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TransUnion (NYSE: TRU) raises 2026 guidance on 15% Q2 revenue growth

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

TransUnion reported strong Q2 2026 results, with revenue of $1,309.6 million, up 14.9% year over year, and organic constant currency growth of 10.1%. Net income attributable to TransUnion rose to $143.4 million, and diluted EPS increased to $0.74 from $0.56.

Profitability on an adjusted basis also improved. Adjusted EBITDA was $456.1 million, up 12.1%, with a 34.8% margin, and Adjusted Diluted EPS rose to $1.23 from $1.08. U.S. Markets revenue grew 11.5%, led by 18.2% growth in U.S. Financial Services, while International revenue grew 26.9% with 6.3% organic constant currency growth.

Cash generation and guidance strengthened. Cash provided by operating activities for the first half of 2026 increased to $459.1 million from $343.8 million, and the Leverage Ratio was 2.6x. Management raised full-year 2026 guidance to revenue of $5,127–$5,162 million and Adjusted Diluted EPS of $4.75–$4.83, implying 12–13% revenue growth and 11–12% adjusted EPS growth.

Positive

  • Q2 2026 revenue grew 14.9% to $1,309.6 million, with 10.1% organic constant currency growth and broad-based strength across U.S. Financial Services and International operations.
  • Full-year 2026 outlook was raised, now targeting $5,127–$5,162 million in revenue (12–13% reported, 8–9% organic constant currency) and Adjusted Diluted EPS of $4.75–$4.83, or 11–12% growth.
  • Operating cash flow for the first half of 2026 increased to $459.1 million from $343.8 million, while the Leverage Ratio improved to 2.6x, supporting ongoing capital deployment including approximately $150 million of share repurchases year to date through July.

Negative

  • None.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revenue $1,309.6 million Quarter ended June 30, 2026; 14.9% growth vs. Q2 2025
Net income attributable to TransUnion $143.4 million Q2 2026 vs. $109.6 million in Q2 2025
Diluted EPS $0.74 Q2 2026 diluted earnings per share vs. $0.56 in Q2 2025
Adjusted EBITDA $456.1 million Q2 2026; Consolidated Adjusted EBITDA margin 34.8%
Operating cash flow $459.1 million Cash provided by operating activities, six months ended June 30, 2026 vs. $343.8 million in 2025
Leverage Ratio 2.6 Net debt to Adjusted EBITDA as of June 30, 2026
FY 2026 revenue guidance $5,127–$5,162 million Represents 12–13% reported growth and 8–9% organic constant currency growth
FY 2026 Adjusted Diluted EPS guidance $4.75–$4.83 Expected 11–12% Adjusted Diluted EPS growth for 2026
organic constant currency financial
"Organic constant currency revenue grew 10.1% for the quarter"
A performance measure showing how a company’s sales or revenue changed from one period to another after removing the effects of recent acquisitions or disposals (organic) and filtering out the impact of exchange-rate swings (constant currency). Investors use it like comparing the same store’s sales before and after removing new locations and shifting prices, to judge the business’s true underlying growth without distortions from deals or currency moves.
Adjusted EBITDA financial
"Adjusted EBITDA was $456 million for the quarter"
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.
Leverage Ratio financial
"Leverage Ratio reduced to 2.6x"
Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.
FICO mortgage royalty financial
"The impact of FICO mortgage royalty is expected to be approximately 2 points"
Adjusted Diluted Earnings per Share financial
"Adjusted Diluted Earnings per Share was $1.23"
Adjusted diluted earnings per share is the company’s net profit per share after accounting for potential extra shares (from options or convertible securities) and removing one‑time or unusual items so the number reflects ongoing business results. Think of it like timing a runner’s steady pace after excluding a few unexpected stops; it gives investors a clearer view of sustainable profit available to each share. Investors use it to compare companies and judge underlying profitability and valuation without short‑term distortions.
Revenue $1,309.6 million up 14.9% from $1,139.7 million in Q2 2025
Net income attributable to TransUnion $143.4 million up from $109.6 million in Q2 2025
Diluted earnings per share $0.74 up from $0.56 in Q2 2025
Adjusted EBITDA $456.1 million up 12.1% from $407.0 million in Q2 2025
Adjusted Diluted EPS $1.23 up from $1.08 in Q2 2025
Guidance

For full-year 2026, TransUnion guides to revenue of $5,127–$5,162 million (12–13% reported growth, 8–9% organic constant currency), Adjusted EBITDA of $1,807–$1,827 million, and Adjusted Diluted EPS of $4.75–$4.83 (11–12% growth).

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FAQ

What were TransUnion (TRU)'s key revenue results for Q2 2026?
TransUnion generated Q2 2026 revenue of $1,309.6 million, up 14.9% year over year. Organic constant currency revenue grew 10.1%, driven by 18.2% growth in U.S. Financial Services and 26.9% reported growth in International, where organic constant currency growth was 6.3%.

How did TransUnion (TRU)'s profitability change in Q2 2026?
Net income attributable to TransUnion rose to $143.4 million, with diluted EPS increasing to $0.74 from $0.56. Adjusted EBITDA reached $456.1 million, up 12.1%, and Adjusted Diluted EPS increased to $1.23 from $1.08 compared with Q2 2025.

What full-year 2026 guidance did TransUnion (TRU) provide?
For 2026, TransUnion guides to revenue of $5,127–$5,162 million, representing 12–13% reported and 8–9% organic constant currency growth. It expects Adjusted EBITDA of $1,807–$1,827 million and Adjusted Diluted EPS of $4.75–$4.83, implying 11–12% adjusted EPS growth.

How did TransUnion (TRU)'s U.S. and International segments perform in Q2 2026?
U.S. Markets revenue was $992.7 million, up 11.5%, with U.S. Financial Services up 18.2% and Emerging Verticals up 9.4% organically. International revenue was $320.8 million, up 26.9% reported and 6.3% on an organic constant currency basis.

What is TransUnion (TRU)'s cash flow and leverage position after Q2 2026?
For the first half of 2026, cash provided by operating activities was $459.1 million, up from $343.8 million in 2025. At June 30, 2026, net debt was $4,746.2 million and the company reported a Leverage Ratio of 2.6x Adjusted EBITDA.

How much stock has TransUnion (TRU) repurchased in 2026 year-to-date?
TransUnion reported that share repurchases totaled approximately $150 million year-to-date through July 2026. This follows higher repurchase activity in Q2 and supports the company’s stated focus on shareholder-centric capital allocation alongside acquisitions and dividends.
0001552033false00015520332026-07-282026-07-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 8-K
____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date Earliest Event Reported): July 28, 2026
____________________
TransUnion

(Exact name of registrant as specified in its charter)
____________________
Delaware001-3747061-1678417
(State or other jurisdiction
of incorporation)		(Commission File Number)(IRS Employer Identification No.)
555 West Adams Street,Chicago,Illinois60661
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (312) 985-2000
____________________
Check the appropriate box below if the Form 8−K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a−12 under the Exchange Act (17 CFR 240.14a−12)
☐    Pre−commencement communications pursuant to Rule 14d−2(b) under the Exchange Act (17 CFR 240.14d−2(b))
☐    Pre−commencement communications pursuant to Rule 13e−4(c) under the Exchange Act (17 CFR 240.13e− 4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueTRUNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





Item 2.02 Results of Operations and Financial Condition.
On July 28, 2026, TransUnion (the “Company”) issued a press release announcing results for the quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.
Item 7.01 Regulation FD Disclosure.
On July 28, 2026, management reviewed a slide presentation during the Company’s fiscal 2026 second quarter earnings conference call. The presentation materials are attached hereto as Exhibit 99.2 and incorporated herein by reference. These materials may also be used by the Company at one or more subsequent conferences with analysts, investors, or other stakeholders.
The information contained in the attached presentation materials is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission filings and other public announcements. The Company undertakes no duty or obligation to publicly update or revise this information, although it may do so from time to time.
The information furnished pursuant to this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference in any filing made by the Company under the Securities Act or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.Description
99.1
Press release of TransUnion dated July 28, 2026, announcing results for the quarter ended June 30, 2026.
99.2
Earnings call presentation materials for the quarter ended June 30, 2026.
104Cover page Interactive Data File (embedded within the inline XBRL file).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned hereunto duly authorized.


