# EQUIFAX INC (EFX)

Informational only - not investment advice.

CIK: 0000033185
SIC: 7320 Services-Consumer Credit Reporting, Collection Agencies
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7320 Services-Consumer Credit Reporting, Collection Agencies](/industry/7320/)
Latest 10-K filed: 2026-02-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=33185
Filing source: https://www.sec.gov/Archives/edgar/data/33185/000003318526000010/efx-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-19 · accession 0000033185-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000033185.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 6,074,500,000 USD | 2025 | verified |
| Net income | 660,300,000 USD | 2025 | verified |
| Assets | 11,864,200,000 USD | 2025 | verified |
| Free cash flow | 1,134,300,000 USD | 2025 | computed |
| Net margin | 10.87% | 2025 | computed |
| Operating margin | 18.03% | 2025 | computed |
| Revenue YoY | +6.92% | 2025 | computed |
| ROE | 14.34% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | EFX | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 10.9% | 4.2% | 68 | 310 |
| Operating margin | 18.0% | 6.3% | 77 | 301 |
| Revenue growth | 6.9% | 9.2% | 40 | 315 |
| FCF margin | 18.7% | 14.9% | 59 | 307 |
| ROE | 14.3% | 6.6% | 67 | 287 |
| ROA | 5.6% | 2.6% | 63 | 318 |
| Liabilities / equity | 1.55 | 1.27 | 61 | 290 |
| Current ratio | 0.60 | 1.50 | 3 | 313 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 73 Business Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 6074500000 | USD | 2025 | 2026-02-19 |
| Net income | 660300000 | USD | 2025 | 2026-02-19 |
| Assets | 11864200000 | USD | 2025 | 2026-02-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000033185.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 3,144,900,000 | 3,362,200,000 | 3,412,100,000 | 3,507,600,000 | 4,127,500,000 | 4,923,900,000 | 5,122,200,000 | 5,265,200,000 | 5,681,100,000 | 6,074,500,000 |
| Net income | 488,800,000 | 587,300,000 | 310,500,000 | -384,100,000 | 520,100,000 | 744,200,000 | 696,200,000 | 545,300,000 | 604,100,000 | 660,300,000 |
| Operating income | 825,100,000 | 831,700,000 | 448,000,000 | -335,400,000 | 676,600,000 | 1,138,000,000 | 1,056,000,000 | 933,600,000 | 1,042,100,000 | 1,095,200,000 |
| Diluted EPS | 4.04 | 4.83 | 2.56 | -3.15 | 4.24 | 6.02 | 5.65 | 4.40 | 4.84 | 5.32 |
| Operating cash flow | 823,000,000 | 816,000,000 | 672,200,000 | 313,800,000 | 946,200,000 | 1,334,800,000 | 757,100,000 | 1,116,800,000 | 1,324,500,000 | 1,615,700,000 |
| Capital expenditures | 173,500,000 | 218,200,000 | 321,900,000 | 399,600,000 | 421,300,000 | 469,000,000 | 624,500,000 | 601,300,000 | 511,500,000 | 481,400,000 |
| Dividends paid | 157,600,000 | 187,400,000 | 187,900,000 | 188,700,000 | 189,500,000 | 190,000,000 | 191,100,000 | 191,800,000 | 193,200,000 | 232,800,000 |
| Share buybacks | 0.00 | 77,100,000 | 0.00 | 0.00 | 0.00 | 69,900,000 | 0.00 | 0.00 | 0.00 | 927,500,000 |
| Assets | 6,664,000,000 | 7,233,400,000 | 7,153,200,000 | 7,909,000,000 | 9,611,800,000 | 11,040,900,000 | 11,547,900,000 | 12,280,000,000 | 11,759,400,000 | 11,864,200,000 |
| Liabilities | 3,942,700,000 | 3,994,400,000 | 3,997,500,000 | 5,286,100,000 | 6,401,500,000 | 7,439,700,000 | 7,574,600,000 | 7,592,500,000 | 6,839,800,000 | 7,126,000,000 |
| Stockholders' equity | 2,662,700,000 | 3,174,400,000 | 3,107,800,000 | 2,578,600,000 | 3,168,400,000 | 3,584,400,000 | 3,956,500,000 | 4,534,100,000 | 4,796,900,000 | 4,604,300,000 |
| Cash and cash equivalents | 129,300,000 | 336,400,000 | 223,600,000 | 401,300,000 | 1,684,600,000 | 224,700,000 | 285,200,000 | 216,800,000 | 169,900,000 | 180,800,000 |
| Free cash flow | 649,500,000 | 597,800,000 | 350,300,000 | -85,800,000 | 524,900,000 | 865,800,000 | 132,600,000 | 515,500,000 | 813,000,000 | 1,134,300,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 15.54% | 17.47% | 9.10% | -10.95% | 12.60% | 15.11% | 13.59% | 10.36% | 10.63% | 10.87% |
| Operating margin | 26.24% | 24.74% | 13.13% | -9.56% | 16.39% | 23.11% | 20.62% | 17.73% | 18.34% | 18.03% |
| Return on equity | 18.36% | 18.50% | 9.99% | -14.90% | 16.42% | 20.76% | 17.60% | 12.03% | 12.59% | 14.34% |
| Return on assets | 7.33% | 8.12% | 4.34% | -4.86% | 5.41% | 6.74% | 6.03% | 4.44% | 5.14% | 5.57% |
| Liabilities / equity | 1.48 | 1.26 | 1.29 | 2.05 | 2.02 | 2.08 | 1.91 | 1.67 | 1.43 | 1.55 |
| Current ratio | 0.53 | 0.60 | 1.09 | 0.89 | 1.00 | 0.49 | 0.68 | 0.67 | 0.75 | 0.60 |

