Equifax : 1Q26 Earnings Presentation Q1 2026

Published: 2026-04-21 06:34:36 ET EFX

Published on 04/21/2026 at 06:34 am EDT

April 21, 2026

Non-GAAP Disclosure Statement

This presentation contains certain non-GAAP financial measures, including Adjusted EPS, Adjusted EBITDA, and Cash Conversion, which reflect adjustments for certain items that affect the comparability of our underlying operational performance.

Adjusted EPS is defined as net income adjusted for acquisition-related amortization expense of certain acquired intangibles, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, income tax effect of stock awards recognized upon vesting or settlement, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs and antitrust litigation costs

Adjusted EBITDA is defined as consolidated net income attributable to Equifax plus net interest expense, income taxes, depreciation and amortization, and also excludes certain one-time items.

Adjusted Net Income is defined as net income adjusted for certain one-time items.

Free Cash Flow is defined as the cash provided by operating activities less capital expenditures. Cash Conversion is defined as the ratio of Free Cash Flow to adjusted net income.

Local currency is calculated by conforming the current period results to the comparable prior period exchange rates. Local currency can be presented for numerous GAAP measures, but is most commonly used by management to analyze operating revenue without the impact of changes in foreign currency exchange rates.

These non-GAAP measures are detailed in reconciliation tables which are included with our earnings release and are also posted at https://www.equifax.com under "Investor Relations/Financial Results/Non-GAAP Financial Measures."

Other Disclosures

Diversified Markets represents all Equifax businesses excluding Equifax Mortgage businesses.

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Non-GAAP & Other Disclosures Statement

STRATEGIC PRIORITIES

1Q revenue1 up 14% reported, 13% C$, 10% R$ ex FICO... $37M above Feb Guide midpoint... Adj EPS of $1.86 / share… $0.18 above Feb Guide midpoint… 1Q Adj EBITDA Margin ex FICO up 80 bps, 110 bps above Feb Guide midpoint and 60% above 50 bps LT Framework

EWS revenue up 10%… Government up MDD exceeding expectations from strong state performance… Talent revenue up HSD outperforming weak hiring market… Mortgage up MDD…continued strong record growth… 211M Active records up 11%

USIS revenue up 21%... strong 60% Mortgage revenue growth / up 24% ex FICO from TWN Indicator share gains and better market performance … hard credit inquiries up 2%... Diversified Markets up 3%... Core Online FI and Auto up MSD

International… C$ revenue up 4% led by Canada and ANZ… cloud transformation progressing… providing tailwind for margins

Continued strong NPI… 17% VI in 1Q… EFX.AI solutions, TWN indicator

Over 240 mortgage originators testing VantageScore 4.0… VantageScore $1 to drive adoption… over 50 mortgage originators in production with VS

Strong FCF…returned $327M cash to shareholders in 1Q… repurchased 1.3M shares for $260M… $67M dividends

(1) Revenue from Vault Verify acquisition immaterial in the First Quarter

Returned $327M of Cash to Shareholders in 1Q26

Note: This slide contains forward-looking information, including 2026 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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Strong 1Q Revenue and EPS Beat from Mortgage Strength Early in 1Q, 80 bps Adj EBITDA Margin Expansion Ex FICO

Verifier

Revenue Growth

+14%

Verifier Diversified Markets

+14%

Government + MDD

Talent + HSD

Consumer Lending + MDD

Verifier Mortgage +14%

Government

Revenue Growth

+MDD

State Penetration

Enhanced Focus on Reducing Error Rates

Verification of Income, Hours Worked

Records

211M Active Records

+11% YTY

120M Current Records on 105M SSNs

823M Total Records

5M companies contributing

Big opportunity to grow TWN records from 105M current to 250M earners

52% Adj EBITDA

Margin

EWS +10%

1Q Revenue Growth

Employer -4%

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$5B Government TAM

$5B

Tightening Eligibility

Requirements

State cost sharing with error rates over 6%... 80%+(1) of states over 6%

New work / community engagement requirements

Tighter income verification requirements

12 months to 6 months redeterminations

State penetration opportunities

Federal Opportunities

IRS EITC, OT

Do Not Pay Portal

DOL: Unemployment Insurance

Rolling Out NPIs to Support

Continuous Evaluation for SNAP

Provides agencies monthly life changes (e.g., income) to reduce SNAP error rates

Launched 4Q25… 3 states activated

Medicaid Community Engagement

Enables agencies to verify new community engagement requirements (e.g., hours worked, education)