TRANSUNION
Date: July 28, 2026By:/s/ Todd M. Cello
Name:Todd M. Cello
Title:Executive Vice President, Chief Financial Officer

Exhibit 99.1
tulogoa30.gif
News Release
TransUnion Announces Strong Second Quarter 2026 Results
•Exceeded revenue, Adjusted EBITDA and Adjusted Diluted Earnings Per Share guidance
•Delivered 15 percent revenue growth, or 10 percent organic constant currency, led by U.S. Financial Services and Emerging Verticals
•Increased share repurchases in the second quarter and July, bringing the year-to-date total to approximately $150 million
•Raising full-year 2026 financial guidance; we now expect to deliver 12% to 13% percent revenue growth (8% to 9% organic constant currency)

CHICAGO, July 28, 2026 – TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended June 30, 2026.
Second Quarter 2026 Results
Revenue:
•Total revenue for the quarter was $1,310 million, an increase of 15 percent (15 percent on a constant currency basis and 10 percent on an organic constant currency basis), compared with the second quarter of 2025.
Earnings:
•Net income attributable to TransUnion was $143 million for the quarter, compared with $110 million for the second quarter of 2025. Diluted earnings per share was $0.74, compared with $0.56 in the second quarter of 2025. Net income attributable to TransUnion margin was 10.9 percent, compared with 9.6 percent in the second quarter of 2025.
•Adjusted Net Income was $238 million for the quarter, compared with $213 million for the second quarter of 2025. Adjusted Diluted Earnings per Share was $1.23, compared with $1.08 in the second quarter of 2025.
•Adjusted EBITDA was $456 million for the quarter, compared with $407 million for the second quarter of 2025, an increase of 12 percent (12 percent on a constant currency basis and 7 percent on an organic constant currency basis). Adjusted EBITDA margin was 34.8 percent, compared with 35.7 percent in the second quarter of 2025.
“TransUnion delivered another strong quarter of outperformance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew by 11 percent, led by U.S. Financial Services and Emerging Verticals. International organic constant currency growth improved to 6 percent, with high-single digit growth in India and the U.K. and 10 percent growth in Canada.”
“We are raising our 2026 guidance, reflecting strong momentum in the first half of the year balanced against continued market uncertainty. We expect to deliver a third consecutive year of at least high-single digit organic constant currency revenue growth and double-digit Adjusted Diluted EPS growth.”
“We continue to execute against our 2026 enterprise priorities to drive innovation-led, scalable growth. We delivered key milestones in the first half of the year, including substantial migrations of our U.S. credit customers to OneTru and an accelerated pace of new product introductions globally. We believe this progress positions us for strong financial performance, free cash generation and shareholder returns in the second half of the year.”



Second Quarter 2026 Segment Results
Segment revenue, Adjusted EBITDA and the related growth rates in the table below include the results of Trans Union de México, S.A. S.I.C. (“Trans Union de Mexico”). The results of this business are reported in the International Segment within Latin America.
(in millions)
Second Quarter 2026
Reported Growth Rate
Constant Currency Growth Rate
Organic Constant Currency Growth Rate
U.S. Markets:
Financial Services$496 18 %18 %18 %
Emerging Verticals354 9 %9 %9 %
Consumer Interactive142 (3)%(3)%(3)%
Total U.S. Markets Revenue
$993 11 %11 %11 %
U.S. Markets Adjusted EBITDA
$361 7 %7 %7 %
International:
Canada
$46 10 %10 %10 %
Latin America
93 172 %162 %5 %
United Kingdom
73 9 %9 %9 %
Africa
21 16 %5 %5 %
India
65 (2)%8 %8 %
Asia Pacific
22 (10)%(7)%(7)%
Total International Revenue
$321 27 %28 %6 %
International Adjusted EBITDA
$137 27 %28 %7 %
Liquidity and Capital Resources
Cash and cash equivalents was $839 million at June 30, 2026 and $854 million at December 31, 2025.
For the six months ended June 30, 2026, cash provided by operating activities was $459 million, compared with $344 million in 2025. The increase in cash provided by operating activities was due primarily to improved operating performance and changes in working capital. For the six months ended June 30, 2026, cash used in investing activities was $681 million, compared with $224 million in 2025. The increase in cash used in investing activities was due primarily to our acquisitions of Trans Union de Mexico and the mobile division of RealNetworks LLC (“RealNetworks”), partially offset by proceeds from the sale of two Cost Method Investments and a prior year investment in a note receivable. For the six months ended June 30, 2026, capital expenditures were $134 million, compared with $145 million in 2025. Capital expenditures as a percentage of revenue represented 5% and 7%, respectively, for the six months ended June 30, 2026 and 2025. For the six months ended June 30, 2026, cash provided by financing activities was $220 million, compared with cash used in financing activities of $127 million in 2025. The increase in cash provided by financing activities was due primarily to borrowings from the Senior Secured Revolving Credit Facility for the purchase of Trans Union de Mexico, partially offset by higher share repurchase volume in 2026 and dividends paid to shareholders of Trans Union de Mexico.


Third Quarter and Full Year 2026 Outlook
Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.
Three Months Ended 
 September 30, 2026		Twelve Months Ended 
 December 31, 2026
(in millions, except per share data)LowHighLowHigh
Revenue, as reported$1,292 $1,310 $5,127 $5,162 
Revenue growth1:
As reported11 %12 %12 %13 %
Constant currency1, 2
11 %12 %12 %13 %
Organic constant currency1, 3
6 %8 %8 %9 %
Net income attributable to TransUnion
$132 $138 $807 $821 
Net income attributable to TransUnion growth
37 %43 %77 %80 %
Net income attributable to TransUnion margin
10.2 %10.5 %15.7 %15.9 %
Diluted Earnings per Share$0.68 $0.71 $4.15 $4.22 
Diluted Earnings per Share growth38 %45 %79 %82 %
Adjusted EBITDA, as reported5
$455 $463 $1,807 $1,827 
Adjusted EBITDA growth, as reported4
7 %9 %10 %11 %
Adjusted EBITDA margin35.2 %35.4 %35.2 %35.4 %
Adjusted Diluted Earnings per Share5
$1.18 $1.21 $4.75 $4.83 
Adjusted Diluted Earnings per Share growth7 %10 %11 %12 %
1.Additional revenue growth assumptions:
a.The impact of changing foreign currency exchange rates is expected to be immaterial for Q3 2026 and for FY 2026.
b.The impact of the recent acquisitions is expected to be approximately 4.5 points of benefit for Q3 2026 and approximately 4 points of benefit for FY 2026.
c.The impact of FICO mortgage royalty is expected to be approximately 2 points of benefit for Q3 2026 and approximately 3 points of benefit for FY 2026.
2.Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
3.Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions, including Trans Union de Mexico, the mobile division of RealNetworks and Monevo.
4.Additional Adjusted EBITDA assumptions:
a.The impact of changing foreign currency exchange rates is expected to be immaterial for Q3 2026 and for FY 2026.
5.For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.


Earnings Webcast Details
In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
http://www.transunion.com/business
Availability of Information on TransUnion’s Website
Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs, expectations and outlook are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.
Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:
•macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession, trade policy, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
•ongoing conflict in the Middle East;
•our ability to provide competitive services and prices;
•our ability to retain or renew existing agreements with large or long-term customers;
•our ability to maintain the security and integrity of our data;
•our ability to deliver services timely without interruption;
•uncertainty related to Fair Isaac Corporation’s (“FICO”) new Mortgage Direct License Program;
•our ability to maintain our access to data sources;
•government regulation and changes in the regulatory environment;
•litigation or regulatory proceedings;


•our approach to the use of artificial intelligence;
•our ability to effectively manage our costs;
•our ability to maintain effective internal control over financial reporting or disclosure controls and procedures;
•economic and political stability in the United States and risks associated with the international markets where we operate;
•our ability to effectively develop and maintain strategic alliances and joint ventures;
•our ability to timely develop new services and the market’s willingness to adopt our new services;
•our ability to manage and expand our operations and keep up with rapidly changing technologies;
•our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
•our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
•our ability to defend our intellectual property from infringement claims by third parties;
•the ability of our outside service providers and key vendors to fulfill their obligations to us;
•further consolidation in our end-customer markets;
•the increased availability of free or inexpensive consumer information;
•losses against which we do not insure;
•our ability to make timely payments of principal and interest on our indebtedness;
•our ability to satisfy covenants in the agreements governing our indebtedness;
•our ability to maintain our liquidity;
•stock price volatility;
•share repurchase plans;
•dividend rate;
•our reliance on key management personnel; and
•changes in tax laws or adverse outcomes resulting from examination of our tax returns.
There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.
The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.

