Fidelity National Financial Class A ((FNF)) has held its Q3 earnings call. Read on for the main highlights of the call.
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Fidelity National Financial (FNF) recently held its earnings call, revealing a strong performance in the third quarter. The company reported record-breaking commercial revenue and significant growth in refinance orders, alongside a notable increase in F&G’s assets under management. Despite facing challenges such as a decline in purchase orders and a subdued office sector, the overall sentiment was positive, with highlights significantly outweighing the lowlights.
Record-Breaking Commercial Revenue
The Title business achieved its best third quarter in history, with a 34% increase in commercial revenue compared to the third quarter of 2024. This growth was driven by a 38% increase in national revenues and a 29% increase in local revenues, showcasing the strength of FNF’s commercial operations.
Strong Growth in Refinance Orders
FNF reported a 15% increase in refinance orders opened per day over the third quarter of 2024, a 22% rise over the second quarter of 2025, and a 27% increase for October compared to the previous year. This growth reflects a robust demand for refinancing, contributing to the company’s overall success.
Significant Increase in F&G Assets Under Management
F&G’s assets under management before flow reinsurance surpassed the $70 billion milestone at the end of the third quarter, marking a 14% increase over the prior year. This significant growth underscores the strength and stability of FNF’s financial services segment.
Strong Financial Performance
FNF’s total revenue reached $3.9 billion in Q3 2025, up from $3.3 billion in Q3 2024. Adjusted net earnings were $439 million, or $1.63 per diluted share, compared to $356 million, or $1.30 per share, in the third quarter of 2024. This financial performance highlights the company’s ability to generate substantial earnings growth.
Successful AI and Technology Integration
The inHere digital transaction platform engaged 85% of residential sales transactions and reached over 860,000 unique users. This demonstrates FNF’s successful integration of AI and technology into its operations, enhancing efficiency and customer experience.
Decline in Purchase Orders
Despite the positive results, FNF experienced an 8% decline in daily purchase orders from the second quarter of 2025, and a 2% decrease for October compared to the previous year. This decline presents a challenge that the company will need to address moving forward.
Challenges in the Office Sector
The office sector remained subdued with minimal contribution, although there are signs of improvement. This sector’s performance continues to be a challenge for FNF, but the company remains optimistic about future growth.
Forward-Looking Guidance
During the earnings call, FNF provided optimistic forward-looking guidance. The Title segment achieved a 27% increase in adjusted pretax title earnings, with a margin of 17.8%. Despite a decline in purchase orders, refinance orders surged by 22% over the prior quarter. The F&G segment’s assets under management grew by 14%, and ongoing investments in technology and AI are expected to enhance operational efficiency and customer experience.
In summary, Fidelity National Financial’s earnings call highlighted a strong third quarter performance with record-breaking commercial revenue and significant growth in key areas. While challenges such as declining purchase orders and a subdued office sector persist, the company’s forward-looking guidance remains optimistic, driven by strategic investments and robust segment performances.