Latest news with #FidelityNationalFinancial
Yahoo
3 days ago
- Business
- Yahoo
Fidelity National Financial Inc (FNF) Q2 2025 Earnings Call Highlights: Strong Revenue Growth ...
Adjusted Pretax Title Earnings: $337 million, a 4% increase over Q2 2024. Adjusted Pretax Title Margin: 15.5%, up 380 basis points from Q1 2025, but down 70 basis points from Q2 2024. Total Revenue: $3.6 billion in Q2 2025; $3.5 billion excluding net recognized gains and losses. Net Earnings: $278 million, including net recognized gains of $98 million. Adjusted Net Earnings: $318 million or $1.16 per diluted share. Title Segment Revenue: $2.2 billion, excluding net recognized gains of $43 million. Direct Premiums: Increased 12% over the prior year. Agency Premiums: Increased 7% over the prior year. Escrow, Title-Related, and Other Fees: Increased 7% over the prior year. Personnel Costs: Increased 10% over the prior year. Commercial Revenue: $626 million in the first 6 months, up 23% over the first half of 2024. F&G Assets Under Management: $69.2 billion at June 30, up 13% over the prior-year quarter. F&G Adjusted Net Earnings: $89 million in Q2 2025. Share Repurchases: 2.9 million shares for $159 million at an average price of $55.20 per share. Capital Returned to Shareholders: Nearly $300 million in Q2 2025 through dividends and share repurchases. Warning! GuruFocus has detected 5 Warning Signs with FNF. Release Date: August 07, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Fidelity National Financial Inc (NYSE:FNF) reported strong second-quarter results with adjusted pretax title earnings of $337 million, a 4% increase over the same period in 2024. The company achieved an industry-leading adjusted pretax title margin of 15.5%, up from 11.7% in the first quarter of 2025. Commercial volumes were a bright spot, with direct commercial revenue up 23% over the first half of 2024. FNF's F&G segment profitably grew assets under management to $69.2 billion, a 13% increase over the prior-year quarter. The company continues to generate strong free cash flows, enabling a dynamic capital allocation strategy, including share repurchases and dividends. Negative Points The adjusted pretax title margin declined by 70 basis points compared to the second quarter of 2024, primarily due to higher expenses. Personnel costs and other operating expenses increased by 10%, impacting overall profitability. Elevated health claims added $12 million in expenses, expected to remain high for the rest of the year. The residential purchase market was affected by market volatility and higher rates, leading to lower-than-expected increases in daily purchase orders. F&G's adjusted net earnings decreased to $89 million from $122 million in the second quarter of 2024, reflecting challenges in maintaining previous growth levels. Q & A Highlights Q: Having hit the five-year anniversary on the investment in F&G, how is the Board thinking about the appeal of holding these separate businesses under the same company? A: Anthony Park, CFO, stated that the Board is pleased with F&G's performance, which has validated the acquisition thesis. F&G has contributed 32% of adjusted earnings in the first half of the year, providing significant cash flow. The focus remains on F&G's strategy to become more fee-based and less capital-intensive. Q: There was a significant increase in personnel expenses. Can you provide more details on what drove this increase? A: Michael Nolan, CEO, explained that the increase was due to an active recruiting quarter, which was one of the best in a long time. Additionally, there were higher expenses in shared services, particularly in risk and security areas. Anthony Park, CFO, added that elevated health claims also contributed to the increase, with a $12 million impact expected to normalize in 2026. Q: Can you discuss the potential cadence of share buybacks going forward? A: Anthony Park, CFO, indicated that any weakness in the share price is seen as a good use of excess capital. The company was active in Q2 with $159 million in buybacks and will continue to monitor the market for opportunities. Q: How sustainable is the momentum in commercial orders, particularly on the national side? A: Michael Nolan, CEO, noted that national commercial orders have shown strong growth, with five consecutive quarters of double-digit increases. The pipeline remains strong, and the company expects continued strength in the back half of the year, supported by a pickup in commercial refinance orders. Q: Any updates on the regulatory front from FHFA that might impact the title industry? A: Michael Nolan, CEO, stated that the FHFA pilot is limited in scope, with no significant changes expected. The company remains engaged with FHFA and GSEs, emphasizing collaboration while expressing concerns about the title waiver. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Fidelity National Financial: Q2 Earnings Snapshot
JACKSONVILLE, Fla. (AP) — JACKSONVILLE, Fla. (AP) — Fidelity National Financial Inc. (FNF) on Wednesday reported earnings of $278 million in its second quarter. On a per-share basis, the Jacksonville, Florida-based company said it had net income of $1.02. Earnings, adjusted for non-recurring costs, came to $1.16 per share. The provider of title insurance and mortgage services posted revenue of $3.64 billion in the period. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on FNF at
Washington Post
4 days ago
- Business
- Washington Post
Fidelity National Financial: Q2 Earnings Snapshot
JACKSONVILLE, Fla. — JACKSONVILLE, Fla. — Fidelity National Financial Inc. (FNF) on Wednesday reported earnings of $278 million in its second quarter. On a per-share basis, the Jacksonville, Florida-based company said it had net income of $1.02. Earnings, adjusted for non-recurring costs, came to $1.16 per share. The provider of title insurance and mortgage services posted revenue of $3.64 billion in the period.
