Equifax, Inc. · NYSE:EFX
Equifax — Q3 2026 Earnings Presentation
47 slides from Equifax's earnings presentation, Oct 20, 2026
Slide 1: 3Q26 Earnings Review
3Q26 Earnings Review October 20, 2026
Slide 2: Non-GAAP & Other Disclosures Statement
Non-GAAP & Other Disclosures Statement 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 perf
Slide 3: Forward-looking Statements
Forward-looking Statements This presentation contains certain forward-looking information, including fourth quarter and full year 2026 guidance as well as our long-term financial framework, to help you understand Equifax and its business environment. All statements that address operating performance
Slide 4: Strong, Broad Based Execution Against Weaker Mortgage Market
Strong, Broad Based Execution Against Weaker Mortgage Market … Adj EBITDA Margins, Ex FICO Up 130 BPs 3Q revenue1 +10% reported, +9% C$, +7% R$ ex FICO, Div Mkts +8% ... Adj EPS of $2.26 / share… Adj EBITDA Margin ex FICO up strong 130 bps to 35.2%, 40 bps above July Guide midpoint… $150M AI4EFX pro
Slide 5: EWS Revenue +7%; Verifier Diversified Markets Revenue Up Strong +13%
EWS Revenue +7%... Verifier Diversified Markets Revenue Up Strong +13%... Adj EBITDA Margin 51% Verifier Talent Records ✓ 223M Active Records Revenue Growth Revenue Growth +12% YTY +9% Over 20% ✓ 125M Current Active Verifier Diversified Markets Records on 110M SSNs +13% Strong NPI Growth ✓ 863M Total Rec
Slide 6: 3Q EWS Govt Revenue Up MSD; Strong YTD Wins and Pipeline
3Q EWS Govt Revenue Up MSD… Strong YTD Wins and Pipeline Builds Momentum for 2027 Government NPI ~$550M Government Growth ✓ Continuous Evaluation for ✓ 3Q26 revenue up MSD SNAP… identifies changes ~$150M in recipient income New Business ✓ Strong pipeline powered by new solutions and OB3 ✓ Medicaid Co
Slide 7: USIS Revenue Up +5% Ex FICO; Mortgage Up +28%
USIS Revenue Up +5% Ex FICO… Mortgage Up +28%... Diversified Markets Up +6%... Adj EBITDA Margin Ex FICO 42%, Up 320+ BPs Mortgage Diversified Markets Online B2B +28% / +LSD% Ex +6% Consumer Resilient FICO Revenue Growth Revenue Growth TWN Indicator driving B2B (Total) +5% share gains Online +4% FI re
Slide 8: FHFA Activated VantageScore for all Mortgage Lenders
FHFA Activated VantageScore for all Mortgage Lenders… Number of Lenders Using VantageScore Up 7X Since April Strong VS Conversion Mtg Lenders Using VantageScore Accelerating Momentum VantageScore ✓ FHFA directs GSEs to allow all mtg ~2,000 lenders to use VantageScore Mortgage Lender Feedback ✓ Stron
Slide 9: Potential USIS Revenue Impact from GSE Originations to Bi-Merge Manageable
Potential USIS Revenue Impact from GSE Originations to Bi-Merge Manageable USIS Mortgage Broad EFX Levers to Differentiate in Revenue Soft/Hard Mortgage Pulls Tri-Merge: TRU & EXPN Credit File Cost (zero margin) ~10% ✓ Expect FHA/VA to remain Tri-merge… go Soft Pull & live on 1/1 ~15% Other ✓ Likely
Slide 10: International C$ Revenue Up +7%; Adj EBITDA Margin 31%
International C$ Revenue Up +7%… Led by Australia and Latam… Adj EBITDA Margin 31% Highlights CANADA +4% ✓ Asia Pac up +12%... led by Australia up +11% driven EUROPE +4% by Commercial ✓ Latam up +8%... broad based… led by NPI ASIA PACIFIC LATAM +8% +12% ✓ Adj EBITDA Margin 31% ✓ Strong NPI execution
Slide 11: Attractive Círculo de Crédito Acquisition in Mexico
Attractive Círculo de Crédito Acquisition in Mexico… Fastest Growing Credit Bureau in Mexico Signed definitive agreement to acquire Círculo de Crédito for $750M enterprise value…expected to close in 4Q26 Círculo is the 2nd largest and fastest growing credit bureau in Mexico ● Key player in a large, f
