Equifax Delivers Record First Quarter Revenue - $37 Million Above Midpoint of February Guidance

Rhea-AI Summary

Equifax (NYSE: EFX) reported Q1 2026 revenue of $1.649 billion, up 14% (13% local currency) and $37 million above the midpoint of February guidance.

Net income rose to $171.5 million and diluted EPS to $1.42, while adjusted EPS was $1.86. The company returned $327 million to shareholders and maintained full-year local currency guidance.

Positive

• Revenue +14% year-over-year to $1.649 billion
• Diluted EPS +34% to $1.42 per share
• Adjusted EPS +22% to $1.86 per share
• Returned $327M to shareholders via buybacks and dividend

Negative

• Maintained FY guidance despite Q1 beat due to U.S. mortgage and macro uncertainty

News Market Reaction – EFX

-3.04%

33 alerts

-3.04% Session close to close

-7.3% Trough in 29 hr 1 min

$23.94B Market Cap

1.0x Rel. Volume

In the Apr 21 session, EFX declined 3.04%, reflecting a moderate negative market reaction. Argus tracked a trough of -7.3% from its starting point during tracking. Our momentum scanner triggered 33 alerts that day, indicating elevated trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details record Q1 2026 revenue of $1,648.9M, 14% year‑over‑year growth, EPS expans...

Analysis

This announcement details record Q1 2026 revenue of $1,648.9M, 14% year‑over‑year growth, EPS expansion, and modestly increased full‑year reported revenue and Adjusted EPS guidance. Strength was broad‑based across Workforce Solutions, USIS, and International, with notable U.S. mortgage momentum earlier in the quarter. Investors may watch how mortgage volumes evolve, whether Adjusted EBITDA margins improve from the reported 29.0%, and how ongoing AI and cloud investments translate into sustained revenue growth and cash returns.

Key Figures

Q1 2026 revenue: $1,648.9M Guidance beat vs midpoint: $37M Q1 2026 net income: $171.5M +5 more

8 metrics

Q1 2026 revenue $1,648.9M Up 14% reported, 13% local currency vs Q1 2025

Guidance beat vs midpoint $37M Above midpoint of February Q1 2026 revenue guidance

Q1 2026 net income $171.5M Up 29% vs $133.1M in Q1 2025

Q1 2026 diluted EPS $1.42 Up 34% vs $1.06 in Q1 2025

Q1 2026 Adjusted EPS $1.86 Up 22% vs Q1 2025

Cash returned to shareholders $327M Q1 2026 via buybacks and dividends

Shares repurchased 1.3M shares for $260M Part of Q1 2026 capital return

FY 2026 revenue guidance $6.685B–$6.805B Reported revenue guidance range for 2026

Historical Context

5 past events · Latest: Apr 14 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 14	Product launch	Positive	-0.0%	Introduced The Work Number Record Indicator for auto and personal loans.
Apr 07	Earnings logistics	Neutral	+1.4%	Announced timing and logistics for Q1 2026 earnings release and call.
Apr 07	Market analytics	Neutral	-0.1%	Released Q4 2025 Market Pulse Index showing widening consumer divergence.
Mar 18	Security report	Positive	-1.9%	Published 2025 Security Annual Report highlighting AI-driven defenses and tech spend.
Mar 09	Mortgage pricing	Positive	-4.2%	Offered VantageScore 4.0 mortgage scores for $1 to support affordability.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent product and strategic announcements have often been met with modest or negative next-day moves, regardless of generally constructive messaging.

Recent Company History

Over the last few months, Equifax has focused on product innovation, market analytics, and regulatory communication. Highlights include support for mortgage affordability with $1 VantageScore 4.0 pricing, publication of the 2025 Security Annual Report emphasizing a $3 billion technology transformation, and launch of The Work Number Record Indicator. Despite these initiatives, prior headlines with seemingly positive implications often coincided with flat to negative 24-hour price reactions, providing context for how investors have digested non-earnings news versus today’s strong quarterly results.

Key Terms

adjusted eps, adjusted ebitda, free cash flow, non-gaap financial measures, +4 more

8 terms

adjusted eps financial

"Increasing full year reported revenue by $25 million and Adjusted EPS by $0.04 per share"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

adjusted ebitda financial

"Adjusted EBITDA margin was 29.0% in the first quarter of 2026, down compared"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

free cash flow financial

"Given our strong free cash flow, Equifax returned $327 million in cash"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

View in glossary

non-gaap financial measures financial

"These financial measures exclude certain items as described further in the Non-GAAP Financial Measures section"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

local currency revenue financial

"up a strong 14%, with 13% local currency revenue growth which was $37 million"

Revenue reported in the currencies where a business actually sells goods or services, without converting those amounts into the company’s main reporting currency. It shows how sales are growing or shrinking on the ground, removing the noise created by changing exchange rates so investors can see the company’s true operational performance—like counting apples in each local basket before converting them to a common unit.

organic local currency revenue growth financial

"Organic Local Currency Growth (1) | 8.3 % | | 10.3 %"

Organic local currency revenue growth is the change in a company’s sales that comes from its existing operations, measured in the currencies where those sales actually occur and excluding the effects of acquisitions, disposals and exchange rate swings. Investors use it to see the business’s true sales momentum—like checking a car’s engine performance without counting a new trailer or the wind—because it shows whether core demand is strengthening or weakening independent of one‑time deals or currency swings.

forward-looking statements regulatory

"This release contains forward-looking statements and forward-looking information."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

form 10-k regulatory

"A summary of additional risks and uncertainties can be found in our Annual Report on Form 10-K"

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ATLANTA, April 21, 2026 /PRNewswire/ -- Equifax^® (NYSE: EFX) today announced financial results for the quarter ended March 31, 2026.

• First quarter reported revenue of $1.649 billion, up a strong 14% with 13% local currency revenue growth and $37 million above the midpoint of our February guidance framework.
• Revenue outperformance driven by strong 38% U.S. Mortgage revenue growth from higher mortgage activity in first half of quarter before rates increased.
• Diversified markets revenue up 8% on a reported basis, up 6% in local currency led by Workforce Solutions growth.
• Workforce Solutions first quarter revenue up very strong 10%. Verification Services revenue up 14% led by strong mid double digit Government growth, with Diversified Markets up 14% and Mortgage growth of 14%.
• USIS first quarter revenue up strong 21% with very strong Mortgage revenue growth of 60% and Diversified Markets revenue growth of 3%.
• International first quarter revenue up 11% on a reported basis with 4% growth on a local currency basis with high single digit revenue growth in Canada.
• New Product Innovation leveraging the EFX Cloud, EFX.AI, and proprietary data delivered record level 17% new product Vitality Index.
• Returned $327 million in cash to shareholders through share repurchases and quarterly dividend.
• Maintaining full year constant dollar revenue growth guidance due to uncertainty around interest rates and U.S. mortgage activity from the Iran conflict. Increasing full year reported revenue by $25 million and Adjusted EPS by $0.04 per share for the impact of foreign exchange.

"Equifax delivered a very strong first quarter performance executing on our EFX2028 Strategic Priorities with reported revenue of $1.649 billion, up a strong 14%, with 13% local currency revenue growth which was $37 million above the midpoint of our February guidance. The revenue outperformance was principally driven by very strong U.S. Mortgage revenue growth of 38% principally in January and February before rates increased from the Iran conflict, continued solid performance in Diversified Markets up 6% in local currency, and strong New Product Innovation momentum with Vitality Index of 17% - significantly above our long-term goal of 10% - powered by the EFX Cloud, EFX.AI, and our proprietary data. Workforce Solutions delivered strong 10% revenue growth, driven by Verification Services revenue growth of 14% led by Diversified Markets revenue growth of 14% from strong mid double digit growth in Government and Consumer Lending businesses. USIS delivered strong revenue growth of 21%, well above their 6 to 8% Long Term Financial Framework. USIS revenue growth was led by very strong 60% Mortgage revenue growth and Diversified Markets revenue growth of 3%. International delivered 4% local currency revenue growth with high single digit revenue growth in Canada. We were pleased with the broad-based Equifax results in a challenging market environment. Given our strong free cash flow, Equifax returned $327 million in cash to shareholders, including repurchasing 1.3 million shares for $260 million and paying $67 million in quarterly dividends," said Mark W. Begor, Equifax Chief Executive Officer.

"We are maintaining our full-year 2026 Guidance midpoint expectation for local currency revenue growth of about 10%. Despite our strong, above guidance first quarter results principally from stronger U.S. mortgage activity in the first half of the quarter, we are maintaining our full-year 2026 Guidance due to the reduction in U.S. mortgage activity from higher rates since the Iran conflict began and the uncertainty in the global macroeconomic environment and direction of U.S. inflation and interest rates. We are increasing our full year reported revenue by $25 million and Adjusted EPS by $0.04 per share for the impact of foreign exchange.  

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 nearly $3 billion Cloud technology investment and patented EFX.AI products and D&A capabilities. Equifax's 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 our Agentic AI capabilities to rapidly deliver higher-performing scores, models, and multi-market products to help our customers grow.

Our strong first quarter results reflect the resiliency of the broad-based Equifax business model in an increasingly uncertain economy. We are energized about the New Equifax that 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 $1,648.9 million in the first quarter of 2026, up 14% and 13% on a reported and local currency basis, respectively, compared to the first quarter of 2025.

Net income attributable to Equifax of $171.5 million was up 29% in the first quarter of 2026 compared to $133.1 million in the first quarter of 2025.

Diluted EPS attributable to Equifax was $1.42 per share in the first quarter of 2026, up 34% compared to $1.06 per share in the first quarter of 2025.

Workforce Solutions First Quarter Results

• Total revenue was $683.1 million in the first quarter of 2026, up 10% compared to the first quarter of 2025. Operating margin for Workforce Solutions was 45.3% in the first quarter of 2026 compared to 42.7% in the first quarter of 2025. Adjusted EBITDA margin for Workforce Solutions was 52.3% in the first quarter of 2026 compared to 50.1% in the first quarter of 2025.
• Verification Services revenue was $571.4 million, up 14% compared to the first quarter of 2025.
• Employer Services revenue was $111.7 million, down 4% compared to the first quarter of 2025.

USIS First Quarter Results

• Total revenue was $605.6 million in the first quarter of 2026, up 21% compared to the first quarter of 2025. Operating margin for USIS was 20.2% in the first quarter of 2026 compared to 21.1% in the first quarter of 2025. Adjusted EBITDA margin for USIS was 30.3% in the first quarter of 2026 compared to 34.1% in the first quarter of 2025.
• Online Information Solutions revenue was $553.7 million, up 24% compared to the first quarter of 2025.
• Financial Marketing Services revenue was $51.9 million, flat compared to the first quarter of 2025.

International First Quarter Results

• Total revenue was $360.2 million in the first quarter of 2026, up 11% and up 4% compared to the first quarter of 2025 on a reported and local currency basis, respectively. Operating margin for International was 9.5% in the first quarter of 2026 compared to 7.8% in the first quarter of 2025. Adjusted EBITDA margin for International was 25.0% in the first quarter of 2026 compared to 24.1% in the first quarter of 2025.
• Latin America revenue was $102.7 million, up 9% compared to the first quarter of 2025 on a reported basis and up 4% on a local currency basis.
• Europe revenue was $94.0 million, up 9% compared to the first quarter of 2025 on a reported basis and up 1% on a local currency basis.
• Asia Pacific revenue was $92.6 million, up 16% compared to the first quarter of 2025 on a reported basis and up 6% on a local currency basis.
• Canada revenue was $70.9 million, up 12% compared to the first quarter of 2025 on a reported basis and up 8% on a local currency basis.

Adjusted EPS and Adjusted EBITDA Margin

• Adjusted EPS attributable to Equifax was $1.86 in the first quarter of 2026, up 22% compared to the first quarter of 2025.
• Adjusted EBITDA margin was 29.0% in the first quarter of 2026, down compared to 29.3% in the first quarter of 2025.
• These financial measures exclude certain items as described further in the Non-GAAP Financial Measures section below.

2026 Second Quarter and Full Year Guidance
	Q2 2026				FY 2026
	Low-End		High-End		Low-End		High-End
Reported Revenue	$1.680 billion		$1.710 billion		$6.685 billion		$6.805 billion
Reported Revenue Growth	9.3 %		11.3 %		10.0 %		12.0 %
Local Currency Growth (1)	8.4 %		10.4 %		9.1 %		11.1 %
Organic Local Currency Growth (1)	8.3 %		10.3 %		9.0 %		11.0 %
Adjusted Earnings Per Share	$2.15 per share		$2.25 per share		$8.34 per share		$8.74 per share

(1)	Refer to page 8 for definitions. Additionally, the definitions can be found in the Non-GAAP Financial Measures 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 approximately 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 April 21, 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 (such as 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.