## As-reported value updates

3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/EFX/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-21. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000033185.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.34 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.91 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.12 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,319,100,000 | 162,200,000 | 1.31 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,326,500,000 | 132,400,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,389,400,000 | 124,900,000 | 1.00 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,430,500,000 | 163,900,000 | 1.31 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,441,800,000 | 141,300,000 | 1.13 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,419,400,000 | 174,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,442,000,000 | 133,100,000 | 1.06 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,537,000,000 | 191,300,000 | 1.53 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,544,900,000 | 160,200,000 | 1.29 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,550,600,000 | 175,800,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 1,648,900,000 | 171,500,000 | 1.42 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 1,700,100,000 | 183,900,000 | 1.54 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from EFX's latest 10-K: [/company/EFX/business/](/company/EFX/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from EFX's latest 10-K: [/company/EFX/risk-factors/](/company/EFX/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/33185/000003318526000028/efx-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-21
Report date: 2026-06-30

ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand the results of operations and financial condition of Equifax Inc. MD&A is provided as a supplement to and should be read in conjunction with our consolidated financial statements and the accompanying Notes to Financial Statements in Item 1 of this Form 10-Q. This section discusses the results of our operations for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. All percentages have been calculated using unrounded amounts for each of the periods presented.

As used herein, the terms Equifax, the Company, we, our and us refer to Equifax Inc., a Georgia corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Equifax Inc.

All references to earnings per share data in MD&A are to diluted earnings per share, or EPS, unless otherwise noted. Diluted EPS is calculated to reflect the potential dilution that would occur if stock options or other contracts to issue common stock were exercised and resulted in additional common shares outstanding. 

BUSINESS OVERVIEW

Equifax Inc. is a global data, analytics and technology company. We provide information solutions for businesses, governments and consumers, and we provide human resources business process automation and outsourcing services for employers. We have a large and diversified group of clients, including financial institutions, corporations, government agencies and individuals. Our services are based on comprehensive databases of consumer and business information derived from numerous sources including credit, financial assets, telecommunications and utility payments, employment, income, educational history, criminal justice, healthcare professional licensure and sanctions, demographic and marketing data. We use advanced statistical techniques, artificial intelligence and machine learning, as well as proprietary software tools to analyze available data to create customized insights, decision-making and process automation solutions and processing services for our clients. We are a leading provider of information and solutions used in payroll-related and human resource management business process services in the U.S., as well as e-commerce fraud and charge back protection services in North America. For consumers, we provide products and services to help people understand, manage and protect their personal information and make more informed financial decisions. Additionally, we provide information, technology and services to support debt collections and recovery management. We report our revenue derived from sales to clients in the mortgage market as well as those in non-mortgage market verticals (including, but not limited to, government, talent, employment, fraud and other non-mortgage related services). We refer to these non-mortgage market verticals collectively as "diversified markets."