For More Information
E-mail:    Investor.Relations@transunion.com
Telephone:    312.985.2860

                                                
TRANSUNION AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(in millions, except per share data)
June 30,
2026		December 31,
2025
Assets
Current assets:
Cash and cash equivalents$839.1 $853.6 
Trade accounts receivable, net of allowance of $26.6 and $27.7
1,047.5 905.0 
Other current assets291.4 257.7 
Total current assets2,178.0 2,016.3 
Property, plant and equipment, net of accumulated depreciation and amortization of $546.4 and $545.0
270.9 258.4 
Goodwill5,811.8 5,259.5 
Other intangibles, net of accumulated amortization of $2,898.8 and $2,716.3
3,520.4 3,098.5 
Other assets408.8 480.2 
Total assets$12,189.9 $11,112.9 
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable$404.9 $349.9 
Current portion of long-term debt
213.1 196.9 
Other current liabilities528.1 607.6 
Total current liabilities1,146.1 1,154.4 
Long-term debt5,372.2 4,906.9 
Deferred taxes539.2 389.8 
Other liabilities133.8 116.5 
Total liabilities7,191.3 6,567.6 
Stockholders’ equity:
Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of June 30, 2026 and December 31, 2025, respectively
— — 
Common stock, $0.01 par value; 1.0 billion shares authorized at June 30, 2026 and December 31, 2025, 199.0 million and 199.4 million shares issued at June 30, 2026 and December 31, 2025, respectively, and 191.6 million and 192.4 million shares outstanding as of June 30, 2026 and December 31, 2025, respectively
1.9 2.0 
Additional paid-in capital2,390.9 2,424.0 
Treasury stock at cost; 7.4 million and 7.0 million shares at June 30, 2026 and December 31, 2025, respectively
(402.5)(370.3)
Retained earnings3,214.9 2,723.7 
Accumulated other comprehensive loss(362.3)(340.2)
Total TransUnion stockholders’ equity4,842.9 4,439.2 
Noncontrolling interests155.7 106.1 
Total stockholders’ equity4,998.6 4,545.3 
Total liabilities and stockholders’ equity$12,189.9 $11,112.9 

                                                
TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue$1,309.6 $1,139.7 $2,555.3 $2,235.5 
Operating expenses
Cost of services (exclusive of depreciation and amortization below)544.6 469.9 1,064.1 915.5 
Selling, general and administrative346.5 335.0 675.5 591.8 
Depreciation and amortization160.5 142.7 312.9 281.6 
Total operating expenses1,051.6 947.5 2,052.5 1,788.9 
Operating income
258.0 192.2 502.8 446.6 
Non-operating income and (expense)
Interest expense(65.9)(55.7)(127.9)(111.8)
Interest income7.0 8.8 14.2 17.3 
Earnings from equity method investments0.9 5.0 7.4 9.3 
Gain on acquisition of affiliate
— — 225.5 — 
Other income and (expense), net
1.5 6.6 7.7 (10.8)
Total non-operating income and (expense)(56.5)(35.4)126.8 (96.0)
Income before income taxes
201.5 156.8 629.6 350.5 
Provision for income taxes(54.8)(44.4)(82.4)(85.4)
Net income
146.7 112.4 547.2 265.1 
Less: net income attributable to noncontrolling interests
(3.4)(2.8)(6.7)(7.4)
Net income attributable to TransUnion
$143.4 $109.6 $540.5 $257.7 
Basic earnings per common share from:
Net income attributable to TransUnion
$0.75 $0.56 $2.81 $1.32 
Diluted earnings per common share from:
Net income attributable to TransUnion$0.74 $0.56 $2.78 $1.31 
Weighted-average shares outstanding:
Basic192.3 195.0 192.5 195.0 
Diluted193.7 197.2 194.3 197.2 
As a result of displaying amounts in millions, rounding differences may exist in the table above.

                                                
TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
Six Months Ended June 30,
20262025
Cash flows from operating activities:
Net income
$547.2 $265.1 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization312.9 281.6 
Deferred taxes(21.3)(54.1)
Stock-based compensation76.6 70.5 
Gain on acquisition of affiliate
(225.5)— 
Other(10.5)29.1 
Changes in assets and liabilities:
Trade accounts receivable(144.4)(98.4)
Other current and long-term assets(20.2)8.0 
Trade accounts payable44.0 37.1 
Other current and long-term liabilities(99.7)(195.1)
Cash provided by operating activities
459.1 343.8 
Cash flows from investing activities:
Capital expenditures(134.4)(145.4)
Proceeds from sale/maturity of other investments — 0.2 
Investments in consolidated affiliates, net of cash acquired(603.6)(55.7)
Investments in nonconsolidated affiliates and notes receivable
(1.0)(25.0)
Proceeds from the sale of investments in nonconsolidated affiliates47.3 — 
Other10.8 2.2 
Cash used in investing activities(680.9)(223.7)
Cash flows from financing activities:
Proceeds from revolving credit facility
520.0 — 
Repayments of debt(40.8)(43.2)
Debt financing fees(0.7)— 
Dividends to shareholders(49.5)(45.1)
Proceeds from issuance of common stock and exercise of stock options
9.8 10.5 
Employee taxes paid on restricted stock units recorded as treasury stock(32.3)(7.4)
Repurchases of common stock
(115.8)(38.8)
Acquisitions of noncontrolling interests
(8.6)— 
Distributions to noncontrolling interests(6.4)(3.3)
Dividends paid to shareholders of acquired affiliate
(56.1)— 
Cash provided by (used in) financing activities
219.6 (127.3)
Effect of exchange rate changes on cash and cash equivalents(12.3)15.2 
Net change in cash and cash equivalents(14.5)8.0 
Cash and cash equivalents, beginning of period853.6 679.5 
Cash and cash equivalents, end of period$839.1 $687.5 
As a result of displaying amounts in millions, rounding differences may exist in the table above.

                                                
TRANSUNION AND SUBSIDIARIES
Non-GAAP Financial Measures
We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.
We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.
Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.
Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.
Consolidated Adjusted EBITDA

Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:

•Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
•Provision for income taxes, as reported on our Consolidated Statements of Operations.
•Depreciation and amortization, as reported on our Consolidated Statements of Operations.
•Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
•Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) fair value and impairment adjustments related to investments and related call and put options, notes receivable, gains or losses on a step acquisition and mark-to-market adjustments on acquisition-related foreign currency forward contracts, (iii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.

                                                
•Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. This represented the final phase of the technology investment in our global technology infrastructure and core customer applications. The accelerated technology investment fundamentally transformed our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure required us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur now that the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs through the end of the program in 2025 from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
•Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with our transformation plan. We excluded these expenses through the end of the program in 2025 as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
•Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iii) currency remeasurement on foreign operations, (iv) legal and regulatory expenses, net, and (v) other non-operating (income) and expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.


                                                
Consolidated Adjusted EBITDA Margin

Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.

Adjusted Net Income

Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:
•Amortization of certain intangible assets presents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
•Stock-based compensation (see Consolidated Adjusted EBITDA above)
•Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above)
•Accelerated technology investment (see Consolidated Adjusted EBITDA above)
•Operating model optimization program (see Consolidated Adjusted EBITDA above)
•Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
•Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our Consolidated Statement of Operations.

Adjusted Diluted Earnings Per Share

Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.

Adjusted Provision for Income Taxes

Management has excluded the following items from our provision for income taxes for the periods presented:
•Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
•Excess tax (benefit) expense for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
•Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.

Adjusted Effective Tax Rate

Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income before income taxes. We calculate adjusted income before income taxes by excluding the pre-tax

                                                
adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income before income taxes.

Leverage Ratio
Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.
This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.
Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.
Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

                                                
SCHEDULE 1
TRANSUNION AND SUBSIDIARIES
Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC
(Unaudited)
For the Three Months Ended June 30, 2026 compared with
the Three Months Ended June 30, 2025
For the Six Months Ended June 30, 2026 compared with
the Six Months Ended June 30, 2025
Reported
CC Growth1
Inorganic
Organic CC Growth2
Reported
CC Growth1
Inorganic
Organic CC Growth2
Revenue:
Consolidated14.9 %15.0 %4.9 %10.1 %14.3 %14.0 %3.6 %10.4 %
U.S. Markets11.5 %11.5 %0.3 %11.2 %12.6 %12.6 %0.2 %12.4 %
Financial Services18.2 %18.2 %— %18.2 %21.0 %21.0 %— %21.0 %
Emerging Verticals9.4 %9.4 %0.7 %8.6 %7.8 %7.8 %0.4 %7.5 %
Consumer Interactive(3.0)%(3.0)%— %(3.0)%(0.9)%(1.0)%0.4 %(1.4)%
International26.9 %27.5 %21.2 %6.3 %20.1 %18.9 %15.5 %3.4 %
Canada9.7 %9.6 %— %9.6 %11.9 %9.4 %— %9.4 %
Latin America171.8 %162.1 %157.5 %4.7 %119.2 %110.3 %107.8 %2.5 %
United Kingdom9.3 %8.6 %— %8.6 %15.6 %11.4 %3.8 %7.9 %
Africa15.8 %4.9 %— %4.9 %19.4 %7.1 %— %7.1 %
India(2.3)%8.0 %— %8.0 %(6.4)%1.2 %— %1.2 %
Asia Pacific(9.6)%(6.9)%— %(6.9)%(14.2)%(12.5)%— %(12.5)%
Adjusted EBITDA:
Consolidated12.1 %12.5 %5.4 %7.1 %11.2 %11.0 %4.1 %6.9 %
U.S. Markets7.1 %7.0 %(0.2)%7.3 %9.2 %9.2 %— %9.2 %
International26.7 %28.3 %20.9 %7.4 %18.7 %18.1 %15.2 %2.9 %

1.Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
2.Organic CC growth rate is the CC growth rate less inorganic growth rate.



