Total Revenue

Q1 2024: 9% reported, 8% organic; Q1 2025: 7% reported

In Q1 2024, TRU’s revenue expanded sharply due to a robust U.S. mortgage market – with a 52% increase despite an 8% decline in inquiries – and strong international gains (15% constant currency growth, including a 31% surge in India), while Q1 2025 showed a slightly lower overall growth of 7% as the company shifted to a more diversified revenue mix and faced moderation in some regions. " " " " " "

U.S. Financial Services

Q1 2024: 13% growth; Q1 2025: 15% growth

Q1 2024 performance was heavily driven by the mortgage sector’s outperformance (52% increase), even as other lending lines rose modestly (auto and consumer lending at 2%), whereas Q1 2025 saw a more balanced growth – mortgage revenue increased by 27%, complemented by consumer lending up 11%, auto up 14%, and card & banking at 5% – reflecting a maturing and diversified lending portfolio. " " " " " " "

Emerging Verticals

Q1 2024: 4% increase; Q1 2025: 6% increase

In Q1 2024, emerging verticals grew by 4% driven by sectors like insurance, media, and public sector, and in Q1 2025 this segment accelerated to 6% growth, particularly with strong double-digit improvements in the insurance category, demonstrating the impact of strategic initiatives and new business wins. " " " " " " "

International Segment

Q1 2024: 15% constant currency growth; Q1 2025: 2% reported, 6% organic constant currency growth

The international segment in Q1 2024 benefited from robust performance in markets like India (31% increase) and others, driving 15% growth, whereas in Q1 2025 the growth moderated to 2% reported (6% on an organic constant currency basis) largely due to challenges such as credit tightening in India (yielding only 1% growth) balanced by modest gains in the U.K. (+9%), Africa (+12%), and Asia Pacific (+7%). " " " " " " " "

Revenue ($USD) (Quarterly)

Q3 2025

$1.076B to $1.095B "

$1,115,000,000 to $1,135,000,000 "

raised

Adjusted EBITDA ($USD) (Quarterly)

Q3 2025

$375M to $386M "

$397,000,000 to $411,000,000 "

raised

Adjusted EBITDA Margin (%) (Quarterly)

Q3 2025

34.8% to 35.3% "

35.6% to 36.2% "

raised

Adjusted Diluted EPS ($USD) (Quarterly)

Q3 2025

$0.95 to $0.99 "

$0.99 to $1.04 "

raised

Revenue ($USD) (Annual)

FY 2025

$4.358B to $4.417B "

$4,432,000,000 to $4,472,000,000 "

raised

Adjusted EBITDA ($USD) (Annual)

FY 2025

$1.549B to $1.59B "

$1,580,000,000 to $1,610,000,000 "

raised

Adjusted Diluted EPS ($USD) (Annual)

FY 2025

$3.93 to $4.08 "

$4.03 to $4.14 "

raised

Depreciation and Amortization ($USD) (Annual)

FY 2025

$570M "

$570,000,000 "

no change

Net Interest Expense ($USD) (Annual)

FY 2025

$195M "

About $200,000,000 "

raised

Adjusted Tax Rate (%) (Annual)

FY 2025

26.5% "

Approximately 26.5% "

no change

Capital Expenditures (% of Revenue) (Annual)

FY 2025

About 8% "

About 8% "

no change

Free Cash Flow Conversion (%) (Annual)

FY 2025

70% "

70% "

no change

Transformation Program Charges ($USD) (Annual)

FY 2025

$100M to $120M "

$100M to $120M "

no change

Adjusted EBITDA Margin (%) (Annual)

FY 2025

no prior guidance

35.7% to 36% "

no prior guidance

Technology Transformation

In Q1 2025, the company detailed its shift to a cloud‐based OneTru platform with improved performance and developer tools ( " " ). In Q4 2024, updates focused on OneDev and OneTru upgrades, integrations (e.g. identity graph) and cost savings toward operating model optimization ( " " " " " ). In Q3 2024, transformation was highlighted through integration and innovation initiatives ( " " ).

Q2 2025 emphasized a commitment of up to $375 million for technology optimization and transformation, noting accelerated platform upgrades (e.g. enhanced cybersecurity, faster processing, developer tools like OneTrue Assist) and integration benefits that will translate into a $200 million free cash flow benefit in 2026 ( " " " ).

Consistent high priority with increased investment. The focus remains on modernizing infrastructure and boosting innovation, but the current period shows a more defined cost commitment and clear free cash flow benefits later on.

International Growth – India

Q1 2025 mentioned modest 1% growth driven by regulatory changes and initial sales efforts ( " ). Q4 2024 reported strong growth at 18% with policy shifts and recovery signs ( " " ). Q3 2024 discussions noted high single‐digit to low‐teens growth alongside regulatory constraints ( " " ).

In Q2 2025, India’s growth accelerated to 8% with a favorable outlook for 10% full‐year growth, driven by RBI rate cuts, lower inflation, and renewed non-consumer lending activity ( " " " ).

Improving growth sentiment and optimism. Earlier periods were mixed with slower or variable growth; now, market conditions and policy shifts are fostering a stronger long‐term growth trajectory.

