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Insurance - Specialty · Financial Services · Fiscal year ends Dec 31
First American Financial reported revenue of $7.5B in the fiscal year ended Dec 2025, up 21.6% from the year before. Net income was $622M. Operating cash flow of $951M less capital expenditure of $188M left free cash flow of $763M. Net debt was $158M.
Ranks among the 10 insurance - specialty companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 9,221 | 7,605 | 6,004 | 6,128 | 7,452 |
| Interest expense | 72.4 | 93.0 | 133 | 150 | 157 |
| Pre-tax income | 1,641 | 326 | 274 | 165 | 826 |
| Income tax | 392 | 60.4 | 58.9 | 32.8 | 201 |
| Net income | 1,241 | 263 | 217 | 131 | 622 |
| Diluted EPS | 11.14 | 2.45 | 2.07 | 1.26 | 6.00 |
| Diluted shares | 111 | 107 | 105 | 104 | 104 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,228 | 1,224 | 3,605 | 1,718 | 1,387 |
| Net PP&E | 506 | 637 | 750 | 745 | 682 |
| Goodwill | 1,588 | 1,798 | 1,808 | 1,804 | 1,819 |
| Total assets | 16,451 | 14,955 | 16,803 | 14,909 | 16,229 |
| Long-term debt | 1,648 | 1,646 | 1,394 | 1,547 | 1,545 |
| DepositsBanks | 5,069 | 5,520 | 7,308 | 5,048 | 5,293 |
| Total liabilities | 10,668 | 10,274 | 11,940 | 9,982 | 10,705 |
| Shareholders' equity | 5,767 | 4,658 | 4,848 | 4,909 | 5,500 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,220 | 778 | 354 | 898 | 951 |
| Capital expenditure | 161 | 260 | 263 | 218 | 188 |
| Free cash flow | 1,059 | 518 | 90.9 | 679 | 763 |
| Depreciation & amortisation | 158 | 168 | 189 | 207 | 216 |
| Stock-based compensation | 53.6 | 67.3 | 49.1 | 52.0 | 68.4 |
| Share buybacks | 99.2 | 441 | 72.7 | 68.5 | 122 |
| Dividends paid | 213 | 218 | 217 | 221 | 223 |
| Dividend per share | 1.94 | 2.06 | 2.10 | 2.14 | 2.18 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −17.5% | −21.1% | 2.1% | 21.6% |
| EPS growth (YoY) | – | −78.0% | −15.5% | −39.1% | 376.2% |
| Net margin | 13.5% | 3.5% | 3.6% | 2.1% | 8.3% |
| Return on equityBlank when equity is negative | 21.5% | 5.6% | 4.5% | 2.7% | 11.3% |
| Free cash flow margin | 11.5% | 6.8% | 1.5% | 11.1% | 10.2% |
| Cash conversion (CFO ÷ net income) | 0.98x | 2.96x | 1.63x | 6.85x | 1.53x |
| Debt ÷ equity | 0.29x | 0.35x | 0.29x | 0.32x | 0.28x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 420 | 422 | −2,211 | −172 | 158 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.