24

We currently operate in four global regions: North America (U.S. and Canada), Latin America (Argentina, Brazil, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru and Uruguay), Europe (the U.K., Spain and Portugal) and Asia Pacific (Australia, New Zealand and India). We maintain support operations in Chile, Costa Rica, India and Ireland. We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore.

Recent Events and Company Outlook

As further described in our 2025 Form 10-K, we operate in the U.S., which represented 77% of our revenue in 2025. Additionally, we operate internationally in 20 countries. Our products and services span a wide variety of vertical markets including financial services, mortgage, talent solutions, federal, state and local governments, automotive, telecommunications, e-commerce and many others.

Demand for our services tends to be correlated to general levels of economic activity and to consumer credit and small business commercial credit decisioning and portfolio review, marketing, identity validation and fraud protection activity, employee hiring and onboarding activity, and activity in provisioning support services in the U.S. by government agencies. Demand is also enhanced by our initiatives to expand our products, capabilities and markets served.

We remain in a period of economic uncertainty in the U.S. and our global markets, including uncertainty regarding expectations for inflation and interest rates. The direction of global economies, inflation and interest rates will have an impact on demand for our services.

Our current planning for 2026 assumes that U.S. economic activity, as measured by GDP, will grow at a rate consistent with 2025. We expect U.S. mortgage originations activity in 2026 to be slightly below the levels of activity seen in 2025. The U.S. mortgage market, particularly the mortgage refinance portion of the U.S. mortgage market, can be significantly impacted by U.S. interest rates which impact mortgage rates available to consumers. In the international markets in which we operate, our planning also assumes that economic activity, as measured by GDP, will generally grow in 2026 at rates below those experienced in 2025. As noted above, due to the current significant economic and market volatility and uncertainty, these assumptions may change.

For more information, see “Item 1A. Risk FactorsーNegative changes in general economic conditions, including interest rates, the level of inflation, unemployment rates, income, home prices, investment values and consumer confidence, could adversely affect us,” in our 2025 Form 10-K.

Segment and Geographic Information

Segments.  The Workforce Solutions segment consists of the Verification Services and Employer Services business lines. Verification Services revenue is transaction and subscription based and is derived primarily from verifications of employment and income data, as well as criminal justice data and educational background data. Employer Services revenue is derived from our provision of certain human resources business process outsourcing services that include both transaction and subscription based product offerings. These services include unemployment claims management, I-9 and onboarding services, Affordable Care Act ("ACA") compliance management, tax credits and incentives and other complementary employment-based transaction services.

The USIS segment consists of two service lines: Online Information Solutions and Financial Marketing Services. Online Information Solutions revenue is principally transaction-based and is derived from our sales of products such as consumer and commercial credit reporting and scoring, identity management, fraud detection, modeling services and consumer credit monitoring services. USIS also markets certain analytical and decisioning software and services which facilitate and automate a variety of consumer and commercial credit-oriented decisions. Online Information Solutions also includes our U.S. consumer credit monitoring solutions business. Financial Marketing Services revenue is principally project and subscription based and is derived from our sales of batch credit and consumer wealth information such as those that assist clients in acquiring new customers, cross-selling to existing customers and managing portfolio risk.

The International segment consists of Latin America, Europe, Asia Pacific and Canada. Canada’s services are similar to our USIS offerings. Asia Pacific, Europe and Latin America are made up of varying mixes of service lines that are generally consistent with those in our USIS reportable segment. We also provide information and technology services to support lenders and other creditors in the collections and recovery management process.

25

Geographic Information.  We currently have operations in the following countries: Argentina, Australia, Brazil, Canada, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, India, Ireland, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the U.K., Uruguay and the U.S. We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore. Approximately 77% of our revenue was generated in the U.S. during the three months ended June 30, 2026 and 2025. Approximately 78% and 77% of our revenue was generated in the U.S. during the six months ended June 30, 2026 and 2025, respectively.

