Equifax Inc 10-Q for FY2026 Q2

Equifax Inc (EFX)

10-Q 2026-07-21 For: 2026-06-30

Added on July 21, 2026

About this 10-Q

Equifax Inc filed this 10-Q on July 21, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.7B; up 10.6% from $1.54B a year earlier
Net income: $183.9M; down 3.9% from net income of $191.3M a year earlier
Diluted EPS: $1.54; up 0.7% from $1.53 a year earlier

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Georgia			58-0401110
(State or other jurisdiction of			(I.R.S. Employer
incorporation or organization)			Identification No.)


		Page
PART I.	Financial Information	4
Item 1.	Financial Statements (Unaudited)	4
	Consolidated Statements of Income—Three Months Ended June 3 0 , 2026 and 2025	4
	Consolidated Statements of Income—Six Months Ended June 30, 202 6 and 202 5	5
	Consolidated Statements of Comprehensive Income (Loss)—Three and Six Months Ended June 30, 202 6 and 202 5	6

	Consolidated Balance Sheets—June 3 0 , 2026 and December 31, 2025	7
	Consolidated Statements of Cash Flows—Six Months Ended June 3 0 , 2026 and 2025	8
	Consolidated Statements of Shareholders' Equity and Accumulated Other Comprehensive Loss—Three Months Ended June 3 0 , 2026 and 2025	9

	Consolidated Statements of Shareholders' Equity and Accumulated Other Comprehensive Loss—Six Months Ended June 30, 202 6 and 202 5	10
	Notes to Consolidated Financial Statements (Unaudited)	12
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	36
PART II.	Other Information	36
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38
Item 5	Other Information	39
Item 6.	Exhibits	39
Signatures		40


	Three Months Ended June 30,
	2026		2025
(In millions, except per share amounts)
Operating revenue	$	1,700.1	$	1,537.0
Operating expenses:
Cost of services (exclusive of depreciation and amortization below)	773.7		664.6
Selling, general and administrative expenses	422.5		384.2
Depreciation and amortization	189.7		177.4
Total operating expenses	1,385.9		1,226.2
Operating income	314.2		310.8
Interest expense	(59.8)		(53.1)
Other income, net	2.5		3.6
Consolidated income before income taxes	256.9		261.3
Provision for income taxes	(71.8)		(68.7)


Consolidated net income	185.1		192.6
Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests	(1.2)		(1.3)

Net income attributable to Equifax	$	183.9	$	191.3




Basic earnings per common share:


Net income attributable to Equifax	$	1.55	$	1.54
Weighted-average shares used in computing basic earnings per share	118.4		124.0
Diluted earnings per common share:


Net income attributable to Equifax	$	1.54	$	1.53
Weighted-average shares used in computing diluted earnings per share	119.2		125.0
Dividends per common share	$	0.56	$	0.50


	Six Months Ended June 30,
	2026		2025
(In millions, except per share amounts)
Operating revenue	$	3,349.0	$	2,979.0
Operating expenses:
Cost of services (exclusive of depreciation and amortization below)	1,540.7		1,321.2
Selling, general and administrative expenses	833.6		759.1
Depreciation and amortization	372.8		352.0
Total operating expenses	2,747.1		2,432.3
Operating income	601.9		546.7
Interest expense	(115.5)		(106.0)
Other income, net	6.3		6.0
Consolidated income before income taxes	492.7		446.7
Provision for income taxes	(134.3)		(120.3)


Consolidated net income	358.4		326.4
Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests	(3.0)		(2.1)

Net income attributable to Equifax	$	355.4	$	324.3




Basic earnings per common share:


Net income attributable to Equifax	$	2.98	$	2.61
Weighted-average shares used in computing basic earnings per share	119.2		124.1
Diluted earnings per common share:


Net income attributable to Equifax	$	2.96	$	2.59
Weighted-average shares used in computing diluted earnings per share	119.9		125.1
Dividends per common share	$	1.12	$	0.89