Slide 12: Strong AI-Innovation Driving Record 17%+ Vitality Index
Strong AI-Innovation Driving Record 17%+ Vitality Index Strong 17%+ 3Q Vitality Index EFX.AI Driving Innovation ✓ Record 17%+ AI-enabled Vitality Index ✓ Over 80% of new products introduced YTD 2026 Guide leveraging EFX.AI ~15%+ ✓ EFX.AI solutions… Ignite AI Advisor, EquifaxIQ 10% LTFF ✓ TWN Indicat
Slide 13: AI4EFX Accelerating Across EFX; Raising FY26 Adj EBITDA Margin Guide
AI4EFX Accelerating Across EFX… Raising FY26 Adj EBITDA Margin Ex FICO Guide from Up 75 BPs to Up 100 BPs EFX.AI Productivity Goal Operations $150M(1) ✓ AI voice alerts +2x ✓ AI paper doc processing ✓ Data onboarding $75M Technology ✓ AI agent coding and QC Finance, HR, Legal ✓ Analytics, accounting
Slide 14: Lower FY26 Revenue Guidance; Raising Adj EBITDA Margin Guidance Ex FICO
Lower FY26 Revenue Guidance for Weaker US Mortgage Market… Raising FY26 Adj EBITDA Margin Guidance Ex FICO to Up 100 BPs Guidance 2026 vs 2025 % vs 2025 Revenue1 $6,646M - $6,676M $571M - $601M 9.4% - 9.9%1 Adjusted EPS $8.45 - $8.55 / share $0.80 - $0.90 / share 10.4% - 11.7% Adjusted EBITDA $2,116
Slide 15: 4Q26 Guidance; Adj EBITDA Margin Ex FICO Up ~90 BPs
4Q26 Guidance… Adj EBITDA Margin Ex FICO Up ~90 BPs Guidance 4Q 2026 vs 4Q 2025 % vs 4Q 2025 Revenue1 $1,605M - $1,635M $54M - $84M 3.5% - 5.4%1 Adjusted EPS $2.07 - $2.17 / share ($0.02) - $0.08 / share (1.0%) - 3.8% Adjusted EBITDA $529M - $546M $21M - $38M 4.1% - 7.5% Adj EBITDA Margin % 33.0% -
Slide 16: Strong +7% Ex FICO Revenue Growth Led by Diversified Markets
Strong +7%, Ex FICO Revenue Growth Led by +8% Diversified Markets Growth… Adj EBITDA Margins Ex FICO Up 130 BPs Revenue up +7% ex FICO Adj EBITDA Margin up 130 BPs ex FICO New EFX Diversified Markets revenue up +8% … led by +13% in 2026 revenue growth in EWS Verifier Diversified Markets ✓ +10% Revenue G
Slide 17: Q & A
EQUIFAX PROPRIETARY | 17
Slide 18: Investor Relations Contacts
Trevor Burns • Investor Relations • trevor.burns@equifax.com Molly Clegg • Investor Relations • molly.clegg@equifax.com Copyright © 2026, Equifax Inc. All Rights Reserved. Equifax is a registered trademark of Equifax Inc.
Slide 19: Investor Relations October 2026
Investor Relations October 2026
Slide 20: Index
Index Pages The New EFX 21-32 Workforce Solutions Overview 33-37 Supplemental Financial Information 38-46 PROPRIETARY | 20
Slide 21: The New EFX
The New EFX PROPRIETARY | 21
Slide 22: EFX LT Growth Framework
EFX LT Growth Framework LTFF Rev Growth1 Long Term Financial EFX Growth Drivers EFX Framework ✓ EFX Cloud / EFX.AI EWS Organic revenue growth 7-10% 13-15% ✓ Differentiated proprietary data M&A contribution 1-2% ✓ Single data fabric Total growth 8-12% ✓ EWS growth… Government USIS INTL EBITDA% margin
Slide 23: Strong TAM and Broadening Revenue Base
Strong TAM and Broadening Revenue Base EFX TAM +~$2B Div Mkts Rev thru 2025 ~$6.7B Up 3x $6.1B $50B+ $5.7B Brazil $5.3B US – Empl. Svcs /HR US - Govt US - Talent $4.8B $4.6B $3.5B $4.3B Mtg ID&F $2.8B Diversified Markets Traditional Credit Bureau Note: This slide contains forward-looking information,
Slide 24: The EFX Cloud
The EFX Cloud What’s Next for EFX Cloud ✓ Share gains from always-on and speed EFX Cloud ✓ NPI and Vitality ✓ EFX.AI powered solutions ✓ Multi-data and multi-market solutions ✓ More data and faster ingestion ✓ Industry leading security ✓ Future-proof PROPRIETARY | 24
Slide 25: Proprietary Data Advantages Drive Share Gains and Revenue Growth
