First quarter reported revenue of $1.649 billion, up a strong 14% with 13% local currency revenue growth and $37 million above the midpoint of our February guidance framework.
Revenue outperformance driven by strong 38% U.S. Mortgage revenue growth from higher mortgage activity in first half of quarter before rates increased.
Diversified markets revenue up 8% on a reported basis, up 6% in local currency led by Workforce Solutions growth.
Workforce Solutions first quarter revenue up very strong 10%. Verification Services revenue up 14% led by strong mid double digit Government growth, with Diversified Markets up 14% and Mortgage growth of 14%.
USIS first quarter revenue up strong 21% with very strong Mortgage revenue growth of 60% and Diversified Markets revenue growth of 3%.
International first quarter revenue up 11% on a reported basis with 4% growth on a local currency basis with high single digit revenue growth in Canada.
New Product Innovation leveraging the EFX Cloud, EFX.AI, and proprietary data delivered record level 17% new product Vitality Index.
Returned $327 million in cash to shareholders through share repurchases and quarterly dividend.
Maintaining full year constant dollar revenue growth guidance due to uncertainty around interest rates and U.S. mortgage activity from the Iran conflict. Increasing full year reported revenue by $25 million and Adjusted EPS by $0.04 per share for the impact of foreign exchange.
"Equifax delivered a very strong first quarter performance executing on our EFX2028 Strategic Priorities with reported revenue of $1.649 billion, up a strong 14%, with 13% local currency revenue growth which was $37 million above the midpoint of our February guidance. The revenue outperformance was principally driven by very strong U.S. Mortgage revenue growth of 38% principally in January and February before rates increased from the Iran conflict, continued solid performance in Diversified Markets up 6% in local currency, and strong New Product Innovation momentum with Vitality Index of 17% - significantly above our long-term goal of 10% - powered by the EFX Cloud, EFX.AI, and our proprietary data. Workforce Solutions delivered strong 10% revenue growth, driven by Verification Services revenue growth of 14% led by Diversified Markets revenue growth of 14% from strong mid double digit growth in Government and Consumer Lending businesses. USIS delivered strong revenue growth of 21%, well above their 6 to 8% Long Term Financial Framework. USIS revenue growth was led by very strong 60% Mortgage revenue growth and Diversified Markets revenue growth of 3%. International delivered 4% local currency revenue growth with high single digit revenue growth in Canada. We were pleased with the broad-based Equifax results in a challenging market environment. Given our strong free cash flow, Equifax returned $327 million in cash to shareholders, including repurchasing 1.3 million shares for $260 million and paying $67 million in quarterly dividends," said Mark W. Begor, Equifax Chief Executive Officer.
"We are maintaining our full-year 2026 Guidance midpoint expectation for local currency revenue growth of about 10%. Despite our strong, above guidance first quarter results principally from stronger U.S. mortgage activity in the first half of the quarter, we are maintaining our full-year 2026 Guidance due to the reduction in U.S. mortgage activity from higher rates since the Iran conflict began and the uncertainty in the global macroeconomic environment and direction of U.S. inflation and interest rates. We are increasing our full year reported revenue by $25 million and Adjusted EPS by $0.04 per share for the impact of foreign exchange.
Equifax is fundamentally a different company on how we go to market from Technology to Data & Analytics, EFX.AI capabilities, product focus, and AI-driven Operations all leveraging our nearly $3 billion Cloud technology investment and patented EFX.AI products and D&A capabilities. Equifax's scale proprietary data is the foundation of our AI Data Moat and a big competitive advantage, and we are expanding our capabilities to leverage our unique, non-public data assets with EFX.AI and our Agentic AI capabilities to rapidly deliver higher-performing scores, models, and multi-market products to help our customers grow.
Our strong first quarter results reflect the resiliency of the broad-based Equifax business model in an increasingly uncertain economy. We are energized about the New Equifax that we expect to deliver higher growth, margins, and accelerating free cash flow, and returning cash to shareholders in the future."
