First American (NYSE: FAF) Q2 profit rises on 15% revenue growth

Rhea-AI Filing Summary

First American Financial Corporation reported strong second-quarter 2026 results, with total revenue of $2.1 billion, up 15 percent from a year earlier. Net income attributable to the company was $218.5 million and diluted earnings per share were $2.12; adjusted EPS was $2.08. Management noted adjusted earnings per share rose 36 percent year-over-year.

The Title Insurance and Services segment generated $2.0 billion of revenue, up 17 percent, with pretax margin expanding to 15.7 percent and adjusted pretax margin of 14.0 percent. Investment income in this segment increased 11 percent to $164 million, and commercial revenues grew 34 percent to $314 million, with average commercial revenue per order of $19,980. Home Warranty revenue rose to $114 million, with pretax margin of 21.3 percent and a 40 percent claim loss rate.

Cash and cash equivalents were $2.6 billion as of June 30, 2026, and total stockholders’ equity was $5.6 billion. The company reported a debt-to-capital ratio of 31.4 percent, or 21.5 percent excluding $1.0 billion of secured financings payable, and repurchased 330,405 shares for $20 million at an average price of $61.99.

Positive

• Total revenue grew 15 percent year-over-year to $2.1 billion, and adjusted total revenue reached $2.1 billion, while adjusted EPS increased 36 percent to $2.08 compared with $1.53 a year earlier.
• Title Insurance and Services revenue rose 17 percent to $2.0 billion, with pretax margin improving to 15.7 percent and adjusted pretax margin of 14.0 percent, supported by higher investment income and operating leverage.
• Commercial revenues increased 34 percent to $314 million, with average commercial revenue per order of $19,980, while the Home Warranty business delivered a 21.3 percent pretax margin and a lower 40 percent claim loss rate.
• Liquidity and capital remained solid with $2.6 billion in cash and cash equivalents, a reported 31.4 percent debt-to-capital ratio (21.5 percent excluding $1.0 billion secured financings), and repurchases of 330,405 shares for $20 million.

Negative

• None.

Filing Explained

The July 22 filing confirms completed second-quarter results and reports $2,624.8 million of cash and $10,733.7 million of investments at June 30.

First American Financial used this Form 8-K to furnish completed second-quarter results under Item 2.02; the information is not treated as filed under Section 18 or incorporated into other filings unless expressly incorporated.

For the quarter ended June 30, 2026, the reported balance sheet showed $2,624.8 million of cash and equivalents, $10,733.7 million of investments, and $5,620.8 million of total stockholders’ equity, updating the company’s reported liquidity and invested-asset position.

The release presents adjusted revenue, income, margins, and earnings per share as non-GAAP measures reconciled to GAAP figures; it says they are supplemental and not substitutes for GAAP information.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total revenue Q2 2026: $2,117.3 million Net income attributable to the Company Q2 2026: $218.5 million Diluted EPS Q2 2026: $2.12 per share +5 more

8 metrics

Total revenue Q2 2026 $2,117.3 million Three months ended June 30, 2026; up 15 percent compared with Q2 2025

Net income attributable to the Company Q2 2026 $218.5 million Three months ended June 30, 2026, compared with $146.1 million in Q2 2025

Diluted EPS Q2 2026 $2.12 per share Net income per diluted share for the quarter ended June 30, 2026

Adjusted diluted EPS Q2 2026 $2.08 per share Adjusted net income per diluted share; management cited a 36 percent year-over-year increase

Title segment revenue Q2 2026 $2,014.6 million Title Insurance and Services segment revenue for the three months ended June 30, 2026

Commercial revenues Q2 2026 $314.1 million U.S. Commercial revenues within Title Insurance and Services; up 34 percent versus last year

Debt-to-capital ratio 31.4 percent As of June 30, 2026; 21.5 percent excluding $1.0 billion of secured financings payable

Share repurchases Q2 2026 330,405 shares for $20 million Repurchased at an average price of $61.99 per share during the quarter

Key Terms

adjusted pretax margin, claim loss rate, debt-to-capital ratio, net operating revenues, +1 more

5 terms

adjusted pretax margin financial

"Adjusted pretax margin was 14.0 percent in the current period"

Adjusted pretax margin measures the percentage of revenue a company keeps as profit before taxes after removing one-time charges, accounting quirks or unusual items. Think of it as the clean slice of a pie left over for profit once you take out irregular losses or gains so you can see the steady business performance. Investors use it to compare profitability across periods and companies without noise from one-off events.

