First American Financial Corp (FAF) · Oct 21, 2026 · Earnings

First American earnings miss as home warranty margins slide

Miss — Adjusted EPS $1.78 vs roughly $1.92 consensus

First American’s Q3 earnings missed available estimates as residential orders fell and Home Warranty profitability weakened, despite commercial growth and higher investment income.

First American is trying to navigate a lower-for-longer residential housing market by leaning on commercial title work, investment income, technology modernization and adjacent businesses; its AI-native settlement rollout was already part of the company’s stated strategy before this quarter.

The quarter missed the available earnings bar. Adjusted EPS was $1.78 versus published estimates around $1.92, while revenue of $2.085 billion was slightly below estimates near $2.11 billion. The reported adjusted result was still up from $1.70 a year ago, but that year-over-year improvement was not enough to meet the higher market expectation.

Metric	Q3 2026	Q3 2025	External expectation
Revenue	$2,084.6M	$1,978.9M	~$2.11B
Adjusted EPS	$1.78	$1.70	~$1.92
Title Insurance pretax margin	12.4%	12.9%	—
Home Warranty pretax margin	9.9%	14.1%	—
Operating cash flow	$238M	$273M	—
Dividend rate	$2.44 annually	$2.20 implied prior rate	—

Commercial is doing the heavy lifting, but not enough to offset weaker residential activity. Title Insurance and Services revenue rose 7% to $2.0 billion, with commercial revenue up 21% to $297 million and commercial average revenue per order reaching $18,200. But direct title orders closed fell 5%, total open orders declined to 175,600 from 191,300, and the segment margin narrowed to 12.4% from 12.9%.

The core title operation remains profitable, but cost growth diluted the benefit of better mix and investment income. Title segment pretax income increased to $244 million from $236 million, helped by investment income rising 11% to $169 million. However, personnel costs rose 6%, other operating expenses rose 11%, and interest expense rose 27%, leaving the adjusted title margin below last year’s level.

Home Warranty is the clearest deterioration in the quarter. Revenue was essentially flat at $115 million, but pretax income fell 30% to $11 million as higher marketing spending to build the direct-to-consumer channel compressed the margin to 9.9% from 14.1%. That is a meaningful drag on consolidated earnings rather than merely a comparison effect.

Capital returns improved, but cash generation softened. First American raised its dividend 11% to an annual $2.44 per share and continued repurchases, while operating cash flow declined to $238 million from $273 million. The capital actions support the shareholder-return story, but they do not repair the weaker operating margin profile in this quarter.

Bottom line: This was a miss, not a collapse: commercial growth and higher investment income are cushioning a weak residential market, but falling order volumes, thinner title margins and a sharp Home Warranty slowdown make the earnings quality less clean than the headline revenue growth suggests.

What to watch next

Q3 earnings call, October 22, 2026

Original filing on SEC EDGAR

More First American Financial Corp news

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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First American earnings miss as home warranty margins slide

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