$FNF · Fidelity National Financial, Inc.
FNF reported Q3 2026 results: net earnings attributable to common shareholders of $633M ($2.37 diluted EPS) vs $358M ($1.33) a year ago, boosted by mark-to-market gains. Adjusted net earnings fell to $352M ($1.32/share) from $439M ($1.63/share). Total revenue was $3.578B vs $4.030B. Title adjusted pre-tax margin was 17.1% vs 17.8%; F&G AUM before reinsurance hit a record $76.2B.
- GAAP net earnings $633M ($2.37/share) vs $358M ($1.33/share) prior year, driven by mark-to-market gains.
- Adjusted net earnings fell to $352M ($1.32/share) from $439M ($1.63/share).
- Total revenue $3.578B vs $4.030B prior year.
- Title adjusted pre-tax margin 17.1% vs 17.8%; F&G AUM before reinsurance record $76.2B.
- Returned $143M to shareholders in Q3 ($138M dividends, $5M buybacks).
Shares rose 2.21% in extended-hours to $44.00 vs the $43.05 regular close, suggesting investors focused on the GAAP beat and record F&G AUM despite the adjusted EPS decline.
The GAAP headline masks a 19% drop in adjusted EPS, with the beat driven by mark-to-market gains rather than core operating strength.
Title margin held near industry-leading levels despite weak residential volumes, while F&G's shift away from lower-return multiyear guaranteed annuities mirrors broader annuity-industry pricing discipline.
Adjusted EPS declined 19% YoY as F&G alternative-investment income ran $43M below long-term expected return; title volumes remain pressured by low residential transaction counts.