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# Fidelity National Financial Earns Less On Adjusted Basis Despite 19% Commercial Revenue Growth
- URL: https://www.bullished.co/fidelity-national-financial-earns-less-on-adjusted-basis-despite-19-commercial-revenue-7a1aacb3/
- Published: 2026-11-06T13:21:40.000Z
- Updated: 2026-11-06T13:21:40.000Z
- Description: F&G contributed less adjusted profit as ownership declined and insurance costs rose, while market-value gains lifted accounting earnings.
- Author: Matteo Parrino
- Tags: Earnings, FNF, Industry: Financials

Fidelity National Financial, which provides title insurance and real estate closing services, [earned $352 million](https://markets.ft.com/data/announce/detail?dockey=600-202611051617PR%5FNEWS%5FUSPRX%5F%5F%5F%5FFL89737-1&ref=bullished.co) on an adjusted basis in the third quarter, down from $439 million a year earlier, despite 19% growth in commercial title revenue. The company reported the results Thursday in an earnings release accompanying its [SEC filing](https://www.sec.gov/Archives/edgar/data/0001331875/000133187526000093/fnf-20261105.htm?ref=bullished.co), with F&G’s smaller adjusted profit contribution offsetting growth in pretax title earnings.

## F&G Pulls Adjusted Earnings Lower

Adjusted earnings per share fell to [$1.32 from $1.63](https://www.sec.gov/Archives/edgar/data/0001331875/000133187526000093/fnfpressreleaseq32026.htm?ref=bullished.co) a year earlier. Consolidated revenue also declined, to $3,578 million from $4,030 million.

Accounting profit moved the other way: common shareholders’ earnings reached [$633 million](https://markets.ft.com/data/announce/detail?dockey=600-202611051617PR%5FNEWS%5FUSPRX%5F%5F%5F%5FFL89737-1&ref=bullished.co), or $2.37 per share, compared with $358 million, or $1.33 per share. Favorable market-value movements helped F&G contribute $535 million in accounting earnings, versus $98 million a year earlier; FNF’s adjusted measure excludes those movements and nonrecurring items.

F&G’s adjusted contribution fell to $72 million from $139 million. FNF’s ownership was approximately 72%, compared with approximately 82% a year earlier, following the year-end stock distribution. The company also cited lower surrender-charge income, higher liability costs and a reduced product margin following the F&G Life Re (Bermuda) sale.

Alternative-investment income was $43 million below management’s long-term return expectation in each comparable quarter. The earlier quarter also benefited from $11 million of significant income items. Across the first nine months of 2026, FNF’s adjusted earnings were $971 million, compared with $970 million a year earlier.

## Commercial Closings Support Title Profit

Commercial title revenue rose 19% to [$463 million](https://www.sec.gov/Archives/edgar/data/0001331875/000133187526000093/fnfpressreleaseq32026.htm?ref=bullished.co). Adjusted pretax title earnings increased 3% to $422 million from $410 million, although the adjusted margin narrowed to 17.1% from 17.8%.

Title revenue excluding recognized gains and losses reached $2.5 billion, up 7%. Direct title premiums increased 11% to $755 million, while agency premiums rose 3% to $915 million. The segment’s adjusted contribution after tax was $315 million, compared with $330 million.

Purchase orders opened rose 3% per day, and purchase closings increased 2% per day. Refinance openings fell 11% per day, while refinance closings rose 8% per day. Commercial openings increased 2% and closings rose 4%; the overall fee per file increased 6% to $4,229.

Title insurance protects property buyers and lenders against ownership claims. FNF also handles escrow, settlement and related mortgage services, while its majority-owned F&G business sells annuities and life insurance and serves institutional clients through funding agreements and pension risk transfers.

## F&G Chooses Returns Over Sales Volume

F&G generated $3.0 billion in gross sales, compared with $4.2 billion a year earlier. Core retail sales reached a company-described record $2.1 billion, but opportunistic sales were nearly $700 million, versus a record $2.0 billion in the earlier quarter.

F&G said it had reduced its emphasis on multiyear guaranteed annuities over the past year because returns fell below its threshold. Net sales declined to $1.4 billion from $2.8 billion, with reinsurance transferring part of new sales to other insurers in line with capital targets.

Assets managed before reinsurance reached $76.2 billion, up 7% year over year, including $56.2 billion retained by F&G. Conor Murphy, F&G’s chief executive officer and president, said the business was moving toward a “[more fee-based, higher margin and less capital intensive business](https://www.sec.gov/Archives/edgar/data/0001331875/000133187526000093/fnfpressreleaseq32026.htm?ref=bullished.co)” while expanding its core insurance franchise.

FNF returned approximately $143 million to shareholders during the quarter: $138 million in dividends and $5 million in buybacks. First-nine-month payouts totaled approximately $561 million, comprising $417 million in dividends and $144 million in repurchases.

The holding company ended the quarter with $545 million in cash and readily available short-term investments.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Fidelity National Financial, Inc. (FNF)](https://www.sec.gov/Archives/edgar/data/0001331875/000133187526000093/fnf-20261105.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit fnfpressreleaseq32026.htm — Fidelity National Financial, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001331875/000133187526000093/fnfpressreleaseq32026.htm?ref=bullished.co) — SEC EDGAR
- [Fidelity National Financial, In (FNF) Stock Forecasts](https://finance.yahoo.com/research/reports/ARGUS%5F6148%5FQuantitativeReport%5F1793750400000?ref=bullished.co) — Yahoo Finance
- [Fidelity National Financial: Q3 Earnings Snapshot | 9news.com](https://www.9news.com/article/syndication/associatedpress/fidelity-national-financial-q3-earnings-snapshot/616-a14c569a-ebf6-4dfb-92aa-12bf4a8e24da?ref=bullished.co) — Associated Press
- [FNF Reports Third Quarter 2026 Financial Results – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202611051617PR%5FNEWS%5FUSPRX%5F%5F%5F%5FFL89737-1&ref=bullished.co) — Financial Times
- [Fidelity National Info Shares Hit 52-Week Low After Guidance Cut](https://www.marketwatch.com/story/fidelity-national-info-shares-hit-52-week-low-after-guidance-cut-a9543ec1?ref=bullished.co) — MarketWatch
- [Fidelity National Information Services (FIS) Q3 Earnings Match Estimates](https://finance.yahoo.com/markets/stocks/articles/fidelity-national-information-services-fis-125504807.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance