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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-34580 (Exact name of registrant as specified in its charter) Delaware 26-1911571 (State or other jurisdiction of incorporation or organization) ...

Seaton noted that commercial refinance represented roughly 40% of commercial premiums in 2025 versus a historical level around 30%, citing some lenders moving to shorter loan maturities that can drive more frequent refinancing. In response to analyst questions, he added that he expects this refinancing dynamic to remain a “tailwind” for several years and that premiums are “basically the same” for commercial purchase and refinance transactions.Commercial title revenue increased 35% to $339 million, supported ...

Key Takeaways FAF posted Q4 EPS of $1.99, up 47%, as revenues rose 22% to $2B and beat estimates.First American's Title segment revenues grew 21%, with margin up 220 bps to 14%.FAF's full-year EPS rose 37.5% to $6.05; dividend raised 2% and $122M shares repurchased.First American Financial Corporation (FAF) reported fourth-quarter 2025 operating earnings of $1.99 per share, which beat the Zacks Consensus Estimate by 33.6% and rose 47.4% year over year.Operating revenues climbed 22% to $2 billion, driven by ...

Financial Data and Key Metrics Changes - The company generated adjusted EPS of $1.99, a 47% improvement from the prior year [5] - GAAP earnings were $2.05 per diluted share, with adjusted earnings including one-time benefits of $28 million or $0.20 per diluted share [12] - Adjusted revenue in the title segment was $1.9 billion, up 14% compared to the same quarter of 2024 [13] - Personnel costs increased by 11% to $581 million, primarily due to incentive compensation [16] - The effective tax rate was 25.7%, higher than the normalized rate of 24% [20] Business Line Data and Key Metrics Changes - Commercial revenue grew by 35% to $339 million, driven by higher average revenue per order and transaction volumes [13][14] - Closed orders increased by 10% in the commercial segment, while average revenue per order rose by 22% [14] - Residential purchase revenue decreased by 4%, with closed orders down by 7% [14] - Refinance revenue increased by 47%, driven by a 44% increase in closed orders [14] Market Data and Key Metrics Changes - Existing home sales are approximately 4 million units, below the normalized level of 5.5 million units [6] - Open purchase orders were down 7% in the fourth quarter, indicating continued weakness in purchase revenue [10] - Refinance open orders were up 72% in January, suggesting a positive trend for the first quarter [10] Company Strategy and Development Direction - The company aims to be the best title and escrow company in the industry, focusing on modern AI-powered products to improve customer experience and operational efficiency [11] - The launch of Endpoint and Sequoia AI is expected to provide a competitive advantage and improve margins over time [8][36] - The company plans to roll out Endpoint nationally over the next two years and expand Sequoia AI capabilities [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting growth across major revenue drivers despite uncertainty [9][10] - The company anticipates a record revenue year in the commercial segment, with a strong pipeline [9] - Management noted that the rate lock-in effect is expected to fade, allowing for improved affordability in the housing market [10] Other Important Information - The company has gained 90 basis points of organic market share over the last 12 months [10] - The bank subsidiary has quickly grown 1031 exchange deposits from $94 million to over $300 million [9] - The company is focused on investing in technology and maintaining a strong balance sheet while returning capital to shareholders [60] Q&A Session Summary Question: Can you help us think about the potential improvement over 2025 in commercial? - Management is optimistic about 2026, noting broad-based strength and a strong pipeline, but specific growth percentages are uncertain [24] Question: What is the contribution from data centers to commercial premiums? - Data centers accounted for roughly 10% of premiums, with significant growth expected [25][26] Question: How should we think about margin impacts from Sequoia and Endpoint? - The margin drag is expected to gradually alleviate as investments in modern platforms increase [36] Question: What are the primary drivers of the adjusted pretax margin expansion? - The higher margin is driven by commercial tailwinds and effective expense management [50] Question: What are the capital allocation priorities heading into 2026? - The first priority is investing in core business technology, followed by acquisitions and returning capital to shareholders [56][58] Question: What is the expected impact of the Texas title insurance rate reduction? - The rate change is expected to lower total revenue and net operating revenue in the title segment by about 50 basis points [86] Question: What is the guidance for investment income for Q1 or the full year? - Investment income for 2026 is expected to be roughly flat compared to 2025 [93]