                                                
SCHEDULE 2
TRANSUNION AND SUBSIDIARIES
Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited)
(dollars in millions)
 Three Months Ended June 30,Six Months Ended June 30,
 2026202520262025
Revenue:
U.S. Markets gross revenue
     Financial Services$496.3 $419.9 $996.8 $823.5 
     Emerging Verticals353.9 323.6 688.5 638.5 
Consumer Interactive142.5 146.9 282.4 285.1 
U.S. Markets gross revenue$992.7 $890.4 $1,967.8 $1,747.0 
International gross revenue
Canada
$46.4 $42.3 $89.7 $80.1 
Latin America
92.7 34.1 146.6 66.9 
United Kingdom73.5 67.2 145.7 126.1 
Africa
21.0 18.2 41.9 35.1 
India
65.1 66.6 126.6 135.3 
Asia Pacific
22.1 24.5 44.2 51.5 
International gross revenue$320.8 $252.9 $594.8 $495.0 
Total gross revenue$1,313.5 $1,143.2 $2,562.5 $2,242.1 
Intersegment revenue eliminations
U.S. Markets$(2.0)$(1.9)$(3.9)$(3.5)
International(1.8)(1.6)(3.3)(3.1)
Total intersegment revenue eliminations$(3.8)$(3.5)$(7.3)$(6.6)
Total revenue as reported$1,309.6 $1,139.7 $2,555.3 $2,235.5 
Adjusted EBITDA:
U.S. Markets$361.0 $337.2 $717.9 $657.4 
International136.8 108.0 258.5 217.8 
Corporate(41.7)(38.2)(82.4)(71.0)
Adjusted EBITDA Margin:1
U.S. Markets36.4 %37.9 %36.5 %37.6 %
International42.7 %42.7 %43.5 %44.0 %
1.Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.

                                                
 Three Months Ended June 30,Six Months Ended June 30,
 2026202520262025
Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:
Net income attributable to TransUnion
$143.4 $109.6 $540.5 $257.7 
Net interest expense58.9 47.0 113.8 94.5 
Provision for income taxes54.8 44.4 82.4 85.4 
Depreciation and amortization160.5 142.7 312.9 281.6 
EBITDA$417.6 $343.7 $1,049.5 $719.2 
Expense and (income) adjustments to EBITDA:
Stock-based compensation39.1 40.2 76.6 70.5 
Mergers and acquisitions, divestitures and business optimization1
(1.3)(4.6)(233.6)13.2 
Accelerated technology investment2
— 23.2 — 43.3 
Operating model optimization program3
— 5.4 — 15.2 
Net other4
0.7 (0.8)1.4 (57.3)
Total adjustments to EBITDA$38.5 $63.3 $(155.5)$85.0 
Consolidated Adjusted EBITDA$456.1 $407.0 $894.0 $804.1 
Net income attributable to TransUnion margin
10.9 %9.6 %21.2 %11.5 %
Consolidated Adjusted EBITDA margin5
34.8 %35.7 %35.0 %36.0 %
As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.
1.Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Transaction and integration costs$(0.9)$2.9 $7.6 $8.2 
Fair value and impairment adjustments
(0.3)(7.6)(241.2)5.0 
Total mergers and acquisitions, divestitures and business optimization$(1.3)$(4.6)$(233.6)$13.2 
For the six months ended June 30, 2026, fair value and impairment adjustments includes the gain on our acquisition of Trans Union de Mexico.
2.Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
Three Months Ended June 30,Six Months Ended June 30,
20252025
Foundational Capabilities$4.2 $11.7 
Migration Management19.0 31.6 
Total accelerated technology investment$23.2 $43.3 

                                                
3.Operating model optimization consisted of the following adjustments:
Three Months Ended June 30,Six Months Ended June 30,
20252025
Business process optimization$5.4 $15.2 
Total operating model optimization$5.4 $15.2 
4.Net other consisted of the following adjustments:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Deferred loan fee expense from debt prepayments and refinancing$— $— $— $(0.1)
Other debt financing expenses0.5 0.6 1.0 1.1 
Currency remeasurement on foreign operations(0.5)(1.5)1.1 (2.1)
Legal and regulatory expenses, net— — — (56.0)
Other non-operating (income) expense0.7 0.2 (0.6)(0.1)
Total other adjustments$0.7 $(0.8)$1.4 $(57.3)
5.Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

                                                
SCHEDULE 3
TRANSUNION AND SUBSIDIARIES
Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)
(in millions, except per share data)
 Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net Income attributable to TransUnion
$143.4 $109.6 $540.5 $257.7 
Weighted-average shares outstanding:
Basic192.3 195.0 192.5 195.0 
Diluted193.7 197.2 194.3 197.2 
Basic earnings per common share from:
Net income attributable to TransUnion
$0.75 $0.56 $2.81 $1.32 
Diluted earnings per common share from:
Net income attributable to TransUnion
$0.74 $0.56 $2.78 $1.31 
Reconciliation of Net income attributable to TransUnion to Adjusted Net Income:
Net income attributable to TransUnion
$143.4 $109.6 $540.5 $257.7 
Expense and (income) adjustments before income tax items:
Amortization of certain intangible assets
82.9 73.1 159.4 143.9 
Stock-based compensation
39.1 40.2 76.6 70.5 
Mergers and acquisitions, divestitures and business optimization1
(1.3)(4.6)(233.6)13.2 
Accelerated technology investment2
— 23.2 — 43.3 
Operating model optimization program3
— 5.4 — 15.2 
Net other4
(0.5)(1.5)1.1 (58.2)
Total adjustments before income tax items$120.3 $135.6 $3.6 $227.9 
Total adjustments for income taxes5
(26.1)(32.1)(76.3)(64.8)
Adjusted Net Income$237.6 $213.1 $467.8 $420.7 
Weighted-average shares outstanding:
Basic192.3 195.0 192.5 195.0 
Diluted
193.7 197.2 194.3 197.2 
Adjusted Earnings per Share:
Basic$1.24 $1.09 $2.43 $2.16 
Diluted$1.23 $1.08 $2.41 $2.13 

                                                
 Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:
Diluted earnings per common share from:
Net income attributable to TransUnion
$0.74 $0.56 $2.78 $1.31 
Expense and (income) adjustments before income tax items:
Amortization of certain intangible assets
0.43 0.37 0.82 0.73 
Stock-based compensation
0.20 0.20 0.39 0.36 
Mergers and acquisitions, divestitures and business optimization1
(0.01)(0.02)(1.20)0.07 
Accelerated technology investment2
— 0.12 — 0.22 
Operating model optimization program3
— 0.03 — 0.08 
Net other4
— (0.01)0.01 (0.30)
Total adjustments before income tax items$0.62 $0.69 $0.02 $1.16 
Total adjustments for income taxes5
(0.13)(0.16)(0.39)(0.33)
Adjusted Diluted Earnings per Share$1.23 $1.08 $2.41 $2.13 
Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.

1.Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Transaction and integration costs$(0.9)$2.9 $7.6 $8.2 
Fair value and impairment adjustments
(0.3)(7.6)(241.2)5.0 
Total mergers and acquisitions, divestitures and business optimization$(1.3)$(4.6)$(233.6)$13.2 
For the six months ended June 30, 2026, fair value and impairment adjustments includes the gain on our acquisition of Trans Union de Mexico.
2.Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
Three Months Ended June 30,Six Months Ended June 30,
20252025
Foundational Capabilities$4.2 $11.7 
Migration Management19.0 31.6 
Total accelerated technology investment$23.2 $43.3 
3.Operating model optimization consisted of the following adjustments:
Three Months Ended June 30,Six Months Ended June 30,
20252025
Business process optimization$5.4 $15.2 
Total operating model optimization$5.4 $15.2 

                                                
4.Net other consisted of the following adjustments:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Deferred loan fee expense from debt prepayments and refinancing$— $— $— $(0.1)
Currency remeasurement on foreign operations(0.5)(1.5)1.1 (2.1)
Legal and regulatory expenses, net— — — (56.0)
Total other adjustments$(0.5)$(1.5)$1.1 $(58.2)
5.Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.

