Fidelity National Financial, Inc. (FNF) Cash Flow Statement
Where FNF’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $6.52B −4.3% vs 2024
- Capital expenditures
- $147.0M 1.0% of revenue
- Free cash flow
- $6.38B 44.0% margin
- Returned to shareholders
- $835.0M 13% of free cash flow
- Change in cash
- −$843.0M cash at year-end $2.64B
Drawn to scale: where the cash came from and how it was used. Hover for values.
FNF operating cash flow, capex and free cash flow
FNF cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.16B2016 | $6.52B2025 | +21.1%/yr | |
| Capital expenditures | $290.0M2016 | $147.0M2025 | −7.3%/yr | |
| Free cash flow | $872.0M2016 | $6.38B2025 | +24.7%/yr | |
| Free cash flow margin | 12.0%2016 | 44.0%2025 | +31.9 pts | |
| Operating cash flow / net income | 1.682016 | 10.832025 | +9.15 | |
| Stock-based compensation | $58.0M2016 | $88.0M2025 | +4.7%/yr | |
| Dividends paid | $239.0M2016 | $546.0M2025 | +9.6%/yr | |
| Share buybacks (net) | $276.0M2016 | $289.0M2025 | +0.5%/yr | |
| Capex / revenue | 4.0%2016 | 1.0%2025 | −3.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FNF cash flow by activity
FNF net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
FNF cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $602.0M | $1.39B | $518.0M | $1.15B | $2.44B | $1.45B | $1.08B | $635.0M | $794.0M | $692.0M |
| Depreciation & amortization | $844.0M | $739.0M | $593.0M | $496.0M | $645.0M | $296.0M | $178.0M | $182.0M | $389.0M | $431.0M |
| Stock-based compensation | $88.0M | $82.0M | $60.0M | $49.0M | $43.0M | $39.0M | $38.0M | $31.0M | $44.0M | $58.0M |
| Change in working capital | $5.35B | $5.32B | $4.71B | $2.73B | $1.89B | −$97.0M | $159.0M | −$15.0M | −$232.0M | −$29.0M |
| Other non-cash items | −$365.0M | −$721.0M | $597.0M | −$73.0M | −$929.0M | −$112.0M | −$330.0M | $110.0M | −$258.0M | $10.0M |
| Cash from operating activities | $6.52B | $6.82B | $6.48B | $4.36B | $4.09B | $1.58B | $1.12B | $943.0M | $737.0M | $1.16B |
| Investing activities | ||||||||||
| Capital expenditures | −$147.0M | −$146.0M | −$132.0M | −$138.0M | −$131.0M | −$110.0M | −$96.0M | −$83.0M | −$149.0M | −$290.0M |
| Investments (net) | −$6.92B | −$7.86B | −$8.39B | −$10.52B | −$7.21B | −$1.31B | $534.0M | −$294.0M | $214.0M | $594.0M |
| Acquisitions & other investing | −$2.57B | $146.0M | −$564.0M | $138.0M | −$111.0M | −$913.0M | −$958.0M | $23.0M | −$160.0M | −$558.0M |
| Cash from investing activities | −$9.63B | −$7.86B | −$9.09B | −$10.52B | −$7.45B | −$2.33B | −$520.0M | −$354.0M | −$95.0M | −$254.0M |
| Financing activities | ||||||||||
| Dividends paid | −$546.0M | −$532.0M | −$500.0M | −$489.0M | −$446.0M | −$389.0M | −$344.0M | −$328.0M | −$278.0M | −$239.0M |
| Share repurchases & issuance (net) | −$289.0M | −$34.0M | −$24.0M | −$553.0M | −$463.0M | −$236.0M | −$86.0M | −$20.0M | −$70.0M | −$276.0M |
| Net borrowing (repayment) | $85.0M | $453.0M | $666.0M | $550.0M | −$6.0M | −$22.0M | $2.25B | −$70.0M | −$211.0M | −$68.0M |
| Shares issued | $117.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.90B | $1.87B | $2.95B | $4.59B | $5.92B | $2.74B | −$2.30B | −$24.0M | −$440.0M | −$5.0M |
| Cash from financing activities | $2.26B | $1.76B | $3.09B | $4.09B | $5.00B | $2.10B | −$482.0M | −$442.0M | −$999.0M | −$588.0M |
| Summary | ||||||||||
| Net change in cash | −$843.0M | $712.0M | $481.0M | −$2.07B | $1.64B | $1.34B | $119.0M | $147.0M | −$357.0M | $320.0M |
| Cash at end of period | $2.64B | $3.48B | $2.77B | $2.29B | $4.36B | $2.72B | $1.38B | $1.26B | $635.0M | $992.0M |
| Free cash flow | $6.38B | $6.67B | $6.35B | $4.22B | $3.96B | $1.47B | $1.02B | $860.0M | $588.0M | $872.0M |
| Free cash flow margin | 44.0% | 49.9% | 55.1% | 36.8% | 26.3% | 13.7% | 12.1% | 11.3% | 7.7% | 12.0% |
| Capex / revenue | 1.0% | 1.1% | 1.1% | 1.2% | 0.9% | 1.0% | 1.1% | 1.1% | 1.9% | 4.0% |
| Operating cash flow / net income | 10.83 | 4.90 | 12.51 | 3.78 | 1.67 | 1.09 | 1.04 | 1.49 | 0.93 | 1.68 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $276.0M | $321.0M | −$117.0M | $389.0M | $293.0M | $83.0M | $508.0M | $266.0M | $306.0M | $269.0M | −$114.0M | $477.0M |
| Depreciation & amortization | $219.0M | $215.0M | $221.0M | $227.0M | $200.0M | $196.0M | $194.0M | $189.0M | $189.0M | $167.0M | $155.0M | $153.0M |