EQUIFAX INC.
CONSOLIDATED STATEMENTS OF INCOME
		Three Months Ended March 31,
		2026		2025
(In millions, except per share amounts)		(Unaudited)
Operating revenue		$           1,648.9		$          1,442.0
Operating expenses:
Cost of services (exclusive of depreciation and amortization below)		767.1		656.7
Selling, general and administrative expenses		411.0		374.9
Depreciation and amortization		183.1		174.6
Total operating expenses		1,361.2		1,206.2
Operating income		287.7		235.8
Interest expense		(55.7)		(52.9)
Other income, net		3.8		2.5
Consolidated income before income taxes		235.8		185.4
Provision for income taxes		(62.5)		(51.6)
Consolidated net income		173.3		133.8
Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests		(1.8)		(0.7)
Net income attributable to Equifax		$             171.5		$             133.1
Basic earnings per common share:
Net income attributable to Equifax		$               1.43		$               1.07
Weighted-average shares used in computing basic earnings per share		120.0		124.1
Diluted earnings per common share:
Net income attributable to Equifax		$               1.42		$               1.06
Weighted-average shares used in computing diluted earnings per share		120.8		125.1
Dividends per common share		$               0.56		$               0.39

 

EQUIFAX INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
		March 31, 2026		December 31, 2025
(In millions, except par values)		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$               183.4		$             180.8
Trade accounts receivable, net of allowance for doubtful accounts of $21.7 and $20.2 at March 31, 2026 and December 31, 2025, respectively		1,071.9		1,012.7
Prepaid expenses		184.5		144.2
Other current assets		46.9		74.5
Total current assets		1,486.7		1,412.2
Property and equipment:
Capitalized internal-use software and system costs		2,988.4		3,098.2
Data processing equipment and furniture		239.3		239.3
Land, buildings and improvements		301.0		299.6
Total property and equipment		3,528.7		3,637.1
Less accumulated depreciation and amortization		(1,599.1)		(1,704.7)
Total property and equipment, net		1,929.6		1,932.4
Goodwill		6,790.9		6,745.7
Indefinite-lived intangible assets		94.8		94.8
Purchased intangible assets, net		1,283.2		1,331.3
Other assets, net		356.8		347.8
Total assets		$          11,942.0		$         11,864.2
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt and current maturities of long-term debt		$            1,252.5		$           1,038.0
Accounts payable		158.4		206.4
Accrued expenses		379.0		276.3
Accrued salaries and bonuses		142.5		286.1
Deferred revenue		106.3		101.2
Other current liabilities		412.0		427.4
Total current liabilities		2,450.7		2,335.4
Long-term debt		4,055.6		4,055.3
Deferred income tax liabilities, net		401.9		390.8
Long-term pension and other postretirement benefit liabilities		102.5		103.4
Other long-term liabilities		248.5		241.1
Total liabilities		7,259.2		7,126.0
Redeemable noncontrolling interests		120.4		114.4
Equifax shareholders' equity:
Preferred stock, $0.01 par value: Authorized shares - 10.0; Issued shares - none		—		—
Common stock, $1.25 par value: Authorized shares - 300.0; Issued shares - 189.3 at March 31, 2026 and December 31, 2025; Outstanding shares - 119.3 and 120.4 at March 31, 2026 and December 31, 2025, respectively		236.6		236.6
Paid-in capital		2,064.0		2,023.4
Retained earnings		6,549.2		6,445.1
Accumulated other comprehensive loss		(462.2)		(517.1)
Treasury stock, at cost, 69.4 and 68.3 shares at March 31, 2026 and December 31, 2025, respectively		(3,841.0)		(3,577.8)
Stock held by employee benefits trusts, at cost, 0.6 shares at March 31, 2026 and December 31, 2025		(5.9)		(5.9)
Total Equifax shareholders' equity		4,540.7		4,604.3
Noncontrolling interests		21.7		19.5
Total shareholders' equity		4,562.4		4,623.8
Total liabilities, redeemable noncontrolling interests, and shareholders' equity		$          11,942.0		$          11,864.2

 

EQUIFAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
		Three Months Ended March 31,
		2026		2025
(In millions)		(Unaudited)
Operating activities:
Consolidated net income		$            173.3		$            133.8
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization		184.8		176.4
Stock-based compensation expense		43.3		33.5
Deferred income taxes		13.5		(3.0)
Changes in assets and liabilities, excluding effects of acquisitions:
Accounts receivable, net		(58.3)		(55.0)
Other assets, current and long-term		(16.3)		(5.5)
Current and long term liabilities, excluding debt		(98.4)		(56.3)
Cash provided by operating activities		241.9		223.9
Investing activities:
Capital expenditures		(120.4)		(107.2)
Cash used in investing activities		(120.4)		(107.2)
Financing activities:
Net short-term borrowings (payments)		214.9		(48.1)
Payments on long-term debt		(1.4)		—
Treasury stock purchases		(260.0)		—
Dividends paid to Equifax shareholders		(67.1)		(48.5)
Proceeds from exercise of stock options and employee stock purchase plan		10.4		12.3
Payment of taxes related to settlement of equity awards		(14.5)		(11.5)
Cash used in financing activities		(117.7)		(95.8)
Effect of foreign currency exchange rates on cash and cash equivalents		(1.2)		4.4
Increase in cash and cash equivalents		2.6		25.3
Cash and cash equivalents, beginning of period		180.8		169.9
Cash and cash equivalents, end of period		$            183.4		$            195.2

Common Questions & Answers (Unaudited)
(Dollars in millions)

1.    Can you provide a further analysis of operating revenue by operating segment?

Operating revenue consists of the following components:

(In millions)		Three Months Ended March 31,
										Local Currency		Organic Local Currency
Operating revenue:		2026		2025		$ Change		% Change		% Change (1)		% Change (2)
Verification Services		$          571.4		$          502.2		$        69.2		14 %				13 %
Employer Services		111.7		116.4		(4.7)		(4) %				(4) %
Total Workforce Solutions		683.1		618.6		64.5		10 %				10 %
Online Information Solutions		553.7		448.1		105.6		24 %				24 %
Financial Marketing Services		51.9		51.8		0.1		— %				— %
Total U.S. Information Solutions		605.6		499.9		105.7		21 %				21 %
Latin America		102.7		94.2		8.5		9 %		4 %		4 %
Europe		94.0		86.6		7.4		9 %		1 %		1 %
Asia Pacific		92.6		79.7		12.9		16 %		6 %		6 %
Canada		70.9		63.0		7.9		12 %		8 %		8 %
Total International		360.2		323.5		36.7		11 %		4 %		4 %
Total operating revenue		$       1,648.9		$       1,442.0		$      206.9		14 %		13 %		13 %

(1)	Local currency revenue change is calculated by conforming 2026 results using 2025 exchange rates.
(2)	Organic local currency revenue growth 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. This adjustment is made for 12 months following the acquisition.

Reconciliations of Non-GAAP Financial Measures to the Comparable GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share amounts)

A.    Reconciliation of net income attributable to Equifax to adjusted net income attributable to Equifax and adjusted diluted EPS attributable to Equifax, defined as net income and EPS, respectively, each adjusted 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, antitrust litigation costs and aggregated tax impact of these adjustments:

		Three Months Ended March 31,
(In millions, except per share amounts)		2026		2025		$ Change		% Change
Net income attributable to Equifax		$          171.5		$          133.1		$       38.4		29 %
Acquisition-related amortization expense of certain acquired intangibles (1)		62.0		62.3		(0.3)		— %
Accrual for legal and regulatory matters related to the 2017 cybersecurity incident (2)		0.3		0.1		0.2		nm
Foreign currency impact of certain intercompany loans (3)		(0.2)		(0.2)		—		— %
Acquisition-related costs other than acquisition amortization (4)		5.1		11.6		(6.5)		(56) %
Income tax effects of stock awards that are recognized upon vesting or settlement (5)		(0.5)		(1.1)		0.6		(55) %
Argentina highly inflationary foreign currency adjustment (6)		(0.2)		0.5		(0.7)		nm
Realignment of resources and other costs (7)		—		1.4		(1.4)		nm
Antitrust litigation costs (8)		1.4		—		1.4		nm
Tax impact of adjustments (9)		(14.3)		(16.3)		2.0		(12) %
Adjusted net income attributable to Equifax		$          225.1		$          191.4		$       33.7		18 %
Adjusted diluted EPS attributable to Equifax		$            1.86		$            1.53		$       0.33		22 %
Weighted-average shares used in computing diluted EPS		120.8		125.1

