Fidelity National Financial, Inc.FNF
Fidelity National Financial, Inc. Revenue Disclosure
Revenue Recognition
Disaggregation of Revenue
Our revenue consists of:
| Year Ended December 31, | |||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||
| Revenue Stream | Income Statement Classification | Segment | Total Revenue | ||||||||||||||||||||||||||
| Revenue from insurance contracts: | (In millions) | ||||||||||||||||||||||||||||
| Direct title insurance premiums | Direct title insurance premiums | Title | $ | 2,574 | $ | 2,200 | $ | 1,982 | |||||||||||||||||||||
| Agency title insurance premiums | Agency title insurance premiums | Title | 3,250 | 2,953 | 2,610 | ||||||||||||||||||||||||
| Life insurance premiums, insurance and investment product fees, and other (1) | Escrow, title-related and other fees | F&G | 2,884 | 2,941 | 2,413 | ||||||||||||||||||||||||
| Home warranty | Escrow, title-related and other fees | Title | 151 | 146 | 143 | ||||||||||||||||||||||||
| Total revenue from insurance contracts | 8,859 | 8,240 | 7,148 | ||||||||||||||||||||||||||
| Revenue from contracts with customers: | |||||||||||||||||||||||||||||
| Escrow fees | Escrow, title-related and other fees | Title | 915 | 824 | 766 | ||||||||||||||||||||||||
| Other title-related fees and income | Escrow, title-related and other fees | Title | 695 | 642 | 633 | ||||||||||||||||||||||||
| ServiceLink, excluding title premiums, escrow fees, and subservicing fees | Escrow, title-related and other fees | Title | 354 | 318 | 313 | ||||||||||||||||||||||||
| Real estate technology | Escrow, title-related and other fees | Corporate and other | 135 | 140 | 151 | ||||||||||||||||||||||||
| Total revenue from contracts with customers | 2,099 | 1,924 | 1,863 | ||||||||||||||||||||||||||
| Other revenue: | |||||||||||||||||||||||||||||
| Loan subservicing revenue | Escrow, title-related and other fees | Title | 266 | 266 | 262 | ||||||||||||||||||||||||
| Other | Escrow, title-related and other fees | Corporate and other | 44 | 44 | 36 | ||||||||||||||||||||||||
| Interest and investment income | Interest and investment income | Various | 3,237 | 3,124 | 2,607 | ||||||||||||||||||||||||
| Recognized gains and losses, net | Recognized gains and losses, net | Various | (60) | 83 | (164) | ||||||||||||||||||||||||
| Total revenues | Total revenues | $ | 14,445 | $ | 13,681 | $ | 11,752 | ||||||||||||||||||||||
(1) Includes $2,108, $2,217, and $1,964 of life-contingent pension risk transfer premiums in 2025, 2024, and 2023, respectively. | |||||||||||||||||||||||||||||
Our Direct title insurance premiums are recognized as revenue at the time of closing of the underlying transaction as the earnings process is then considered complete. Regulation of title insurance rates varies by state. Premiums are charged to customers based on rates predetermined in coordination with each states' respective Department of Insurance. Cash associated with such revenue is typically collected at closing of the underlying real estate transaction. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete.
Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Substantially all of our home warranty contracts are one year in length and revenue is recognized ratably over the term of the contract.
Escrow fees and Other title-related fees and income in our Title segment are closely related to Direct title insurance premiums and are primarily associated with managing the closing of real estate transactions including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and home inspection services, and other real estate or title-related activities. Revenue is primarily recognized upon closing of the underlying real estate transaction or completion of services. Cash associated with such revenue is typically collected at closing.
Revenues from ServiceLink, excluding its title premiums, escrow fees, and loan subservicing fees, primarily include revenues from real estate appraisal services and foreclosure processing and facilitation services. Revenues from real estate appraisal services are recognized when all appraisal work is complete, a final report is issued to the client and the client is billed. Revenues from foreclosure processing and facilitation services are primarily recognized upon completion of the services and when billing to the client is complete.
Life insurance premiums in our F&G segment reflect premiums for life-contingent PRT, traditional life insurance products and life-contingent immediate annuity products, which are recognized as revenue when due from the policyholder, as well as policy rider fees primarily on indexed annuities policies, the cost of insurance on IUL policies and surrender charges assessed against policy withdrawals in excess of the policyholders' allowable penalty-free amounts. We have ceded the majority of our traditional life business to unaffiliated third-party reinsurers. While the base contract has been reinsured, we continue to retain
the return of premium rider. Other income related to riders is earned when elected by the policyholder. Surrender charges are earned when a policyholder withdraws funds from the contract early or cancels the contract.
Premium and annuity deposit collections for indexed annuities, fixed rate annuities, immediate annuities and PRT without life contingency, and amounts received for funding agreements are reported in the financial statements as deposit liabilities (i.e., contractholder funds) instead of as sales or revenues. Similarly, cash payments to customers are reported as decreases in the liability for contractholder funds and not as expenses. Sources of revenues for products accounted for as deposit liabilities include net investment income, surrender, cost of insurance and other charges deducted from contractholder funds, and net realized gains (losses) on investments. Components of expenses for products accounted for as deposit liabilities are interest-sensitive and index product benefits (primarily interest credited to account balances or the hedging cost of providing index credits to the policyholder), amortization of DAC, DSI, and VOBA, other operating costs and expenses, and income taxes.
Premiums, annuity deposits (net of reinsurance and reinsurance recoverable) and funding agreements, which are not included as revenues in the accompanying Consolidated Statements of Earnings, collected by product type were as follows:
| Year ended | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Product Type | (In millions) | ||||||||||||||||
| Fixed indexed annuities | $ | 5,341 | $ | 5,828 | $ | 4,738 | |||||||||||
| Fixed rate annuities | 1,637 | 1,277 | 1,147 | ||||||||||||||
| Funding agreements (FABN/FHLB) | 3,748 | 2,404 | 1,256 | ||||||||||||||
| Life insurance and other (a) | 849 | 638 | 646 | ||||||||||||||
| Total | $ | 11,575 | $ | 10,147 | $ | 7,787 | |||||||||||
(a) Life insurance and other primarily includes indexed universal life insurance.
Real estate technology revenues are primarily comprised of subscription fees for use of software provided to real estate professionals. Revenue is recognized in the month services are provided.
Loan subservicing revenues are generated by certain subsidiaries of ServiceLink and are associated with the servicing of mortgage loans on behalf of its customers. Revenue is recognized when the underlying work is performed and billed. Loan subservicing revenues are subject to the recognition requirements of ASC Topic 860.
Interest and investment income consists primarily of interest payments received on fixed maturity security holdings and dividends received on equity and preferred security holdings along with the investment income of limited partnerships.
We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, primarily related to revenue from our home warranty business, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.
Contract Balances
The following table provides information about trade receivables and deferred revenue:
| December 31, 2025 | December 31, 2024 | ||||||||||
| (In millions) | |||||||||||
| Trade receivables | $ | 375 | $ | 362 | |||||||
| Deferred revenue (contract liabilities) | 95 | 92 | |||||||||
Deferred revenue is recorded primarily for our home warranty contracts. Revenues from home warranty products are recognized over the life of the policy, which is primarily one year. The unrecognized portion is recorded as deferred revenue in Accounts payable and other accrued liabilities in the Consolidated Balance Sheets. During the years ended December 31, 2025 and 2024, we recognized $84 million and $80 million of revenue, respectively, which was included in deferred revenue at the beginning of the respective period.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 19, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.