Fidelity National Financial’s Commercial Title Revenue Rises 19% as Adjusted Earnings Fall

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Fidelity National Financial’s title business generated more revenue in the third quarter as commercial transactions provided a lift, even though the company’s consolidated adjusted earnings declined from a year earlier. The results offer a window into the uneven recovery of real estate closings: commercial work and higher fees helped offset a residential market still constrained by transaction volume.

In results released November 5, the Jacksonville-based company reported $2.4 billion in title-segment revenue, compared with $2.3 billion a year earlier. Revenue excluding recognized gains and losses reached $2.5 billion, up 7%. Commercial revenue rose 19% to $463 million, while direct title premiums increased 11% to $755 million and agency title premiums advanced 3% to $915 million. These figures come from the company’s third-quarter earnings announcement.

Commercial closings provide support

FNF’s adjusted pretax title earnings increased to $422 million from $410 million. The adjusted pretax title margin was 17.1%, compared with 17.8% a year earlier. Its reported pretax title margin was 16.0%, up from 15.8%. The distinction matters because the adjusted figures exclude items defined in the company’s non-GAAP reconciliation.

Purchase orders opened increased 3% per day from a year earlier, while purchase orders closed rose 2%. Commercial orders opened increased 2% and closings rose 4%. Refinancing was more uneven: refinance orders opened declined 11% on a daily basis, although refinance orders closed increased 8%. Those figures suggest some activity already in the pipeline reached closing even as new refinance demand remained weak.

The average fee per file climbed 6% to $4,229. That increase can support revenue without a corresponding increase in transaction counts, so premium growth should not be interpreted as an equivalent increase in the number of homes changing hands. Commercial transactions can also carry larger premiums than routine residential deals, affecting the mix.

Consolidated profit tells a different story

FNF reported $633 million in GAAP net earnings attributable to common shareholders, up from $358 million in the prior-year quarter. Adjusted net earnings, however, declined to $352 million from $439 million, and adjusted earnings per diluted share fell to $1.32 from $1.63. Management said GAAP results include mark-to-market movements and other items excluded from adjusted earnings.

The company’s F&G insurance subsidiary also affected consolidated results. FNF’s ownership interest in F&G was approximately 72%, down from approximately 82% a year earlier following a stock distribution. The F&G segment’s contribution to FNF’s adjusted earnings declined to $72 million from $139 million. Comparing the group’s GAAP profit growth with its adjusted earnings decline without accounting for those factors would give an incomplete picture of operating performance.

Chief Executive Mike Nolan said commercial business remained an important contributor and described residential purchase volumes as low. FNF also pointed to investment in identity verification, property monitoring and transaction technology. Those initiatives may affect future efficiency, but the quarterly figures do not establish how much of the earnings improvement, if any, can be attributed to them.

For title agencies, lenders and settlement-service providers, the report suggests that commercial transaction mix and fees are helping sustain revenue while residential demand remains modest. It also underscores how easily top-line title growth can diverge from the volume of underlying transactions. The next quarter’s purchase and refinance order trends will provide a clearer indication of whether the recovery is broadening.

Source: Fidelity National Financial, third-quarter 2026 results, November 5.