Fidelity National Financial, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Fidelity National Financial, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	9,427	7,663	7,594	8,469	10,778	15,655	11,565	11,752	13,681	14,445
Interest expense	64	48	43	47	90	114	115	174	209
Pre-tax income	955	864	750	1,369	1,784	3,558	1,730	693	1,742	1,397
Income tax	347	235	120	308	322	813	439	192	367	753
Net income to minority interests	42	23	7	14	25	20	12	1	121	77
Net income	650	771	628	1,062	1,427	2,797	1,294	517	1,270	602
EPS, basic			2.66	4.49	5.80	9.81	4.71	1.91	4.69	2.22
EPS, diluted			2.61	4.42	5.76	9.75	4.67	1.91	4.65	2.21
Shares, basic (weighted)			236	236	246	285	275	270	271	271
Shares, diluted (weighted)			241	240	248	287	277	271	273	272
Dividend per share						1.56	1.77	1.83	1.94	2.02

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,323	1,110	1,257	1,376	2,719	4,360	2,286	2,767	3,479	2,636
Property, plant and equipment	192	193	164	176	180	185	179	168	173	189
Lease right-of-use assets			0	410	374	376	376	348	351	336
Goodwill	2,555	2,746	2,726	2,727	4,495	4,532	4,635	4,830	5,271	5,272
Intangible assets	585	618	513	422	540	523	3,811	4,627	5,976	917
Total assets	14,521	9,151	9,301	10,677	50,455	61,330	65,143	80,614	95,263	109,014
Deferred revenue							166		92	95
Total liabilities	7,279	4,340	4,329	4,968	42,063	51,233	58,574	73,154	86,731	100,042
Total debt	987	759	836	838	2,662	3,096	3,238	3,887	4,321	4,400
Paid-in capital	4,848	4,587	4,500	4,581	5,720	5,811	5,870	5,913	5,976	6,042
Retained earnings	1,784	217	641	1,356	2,394	4,369	5,225	5,244	5,982	5,484
Treasury stock	-623	-468	-498	-598	-1,067	-1,545	-2,109	-2,130	-2,152	-2,424
Other comprehensive income	-13	111	-13	43	1,304	779	-2,870	-2,119	-2,052	-1,678
Shareholders' equity	5,996	4,447	4,630	5,382	8,351	9,414	6,116	6,908	7,754	7,424
Minority interests	902	20	-2	-17	41	43	453	552	778	1,548
Total equity	6,898	4,467	4,628	5,365	8,493	10,004	6,569	7,460	8,532	8,972
Total liabilities and equity	14,521	9,151	9,301	10,677	50,455	60,690	65,143	80,614	95,263	109,014
Shares outstanding		274	238	239	252	284	272	273	275	271

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	692	794	635	1,076	1,452	2,817	1,306	518	1,391	679
Depreciation and amortization	431	389	182	178	296	432	491	593	739	844
Stock-based compensation	58	44	31	38	39	42	49	60	82	88
Deferred income tax	14	-241	56	40	-57	157	108	-49	7	638
Change in receivables	-14	-11	15	-36	-83	-120	178	37	-43	-14
Cash from operations	1,162	737	943	1,121	1,578	4,090	4,355	6,478	6,815	5,828
Acquisitions	0	-202	0	0	-1,076	0	0
Purchases of investments	-589	-659	-1,313	-867	-4,959	-16,014	-13,148	-13,985	-17,825	-23,198
Sales and maturities of investments	689	1,003	1,264	829	3,592	9,796	6,340	5,875	12,274	14,985
Cash from investing	-191	79	-354	-520	-2,331	-7,449	-10,524	-9,090	-7,862	-8,934
Debt issued	132	785	442	0
Debt repaid	-200	-996	-370	0	-1,000	0	-400	0	-250	-300
Stock issued	19	31	0	0	1,246	449	0	0	0	117
Share buybacks	-276	-23	-20	-86	-236	-463	-553	-6	0	-251
Dividends paid	-239	-278	-328	-344	-389	-446	-489	-500	-532	-546
Cash from financing	-428	-1,029	-442	-482	2,096	5,000	4,095	3,093	1,759	2,263
Net change in cash		-213	147	119	1,343	1,641	-2,074	481	712	-843
Interest paid	125	102	34	44	73	112	125	157	200	229
Income taxes paid	367	528	204	251	315	653	387	216	237	250

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $41.42 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	11.3%	Pre-tax income / revenue.
Net margin	5.0%	Net income / revenue.
Operating cash flow margin	36.2%	Cash from operations / revenue.
Effective tax rate	49.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.7%	Net income / average total assets.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	5.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-52.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-22.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-15.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-52.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-22.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-17.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-14.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	29.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-4.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	14.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.59x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	3.8%	Total debt / total assets.
Liabilities / assets	92.3%	Total liabilities / total assets.
Net debt	$796.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	4.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.24B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.13x	Revenue / average total assets.
Fixed asset turnover	81.7x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.89	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$57.52	Revenue / diluted weighted shares.
Operating cash flow per share	$20.84	Cash from operations / diluted weighted shares.
Book value per share	$27.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.35	Tangible book value / shares outstanding.
Cash per share	$13.37	(Cash + short-term investments) / shares outstanding.
Payout ratio	71.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.11B	Share price x shares outstanding.
Enterprise value	$11.90B	Market cap + total debt - cash - short-term investments.
P/E	14.4x	Market cap / net income. Only when net income is positive.
P/S	0.72x	Market cap / revenue.
P/B	1.49x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.97x	Market cap / tangible book value, when positive.
P/OCF	2.00x	Market cap / cash from operations, when positive.
EV/Sales	0.78x	Enterprise value / revenue.
Earnings yield	6.9%	Net income / market cap (the inverse of P/E).
Dividend yield	5.0%	Dividends paid over the period / market cap.
Shareholder yield	6.9%	(Dividends paid + share buybacks) / market cap.

What was Fidelity National Financial, Inc.'s revenue in fiscal 2025?

Fidelity National Financial, Inc. reported revenue of $14.45B for fiscal 2025, 5.6% higher than the year before.

Was Fidelity National Financial, Inc. profitable in fiscal 2025?

Yes. Net income was $602.0M, a net margin of 4.2%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Fidelity National Financial, Inc.