efx-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period ended March 31, 2025


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

For the transition period from to .

Commission File Number: 001-06605

EQUIFAX INC.

(Exact name of registrant as specified in its charter)


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

1550 Peachtree Street

N.W.

Atlanta

Georgia

30309

(Address of principal executive offices)

(Zip Code)

404-885-8000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, $1.25 par value per share

EFX

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

☒

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

On April 4, 2025, there were 124,199,041 shares of the registrant’s common stock outstanding.

EQUIFAX INC.

QUARTERLY REPORT ON FORM 10-Q

QUARTER ENDED MARCH 31, 2025

INDEX


		Page
PART I.	Financial Information	4
Item 1.	Financial Statements (Unaudited)	4
	Consolidated Statements of Income—Three Months Ended March 31, 202 5 and 202 4	4

	Consolidated Statements of Comprehensive Income (Loss)—Three Months Ended March 31, 202 5 and 202 4	5

	Consolidated Balance Sheets—March 31, 202 5 and December 31, 202 4	6
	Consolidated Statements of Cash Flows—Three Months Ended March 31, 202 5 and 202 4	7


	Consolidated Statements of Shareholders' Equity and Accumulated Other Comprehensive Loss—Three Months Ended March 31, 202 5 and 202 4	8
	Notes to Consolidated Financial Statements (Unaudited)	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30
PART II.	Other Information	31
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 5	Other Information	32
Item 6.	Exhibits	33
Signatures		34

FORWARD-LOOKING STATEMENTS

This report contains information that may constitute “forward-looking statements.” Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “may” and similar expressions identify forward-looking statements that are not historical in nature. All statements that address future operating performance and events or developments that we expect or anticipate will occur in the future, including statements relating to future operating results, improvements in our information technology and data security infrastructure, including as a part of our cloud technology transformation, our strategy, the expected financial and operational benefits, synergies and growth from our acquisitions, changes in U.S. and worldwide economic conditions, such as changes in interest rates and inflation, that materially impact consumer spending, home prices, investment values, consumer debt, unemployment rates and the demand for Equifax's products and services, our culture, our ability to innovate, the market acceptance of new products and services and similar statements about our business plans are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections, including without limitation our expectations regarding the Company’s outlook, long-term organic and inorganic growth, and customer acceptance of our business solutions referenced below under “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Business Overview.” These risks and uncertainties include, but are not limited to, those described in Part II, “Item 1A. Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024, and those described from time to time in our future reports filed with the United States Securities and Exchange Commission (“SEC”). As a result of such risks and uncertainties, we urge you not to place undue reliance on any such forward-looking statements. Forward-looking statements speak only as of the date when made. 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.

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	Three Months Ended March 31,
	2025		2024
(In millions, except per share amounts)
Operating revenue	$	1,442.0	$	1,389.4
Operating expenses:
Cost of services (exclusive of depreciation and amortization below)	656.7		627.7
Selling, general and administrative expenses	374.9		372.6
Depreciation and amortization	174.6		164.4
Total operating expenses	1,206.2		1,164.7
Operating income	235.8		224.7
Interest expense	(52.9)		(59.7)
Other income, net	2.5		1.6
Consolidated income before income taxes	185.4		166.6
Provision for income taxes	(51.6)		(40.5)


Consolidated net income	133.8		126.1
Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests	(0.7)		(1.2)

Net income attributable to Equifax	$	133.1	$	124.9




Basic earnings per common share:


Net income attributable to Equifax	$	1.07	$	1.01
Weighted-average shares used in computing basic earnings per share	124.1		123.5
Diluted earnings per common share:


Net income attributable to Equifax	$	1.06	$	1.00
Weighted-average shares used in computing diluted earnings per share	125.1		124.8
Dividends per common share	$	0.39	$	0.39

See Notes to Consolidated Financial Statements.

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)


	Three Months Ended March 31,
	2025				2024
	Equifax Shareholders		Noncontrolling Interests including Redeemable Noncontrolling Interests		Total		Equifax Shareholders		Noncontrolling Interests including Redeemable Noncontrolling Interests		Total
	(In millions)
Net income	$	133.1	$	0.7	$	133.8	$	124.9	$	1.2	$	126.1
Other comprehensive income (loss):
Foreign currency translation adjustment	65.4		7.9		73.3		(95.4)		(3.5)		(98.9)

Change in cumulative gain from cash flow hedging transactions, net	—		—		—		0.1		—		0.1
Comprehensive income (loss)	$	198.5	$	8.6	$	207.1	$	29.6	$	(2.3)	$	27.3

See Notes to Consolidated Financial Statements.