                                                
SCHEDULE 4
TRANSUNION AND SUBSIDIARIES
Adjusted Provision for Income Taxes, Effective Tax Rate and Adjusted Effective Tax Rate (Unaudited)
(dollars in millions)
 Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Income before income taxes
$201.5 $156.8 $629.6 $350.5 
Total adjustments before income tax items from Schedule 3
120.3 135.6 3.6 227.9 
Adjusted income before income taxes
$321.8 $292.4 $633.2 $578.5 
Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes
Provision for income taxes
$(54.8)$(44.4)$(82.4)$(85.4)
(Expense) and benefit adjustments for income taxes:
Tax effect of above adjustments(26.5)(33.0)(52.9)(65.3)
Eliminate impact of excess tax expense (benefit) for stock-based compensation
0.7 (0.2)(0.2)0.3 
Other1
(0.3)1.1 (23.2)0.2 
Total adjustments for income taxes$(26.1)$(32.1)$(76.3)$(64.8)
Adjusted Provision for Income Taxes
$(80.9)$(76.5)$(158.7)$(150.3)
Effective tax rate27.2 %28.3 %13.1 %24.4 %
Adjusted Effective Tax Rate25.1 %26.2 %25.1 %26.0 %
As a result of displaying amounts in millions, rounding differences may exist in the table above.
1.Other adjustments for income taxes include:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Deferred tax adjustments$0.9 $(2.9)$(18.0)$(7.4)
Valuation allowance adjustments(2.6)(0.7)(7.7)1.5 
Return to provision, audit adjustments and reserves related to prior periods1.5 3.9 1.7 4.9 
Other adjustments— 0.8 0.9 1.2 
Total other adjustments$(0.3)$1.1 $(23.2)$0.2 

                                                
SCHEDULE 5
TRANSUNION AND SUBSIDIARIES
Leverage Ratio (Unaudited)
(dollars in millions)

Trailing Twelve Months Ended
 June 30, 2026
Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:
Net income attributable to TransUnion
$738.2 
Net interest expense221.8 
Provision for income taxes170.1 
Depreciation and amortization606.0 
EBITDA$1,736.2 
Expense and (income) adjustments to EBITDA:
Stock-based compensation
$151.7 
Mergers and acquisitions, divestitures and business optimization1
(216.8)
Accelerated technology investment2
41.2 
Operating model optimization program3
17.1 
Net other4
6.4 
Total adjustments to EBITDA$(0.4)
Consolidated Adjusted EBITDA
1,735.8 
Adjusted EBITDA for Pre-Acquisition Period5
55.5 
Leverage Ratio Adjusted EBITDA$1,791.3 
Total debt$5,585.3 
Less: Cash and cash equivalents839.1 
Net Debt$4,746.2 
Ratio of Net Debt to Net income attributable to TransUnion
6.4 
Leverage Ratio6
2.6 
As a result of displaying amounts in millions, rounding differences may exist in the table above.
1.Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
Trailing Twelve Months Ended
 June 30, 2026
Transaction and integration costs$13.3 
Fair value and impairment adjustments(229.4)
Post-acquisition adjustments(0.7)
Total mergers and acquisitions, divestitures and business optimization$(216.8)
Fair value and impairment adjustments includes the gain on our acquisition of Trans Union de Mexico.
2.Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

                                                
Trailing Twelve Months Ended
 June 30, 2026
Foundational Capabilities$7.1 
Migration Management34.1 
Total accelerated technology investment$41.2 
3.Operating model optimization consisted of the following adjustments:
Trailing Twelve Months Ended
 June 30, 2026
Employee separation
$6.8 
Business process optimization10.2 
Total operating model optimization$17.1 
4.Net other consisted of the following adjustments:
Trailing Twelve Months Ended
 June 30, 2026
Other debt financing expenses$1.9 
Currency remeasurement on foreign operations3.7 
Other non-operating (income) and expense0.8 
Total other adjustments$6.4 
5.The trailing twelve months ended June 30, 2026 include Adjusted EBITDA related to Trans Union de Mexico and the mobile division of RealNetworks prior to our acquisitions in March 2026 and April 2026, respectively.
6.We define Leverage Ratio as net debt divided by Leverage Ratio Adjusted EBITDA as shown in the table above.

                                                
SCHEDULE 6
TRANSUNION AND SUBSIDIARIES
Segment Depreciation and Amortization (Unaudited)
(in millions)
 Three Months Ended June 30,Six Months Ended June 30,
 2026202520262025
U.S. Markets$108.7 $105.2 $217.3 $206.4 
International50.9 36.6 93.8 73.2 
Corporate
0.9 0.9 1.8 2.0 
Total depreciation and amortization
$160.5 $142.7 $312.9 $281.6 
As a result of displaying amounts in millions, rounding differences may exist in the table above.



                                                
SCHEDULE 7
TRANSUNION AND SUBSIDIARIES
Reconciliation of Non-GAAP Guidance (Unaudited)
(in millions, except per share data)
 Three Months Ended 
 September 30, 2026		Twelve Months Ended 
 December 31, 2026
 LowHighLowHigh
Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:
Net income attributable to TransUnion$132 $138 $807 $821 
Interest, taxes and depreciation and amortization279 281 1,071 1,076 
EBITDA$411 $419 $1,878 $1,898 
Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1
44 44 (71)(71)
Adjusted EBITDA$455 $463 $1,807 $1,827 
Net income attributable to TransUnion margin10.2 %10.5 %15.7 %15.9 %
Consolidated Adjusted EBITDA margin2
35.2 %35.4 %35.2 %35.4 %
Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:
Diluted earnings per share$0.68 $0.71 $4.15 $4.22 
Adjustments to diluted earnings per share1
0.50 0.50 0.61 0.61 
Adjusted Diluted Earnings per Share$1.18 $1.21 $4.75 $4.83 
As a result of displaying amounts in millions, rounding differences may exist in the table above.
1.These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
2.Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

Second Quarter 2026 Earnings July 28, 2026 Chris Cartwright, President and CEO Todd Cello, CFO Exhibit 99.2

 

2© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Non-GAAP Financial InformationForward-Looking Statements This investor presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Factors that could cause TransUnion’s actual results to differ materially from those described in the forward-looking statements include: macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession, trade policy, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate; ongoing conflict in the Middle East; our ability to provide competitive services and prices; our ability to retain or renew existing agreements with large or long-term customers; our ability to maintain the security and integrity of our data; our ability to deliver services timely without interruption; uncertainty related to FICO’s new Mortgage Direct License Program; our ability to maintain our access to data sources; government regulation and changes in the regulatory environment; litigation or regulatory proceedings; our approach to the use of artificial intelligence; our ability to effectively manage our costs; our ability to maintain effective internal control over financial reporting or disclosure controls and procedures; economic and political stability in the United States and risks associated with the international markets where we operate; our ability to effectively develop and maintain strategic alliances and joint ventures; our ability to timely develop new services and the market’s willingness to adopt our new services; our ability to manage and expand our operations and keep up with rapidly changing technologies; our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions; our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property; our ability to defend our intellectual property from infringement claims by third parties; the ability of our outside service providers and key vendors to fulfill their obligations to us; further consolidation in our end-customer markets; the increased availability of free or inexpensive consumer information; losses against which we do not insure; our ability to make timely payments of principal and interest on our indebtedness; our ability to satisfy covenants in the agreements governing our indebtedness; our ability to maintain our liquidity; stock price volatility; share repurchase plans; dividend rate; our reliance on key management personnel; and changes in tax laws or adverse outcomes resulting from examination of our tax returns; and other one-time events and other factors that can be found in our Annual Report on Form 10-K for the year ended December 31, 2025, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are filed with the SEC and are available on TransUnion’s website (www.transunion.com/tru) and on the SEC’s website (www.sec.gov). TransUnion undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this investor presentation. This investor presentation includes certain non-GAAP measures that are more fully described in the appendices to the presentation. Exhibit 99.1, “Press release of TransUnion dated July 28, 2026, announcing results for the quarter ended June 30, 2026,” under the heading ‘Non- GAAP Financial Measures,’” furnished to the Securities and Exchange Commission on July 28, 2026. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for each of the periods included in this presentation are included in the Appendices at the back of this investor presentation.

 

3© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Second quarter 2026 highlights1 Diversified and durable U.S. Financial Services growth 2 3@ Copyright 2026 Tran Union, its ubsidiaries and/or affiliates. All Rights Reserved. Second quarter 2026 financial results3 Third quarter and full-year 2026 guidance 4

 

4© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. *Revenue growth figures referenced above are organic constant currency. For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. International revenue +6%*, led by reacceleration in India (+8%); strength in Canada (+10%) and the U.K. (+9%) Mexico (inorganic) ahead of plan U.S. Markets revenue +11%* with strength across Financial Services (+18%) and Emerging Verticals (+9%) Organic constant currency revenue +10% or +7% ex- FICO mortgage royalty Adjusted Diluted EPS +13% Exceeded guidance on revenue, Adjusted EBITDA and Adjusted Diluted EPS Repurchased ~$150M in shares year-to-date through July Leverage Ratio reduced to 2.6x Second quarter 2026 financial highlights

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 55 ✓ Expect to be at or above the high-end of guidance if current conditions persist ✓ 50-70bps of underlying margin expansion excluding FICO mortgage royalties and acquisitions ✓ 3rd straight year of high-single digit organic revenue growth and double-digit Adjusted Diluted EPS growth Revenue Adjusted EBITDA Adjusted Diluted Earnings Per Share Metric Updated Guidance Change to High-end Expectations $5,127M to $5,162M 8% to 9% organic constant currency $1,807M to $1,827M 10% to 11% growth 35.2% to 35.4% margin $4.75 to $4.83 11% to 12% growth (up from prior 9% to 11% growth) $27M $11M $0.08 Raising FY 2026 guidance while maintaining prudent assumptions given macro uncertainty For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation.

