First American Financial Corporation (FAF)

First American reported third-quarter 2026 revenue of $2.1 billion, up 5 percent, and net income of $177 million, or $1.72 per diluted share 1.

A year earlier net income was $190 million 1. The latest quarter included net investment losses of $2 million, against net investment gains of $26 million a year before 1.

Commercial revenues rose 21 percent to $297 million, and chief executive Mark Seaton said the recent rise in mortgage rates reinforces the company's expectation of a "lower-for-longer residential origination market" 1.

On 3 November 2026 the board appointed Darryl Button, chief executive of Pacific Mutual Holding Company, the parent of Pacific Life, as a director 5.

In September 2026 the board raised the quarterly dividend 11 percent, to 61 cents a share 2.

The company traces its heritage to 1889 and listed on the New York Stock Exchange on 1 June 2010 3.

Title insurance revenue follows home and commercial property sales and refinancing, so the company's results swing with mortgage rates 3.

Revenue fell 17.5 percent in 2022, to $7.6 billion from $9.2 billion in 2021 6. The company reported that United States mortgage originations dropped 49.4 percent that year, citing the Mortgage Bankers Association 6.

Direct title fees from domestic refinancing fell 63.6 percent in 2022 6. The 2022 total also held $516 million of net investment losses, against $436 million of gains in 2021 6.

Revenue was $6,003.5 million in 2023 and $6,128.1 million in 2024 3. The title segment's pretax margin was 8.6 percent in 2023 and 4.3 percent in 2024, rising to 12.1 percent in 2025 3.

In December 2023 the company found unauthorized activity on its systems and isolated them from the internet 7. A class action complaint over the incident arrived on 21 June 2024 3.

In 2024 the title segment booked net investment losses of $345.4 million, mostly from an investment portfolio rebalancing project and asset impairments 3. The segment's pretax income was $246.2 million that year 3.

On 30 September 2024 it issued $450 million of 5.450% senior notes due 2034 11.

Revenue rose 21.6 percent to $7.5 billion in 2025 3. Domestic commercial direct fees rose 31.7 percent and refinance fees 42.1 percent, while residential purchase fees slipped 2.2 percent 3.

Net income climbed to $621.8 million in 2025 from $131.1 million 8.

Title insurance and settlement

Title insurance protects owners and lenders against defects in a property's ownership, and the company sells it through its own offices and through independent agents 3.

The title segment supplied 93.6 percent of 2025 revenue 3. The company calls itself the second largest title insurer in the United States, by American Land Title Association data 3.

Agent premiums were $2,959.4 million in 2025 against $2,347.5 million of direct premiums and escrow fees 3. Its direct offices closed 531,900 domestic orders and opened 714,500 3.

International operations were about 7.6 percent of title segment revenue in 2025, with direct operations in Canada, the United Kingdom, South Korea, Australia and New Zealand 3.

Commercial, data, servicing and banking

Commercial deals brought in $1.0 billion in 2025, up 32 percent 8. Mortgage subservicing, running other lenders' loan payments for them, grew 31 percent in the third quarter 1.

Its title plants, the geographic records used to search ownership, are also licensed to third parties, including competing title companies and agents 3.

A federal savings bank subsidiary had $6.8 billion of assets and $6.2 billion of deposits at the end of 2025, and it does not make loans 3.

Home warranty

Home warranty sells one-year service contracts covering heating and air conditioning systems and certain appliances, in 36 states and the District of Columbia 3.

The segment's revenue was $442.9 million in 2025, up 4.0 percent 3. Its third-quarter pretax margin fell to 9.9 percent from 14.1 percent on higher marketing spending for direct-to-consumer sales 1.

People, rivals and risks

Mark Seaton is chief executive and Dennis Gilmore is executive chairman 15. Matthew Wajner is chief financial officer, and the company employed 19,102 people at the end of 2025 3.

Its major nationwide rivals include Fidelity National Financial, Old Republic International and Stewart Title Guaranty Company 3.

Most of its business depends on real estate and mortgage activity, which is cyclical and seasonal 3. Government agencies are examining certain operations, and the company does not expect a material effect 2.

The umbrella, in words

The subsidiaries exhibit lists First American Title Insurance Company of Nebraska, First American Home Warranty Corporation, First American Trust and FCT Insurance Company Ltd. of Canada, among others 4. It omits smaller subsidiaries, so the list is not complete 4.

The company owns 5,119,314 Class A shares of Offerpad Solutions, 10.83 percent of that class, according to a February 2026 Schedule 13D amendment 10.

Its venture investments are mostly in private real estate technology companies, held for strategic reasons 3.

Its executive offices are a Santa Ana, California campus of about 490,000 square feet 3.

FMR LLC reported holding 9.0 percent of the common stock as a passive investor 12.

Boston Partners reported 5.29 percent 13, and Vanguard Portfolio Management reported 5.11 percent 14.

Chief executive Mark Seaton said on 21 October 2026 that the company will use the lower-for-longer mortgage environment to deepen customer relationships and roll out new AI-native title and settlement platforms 1.

He said the platforms will enhance the customer experience, improve operating efficiency and position the company for stronger earnings growth as the market recovers 1.

Management expects to keep paying quarterly dividends at or above the current level, at the board's discretion 2.

The board's repurchase authorization is up to $300 million, of which $244.5 million remained at 30 September 2026 2.

Stockholders approved on 12 May 2026 a phase-in of annual elections for all directors, starting with the 2029 annual meeting 9.

Employment agreements for three senior executives now run to 31 December 2028 3.

The company posts opened and closed title order counts 10 to 12 days after each month ends 1.