nm - not meaningful
(1)	During the first quarter of 2026, we recorded acquisition-related amortization expense of certain acquired intangibles of $62.0 million ($49.5 million, net of tax). We calculate this financial measure by excluding the impact of acquisition-related amortization expense and including a benefit to reflect the significant cash income tax savings resulting from the income tax deductibility of amortization for certain acquired intangibles. The $12.5 million of tax is comprised of $16.5 million of tax expense, net of $4.0 million of a cash income tax benefit. During the first quarter of 2025, we recorded acquisition-related amortization expense of certain acquired intangibles of $62.3 million ($49.8 million, net of tax). The $12.5 million of tax is comprised of $16.6 million of tax expense, net of $4.1 million of a cash income tax benefit. See the Notes to this reconciliation for additional detail.
(2)	During the first quarter of 2026 and 2025, we recorded an accrual for legal and regulatory matters related to the 2017 cybersecurity incident of $0.3 million ($0.2 million, net of tax) and $0.1 million ($0.1 million, net of tax), respectively. See the Notes to this reconciliation for additional detail.
(3)	During the first quarter of 2026 and 2025, we recorded a foreign currency gain of $0.2 million on certain intercompany loans. The impact was recorded to the Other income, net line item within the Consolidated Statements of Income. See the Notes to this reconciliation for additional detail.
(4)	During the first quarter of 2026 and 2025, we recorded $5.1 million ($3.8 million, net of tax) and $11.6 million ($8.2 million, net of tax), respectively, for acquisition-related costs other than acquisition amortization. These costs primarily related to integration costs resulting from recent acquisition activity and were recorded in operating income. See the Notes to this reconciliation for additional detail.
(5)	During the first quarter of 2026 and 2025, we recorded a tax benefit of $0.5 million and $1.1 million, respectively, related to the tax effects of deductions for stock compensation in excess of amounts recorded for compensation costs. See the Notes to this reconciliation for additional detail.
(6)	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. During the first quarter of 2026 and 2025, we recorded a foreign currency gain of $0.2 million and a foreign currency loss of $0.5 million, respectively, related to the impact of remeasuring the peso denominated monetary assets and liabilities as a result of Argentina being a highly inflationary economy. See the Notes to this reconciliation for additional detail.
(7)	During the first quarter of 2025, we recorded $1.4 million ($1.0 million, net of tax) of restructuring charges related to contract terminations, which relate to our efforts to complete our cloud technology transformation. See the Notes to this reconciliation for additional detail.
(8)	During the first quarter of 2026, we recorded costs related to antitrust litigation pertaining to our Workforce Solutions business unit in the amount of $1.4 million ($1.0 million, net of tax). See the Notes to this reconciliation for additional detail.
(9)	During the first quarter of 2026, we recorded the tax impact of adjustments of $14.3 million comprised of (i) acquisition-related amortization expense of certain acquired intangibles of $12.5 million ($16.5 million of tax expense, net of $4.0 million of cash income tax benefit), (ii) a tax adjustment of $0.1 million related to an accrual for legal and regulatory matters related to the 2017 cybersecurity incident, (iii) a tax adjustment of $1.3 million related to acquisition-related costs other than acquisition amortization, and (iv) a tax adjustment of $0.4 million related to antitrust litigation costs.
	During the first quarter of 2025, we recorded the tax impact of adjustments of $16.3 million comprised of (i) acquisition-related amortization expense of certain acquired intangibles of $12.5 million ($16.6 million of tax expense, net of $4.1 million of cash income tax benefit), (ii) a tax adjustment of $3.4 million related to acquisition-related costs other than acquisition amortization, and (iii) a tax adjustment of $0.4 million related to restructuring charges.