Financial Data and Key Metrics Changes - The company generated adjusted EPS of $1.99, a 47% improvement from the prior year [5] - GAAP earnings were $2.05 per diluted share, with adjusted earnings including one-time benefits of $28 million or $0.20 per diluted share [12] - Adjusted revenue in the title segment was $1.9 billion, up 14% compared to the same quarter of 2024 [13] - Personnel costs increased by 11% to $581 million, primarily due to incentive compensation [16] Business Line Data and Key Metrics Changes - Commercial revenue grew by 35% to $339 million, driven by higher average revenue per order and transaction volumes [13][14] - Closed orders increased by 10% year-over-year, while average revenue per order rose by 22% to a record $18,600 per closing [14] - Residential purchase revenue decreased by 4%, reflecting a 7% decline in closed orders [14] - Refinance revenue increased by 47%, driven by a 44% increase in closed orders [14] Market Data and Key Metrics Changes - Existing home sales are running at approximately 4 million units, below the normalized level of 5.5 million units [6] - Open purchase orders were down 7% in the fourth quarter, indicating continued weakness in purchase revenue [10] - Refinance open orders were up 72% in January, suggesting a positive trend for the first quarter [10] Company Strategy and Development Direction - The company aims to be the best title and escrow company in the industry, focusing on modern AI-powered products to improve customer experience and operational efficiency [11] - The launch of the Endpoint platform and the Sequoia title production engine are key strategic initiatives, with plans for national rollout over the next two years [8][36] - The company is also focused on enhancing its competitive advantage through data assets and adjacent businesses [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting growth across major revenue drivers: commercial, purchase, and refinance [9] - The company anticipates a record revenue year for commercial, with a strong pipeline despite uncertainty [9] - Management noted that the rate lock-in effect is expected to fade, allowing for improved affordability in many markets [10] Other Important Information - The company ended the year with $94 million in 1031 exchange deposits, which have grown to over $300 million [9] - The effective tax rate for the quarter was 25.7%, higher than the normalized rate of 24% due to higher income from non-insurance businesses [20] Q&A Session Summary Question: Potential improvement in commercial revenue for 2026 - Management is optimistic about commercial revenue growth in 2026, citing strong momentum and a robust pipeline, but specific growth percentages are uncertain [24] Question: Contribution from data centers to commercial premiums - Data centers accounted for roughly 10% of commercial premiums, with significant growth expected [25][26] Question: Impact of Sequoia and Endpoint on margins - Management indicated that margin drag from legacy platforms will gradually alleviate as investments in modern platforms increase [34] Question: Drivers of adjusted pretax margin expansion - The higher margin is attributed to commercial tailwinds, effective expense management, and a favorable revenue mix [50] Question: Texas title insurance rate reduction impact - The rate change is expected to lower total revenue and net operating revenue in the title segment by about 50 basis points [86]

First American Financial (NYSE:FAF) Q4 2025 Earnings call February 12, 2026 11:00 AM ET Speaker7Welcome to the First American Financial Corporation's fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. A copy of today's press release is available on First ...

Core Insights - First American Financial (FAF) reported a revenue of $2.05 billion for the quarter ended December 2025, marking a 21.6% increase year-over-year and exceeding the Zacks Consensus Estimate by 9.97% [1] - The earnings per share (EPS) for the quarter was $1.99, up from $1.35 in the same quarter last year, representing a surprise of 33.27% over the consensus estimate of $1.49 [1] Revenue Breakdown - Net investment income was reported at $161.8 million, slightly above the average estimate of $157.33 million, reflecting a year-over-year increase of 3.3% [4] - Agent premiums reached $789.5 million, surpassing the average estimate of $722.03 million, with a year-over-year growth of 13.1% [4] - Direct premiums and escrow fees totaled $789.4 million, exceeding the estimated $708.75 million, and showed a 17.3% increase compared to the previous year [4] - Information and other revenues amounted to $293.9 million, higher than the estimated $256.1 million, indicating a year-over-year growth of 20.6% [4] Stock Performance - Shares of First American Financial have returned 12.1% over the past month, contrasting with a -0.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

First American Financial (FAF) came out with quarterly earnings of $1.99 per share, beating the Zacks Consensus Estimate of $1.49 per share. This compares to earnings of $1.35 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +33.27%. A quarter ago, it was expected that this financial services company would post earnings of $1.42 per share when it actually produced earnings of $1.7, delivering a surprise of +19.72%.Over the last ...

Exhibit 99.1 NEWS FOR IMMEDIATE RELEASE FIRST AMERICAN FINANCIAL REPORTS RESULTS FOR THE FOURTH QUARTER AND FULL YEAR OF 2025 SANTA ANA, Calif., Feb. 11, 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 fourth quarter and year ended Dec. 31, 2025. Current Quarter Highlights Full Year Highlights Selected Financi ...