Equifax Delivers Strong 10% Revenue Growth in Third Quarter 2026 Driven by 8% Diversified Markets Revenue Growth Despite Challenging U.S. Mortgage Market; Returns $158 Million Cash to Shareholders

EmitenTrust.com ATLANTA, Oct. 20, 2026 /PRNewswire/ -- Equifax

• Third quarter reported revenue of $1.693 billion, up a strong 10% with 9% local currency revenue growth.
• Diversified Markets revenue up 8% on a reported and 7.5% on a local currency basis, with strong, broad-based performances across all business units.
• Third quarter U.S. Mortgage revenue up 15% despite weaker market.
• Workforce Solutions third quarter revenue up 7%. Diversified Markets revenue up 9% led by Verification Services Diversified Markets revenue up 13% with Talent Solutions revenue growth over 20%, Consumer Lending up high double digits, and Government up mid-single digits. Workforce Solutions Mortgage revenue flat in the third quarter from the weaker mortgage market.
• USIS third quarter revenue up strong 13% with Diversified Markets revenue growth up 6% led by Financial Institutions and Auto. USIS Mortgage revenue up a strong 28% despite the weaker mortgage market.
• International third quarter revenue up 9% on a reported basis. Local currency revenue growth up 7% with low double-digit revenue growth in Australia and high single-digit growth in Latin America. Expect Círculo de Crédito acquisition to close in the fourth quarter.
• New Product Innovation leveraging the EFX Cloud, EFX.AI, and proprietary data delivered record over 17% new product Vitality Index.
• Returned $158 million in cash to shareholders through share repurchases and quarterly dividend.

"Equifax delivered a strong third quarter performance executing on our EFX2028 Strategic Priorities with reported revenue of $1.693 billion, up 10% on a reported basis, with 9% local currency revenue growth. Diversified Markets revenue growth of 8% was broad based across all business units driven by a record over 17% new product Vitality Index, above our 10% long-term goal. U.S. Mortgage revenue grew 15%, despite the much weaker mortgage market we saw in the latter half of the third quarter as mortgage interest rates increased substantially.

Workforce Solutions delivered 7% revenue growth, with Diversified Markets growth of 9% led by strong over 20% growth in Talent Solutions, strong high double-digit growth in Consumer Lending and accelerating sequential mid single-digit growth in Government. Workforce Solutions Mortgage revenue was about flat from the weak mortgage market. USIS delivered strong revenue growth of 13%, with Diversified Markets revenue growth of 6%, led by Financial Institutions and Auto. USIS Mortgage revenue was up 28% despite the weaker mortgage market. International delivered 7% local currency revenue growth with low double-digit revenue growth in Australia and high single-digit growth in Latin America.

We continue to deploy EFX.AI to deliver new, higher-performing products and solutions to our customers and expand AI deployment inside EFX to deliver against our $150 million AI productivity goal. With our strong free cash flow, Equifax returned $158 million of cash to shareholders in the quarter, including repurchasing 0.5 million shares for $92 million and paying $66 million in quarterly dividends. We continue to use our free cash flow to return cash to shareholders and for bolt-on M&A like our Círculo de Crédito acquisition that we expect to close in the fourth quarter," said Mark W. Begor, Equifax Chief Executive Officer.

"As we look to the remainder of 2026, we are maintaining our Diversified Markets revenue guidance for revenue growth of high single-digit percent. However, we expect the much weaker U.S. mortgage market that we saw in the latter half of the third quarter to continue through the remainder of 2026. As a result, we are reducing our full year 2026 revenue guidance at the midpoint to $6.661 billion, reflecting this reduction in our U.S. Mortgage related revenue.   

Despite the impact of the significantly weakened U.S. mortgage market on the second half of 2026 revenue, we expect to deliver 2026 Adjusted EPS Guidance of $8.50 per share, a reduction of only $0.04 per share at the midpoint and well within our previous Guidance range. As we did in the second quarter, the Equifax team is doing an outstanding job of managing cost and expenses including continuing to drive strong AI-driven operating cost efficiencies and optimizations, which should allow us to principally recover the gross margin impact from lower Mortgage revenue and deliver very strong operating margin performance.

We are confident in the future of the New Equifax. Equifax is fundamentally a different company on how we go to market from Technology to Data & Analytics, EFX.AI capabilities, product focus, and AI-driven Operations all leveraging our differentiated data assets, industry-leading Cloud technology, patented EFX.AI products, D&A capabilities, and market-leading innovation. Our scale proprietary data is the foundation of our AI data moat and a big competitive advantage, and we are expanding our capabilities to leverage our unique, non-public data assets with EFX.AI and agentic AI to rapidly deliver higher-performing scores, models, and multi-market products to help our customers grow.