Yahoo
6 days ago
- Business
- Yahoo
What To Expect From Fidelity National Financial's (FNF) Q2 Earnings
Title insurance company Fidelity National Financial (NYSE:FNF) will be reporting earnings this Wednesday after market close. Here's what to look for. Fidelity National Financial missed analysts' revenue expectations by 17.9% last quarter, reporting revenues of $2.73 billion, down 17.3% year on year. It was a disappointing quarter for the company, with a significant miss of analysts' EPS estimates. Is Fidelity National Financial a buy or sell going into earnings? Read our full analysis here, it's free. This quarter, analysts are expecting Fidelity National Financial's revenue to grow 12% year on year to $3.54 billion, improving from the 2.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.41 per share. The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Fidelity National Financial has missed Wall Street's revenue estimates four times over the last two years. Looking at Fidelity National Financial's peers in the property & casualty insurance segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Mercury General delivered year-on-year revenue growth of 13.2%, beating analysts' expectations by 2%, and Allstate reported revenues up 6%, falling short of estimates by 0.7%. Mercury General's stock price was unchanged after the resultswhile Allstate was up 5.7%. Read our full analysis of Mercury General's results here and Allstate's results here. The outlook for 2025 remains clouded by potential trade policy changes and corporate tax discussions, which could impact business confidence and growth. While some of the property & casualty insurance stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 2.9% on average over the last month. Fidelity National Financial's stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $70.25 (compared to the current share price of $57.96). When a company has more cash than it knows what to do with, buying back its own shares can make a lot of sense–as long as the price is right. Luckily, we've found one, a low-priced stock that is gushing free cash flow AND buying back shares. Click here to claim your Special Free Report on a fallen angel growth story that is already recovering from a setback. StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here. Sign in to access your portfolio
New York Times
02-07-2025
- Business
- New York Times
Why the Golden Knights continue to be the NHL's ultimate ‘home run' team
LAS VEGAS — In the summer of 2023, shortly after the Vegas Golden Knights won the Stanley Cup, team owner Bill Foley approached the trophy in his office at the team's practice facility. The Cup had just returned from the engraving in Montreal, and Foley anticipated seeing his name etched into the silver and nickel alloy for the first time. Advertisement 'I looked at it and I'm thinking, 'Where is my name?'' Foley recalled. 'Then I realized, oh, I'm the first name.' It's a moment he'll never forget. Foley, 80, has a long, distinguished career as a businessman. He founded the insurance giant Fidelity National Financial in 1984, owns major holdings companies, a 40,000-acre ranch resort in Montana and more than two dozen wineries and vineyards across the United States, France and New Zealand. That's only a small portion of his business ventures over the decades. None of it compares to winning the Stanley Cup and parading it down the world-famous Las Vegas Strip. 'Sports are bigger than what you do in business,' Foley told The Athletic this week. 'They really are. We beat the best of the best. We had that gigantic celebration. Guys went crazy. It was just an amazing experience. I've never had that type of experience.' Foley brought his successful all-in business approach to the world of sports ownership. Since entering the league in 2017, the Golden Knights have won four division titles, made four trips to the conference finals and two to the Stanley Cup Final, and won the championship in 2023. To the ire of many fans across the NHL, Vegas has also become one of the premier destinations for players. That was on display once again this week, when the Golden Knights acquired Mitch Marner in a sign-and-trade that landed the 100-point winger in Vegas with an eight-year, $96 million contract. Marner was born and raised near the hockey hotbed of Toronto, and was a star for his hometown Maple Leafs for nine years. Then, approaching unrestricted free agency for the first time in his career, he declined the chance to be courted by teams to sign with Vegas — and he's not alone in that decision. The Golden Knights have operated aggressively when it comes to roster-building, pushing the limits of the salary cap and making splashy trades to acquire big-name players. For the most part, those deals have worked out in their favor. Advertisement There was the trade for Montreal captain Max Pacioretty in 2018, followed by the signing of Paul Stastny, trading for Mark Stone, signing of Alex Pietrangelo, and trading for Jack Eichel, Tomas Hertl and Noah Hanifin. The list goes on. Whether it's through trades or free agency, the Golden Knights almost always get their guy. They've operated with an aggression rarely seen by other NHL organizations, and that all starts at the top with Foley. 