B.    Reconciliation of net income attributable to Equifax to adjusted EBITDA, defined as net income excluding income taxes, interest expense, net, depreciation and amortization expense, 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, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs, antitrust litigation costs and presentation of adjusted EBITDA margin: 

		Three Months Ended March 31,
(In millions)		2026		2025		$ Change		% Change
Revenue		$      1,648.9		$     1,442.0		$     206.9		14 %
Net income attributable to Equifax		$         171.5		$        133.1		$       38.4		29 %
Income taxes		62.5		51.6		10.9		21 %
Interest expense, net*		53.9		50.4		3.5		7 %
Depreciation and amortization		183.1		174.6		8.5		5 %
Accrual for legal and regulatory matters related to 2017 cybersecurity incident (1)		0.3		0.1		0.2		nm
Foreign currency impact of certain intercompany loans (2)		(0.2)		(0.2)		—		— %
Acquisition-related costs other than acquisition amortization (3)		5.1		11.6		(6.5)		(56) %
Argentina highly inflationary foreign currency adjustment (4)		(0.2)		0.5		(0.7)		nm
Realignment of resources and other costs (5)		—		1.4		(1.4)		nm
Antitrust litigation costs (6)		1.4		—		1.4		nm
Adjusted EBITDA, excluding the items listed above		$         477.4		$        423.1		$       54.3		13 %
Adjusted EBITDA margin		29.0 %		29.3 %

nm - not meaningful
*Excludes interest income of $1.8 million in the first quarter of 2026 and $2.5 million in the first quarter of 2025.
(1)	During the first quarter of 2026 and 2025, we recorded an accrual for legal and regulatory matters related to the 2017 cybersecurity incident of $0.3 million ($0.2 million, net of tax) and $0.1 million ($0.1 million, net of tax), respectively. See the Notes to this reconciliation for additional detail.
(2)	During the first quarter of 2026 and 2025, we recorded a foreign currency gain of $0.2 million on certain intercompany loans. The impact was recorded to the Other income, net line item within the Consolidated Statements of Income. See the Notes to this reconciliation for additional detail.
(3)	During the first quarter of 2026 and 2025, we recorded $5.1 million ($3.8 million, net of tax) and $11.6 million ($8.2 million, net of tax), respectively, for acquisition-related costs other than acquisition amortization. These costs primarily related to integration costs resulting from recent acquisition activity and were recorded in operating income. See the Notes to this reconciliation for additional detail.
(4)	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. During the first quarter of 2026 and 2025, we recorded a foreign currency gain of $0.2 million and a foreign currency loss of $0.5 million, respectively, related to the impact of remeasuring the peso denominated monetary assets and liabilities as a result of Argentina being a highly inflationary economy. See the Notes to this reconciliation for additional detail.
(5)	During the first quarter of 2025, we recorded $1.4 million ($1.0 million, net of tax) of restructuring charges related to contract terminations, which relate to our efforts to complete our cloud technology transformation. See the Notes to this reconciliation for additional detail.
(6)	During the first quarter of 2026, we recorded costs related to antitrust litigation pertaining to our Workforce Solutions business unit in the amount of $1.4 million ($1.0 million, net of tax). See the Notes to this reconciliation for additional detail.

C.    Reconciliation of operating income by segment to Adjusted EBITDA, excluding depreciation and amortization expense, other income, net, noncontrolling interest, 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, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs, antitrust litigation costs and presentation of adjusted EBITDA margin for each of the segments:

(In millions)	Three Months Ended March 31, 2026
		Workforce Solutions		U.S. Information Solutions		International			General Corporate Expense		Total
Revenue		$        683.1		$       605.6		$        360.2			—		$     1,648.9
Operating income		309.4		122.3		34.1			(178.1)		287.7
Depreciation and amortization		47.4		60.9		51.7			23.1		183.1
Other income (expense), net*		—		0.4		1.7			(0.1)		2.0
Noncontrolling interest		—		—		(1.8)			—		(1.8)
Adjustments (1)		0.5		—		4.2			1.7		6.4
Adjusted EBITDA		$        357.3		$       183.6		$          89.9			$         (153.4)		$        477.4
Operating margin		45.3 %		20.2 %		9.5 %			nm		17.5 %
Adjusted EBITDA margin		52.3 %		30.3 %		25.0 %			nm		29.0 %

nm - not meaningful

*Excludes interest income of $1.5 million in International and $0.3 million in General Corporate Expense.

