季報
季度報告
10-Q
2026-07-23
First American Financial 第二季收入21億美元增15% 淨利潤升49%
AI 繁中摘要
First American Financial Corporation（FAF）公佈截至2026年6月30日止第二季度及上半年業績（10-Q）。第二季度總收入21.17億美元，按年增長15%（去年同期18.41億美元）；淨收入2.191億美元，同比增48.9%（去年同期1.471億美元）。歸屬於公司的淨利潤為2.185億美元（去年同期1.461億美元），每股基本盈利2.13美元（去年同期1.41美元），每股攤薄盈利2.12美元。上半年總收入39.55億美元，同比增15.5%；淨收入3.439億美元，同比增55%；每股基本盈利3.34美元（去年同期2.12美元）。
收入增長主要受直接保費及託管費、代理保費、資訊及其他收入帶動，分別同比增12.8%、14.4%及13.9%。淨投資收益亦增長14.7%至1.837億美元，並錄得淨投資收益1200萬美元（去年同期虧損970萬美元）。費用方面，人事成本及代理留用保費分別增7.6%及14.8%，整體費用率略有改善。
截至2026年6月30日，總資產189.41億美元（較去年底增16.7%），現金及現金等價物26.25億美元（去年底13.87億美元）。股東權益56.21億美元，每股賬面價值約55.1美元。公司於上半年回購約90萬股（總值5400萬美元），並派發每股1.10美元股息（同比增1.9%）。其他綜合虧損（稅後）為9130萬美元，主要因債務證券未實現虧損增加。
管理層強調利率波動、房地產市場狀況及監管環境為主要風險因素，但對核心業務增長持審慎樂觀態度。投資者應注意債券組合未實現虧損對權益的影響，以及按揭市場復甦對保費收入的潛在支持。📊✅
展開英文正文
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 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 FIRST AMERICAN FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 26-1911571 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1 First American Way, Santa Ana, California 92707-5913 (Address of principal executive offices) (Zip Code) (714) 250-3000 (Registrant’s telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) 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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ 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. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. On July 20, 2026 there were 102.1 million shares of common stock outstanding. FIRST AMERICAN FINANCIAL CORPORATION AND SUBSIDIARY COMPANIES INFORMATION INCLUDED IN REPORT PART I: FINANCIAL INFORMATION Item 1. Financial Statements (unaudited) A. Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 5 B. Condensed Consolidated Statements of Income for the three and six months ended June 30, 2026 and 2025 6 C. Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025 7 D. Condensed Consolidated Statements of Stockholders’ Equity for each of the quarters within the six months ended June 30, 2026 and 2025 8 E. Condensed Consolidated Statements of Cash Flows for the three and six months ended June 30, 2026 and 2025 10 F. Notes to Condensed Consolidated Financial Statements 11 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3. Quantitative and Qualitative Disclosures About Market Risk 41 Item 4. Controls and Procedures 41 PART II: OTHER INFORMATION Item 1. Legal Proceedings 42 Item 1A. Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44 2 THIS QUARTERLY REPORT ON FORM 10-Q CONTAINS 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; 3 •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 THIS QUARTERLY REPORT ON FORM 10-Q, INCLUDING UNDER THE CAPTION RISK FACTORS IN ITEM 1A OF PART II. 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. 4 PART I: FINANCIAL INFORMATION Item 1. Financial Statements. FIRST AMERICAN FINANCIAL CORPORATION AND SUBSIDIARY COMPANIES Condensed Consolidated Balance Sheets (in millions, except par values) (unaudited) June 30, 2026 December 31, 2025 Assets Cash and cash equivalents $ 2,624.8 $ 1,387.3 Accounts and accrued income receivable, less allowance for credit losses of $25.5 and $23.9 447.9 432.6 Income taxes receivable 35.4 65.0 Investments: Deposits with banks 103.3 78.5 Debt securities (amortized cost of $10,062.0 and $8,656.7; pledged of $162.2 and $170.3) 9,774.7 8,466.7 Equity securities 855.7 849.1 10,733.7 9,394.3 Secured financings receivable 1,152.2 986.1 Property and equipment, net 662.6 682.3 Operating lease assets 195.2 205.7 Title plants and other indexes 690.2 686.7 Deferred income taxes 9.4 9.4 Goodwill 1,818.3 1,819.3 Other intangible assets, net 85.4 100.0 Other assets 485.9 460.1 $ 18,941.0 $ 16,228.8 Liabilities and Equity Deposits $ 7,877.9 $ 5,292.7 Accounts payable and accrued liabilities 902.1 1,002.7 Deferred revenue 208.3 214.0 Reserve for known and incurred but not reported claims 1,151.6 1,169.6 Income taxes payable 55.4 42.7 Deferred income taxes 312.7 312.7 Operating lease liabilities 206.2 218.2 Secured financings payable 1,036.5 906.5 Notes and contracts payable 1,546.5 1,545.4 13,297.2 10,704.5 Commitments and contingencies (Note 16) Stockholders’ equity: Preferred stock, $0.00001 par value; Authorized—0.5 shares; Outstanding—none — — Common stock, $0.00001 par value; Authorized—300.0 shares; Outstanding—102.0 shares and 102.0 shares — — Additional paid-in capital 1,728.0 1,744.4 Retained earnings 4,240.8 4,011.8 Accumulated other comprehensive loss (348.0 ) (256.7 ) Total stockholders’ equity 5,620.8 5,499.5 Noncontrolling interests 23.0 24.8 Total equity 5,643.8 5,524.3 $ 18,941.0 $ 16,228.8 See notes to condensed consolidated financial statements. 