EQUIFAX INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In millions, except par values)	March 31, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	195.2	$	169.9
Trade accounts receivable, net of allowance for doubtful accounts of $18.2 and $16.9 at March 31, 2025 and December 31, 2024, respectively	1,017.8		957.6
Prepaid expenses	177.7		134.9
Other current assets	85.0		98.2
Total current assets	1,475.7		1,360.6
Property and equipment:
Capitalized internal-use software and system costs	2,863.6		2,817.5
Data processing equipment and furniture	232.9		229.6
Land, buildings and improvements	285.1		285.0
Total property and equipment	3,381.6		3,332.1
Less accumulated depreciation and amortization	(1,492.2)		(1,440.2)
Total property and equipment, net	1,889.4		1,891.9
Goodwill	6,590.5		6,547.8
Indefinite-lived intangible assets	94.7		94.7
Purchased intangible assets, net	1,474.0		1,521.0
Other assets, net	330.5		343.4
Total assets	$	11,854.8	$	11,759.4
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt and current maturities of long-term debt	$	639.7	$	687.7
Accounts payable	172.3		138.2
Accrued expenses	281.4		251.1
Accrued salaries and bonuses	124.2		215.8
Deferred revenue	136.0		115.5
Other current liabilities	377.3		403.2
Total current liabilities	1,730.9		1,811.5
Long-term debt	4,324.4		4,322.8
Deferred income tax liabilities, net	342.6		351.6
Long-term pension and other postretirement benefit liabilities	106.1		106.7
Other long-term liabilities	238.3		247.2
Total liabilities	6,742.3		6,839.8
Commitments and Contingencies (see Note 6)

Redeemable noncontrolling interests	112.7		105.2
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 March 31, 2025 and December 31, 2024; Outstanding shares - 124.2 and 124.0 at March 31, 2025 and December 31, 2024, respectively	236.6		236.6
Paid-in capital	1,953.0		1,915.2
Retained earnings	6,103.0		6,018.6
Accumulated other comprehensive loss	(657.3)		(722.7)
Treasury stock, at cost, 64.5 shares and 64.7 shares at March 31, 2025 and December 31, 2024, respectively	(2,648.2)		(2,644.9)
Stock held by employee benefits trusts, at cost, 0.6 shares at March 31, 2025 and December 31, 2024	(5.9)		(5.9)

Total Equifax shareholders’ equity	4,981.2		4,796.9
Noncontrolling interests	18.6		17.5
Total shareholders' equity	4,999.8		4,814.4
Total liabilities, redeemable noncontrolling interests, and shareholders' equity	$	11,854.8	$	11,759.4

See Notes to Consolidated Financial Statements.

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended March 31,
	2025		2024
	(In millions)
Operating activities:
Consolidated net income	$	133.8	$	126.1
Adjustments to reconcile consolidated net income to net cash provided by operating activities:

Depreciation and amortization	176.4		166.6
Stock-based compensation expense	33.5		41.2

Deferred income taxes	(3.0)		(17.9)


Changes in assets and liabilities, excluding effects of acquisitions:
Accounts receivable, net	(55.0)		(102.5)
Other assets, current and long-term	(5.5)		(15.2)
Current and long term liabilities, excluding debt	(56.3)		54.4
Cash provided by operating activities	223.9		252.7
Investing activities:
Capital expenditures	(107.2)		(131.9)




Cash used in investing activities	(107.2)		(131.9)
Financing activities:
Net short-term payments	(48.1)		(83.4)
Payments on long-term debt	—		(4.4)


Dividends paid to Equifax shareholders	(48.5)		(48.2)
Distributions paid to noncontrolling interests	—		(0.4)
Proceeds from exercise of stock options and employee stock purchase plan	12.3		19.9
Payment of taxes related to settlement of equity awards	(11.5)		(15.4)





Cash used in financing activities	(95.8)		(131.9)
Effect of foreign currency exchange rates on cash and cash equivalents	4.4		(4.7)
Increase (decrease) in cash and cash equivalents	25.3		(15.8)
Cash and cash equivalents, beginning of period	169.9		216.8
Cash and cash equivalents, end of period	$	195.2	$	201.0

See Notes to Consolidated Financial Statements.

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY AND ACCUMULATED OTHER COMPREHENSIVE LOSS

(Unaudited)

For the Three Months Ended March 31, 2025

Equifax Shareholders

Accumulated Other Comprehensive Loss

Stock
Held By Employee Benefits Trusts

Total Shareholders' Equity

SEC Form 10-Q filed by Equifax Inc.