claim loss rate financial

"The claim loss rate declined to 40 percent in the second quarter"

Claim loss rate measures how much an insurer pays out in claims compared with the money it collects for coverage, typically shown as claims paid divided by premiums earned. It matters to investors because a higher rate signals thinner profit margins or the need for higher prices or reserves, while a lower rate suggests better underwriting and healthier earnings — like comparing how much water leaks from a bucket versus how much is poured in.

debt-to-capital ratio financial

"Debt-to-capital ratio of 31.4 percent, or 21.5 percent excluding secured financings"

The debt-to-capital ratio measures how much of a company’s total funding comes from borrowed money versus owned money, calculated by dividing its debt by the sum of debt plus equity. Think of it like a household that compares its mortgage to the total value of the home plus savings; a higher share of debt means more fixed obligations and greater risk for investors, while a lower share suggests more financial cushion and flexibility.

net operating revenues financial

"Net operating revenues were $1,145.3 million in the second quarter"

success ratio financial

"Success Ratio is change in personnel and other operating expenses divided by change"

Earnings Snapshot

Total revenue: $2,117.3 million · Guidance included

quarter ended June 30, 2026

Total revenue $2,117.3 million up 15 percent compared with the second quarter of 2025

Net income attributable to the Company $218.5 million compared with $146.1 million in the second quarter of 2025

Diluted EPS $2.12 compared with $1.41 in the second quarter of 2025

Adjusted diluted EPS $2.08 up 36 percent compared with the prior-year quarter

Guidance

Management stated the commercial business is on pace for a record year in 2026 and emphasized continued investment in AI, people, platforms and products.

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Available on EDGAR 07/22/2026 - 04:15 PM Accepted by SEC EDGAR 07/22/2026 - 04:15 PM Learn about SEC filing dates

FAQ

How did First American Financial (FAF) perform in the second quarter of 2026?

First American Financial reported Q2 2026 revenue of $2.1 billion, up 15 percent year-over-year, and net income attributable to the company of $218.5 million. Diluted EPS was $2.12, with adjusted EPS of $2.08, which management stated was up 36 percent versus the prior year.

What were First American Financial (FAF)’s title segment results in Q2 2026?

The Title Insurance and Services segment generated $2.0 billion in revenue in Q2 2026, up 17 percent from 2025. Pretax margin was 15.7 percent, with an adjusted pretax margin of 14.0 percent. Segment investment income reached $164 million, and commercial revenues rose 34 percent to $314 million.

How did the Home Warranty segment of First American Financial (FAF) perform in Q2 2026?

Home Warranty posted $113.8 million in Q2 2026 revenue, up 3 percent year-over-year, and pretax income of $24.2 million. Pretax margin was 21.3 percent, with an adjusted pretax margin of 20.2 percent. The claim loss rate declined to 40 percent from 41 percent last year.

What is First American Financial (FAF)’s debt and capital position as of June 30, 2026?

As of June 30, 2026, First American reported a debt-to-capital ratio of 31.4 percent, or 21.5 percent excluding $1.0 billion of secured financings payable. Total stockholders’ equity was $5.6 billion, and notes and contracts payable totaled $1.55 billion.

Did First American Financial (FAF) repurchase shares during Q2 2026?

Yes. In the second quarter of 2026, First American repurchased 330,405 shares of its common stock for a total of $20 million. The average repurchase price was $61.99 per share, reflecting ongoing capital returns alongside regular cash dividends.

Which non-GAAP measures did First American Financial (FAF) highlight for Q2 2026?

The company highlighted adjusted total revenues, adjusted pretax income, adjusted pretax margin, adjusted net income, and adjusted EPS. For Q2 2026, adjusted total revenues were $2,105.3 million, adjusted pretax income was $278.6 million, and adjusted EPS was $2.08.

false0001472787First American Financial Corp00014727872026-07-222026-07-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 22, 2026

FIRST AMERICAN FINANCIAL CORPORATION

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-34580	26-1911571
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
1 First American Way
Santa Ana, California				92707-5913
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (714) 250-3000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, $0.00001 par value		FAF		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 22, 2026, First American Financial Corporation issued a press release announcing its financial results for the quarter ended June 30, 2026. The full text of the press release is attached hereto as Exhibit 99.1.

The information in this Item 2.02, including Exhibit 99.1 hereto, is being “furnished” in accordance with General Instruction B.2 of Form 8-K. As such, this information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filings with the SEC unless it shall be explicitly so incorporated in such filings.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
99.1		Press Release, dated July 22, 2026*
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

*Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			FIRST AMERICAN FINANCIAL CORPORATION
Date:	July 22, 2026	By:	/s/ Lisa W. Cornehl
			Name: Lisa W. Cornehl Title: Senior Vice President, Chief Legal Officer

Exhibit 99.1

NEWS  FOR  IMMEDIATE  RELEASE

FIRST AMERICAN FINANCIAL REPORTS second quarter 2026 results

SANTA ANA, Calif., July 22, 2026 – First American Financial Corporation (NYSE: FAF), a premier provider of title, settlement and risk solutions for real estate transactions and the leader in the digital transformation of its industry, today announced financial results for the second quarter ended June 30, 2026.

Current Quarter Highlights

•Earnings per diluted share of $2.12, or $2.08 per share on an adjusted basis

- Net investment gains of $12 million, or 9 cents per diluted share

- Purchase-related intangible amortization of $7 million, or 5 cents per diluted share

•Total revenue of $2.1 billion, up 15 percent compared with last year

- Adjusted total revenue of $2.1 billion, up 14 percent compared with last year

•Title Insurance and Services segment investment income of $164 million, up 11 percent compared with last year

•Title Insurance and Services segment pretax margin of 15.7 percent, or 14.0 percent on an adjusted basis

•Commercial revenues of $314 million, up 34 percent compared with last year

•Home Warranty segment pretax margin of 21.3 percent, or 20.2 percent on an adjusted basis

•Debt-to-capital ratio of 31.4 percent, or 21.5 percent excluding secured financings payable of $1.0 billion

•Repurchased 330,405 shares for a total of $20 million at an average price of $61.99

Selected Financial Information

($ in millions, except per share data)

		Three Months Ended
		June 30,
		2026				2025
Total revenue		$	2,117.3			$	1,841.3
Income before taxes		$	283.9			$	195.2
Net income		$	218.5			$	146.1
Net income per diluted share		$	2.12			$	1.41
Adjusted net income		$	214.4			$	158.4
Adjusted net income per diluted share		$	2.08			$	1.53

Total revenue for the second quarter of 2026 was $2.1 billion, up 15 percent compared with the second quarter of 2025. Net income in the current quarter was $218 million, or $2.12 per diluted share, compared with net income of $146 million, or $1.41 per diluted share, in the second quarter of 2025. Adjusted net income in the current quarter was $214 million, or $2.08 per diluted share, compared with $158 million, or $1.53 per diluted share, in the second quarter of last year. Net investment gains in the current quarter were $12 million, or 9 cents per diluted share, compared with net investment losses of $10

First American Financial Reports Second Quarter 2026 Results

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million, or 7 cents per diluted share, in the second quarter of last year. Purchase-related intangible amortization in both the current and prior year quarters was $7 million, or 5 cents per diluted share. The effective tax rate this quarter was 22.8 percent.

"Our earnings momentum continued in the second quarter, with adjusted earnings per share up 36 percent compared with the prior year,” said Mark Seaton, chief executive officer at First American Financial Corporation. "Our results were driven by our commercial business, which is on pace for a record year in 2026. In addition, investment income in our title segment grew 11 percent, despite a decline in the federal funds rate. Our adjusted pretax title margin was 14 percent for the quarter, a strong result given continued weakness in the residential market.

"Our primary strategic focus is to leverage AI across our business. We are integrating this technology into our workflows to enhance our employees' effectiveness, deliver a better experience for customers, and improve the way we operate. As these capabilities evolve, we will continue investing in our people, platforms, and products to drive innovation and reinforce our leadership in the markets we serve."

Title Insurance and Services

($ in millions, except average revenue per order)

		Three Months Ended
		June 30,
		2026				2025
Total revenues		$	2,014.6			$	1,722.9
Income before taxes		$	315.9			$	216.7
Pretax margin			15.7	%			12.6	%
Adjusted pretax margin			14.0	%			13.2	%
Title open orders(1)			188,200				186,907
Title closed orders(1)			137,300				138,324
U.S. Commercial
Total revenues		$	314.1			$	234.2
Open orders			29,700				27,900
Closed orders			15,700				15,300
Average revenue per order		$	19,980			$	15,267
(1) U.S. direct title insurance orders only.