	Three Months Ended June 30,
	2026				2025
	Equifax Shareholders		Noncontrolling Interests including Redeemable Noncontrolling Interests		Total		Equifax Shareholders		Noncontrolling Interests including Redeemable Noncontrolling Interests		Total
	(In millions)
Net income	$	183.9	$	1.2	$	185.1	$	191.3	$	1.3	$	192.6
Other comprehensive income:
Foreign currency translation adjustment	2.0		2.0		4.0		97.5		3.9		101.4
Change in unrecognized prior service cost related to our pension and other postretirement benefit plans, net	0.1		—		0.1		—		—		—


Comprehensive income	$	186.0	$	3.2	$	189.2	$	288.8	$	5.2	$	294.0


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


(In millions, except par values)	June 30, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	170.1	$	180.8
Trade accounts receivable, net of allowance for doubtful accounts of $20.5 and $20.2 at June 30, 2026 and December 31, 2025, respectively	1,104.0		1,012.7
Prepaid expenses	166.5		144.2
Other current assets	140.7		74.5
Total current assets	1,581.3		1,412.2
Property and equipment:
Capitalized internal-use software and system costs	2,885.9		3,098.2
Data processing equipment and furniture	231.5		239.3
Land, buildings and improvements	296.7		299.6
Total property and equipment	3,414.1		3,637.1
Less accumulated depreciation and amortization	(1,484.9)		(1,704.7)
Total property and equipment, net	1,929.2		1,932.4

Goodwill	6,792.8		6,745.7
Indefinite-lived intangible assets	94.7		94.8
Purchased intangible assets, net	1,224.2		1,331.3
Other assets, net	359.6		347.8
Total assets	$	11,981.8	$	11,864.2
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt and current maturities of long-term debt	$	1,410.3	$	1,038.0
Accounts payable	126.6		206.4
Accrued expenses	331.0		276.3
Accrued salaries and bonuses	165.9		286.1
Deferred revenue	101.2		101.2
Other current liabilities	490.5		427.4
Total current liabilities	2,625.5		2,335.4
Long-term debt	4,056.8		4,055.3
Deferred income tax liabilities, net	424.5		390.8
Long-term pension and other postretirement benefit liabilities	101.8		103.4
Other long-term liabilities	253.3		241.1
Total liabilities	7,461.9		7,126.0
Commitments and Contingencies (see Note 6)

Redeemable noncontrolling interests	121.5		114.4
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 June 30, 2026 and December 31, 2025; Outstanding shares - 117.6 and 120.4 at June 30, 2026 and December 31, 2025, respectively	236.6		236.6
Paid-in capital	2,082.7		2,023.4
Retained earnings	6,666.3		6,445.1
Accumulated other comprehensive loss	(460.1)		(517.1)
Treasury stock, at cost, 71.1 shares and 68.3 shares at June 30, 2026 and December 31, 2025, respectively	(4,139.4)		(3,577.8)
Stock held by employee benefits trusts, at cost, 0.6 shares at June 30, 2026 and December 31, 2025	(5.9)		(5.9)

Total Equifax shareholders’ equity	4,380.2		4,604.3
Noncontrolling interests	18.2		19.5
Total shareholders' equity	4,398.4		4,623.8
Total liabilities, redeemable noncontrolling interests, and shareholders' equity	$	11,981.8	$	11,864.2


	Equifax Shareholders
								Accumulated Other Comprehensive Loss				Stock Held By Employee Benefits Trusts				Total Shareholders' Equity
	Common Stock
	Shares Outstanding	Amount		Paid-In Capital		Retained Earnings				Treasury Stock				Noncontrolling Interests
	(In millions, except per share amounts)
Balance, March 31, 2026	119.3	$	236.6	$	2,064.0	$	6,549.2	$	(462.2)	$	(3,841.0)	$	(5.9)	$	21.7	$	4,562.4

Net income	—	—		—		183.9		—		—		—		1.4		185.3
Other comprehensive income	—	—		—		—		2.1		—		—		0.7		2.8
Shares issued under stock and benefit plans, net of minimum tax withholdings	0.1	—		1.1		—		—		4.5		—		—		5.6
Treasury stock purchased under share repurchase program, including brokerage commissions and excise taxes*	(1.8)	—		—		—		—		(302.9)		—		—		(302.9)
Cash dividends ($0.56 per share)	—	—		—		(66.8)		—		—		—		—		(66.8)
Dividends paid to employee benefits trusts	—	—		0.4		—		—		—		—		—		0.4
Stock-based compensation expense	—	—		17.2		—		—		—		—		—		17.2




