Fidelity National Financial, Inc. generated $14.45 billion in revenue for 2025, up 5.6% year-over-year, reflecting growth in insurance fees and investment income. Despite this, net income declined by over 50% from the previous year, pressured by recognized losses on investments and derivatives. Operating cash flow remains strong at $5.83 billion after a slight decline, supporting a stable dividend payment and modest share repurchases. The company’s capital allocation includes a notable special stock distribution of F&G Annuities & Life shares completed in December 2025. Regulatory adherence and actuarial expertise support competitive moat but risks from interest rates, equity volatility, and policyholder behavior persist.