Launching 2H26

Complete Income

Enables caseworkers to verify both traditional and alternative income sources (e.g., Gig jobs) through a single workflow

In production

$5B TAM for EWS Government Growth to Address $160B Improper Payments

Improper Payments Source: GAO analysis of Office of Management and Budget PaymentAccuracy.gov data | GAO-25-107753

1. 2024 State SNAP error rates available on USDA.govwebsite.

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USIS Revenue Up 21%… Mortgage Up Very Strong 24% ex FICO from TWN Indicator and Share Gains... Diversified Markets up 3%

Mortgage

+60%

Revenue Growth

Mtg revenue growth ex FICO up 24%

TWN Indicator driving share gains

Diversified Markets

+3%

Revenue Growth

B2B (Total) +2%

Online +LSD

Oﬄine / Batch flat

B2C +9%

Online B2B Consumer Resilient

Core FI Revenue Up MSD

Core Auto Revenue Up MSD

38% Adj EBITDA Margin (ex FICO)

+21% 1Q Revenue Growth

~$35M Margin Upside to Convert FICO to Vantage

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Revenue Guidance Midpoint

$6.7B

FICO Mortgage Scores

~6%

EBITDA

Guidance Midpoint

$2.1B

FICO Mortgage Scores

Mortgage Scores Update

Reprice VantageScore to $1 to drive conversion

~$1 billion annual savings opportunity expected to accelerate lender adoption

Over 240 mortgage lenders currently testing free VantageScore offering alongside paid FICO scores… over 50 lenders in production with VS

2026 Guidance assumes 100% of mortgage scores delivered will be FICO scores through the credit reporting agencies… consistent with Feb Guidance methodology

~$35M margin upside from VantageScore conversion

~0%

2026 USIS Mortgage Scores Revenue ~ 6% EFX Revenue

Note: This slide contains forward-looking information, including 2026 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We

undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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CANADA +8%

Highlights

EUROPE +1%

Canada up +8% driven by ID & Fraud, B2C, Commercial

LATAM +4%

ASIA PACIFIC

+6%

Asia Pac up +6% driven by Online B2B and Commercial

Adj EBITDA Margins 25%... up 80 bps YTY

Strong NPI execution

Leveraging New EFX Cloud Capabilities for NPIs and Growth

Note: Region growth rates are in constant currency

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Direct to Consumer

Commercial

B2B Core Credit

~90% EFX Rev from Proprietary Data

Other(1)

90%

EFX

Revenue

Income & Employment

Proprietary Data

Proprietary data at the core of differentiated solutions, analytics, decisioning… highly regulated

US proprietary data includes EWS income & employment, USIS B2B & B2C core credit, USIS commercial credit, and USIS alternative data assets… NCTUE (cell phone, utility, pay tv), DataX, Teletrack, and IXI (consumer wealth)

Almost 90% of US revenue generated from proprietary data

Intl proprietary data includes B2B & B2C core credit, commercial credit, and recovery mgmt

90%+ of Intl revenue generated from proprietary data

Leveraging Proprietary EFX Data and EFX.AI For Growth And Share Gains

Note: Based on 2025 revenue

Includes data sources such as Incarceration, Identity & Fraud, Alternative Credit Data and others

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Strong 17% 1Q Vitality Index

2026

Guide

10% LTFF

TWN Indicator

Differentiates EFX Credit File

Lenders can segment work flows, faster approval process for lenders and consumers

No additional cost to lenders

Large Mortgage originator went live in 1Q26

Auto Lender and P-Loan in production… adding to Auto Dealer and Card solutions

Delivering share gains

Strong TWN Indicator Momentum in Mortgage, Auto, Card, and P-Loan

Note: Vitality index is percentage of revenue in a given year derived from new product releases over the prior three years and the current year.