Proprietary Data Advantages Drive Share Gains and Revenue Growth CANADA UK Diversified and differentiated sources of data exist today in all geographies INDIA SPAIN Data fabric for easier ingestion of new data, facilitating diversification LATAM and differentiation AUSTRALIA / NZ Keying and Linking to B
Slide 26: A Strong Portfolio of Businesses
A Strong Portfolio of Businesses 2025 Business Mix 2025 Vertical Mix 2025 Revenue 2025 Adjusted Growth EBITDA Margin Other (Constant $) 10% Te Re se l International co Mortgage +6% 28.5% He lle 2% al r 21% th s 3 3% car % e Com US me r 4% cial Information +10% 35.2% Solutions ID&F 5% Consumer 5% Fin
Slide 27: Workforce Solutions (WS)
Workforce Solutions (WS) Accelerating growth through The Work Number expansion, advanced analytical solutions, and vertical expertise across direct and indirect channels 2025 Revenue Mix - $2,582M Focus Areas Data HUB Innovation Acquisitions Auto 3% • Grow TWN records • AI powered new • Augment Empl
Slide 28: EWS Long Term Growth Framework
EWS Long Term Growth Framework Organic Revenue Growth % LTFF Growth Drivers Employer New EFX ● The Work Number® record growth Verifier Services thru direct clients, strategic 2% 13-15% partnerships and alternative data 4% ● Growth in new verticals: Government, 9-11% 3% Talent 4% ● Robust set of growt
Slide 29: US Information Solutions (USIS)
US Information Solutions (USIS) Strengthen our foundation of assets and capabilities while investing in solutions and adjacencies that accelerate sustainable growth in existing and new markets 2025 Revenue Mix - $2,078M Focus Areas Government 1% Insurance 3% TWN Indicator Core Markets Telco 3% Other
Slide 30: USIS Long Term Growth Framework
USIS Long Term Growth Framework Organic Revenue Growth % LTFF Growth Drivers New EFX ● New product innovation enabled by differentiated data, EFX Cloud, EFX.AI, 2-3% 6-8% Only EFX… TWN Indicator, NCTUE 5-7% ● Enable the digital client experience: ~2% “Say Yes More” and frictionless, ~1% personalized
Slide 31: International (INTL)
International (INTL) Address customer needs through unique data assets to drive insights delivered via strategic technology platforms complemented by M&A for geographic and domain expansion 2025 Revenue Mix - $1,414M Focus Areas Hea Ins lthca r Mor urance 1 e <1% Data & Insights Innovation Consumer
Slide 32: INTL Long Term Growth Framework
INTL Long Term Growth Framework Organic1 Revenue Growth % LTFF Growth Drivers New EFX ● EFX Cloud-enabled innovation… EFX.AI 8-10% 1.0-1.5% 7-9% ● Differentiated data and insights 1.5-2.0% ● NPI acceleration across INTL 2.5-3.0% Regions range platforms… multi-market NPI between 2.0-2.5% 5-10% ● Globa
Slide 33: Workforce Solutions Overview
Workforce Solutions Overview PROPRIETARY | 33
Slide 34: Unique Dual-sided Business Model Driving Growth
Unique Dual-sided Business Model Driving Growth Supply Networks Dual-sided Business Model Demand Networks 863M TWN Employer Verification 500M+ records services Insights services TWN and 5.1M inquiries Record analytics contributors Alliance partners Employment System-to-System 36% Records via direct c
Slide 35: The Work Number Delivers Speed, Accuracy, and Productivity
The Work Number Delivers Speed, Accuracy, and Productivity Verifications Powered by The Work Number The Work Number provides an Count on The Work Number FCRA-governed and frictionless process to Deliver that delivers significant value for all stakeholders ✓ Speed to decision-making ✓ Accuracy harnessi
Slide 36: Continued Strong Record Growth
Continued Strong Record Growth 2026 Growth Drivers Number of Active Records +24M increase (Millions) 3Q26 vs. 3Q25 ● TWN Record Growth 152M Unique SSNs ● Penetration, More Pulls Note: ● New Products / Use Cases 3Q ‘26 Current Records: 125M 2Q ’26 Current Records: 124M ● Data Hub Expansion 1Q ’26 Cur