Our strong third quarter results reflect the resiliency of the broad-based Equifax business model in a challenging mortgage market. We are energized about the New Equifax and we expect to deliver higher growth, margins, and accelerating free cash flow, and returning cash to shareholders in the future."

Financial Results Summary

The Company reported revenue of $1,692.5 million in the third quarter of 2026, up 10% and 9% on a reported and local currency basis, respectively, compared to the third quarter of 2025.

Net income attributable to Equifax of $211.7 million was up 32% in the third quarter of 2026 compared to $160.2 million in the third quarter of 2025.

Diluted EPS attributable to Equifax was $1.79 per share in the third quarter of 2026, up 39% compared to $1.29 per share in the third quarter of 2025.

Workforce Solutions Third Quarter Results

• Total revenue was $693.9 million in the third quarter of 2026, up 7% compared to the third quarter of 2025. Operating margin for Workforce Solutions was 44.1% in the third quarter of 2026 compared to 43.8% in the third quarter of 2025. Adjusted EBITDA margin for Workforce Solutions was 51.4% in the third quarter of 2026 compared to 51.2% in the third quarter of 2025.
• Verification Services revenue was $603.2 million, up 9% compared to the third quarter of 2025.
• Employer Services revenue was $90.7 million, down 5% compared to the third quarter of 2025.

USIS Third Quarter Results

• Total revenue was $599.1 million in the third quarter of 2026, up 13% compared to the third quarter of 2025. Operating margin for USIS was 24.3% in the third quarter of 2026 compared to 23.2% in the third quarter of 2025. Adjusted EBITDA margin for USIS was 35.4% in the third quarter of 2026 compared to 35.2% in the third quarter of 2025.
• Online Information Solutions revenue was $529.7 million, up 13% compared to the third quarter of 2025.
• Financial Marketing Services revenue was $69.4 million, up 11% compared to the third quarter of 2025.

International Third Quarter Results

• Total revenue was $399.5 million in the third quarter of 2026, up 9% and up 7% compared to the third quarter of 2025 on a reported and local currency basis, respectively. Operating margin for International was 15.8% in the third quarter of 2026, flat compared to the third quarter of 2025. Adjusted EBITDA margin for International was 30.9% in the third quarter of 2026 compared to 31.3% in the third quarter of 2025.
• Latin America revenue was $114.1 million, up 12% compared to the third quarter of 2025 on a reported basis and up 8% on a local currency basis.
• Europe revenue was $105.5 million, up 3% compared to the third quarter of 2025 on a reported basis and up 4% on a local currency basis.
• Asia Pacific revenue was $107.7 million, up 20% compared to the third quarter of 2025 on a reported basis and up 12% on a local currency basis.
• Canada revenue was $72.2 million, up 2% compared to the third quarter of 2025 on a reported basis and up 4% on a local currency basis.

Adjusted EPS and Adjusted EBITDA Margin

• Adjusted EPS attributable to Equifax was $2.26 in the third quarter of 2026, up 11% compared to the third quarter of 2025.
• Adjusted EBITDA margin was 33.1% in the third quarter of 2026, up compared to 32.7% in the third quarter of 2025.
• These financial measures exclude certain items as described further in the Non-GAAP Financial Measures section below.

About Equifax

At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by over 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.

Earnings Conference Call and Audio Webcast

In conjunction with this release, Equifax will host a conference call on October 20, 2026 at 8:30 a.m. (ET) via a live audio webcast. To access the webcast and related presentation materials, go to the Investor Relations section of our website at www.equifax.com. The discussion will be available via replay at the same site shortly after the conclusion of the webcast. This press release is also available at that website.

Non-GAAP Financial Measures

This earnings release presents adjusted EPS attributable to Equifax which is diluted EPS attributable to Equifax adjusted (to the extent noted above for different periods) for acquisition-related amortization expense of certain acquired intangibles, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, income tax effect of stock awards recognized upon vesting or settlement, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs and antitrust litigation costs. All adjustments are net of tax, with a reconciling item with the aggregated tax impact of the adjustments. This earnings release also presents (i) adjusted EBITDA and adjusted EBITDA margin, which is defined as consolidated net income attributable to Equifax plus net interest expense, income taxes, depreciation and amortization, and also excludes certain one-time items, (ii) local currency revenue change, which is calculated by conforming 2026 results using 2025 exchange rates, (iii) organic local currency revenue growth, which is defined as local currency revenue growth, adjusted to reflect an increase in prior year Equifax revenue from the revenue of acquired companies in the prior year period, (iv) free cash flow, which is defined as cash provided by operating activities less capital expenditures, and (v) cash conversion, which is defined as the ratio of free cash flow to adjusted net income. These are important financial measures for Equifax but are not financial measures as defined by GAAP.