Total revenues for the Title Insurance and Services segment were $2.0 billion in the second quarter, up 17 percent compared with the same quarter of 2025. Total adjusted revenues in the current quarter were $2.0 billion, up 14 percent compared with last year. Direct premiums and escrow fees were $689 million, an increase of 15 percent compared with the second quarter of last year, driven by a 17 percent increase in the average revenue per order closed, partially offset by a 1 percent decline in the number of direct title orders closed in our domestic operations. The average revenue per direct title order

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First American Financial Reports Second Quarter 2026 Results

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rose to $4,572, primarily due to an increase in the average revenue per order for commercial transactions, partially offset by a shift in the mix to lower premium refinance transactions. Agent premiums, which are recorded on approximately a one-quarter lag relative to direct premiums, were $820 million, up 14 percent compared with last year.

Information and other revenues were $295 million during the quarter, up $31 million, or 12 percent, compared with last year. The increase was primarily driven by revenue growth in the company's subservicing business, higher demand for non-insured information products and services, and refinance activity in the company's Canadian operations.

Investment income was $164 million in the second quarter, up $17 million, or 11 percent, compared with the same quarter last year. The increase was primarily driven by higher interest income from the company's investment portfolio. Net investment gains were $47 million in the current quarter, primarily attributable to increases in the fair values of marketable equity securities, compared with losses of $5 million in the same quarter last year.

Personnel costs were $572 million in the second quarter, up $49 million, or 9 percent, compared with the same quarter of 2025. The increase in personnel costs was primarily attributable to incentive compensation expense resulting from higher revenue and profitability, and higher salary expense.

Other operating expenses of $319 million in the current quarter were up $41 million, or 15 percent, compared with the second quarter of 2025, primarily due to higher production expense driven by higher volumes and an increase in software expense.

The provision for policy losses and other claims was $45 million in the second quarter, or 3.0 percent of title premiums and escrow fees, unchanged from the prior year. The second quarter rate reflects an ultimate loss rate of 3.75 percent for the current policy year and a net decrease of $11 million in the loss reserve estimate for prior policy years.

Depreciation and amortization expense was $52 million in the second quarter, up $1 million, or 1 percent, compared with the same period last year.

Interest expense was $30 million in the current quarter, up $8 million, or 33 percent, compared with last year primarily due to higher interest expense on deposit balances at the company's bank subsidiary.

The Title Insurance and Services segment posted pretax income of $316 million in the second quarter, compared with pretax income of $217 million in the second quarter of 2025. Pretax margin was 15.7 percent in the current quarter, compared with 12.6 percent last year. Adjusted pretax margin was 14.0 percent in the current period, compared with 13.2 percent last year.

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First American Financial Reports Second Quarter 2026 Results

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Home Warranty

($ in millions)

		Three Months Ended
		June 30,
		2026				2025
Total revenues		$	113.8			$	110.2
Income before taxes		$	24.2			$	22.3
Pretax margin			21.3	%			20.2	%
Adjusted pretax margin			20.2	%			20.7	%

Total revenues for the Home Warranty segment were $114 million in the second quarter, up 3 percent compared with last year. Total adjusted revenues in the current quarter were $112 million, up 1 percent compared with last year. The segment posted pretax income of $24 million this quarter, up 9 percent compared with last year. The claim loss rate declined to 40 percent in the second quarter, compared with 41 percent last year, primarily due to lower claim frequency, partially offset by higher claim severity. Home Warranty’s pretax margin was 21.3 percent this quarter, compared with 20.2 percent last year. Adjusted pretax margin was 20.2 percent this quarter, compared with 20.7 percent last year.

Corporate

The Corporate segment pretax loss was $56 million in the second quarter, compared with a loss of $44 million last year. Excluding net investment gains and losses, the Corporate pretax loss was $20 million in the current quarter, compared with a $40 million loss in the second quarter of last year. The current quarter benefited from a $7 million insurance recovery, while the prior period included a $13 million one-time expense related to executive separation costs.

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First American Financial Reports Second Quarter 2026 Results

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Teleconference/Webcast

First American’s second quarter 2026 results will be discussed in more detail on Thursday, July 23, 2026, at 11 a.m. EDT, via teleconference. The toll-free dial-in number is +1-877-407-8293. Callers from outside the United States may dial +1-201-689-8349.

The live audio webcast of the call will be available on First American’s website at www.firstam.com/investor. An audio replay of the conference call will be available through Aug. 6, 2026, by dialing +1-201-612-7415 and using the conference ID 13761705. An audio archive of the call will also be available on First American’s investor website.

