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First American Financial
First American Financial (FAF) investor relations material
First American Financial Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Adjusted EPS for Q4 was $1.99, up 47% year-over-year, with GAAP EPS at $2.05 per diluted share, both including $28 million in one-time benefits.
Fourth quarter 2025 revenue rose 22% year-over-year to $2.05 billion, with adjusted revenue up 15% and commercial revenues up 35%.
Full year 2025 revenue increased 22% to $7.5 billion, with net income of $622 million ($6.00 per diluted share) and adjusted net income of $627 million ($6.05 per diluted share).
Technology initiatives advanced, with Endpoint and Sequoia AI platforms launched, targeting national rollout by 2027.
Market share increased by 90 basis points over the last 12 months, with gains in both agency and commercial divisions.
Financial highlights
Title segment adjusted revenue was $1.9 billion, up 14% year-over-year; Q4 net income was $212 million ($2.05 per diluted share), up from $72 million ($0.69) in Q4 2024.
Commercial revenue reached $339 million in Q4, a 35% increase; average revenue per order set a record at $18,600.
Purchase revenue declined 4% due to a 7% drop in closed orders, partially offset by a 4% ARPO increase.
Refinance revenue rose 47%, with a 44% increase in closed orders.
Agency revenue was $790 million, up 13%; information and other revenues were $274 million, up 15%.
Investment income was $157 million, up 1% despite five Fed rate cuts.
Net investment gains were $28 million, compared to $62 million in losses last year.
Personnel costs rose 11% to $581 million; other operating expenses increased 7% to $282 million.
Cash flow from operations reached $369 million in Q4 and $951 million for the year.
Outlook and guidance
Management expects an improving real estate market in 2026, with record commercial business, moderate purchase growth, and a meaningful pickup in refinance activity.
Purchase revenue expected to improve as rate lock-in fades, but growth will be modest.
Refinance open orders up 72% in January, indicating potential for growth.
Investment income for 2026 expected to be flat year-over-year.
Texas title insurance rate reduction expected to lower title segment revenue by 50 basis points if volumes are flat.
Strategic technology initiatives, especially those leveraging AI, are expected to drive long-term value.
Detail commercial business growth drivers for 2026
Explain Q4 2025 effective tax rate increase
What drives expected 2026 refinance activity?
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Next First American Financial earnings date
Q2 202622 Jul, 2026
First American Financial
Next First American Financial earnings date
Q2 202622 Jul, 2026
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Frequently asked questions
First American Financial Corporation operates through its family of companies to help people achieve and protect their dream of homeownership. First American was named one of FORTUNE's 100 Best Companies to Work For® in 2016 and 2017. With experience dating back to 1889, First American is a leading provider of title insurance protection and settlement services to the real estate and mortgage industries. Services are offered through nearly 10,000 employees in more than 1,000 branch offices in all 50 states. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; banking, trust and investment advisory services; pet health insurance; and other related products and services. In 2016, First American had revenues of $4.8 billion.
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