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Fidelity National Financial cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.4B in Q3 2026 · $5.7B over twelve months

Operating cash flow$1.4B
Free cash flow+$1.4B
Cash / net income1.7×

Analysis

In Q3 2026, Fidelity National Financial generated $1.4B of operating cash flow. That is $110M more than in Q3 2025 ($1.3B).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.7B; the largest uses were other investing ($5.1B), dividends ($557M), other financing ($390M); the cash balance fell by $636M.

Operating cash flow was $1.4B against net income of $848M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: income taxes payable +$324M, depreciation & amortization +$238M, other operating capital +$45.0M.

Free cash flow

Fidelity National Financial: free cash flow by quarterFidelity National Financial: free cash flow by quarter$1.5BQ4 2024$1.1BQ1 2025$1.9BQ2 2025$1.3BQ3 2025$1.5BQ4 2025$875MQ1 2026$1.9BQ2 2026$1.4BQ3 2026
Operating cash flow less capital spending.
Fidelity National Financial: operating cash flow against capital spendingFidelity National Financial: operating cash flow against capital spendingOperating cash flowCapital spending$1.5B$0Q4 2024$1.1B$0Q1 2025$1.9B$0Q2 2025$1.3B$0Q3 2025$1.5B$0Q4 2025$875M$0Q1 2026$1.9B$0Q2 2026$1.4B$0Q3 2026
Latest (Q3 2026): Operating cash flow $1.4B, Capital spending $0.

Capital allocation, year by year

Fidelity National Financial: where the cash came from (up) and went (down), by fiscal yearFidelity National Financial: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedBuybacksDividendsFY2021: Operating cash flow $4.1BFY2021: Shares issued $497MFY2021: Buybacks −$463MFY2021: Dividends −$446M$4.6BFY2021FY2022: Operating cash flow $4.4BFY2022: Net borrowing $150MFY2022: Shares issued $39.0MFY2022: Buybacks −$553MFY2022: Dividends −$489M$4.5BFY2022FY2023: Operating cash flow $6.5BFY2023: Net borrowing $6.0MFY2023: Shares issued $15.0MFY2023: Buybacks −$6.0MFY2023: Dividends −$500M$6.5BFY2023FY2024: Operating cash flow $6.8BFY2024: Net borrowing −$232MFY2024: Shares issued $21.0MFY2024: Dividends −$532M$6.8BFY2024FY2025: Operating cash flow $5.8BFY2025: Net borrowing −$290MFY2025: Shares issued $121MFY2025: Buybacks −$251MFY2025: Dividends −$546M$5.9BFY2025
Over these 5 years operating cash flow totalled $27.6B; the largest uses were dividends ($2.5B) and buybacks ($1.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.9B
Debt$4.4B
Net debt$1.5B
Due within a year$32.0M

Fidelity National Financial funds itself: free cash flow was $5.7B over the last twelve months, and $2.9B of cash and investments stands against $4.4B of debt ($32.0M due within a year, 89.3× covered by cash).

Fidelity National Financial: debt maturities by year (FY2025)Fidelity National Financial: debt maturities by year (FY2025)$32.0MYear 1$950MYear 3$550MYear 4$650MYear 5$2.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.9B of cash and investments now.

Where the cash came from and went

Fidelity National Financial: sources (+) and uses (−) of cash, Q3 2026Fidelity National Financial: sources (+) and uses (−) of cash, Q3 2026Other investing−$1.6BOperating cash flow$1.4BCash drawn (+) / kept (−)$724MOther financing−$394MDividends−$139MPartners−$20.0MBuybacks−$6.0M
Fidelity National Financial: sources (+) and uses (−) of cash, TTM to Q3 2026Fidelity National Financial: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$5.7BOther investing−$5.1BCash drawn (+) / kept (−)$636MDividends−$557MOther financing−$390MBuybacks−$174MPartners−$78.0M

From profit to cash

Fidelity National Financial: net income to operating cash flow, Q3 2026Fidelity National Financial: net income to operating cash flow, Q3 2026Net income$848MDepreciation & amortization$238MStock-based pay$26.0MGains on investments−$29.0MReceivables$29.0MIncome taxes payable$324MOther operating capital$45.0MOperating cash flow$1.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.4B−$6.0M−$139M——$724M$1.4B
Q2 2026$1.9B−$60.0M−$138M——−$1.1B$1.9B
Q1 2026$875M−$78.0M−$140M——$169M$875M
Q4 2025$1.5B−$30.0M−$140M——$858M$1.5B
Q3 2025$1.3B−$43.0M−$135M——−$222M$1.3B
Q2 2025$1.9B−$154M−$135M——$1.2B$1.9B
Q1 2025$1.1B−$24.0M−$136M−$290M$121M−$1.0B$1.1B
Q4 2024$1.5B—−$141M—$4.0M$1.5B$1.5B

Fidelity National Financial: income statement and cash flow

Fidelity National Financial, Q3 2026: revenue $3.6B (-11% year over year), operating margin 34.8%. The chart follows the revenue to costs, profit and cash.

Fidelity National Financial: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.