Fidelity National Financial, Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
FNF$44.17-1.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| Nine months ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| (Unaudited) | ||
| Cash flows from operating activities: | ||
| Net earnings | $765 | $883 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
| Depreciation and amortization | 623 | 545 |
| Equity in earnings of unconsolidated affiliates | (36) | (4) |
| Loss (gain) on sales of investments and other assets and asset impairments, net | 90 | (132) |
| Interest credited/index credits to contractholder account balances | 337 | 1,482 |
| Change in market risk benefits, net | 148 | 80 |
| Deferred policy acquisition costs and deferred sales inducements | (956) | (1,061) |
| Charges assessed to contractholders for mortality and admin | (248) | (209) |
| Non-cash lease costs | 96 | 99 |
| Operating lease payments | (102) | (112) |
| Distributions from unconsolidated affiliates, return on investment | 140 | 70 |
| Stock-based compensation cost | 64 | 48 |
| Change in NAV of limited partnerships, net | (231) | (261) |
| Change in valuation of derivatives, equity securities, preferred securities, and other assets, net | (82) | (372) |
| Changes in assets and liabilities, net of effects from acquisitions: | ||
| Change in derivative collateral liabilities | 144 | 544 |
| Change in reinsurance recoverable | 9 | (28) |
| Change in future policy benefits | 978 | 1,080 |
| Change in funds withheld from reinsurers | 2,648 | 2,895 |
| Net increase in trade receivables | (18) | (18) |
| Net decrease in reserve for title claim losses | (5) | (50) |
| Net change in income taxes | 8 | 25 |
| Net change in other assets and other liabilities | (50) | (184) |
| Net cash provided by operating activities | 4,322 | 5,320 |
| Cash flows from investing activities: | ||
| Proceeds from sales, calls and maturities of investment securities | 10,109 | 7,995 |
| Additions to property and equipment, capitalized software and title plants | (113) | (116) |
| Purchases of investment securities | (16,520) | (12,644) |
| Net proceeds from sales and maturities of short-term investment securities | 1,539 | 983 |
| Acquisitions and dispositions | (60) | (570) |
| Additional investments in unconsolidated affiliates | (1,607) | (903) |
| Distributions from unconsolidated affiliates, return of investment | 330 | 224 |
| Net other investing activities | (4) | 15 |
| Net cash used in investing activities | (6,326) | (5,016) |
| Cash flows from financing activities: | ||
| Debt offering | 375 | 550 |
| Debt service payments | (300) | (250) |
| Dividends paid | (406) | (391) |
| Subsidiary dividends paid to non-controlling interest shareholders | (43) | (34) |
| Exercise of stock options | 4 | 17 |
| Additional investment in consolidated subsidiary | (9) | (21) |
| Net change in secured trust deposits | 183 | 35 |
| Payment of contingent consideration for prior period acquisitions | (24) | (13) |
| Contractholder account deposits | 8,991 | 8,574 |
| Contractholder account withdrawals | (6,646) | (6,568) |
| Purchases of treasury stock | (221) | — |
| F&G common stock offering | 117 | — |
| Other financing activities | (2) | — |
| Net cash provided by financing activities | 2,019 | 1,899 |
| Net increase in cash and cash equivalents | 15 | 2,203 |
| Cash and cash equivalents at beginning of period | 3,479 | 2,767 |
| Cash and cash equivalents at end of period | $3,494 | $4,970 |
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