Equifax, Inc. · NYSE:EFX
Equifax — Q4 2025 Earnings Presentation
52 slides from Equifax's earnings presentation, Feb 4, 2026
Slide 1: 4Q25 Earnings Review
4Q25 Earnings Review February 4, 2026
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation contains certain forward-looking information, including first 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 an
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 Adj EPS, Adj EBITDA, and Cash Conversion, which reflect adjustments for certain items that affect the comparability of our underlying operational performance. A
Slide 4: Solid 2025 Execution Against Weak Mortgage and Hiring Markets
Solid 2025 Execution Against Weak Mortgage and Hiring Markets Financial Results … Delivered Strong Execution Against Against February Guidance EFX2028 Strategic Priorities ✓ Record 15% Vitality and over 185 NPIs Vs Feb Guide ✓ Launched TWN Indicator for share gains in 26+ 2025 (midpoint) ✓ EFX.AI dr
Slide 5: FCF Accelerating, Returned $1.2B to Shareholders in 2025
FCF Accelerating, Returned $1.2B to Shareholders in 2025 Free Cash Flow FCF Conversion1 Cash to Shareholders Share Repurchases $1.13B +40% 120% Shareholder Dividends 89% $1.2B $813M +58% ‘25 Feb 62% Guide $516M $900M +289% 2023 2024 2025 2023 2024 2025 2023 2024 2025 3.2x ~2.6x ~2.5x Debt Leverage S
Slide 6: Revenue and EPS Beat in 4Q, Strong Momentum Going into 2026
Revenue and EPS Beat in 4Q, Strong Momentum Going into 2026 4Q Revenue1 up 9% reported, 9% C$... $30M above October Guide midpoint... Adj EPS of $2.09 / share… $0.06 above October Guide midpoint… 4Q Adj EBITDA Margin 32.8%... strong momentum going into 2026 STRATEGIC PRIORITIES EWS revenue up 9%… Go
Slide 7: 4Q EWS Revenue +9%... Diversified Markets Verifier Growth +11%
4Q EWS Revenue +9%... Diversified Markets Verifier Growth +11%... Strong 10% Verifier Mortgage Growth Verifier Government Records Revenue Growth Revenue Growth ✓ 209M Active Records +10% +LDD +11% YTY ✓ 120M Current Verifier Diversified Markets Strong State Records on 105M +11% Penetration SSNs Government
Slide 8: Government Engagement Federal and State Ramping Post OB3
Government Engagement Federal and State Ramping Post OB3 … 2H26 and 27+ Revenue Driver Big $5B Government Tightening Eligibility Rolling Out NPIs to Support TAM Requirements Continuous Evaluation for SNAP ✓ State cost sharing with error rates ● Provides agencies monthly life changes (e.g., over 6%..
Slide 9: 4Q USIS Revenue Up 12%... Surpasses $2B Annual Revenue
4Q USIS Revenue Up 12%… Surpasses $2B Annual Revenue… Mortgage Up Strong 33%... Diversified Markets up 5% Mortgage Diversified Markets Div Mkts B2B +33% +5% +4% Revenue Growth Revenue Growth Stable Lending Accelerating market Environment outperformance B2B (Total) +4% Online +MSD FI LSD growth TWN Ind
Slide 10: International Revenue Up 5% C$… Led By Latin America
International Revenue Up 5% C$… Led By Latin America Highlights CANADA +4% ✓ Latam +6% driven by EUROPE +4% strong HSD revenue growth in Brazil / Argentina ASIA PACIFIC LATAM +6% ✓ Canada / Europe / Asia +4% Pac up MSD ✓ Adj EBITDA Margin 32% ✓ Strong NPI execution… DD Vitality Index Strong Above Ma
Slide 11: EFX Revenue From Proprietary, Scaled, Regulated Data
EFX Revenue From Proprietary, Scaled, Regulated Data That Only EFX Can Access With AI ~90% EFX Rev from Proprietary Data Proprietary Data Other(1) ● Proprietary data at the core of differentiated solutions, Direct to analytics, decisioning… highly regulated Consumer ● US proprietary data includes EWS