Financial Results Summary
The Company reported revenue of $1,648.9 million in the first quarter of 2026, up 14% and 13% on a reported and local currency basis, respectively, compared to the first quarter of 2025.
Net income attributable to Equifax of $171.5 million was up 29% in the first quarter of 2026 compared to $133.1 million in the first quarter of 2025.
Diluted EPS attributable to Equifax was $1.42 per share in the first quarter of 2026, up 34% compared to $1.06 per share in the first quarter of 2025.
Workforce Solutions First Quarter Results
Total revenue was $683.1 million in the first quarter of 2026, up 10% compared to the first quarter of 2025. Operating margin for Workforce Solutions was 45.3% in the first quarter of 2026 compared to 42.7% in the first quarter of 2025. Adjusted EBITDA margin for Workforce Solutions was 52.3% in the first quarter of 2026 compared to 50.1% in the first quarter of 2025.
Verification Services revenue was $571.4 million, up 14% compared to the first quarter of 2025.
Employer Services revenue was $111.7 million, down 4% compared to the first quarter of 2025.
USIS First Quarter Results
Total revenue was $605.6 million in the first quarter of 2026, up 21% compared to the first quarter of 2025. Operating margin for USIS was 20.2% in the first quarter of 2026 compared to 21.1% in the first quarter of 2025. Adjusted EBITDA margin for USIS was 30.3% in the first quarter of 2026 compared to 34.1% in the first quarter of 2025.
Online Information Solutions revenue was $553.7 million, up 24% compared to the first quarter of 2025.
Financial Marketing Services revenue was $51.9 million, flat compared to the first quarter of 2025.
International First Quarter Results
Total revenue was $360.2 million in the first quarter of 2026, up 11% and up 4% compared to the first quarter of 2025 on a reported and local currency basis, respectively. Operating margin for International was 9.5% in the first quarter of 2026 compared to 7.8% in the first quarter of 2025. Adjusted EBITDA margin for International was 25.0% in the first quarter of 2026 compared to 24.1% in the first quarter of 2025.
Latin America revenue was $102.7 million, up 9% compared to the first quarter of 2025 on a reported basis and up 4% on a local currency basis.
Europe revenue was $94.0 million, up 9% compared to the first quarter of 2025 on a reported basis and up 1% on a local currency basis.
Asia Pacific revenue was $92.6 million, up 16% compared to the first quarter of 2025 on a reported basis and up 6% on a local currency basis.
Canada revenue was $70.9 million, up 12% compared to the first quarter of 2025 on a reported basis and up 8% on a local currency basis.
Adjusted EPS and Adjusted EBITDA Margin
Adjusted EPS attributable to Equifax was $1.86 in the first quarter of 2026, up 22% compared to the first quarter of 2025.
Adjusted EBITDA margin was 29.0% in the first quarter of 2026, down compared to 29.3% in the first quarter of 2025.
These financial measures exclude certain items as described further in the Non-GAAP Financial Measures section below.
2026 Second Quarter and Full Year Guidance
Q2 2026
FY 2026
Low-End
High-End
Low-End
High-End
Reported Revenue
$1.680 billion
$1.710 billion
$6.685 billion
$6.805 billion
Reported Revenue Growth
9.3 %
11.3 %
10.0 %
12.0 %
Local Currency Growth (1)
8.4 %
10.4 %
9.1 %
11.1 %
Organic Local Currency Growth (1)
8.3 %
10.3 %
9.0 %
11.0 %
Adjusted Earnings Per Share
$2.15 per share
$2.25 per share
$8.34 per share
$8.74 per share
(1)
Refer to page 8 for definitions. Additionally, the definitions can be found in the Non-GAAP Financial Measures below.
About Equifax
At Equifax (NYSE:EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by approximately 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.