About First American

First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over 135 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $7.5 billion in 2025, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2026, First American was named one of the 100 Best Companies to Work For by Great Place to Work® and Fortune Magazine for the eleventh consecutive year. More information about the company can be found at www.firstam.com.

Website Disclosure

First American posts information of interest to investors at www.firstam.com/investor. This includes opened and closed title insurance order counts for its U.S. direct title insurance operations, which are posted approximately 10 to 12 days after the end of each month.

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First American Financial Reports Second Quarter 2026 Results

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Forward-Looking Statements

Certain statements made in this press release and the related management commentary contain, and responses to investor questions may contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and may contain the words “believe,” “anticipate,” “expect,” “intend,” “plan,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” or other similar words and phrases or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” or “could.” These forward-looking statements include, without limitation, statements regarding future operations, performance, financial condition, prospects, plans and strategies. These forward-looking statements are based on current expectations and assumptions that may prove to be incorrect. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include, without limitation: interest rate fluctuations; changes in conditions of the real estate markets; volatility in the capital markets; unfavorable economic conditions; impairments in the company’s goodwill or other intangible assets; failures at financial institutions where the company deposits funds; regulatory oversight and changes in applicable laws and government regulations, including privacy and data protection laws; heightened scrutiny by legislators and regulators of the company’s title insurance and services segment and certain other of the company’s businesses; regulation of title insurance rates; limitations on access to public records and other data; severe weather conditions, health crises, terrorist attacks and other catastrophes; changes in relationships with large mortgage lenders and government-sponsored enterprises; changes in measures of the strength of the company’s title insurance underwriters, including ratings and statutory capital and surplus; losses in the company’s investment portfolio or venture investment portfolio; material variance between actual and expected claims experience; provision of capital to subsidiaries that could affect the company’s liquidity position; defalcations, increased claims or other costs and expenses attributable to the company’s use of title agents; any inadequacy in the company’s risk management framework or use of models; systems damage, failures, interruptions, cyberattacks and intrusions, or unauthorized data disclosures; innovation efforts of the company and other industry participants and any related market disruption; errors and fraud involving the transfer of funds; failures to recruit and retain qualified employees; the company’s use of a global workforce; inability of the company to fulfill parent company obligations and/or pay dividends; inability to realize anticipated synergies or produce returns that justify investment in acquired businesses; a reduction in the deposits at the company’s federal savings bank subsidiary; claims of infringement or inability to adequately protect the company’s intellectual property; and other factors described in the company’s annual report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission. The forward-looking statements speak only as of the date they are made. The company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Use of Non-GAAP Financial Measures

This news release and related management commentary contain certain financial measures that are not presented in accordance with generally accepted accounting principles (GAAP), including an adjusted debt to capitalization ratio, personnel and other operating expense ratios, success ratios, net operating revenues; and adjusted revenues, adjusted pretax income, adjusted pretax margin, adjusted net income, and adjusted earnings per share. The company is presenting these non-GAAP financial measures because they provide the company’s management and investors with additional insight into the financial leverage, operational efficiency and performance of the company relative to earlier periods and relative to the company’s competitors. The company does not intend for these non-GAAP financial measures to be a substitute for any GAAP financial information. In this news release, these non-GAAP financial measures have been presented with, and reconciled to, the most directly comparable GAAP financial measures. Investors should use these non-GAAP financial measures only in conjunction with the comparable GAAP financial measures.

Media Contact: Marcus Ginnaty
Corporate Communications
First American Financial Corporation
714-250-3298 Investor Contact: Craig Barberio Investor Relations First American Financial Corporation 714-250-5214

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First American Financial Corporation
Summary of Consolidated Financial Results and Selected Information
(in millions, except per share amounts and title orders, unaudited)
		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
Total revenues		$	2,117.3			$	1,841.3			$	3,955.3			$	3,423.6
Income before income taxes		$	283.9			$	195.2			$	445.7			$	291.8
Income tax expense			64.8				48.1				101.8				69.9
Net income			219.1				147.1				343.9				221.9
Less: Net income attributable to noncontrolling interests			0.6				1.0				0.3				1.6
Net income attributable to the Company		$	218.5			$	146.1			$	343.6			$	220.3
Net income per share attributable to stockholders:
Basic		$	2.13			$	1.41			$	3.34			$	2.12
Diluted		$	2.12			$	1.41			$	3.33			$	2.12
Cash dividends declared per share		$	0.55			$	0.54			$	1.10			$	1.08
Weighted average common shares outstanding:
Basic			102.6				103.5				102.8				103.7
Diluted			103.0				103.8				103.1				104.0
Selected Title Insurance Segment Information
Title orders opened(1)			188,200				186,907				371,100				355,836
Title orders closed(1)			137,300				138,324				257,200				248,576
Paid title claims		$	61.9			$	47.3			$	103.6			$	85.7
(1) U.S. direct title insurance orders only.