'We will always go for the home run,' he said. 'That's just part of the team's philosophy, and I'm completely in favor of it and I back it all the way.' It's always been that way, even when the Golden Knights were just a concept in Foley's mind. When he first got the idea to purchase an NHL expansion franchise, he didn't look at the traditional markets. Foley saw Las Vegas as an opportunity, as a vibrant, growing city that had yet to experience major professional sports. He was spot-on. Not only have the Golden Knights been a roaring success — selling out every regular-season and playoff game in the team's eight-year history — but they also opened the eyes of other professional leagues. The NFL's Raiders weren't far behind, announcing they'd relocate to Las Vegas in 2017. The WNBA's San Antonio Stars followed suit, moving to Las Vegas in 2018. The team rebranded as the Aces, and has already won two WNBA titles. The latest team to make the move is the MLB's Oakland A's, who recently broke ground on a $1.75 billion ballpark at a site not far from T-Mobile Arena. In Las Vegas, Foley saw an untapped sports market hungry for a team to call its own. He also saw a world-famous city that professional athletes would flock to. 'The city itself, obviously everyone just thinks of it as the Strip and there's so much more to it,' Marner said during his introductory press conference on Wednesday when describing what drew him to Vegas. 'I was lucky enough to talk to (Toronto teammates and former Golden Knights Ryan Reaves and Max Pacioretty) about everything off of the Strip, living-wise, schooling-wise, just how tight-knit the communities are, and privacy-wise, too. A lot of things checked our boxes.' Advertisement Before the NHL ever awarded the expansion franchise to the city, Foley and his team conducted a study of Las Vegas in comparison to other NHL cities. 'We did an analysis of the cost of living across every NHL city,' Foley said. 'It came back with Vegas being either the best or the second-best in almost every category, whether it's affordable housing, safety, transportation systems. If you compare Vegas to every other major city, it's so easy to get around.' Vegas' temperate weather during the winter months of the NHL season also makes it an attractive landing spot. So do the dozens of world-class golf courses with luscious, green fairways year-round. Nevada doesn't have a state income tax, so players take home more of their money, and there's the obvious draw of living in the entertainment capital of the world. Then there's the spectacle that is T-Mobile Arena, which quickly became one of the best atmospheres in the league, and City National Arena, the team's state-of-the-art practice facility in the suburb of Summerlin, where most of the players live. Foley included everything he could think of to create a self-contained environment, from a full-time chef to medical and physical therapy centers inside the facility. He invests in making the players' lives easier. There are simple gestures, such as purchasing a new ping-pong table for the team gym the moment a player mentioned the absence of one, or having the players' cars washed in the parking lot while they practice. There are also major financial commitments, such as purchasing an AHL expansion franchise (the Henderson Silver Knights) in 2020 and building a facility similar to City National Arena in Henderson. All of that plays a major role in the Golden Knights' overall strategy. It's one thing to be aggressive in the trade market, but if the players don't want to stay once they're here, you can waste a lot of trade capital. 'Players don't want to leave,' Foley said. 'Once they get here, and they see our facilities and where we play, and they see the way we take care of our players, scouts and coaches, and how everyone is all in, they don't want to leave.' Advertisement That allows the Golden Knights to regularly trade for top players on expiring contracts with full confidence that they'll sign a long-term deal. Stone and Hanifin are the best examples, but there have been plenty of others over the years. It has also led to some players trying to force their way to Vegas by using their no-movement clauses and other forms of leverage. Calgary defenseman Rasmus Andersson may be doing that at this very moment, according to a report by Pierre LeBrun of The Athletic. Andersson is on an expiring contract, and Calgary may opt to trade him. According to LeBrun, the Golden Knights, Senators, Blue Jackets and Kings all showed interest in acquiring him, but because Andersson is only reportedly interested in talking about a long-term extension with Vegas, the hands of the Flames' front office are a bit tied. Winning is the most important ingredient. All of these things could be true about the city of Las Vegas and the impressive facilities, but it wouldn't be an attractive landing spot if the Golden Knights were finishing at the bottom of the Pacific Division every year. Players want to win, and they want to play for a team with ownership and management committed to winning. 