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 6 ✓ U.S. Credit migration: ~60% of batch activity and ~30% of online customers now on OneTru – Expect to complete by year-end ✓ OneTru international : TruIQ deployed in Canada, U.K. and India; beginning credit migrations ✓ Global deployment of solutions: TruValidate in U.K.; Trusted Call Solutions in Canada and India Scale global product and operating platform Delivering against 2026 strategic priorities to drive innovation-led, diversified and scalable growth Turbocharge innovation and AI-powered solutions Enhance commercial momentum across portfolio ✓ Accelerated innovation: ~40 new products and enhancements in H1 ✓ AI-powered solutions: Analytics Orchestrator in alpha, building on strong internal adoption ✓ AI productivity: 25%+ efficiency gains for engineers, 20%+ for consumer support ✓ Diversified solutions growth: Credit (ex-FICO mortgage) and Fraud grew high-single digits in H1 ✓ International recovery: India high-single digit growth in Q2; Mexico performing ahead of acquisition case ✓ VantageScore adoption: Included in ~30% of mortgage credit pulls vs. <5% at start of the year

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 7 U.S. Financial Services growth excluding mortgage has consistently exceeded underlying market volumes 10% 10% 18% 8% -5% 24% 12% -3% 2% 11% +High-single digits 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F Consumer credit origination growth ~2% CAGR2 Real U.S. GDP growth ~2% CAGR3 Financial Services excluding mortgage ~9% CAGR1 1U.S. Financial Services ex Mortgage growth shown on an organic constant currency basis 2Weighted average Auto, Unsecured Personal Lending and Card origination CAGRs from 2015-2025. Averages weighted by TransUnion FY2025 revenue exposure 3Average Real U.S. GDP growth rate from 2016-2025 Financial Services ex mortgage growth U.S. Financial Services organic growth excluding mortgage Low interest rates, steady GDP growth COVID retrenchment and post-COVID recovery U.S. consumer lending recession Stabilizing backdrop

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 8 U.S. Financial Services excluding mortgage ($1.1 billion or ~22% of TransUnion revenue*) Credit Alternative Data & Analytics 12% Non-Credit Solutions 24% Core Credit 64% • Trusted Call Solutions • TruValidate fraud suite • Marketing solutions • Specialized Risk • Trended credit reports • Custom scores & attributes • Portfolio review solutions • Prescreen products Financial Services ex mortgage growth Over one third of revenue is outside core credit, enabling new growth vectors and reducing cyclicality • FactorTrust alternative data and scores • Argus Advisory and analytics consulting • Income solutions • TruIQ Analytics *Revenue mix based on FY 2025 results.

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 9 Market-leading growth in U.S. Financial Services excluding mortgage Winning across the portfolio Financial Services ex mortgage growth Share gains and innovation support sustainable outgrowth Credit Alternative Data & Analytics (TruIQ) Low-teens CAGR Non-Credit Solutions High-single digit CAGR Core Credit Low double-digit CAGR ✓ Core credit continues to outperform market – Driven by volume growth, pricing and share gains ✓ Alternative Data and TruIQ analytics growing rapidly against large addressable markets – Strong FactorTrust momentum; emerging card spend and cash flow opportunity – TruIQ enabling access to TU’s data, expertise and powerful AI-enabled analytics ✓ Non-credit solutions embed us deeper in customer workflows – Trusted Call Solutions growing expansively – Marketing and Fraud accelerating bookings and revenue CAGRs from 2024 to 2026F represent organic constant currency revenue growth FY 2024 FY 2026F $1.0B ~$1.2B

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 10 Consolidated second quarter 2026 highlights Y/Y Change Reported ($M) 15%$1,310Revenue 10%Organic constant currency revenue 7% Organic constant currency revenue ex. FICO mortgage royalties 12%$456Adjusted EBITDA (90)bps34.8%Adjusted EBITDA margin 13%$1.23Adjusted Diluted EPS • Diversified revenue growth across solutions, verticals and geographies • Adjusted EBITDA margin ~(90)bps includes: − Modest underlying expansion − (90)bps impact from FICO mortgage royalties − Strong performance in Mexico For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation.

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 11 U.S. Markets second quarter 2026 highlights Note: Rows may not foot due to rounding. For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. • U.S. Financial Services +18%, or +10% excluding FICO mortgage royalties − Financial Services ex- mortgage +8% with Card & Banking +6%, Consumer Lending +8% and Auto +8% − Mortgage +37% or +15% ex- FICO vs. inquiries down (7%) • Emerging Verticals +9%, led by Insurance up double-digits and Tech, Retail and E- Commerce up high-single digit Organic Constant Currency Inorganic Impact FX Impact Reported Y/Y Reported ($M) 11%0%–11%$993Revenue 18%––18%496Financial Services 9%1%–9%354Emerging Verticals (3%)––(3%)142Consumer Interactive 7%––7%$361Adjusted EBITDA *Revenue growth figures referenced above are organic constant currency.

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 12 International second quarter 2026 highlights Note: Rows may not foot due to rounding. For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Organic Constant Currency Inorganic Impact FX Impact Reported Y/Y Reported ($M) 6%21%(1%)27%$321Revenue 10%––10%46Canada 5%157%10%172%93Latin America 9%–1%9%73U.K. 5%–11%16%21Africa 8%–(10%)(2%)65India (7%)–(3%)(10%)22Asia Pacific 7%21%(2%)27%$137Adjusted EBITDA *Revenue growth figures referenced above are organic constant currency. • India +8% gradually improving volumes and strong new business wins • U.K. +9% wins across banking and FinTech • Canada +10% broad-based banking, FinTech, insurance

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 13 TransUnion de Mexico outperforming expectations with multiple growth vectors Enhance leading data quality and coverage ✓ Leverage unique data from largest banks and FinTechs; 90% of ~600M tradelines are positive-only ✓ Strengthen trended scores and alternative data ✓ Migrate to OneTru platform and products Accelerate innovation and deploy global IP ✓ Credit: Introduce TruVision attributes, analytics consulting and TruIQ suite ✓ Non-credit: Launch TruValidate fraud and expand credit education offering Strengthen client engagement ✓ Reinforce Financial Services leadership ✓ Deepen FinTech relationships and capture additional growth opportunities Fast growth against $300 million+ market Proven global growth playbook Leader in Financial Services and Credit Financial Services ~55% FinTech ~15% Retail, Telco and Public Sector ~30% Credit (largely reports and scores) ~90% Fraud / Other ~10% 2022 2023 2024 2025 ~$180M Revenue mix based on FY 2025 results.

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 14 Natural de-levering and accretive capital deployment Shareholder-friendly capital allocation2 Strong balance sheet 1We define Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period. Total debt is netted for deferred financing fees / original issue discount.​ 2”Acquisitions” includes investments in consolidated and non-consolidated affiliates, purchases of non-controlling interests and purchases of notes receivable. "Repurchases" represents the cost to acquire shares excluding commissions and excise taxes. “Dividends” represents amounts paid to TransUnion shareholders. Note: For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. 3.8x 3.6x 3.0x 2.6x 2.8x 2.6x 2022 2023 2024 2025 Q1 2026 Q2 2026 Notable year-to-date capital deployment • Acquisitions: ~$660 million for incremental ~68% ownership of Trans Union de Mexico • Share repurchases: ~$150 million year-to-date through July; ~$450 million total since 2025 – Ample capacity against current $1 billion authorization – Expect similar or greater pace of repurchases in H2 • Dividends: Paid ~$50 million ($0.125 quarterly per share) in H1 • Expect deleveraging over course of 2026 toward target <2.5x Leverage Ratio Leverage Ratio1 +0.3x increase due to Mexico

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 15 +11% to +12%Reported Revenue: $1,292M to $1,310M ~4.5pt. benefit M&A contribution: ImmaterialFX contribution: +6% to +8%Organic Constant Currency Revenue: ~2pt. benefitFICO mortgage royalty impact +4% to +5.5% Organic CC Revenue ex. FICO mortgage royalty: +7% to +9%Adjusted EBITDA: $455M to $463M ImmaterialFX contribution: 35.2% to 35.4%Adjusted EBITDA margin: (115)bps to (100)bpsAdjusted EBITDA margin bps change: +7% to +10%Adjusted Diluted EPS: $1.18 to $1.21 Third quarter 2026 guidance Note: For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. • Non-mortgage revenue growth expected to remain at or slightly above strong Q2 trajectory (+6%) • Mortgage inquiries expected to decline low double-digits in H2, using conservative rate and activity assumptions • (115)bps to (100)bps of margin contraction includes: – +20-40bps of underlying expansion – (80bps) impact from FICO royalty – (60bps) impact from acquisitions, inclusive of integration expenses

