---
schema_version: "secwatch.filing_event.v1"
accession: "0001564590-23-006347"
form_type: "8-K"
ticker: "FAF"
cik: "0001472787"
company_name: "First American Financial Corp"
filed_at: "2023-04-27T23:59:59+00:00"
generated_at: "2026-06-16T08:48:27.512623+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# First American Q1 revenue down 29% to $1.45B; EPS $0.44 vs $0.88 YoY

## Summary
- Total revenue $1.45B, down 29% YoY; diluted EPS $0.44 vs $0.88; adjusted EPS $0.49 excl. net investment losses.
- Title Insurance pretax margin 6.5% (down from 11%); commercial revenues $148M, down 39%.
- Direct title orders closed down 48% YoY; open orders 172,600 vs 279,000; average revenue per order up 15%.
- Investment income $125M, up 136% due to higher rates; provision for policy losses reduced to 3.5% from 4.0%.
- Bought back 555,524 shares for $30M; debt-to-capital 28.4%; CEO notes April open orders up 5%+ vs March.

## SEC filing metadata
- accession: 0001564590-23-006347
- form_type: 8-K
- ticker: FAF
- cik: 0001472787
- company_name: First American Financial Corp
- filed_at: 2023-04-27T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1472787/000156459023006347/0001564590-23-006347-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1472787/000156459023006347/faf-8k_20230427.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001564590-23-006347
- JSON: https://secwatch.observer/filing/0001564590-23-006347.json
- Plain text: https://secwatch.observer/filing/0001564590-23-006347.txt

## Key facts
- Earnings Releases
  First American Financial Corp reported the first quarter ended March 31, 2023 results: revenue $1,446.1, net income $45.9, EPS $0.44.
  - Period: the first quarter ended March 31, 2023
  - Revenue: $1,446.1
  - Net income: $45.9
  - EPS: $0.44
  - Result: reported results
  source text: Total revenue $ 1,446.1 $ 2,033.7 Income before taxes $ 59.6 $ 129.8 Net income $ 45.9 $ 97.9 Net income per diluted share $ 0.44 $ 0.88
  evidence_url: https://www.sec.gov/Archives/edgar/data/1472787/000156459023006347/0001564590-23-006347-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.