacks as both consistent and opportunistic depending on share price and blackout periods.
About Fidelity National Financial (NYSE:FNF)
Fidelity National Financial (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries. The company underwrites title insurance policies that protect property owners and lenders against title defects, liens, and other encumbrances. Alongside its core title insurance operations, FNF offers escrow and closing services, e-recording solutions, and real estate data and analytics through a network of agents and underwriters.
FNF operates through two primary segments: Title Insurance and Specialty Insurance and Services.
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