Fidelity National Financial Q2 Earnings Call Highlights

Fidelity National Financial NYSE: FNF reported higher second-quarter earnings as strength in its Title segment, including commercial activity and improved margins, offset a still-muted residential housing transaction environment. The company reported net earnings of $288 million for the quarter, including $333 million of net recognized gains, compared with net earnings of $278 million, including $98 million of net recognized gains, a year earlier. Adjusted net earnings increased to $370 million, or $1.39 per diluted share, from $318 million, or $1.16 per share, in the second quarter of 2025. Total revenue was $4.1 billion. Excluding net recognized gains and losses, revenue was $3.7 billion, compared with $3.5 billion in the prior-year quarter.

Chief Executive Officer Mike Nolan said the Title business generated adjusted pretax earnings of $448 million, up 33% from the second quarter of 2025. Its adjusted pretax margin rose 230 basis points year over year to 17.8%. The Title segment produced $2.5 billion in revenue excluding $14 million of net recognized gains, compared with $2.2 billion a year earlier. Direct premiums rose 21%, agency premiums increased 15%, and escrow, title-related and other fees grew 13%. Chief Financial Officer Tony Park said direct operations generated a margin of slightly more than 26%, up roughly 80 basis points from a year earlier. The agency business had an 8% margin on gross agency dollars, while national commercial units generated a margin just below 30%. Home warranty recorded an 18% margin, and ServiceLink reported a margin of about 24%.

Nolan said existing-home sales remained historically low at an annual pace of about 4 million, reflecting elevated mortgage rates and housing-market conditions. Still, daily purchase orders opened rose 3% year over year and 7% sequentially during the second quarter. July daily purchase orders were 4% above the prior-year month. Refinance orders opened averaged 1,600 per day in the second quarter, up from 1,300 a year earlier but down from 2,000 in the first quarter. Refinancing represented 7% of direct revenue during the period. July refinance orders averaged 1,500 per day, up 15% year over year, despite higher mortgage rates.

Commercial revenue continued to be a key contributor. Direct commercial revenue reached $778 million in the first six months of 2026, up 24% from $626 million in the first half of 2025. Total commercial orders opened averaged 919 per day in the second quarter, up 7% from a year earlier. Nolan said the company was on track for a “very strong and potentially record year” in commercial business. He cited a pipeline spanning industrial properties, data centers, multifamily projects, affordable housing, retail and other sectors.