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First American Financial Reports Second Quarter 2026 Results

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First American Financial Corporation
Selected Consolidated Balance Sheet Information
(in millions, unaudited)
		June 30,				December 31,
		2026				2025
Cash and cash equivalents		$	2,624.8			$	1,387.3
Investments			10,733.7				9,394.3
Goodwill and other intangible assets, net			1,903.7				1,919.3
Total assets			18,941.0				16,228.8
Reserve for claim losses			1,151.6				1,169.6
Notes and contracts payable			1,546.5				1,545.4
Total stockholders’ equity		$	5,620.8			$	5,499.5

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First American Financial Corporation
Segment Information
(in millions, unaudited)
Three Months Ended						Title				Home				Corporate
June 30, 2026		Consolidated				Insurance				Warranty				(incl. Elims.)
Revenues
Direct premiums and escrow fees		$	794.1			$	689.2			$	104.8			$	0.1
Agent premiums			819.7				819.7				—				—
Information and other			307.8				295.0				6.2				6.6
Net investment income			183.7				164.0				1.3				18.4
Net investment gains (losses)			12.0				46.7				1.5				(36.2	)
			2,117.3				2,014.6				113.8				(11.1	)
Expenses
Personnel costs			614.3				572.5				22.0				19.8
Premiums retained by agents			658.6				658.6				—				—
Other operating expenses			352.1				319.0				23.3				9.8
Provision for policy losses and other claims			87.3				45.3				41.7				0.3
Depreciation and amortization			53.6				52.3				1.4				(0.1	)
Premium taxes			21.8				20.6				1.2				(0.0	)
Interest			45.7				30.4				—				15.3
			1,833.4				1,698.7				89.6				45.1
Income (loss) before income taxes		$	283.9			$	315.9			$	24.2			$	(56.2	)
Three Months Ended						Title				Home				Corporate
June 30, 2025		Consolidated				Insurance				Warranty				(incl. Elims.)
Revenues
Direct premiums and escrow fees		$	704.2			$	600.4			$	103.7			$	0.1
Agent premiums			716.5				716.5				—				—
Information and other			270.1				264.3				5.9				(0.1	)
Net investment income			160.2				147.1				1.2				11.9
Net investment losses			(9.7	)			(5.4	)			(0.6	)			(3.7	)
			1,841.3				1,722.9				110.2				8.2
Expenses
Personnel costs			571.1				523.0				20.7				27.4
Premiums retained by agents			573.5				573.5				—				—
Other operating expenses			309.4				277.8				21.9				9.7
Provision for policy losses and other claims			81.9				39.5				42.8				(0.4	)
Depreciation and amortization			53.0				51.6				1.3				0.1
Premium taxes			19.2				18.0				1.2				0.0
Interest			38.0				22.8				—				15.2
			1,646.1				1,506.2				87.9				52.0
Income (loss) before income taxes		$	195.2			$	216.7			$	22.3			$	(43.8	)

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First American Financial Reports Second Quarter 2026 Results