These non-GAAP financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as an alternative measure of net income or EPS as determined in accordance with GAAP.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures and related notes are presented in the Q&A. This information can also be found under "Investor Relations/Financial Information/Non-GAAP Financial Measures" on our website at www.equifax.com. 

Forward-Looking Statements

This release contains forward-looking statements and forward-looking information. These statements can be identified by expressions of belief, expectation or intention, as well as statements that are not historical fact. These statements are based on certain factors and assumptions including with respect to foreign exchange rates, revenue growth, results of operations and financial performance, strategic initiatives, business plans, prospects and opportunities, the U.S. mortgage market, economic conditions and effective tax rates.

While Equifax believes these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Several factors could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These factors relate to (i) actions taken by us, including, but not limited to, restructuring actions, strategic initiatives (such as our cloud technology transformation), capital investments and asset acquisitions or dispositions, as well as (ii) developments beyond our control, including, but not limited to, changes in the U.S. mortgage market environment and changes more generally in U.S. and worldwide economic conditions (including resulting from changes in interest rates and inflation levels, the evolving impact of tariffs and geopolitical conflicts) that materially impact consumer spending, home prices, investment values, consumer debt, unemployment rates and the demand for Equifax's products and services. Deteriorations in economic conditions or increases in interest rates could lead to a decline in demand for our products and services and negatively impact our business. It may also impact financial markets and corporate credit markets, which could adversely impact our access to financing or the terms of any financing.

Other risk factors relevant to our business include: (i) any compromise of Equifax, customer or consumer information due to security breaches and other disruptions to our information technology infrastructure; (ii) the failure to achieve and maintain key industry or technical certifications; (iii) the failure to realize the anticipated benefits of our cloud technology transformation strategy; (iv) operational disruptions and strain on our resources caused by our transition to cloud-based technologies; (v) our ability to meet customer requirements for high system availability and response time performance; (vi) effects on our business if we provide inaccurate or unreliable data to customers; (vii) our ability to maintain access to credit, employment, financial and other data from external sources; (viii) the impact of competition; (ix) our ability to maintain relationships with key customers and business partners; (x) our ability to successfully introduce new products, services and analytical capabilities; (xi) the impact on the demand for some of our products and services due to the availability of free or less expensive consumer information; (xii) our ability to comply with our obligations under settlement agreements arising out of a material cybersecurity incident in 2017; (xiii) potential adverse developments in new and pending legal proceedings, government investigations and regulatory enforcement actions; (xiv) changes in, and the effects of, laws, regulations and government policies governing our business, including oversight by the Consumer Financial Protection Bureau in the U.S., the U.K. Financial Conduct Authority and Information Commissioner's Office in the U.K., and the Office of Australian Information Commission and the Australian Competition and Consumer Commission in Australia; (xv) the impact of privacy, cybersecurity, artificial intelligence or other data-related laws and regulations; (xvi) the economic, political and other risks associated with international sales and operations; (xvii) the impact on our reputation and business from our responsible business commitments and disclosures; (xviii) our ability to realize the anticipated strategic and financial benefits from our acquisitions, joint ventures and other alliances; (xix) any damage to our reputation due to our dependence on outsourcing certain portions of our operations; (xx) the termination or suspension of our government contracts; (xxi) the impact of infringement or misappropriation of intellectual property by us against third parties or by third parties against us; (xxii) an increase in our cost of borrowing and our ability to access the capital markets due to a credit rating downgrade; (xxiii) our ability to hire and retain key personnel; (xxiv) the impact of adverse changes in the financial markets and corresponding effects on our retirement and post-retirement pension plans; (xxv) the impact of health epidemics, pandemics and similar outbreaks on our business; and (xxvi) risks associated with our use of certain artificial intelligence and machine learning models and systems.

A summary of additional risks and uncertainties can be found in our Annual Report on Form 10-K for the year ended December 31, 2025 including without limitation under the captions "Item 1. Business -- Governmental Regulation," "-- Forward-Looking Statements" and "Item 1A. Risk Factors" and in our other filings with the U.S. Securities and Exchange Commission. Forward-looking statements are given only as at the date of this release and Equifax disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Notes to Reconciliations of Non-GAAP Financial Measures to the Comparable GAAP Financial Measures

Diluted EPS attributable to Equifax is adjusted for the following items:

Acquisition-related amortization expense - During the third quarter of 2026 and 2025, we recorded acquisition-related amortization expense of certain acquired intangibles of $59.9 million ($48.0 million, net of tax) and $62.7 million ($50.2 million, net of tax), respectively. We calculate this financial measure by excluding the impact of acquisition-related amortization expense and including a benefit to reflect the material cash income tax savings resulting from the income tax deductibility of amortization for certain acquired intangibles. These financial measures are not prepared in conformity with GAAP. Management believes excluding the impact of amortization expense is useful because excluding acquisition-related amortization, and other items that are not comparable, allows investors to evaluate our performance for different periods on a more comparable basis. Certain acquired intangibles result in material cash income tax savings which are not reflected in earnings. Management believes that including a benefit to reflect the cash income tax savings is useful as it allows investors to better value Equifax. Management makes these adjustments to earnings when measuring profitability, evaluating performance trends, setting performance objectives and calculating our return on invested capital.

