業績公告
即時報告
8-K
2026-07-22
第一美國公佈2026年第二季業績 收入21億美元升15% 每股盈利2.12美元勝預期
AI 繁中摘要
First American Financial 公佈2026年第二季度業績（8-K，EX-99.1）📊
總收入21.17億美元，按年升15%；調整後收入21.05億美元，升14%。每股攤薄盈利2.12美元，高於去年同期的1.41美元；調整後每股盈利2.08美元，按年升36%（去年同期1.53美元）。淨投資收益1,200萬美元（每股9美仙），去年同期為虧損1,000萬美元。
**Title保險及服務板塊**：收入20.15億美元，升17%；稅前利潤3.16億美元，利潤率15.7%（調整後14.0%）。商業收入3.14億美元，勁升34%，平均每張訂單收入19,980美元，遠超去年同期的15,267美元。直接保費及託管費6.89億美元，升15%；代理保費8.20億美元，升14%。投資收入1.64億美元，升11%。雖然住宅市場仍然疲弱，但商業業務強勁帶動整體表現。
**Home Warranty板塊**：收入1.14億美元，升3%；稅前利潤2,420萬美元，利潤率21.3%（調整後20.2%）。理賠率由41%降至40%。
**企業板塊**：稅前虧損5,600萬美元（去年同期虧損4,400萬美元），今年季度內有700萬美元保險賠償，去年則有1,300萬美元一次性高管離職費用。
**管理層展望**：CEO Mark Seaton表示盈利勢頭持續，商業業務有望創2026年全年紀錄。公司正聚焦將AI融入工作流程，提升員工效率及客戶體驗，並持續投資人才、平台及產品，鞏固市場領導地位。
**其他亮點**：期內回購330,405股，涉資2,000萬美元，平均價61.99美元。資產負債表穩健，債務與資本比率31.4%（扣除有抵押融資後為21.5%）。有效稅率22.8%。
**對投資者影響**：業績超出市場預期，商業業務增長強勁及盈利改善是主要催化劑。AI策略及持續回購反映管理層對未來信心。惟需留意住宅市場復甦進度及利率走向。
展開英文正文
EX-99.1 2 faf-ex99_1.htm EX-99.1 EX-99.1 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 Page 2 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 -more- First American Financial Reports Second Quarter 2026 Results Page 3 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 $217 million in the second quarter of 2025. Pretax margin was 15.7 percent in the current quarter, compared with 12.6 percent last year. Adjusted pretax margin was 14.0 percent in the current period, compared with 13.2 percent last year. -more- First American Financial Reports Second Quarter 2026 Results Page 4 Home Warranty ($ 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. -more- First American Financial Reports Second Quarter 2026 Results Page 5 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. -more- First American Financial Reports Second Quarter 2026 Results Page 6 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 GinnatyCorporate CommunicationsFirst American Financial Corporation 714-250-3298 Investor Contact: Craig Barberio Investor Relations First American Financial Corporation 714-250-5214 -more- First American Financial Reports Second Quarter 2026 Results Page 7 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. -more- First American Financial Reports Second Quarter 2026 Results Page 8 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 -more- First American Financial Reports Second Quarter 2026 Results Page 9 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 ) -more- 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 ) -more- 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. -more- 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. -more- 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. -more- 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. ###