Equifax, Inc. · NYSE:EFX
Equifax — Q1 2026 Earnings Presentation
50 slides from Equifax's earnings presentation, Apr 21, 2026
Slide 1: 1Q26 Earnings Review
1Q26 Earnings Review April 21, 2026
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation contains certain forward-looking information, including second 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 3: 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 4: Strong 1Q Revenue and EPS Beat from Mortgage Strength
Strong 1Q Revenue and EPS Beat from Mortgage Strength Early in 1Q, 80 bps Adj EBITDA Margin Expansion Ex FICO 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
Slide 5: EWS Revenue +10%... Strong Diversified Markets Verifier Growth +14%
EWS Revenue +10%... Strong Diversified Markets Verifier Growth +14%... Adj EBITDA Margins up 220 bps Verifier Government Records Revenue Growth Revenue Growth ✓ 211M Active Records +14% +MDD +11% YTY ✓ 120M Current Records State Penetration on 105M SSNs Verifier Diversified Markets +14% ✓ 823M Total Reco
Slide 6: Federal and State Engagement Ramping Post OB3… 2027+ Revenue Driver
Federal and State Engagement Ramping Post OB3… 2027+ Revenue Driver Tightening Eligibility Rolling Out NPIs to Support $5B Government TAM Requirements Continuous Evaluation for SNAP ✓ State cost sharing with error rates ● Provides agencies monthly life changes (e.g., over 6%... 80%+(1) of states ove
Slide 7: USIS Revenue Up 21%… Mortgage Up Very Strong 24% ex FICO
USIS Revenue Up 21%… Mortgage Up Very Strong 24% ex FICO from TWN Indicator and Share Gains... Diversified Markets up 3% Mortgage Diversified Markets Online B2B +60% +3% Consumer Resilient Revenue Growth Revenue Growth Mtg revenue growth B2B (Total) +2% Core FI Revenue Up ex FICO up 24% Online +LSD MS
Slide 8: Mortgage Industry Ready for VantageScore… 2026 Guidance Assumes No Conversion
Mortgage Industry Ready for VantageScore… 2026 Guidance Assumes No VantageScore Conversion Mortgage Scores Update ✓ Reprice VantageScore to $1 to drive FICO Mortgage FICO Mortgage conversion Scores Scores ✓ ~$1 billion annual savings opportunity ~6% ~0% expected to accelerate lender adoption Revenue
Slide 9: International C$ Revenue Up 4%… Led by Canada and ANZ
International C$ Revenue Up 4%… Led by Canada and ANZ… Adj EBITDA Margins Up 80 bps Highlights CANADA +8% ✓ Canada up +8% driven EUROPE +1% by ID & Fraud, B2C, Commercial ✓ Asia Pac up +6% driven ASIA PACIFIC LATAM +4% by Online B2B and +6% Commercial ✓ Adj EBITDA Margins 25%... up 80 bps YTY ✓ Stro
Slide 10: Strong EFX AI Data Moat from Proprietary Data and Regulatory Requirements
Strong EFX AI Data Moat from Proprietary Data and Regulatory Requirements ~90% EFX Rev from Proprietary Data Proprietary Data Other(1) ● Proprietary data at the core of differentiated solutions, analytics, decisioning… highly regulated Direct to Consumer ● US proprietary data includes EWS income & em
Slide 11: New EFX Cloud and EFX.AI Driving Innovation, New Products, and Growth
New EFX Cloud and EFX.AI Driving Innovation, New Products, and Growth EFX Advantage Innovation Accelerating(1) ✓ $3B Cloud Investment ✓ Products in NPI funnel up 4x ✓ Global Platforms Built ✓ Time to market down ~50% Cloud Native in GCP ✓ Product launches up 2x ✓ Ignite / Interconnect ✓ Year 3 NPI r
Slide 12: Strong 17% NPI Vitality in 1Q Leveraging Cloud and EFX.AI
Strong 17% NPI Vitality in 1Q Leveraging Cloud and EFX.AI Strong 17% 1Q Vitality Index TWN Indicator ✓ Differentiates EFX Credit File 2026 ✓ Lenders can segment work flows, faster Guide approval process for lenders and consumers 10% ✓ No additional cost to lenders LTFF ✓ Large Mortgage originator went
Slide 13: FY 2026 Guidance (Constant Currency) Unchanged Due To Economic and Market Uncertainty
FY 2026 Guidance (Constant Currency) Unchanged Due To Economic and Market Uncertainty 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% - 1
Slide 14: 2Q26 Guidance… Margins up 80 bps Ex FICO
2Q26 Guidance… Margins up 80 bps Ex FICO Guidance 2Q 2026 vs 2Q 2025 % vs 2Q 2025 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)
Slide 15: Strong 1Q Results… TWN Indicator Driving Share Gains
Strong 1Q Results… Adj EBITDA Margins Ex FICO Up 80 bps… TWN Indicator Driving Share Gains Revenue up 10% ex FICO Adj EBITDA Margins up 80 bps ex FICO New EFX in 2026 EFX.AI integration across the organization driving ✓ 11% Revenue Growth, product innovation, operational efficiency, cost savings 7% Ex
Slide 16: Q&A
Q&A PROPRIETARY | 16
Slide 17: 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 18: Investor Relations April 2026
Investor Relations April 2026
Slide 19: Index