Page 10

First American Financial Corporation
Segment Information
(in millions, unaudited)
Six Months Ended						Title				Home				Corporate
June 30, 2026		Consolidated				Insurance				Warranty				(incl. Elims.)
Revenues
Direct premiums and escrow fees		$	1,454.3			$	1,246.3			$	207.9			$	0.1
Agent premiums			1,579.1				1,579.1				—				—
Information and other			582.9				564.2				12.1				6.6
Net investment income			336.1				318.2				2.6				15.3
Net investment gains (losses)			2.9				39.1				1.0				(37.2	)
			3,955.3				3,746.9				223.6				(15.2	)
Expenses
Personnel costs			1,182.5				1,118.9				43.0				20.6
Premiums retained by agents			1,260.8				1,260.8				—				—
Other operating expenses			662.5				596.4				46.6				19.5
Provision for policy losses and other claims			165.1				84.8				78.9				1.4
Depreciation and amortization			108.2				105.4				2.8				(0.0	)
Premium taxes			42.9				40.6				2.3				(0.0	)
Interest			87.6				57.1				—				30.5
			3,509.6				3,264.0				173.6				72.0
Income (loss) before income taxes		$	445.7			$	482.9			$	50.0			$	(87.2	)
Six Months Ended						Title				Home				Corporate
June 30, 2025		Consolidated				Insurance				Warranty				(incl. Elims.)
Revenues
Direct premiums and escrow fees		$	1,265.3			$	1,060.0			$	205.3			$	-
Agent premiums			1,371.1				1,371.1				—				—
Information and other			512.3				500.3				12.1				(0.1	)
Net investment income			295.4				284.8				2.0				8.6
Net investment losses			(20.5	)			(8.9	)			(1.4	)			(10.2	)
			3,423.6				3,207.3				218.0				(1.7	)
Expenses
Personnel costs			1,077.8				1,007.8				41.2				28.8
Premiums retained by agents			1,099.0				1,099.0				—				—
Other operating expenses			587.7				524.2				44.4				19.1
Provision for policy losses and other claims			152.0				72.9				80.5				(1.4	)
Depreciation and amortization			105.5				102.8				2.6				0.1
Premium taxes			36.6				34.3				2.3				—
Interest			73.2				42.8				—				30.4
			3,131.8				2,883.8				171.0				77.0
Income (loss) before income taxes		$	291.8			$	323.5			$	47.0			$	(78.7	)

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First American Financial Reports Second Quarter 2026 Results

Page 11

First American Financial Corporation
Reconciliation of Non-GAAP Financial Measures
(in millions, except margin and per share amounts, unaudited)
Consolidated
		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
Total revenues		$	2,117.3			$	1,841.3			$	3,955.3			$	3,423.6
Non-GAAP adjustments:
Less: Net investment gains (losses)			12.0				(9.7	)			2.9				(20.5	)
Adjusted total revenues		$	2,105.3			$	1,851.0			$	3,952.4			$	3,444.1
Pretax income		$	283.9			$	195.2			$	445.7			$	291.8
Non-GAAP adjustments:
Less: Net investment gains (losses)			12.0				(9.7	)			2.9				(20.5	)
Plus: Purchase-related intangible amortization			6.7				6.6				13.5				13.4
Adjusted pretax income		$	278.6			$	211.5			$	456.3			$	325.7
Pretax margin			13.4	%			10.6	%			11.3	%			8.5	%
Non-GAAP adjustments:
Less: Net investment gains (losses)			0.5	%			(0.5	)%			0.1	%			(0.6	)%
Plus: Purchase-related intangible amortization			0.3	%			0.3	%			0.3	%			0.4	%
Adjusted pretax margin			13.2	%			11.4	%			11.5	%			9.5	%
Net income		$	218.5			$	146.1			$	343.6			$	220.3
Non-GAAP adjustments, net of tax:
Less: Net investment gains (losses)			9.3				(7.3	)			2.2				(15.6	)
Plus: Purchase-related intangible amortization			5.2				5.0				10.4				10.2
Adjusted net income		$	214.4			$	158.4			$	351.8			$	246.1
Earnings per diluted share (EPS)		$	2.12			$	1.41			$	3.33			$	2.12
Non-GAAP adjustments, net of tax:
Less: Net investment gains (losses)		$	0.09			$	(0.07	)		$	0.02			$	(0.15	)
Plus: Purchase-related intangible amortization		$	0.05			$	0.05			$	0.10			$	0.10
Adjusted EPS		$	2.08			$	1.53			$	3.41			$	2.37
Purchase-related intangible amortization includes amortization of noncompete agreements,
customer relationships, and trademarks acquired in business combinations.
Totals may not sum due to rounding.

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First American Financial Reports Second Quarter 2026 Results