Dividends paid to noncontrolling interests	—	—		—		—		—		—		—		(5.6)		(5.6)



Balance, June 30, 2026	117.6	$	236.6	$	2,082.7	$	6,666.3	$	(460.1)	$	(4,139.4)	$	(5.9)	$	18.2	$	4,398.4


	Three Months Ended June 30,				Six Months Ended June 30,
Redeemable noncontrolling interests:	2026		2025		2026		2025
	(In millions)
Redeemable noncontrolling interests, beginning of period	$	120.4	$	112.7	$	114.4	$	105.2

Net loss attributable to redeemable noncontrolling interest	(0.2)		(0.1)		(0.3)		(0.2)

Effect of foreign currency translation attributable to redeemable noncontrolling interest	1.3		3.5		7.4		11.1
Redeemable noncontrolling interests, end of period	$	121.5	$	116.1	$	121.5	$	116.1


	Three Months Ended June 30,				Change				Six Months Ended June 30,				Change
Consolidated Operating Revenue	2026		2025		$		%		2026		2025		$		%
	(In millions)								(In millions)
Verification Services	$	607.6	$	567.1	$	40.5	7	%	$	1,179.0	$	1,069.3	$	109.7	10	%
Employer Services	97.8		95.0		2.8		3	%	209.5		211.4		(1.9)		(1)	%
Total Workforce Solutions	705.4		662.1		43.3		7	%	1,388.5		1,280.7		107.8		8	%
Online Information Solutions	545.4		457.8		87.6		19	%	1,099.1		905.9		193.2		21	%

Financial Marketing Services	66.2		63.7		2.5		4	%	118.1		115.4		2.7		2	%
Total U.S. Information Solutions	611.6		521.5		90.1		17	%	1,217.2		1,021.3		195.9		19	%
Latin America	109.0		99.6		9.4		9	%	211.7		193.8		17.9		9	%
Europe	101.1		99.2		1.9		2	%	195.0		185.7		9.3		5	%
Asia Pacific	99.7		85.3		14.4		17	%	192.3		165.0		27.3		17	%
Canada	73.3		69.3		4.0		6	%	144.3		132.5		11.8		9	%
Total International	383.1		353.4		29.7		8	%	743.3		677.0		66.3		10	%
Total operating revenue	$	1,700.1	$	1,537.0	$	163.1	11	%	$	3,349.0	$	2,979.0	$	370.0	12	%


Performance Obligation	Amount
	(In millions)
Less than 1 year	$	26.6
1 to 3 years	29.9
3 to 5 years	16.0
Thereafter	3.3
Total remaining performance obligation	$	75.8


	Workforce Solutions		U.S. Information Solutions		International		Total

Balance, December 31, 2025	$	2,574.1	$	2,006.2	$	2,165.4	$	6,745.7

Adjustments to initial purchase price allocation	(1.7)		—		—		(1.7)
Foreign currency translation	(0.1)		—		48.9		48.8

Balance, June 30, 2026	$	2,572.3	$	2,006.2	$	2,214.3	$	6,792.8


	June 30, 2026						December 31, 2025
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Definite-lived intangible assets:	(In millions)
Purchased data files	$	1,153.4	$	(816.5)	$	336.9	$	1,141.2	$	(767.6)	$	373.6
Customer relationships	926.9		(553.6)		373.3		922.1		(523.2)		398.9

Proprietary database	663.6		(243.8)		419.8		720.2		(272.6)		447.6
Acquired software and technology	216.0		(156.8)		59.2		215.9		(139.4)		76.5
Trade names, non-compete agreements and other intangible assets	50.6		(15.6)		35.0		49.4		(14.7)		34.7

Total definite-lived intangible assets	$	3,010.5	$	(1,786.3)	$	1,224.2	$	3,048.8	$	(1,717.5)	$	1,331.3


Years ending December 31,	Amount
	(In millions)
2026	$	118.7
2027	228.4
2028	167.5
2029	152.3
2030	141.6
Thereafter	415.7
	$	1,224.2