Earnings Conference Call and Audio Webcast
In conjunction with this release, Equifax will host a conference call on April 21, 2026 at 8:30 a.m. (ET) via a live audio webcast. To access the webcast and related presentation materials, go to the Investor Relations section of our website at www.equifax.com. The discussion will be available via replay at the same site shortly after the conclusion of the webcast. This press release is also available at that website.
Non-GAAP Financial Measures
This earnings release presents adjusted EPS attributable to Equifax which is diluted EPS attributable to Equifax adjusted (to the extent noted above for different periods) for acquisition-related amortization expense of certain acquired intangibles, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, income tax effect of stock awards recognized upon vesting or settlement, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs and antitrust litigation costs. All adjustments are net of tax, with a reconciling item with the aggregated tax impact of the adjustments. This earnings release also presents (i) adjusted EBITDA and adjusted EBITDA margin, which is defined as consolidated net income attributable to Equifax plus net interest expense, income taxes, depreciation and amortization, and also excludes certain one-time items, (ii) local currency revenue change, which is calculated by conforming 2026 results using 2025 exchange rates, (iii) organic local currency revenue growth, which is defined as local currency revenue growth, adjusted to reflect an increase in prior year Equifax revenue from the revenue of acquired companies in the prior year period, (iv) free cash flow, which is defined as cash provided by operating activities less capital expenditures, and (v) cash conversion, which is defined as the ratio of free cash flow to adjusted net income. These are important financial measures for Equifax but are not financial measures as defined by GAAP.
These non-GAAP financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as an alternative measure of net income or EPS as determined in accordance with GAAP.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures and related notes are presented in the Q&A. This information can also be found under "Investor Relations/Financial Information/Non-GAAP Financial Measures" on our website at www.equifax.com.
Forward-Looking Statements
This release contains forward-looking statements and forward-looking information. These statements can be identified by expressions of belief, expectation or intention, as well as statements that are not historical fact. These statements are based on certain factors and assumptions including with respect to foreign exchange rates, revenue growth, results of operations and financial performance, strategic initiatives, business plans, prospects and opportunities, the U.S. mortgage market, economic conditions and effective tax rates.
While Equifax believes these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Several factors could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These factors relate to (i) actions taken by us, including, but not limited to, restructuring actions, strategic initiatives (such as our cloud technology transformation), capital investments and asset acquisitions or dispositions, as well as (ii) developments beyond our control, including, but not limited to, changes in the U.S. mortgage market environment and changes more generally in U.S. and worldwide economic conditions (such as changes in interest rates and inflation levels, the evolving impact of tariffs and geopolitical conflicts) that materially impact consumer spending, home prices, investment values, consumer debt, unemployment rates and the demand for Equifax's products and services. Deteriorations in economic conditions or increases in interest rates could lead to a decline in demand for our products and services and negatively impact our business. It may also impact financial markets and corporate credit markets, which could adversely impact our access to financing or the terms of any financing.
