EQUIFAX (EFX) Company Report

Equifax’s government vertical in Workforce Solutions generated $800 million in revenue in 2025 against a $5 billion TAM, growing at a 20% CAGR, and will benefit from new OB3 requirements and a 2026 monitoring solution for work, education, and volunteer compliance in social services delivery.
The Talent Solutions business addresses a $4 billion background-screening TAM with $400 million in revenue, leveraging a “digital resume” of nearly 100 million active and historical records, which grew 10% year-over-year in 2025.
The mortgage market was down high-single digits in 2025; Equifax projects a 2026 recovery could deliver >$1.2 billion in incremental revenue, $700 million in EBITDA, and $4.00 in EPS, while promoting VantageScore at $4.50 versus FICO’s $10 to accelerate adoption.
For 2026, Equifax expects depreciation & amortization to rise by $50 million, interest expense by $25 million, and its effective tax rate to increase by 50 bps, driven by cloud investments, M&A, and share repurchases.

Nov 18, 2025, 8:20 PM

Transcript

Equifax details government vertical expansion and mortgage recovery potential

EFX

Guidance Update

Revenue Acceleration/Inflection

Product Launch

Equifax’s government vertical in Workforce Solutions targets a $5 billion TAM for income and employment verifications in social services, with $800 million in revenue today and expected double-digit growth driven by new OB-3 requirements to reduce $160 billion in improper payments.
The Talent Solutions segment, offering digital employment verification and background data, addresses a $4 billion TAM and generates about $400 million in revenue, supported by ~10% annual record growth to nearly cover all income-producing U.S. workers.
U.S. mortgage hard inquiries were down high single digits in 2025, with management expecting a market bottom by late 2026 and potential upside of $1.2 billion in revenue, $700 million in EBITDA and $4 in EPS from a mortgage recovery; VantageScore is priced at $4.50 vs. $10 FICO to accelerate adoption.
For 2026, Equifax anticipates depreciation and amortization rising by $50 million, interest expense by $25 million, and the effective tax rate increasing by 50 bps.

Nov 18, 2025, 8:20 PM

Transcript

Equifax details workforce solutions growth and mortgage recovery strategy

EFX

Revenue Acceleration/Inflection

Guidance Update

Share Buyback

Government vertical in Workforce Solutions (~$2.5 B revenue) addresses a $5 B TAM for social‐service income/employment verification; current revenue ~$800 M, targeting double-digit growth driven by OB-3 improper-payment reforms and a 2026 compliance monitoring solution
Talent Solutions serves a $4 B TAM in background‐screening data (historical employment, education, incarceration, credentialing), with current revenue ~$400 M; growth levers include deeper penetration, new data assets, and hourly‐workforce products
Mortgage outlook: USIS hard‐credit inquiries down high single digits in 2025; management sees a $1.2 B incremental revenue opportunity if volumes return to 2015–19 levels; launching VantageScore at $4.50 vs. FICO $10 to capture a $100–200 M profit pool
2026 expense guidance: depreciation & amortization +$50 M, interest expense +$25 M (reflecting acquisitions and share buybacks), effective tax rate +50 bps; share repurchases continue (>$300 M in Q3)

Nov 18, 2025, 8:20 PM

Transcript

Equifax completes acquisition of Vault Verify

EFX

M&A

Equifax (NYSE: EFX) announced the completion of its acquisition of Vault Verify, a provider of employment and income verification services, on November 17, 2025.
Vault Verify’s real-time, API-based verification platform will complement The Work Number database and integrate into Equifax’s Workforce Solutions unit, expanding data offerings and speeding decision-making for employers and verifiers.
Vault Verify, founded in 2012 with a concentration in the healthcare sector, will now operate within Equifax Workforce Solutions to streamline verifications for job applications, mortgages, social service benefits, and other financial services.

Nov 17, 2025, 9:15 PM

Press Release

Equifax reports consumer debt exceeds $18T

EFX

Demand Weakening

Total U.S. consumer debt reached $18.03 trillion in September 2025, with delinquency on total debt rising to 1.562% from 1.517% in June 2025.
Auto credit: combined auto loan and lease balances were $1.68 trillion, with lease balances up 11.5% YoY to $95.8 billion and auto loan delinquencies edging up to 1.64%.
Bankcard balances climbed to $1.08 trillion (+4.0% YoY) and accounts to 586.2 million (+6.3% YoY), while >60-day delinquencies eased to 2.83% from 3.01% a year earlier.
Student loan severe delinquency jumped to 16.32% in September 2025 (from 0.79% a year ago); outstanding student debt was $1.34 trillion, down 4.8% YoY.

