Equifax (EFX) EFX Financial Results Summary
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Equifax Inc. (EFX) Q4 2025 Financial Results Summary
Equifax Inc. (NYSE: EFX) announced financial results for the fourth quarter and full year ended December 31, 2025, on February 4, 2026. Here is a summary of the key financial highlights:
- Revenue:
- Q4 2025 revenue was $1.551 billion, representing a 9% increase compared to Q4 2024.
- Q4 U.S. Mortgage revenue surged by 20% despite a weaker mortgage market.
- Revenue from Workforce Solutions increased by 9%, while Verification Services revenue grew 10%.
- USIS revenue grew by 12%, driven by a 33% increase in Mortgage revenue and a 5% growth in Diversified Markets.
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International revenue rose 7% (reported) and 5% (local currency) compared to the same quarter last year.
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Net Income:
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Net income for Q4 2025 was $175.8 million, a 1% increase from $174.0 million in Q4 2024.
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Earnings Per Share (EPS):
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Diluted EPS for Q4 was $1.44, up from $1.39 a year prior.
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Free Cash Flow:
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Free cash flow for 2025 totaled $1.13 billion, representing a remarkable increase of approximately 40% year-over-year.
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Dividend and Share Repurchase:
- Equifax declared a quarterly dividend of $0.50 per share, up from $0.39 in the previous year, marking a 28% increase.
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In Q4, the company returned $561 million to shareholders, including repurchasing 2.3 million shares for $500 million under its share repurchase program.
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2025 Full Year Performance:
- Total revenue for 2025 reached $6.075 billion, an increase of 7% compared to 2024.
- Full year diluted EPS climbed to $5.32, from $4.84 a year earlier.
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Net income stood at $660.3 million, up 9% from $604.1 million in 2024.
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Segment Breakdown:
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Workforce Solutions:
- Q4 total revenue was $652.2 million, increasing 9% vs. Q4 2024; operating margin was 43.8% vs. 43.1% in the previous year.
- Verification Services generated $557.0 million, up 10%.
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USIS:
- Revenue of $526.9 million represented a 12% increase over Q4 2024; operating margin remained stable at 24.4%.
- Online Information Solutions revenue grew by 13% to $447.9 million.
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International:
- Revenue was $371.5 million, a 7% increase (reported) year-over-year; operating margin was 16.4%, down from 17.4%.
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Future Guidance:
- The company projected 2026 revenue in the range of $6.660 billion to $6.780 billion, with an expected growth of about 10.5%.
- Adjusted EPS is anticipated at $8.50 per share, up 11% over 2025.
In summary, Equifax demonstrated solid performance in Q4 2025, achieving significant revenue and net income growth, coupled with a notable increase in shareholder returns through dividends and share buybacks. The guidance for 2026 suggests continued optimism in its financial outlook, despite challenges in the U.S. mortgage market.