Index Pages The New EFX 20-32 Workforce Solutions Overview 33-39 Supplemental Financial Information 40-49 PROPRIETARY | 19
Slide 20: The New EFX
The New EFX PROPRIETARY | 20
Slide 21: NewEFX LT Growth Framework
NewEFX LT Growth Framework LTFF Rev Growth1 Long Term Financial EFX Growth Drivers New 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%
Slide 22: 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 23: 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 | 23
Slide 24: 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 25: EFX.AI Driving Higher Score, Model, And Product Performance
EFX.AI Driving Higher Score, Model, And Product Performance for Customers … and EFX.AI Across EFX Driving Productivity, Speed, and Accuracy Leveraging the EFX Cloud and our differentiated data assets, we are applying an AI-first approach across the enterprise Cloud Higher Operations Score / Model NPIs
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 platforms… multi-market NPI range 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 823M TWN Employer Verification 500M+ records services Insights services TWN and 4.9M inquiries Record analytics contributors Alliance partners Employment System-to-System 37% 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 (Millions) +20M increase 1Q26 vs. 1Q25 ● TWN Record Growth ● Penetration, More Pulls 146M Unique SSNs ● New Products / Use Cases Note: 1Q ’26 Current Records: 120M 4Q ‘25 Current Records: 120M ● Data Hub Expansion 3Q ‘25 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: SNAP Error Rates >6% Will Increase State Share of Benefit Costs
SNAP Error Rates >6% Will Increase State Share of Benefit Costs ● Majority of States Impacted: 44 of 53 States/Territories are 2024 SNAP State Error Rates(1) currently over the 6% error rate threshold ● Benefit cost share takes effect in FY2028 but will be based on error rates from 2025 or 2026 <6% ● I
Slide 39: OB3 - Key Medicaid Policy Changes, Impact in 2027
OB3 - Key Medicaid Policy Changes, Impact in 2027 Frequency of Redeterminations Work Requirements Increase Frequency of Redeterminations, and Implement Work Requirements Implement Address Verifications ● Establishes community engagement ● Redeterminations every 6 months for requirements as a conditio
Slide 40: Supplemental Financial Information
Supplemental Financial Information PROPRIETARY | 40
Slide 41: 1Q2026 - General Corporate Expense, Capital Spending, D&A, Interest
1Q2026 - 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 1Q26 were D&A)* – $176M in 1Q26, as compared to $117M, up from $101M in 1Q25. $158M in 1Q25 -
Slide 42: 2Q26 & FY26 Guidance - Corporate Expense, Capex, D&A, Interest
2Q26 & 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) 2Q26 : ~$55M - $59M, vs $49M in 2Q25 2026 : ~7.5% of Revenue 2026 : ~$225M - $235M,
Slide 43: VantageScore at $1 Creates $1B Annual Savings Opportunity
VantageScore at $1 Creates $1B Annual Savings Opportunity for Originators and Consumers VantageScore Conversion Scenarios Δ vs 2026 Guide Midpoint Percent of Full Year Credit 2026 VantageScore Conversion Scores that are FICO / Guide VantageScore delivered in ✓ VantageScore priced at $1.00 Midpoint 2
Slide 44: Expect EFX Growth in Recession from Resilient Verticals and Mortgage Recovery
Expect EFX Growth in Recession from Resilient Verticals and Mortgage Market Recovery Recession Resilient Recession Growth Drivers ~+5-10%* ✓ Mortgage market recovery $5.1B ~ +8-10%* +4% ✓ Government penetration and volume ~ +20%+* ✓ Records growth ~67% ✓ Unemployment claims mgmt ~ +3-5%* ✓ Debt mana
Slide 45: 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 9.3% Note: Originations through December 2025 reported as of February 2026 Data Sourced
Slide 46: 1Q 2026 USIS Mortgage Hard Inquiries +2%
1Q 2026 USIS Mortgage Hard Inquiries +2% 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 47: Strong Return of Capital to Shareholders
Strong Return of Capital to Shareholders 1Q25 2Q25 3Q25 4Q25 2025 1Q26 Adjusted EBITDA $423M $499M $505M $508M $1,935M $477M Free Cash Flow $117M $239M $438M $340M $1,134M $122M Cash Dividends $49M $62M $62M $61M $233M $67M Dividend per Share $0.39 $0.50 $0.50 $0.50 $1.89 $0.56 Share Repurchase ($Ms
Slide 48: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity March 31, 2026 Cash $183M Available Borrowing Capacity¹ $540M Total Liquidity $723M Leverage Ratio for 1Q26² 2.55x Credit Ratings BBB (S&P) / Baa2 (Moody’s) Next Debt Maturity: 3.25% $275M Sr Notes Due 6/01/2026 1. $1.5 billion Revolver (net of CP, LCs, Revolver ou
Slide 49: 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 50: 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.