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 16 Full-year 2026 revenue guidance +12% to 13%Reported Revenue: $5.127B to $5.162B ~4pt. benefitM&A contribution: ImmaterialFX contribution: +8% to +9%Organic Constant Currency Revenue: ~3pt. benefitFICO mortgage royalty impact +5% to +6% Organic CC Revenue ex. FICO mortgage royalty: Organic Constant Currency Growth Assumptions • U.S. Markets up high-single digit (up mid-single digit ex. FICO mortgage royalty) – Financial Services up mid-teens (up high-single digit ex. FICO mortgage royalty) – Emerging Verticals up mid-single digit – Consumer Interactive down low-single digit • International up mid-single digit (constant currency) Note: For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. • Raising guidance based on H1 strength balanced against macro uncertainty – Positioned to perform at or above the high-end of guidance if current conditions persist • No change to segment-level revenue growth assumptions – Mortgage expected to grow +28% or +6% excluding FICO royalty vs. mid- to-high single digit inquiry declines

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 17 The adjusted tax rate guidance of ~25.5% reflects expected full year GAAP effective rate of ~19% plus the elimination of discrete adjustments and other items totaling ~6.5%. For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Full-year 2026 Adjusted EBITDA, Adjusted Diluted EPS and other guidance +10% to +11%Adjusted EBITDA: $1.807B to $1.827B ImmaterialFX contribution: 35.2% to 35.4%Adjusted EBITDA margin: (80)bps to (60)bpsAdjusted EBITDA margin bps change: +11% to +12%Adjusted Diluted EPS: $4.75 to $4.83 Total D&A: ~$640M D&A ex. step-up from 2012 change in control and subsequent acquisitions: ~$320M Net Interest Expense: ~$245M Adjusted Tax Rate: ~25.5% CapEx: ~6% of revenue • (80)bps to (60)bps of Adjusted EBITDA margin contraction: – +50-70bps underlying margin expansion – (90bps) impact from FICO no- margin royalty – (40bps) impact from acquisitions • Expect +11% to +12% Adjusted Diluted EPS growth (vs. prior +9% to +11%) • Expect 90%+ free cash flow conversion as a percentage of Adjusted Net Income

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 18 ​Raising 2026 guidance, expect +8% to +9% organic constant currency revenue growth and +11% to +12% Adjusted Diluted EPS growth ​Delivered strong Q2 with +10% organic constant currency revenue growth and +13% Adjusted Diluted EPS growth ​Executing against strategic priorities to deliver innovation-led, diversified and scalable growth Note: For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation.

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 19 Q&A

 

Greg Bardi Investor Relations gregory.bardi@transunion.com Jason Stuhldreher Investor Relations jason.stuhldreher@transunion.com

 

Appendices and Non-GAAP Reconciliations

 

22© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Our next era of scalable growth and compounding cash flow Industry-leading Durable Innovation-led Growth investments Shareholder return Balance sheet optimization D E P L O Y GR O W SCALE Value Creation Technology modernization AI productivity Operating model optimization

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 23 High-single digit Organic revenue growth Diversified across solutions, verticals and geographies • Leading Credit growth and accelerating Marketing, Fraud and Consumer solutions • Premier international portfolio tilted towards emerging markets • Mortgage and lending normalization represents upside For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. ~50 basis points Adjusted EBITDA expansion Expand margins while investing for growth • Structural savings from technology, operations and AI • Invest in OneTru global rollout, innovation and go-to-market • Stronger margin expansion in lending recovery Low-to-mid teens Adjusted Diluted EPS growth Includes benefit from accelerated capital deployment • Disciplined and shareholder-centric capital allocation • Lower capital intensity • Consistent tax rate • 90%+ free cash flow conversion Growth and margins excludes impact from changes in no-margin FICO mortgage royalties Attractive medium-term financial framework

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 24 Strong and broad-based revenue growth Expect to deliver underlying mortgage growth in 2026 ~70bps of underlying margin expansion Mortgage Assumptions Mortgage assumptions • Revenue growth of 6% excluding FICO royalty cost, compared to inquiries down mid-to-high single digit – driven by pricing on core data and new business wins – Revenue up 28% inclusive of FICO price increases (no-margin) • No shift to FICO Direct program in 2026 based on customer feedback – Program adds new operational complexities for resellers; no customer shift to date – Profitability per pull is similar regardless of TransUnion or reseller calculating the FICO score • VantageScore adoption represents long-term opportunity – Increasing usage throughout H1 2026; continue to view 2026 as a transitional year focused on testing and validating $405M ~$425M $183M ~$325M $589M ~$750M 2025 2026F FICO royalty cost Revenue less FICO royalty cost $102M $118M $50M $90M$152M $208M Q2 2025 Q2 2026

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 25 Strong and broad-based revenue growth Consistent underlying Adjusted EBITDA margin expansion 2025* 2026F (High-end) 10% 9% 9% 6% 35.1% 36.0% 36.0% 35.4% 35.8% 37.1% 37.5% 37.8% 2023 2024 2025 2026F (High-end) Reported Adj. EBITDA Margin Adj. EBITDA Margin ex FICO cost in mortgage 8% 7% 2024* Organic constant currency revenue growth Growth ex FICO mortgage royalty +70bps of underlying expansion; (40)bps acquisition impact *2024 and 2025 also normalized for large 1x breach win in Q3 2024 For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Mortgage Assumptions Strong revenue growth and margin expansion expected excluding FICO no-margin mortgage royalty

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 26 Significant earnings potential from mortgage recovery Sizable mortgage profit despite depressed volumes Originations and distribution of mortgages based on TransUnion Consumer Credit Database. *FY 2025F Mortgage originations reflects trailing-twelve- month originations from Q4 2025 7.8 5.0 FY 2019 FY 2025 Industry originations (M) $425M $325M FY 2026F Mortgage revenue ($M) Significant refinancing opportunity if rates fall 0.8 10.3 15.3 7.4 5.4 10.4 0-2% 2-3% 3-4% 4-5% 5-6% 6%+ Distribution of mortgages (in millions) in the U.S. by rate Earnings potential from a mortgage recovery • Every 10% increase in mortgage volume adds: – ~$43 million to Adjusted EBITDA – +$0.16 to Adjusted Diluted EPS • Full recovery to 2019 mortgage levels translates to: – ~$240 million to Adjusted EBITDA – +$0.90 to Adjusted Diluted EPS • Additional profit and margin upside from VantageScore adoption, new business wins and pricing FICO royalty cost Revenue less FICO royalty cost For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Mortgage Assumptions

 

27© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Debt profile and 2026F interest expense bridge Debt Profile (6/30/26) 2026F Net Interest Expense Bridge RateExpiry Notional ($B) Revolver & Term Loan Tranche SOFR + 1.25%Jun’290.5Revolver SOFR + 1.25%Jun’291.2Term Loan A-4 SOFR + CSA + 1.75%Nov’260.1Term Loan B-5 SOFR + 1.75%Jun’311.8Term Loan B-9 SOFR + 1.75%Jun’311.9Term Loan B-8 Swaps* Receive SOFR, Pay 1.39%Dec’261.5December 2021 Receive SOFR, Pay 3.54%Dec’271.1December 2024 Receive SOFR, Pay 3.49%Dec’271.2June 2025 • ~68% of debt is currently swapped to fixed rate • 2026 net interest expense guidance assumes no additional debt prepayment or incremental debt Debt / Interest Expense $203M ~$245M $5M ~($13M) ~($22M) ~($12M) 2025 Net Interest Expense Prepayments Interest Income Revolver Borrowing SOFR, Hedges, Other 2026F Net Interest Expense

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 28 Credit 56% Consumer 15% Marketing 11% Fraud 16% Other 2% Credit 52% Consumer 16% Marketing 13% Fraud 17% Other 2% Credit 71% Consumer 12% Marketing 2% Fraud 15% + = Revenue by Solution Family (FY 2025) U.S. Markets ($3.6 billion) International ($1.0 billion) Total Company ($4.6 billion) Note – “All Other” includes products sold for specific uses cases outside of Credit, Consumer, Marketing and Fraud Solutions. Business Mix Details

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 29 U.S. Markets revenue composition (FY 2025) Card & Banking 27% Consumer Lending 21% Mortgage 35% Auto 17% Insurance 29% Tech, Retail & E- Commerce 22% Tele- Communications 19% Media 15% Tenant & Employment Screening 6% Collections 5% Public Sector 4% Direct 27% Indirect 73% Financial Services (~$1.7 billion) Emerging Verticals (~$1.3 billion) Consumer Interactive (~$0.6 billion) Business Mix Details

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 30 Foundational differentiation – proprietary data, OneTru and domain expertise – creates a clear right to win 1 Interrelated Credit, Marketing, Fraud and Consumer Solutions solve customers’ most pressing needs 2 Accelerated innovation and scalable growth enabled by our transformation 3 4 AI is an accelerant, enhancing customer impact, innovation and productivity 5 Compelling and compounding earnings power and shareholder- centric capital return Positioned to deliver innovation-led and scalable growth 30 TransUnion – Investment Highlights