Note: This slide contains forward-looking information. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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EFX Advantage

$3B Cloud Investment

Global Platforms Built Cloud Native in GCP

Ignite / Interconnect

Proprietary Data

~1,900 Developers Using AI

400+ AI Patents

EFX Agentic AI Platform

Innovation Accelerating(1)

Products in NPI funnel up 4x

Time to market down ~50%

Product launches up 2x

Year 3 NPI revenue up ~70%

% of products that leverage global platforms up 4x to 90%+

~50% of products contain multiple data sources

100% of new models, scores built using AI

Results reflect growth from 2019 to 2025

~90% EFX Revenue from Proprietary Data

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Guidance

2026

vs 2025

% vs 2025

Revenue1

$6,685M - $6,805M

$610M - $730M

10.0% - 12.0%1

Adjusted EPS

$8.34 - $8.74 / share

$0.69 - $1.09 / share

9.0% - 14.2%

Adjusted EBITDA

$2,095M - $2,165M

$160M - $230M

8.2% - 11.9%

Adj. EBITDA Margin %

31.3% - 31.8%

(-60 bps) - (10 bps)

Guidance Specifics

US Mortgage Market Originations down LSD EFX Mortgage Revenue +20%+, +MSD% ex FICO EFX Diversified Markets Revenue +HSD%

Free Cash Flow $1.0B+, 100%+ Cash Conversion

Business Units

Revenue Growth

Adj EBITDA Margin %

Workforce Solutions

up HSD

~51.2% - 51.7%

US Information Solutions

up Mid-Teens %

~32.4% - 32.9%

International

up MSD2

~28.6% - 29.1%

Other Info (Not Guidance)

EFX

USIS

Revenue1 Growth ex FICO Mtg Royalty

7% - 9%

up MSD

Adj EBITDA Margin % ex FICO Mtg Royalty

~33.5% - 34.0%

39.6% - 40.1%

2026 FX based on March 2026 rates. FX impact is favorable to revenue by 0.9% and Adj EPS by $0.04/share. There is minimal M&A revenue benefit in 2026.

Figures in constant currency

Strong Operating Leverage with Margins up 75 BPs Ex FICO

PROPRIETARY | 13

Revenue1

$1,680M - $1,710M

$143M - $173M

9.3% - 11.3%1

Adjusted EPS

$2.15 - $2.25 / share

$0.15 - $0.25 / share

7.6% - 12.6%

Adjusted EBITDA

$537M - $554M

$38M - $55M

7.5% - 11.0%

Adj EBITDA Margin % 32.0% - 32.4% (50) bps - (10) bps

Guidance Specifics

Total US Mortgage Revenue

Up 20%+ / Up HSD % ex FICO

Diversified Mkts C$ Revenue

Up Mid Single Digits

(1)

2Q26 FX based on March 2026 rates

FX impact is favorable to revenue by ~0.9%. There is minimal M&A revenue impact.

Other Info (Not Guidance) EFX

Revenue1 Growth ex FICO Mtg Royalties 5.5% - 7.5%

Adj EBITDA Margin % ex FICO Mtg Royalties 34.3% - 34.7%

Note: This slide contains forward-looking information, including 2Q26 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We

undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

PROPRIETARY | 14

2Q26 Guidance… Margins up 80 bps Ex FICO

Guidance 2Q 2026 vs 2Q 2025 % vs 2Q 2025

Revenue up 10% ex FICO

Adj EBITDA Margins up 80 bps ex FICO

EFX.AI integration across the organization driving product innovation, operational efficiency, cost savings

17% Vitality…TWN Indicator next chapter of Equifax Returned $327M cash to shareholders in 1Q26 2026 FCF $1.0B+...100%+ Cash Conversion

Strong Start to 2026 in Uncertain Environment

New EFX

in 2026

11% Revenue Growth, 7% Ex-FICO

75 BPs Margin Expansion Ex-FICO

15%+ Vitality Index

EFX.AI driving products and productivity

Bolt-on M&A

~$1B Mortgage market recovery ex FICO w/ VS conversion upside

Mortgage market recovery calculated using mortgage hard inquiries.

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Trevor Burns • Investor Relations • [email protected]

Molly Clegg • Investor Relations • [email protected]

Disclaimer

Equifax Inc. published this content on April 21, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 21, 2026 at 10:33 UTC.