 

(In millions)		Three Months Ended March 31, 2025
		Workforce Solutions		U.S. Information Solutions		International			General Corporate Expense		Total
Revenue		$       618.6		$        499.9		$        323.5			—		$     1,442.0
Operating income		264.1		105.7		25.4			(159.4)		235.8
Depreciation and amortization		44.6		63.3		43.7			23.0		174.6
Other (expense) income, net*		(0.1)		0.3		0.7			(0.9)		—
Noncontrolling interest		—		—		(0.7)			—		(0.7)
Adjustments (1)		1.6		1.4		9.0			1.4		13.4
Adjusted EBITDA		$       310.2		$        170.7		$          78.1			$         (135.9)		$        423.1
Operating margin		42.7 %		21.1 %		7.8 %			nm		16.4 %
Adjusted EBITDA margin		50.1 %		34.1 %		24.1 %			nm		29.3 %

nm - not meaningful
*Excludes interest income of $2.3 million in International and $0.2 million in General Corporate Expense.
(1)	During the first quarter of 2026, we recorded pre-tax expenses of $0.3 million for an accrual for legal and regulatory matters related to the 2017 cybersecurity incident, $0.2 million for a foreign currency gain on certain intercompany loans, $5.1 million for acquisition-related costs other than acquisition amortization, $0.2 million for a foreign currency gain related to the impact of remeasuring the peso denominated monetary assets and liabilities as a result of Argentina being a highly inflationary economy, and $1.4 million of antitrust litigation costs.
	During the first quarter of 2025, we recorded pre-tax expenses of $0.1 million for an accrual for legal and regulatory matters related to the 2017 cybersecurity incident, $0.2 million for a foreign currency gain on certain intercompany loans, $11.6 million for acquisition-related costs other than acquisition amortization, $0.5 million for a foreign currency loss related to the impact of remeasuring the peso denominated monetary assets and liabilities as a result of Argentina being a highly inflationary economy, and $1.4 million of restructuring charges for the realignment of resources and other costs.

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 first quarter of 2026 and 2025, we recorded acquisition-related amortization expense of certain acquired intangibles of $62.0 million ($49.5 million, net of tax) and $62.3 million ($49.8 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 first quarter of 2026 and 2025, we recorded an accrual for legal and regulatory matters related to the 2017 cybersecurity incident of $0.3 million ($0.2 million, net of tax) and $0.1 million ($0.1 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 first quarter of 2026 and 2025, we recorded a gain of $0.2 million related to foreign currency impact of 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 first quarter of 2026 and 2025, we recorded $5.1 million ($3.8 million, net of tax) and $11.6 million ($8.2 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 first quarter of 2026 and 2025, we recorded a tax benefit of $0.5 million and $1.1 million, respectively, 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 March 31, 2026 and 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 gain of $0.2 million and a foreign currency loss of $0.5 million during the first 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 first quarter of 2025, we recorded $1.4 million ($1.0 million, net of tax) of restructuring charges related to contract terminations, which relate to our efforts to complete our cloud technology transformation. Management believes excluding these charges from certain financial results provides meaningful supplemental information regarding our financial results for the three months ended March 31, 2026 and 2025 since the charges are 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 first quarter of 2026, we recorded costs related to antitrust litigation pertaining to our Workforce Solutions business unit in the amount of $1.4 million ($1.0 million, net of tax). 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.

Contact:
Trevor Burns	Kate Walker
Investor Relations	Media Relations
trevor.burns@equifax.com	mediainquiries@equifax.com

 

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SOURCE Equifax Inc.

FAQ

How much revenue did Equifax (EFX) report for Q1 2026 and how did it compare to guidance?

Equifax reported $1.649 billion in Q1 2026 revenue, beating midpoint guidance by $37 million. According to the company, revenue grew 14% year-over-year with 13% local currency growth.

What were Equifax (EFX) Q1 2026 earnings per share and adjusted EPS results?

Diluted EPS was $1.42 and adjusted EPS was $1.86 in Q1 2026. According to the company, diluted EPS rose 34% and adjusted EPS rose 22% year-over-year.

How much cash did Equifax (EFX) return to shareholders in Q1 2026 and by what methods?

Equifax returned $327 million to shareholders in Q1 2026 via $260 million in share repurchases and $67 million in dividends. According to the company, 1.3 million shares were repurchased.

What drove Equifax's (EFX) Q1 2026 revenue outperformance and which segments led growth?

Outperformance was driven by strong U.S. Mortgage and product innovation, with Workforce Solutions and USIS also contributing. According to the company, U.S. Mortgage grew 38% and Vitality Index hit 17%.

Did Equifax (EFX) change its full-year 2026 guidance after Q1 results?

Equifax maintained its full-year local currency revenue guidance but increased reported revenue by $25 million and adjusted EPS by $0.04. According to the company, uncertainty in U.S. mortgage activity drove the decision.