Slide 37: Growth Verticals in Big TAMs - Government and Talent
Growth Verticals in Big TAMs - Government and Talent EWS Revenue Opportunity Equifax Manual / No Verifications / Other Players $15B Government $5.0B ~16% 85% Talent Solutions $5.0B ~12% 90% Employer ~$12B+ $2.0B ~20% 80% Services X% X% Mortgage & 60% $1.5B ~40% Housing1 $2.6B Lending 2 $1.5B ~20% 80%
Slide 38: Supplemental Financial Information
Supplemental Financial Information PROPRIETARY | 38
Slide 39: 3Q2026 General Corporate Expense, Capex, D&A, Interest Expense
3Q2026 - General Corporate Expense, Capital Spending, D&A, Interest Expense and Other Income / Expense, Excluding Non-Recurring Costs General Corporate Expense (Including Capital Expenditures (incurred) in 3Q26 were D&A)* – $157M in 3Q26, as compared to $127M, up from $126M in 3Q25. $153M in 3Q25 De
Slide 40: 4Q26 & FY26 Guidance - Corporate Expense, Capex, D&A, Interest
4Q26 & FY26 Guidance - General Corporate Expense, Capital Spending, D&A, Interest Expense and Other Income / Expense, Excluding Non-Recurring costs Interest & Other Income / (Expense)* Capital Expenditures (incurred) 4Q26 : ~$63M - $68M, vs $51M in 4Q25 2026 : ~7.5% of Revenue 2026 : ~$230M - $235M,
Slide 41: 3Q26 Business Unit Performance
3Q26 Business Unit Performance Reported Local Currency Revenue Growth Revenue Growth Workforce Solutions 6.8% 6.8% Verification Services 9.0% 9.0% Employer Services -5.4% -5.4% USIS 13.0% 13.0% USIS excl FICO Mortgage Royalties 4.9% 4.9% Online (Excl. US Consumer, incl Mortgage) 14.1% 14.1% Online (E
Slide 42: First Mortgage Originations: Accounts
First Mortgage Originations: Accounts Number of Accounts in Millions Number of First Mortgage Accounts Originated in Millions Year Annual %YoY 2021 14.1 1.3% 2022 6.8 -52.0% 2023 4.3 -36.8% 2024 4.7 8.7% 2025 5.1 8.9% Note: Originations through June 2026 reported as of August 2026 Data Sourced from
Slide 43: 3Q 2026 USIS Mortgage Hard Inquiries -9%
3Q 2026 USIS Mortgage Hard Inquiries -9% Mortgage Market Credit Inquiries (Hard Pulls*) YoY Growth 2015-2019 Average Level of Inquiries Number of Inquiries 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Full Year 15% 12% (-6%) (-8%) 6.5% 47% (-7.5%) (-37%) (-34%) (-10%) (-7%) *Hard Pulls do
Slide 44: Expecting Over $1 Billion of Free Cash Flow in 2026
Expecting Over $1 Billion of Free Cash Flow in 2026 1Q25 2Q25 3Q25 4Q25 2025 1Q26 2Q26 3Q26 Adjusted EBITDA $423M $499M $505M $508M $1,935M $477M $552M $560M Free Cash Flow $117M $239M $438M $340M $1,134M $122M $205M $437M Cash Dividends $49M $62M $62M $61M $233M $67M $66M $66M Dividend per Share $0
Slide 45: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity September 30, 2026 Cash $193M Available Borrowing Capacity¹ $1,849M Total Liquidity $2,042M Leverage Ratio for 3Q26² 2.37x Credit Ratings BBB (S&P) / Baa2 (Moody’s) Next Debt Maturity: 5.10% $750M Sr Notes Due 12/15/2027 1. $2.0 billion Revolver (net of CP, LCs, Re
Slide 46: Glossary of Terms
Glossary of Terms Equifax, from time to time, will use the following terms, which have the following definitions, unless otherwise specified. Term Definition Low Single Digits (LSD) When referring to a growth rate representing 0.1% to 3.9% Mid Single Digits (MSD) When referring to a growth rate repres
Slide 47: Investor Relations Contacts
Trevor Burns • Investor Relations • trevor.burns@equifax.com Molly Clegg • Investor Relations • molly.clegg@equifax.com Copyright © 2026, Equifax Inc. All Rights Reserved. Equifax is a registered trademark of Equifax Inc.