Nov 5, 2025, 12:45 PM

Press Release

Equifax reports Q3 2025 results

EFX

Earnings

Guidance Update

Product Launch

Equifax reported Q3 2025 revenue of $1.54 B, up 7% year-over-year on a constant-currency basis, with adjusted EPS of $2.40, beating the midpoint of guidance by $0.12; adjusted EBITDA margin rose to 32.7%.
Workforce Solutions (EWS) revenue grew 5%, led by government and consumer-lending strength, while USIS revenue increased 11% (mortgage +26%, non-mortgage +5%); USIS adjusted EBITDA margin was 35.2%.
Raised full-year guidance: revenue midpoint up by $40 M, adjusted EPS up by $0.12, and free cash flow outlook increased to $950 M–$975 M with cash conversion >100%; returned $360 M to shareholders via buybacks and dividends.
Introduced VantageScore 4.0 for mortgage at $4.50 per score—50% savings versus FICO—with an expected $100–$200 M of incremental annual profit at full adoption and free VantageScores offered with FICO purchases in 2026.

Oct 21, 2025, 12:30 PM

Transcript

Equifax reports strong Q3 2025 results and raises full-year guidance

EFX

Earnings

Guidance Update

Share Buyback

Revenue rose 7% year-over-year, beating July midpoint by $25 M; Adjusted EPS was $2.04, $0.12 above guidance; 3Q Adj. EBITDA margin reached 32.7%.
US Information Solutions revenue grew 11% (Mortgage +26%, Non-Mortgage +5%), EWS up 5%, and International C$ revenue +7% led by Canada +11% and LatAm +9%.
Returned $360 M to shareholders in 3Q via $300 M of share repurchases (1.2 M shares) and $60 M of dividends.
Raised FY 2025 guidance: Revenue to $6.03 B–$6.06 B (+6.1%–6.7%), Adj EPS to $7.55–$7.65, FCF to $950–$975 M, and Cash Conversion >100%.

Oct 21, 2025, 12:30 PM

Presentation

Equifax reports Q3 2025 results

EFX

Earnings

Guidance Update

Product Launch

Equifax delivered Q3 revenue of $1.54 billion, up 7% year-over-year, and adjusted EPS of $2.04, both exceeding guidance.
Raised full-year 2025 outlook: revenue increased by $40 million, adjusted EPS by $0.12, and free cash flow guidance to $950 million–$975 million.
Returned $360 million to shareholders in Q3, including repurchasing 1.2 million shares for $300 million under its $3 billion buyback program.
Introduced VantageScore 4.0 for mortgages at $4.50 per score (through end-2027), targeting $200 million of incremental annual profit at full adoption, and launched new EFX.AI™ solutions like Ignite AI Advisor.
Achieved a record 16% vitality index in Q3, raising full-year new product introduction guidance to 13%, driven by strong post-cloud innovation.

Oct 21, 2025, 12:30 PM

Transcript

Equifax beats Q3 guidance and raises full-year outlook

EFX

Earnings

Guidance Update

Share Buyback

Equifax reported Q3 2025 revenue of $1.545 billion, up 7% year-over-year and $25 million above the midpoint of guidance.
Diluted EPS was $1.29, up 14% year-over-year, and Adjusted EPS was $2.04, up 10%.
Raised full-year 2025 guidance: reported revenue to $6.030–6.060 billion, Adjusted EPS to $7.55–7.65, and free cash flow to $950–975 million.
Returned approximately $360 million of cash to shareholders in Q3, including $300 million for share repurchases.

Oct 21, 2025, 10:32 AM

8-K

Equifax reports Q3 2025 results above guidance and raises full-year outlook

EFX

Earnings

Guidance Update

Share Buyback

Equifax posted Q3 2025 revenue of $1.545 billion, up 7% year-over-year and $25 million above the midpoint of its guidance.
Net income attributable to Equifax was $160.2 million, up 13%, with diluted EPS of $1.29, up 14% versus Q3 2024.
The company raised its full-year 2025 revenue guidance by $40 million and increased adjusted EPS guidance by $0.12 per share, while boosting free cash flow guidance to $950–$975 million.
In Q3, Equifax returned $360 million to shareholders, including repurchasing 1.2 million shares for $300 million under its share buyback program.

Oct 21, 2025, 10:30 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for EQUIFAX.

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