Macroeconomic & Lending Uncertainty

Q1 2025 highlighted a cautious view amid tariff, trade, and fiscal policy risks while noting healthy consumer fundamentals ( " " " " ). Q4 2024 described a “muted but stable” environment with subdued volumes and interest rate challenges ( " " " ). Q3 2024 noted stability in U.S. conditions with interest rate cuts and modest lending volume recoveries ( " " ).

Q2 2025 continued to cite uncertainties from U.S. fiscal measures and elevated Treasury rates while noting resilient consumer behavior and mixed recovery across lending segments (e.g. recovery in auto, flat mortgage inquiries) ( " " ).

Consistent caution with slight signs of recovery. While overall uncertainty persists (especially in mortgage lending), consumer resilience remains and some sectors show modest recovery.

Consumer Business & D2C Strategies

Q1 2025 noted a 1% revenue decline in Consumer Interactive and focused on an upcoming freemium offering and the Monevo acquisition to drive turnaround ( " " ). Q4 2024 detailed a steep revenue decline (–11%) offset by a new freemium platform launch with Credit Sesame and highlighted a strategic reset ( " " ). Q3 2024 reported strong revenue gains driven by breach remediation wins, while noting direct channel challenges ( " " ).

Q2 2025 reported organic growth of 2%, citing strong conversion rates (75%) and enhanced consumer offerings (integrated subscriptions, identity protection, breach remediation) that have helped stabilize the business ( " " " ).

Gradual stabilization and strategic transition. The narrative is shifting from turnaround challenges to leveraging a freemium model and new digital offerings as a pathway to sustainable mid-single digit growth.

Acquisition & Regulatory Risks

Q1 2025 discussed completing the Monevo acquisition and planning the Mexico acquisition with integration investments and some regulatory monitoring ( " " " " ). Q4 2024 emphasized focus on accretive bolt‐on acquisitions, outlining strict financial criteria and noting regulatory limbo with the CFPB ( " " ). Q3 2024 had minimal mention aside from integration success ( " ).

Q2 2025 focused on the strong performance of the Mexico acquisition—with expectations to close by year’s end—and stressed that the regulatory review is standard, while outlining plans for significant post-acquisition innovation ( " ).

Ongoing strategic acquisitions with careful regulatory scrutiny. The company consistently pursues bolt-on acquisitions and manages integration risks while ensuring that regulatory challenges are addressed in a measured way.

Transformation Costs & FCF Pressure

Q1 2025 reported $287 million in one-time transformation expenses (with additional $100–$120 million expected in 2025) and forecast about 70% free cash flow (FCF) conversion in 2025, rising to 90% in 2026 ( " " " ). Q4 2024 noted $179 million in transformation charges and similar FCF outlook improvements ( " " " ). Q3 2024 mentioned debt prepayments linked to transformation initiatives ( " " ).

Q2 2025 announced a $375 million investment commitment in transformation with an expectation to complete by year-end and deliver a $200 million free cash flow benefit in 2026, aiming for over 90% FCF conversion thereafter ( " ).

Increasing transformation investment with a clear path to improved free cash flow. The focus on high upfront spending is consistently linked with a strategic plan to optimize expenses and deliver significant long-term operating cash benefits.

Mortgage Business Vulnerabilities

Q1 2025 highlighted a 27% revenue increase despite a 10% drop in inquiries, noting vulnerability due to high refinancing rates ( " " ). Q4 2024 discussed falling inquiries, a shift in prequalification practices, and sensitivity to interest rate changes ( " ). Q3 2024 presented a revenue up 63% outcome offset by an 8% volume decline and a cautious forecast, relying on pricing and mix strategies ( " ).

Q2 2025 described mortgage activity as “bouncing along a bottom” with flat inquiry levels, emphasizing challenges from elevated Treasury rates and housing affordability despite product diversification yielding a 29% revenue boost ( " " ).

Persistent vulnerabilities amid macroeconomic headwinds. Though revenue gains have been achieved through pricing and product diversification, challenges like low inquiry volumes and sensitivity to interest rates continue to raise concerns.

Regional Market Dynamics – Canada

Q1 2025 reported 7% growth driven by wins in financial services and consumer indirect channels ( " ). Q4 2024 noted high single-digit growth within an overall 12% growth in the international segment ( " ). Q3 2024 saw 9% growth bolstered by innovation, cross-sell initiatives, and trended data leadership ( " " ).

Q2 2025 posted 10% growth in Canada, propelled by innovative fraud and identity solutions, share gains across financial services, auto, and insurance, with support from one-time revenues ( " " ).

Consistent moderate growth with a slight improvement. Canada's market remains robust, with incremental growth enhancements driven by continued innovation and strategic cross-selling in a mature market.

Shareholder Returns Strategies

Q1 2025 mentioned initial share repurchases ($10 million) and a strategy to reduce leverage below 2.5x ahead of the Mexico acquisition ( " " ). Q4 2024 detailed a dividend increase and the authorization of a new $500 million share repurchase program while maintaining a disciplined capital approach ( " ). Q3 2024 did not explicitly address these strategies.

Q2 2025 reported accelerated share repurchases ($47 million through mid-July), reiterating efforts to lower leverage below 2.5x and emphasizing improved free cash flow conversion to support disciplined capital deployment ( " " " ).

Steady focus with an increasingly aggressive capital deployment. While the strategy to return cash to shareholders has been consistent, recent actions reflect a stronger commitment driven by improved free cash flow and lower leverage targets.