Accrual for legal and regulatory matters related to the 2017 cybersecurity incident - Accrual for legal and regulatory matters related to the 2017 cybersecurity incident includes legal fees to respond to subsequent litigation and government investigations for both periods presented. During the third quarter of 2026 and 2025, we recorded an accrual for legal and regulatory matters related to the 2017 cybersecurity incident of $0.2 million ($0.2 million, net of tax) and $0.3 million ($0.2 million, net of tax), respectively. Management believes excluding these charges is useful as it allows investors to evaluate our performance for different periods on a more comparable basis. Management makes these adjustments to net income when measuring profitability, evaluating performance trends, setting performance objectives and calculating our return on invested capital. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Foreign currency impact of certain intercompany loans - During the third quarter of 2025, we recorded a foreign currency gain of $0.1 million on certain intercompany loans. Management believes excluding this charge is useful as it allows investors to evaluate our performance for different periods on a more comparable basis. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Acquisition-related costs other than acquisition amortization - During the third quarter of 2026 and 2025, we recorded $8.9 million ($6.4 million, net of tax) and $8.9 million ($6.2 million, net of tax), respectively, for acquisition-related costs other than acquisition amortization. These costs primarily related to transaction and integration costs resulting from recent acquisitions and were recorded in operating income. Management believes excluding this charge from certain financial results provides meaningful supplemental information regarding our financial results, since a charge of such an amount is not comparable among the periods. This is consistent with how our management reviews and assesses Equifax's historical performance and is useful when planning, forecasting, and analyzing future periods.

Income tax effects of stock awards that are recognized upon vesting or settlement - During the third quarter of 2025, we recorded a tax benefit of $0.5 million related to the tax effects of deductions for stock compensation in excess of amounts recorded for compensation costs. Management believes excluding this tax effect from financial results provides meaningful supplemental information regarding our financial results for the three months ended September 30, 2025 because these amounts are non-operating and relate to income tax benefits or deficiencies for stock awards recognized when tax amounts differ from recognized stock compensation cost. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Argentina highly inflationary foreign currency adjustment - Argentina experienced multiple periods of increasing inflation rates, devaluation of the peso, and increasing borrowing rates. As such, Argentina was deemed a highly inflationary economy by accounting policymakers. We recorded a foreign currency loss of $0.4 million and $0.7 million during the third quarter of 2026 and 2025, respectively, as a result of remeasuring the peso denominated monetary assets and liabilities due to Argentina being highly inflationary. Management believes excluding this charge is useful as it allows investors to evaluate our performance for different periods on a more comparable basis. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Charge related to the realignment of resources and other costs - During the third quarter of 2025, we recorded $43.9 million ($32.8 million, net of tax) of restructuring charges for the realignment of resources and other costs, which predominantly related to the reduction of headcount to support the Company's global strategic objectives. Management believes excluding these charges from certain financial results provides meaningful supplemental information regarding our financial results since a charge of such an amount is not comparable among the periods. This is consistent with how our management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Antitrust litigation costs - Antitrust litigation costs include legal fees to respond to antitrust litigation pertaining to our Workforce Solutions business unit. During the third quarter of 2026 and 2025, we recorded costs related to antitrust litigation pertaining to our Workforce Solutions business unit in the amount of $0.8 million ($0.7 million, net of tax) and $4.3 million ($3.2 million, net of tax), respectively. Management believes excluding these charges is useful as it allows investors to evaluate our performance for different periods on a more comparable basis, as these legal matters are outside of the normal course of Equifax's continuing business operations. Management makes these adjustments to net income when measuring profitability, evaluating performance trends, setting performance objectives and calculating our return on invested capital. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Adjusted EBITDA and EBITDA margin - Management defines adjusted EBITDA as consolidated net income attributable to Equifax plus net interest expense, income taxes, depreciation and amortization, and also excludes certain one-time items. Management believes the use of adjusted EBITDA and adjusted EBITDA margin allows investors to evaluate our performance for different periods on a more comparable basis.

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SOURCE Equifax Inc.