Other risk factors relevant to our business include: (i) any compromise of Equifax, customer or consumer information due to security breaches and other disruptions to our information technology infrastructure; (ii) the failure to achieve and maintain key industry or technical certifications; (iii) the failure to realize the anticipated benefits of our cloud technology transformation strategy; (iv) operational disruptions and strain on our resources caused by our transition to cloud-based technologies; (v) our ability to meet customer requirements for high system availability and response time performance; (vi) effects on our business if we provide inaccurate or unreliable data to customers; (vii) our ability to maintain access to credit, employment, financial and other data from external sources; (viii) the impact of competition; (ix) our ability to maintain relationships with key customers and business partners; (x) our ability to successfully introduce new products, services and analytical capabilities; (xi) the impact on the demand for some of our products and services due to the availability of free or less expensive consumer information; (xii) our ability to comply with our obligations under settlement agreements arising out of a material cybersecurity incident in 2017; (xiii) potential adverse developments in new and pending legal proceedings, government investigations and regulatory enforcement actions; (xiv) changes in, and the effects of, laws, regulations and government policies governing our business, including oversight by the Consumer Financial Protection Bureau in the U.S., the U.K. Financial Conduct Authority and Information Commissioner's Office in the U.K., and the Office of Australian Information Commission and the Australian Competition and Consumer Commission in Australia; (xv) the impact of privacy, cybersecurity, artificial intelligence or other data-related laws and regulations; (xvi) the economic, political and other risks associated with international sales and operations; (xvii) the impact on our reputation and business from our responsible business commitments and disclosures; (xviii) our ability to realize the anticipated strategic and financial benefits from our acquisitions, joint ventures and other alliances; (xix) any damage to our reputation due to our dependence on outsourcing certain portions of our operations; (xx) the termination or suspension of our government contracts; (xxi) the impact of infringement or misappropriation of intellectual property by us against third parties or by third parties against us; (xxii) an increase in our cost of borrowing and our ability to access the capital markets due to a credit rating downgrade; (xxiii) our ability to hire and retain key personnel; (xxiv) the impact of adverse changes in the financial markets and corresponding effects on our retirement and post-retirement pension plans; (xxv) the impact of health epidemics, pandemics and similar outbreaks on our business; and (xxvi) risks associated with our use of certain artificial intelligence and machine learning models and systems.
A summary of additional risks and uncertainties can be found in our Annual Report on Form 10-K for the year ended December 31, 2025 including without limitation under the captions "Item 1. Business -- Governmental Regulation," "-- Forward-Looking Statements" and "Item 1A. Risk Factors" and in our other filings with the U.S. Securities and Exchange Commission. Forward-looking statements are given only as at the date of this release and Equifax disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
EQUIFAX INC.
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended March 31,
2026
2025
(In millions, except per share amounts)
(Unaudited)
Operating revenue
$ 1,648.9
$ 1,442.0
Operating expenses:
Cost of services (exclusive of depreciation and amortization below)
767.1
656.7
Selling, general and administrative expenses
411.0
374.9
Depreciation and amortization
183.1
174.6
Total operating expenses
1,361.2
1,206.2
Operating income
287.7
235.8
Interest expense
(55.7)
(52.9)
Other income, net
3.8
2.5
Consolidated income before income taxes
235.8
185.4
Provision for income taxes
(62.5)
(51.6)
Consolidated net income
173.3
133.8
Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests
(1.8)
(0.7)
Net income attributable to Equifax
$ 171.5
$ 133.1
Basic earnings per common share:
Net income attributable to Equifax
$ 1.43
$ 1.07
Weighted-average shares used in computing basic earnings per share
120.0
124.1
Diluted earnings per common share:
Net income attributable to Equifax
$ 1.42
$ 1.06
Weighted-average shares used in computing diluted earnings per share
120.8
125.1
Dividends per common share
$ 0.56
$ 0.39
EQUIFAX INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2026
December 31, 2025
(In millions, except par values)
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 183.4
$ 180.8
Trade accounts receivable, net of allowance for doubtful accounts of $21.7 and $20.2 at March 31, 2026 and December 31, 2025, respectively
1,071.9
1,012.7
Prepaid expenses
184.5
144.2
Other current assets
46.9
74.5
Total current assets
1,486.7
1,412.2
Property and equipment:
Capitalized internal-use software and system costs
2,988.4
3,098.2
Data processing equipment and furniture
239.3
239.3
Land, buildings and improvements
301.0
299.6
Total property and equipment
3,528.7
3,637.1
Less accumulated depreciation and amortization
(1,599.1)
(1,704.7)
Total property and equipment, net
1,929.6
1,932.4
Goodwill
6,790.9
6,745.7
Indefinite-lived intangible assets
94.8
94.8
Purchased intangible assets, net
1,283.2
1,331.3
Other assets, net
356.8
347.8
Total assets