	June 30, 2026		December 31, 2025
	(In millions)
Commercial paper ("CP")	$	1,397.0	$	762.0






Notes, 3.25%, due June 2026	—		275.0


Notes, 5.10%, due December 2027	750.0		750.0
Notes, 5.10%, due June 2028	700.0		700.0
Debentures, 6.90%, due July 2028	125.0		125.0
Notes, 4.80%, due September 2029	650.0		650.0
Notes, 3.10%, due May 2030	600.0		600.0
Notes, 2.35%, due September 2031	1,000.0		1,000.0
Notes, 7.00%, due July 2037	250.0		250.0
Other	13.3		2.2
Total debt	5,485.3		5,114.2
Less short-term debt and current maturities	(1,410.3)		(1,038.0)
Less unamortized discounts and debt issuance costs	(18.2)		(20.9)
Total long-term debt, net	$	4,056.8	$	4,055.3


	Three Months Ended June 30,				Six Months Ended June 30, 2025
Capital expenditures:	2026		2025		2026		2025
	(in millions)
Workforce Solutions	$	31.2	$	25.9	$	57.2	$	46.2
U.S. Information Solutions	27.0		25.0		51.2		51.5
International	30.1		31.3		55.0		61.7
General Corporate	41.5		40.0		83.1		64.0
Total capital expenditures*	$	129.8	$	122.2	$	246.5	$	223.4


	Foreign currency translation adjustment		Pension and other postretirement benefit plans		Cash flow hedging transactions		Total
	(In millions)
Balance, December 31, 2025	$	(513.0)	$	(3.4)	$	(0.7)	$	(517.1)
Other comprehensive income	56.8		0.2		—		57.0


Balance, June 30, 2026	$	(456.2)	$	(3.2)	$	(0.7)	$	(460.1)


	Three Months Ended June 30, 2026
	Workforce Solutions		U.S. Information Solutions		International		Total
	(In millions)
Operating Revenue	$	705.4	$	611.6	$	383.1	$	1,700.1

Less: (1)
Cost of services	258.9		310.4		172.1		741.4
Selling, general and administrative expenses	80.2		101.5		111.2		292.9
Depreciation and amortization expenses	49.6		61.9		53.5		165.0
Operating Income	$	316.7	$	137.8	$	46.3	$	500.8

Reconciliation of segment operating income to consolidated income before income taxes:
Unallocated amounts:
General corporate expense (2)							$	(186.6)
Other income, net							2.5
Interest expense (3)							(59.8)
Consolidated income before income taxes							$	256.9


	Three Months Ended June 30, 2025
	Workforce Solutions		U.S. Information Solutions		International		Total
	(In millions)
Operating Revenue	$	662.1	$	521.5	$	353.4	$	1,537.0

Less: (1)
Cost of services	232.8		234.1		166.4		633.3
Selling, general and administrative expenses	77.2		106.6		102.3		286.1
Depreciation and amortization expenses	44.8		62.8		46.1		153.7
Operating Income	$	307.3	$	118.0	$	38.6	$	463.9

Reconciliation of segment operating income to consolidated income before income taxes:
Unallocated amounts:
General corporate expense (2)							$	(153.1)
Other income, net							3.6
Interest expense (3)							(53.1)
Consolidated income before income taxes							$	261.3


	Six Months Ended June 30, 2026
	Workforce Solutions		U.S. Information Solutions		International		Total
	(In millions)
Operating Revenue	$	1,388.5	$	1,217.2	$	743.3	$	3,349.0

Less: (1)
Cost of services	507.9		628.8		336.1		1,472.8
Selling, general and administrative expenses	157.6		205.5		221.7		584.8
Depreciation and amortization expenses	97.0		122.7		105.2		324.9
Operating Income	$	626.0	$	260.2	$	80.3	$	966.5

Reconciliation of segment operating income to consolidated income before income taxes:
Unallocated amounts:
General corporate expense (2)							$	(364.6)
Other income, net							6.3
Interest expense (3)							(115.5)
Consolidated income before income taxes							$	492.7


	June 30,		December 31,
Total assets:	2026		2025
	(in millions)
Workforce Solutions	$	4,103.8	$	4,067.6
U.S. Information Solutions	3,330.7		3,354.1
International	3,677.9		3,629.2
General Corporate	869.4		813.3
Total assets	$	11,981.8	$	11,864.2