Page 12

First American Financial Corporation
Reconciliation of Non-GAAP Financial Measures
(in millions except margin, unaudited)
By Segment
		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
Title Insurance and Services Segment
Total revenues		$	2,014.6			$	1,722.9			$	3,746.9			$	3,207.3
Non-GAAP adjustments:
Less: Net investment gains (losses)			46.7				(5.4	)			39.1				(8.9	)
Adjusted total revenues		$	1,967.9			$	1,728.3			$	3,707.8			$	3,216.2
Pretax income		$	315.9			$	216.7			$	482.9			$	323.5
Non-GAAP adjustments:
Less: Net investment gains (losses)			46.7				(5.4	)			39.1				(8.9	)
Plus: Purchase-related intangible amortization			6.7				6.5				13.4				13.3
Adjusted pretax income		$	275.9			$	228.6			$	457.2			$	345.7
Pretax margin			15.7	%			12.6	%			12.9	%			10.1	%
Non-GAAP adjustments:
Less: Net investment gains (losses)			2.0	%			(0.3	)%			0.9	%			(0.2	)%
Plus: Purchase-related intangible amortization			0.3	%			0.3	%			0.3	%			0.4	%
Adjusted pretax margin			14.0	%			13.2	%			12.3	%			10.7	%
Home Warranty Segment
Total revenues		$	113.8			$	110.2			$	223.6			$	218.0
Non-GAAP adjustments:
Less: Net investment gains (losses)			1.5				(0.6	)			1.0				(1.4	)
Adjusted total revenues		$	112.3			$	110.8			$	222.6			$	219.4
Pretax income		$	24.2			$	22.3			$	50.0			$	47.0
Non-GAAP adjustments:
Less: Net investment gains (losses)			1.5				(0.6	)			1.0				(1.4	)
Adjusted pretax income		$	22.7			$	22.9			$	49.0			$	48.4
Pretax margin			21.3	%			20.2	%			22.4	%			21.6	%
Non-GAAP adjustments:
Less: Net investment gains (losses)			1.1	%			(0.5	)%			0.4	%			(0.5	)%
Adjusted pretax margin			20.2	%			20.7	%			22.0	%			22.1	%
Purchase-related intangible amortization includes amortization of noncompete agreements,
customer relationships, and trademarks acquired in business combinations.
Totals may not sum due to rounding.

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First American Financial Reports Second Quarter 2026 Results

Page 13

First American Financial Corporation
Expense and Success Ratio Reconciliation
Title Insurance and Services Segment
($ in millions, unaudited)
		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
Total revenues		$	2,014.6			$	1,722.9			$	3,746.9			$	3,207.3
Less: Net investment gains (losses)			46.7				(5.4	)			39.1				(8.9	)
Net investment income			164.0				147.1				318.2				284.8
Premiums retained by agents			658.6				573.5				1,260.8				1,099.0
Net operating revenues		$	1,145.3			$	1,007.7			$	2,128.8			$	1,832.4
Personnel and other operating expenses		$	891.5			$	800.8			$	1,715.3			$	1,532.0
Ratio (% net operating revenues)			77.8	%			79.5	%			80.6	%			83.6	%
Ratio (% total revenues)			44.3	%			46.5	%			45.8	%			47.8	%
Change in net operating revenues		$	137.6							$	296.4
Change in personnel and other operating expenses			90.7								183.3
Success Ratio(1)			66	%							62	%
(1) Change in personnel and other operating expenses divided by change in net operating revenues.

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First American Financial Reports Second Quarter 2026 Results

Page 14

First American Financial Corporation
Supplemental Direct Title Insurance Order Information(1)
(unaudited)
		Q226				Q126				Q425				Q325				Q225
Open Orders per Day
Purchase			1,516				1,429				1,100				1,375				1,554
Refinance			662				838				768				771				623
Refinance as % of residential orders			30	%			37	%			41	%			36	%			29	%
Commercial			465				451				444				441				437
Default and other			297				280				346				402				307
Total open orders per day			2,941				2,998				2,657				2,989				2,920
Closed Orders per Day
Purchase			1,072				839				953				1,062				1,110
Refinance			555				616				629				503				494
Refinance as % of residential orders			34	%			42	%			40	%			32	%			31	%
Commercial			246				249				289				238				240
Default and other			273				262				375				413				318
Total closed orders per day			2,145				1,966				2,246				2,216				2,161
Average Revenue per Order (ARPO)(2)
Purchase		$	3,900			$	3,740			$	3,704			$	3,689			$	3,693
Refinance			1,050				1,130				1,146				1,034				998
Commercial			19,980				17,851				18,605				16,119				15,267
Default and other			503				126				366				343				539
Total ARPO		$	4,572			$	4,229			$	4,350			$	3,801			$	3,897
Business Days			64				61				63				64				64
(1) U.S. operations only.
(2) Average revenue per order (ARPO) defined as direct premiums and escrow fees divided by closed title orders.
Please note that during the fourth quarter of 2025, the company revised refinance order counts and
corresponding total order counts for all periods prior to the third quarter of 2025, which impacted all
related year-over-year metrics, due to certain home equity orders that were previously excluded.
These revised order counts also impacted ARPO previously reported in earnings releases for the
periods prior to the third quarter of 2025; however, there was no change to reported revenues.
Totals may not sum due to rounding.

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