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 3131 AI solidifies our strengths and fuels growth ✓AI-enabled customers consume more data and adopt innovation rapidly ✓ Increase predictivity of our data and models ✓Capture value with AI agents by performing work done upstream by customers or software Contributory credit databases Non-public, highly regulated data furnished by thousands of institutions + Industry-leading identity graph Proprietary data, 100k+ sources, network effect from fraud and marketing solutions + Powering critical workflows Governable, explainable and deterministic solutions along with deep domain expertise Durable data advantage AI-enabled organization AI-native OneTru platform Enhancing data onboarding, identity resolution, analytics and delivery + Next-gen AI-powered solutions Role-based agents for TruIQ; new fraud models; curated marketing audiences + Internal productivity Technology, analytics and overall commercial efficiencies + Solutions priced at basis points of their enormous value Making us higher performing and more efficient Positioned for AI- powered growth: TransUnion – Investment Highlights

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 32 Free cash flow is defined as Cash Flow from Operations less Capital Expenditures. *FCF in 2022 excludes ~$350M cash tax payment related to gain on sale of Healthcare business. Note: Year-end 2025 Leverage Ratio does not include the acquisition of Trans Union de Mexico, which closed on March 2, 2026, and adds <0.3x to Leverage Ratio ~100% ~60% 90%+ 2019-2021 2022-2025 2026+ 3.5x 2.6x <2.5x YE 2021 YE 2025 Medium-term Strong Free Cash Flow Optimized Balance Sheet + Free cash flow as a percentage of Adjusted Net Income Leverage Ratio ~$3 billion of free cash flow expected from 2026 to 2028 Strong free cash flow and increased capacity for capital deployment For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. 32 Capital Allocation

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 33 For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Increasing bias going forward ~$3B free cash flow expected from 2026-2028 2026F 2027F 2028F ~$0.9B ~$1.0B ~$1.1B Free cash flow ObjectiveCategory Shareholder returns Balance sheet M&A • Not seeking large, transformative M&A • Bolt-on M&A aligned to growth strategy • Glide path to investment grade rating • Execute refinancings and prepayments • 10%-15% dividend payout ratio • Repurchase shares Accelerated capital deployment supporting low-to-mid teens Adjusted Diluted EPS growth Capital Allocation

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 34 Strategic Focus for M&A Financial Considerations M&A is an important strategic tool, but strength of portfolio creates a high bar • Transformation supports a generation of growth • Not seeking large, transformational M&A Focus for bolt-on M&A and minority investments: • Foreign credit bureaus • Data assets centered around consumer identity • Complementary capabilities for core solutions M&A evaluated against all alternatives to maximize long-term free cash flow per share Key financial guideposts: Attractive cash-on-cash return and unlevered IRR exceeding cost of capital Additive to revenue growth rate Strong profitability with path to scale to company- level margins Accretive to Adjusted Diluted EPS by Year 2 Ability to return to target leverage within one year M&A approach aligned to growth strategy For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. 34 Capital Allocation

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 35 Low-to-mid teens growth $4.71 $0.90+ 2026 guide (high-end) Adjusted EBITDA growth Capital deployment 2028F using medium-term algorithm Mortgage recovery to 2019 levels Normalized earnings power $6.00+ 39%+ Adjusted EBITDA margin ex FICO mortgage royalty 40%+ Adjusted EBITDA margin ex FICO mortgage royalty $7.00+ with mortgage recovery Illustrative 2028F Adjusted Diluted EPS financial framework assuming mortgage recovery Upside not contemplated in $7.00+ “mortgage recovery” scenario Normalization of non-mortgage lending volumes VantageScore adoption Scaling of platforms and solutions Strong growth algorithm with sources of upside For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. 35 AI-enabled growth and productivity Illustrative Financial Framework

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 36 Adjusted EBITDA and Adjusted EBITDA Margin $ in millions 2026 2025 2026 2025 Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA: Net income attributable to TransUnion 143.4$ $ 109.6 540.5$ $ 257.7 Net interest expense 58.9 47.0 113.8 94.5 Provision for income taxes 54.8 44.4 82.4 85.4 Depreciation and amortization 160.5 142.7 312.9 281.6 EBITDA 417.6$ $ 343.7 1,049.5$ $ 719.2 Expense and (income) adjustments to EBITDA: Stock-based compensation 39.1$ $ 40.2 76.6$ $ 70.5 Mergers and acquisitions, divestitures and business optimization 2 (1.3) (4.6) (233.6) 13.2 Accelerated technology investment 3 - 23.2 - 43.3 Operating model optimization program 4 - 5.4 - 15.2 Net other 5 0.7 (0.8) 1.4 (57.3) Total adjustments to EBITDA 38.5$ $ 63.3 (155.5)$ $ 85.0 Consolidated Adjusted EBITDA 456.1$ $ 407.0 894.0$ $ 804.1 Net income attributable to TransUnion margin 10.9 % 9.6% 21.2 % 11.5% Consolidated Adjusted EBITDA margin 6 34.8 % 35.7% 35.0 % 36.0% Three Months Ended June 30, Six Months Ended June 30,

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 37 Adjusted Net Income and Adjusted Diluted EPS

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 38 Adjusted Effective Tax Rate $ in millions 2026 2025 2026 2025 Income before income taxes 201.5$ 156.8$ 629.6$ 350.5$ Total adjustments before income tax items from Adjusted Net Income table above 120.3 135.6 3.6 227.9 Adjusted income before income taxes 321.8$ 292.4$ 633.2$ 578.5$ Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes: Provision for income taxes (54.8) (44.4) (82.4) (85.4) (Expense) and benefit adjustments for income taxes: Tax effect of above adjustments (26.5) (33.0) (52.9) (65.3) Eliminate impact of excess tax expense (benefit) for stock-based compensation 0.7 (0.2) (0.2) 0.3 Other 8 (0.3) 1.1 (23.2) 0.2 Total adjustments for income taxes (26.1)$ (32.1)$ (76.3)$ (64.8)$ Adjusted Provision for Income Taxes (80.9)$ (76.5)$ (158.7)$ (150.3)$ Effective tax rate 27.2 % 28.3 % 13.1 % 24.4 % Adjusted Effective Tax Rate 25.1 % 26.2 % 25.1 % 26.0 % Three Months Ended June 30, Six Months Ended June 30,

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 39 Leverage Ratio

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 40 Non-GAAP Adjustment Footnotes As a result of displaying amounts in millions, rounding differences may exist in the tables and footnotes. 1. Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction. 2. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments: For the six months ended, June 30, 2026, fair value and impairment adjustments includes the gain on our acquisition of Trans Union de Mexico. 1. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 41 Non-GAAP Adjustment Footnotes 4. Operating model optimization consisted of the following adjustments: 5. Net other consisted of the following adjustments: 6. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue. 7. Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes. 8. Other adjustments for income taxes include: 9. The trailing twelve months ended June 30, 2026 include Adjusted EBITDA related to Trans Union de Mexico and the mobile division of RealNetworks LLC prior to our acquisitions in March and April 2026, respectively. 10. We define Leverage Ratio as net debt divided by Leverage Ratio Adjusted EBITDA as shown in the table above. Leverage Ratio $ in millions Trailing Twelve Months Ended June 30, 2026 2025 2026 2025 2026 2025 2026 2025 2026 Deferred loan fee expense from debt prepayments and refinancing -$ -$ -$ (0.1)$ -$ -$ -$ (0.1)$ -$ Other debt financing expenses 0.5 0.6 1.0 1.1 - - - - 1.9 Currency remeasurement on foreign operations (0.5) (1.5) 1.1 (2.1) (0.5) (1.5) 1.1 (2.1) 3.7 Legal and regulatory expenses, net - - - (56.0) - - - (56.0) - Other non-operating (income) and expense 0.7 0.2 (0.6) (0.1) - - - - 0.8 Total other adjustments 0.7$ (0.8)$ 1.4$ (57.3)$ (0.6)$ (1.5)$ 1.1$ (58.2)$ 6.4$ Six Months Ended June 30, Three Months Ended June 30, Adjusted Net IncomeAdjusted EBITDA Three Months Ended June 30, Six Months Ended June 30,

 

© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 42 Adjusted EBITDA and Adjusted EPS Guidance As a result of displaying amounts in millions, rounding differences may exist in the table. 1. These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release. 2. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue. $ in millions, except per share data Low High Low Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA: Net income attributable to TransUnion 132$ 138$ 807$ 821$ Interest, taxes and depreciation and amortization 279 281 1,071 1,076 EBITDA 411$ 419$ 1,878$ 1,898$ Stock-based compensation, mergers, acquisitions, divestitures and business optimization-related expenses and other adjustments 1 44 44 (71) (71) Adjusted EBITDA 455$ 463$ 1,807$ 1,827$ Net income attributable to TransUnion margin 10.2 % 10.5 % 15.7 % 15.9 % Consolidated Adjusted EBITDA margin 2 35.2 % 35.4 % 35.2 % 35.4 % Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share: Diluted earnings per share 0.68$ 0.71$ 4.15$ 4.22$ Adjustments to diluted earnings per share 1 0.50 0.50 0.61 0.61 Adjusted Diluted Earnings per Share 1.18$ 1.21$ 4.75$ 4.83$ Three Months Ended September 30, 2026 Year Ended December 31, 2026 High

 

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