Slide 12: 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 13: Strong Innovation and NPIs Powered by EFX.AI Driving Vitality Index to Record
Strong Innovation and NPIs Powered by EFX.AI Driving Vitality Index to Record FY VI 15%, Above LTFF TWN Indicator ✓ Mortgage launched in 1Q25… driving share gains with large Mortgage lenders 10% ✓ Auto launched in 3Q25… ~100 LTFF customers piloting solution ✓ Card launched in 4Q25… driving share gai
Slide 14: FICO Pass Thru Masks Strong EFX Operating Leverage
FICO Pass Thru Masks Strong EFX Operating Leverage FICO Impact Adds ~340 bps to 75 BPs Margin Expansion Ex-FICO 2026 Revenue Growth Mortgage Reported $6.075B $6.720B FICO +75 bps Revenue $5.681B Mtg rev 33.0% 33.8% Total EFX 31.9% 31.6% 2026G 2024 2025 Midpoint Reported Revenue Growth 6.9% +10.6% Gr
Slide 15: 2026 Framework Aligned with LTFF and Strategic Priorities
2026 Framework Aligned with LTFF and Strategic Priorities 2026 Guide at Midpoint EFX2028 Strategic Priorities reported $ Aligned 2026 with LTFF ● Strong 14+% Vitality … above 10% LTFF Revenue1 $ $6.72B, +10.6% ✓ 7 - 10% ● TWN Indicator share gains - Div Markets +HSD - Mortgage +20%+ ● EFX.AI driving
Slide 16: 2026 Guidance Assumes 100% FICO Scores from EFX
EFX 2026 Guidance Assumes 100% FICO Scores from EFX … VantageScore Conversion Drives Margin Expansion 2026 Guide Vantage Conversion Mortgage Scores Assumptions 2025 Scenarios - Current Mkt Midpoint ✓ 2026 Guidance assumes 100% Δ to 2026 Guide mortgage scores will be FICO sourced FICO % 100% 100% 70%
Slide 17: 2026 Guidance – Strong 2025 Drives Momentum into 2026
2026 Guidance – Strong 2025 Drives Momentum into 2026 Guidance 2026 vs 2025 % vs 2025 Revenue1 $6,660M - $6,780M $585M - $705M 9.6% - 11.6%1 Adjusted EPS $8.30 - $8.70 / share $0.65 - $1.05 / share 8.5% - 13.7% Adjusted EBITDA $2,087M - $2,157M $152M - $222M 7.8% - 11.5% Adj. EBITDA Margin % 31.3% -
Slide 18: 1Q26 Guidance
1Q26 Guidance Guidance 1Q 2026 vs 1Q 2025 % vs 1Q 2025 Revenue1 $1,597M - $1,627M $155M - $185M 10.7% - 12.8%1 Adjusted EPS $1.63 - $1.73 / share $0.10 - $0.20 / share 6.6% - 13.1% Adjusted EBITDA $444M - $459M $21M - $36M 4.9% - 8.5% Adj EBITDA Margin % 27.8% - 28.2% (-150bps) - (-110 bps) Guidance
Slide 19: $1B+ Revenue Upside in 2026+ as Mortgage Market Returns to Normal
$1B+ Revenue Upside in 2026+ as Mortgage Market Returns to Normal Mortgage Market Hard Credit Inquiries Down EFX Mtg Rev Upside, Ex-FICO ~(-50%) vs 2015-2019 average ~$2.3B $0.3B Vantage ~$1.2B migration 2026+ Opportunity 2015-2019 Average Level ~$1.1B of Inquiries 2026 Guide Market Recovery ex FICO
Slide 20: 2026 Aligned with EFX LTFF
2026 Aligned with EFX LTFF Long Term Financial New EFX Framework Organic revenue growth 7-10% M&A contribution 1-2% Total growth 8-12% EBITDA% margin +50 bps improvement (ex FICO) Cash EPS growth 12-16% Dividend yield ~1% Annual shareholder return 13-18% Cash Conversion 95%+ 2026: 11% Revenue Growth
Slide 21: Strong 4Q25 Results Driving Momentum for 2026… On Offense with VantageScore
Strong 4Q25 Results Driving Momentum for 2026… On Offense with VantageScore Strong 4Q25 results led by US Mortgage and EWS Government revenue growth… delivered Revenue & Adj EPS above the high end of the October guidance framework despite continued weak Mortgage and Hiring markets New 4Q EWS revenue
Slide 22: Q&A
Q&A PROPRIETARY | 22
