Factor Model (net -1.6)
Factor Model
net -1.6 3.3 / 10FNF posts 7% revenue growth on title dominance and F&G scale
Watch: Watch Q1 2026 for guidance on whether the title margin momentum sticks and whether F&G AUM growth sustains above 10%. Commercial direct revenue at 27% growth is an outlier; confirm it's structural (M&A or market share) not cyclical (inventory spike).
Fidelity National Financial delivered $14.5 billion in revenue for 2025 — up 7% year-over-year — with adjusted earnings of $4.97 per share. The Title segment remains the profit engine: Q4 pre-tax earnings hit $401 million at a 17.5% margin, while direct commercial revenue surged 27% to $479 million. The F&G segment is firing on all cylinders too, with assets under management climbing 12% to $73.1 billion and gross sales hitting $14.6 billion for the year. Operationally, the digital platform now engages 80% of residential sale transactions.
FNF is executing at scale across both core businesses. Title margins at 17.5% are industry-leading, showing pricing power even as transactions normalize. The F&G AUM growth at 12% outpaces the industry baseline and signals durable recurring revenue from an annuity book that's getting bigger and more profitable. This two-engine model — sticky insurance plus growing AUM — is exactly what the market rewards for financial services plays.
Evidence
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