Seasonality. We experience seasonality in certain of our revenue streams. Revenue generated by the online consumer information services component of our USIS operating segment is typically the lowest during the first quarter, when consumer lending activity is at a seasonal low. Revenue generated from the Employer Services business unit within the Workforce Solutions operating segment is generally higher in the first quarter due primarily to the provision of 1095-C services that occur in the first quarter each year. Revenue generated from our financial wealth asset products and data management services in our Financial Marketing Services business is generally higher in the fourth quarter each year due to the significant portion of our annual renewals and deliveries which occur then. Mortgage related revenue is generally higher in the second and third quarters of the year due to the increase in consumer home purchasing during the summer in the U.S. Any change in the U.S. mortgage market has a corresponding impact on revenue and operating profit for our business within the Workforce Solutions and USIS operating segments.

Key Performance Indicators.  Management focuses on a variety of key indicators to monitor operating and financial performance. These performance indicators include measurements of operating revenue, change in operating revenue, operating income, operating margin, net income, diluted earnings per share, cash provided by operating activities and capital expenditures. The key performance indicators for the three and six months ended June 30, 2026 and 2025 were as follows:

[[GREPCENT_TABLE]]
[["","","Key Performance Indicators"],["","","Three Months Ended June 30,","","Six Months Ended June 30,"],["","","2026","","2025","","2026","","2025"],["","","(In millions, except per share data)"],["Operating revenue","","$","1,700.1","","","$","1,537.0","","","$","3,349.0","","","$","2,979.0"],["Operating revenue change","","11","%","","7","%","","12","%","","6","%"],["Operating income","","$","314.2","","","$","310.8","","","$","601.9","","","$","546.7"],["Operating margin","","18.5","%","","20.2","%","","18.0","%","","18.4","%"],["Net income attributable to Equifax","","$","183.9","","","$","191.3","","","$","355.4","","","$","324.3"],["Diluted earnings per share","","$","1.54","","","$","1.53","","","$","2.96","","","$","2.59"],["Cash provided by operating activities","","$","339.8","","","$","361.1","","","$","581.7","","","$","585.0"],["Capital expenditures*","","$","(129.8)","","","$","(122.2)","","","$","(246.5)","","","$","(223.4)"]]
[[/GREPCENT_TABLE]]

*Amounts include accruals for capital expenditures.

Operational and Financial Highlights

•On April 21, 2025, the Board of Directors terminated the existing share repurchase authorization and approved an authorization to repurchase up to $3 billion of shares of common stock. We repurchased 1,763,013 shares of our common stock on the open market for $300.0 million, excluding brokerage commissions and excise taxes of $2.9 million, during the second quarter of 2026. We repurchased 3,107,628 shares of our common stock on the open market for $560.0 million, excluding brokerage commissions and excise taxes of $5.0 million, during the first six months of 2026. We repurchase

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/33185/000003318526000010/efx-20251231.htm
Complete FY 2025 MD&A: /company/EFX/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-19
Report date: 2025-12-31

ITEM 7.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand the results of operations and financial condition of Equifax Inc. MD&A is provided as a supplement to and should be read in conjunction with our consolidated financial statements and the accompanying Notes to Financial Statements in Item 8 of this Form 10-K. This section discusses the results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 and the year ended December 31, 2024 compared to the year ended December 31, 2023. All percentages have been calculated using unrounded amounts for each of the periods presented.

As used herein, the terms Equifax, the Company, we, our and us refer to Equifax Inc., a Georgia corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Equifax Inc.

All references to earnings per share data in MD&A are to diluted earnings per share, or EPS, unless otherwise noted. Diluted EPS is calculated to reflect the potential dilution that would occur if stock options or other contracts to issue common stock were exercised and resulted in additional common shares outstanding.

BUSINESS OVERVIEW

Equifax Inc. is a global data, analytics and technology company. We provide information solutions for businesses, governments and consumers, and we provide human resources business process automation and outsourcing services for employers. We have a large and diversified group of clients, including financial institutions, corporations, government agencies and individuals. Our services are based on comprehensive databases of consumer and business information derived from numerous sources including credit, financial assets, telecommunications and utility payments, employment, income, educational history, criminal justice, healthcare professional licensure and sanctions, demographic and marketing data. We use advanced statistical techniques, artificial intelligence and machine learning, as well as proprietary software tools to analyze available data for the creation of customized insights, decision-making and process automation solutions, and processing services for our clients. We are a leading provider of information and solutions used in payroll-related and human resource management business process services in the U.S., as well as e-commerce fraud and charge back protection services in North America. For consumers, we provide products and services to help people understand, manage and protect their personal information and make more informed financial decisions. Additionally, we provide information, technology and services to support debt collections and recovery management. We report our revenue derived from sales to clients in the mortgage market as well as those in non-mortgage market verticals (including, but not limited to, government, talent, employment, fraud and other non-mortgage related services). We refer to these non-mortgage market verticals collectively as "diversified markets."