EQUIFAX INC. CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
| Three Months Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | ||
| Operating revenue | $1,550.6 | $1,419.4 | |
| Operating expenses: | |||
| Cost of services (exclusive of depreciation and amortization below) | 661.2 | 615.0 | |
| Selling, general and administrative expenses | 420.9 | 344.7 | |
| Depreciation and amortization | 184.3 | 171.6 | |
| Total operating expenses | 1,266.4 | 1,131.3 | |
| Operating income | 284.2 | 288.1 | |
| Interest expense | -54.1 | -55.8 | |
| Other income (expense), net | 2.8 | -6.7 | |
| Consolidated income before income taxes | 232.9 | 225.6 | |
| Provision for income taxes | -56.5 | -52.2 | |
| Consolidated net income | 176.4 | 173.4 | |
| Less: Net (income) loss attributable to noncontrolling interests including redeemable noncontrolling interests | -0.6 | 0.6 | |
| Net income attributable to Equifax | $175.8 | $174.0 | |
| Basic earnings per common share: | |||
| Net income attributable to Equifax | $1.45 | $1.40 | |
| Weighted-average shares used in computing basic earnings per share | 121.4 | 124.0 | |
| Diluted earnings per common share: | |||
| Net income attributable to Equifax | $1.44 | $1.39 | |
| Weighted-average shares used in computing diluted earnings per share | 122.3 | 125.1 | |
| Dividends per common share | $0.50 | $0.39 |
EQUIFAX INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except par values)
| ASSETS | December 31, | ||
|---|---|---|---|
| 2025 | (Unaudited) | 2024 | |
| Current assets: | |||
| Cash and cash equivalents | $180.8 | $169.9 | |
| Trade accounts receivable, net of allowance for doubtful accounts of $20.2 and $16.9 at December 31, 2025 and 2024, respectively | 1,012.7 | 957.6 | |
| Prepaid expenses | 144.2 | 134.9 | |
| Other current assets | 74.5 | 98.2 | |
| Total current assets | 1,412.2 | 1,360.6 | |
| Property and equipment: | |||
| Capitalized internal-use software and system costs | 3,098.2 | 2,817.5 | |
| Data processing equipment and furniture | 239.3 | 229.6 | |
| Land, buildings and improvements | 299.6 | 285.0 | |
| Total property and equipment | 3,637.1 | 3,332.1 | |
| Less accumulated depreciation and amortization | -1,704.7 | -1,440.2 | |
| Total property and equipment, net | 1,932.4 | 1,891.9 | |
| Goodwill | 6,745.7 | 6,547.8 | |
| Indefinite-lived intangible assets | 94.8 | 94.7 | |
| Purchased intangible assets, net | 1,331.3 | 1,521.0 | |
| Other assets, net | 347.8 | 343.4 | |
| Total assets | $11,864.2 | $11,759.4 | |
| LIABILITIES AND EQUITY | |||
| Current liabilities: | |||
| Short-term debt and current maturities of long-term debt | $1,038.0 | $687.7 | |
| Accounts payable | 206.4 | 138.2 | |
| Accrued expenses | 276.3 | 251.1 | |
| Accrued salaries and bonuses | 286.1 | 215.8 | |
| Deferred revenue | 101.2 | 115.5 | |
| Other current liabilities | 427.4 | 403.2 | |
| Total current liabilities | 2,335.4 | 1,811.5 | |
| Long-term debt | 4,055.3 | 4,322.8 | |
| Deferred income tax liabilities, net | 390.8 | 351.6 | |
| Long-term pension and other | 103.4 | 106.7 | |
| postretirement benefit liabilities | |||
| Other long-term liabilities | 241.1 | 247.2 | |
| Total liabilities | 7,126.0 | 6,839.8 | |
| Redeemable noncontrolling interests | 114.4 | 105.2 | |
| Equifax shareholders’ equity: | |||
| Preferred stock, $0.01 par value: Authorized shares – 10.0; Issued shares – none | — | — | |
| Common stock, $1.25 par value: Authorized shares – 300.0; Issued shares – 189.3 at December 31, 2025 and 2024; Outstanding shares – 120.4 and 124.0 at December 31, 2025 and 2024, respectively | 236.6 | 236.6 | |
| Paid-in capital | 2,023.4 | 1,915.2 | |
| Retained earnings | 6,445.1 | 6,018.6 | |
| Accumulated other comprehensive loss | -517.1 | -722.7 | |
| Treasury stock, at cost, 68.3 shares and 64.7 shares at December 31, 2025 and 2024, respectively | -3,577.8 | -2,644.9 | |
| Stock held by employee benefits trusts, at cost, 0.6 shares at December 31, 2025 and 2024 | -5.9 | -5.9 | |
| Total Equifax shareholders’ equity | 4,604.3 | 4,796.9 | |
| Noncontrolling interests | 19.5 | 17.5 | |
| Total shareholders’ equity | 4,623.8 | 4,814.4 | |
| Total liabilities, redeemable noncontrolling interests, and shareholders’ equity | $11,864.2 | $11,759.4 |