'This team, since it entered the league, has really pushed the boundaries to be that winning team,' Marner said Tuesday. 'That's where I want to be. I want to be in a winning situation.' The Golden Knights' front office, headed by president of hockey operations George McPhee and general manager Kelly McCrimmon, has pushed so many boundaries that several of them won't exist under the new collective bargaining agreement that begins in 2026-27. Vegas hasn't just been daring; it's been incredibly creative when it comes to finding small edges, often to the scorn of fans. Vegas was the first team to come up with the idea of using a third team as a conduit in a trade to retain salary and minimize a player's cap hit at his eventual destination. Vegas made the first trade of that type in February 2018, retaining 40 percent of Derick Brassard's cap hit as he went from Ottawa to Pittsburgh. That concept has now become common at the NHL trade deadline, but it will be against the rules in the new CBA. Advertisement The Golden Knights worked the 2017 expansion draft in a way never seen before, or since. 'We spent so much time in mock drafts really getting to know every other team and what was vulnerable on each team,' Foley explained. 'We paid our franchise fee a little bit early so we could start acquiring players at the deadline, and started doing deals right away. Then in the expansion draft, we didn't do the traditional type of transactions where we just picked a player.' The Golden Knights made 10 trades as part of their expansion draft picks, acquiring eight extra draft picks (including three first-round picks) and seven additional players. In Seattle's expansion draft under the same rules four years later, the Kraken didn't make a single trade or acquire a single draft pick. Vegas took on bad contracts, like David Clarkson ($5.25 million cap hit) and Mikhail Grabovski ($5 million cap hit), neither of whom played a game for the team, but netted Vegas two first-round picks and a second-round pick. Seattle made no such moves. That was just the beginning, as the Golden Knights have continually found ways to use the NHL's salary cap rules to their advantage over the years. 'We're aggressive with our salary cap,' McCrimmon said. 'That's how we do business, and I think it's led us to a lot of good outcomes by doing it that way.' Vegas has appropriately pushed its chips all in at every opportunity since entering the league. It has already traded 11 first-round picks (either the pick itself or a prospect selected in the first round) in the pursuit of improving the current roster. 'We never want to rebuild,' Foley said. 'We just want to retool. We have to always stay ahead of the power curve, because once you get into rebuilding mode, it's so hard to get out of it. Look at Buffalo. They've had so many good draft picks and so on, and they're still in rebuilding mode. The Blackhawks are trying hard now. It's not easy.' Advertisement 'We started out thinking aggressively from day one,' said Foley, who has since purchased several soccer teams, including AFC Bournemouth of the English Premier League, and has used the same formula to make them successful. 'I kind of used the VGK playbook,' he said. 'I got over there and the infrastructure was really inadequate, so the first thing we did was, we immediately started building this high-performance center, which we just opened this past spring and is probably one of the best in the Premier League.' The club has improved in the EPL standings for three straight years since Foley purchased it. He now owns or has an ownership stake in three other soccer teams: FC Lorient in France, Hibernian FC in Scotland and an expansion club in Auckland, New Zealand. He enjoys the challenge of professional sports and approaches the test with a rare aggression. Perhaps Foley's most famous proclamation came in February of 2016 — before his NHL franchise even had a team name or logo — when he boldly predicted, 'Playoffs in three; Cup in six. Period, no excuses, that's the standard. I consider that being very patient.' It didn't take the Golden Knights three years to make the playoffs. They've been to the postseason in seven of their eight seasons. They won the Stanley Cup in their sixth season. Foley doesn't have any more bold predictions at the moment, but he is hungry for another championship and hopes Marner will help. He flew into Las Vegas from one of his Northern California wineries on Tuesday afternoon to meet the Golden Knights' newest star acquisition. 'It's pretty exciting,' he said. 'I'm looking forward to it.' (Top photo of Bill Foley: Ethan Miller / Getty Images)
