Equifax^® (NYSE: EFX) today announced financial results for the quarter ended September 30, 2025.

• Third quarter 2025 revenue of $1.545 billion up 7% and $25 million above the midpoint of Guidance, despite headwinds from U.S. Hiring and Mortgage markets.

• Third quarter U.S. Mortgage revenue up a strong 13% despite decline in underlying Mortgage market.

• Workforce Solutions third quarter revenue up 5%. Verification Services revenue up 5% led by strong high single digit Government growth, with Non-Mortgage growth of 7% and Mortgage growth of 2%.

• USIS third quarter revenue up 11% with strong Mortgage revenue growth of 26% and Non-Mortgage revenue growth of 5%.

• International third quarter revenue up 6% on a reported basis with 7% growth on a local currency basis led by Latin America and Canada.

• Raising full year 2025 Vitality Index to 13%, above our 10% long-term goal, from strong 16% Vitality in the quarter leveraging new EFX Cloud and EFX.AI with double digit Vitality Index across all business units.

• Returned approximately $360 million of cash to shareholders, including repurchasing 1.2 million shares for $300 million.

• Raising 2025 Guidance given strong third quarter results. Increasing full-year reported revenue by $40 million and Adjusted EPS by $0.12 per share.

• Increased 2025 free cash flow Guidance from $900+ million to $950 million to $975 million from strong operating performance.

• Introduced new Mortgage Scores pricing structure to support a competitive credit scoring market and reduce mortgage costs for American homebuyers and the mortgage industry.

"Equifax delivered strong third quarter revenue of $1.545 billion, up 7% on both a reported and local currency basis, that was $25 million above the midpoint of our July Guidance. This was led by strong 13% U.S. Mortgage revenue growth, strong Workforce Solutions Government vertical results, and continued momentum in New Product Innovation with a Vitality Index of 16% despite headwinds from the U.S. Mortgage and Hiring markets. Workforce Solutions delivered 5% revenue growth, driven by Verification Services revenue growth of 5% led by Non-Mortgage revenue growth of 7% from strong high single digit growth in Government and double digit growth in Consumer Lending businesses. USIS delivered strong revenue growth of 11%, well above their 6 to 8% Long Term Financial Framework. USIS revenue growth was led by very strong 26% Mortgage revenue growth and Non-Mortgage revenue growth of 5%. International delivered 7% local currency revenue growth led by Latin America and Canada. We were pleased with the strong Equifax results in a challenging market environment," said Mark W. Begor, Equifax Chief Executive Officer.

"Given our strong third quarter results, we are raising our full year 2025 reported revenue Guidance midpoint by $40 million with local currency growth of about 7% and increasing our full year Adjusted EPS Guidance by $0.12 per share. We also increased our 2025 free cash flow Guidance from $900+ million to between $950 million and $975 million from our strong operating cash flow and a cash conversion ratio of over 100%, above our Long Term Financial Framework of 95%+. Given our strong free cash flow and balance sheet, we returned about $360 million of cash to shareholders in the third quarter, including repurchasing 1.2 million Equifax shares for $300 million under our $3 billion share repurchase program. Our ability to deliver significant excess free cash flow to shareholders is a big milestone for Equifax as we move post-Cloud to fully focus on growth, innovation, new products, and free cash generation to continue investing in EFX for growth and return cash to shareholders.   

Recently, Equifax introduced a new Mortgage Score pricing structure to support a competitive credit scoring market and reduce mortgage costs for American homebuyers and the mortgage industry. Equifax is offering VantageScore® 4.0 mortgage credit scores in 2026 at an over 50% reduction to FICO mortgage scores, and we plan to keep the price of Vantage 4.0 credit scores flat in 2027. Equifax will also offer free VantageScore 4.0 credit scores to all Equifax customers in mortgage, automotive, card and consumer finance who purchase competing FICO scores for the remainder of 2025 and throughout 2026 to drive conversion. With these steps, lenders can see the value that the VantageScore 4.0 credit score's inclusion of alternative data, or information not historically included in traditional credit reports, can bring – making it possible to score 33 million more U.S. adults.

We continued to execute very well against our EFX2027 Strategic Priorities in the quarter, despite market headwinds. We are pivoting to leveraging our new Cloud capabilities to accelerate New Product Innovation leveraging our differentiated data assets, and investing in new products, data, analytics, and EFX.AI capabilities which are expected to drive growth in 2025 and beyond. We are energized about our second half momentum of the New Equifax that is expected 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 $1,544.9 million in the third quarter of 2025, up 7% on both a reported and local currency basis compared to the third quarter of 2024.

Net income attributable to Equifax of $160.2 million was up 13% in the third quarter of 2025 compared to $141.3 million in the third quarter of 2024.

Diluted EPS attributable to Equifax was $1.29 per share in the third quarter of 2025, up 14% compared to $1.13 per share in the third quarter of 2024.

Workforce Solutions Third Quarter Results

• Total revenue was $649.4 million in the third quarter of 2025, up 5% compared to the third quarter of 2024. Operating margin for Workforce Solutions was 43.8% in the third quarter of 2025 compared to 43.2% in the third quarter of 2024. Adjusted EBITDA margin for Workforce Solutions was 51.2% in the third quarter of 2025 compared to 51.6% in the third quarter of 2024.

• Verification Services revenue was $553.6 million, up 5% compared to the third quarter of 2024.

• Employer Services revenue was $95.8 million, up 1% compared to the third quarter of 2024.

USIS Third Quarter Results

• Total revenue was $530.2 million in the third quarter of 2025, up 11% compared to the third quarter of 2024. Operating margin for USIS was 23.2% in the third quarter of 2025 compared to 20.6% in the third quarter of 2024. Adjusted EBITDA margin for USIS was 35.2% in the third quarter of 2025 compared to 33.9% in the third quarter of 2024.

• Online Information Solutions revenue was $467.5 million, up 12% compared to the third quarter of 2024.

• Financial Marketing Services revenue was $62.7 million, up 9% compared to the third quarter of 2024.

International Third Quarter Results

• Total revenue was $365.3 million in the third quarter of 2025, up 6% and up 7% compared to the third quarter of 2024 on a reported and local currency basis, respectively. Operating margin for International was 15.8% in the third quarter of 2025 compared to 13.9% in the third quarter of 2024. Adjusted EBITDA margin for International was 31.3% in the third quarter of 2025 compared to 27.7% in the third quarter of 2024.

• Latin America revenue was $102.1 million, up 6% compared to the third quarter of 2024 on a reported basis and up 9% on a local currency basis.

• Europe revenue was $102.3 million, up 8% compared to the third quarter of 2024 on a reported basis and up 4% on a local currency basis.

• Asia Pacific revenue was $90.1 million, up 2% compared to the third quarter of 2024 on a reported basis and up 4% on a local currency basis.

• Canada revenue was $70.8 million, up 9% compared to the third quarter of 2024 on a reported basis and up 11% on a local currency basis.

Adjusted EPS and Adjusted EBITDA Margin

• Adjusted EPS attributable to Equifax was $2.04 in the third quarter of 2025, up 10% compared to the third quarter of 2024.

• Adjusted EBITDA margin was 32.7% in the third quarter of 2025, flat compared to the third quarter of 2024.

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