	Key Performance Indicators
	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(In millions, except per share data)
Operating revenue	$	1,700.1		$	1,537.0		$	3,349.0		$	2,979.0
Operating revenue change	11		%	7		%	12		%	6		%
Operating income	$	314.2		$	310.8		$	601.9		$	546.7
Operating margin	18.5		%	20.2		%	18.0		%	18.4		%
Net income attributable to Equifax	$	183.9		$	191.3		$	355.4		$	324.3
Diluted earnings per share	$	1.54		$	1.53		$	2.96		$	2.59
Cash provided by operating activities	$	339.8		$	361.1		$	581.7		$	585.0
Capital expenditures*	$	(129.8)		$	(122.2)		$	(246.5)		$	(223.4)


	Six Months Ended June 30,				Change
Net cash provided by (used in):	2026		2025		2026 vs. 2025
	(In millions)
Operating activities	$	581.7	$	585.0	$	(3.3)
Investing activities	$	(255.4)	$	(228.6)	$	(26.8)
Financing activities	$	(334.9)	$	(346.8)	$	11.9


	Six Months Ended June 30,				Change
Net cash used in:	2026		2025		2026 vs. 2025
	(In millions)
Capital expenditures*	$	(255.4)	$	(229.4)	$	(26.0)


	Six Months Ended June 30,				Change
Net cash (used in) provided by:	2026		2025		2026 vs. 2025
	(In millions)
Treasury stock repurchases	$	(560.0)	$	(127.4)	$	(432.6)
Dividends paid to Equifax shareholders	$	(133.5)	$	(110.5)	$	(23.0)

Proceeds from exercise of stock options and employee stock purchase plan	$	16.8	$	24.4	$	(7.6)
Payment of taxes related to settlement of equity awards	$	(15.4)	$	(13.2)	$	(2.2)


	Total Number of Shares	Average Price Paid		Total Number of Shares Purchased as Part of Publicly-Announced	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or
Period	Purchased (1)	Per Share (2)		Plans or Programs	Programs (3)
April 1 - April 30, 2026	560,215	$	182.01	559,577	$	1,710,757,491
May 1 - May 31, 2026	582,971	$	166.55	579,985	$	1,614,160,989
June 1 - June 30, 2026	625,319	$	162.84	623,451	$	1,512,638,228
Total	1,768,505			1,763,013	$	1,512,638,228


Exhibit No.						Description








3.1						Amended and Restated Bylaws of Equifax Inc., effective as of June 16, 2026 (incorporated by reference to Exhibit 3.1 of Equifax's Form 8-K filed June 16, 2026)
10.1						Fourth Amendment to Credit Agreement, dated as of April 23, 2026, by and between Equifax Inc., the designated borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 of Equifax's Form 8-K filed April 24, 2026)
31.1						Rule 13a-14(a) Certification of Chief Executive Officer
31.2						Rule 13a-14(a) Certification of Chief Financial Officer
32.1						Section 1350 Certification of Chief Executive Officer
32.2						Section 1350 Certification of Chief Financial Officer
101.INS						XBRL Instance Document
101.SCH						XBRL Taxonomy Extension Schema Document
101.CAL						XBRL Taxonomy Extension Calculation Linkbase
101.DEF						XBRL Taxonomy Extension Definition Linkbase
101.LAB						XBRL Taxonomy Extension Label Linkbase
101.PRE						XBRL Taxonomy Extension Presentation Linkbase
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


		Equifax Inc.
		(Registrant)

Date:	July 21, 2026	By:	/s/ Mark W. Begor
			Mark W. Begor
			Chief Executive Officer
			(Principal Executive Officer)

Date:	July 21, 2026		/s/ John W. Gamble, Jr.
			John W. Gamble, Jr.
			Executive Vice President, Chief Financial Officer
			and Chief Operations Officer
			(Principal Financial Officer)

Date:	July 21, 2026		/s/ James M. Griggs
			James M. Griggs
			Chief Accounting Officer and Corporate Controller
			(Principal Accounting Officer)


1.	I have reviewed this quarterly report on Form 10-Q of Equifax Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.