Fidelity National Financial (FNF) Operating Expenses (2009 - 2026)
Fidelity National Financial (FNF) recorded quarterly Operating Expenses of $2.7 billion in Q1 2026, down 24.22% quarter-over-quarter from $3.6 billion in Q4 2025, and up 4.2% on a YoY basis from $2.6 billion in Q1 2025.
Fidelity National Financial (FNF) Operating Expenses (2009 - 2026) Analysis & Trends
Fidelity National Financial's Operating Expenses history runs 18 years deep, the most recent figure standing at $2.7 billion for Q1 2026.
- In Q1 2026, Operating Expenses rose 4.2% year-over-year to $2.7 billion; the TTM figure through Mar 2026 stood at $13.2 billion (up 13.54% YoY), while the FY2025 annual figure was $13.0 billion, up 9.29% from the prior year.
- Operating Expenses was $2.7 billion for Q1 2026 at Fidelity National Financial, down from $3.6 billion in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $3.6 billion in Q4 2023 to a low of $1.9 billion in Q2 2022.
- Historically, Operating Expenses has averaged $2.9 billion across 5 years, with a median of $2.7 billion in 2026.
- The sharpest annual moves came in 2022 and 2024: Operating Expenses slumped 39.38% in 2022, then soared 51.26% in 2024.
- A 5-year view of Operating Expenses shows it stood at $2.6 billion in 2022, then jumped by 37.56% to $3.6 billion in 2023, then dropped by 17.19% to $3.0 billion in 2024, then rose by 20.76% to $3.6 billion in 2025, then declined by 24.22% to $2.7 billion in 2026.
- The last three Operating Expenses figures came in at $2.7 billion (Q1 2026), $3.6 billion (Q4 2025), and $3.6 billion (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Fidelity National Financial | 12.87 Bn | 10.21 Bn | 2.62 Bn | 2.73 Bn |
| 2 | Axis Capital Holdings | 7.52 Bn | 6.65 Bn | - | 1.34 Bn |
| 3 | First American Financial | 6.80 Bn | 3.91 Bn | 1.24 Bn | 1.68 Bn |
| 4 | Enact Holdings | 6.01 Bn | 5.46 Bn | 205.74 Mn | 98.69 Mn |
| 5 | Mgic Investment | 5.57 Bn | 5.32 Bn | 202.12 Mn | 90.25 Mn |
| 6 | Essent | 5.47 Bn | 5.47 Bn | - | 129.35 Mn |
| 7 | Radian | 4.74 Bn | 4.66 Bn | 368.17 Mn | 292.67 Mn |
| 8 | Ryan Specialty Holdings | 4.62 Bn | 5.05 Bn | - | 700.63 Mn |
| 9 | Assured Guaranty | 3.42 Bn | -495.48 Mn | 216.00 Mn | 227.00 Mn |
| 10 | NMI Holdings | 2.82 Bn | 2.75 Bn | 152.85 Mn | 58.53 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 2.73 Bn |
| Dec 31, 2025 | 3.60 Bn |
| Sep 30, 2025 | 3.58 Bn |
| Jun 30, 2025 | 3.25 Bn |
| Mar 31, 2025 | 2.62 Bn |
| Dec 31, 2024 | 2.98 Bn |
| Sep 30, 2024 | 3.29 Bn |
| Jun 30, 2024 | 2.70 Bn |
| Mar 31, 2024 | 2.97 Bn |
| Dec 31, 2023 | 3.60 Bn |
| Sep 30, 2023 | 2.18 Bn |
| Jun 30, 2023 | 2.74 Bn |
| Mar 31, 2023 | 2.55 Bn |
| Dec 31, 2022 | 2.62 Bn |
| Sep 30, 2022 | 2.70 Bn |
| Jun 30, 2022 | 1.90 Bn |
| Mar 31, 2022 | 2.61 Bn |
| Dec 31, 2021 | 3.65 Bn |
| Sep 30, 2021 | 2.97 Bn |
| Jun 30, 2021 | 3.14 Bn |