Equifax Inc.

What they do

Equifax compiles consumer and business information from credit, financial asset, telecommunications, utility, employment, income, educational and other sources, and applies statistical, AI and machine learning techniques to produce decisioning, verification, identity and fraud products. It serves financial institutions, corporations, government agencies and consumers. It also provides payroll-related human resource business process automation and outsourcing for employers, and debt collection and recovery support.

Revenue drivers

• U.S. Information Solutions (USIS) — Provides U.S. consumer and commercial information solutions including online information, decisioning technology, identity management, analytical services, e-commerce fraud and chargeback protection, portfolio management, mortgage information and marketing services, plus direct-to-consumer credit monitoring and sales to resellers; second quarter 2026 revenue grew 17% with diversified markets up 6% and mortgage up 40%.
• Workforce Solutions — Verification Services verify income, employment, educational history, criminal justice data and healthcare professional licensure; Employer Services include unemployment claims management, I-9 and onboarding, ACA compliance management and tax credits and incentives; second quarter 2026 revenue rose 7%, with Verification Services up 7% and government contract signings in the first half of about $300 million in annual contract value.
• International — Offers products similar to USIS with regional variations across Latin America, Europe, Asia Pacific and Canada, including consumer credit monitoring in Canada, the U.K., Australia and Chile and debt collection and recovery services; second quarter 2026 revenue rose 8% reported and 4% local currency, with high single digit growth in Asia Pacific and mid single digit growth in Canada.
• U.S. Mortgage — Mortgage-related revenue is reported across segments rather than as a separate segment; second quarter 2026 U.S. mortgage revenue grew 25%, and the company plans for 2026 U.S. mortgage originations to be slightly below 2025 levels.

Recent performance

Second quarter 2026 reported revenue was $1.700 billion, up 11% reported and 10% local currency. Diluted EPS and net income for the quarter were not disclosed in the provided excerpt. Full-year revenue rose from $4.92 billion in 2021 to $6.07 billion in 2025, with net income of $660.3 million and diluted EPS of $5.32 in 2025. Operating cash flow was $1.62 billion in 2025, up from $1.32 billion in 2024. The company returned $366 million to shareholders in the second quarter of 2026, including $300 million of share repurchases and $66 million of dividends.

Strategy

Management is executing its EFX2028 strategic priorities, built on the Equifax Cloud migration and EFX.AI capabilities used to develop higher-performing products, models and scores. The company reported a 16% new product Vitality Index in the second quarter of 2026, above its 10% long-term goal. It doubled its 2026-2028 AI-driven cost reduction target to $150 million. It signed a definitive agreement to acquire Círculo de Crédito, described as the fastest growing credit bureau in Mexico, for an enterprise value of $750 million, expected to close in the fourth quarter of 2026. Capital allocation emphasizes bolt-on acquisitions, ongoing shareholder returns and maintaining an investment grade balance sheet.

Risks

• Data security breaches — Equifax stores and transmits sensitive consumer personal information and states it is routinely the target of sophisticated cyber and other security threats that could compromise data, disrupt operations and create legal liability.
• Economic and rate sensitivity — Demand is tied to general economic activity, and the company cites U.S. mortgage refinance activity as significantly impacted by interest rates, while it plans for 2026 mortgage originations slightly below 2025 levels.
• International growth assumptions — The company plans for international economic activity, as measured by GDP, to grow in 2026 at rates below 2025, and says significant market volatility and uncertainty could change these assumptions.
• Mortgage market exposure — U.S. mortgage revenue reached 25% growth in the second quarter of 2026, making segment results sensitive to mortgage rates and origination volumes that management expects to soften in 2026.

Outlook

For 2026, management assumes U.S. economic activity, as measured by GDP, will grow at a rate consistent with 2025, with U.S. mortgage originations slightly below 2025 levels and international GDP growth generally below 2025 rates. The company notes it remains in a period of economic uncertainty regarding inflation and interest rates. First half 2026 government contract signings of about $300 million in annual contract value are expected to principally benefit 2027 and beyond. The Círculo de Crédito acquisition is expected to close in the fourth quarter of 2026.