| Stock-based compensation | $23.0M | $23.0M | $24.0M | $23.0M | $20.0M | $21.0M | $34.0M | $15.0M | $17.0M | $16.0M | $17.0M | $15.0M |
| Change in working capital | $1.27B | $588.0M | $1.64B | $1.52B | $1.32B | $723.0M | $1.06B | $1.91B | $975.0M | $1.33B | $1.97B | $719.0M |
| Other non-cash items | $86.0M | −$272.0M | $103.0M | −$851.0M | $59.0M | $92.0M | −$301.0M | −$18.0M | −$124.0M | −$190.0M | $233.0M | −$288.0M |
| Cash from operating activities | $1.87B | $875.0M | $1.87B | $1.31B | $1.90B | $1.11B | $1.50B | $2.37B | $1.36B | $1.59B | $2.26B | $1.08B |
| Investing activities | ||||||||||||
| Capital expenditures | −$36.0M | −$27.0M | −$34.0M | −$38.0M | −$38.0M | −$37.0M | −$30.0M | −$40.0M | −$41.0M | −$35.0M | −$31.0M | −$32.0M |
| Investments (net) | $164.0M | −$841.0M | −$2.04B | −$2.06B | −$3.48B | −$785.0M | −$2.85B | −$2.00B | −$1.93B | −$1.10B | −$3.33B | −$1.48B |
| Acquisitions & other investing | −$99.0M | −$77.0M | −$895.0M | $38.0M | $38.0M | $37.0M | $30.0M | $40.0M | $41.0M | $35.0M | $31.0M | −$13.0M |
| Cash from investing activities | $29.0M | −$945.0M | −$2.97B | −$2.06B | −$3.48B | −$785.0M | −$2.85B | −$2.00B | −$1.93B | −$1.10B | −$3.33B | −$1.53B |
| Financing activities | ||||||||||||
| Dividends paid | −$138.0M | −$140.0M | −$140.0M | −$135.0M | −$135.0M | −$136.0M | −$141.0M | −$130.0M | −$131.0M | −$130.0M | −$134.0M | −$123.0M |
| Share repurchases & issuance (net) | −$30.0M | −$108.0M | −$68.0M | −$43.0M | −$154.0M | −$24.0M | −$55.0M | $17.0M | $0 | −$7.0M | −$36.0M | −$2.0M |
| Net borrowing (repayment) | $0 | $0 | $10.0M | −$10.0M | $10.0M | $85.0M | $153.0M | −$7.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $117.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$617.0M | $149.0M | $442.0M | $1.16B | $654.0M | $633.0M | −$97.0M | −$171.0M | $2.07B | $392.0M | $795.0M | $651.0M |
| Cash from financing activities | −$785.0M | −$99.0M | $244.0M | $969.0M | $375.0M | $675.0M | −$140.0M | −$291.0M | $1.94B | $255.0M | $625.0M | $526.0M |
| Summary | ||||||||||||
| Net change in cash | $1.11B | −$169.0M | −$858.0M | $222.0M | −$1.21B | $1.00B | −$1.49B | $80.0M | $1.37B | $750.0M | −$442.0M | $73.0M |
| Cash at end of period | $3.58B | $2.47B | $2.64B | $3.49B | $3.27B | $4.48B | $3.48B | $4.97B | $4.89B | $3.52B | $2.77B | $3.21B |
| Free cash flow | $1.83B | $848.0M | $1.84B | $1.27B | $1.86B | $1.08B | $1.47B | $2.33B | $1.32B | $1.56B | $2.23B | $1.04B |
| Free cash flow margin | 45.3% | 26.3% | 45.1% | 32.3% | 52.0% | 40.3% | 41.5% | 66.1% | 43.2% | 48.0% | 66.2% | 38.5% |
| Capex / revenue | 0.9% | 0.8% | 0.8% | 1.0% | 1.1% | 1.4% | 0.9% | 1.1% | 1.3% | 1.1% | 0.9% | 1.2% |
| Operating cash flow / net income | 6.78 | 2.73 | — | 3.37 | 6.47 | 13.43 | 2.94 | 8.89 | 4.45 | 5.91 | — | 2.26 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
FNF cash generation
In fiscal 2025 (ended December 31, 2025), Fidelity National Financial generated $6.5 billion of cash from operations (down 4.3%) and spent $147.0 million on capital expenditures, leaving free cash flow of $6.4 billion, 44.0% of revenue. It returned $835.0 million to shareholders through dividends ($546.0 million) and net share buybacks ($289.0 million). Cash and equivalents fell by $843.0 million over the year.
Related: FNF income statement, FNF balance sheet, FNF dividend history. See the FNF stock overview for the latest quote and news.
FNF cash flow FAQ
What is Fidelity National Financial's free cash flow?
Fidelity National Financial's free cash flow was $6.4 billion in fiscal 2025: $6.5 billion of operating cash flow minus $147.0 million of capital expenditures It was $6.7 billion a year earlier..
How much cash does Fidelity National Financial generate from operations?
Fidelity National Financial generated $6.5 billion of cash from operating activities in fiscal 2025, 10.83 times its net income of $602.0 million.
How much does Fidelity National Financial spend on capital expenditures?
Fidelity National Financial spent $147.0 million on capital expenditures in fiscal 2025, 1.0% of revenue, compared with $146.0 million the year before.
How much stock does Fidelity National Financial buy back?
Fidelity National Financial spent $289.0 million on net share repurchases in fiscal 2025.
How much does Fidelity National Financial pay in dividends?
Fidelity National Financial paid $546.0 million in dividends in fiscal 2025, 8.6% of free cash flow.