5 FIRST AMERICAN FINANCIAL CORPORATION AND SUBSIDIARY COMPANIES Condensed Consolidated Statements of Income (in millions, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenues Direct premiums and escrow fees $ 794.1 $ 704.2 $ 1,454.3 $ 1,265.3 Agent premiums 819.7 716.5 1,579.1 1,371.1 Information and other 307.8 270.1 582.9 512.3 Net investment income 183.7 160.2 336.1 295.4 Net investment gains (losses) (realized losses of $(1.5), $(5.4), $(2.8), $(6.9)) 12.0 (9.7 ) 2.9 (20.5 ) 2,117.3 1,841.3 3,955.3 3,423.6 Expenses Personnel costs 614.3 571.1 1,182.5 1,077.8 Premiums retained by agents 658.6 573.5 1,260.8 1,099.0 Other operating expenses 352.1 309.4 662.5 587.7 Provision for policy losses and other claims 87.3 81.9 165.1 152.0 Depreciation and amortization 53.6 53.0 108.2 105.5 Premium taxes 21.8 19.2 42.9 36.6 Interest 45.7 38.0 87.6 73.2 1,833.4 1,646.1 3,509.6 3,131.8 Income before income taxes 283.9 195.2 445.7 291.8 Income taxes 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 the Company's stockholders (Note 10): Basic $ 2.13 $ 1.41 $ 3.34 $ 2.12 Diluted $ 2.12 $ 1.41 $ 3.33 $ 2.12 Cash dividends per share $ 0.55 $ 0.54 $ 1.10 $ 1.08 Weighted-average common shares outstanding (Note 10): Basic 102.6 103.5 102.8 103.7 Diluted 103.0 103.8 103.1 104.0 See notes to condensed consolidated financial statements. 6 FIRST AMERICAN FINANCIAL CORPORATION AND SUBSIDIARY COMPANIES Condensed Consolidated Statements of Comprehensive Income (in millions) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net income $ 219.1 $ 147.1 $ 343.9 $ 221.9 Other comprehensive income (loss), net of tax: Change in unrealized losses on debt securities (18.6 ) 19.0 (72.6 ) 111.3 Change in foreign currency translation adjustment (7.2 ) 34.9 (19.4 ) 38.8 Change in pension benefit adjustment 0.3 0.3 0.7 0.7 Total other comprehensive (loss) income, net of tax (25.5 ) 54.2 (91.3 ) 150.8 Comprehensive income 193.6 201.3 252.6 372.7 Less: Comprehensive income attributable to noncontrolling interests 0.6 1.0 0.3 1.6 Comprehensive income attributable to the Company $ 193.0 $ 200.3 $ 252.3 $ 371.1 See notes to condensed consolidated financial statements. 7 FIRST AMERICAN FINANCIAL CORPORATION AND SUBSIDIARY COMPANIES Condensed Consolidated Statements of Stockholders’ Equity (in millions) (unaudited) First American Financial Corporation Stockholders Shares Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income (loss) Total stockholders’ equity Noncontrolling interests Total Balance at December 31, 2025 102.0 $ — $ 1,744.4 $ 4,011.8 $ (256.7 ) $ 5,499.5 $ 24.8 $ 5,524.3 Net income (loss) for the three months ended March 31, 2026 — — — 125.1 — 125.1 (0.3 ) 124.8 Dividends on common shares — — — (56.2 ) — (56.2 ) — (56.2 ) Repurchases of Company shares (0.6 ) — (33.5 ) — — (33.5 ) — (33.5 ) Shares issued in connection with share-based compensation 0.7 — (5.4 ) (1.2 ) — (6.6 ) — (6.6 ) Share-based compensation — — 27.1 — — 27.1 — 27.1 Net activity related to noncontrolling interests — — — — — — (1.9 ) (1.9 ) Other comprehensive loss — — — — (65.8 ) (65.8 ) — (65.8 ) Balance at March 31, 2026 102.1 — 1,732.6 4,079.5 (322.5 ) 5,489.6 22.6 5,512.2 Net income for the three months ended June 30, 2026 — — — 218.5 — 218.5 0.6 219.1 Dividends on common shares — — — (56.1 ) — (56.1 ) — (56.1 ) Repurchases of Company shares (0.3 ) — (20.5 ) — — (20.5 ) — (20.5 ) Shares issued in connection with share-based compensation 0.2 — 2.6 (1.1 ) — 1.5 — 1.5 Share-based compensation — — 13.3 — — 13.3 — 13.3 Net activity related to noncontrolling interests — — — — — — (0.2 ) (0.2 ) Other comprehensive loss — — — — (25.5 ) (25.5 ) — (25.5 ) Balance at June 30, 2026 102.0 $ — $ 1,728.0 $ 4,240.8 $ (348.0 ) $ 5,620.8 $ 23.0 $ 5,643.8 See notes to condensed consolidated financial statements. 8 FIRST AMERICAN FINANCIAL CORPORATION AND SUBSIDIARY COMPANIES Condensed Consolidated Statements of Stockholders’ Equity – (Continued) (in millions) (unaudited) First American Financial Corporation Stoc