We currently operate in four global regions: North America (U.S. and Canada), Latin America (Argentina, Brazil, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru and Uruguay), Europe (the United Kingdom (“U.K.”), Spain and Portugal) and Asia Pacific (Australia, New Zealand and India). We maintain support operations in Chile, Costa Rica, India and Ireland. We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore.

Recent Events and Company Outlook

As further described above, we operate in the U.S., which represented 77% of our revenue in 2025, and internationally in 20 countries. Our products and services span a wide variety of vertical markets including financial services, mortgage, talent solutions, federal, state and local governments, automotive, telecommunications, e-commerce and many others.

Demand for our services tends to be correlated to general levels of economic activity and to consumer credit and small business commercial credit decisioning and portfolio review, marketing, identity validation and fraud protection activity, employee hiring and onboarding activity, and activity in provisioning support services in the U.S. by government agencies. Demand is also enhanced by our initiatives to expand our products, capabilities and markets served.

We remain in a period of economic uncertainty in the U.S. and our global markets, including uncertainty regarding expectations for inflation and interest rates. The direction of global economies, inflation and interest rates will have an impact on demand for our services.

Our current planning for 2026 assumes that U.S. economic activity, as measured by GDP, will grow at a rate consistent with 2025. We expect U.S. mortgage credit activity in 2026 to be slightly below the levels of activity seen in 2025. The U.S. mortgage market, particularly the mortgage refinance portion of the U.S. mortgage market, can be significantly

32

impacted by U.S. interest rates which impact mortgage rates available to consumers. In the international markets in which we operate, our planning also assumes that economic activity, as measured by GDP, will generally grow in 2026 at rates below those experienced in 2025. As noted above, due to the current significant economic and market volatility and uncertainty, these assumptions may change.

For more information, see “Item 1A. Risk FactorsーNegative changes in general economic conditions, including interest rates, the level of inflation, unemployment rates, income, home prices, investment values and consumer confidence, could adversely affect us,” in this Form 10-K.

Segment and Geographic Information

Segments. The Workforce Solutions segment consists of the Verification Services and Employer Services business lines. Verification Services revenue is transaction and subscription based and is derived primarily from verifications of employment and income data, as well as criminal justice data and educational background data. Employer Services revenue is derived from our provision of certain human resources business process outsourcing services that include both transaction and subscription based product offerings. These services include unemployment claims management, I-9 and onboarding services, Affordable Care Act ("ACA") compliance management, tax credits and incentives and other complementary employment-based transaction services.

The USIS segment consists of two service lines: Online Information Solutions and Financial Marketing Services. Online Information Solutions revenue is principally transaction-based and is derived from our sales of products such as consumer and commercial credit reporting and scoring, identity management, fraud detection, modeling services and consumer credit monitoring services. USIS also markets certain analytical and decisioning software and services which facilitate and automate a variety of consumer and commercial credit-oriented decisions. Online Information Solutions also includes our U.S. consumer credit monitoring solutions business. Financial Marketing Services revenue is principally project and subscription based and is derived from our sales of batch credit and consumer wealth information such as those that assist clients in acquiring new customers, cross-selling to existing customers and managing portfolio risk.

The International segment consists of Latin America, Europe, Asia Pacific and Canada. Canada’s services are similar to our USIS offerings. Asia Pacific, Europe and Latin America are made up of varying mixes of service lines that are generally consistent with those in our USIS reportable segment. We also provide information and technology services to support lenders and other creditors in the collections and recovery management process.