Slide 23: 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 24: Investor Relations February 2026
Investor Relations February 2026
Slide 25: Index
Index Pages The New EFX 26-37 Workforce Solutions Overview 38-44 Supplemental Financial Information 45-51 PROPRIETARY | 25
Slide 26: The New EFX
The New EFX PROPRIETARY | 26
Slide 27: NewEFX LT Growth Framework
NewEFX LT Growth Framework LTFF Rev Growth1 Long Term Financial EFX Growth Drivers New EFX ✓ EFX Cloud / EFX.AI Framework EWS Organic revenue growth 7-10% ✓ Differentiated proprietary data 13-15% ✓ Single data fabric M&A contribution 1-2% ✓ EWS growth… Government Total growth 8-12% supporting program
Slide 28: 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 29: 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 | 29
Slide 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: Workforce Solutions Overview
Workforce Solutions Overview PROPRIETARY | 38
Slide 39: Unique Dual-sided Business Model Driving Growth
Unique Dual-sided Business Model Driving Growth Supply Networks Dual-sided Business Model Demand Networks 813M TWN Employer Verification 500M+ records services Insights services TWN and 4.9M inquiries Record analytics contributors Alliance partners Employment System-to-System 38% Records via direct c
Slide 40: 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 41: Continued Strong Record Growth
Continued Strong Record Growth Number of Contributors (Thousands) 2025 Growth Drivers +0.8M increase 4Q24 vs. 4Q25 ● TWN Record Growth ● Penetration, More Pulls ● New Products / Use Cases Number of Active Records ● Data Hub Expansion (Millions) +21M increase ● New Record Sources… 4Q24 vs. 4Q25 Pensi
Slide 42: 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 43: 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 44: 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 45: Supplemental Financial Information
Supplemental Financial Information PROPRIETARY | 45
Slide 46: 4Q2025 - General Corporate Expense, Capital Spending, D&A, Interest Expense
4Q2025 - 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 4Q25 were D&A)* – 4Q25 $130M, up from $117M in 4Q24. $159M in 4Q25, as compared to $122M in De
Slide 47: 1Q26 & FY26 Guidance - Corporate Expense, Capex, D&A, Interest
1Q26 & 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) 1Q26 : ~$54M - $58M, vs $50M in 1Q25 2026 : ~7.5% of Revenue 2026 : ~$225M - $235M,
Slide 48: Strong Return of Capital to Shareholders
Strong Return of Capital to Shareholders 1Q25 2Q25 3Q25 4Q25 2025 Adjusted EBITDA $423M $499M $505M $508M $1,935M Free Cash Flow $117M $239M $438M $340M $1,134M Cash Dividends $49M $62M $62M $61M $233M Dividend per Share $0.39 $0.50 $0.50 $0.50 $1.89 Share Repurchase ($Ms) - $127M $300M $500M $927M
Slide 49: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity December 31, 2025 Cash $181M Available Borrowing Capacity¹ $737M Total Liquidity $918M Leverage Ratio for 4Q25² 2.52x 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
Slide 50: FICO Mortgage Pass Thru Negatively Impacted EFX Historical Margins
FICO Mortgage Pass Thru Negatively Impacted EFX Historical Margins… Expected to Impact 2026 Margins by over 200 bps 2023 2024 2025 2026 33.8% 33.2% 33.0% ~+220 bps 32.7% ~+90 bps ~+110 bps ~+50 bps 32.3% 32.2% 31.9% 31.6% FICO Pass Thru Negatively Impacted ‘23 - ‘25 Margins PROPRIETARY | 50
Slide 51: 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 52: 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.