Geographic Information. We currently have operations in the following countries: Argentina, Australia, Brazil, Canada, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, India, Ireland, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the U.K., Uruguay and the U.S. We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore. Approximately 77% and 76% of our revenue was generated in the U.S. during the twelve months ended December 31, 2025 and 2024, respectively.

Seasonality. We experience seasonality in certain of our revenue streams. Revenue generated by the online consumer information services component of our USIS operating segment is typically the lowest during the first quarter, when consumer lending activity is at a seasonal low. Revenue generated from the Employer Services business unit within the Workforce Solutions operating segment is generally higher in the first quarter due primarily to the provision of 1095-C services that occur in the first quarter each year. Revenue generated from our financial wealth asset products and data management services in our Financial Marketing Services business is generally higher in the fourth quarter each year due to the significant portion of our annual renewals and deliveries which occur then. Mortgage related revenue is generally higher in the second and third quarters of the year due to the increase in consumer home purchasing during the summer in the U.S. Any change in the U.S. mortgage market has a corresponding impact on revenue and operating profit for our business within the Workforce Solutions and USIS operating segments.

33

Key Performance Indicators.  Management focuses on a variety of key indicators to monitor operating and financial performance. These performance indicators include measurements of operating revenue, change in operating revenue, operating income, operating margin, net income, diluted earnings per share, cash provided by operating activities and capital expenditures. The key performance indicators for the twelve months ended December 31, 2025, 2024 and 2023 were as follows:

[[GREPCENT_TABLE]]
[["","Key Performance Indicators Twelve Months Ended December 31,"],["","2025","","2024","","2023"],["","(In millions, except per share data)"],["Operating revenue","$","6,074.5","","","$","5,681.1","","","$","5,265.2"],["Operating revenue change","7","%","","8","%","","3","%"],["Operating income","$","1,095.2","","","$","1,042.1","","","$","933.6"],["Operating margin","18.0","%","","18.3","%","","17.7","%"],["Net income attributable to Equifax","$","660.3","","","$","604.1","","","$","545.3"],["Diluted earnings per share","$","5.32","","","$","4.84","","","$","4.40"],["Cash provided by operating activities","$","1,615.7","","","$","1,324.5","","","$","1,116.8"],["Capital expenditures*","$","(480.2)","","","$","(495.9)","","","$","(585.8)"]]
[[/GREPCENT_TABLE]]

*Amounts include accruals for capital expenditures.

Operational and Financial Highlights

•On April 21, 2025, the Board of Directors terminated the existing share repurchase authorization and approved an authorization to repurchase up to $3 billion of shares of common stock. We repurchased 4,006,173 shares of our common stock on the open market for $927.4 million, excluding brokerage commissions and excise taxes of $8.4 million, during the twelve months ended December 31, 2025. We did not repurchase any shares from public market transactions during the twelve months ended December 31, 2024 or 2023. At December 31, 2025, approximately $2.1 billion was available for future purchases of common stock under our share repurchase authorization.

•On April 21, 2025, the Board of Directors approved an increase in our quarterly cash dividend to $0.50 per share beginning in the second quarter of 2025. We paid out $232.8 million, or $1.89 per s

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/EFX/mda/fy2025/
All MD&A years: /company/EFX/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/EFX/mda/fy2024/): filed 2025-02-20; accession 0000033185-25-000025 (https://www.sec.gov/Archives/edgar/data/33185/000003318525000025/efx-20241231.htm)
- [FY 2023 MD&A](/company/EFX/mda/fy2023/): filed 2024-02-22; accession 0000033185-24-000017 (https://www.sec.gov/Archives/edgar/data/33185/000003318524000017/efx-20231231.htm)
- [FY 2022 MD&A](/company/EFX/mda/fy2022/): filed 2023-02-23; accession 0000033185-23-000012 (https://www.sec.gov/Archives/edgar/data/33185/000003318523000012/efx-20221231.htm)
- [FY 2021 MD&A](/company/EFX/mda/fy2021/): filed 2022-02-24; accession 0000033185-22-000014 (https://www.sec.gov/Archives/edgar/data/33185/000003318522000014/efx-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7320 Services-Consumer Credit Reporting, Collection Agencies) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/EFX.md · JSON record: /company/EFX.json · verified financials: /company/EFX/financials.json / /company/EFX/financials.csv · machine TOC for the whole site: /llms.txt