efx-20260331

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, 2026


☐			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 10, 2026, there were 119,072,409 shares of the registrant’s common stock outstanding.

EQUIFAX INC.

QUARTERLY REPORT ON FORM 10-Q

QUARTER ENDED MARCH 31, 2026

INDEX


		Page
PART I.	Financial Information	4
Item 1.	Financial Statements (Unaudited)	4
	Consolidated Statements of Income—Three Months Ended March 3 1 , 202 6 and 20 25	4


	Consolidated Statements of Comprehensive Income—Three Months Ended March 31, 202 6 and 202 5	5
	Consolidated Balance Sheets—Mar ch 3 1 , 202 6 and December 31, 20 25	6
	Consolidated Statements of Cash Flows—Three Months Ended M arch 3 1 , 202 6 and 202 5	7
	Consolidated Statements of Shareholders' Equity and Accumulated Other Comprehensive Loss—Three Months Ended M arch 3 1 , 202 6 and 202 5	8


	Notes to Consolidated Financial Statements (Unaudited)	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	32
PART II.	Other Information	32
Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 5	Other Information	35
Item 6.	Exhibits	35
Signatures		36

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, which generally are not historical in nature. All statements that address operating performance and events or developments that we expect or anticipate will occur in the future, including statements related to our strategy, our future operating results, improvements in our information technology and data security infrastructure, the expected financial and operational benefits, synergies and growth from our acquisitions, the expected benefits of our use of artificial intelligence, the pricing strategies, benefits and value proposition of product offerings of Equifax and its competitors, changes in the U.S. mortgage market environment (as well as changes more generally in U.S. and worldwide economic conditions), such as changes in interest rates and inflation levels, and similar statements about our financial outlook and 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, 2025, 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,
	2026		2025
(In millions, except per share amounts)
Operating revenue	$	1,648.9	$	1,442.0
Operating expenses:
Cost of services (exclusive of depreciation and amortization below)	767.1		656.7
Selling, general and administrative expenses	411.0		374.9
Depreciation and amortization	183.1		174.6
Total operating expenses	1,361.2		1,206.2
Operating income	287.7		235.8
Interest expense	(55.7)		(52.9)
Other income, net	3.8		2.5
Consolidated income before income taxes	235.8		185.4
Provision for income taxes	(62.5)		(51.6)


Consolidated net income	173.3		133.8
Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests	(1.8)		(0.7)

Net income attributable to Equifax	$	171.5	$	133.1




Basic earnings per common share:


Net income attributable to Equifax	$	1.43	$	1.07
Weighted-average shares used in computing basic earnings per share	120.0		124.1
Diluted earnings per common share:


Net income attributable to Equifax	$	1.42	$	1.06
Weighted-average shares used in computing diluted earnings per share	120.8		125.1
Dividends per common share	$	0.56	$	0.39

See Notes to Consolidated Financial Statements.

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended March 31,
	2026				2025
	Equifax Shareholders		Noncontrolling Interests including Redeemable Noncontrolling Interests		Total		Equifax Shareholders		Noncontrolling Interests including Redeemable Noncontrolling Interests		Total
	(In millions)
Net income	$	171.5	$	1.8	$	173.3	$	133.1	$	0.7	$	133.8
Other comprehensive income:
Foreign currency translation adjustment	54.8		6.4		61.2		65.4		7.9		73.3
Change in unrecognized prior service cost related to our pension and other postretirement benefit plans, net	0.1		—		0.1		—		—		—

Comprehensive income	$	226.4	$	8.2	$	234.6	$	198.5	$	8.6	$	207.1

See Notes to Consolidated Financial Statements.

EQUIFAX INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In millions, except par values)	March 31, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	183.4	$	180.8
Trade accounts receivable, net of allowance for doubtful accounts of $21.7 and $20.2 at March 31, 2026 and December 31, 2025, respectively	1,071.9		1,012.7
Prepaid expenses	184.5		144.2
Other current assets	46.9		74.5
Total current assets	1,486.7		1,412.2
Property and equipment:
Capitalized internal-use software and system costs	2,988.4		3,098.2
Data processing equipment and furniture	239.3		239.3
Land, buildings and improvements	301.0		299.6
Total property and equipment	3,528.7		3,637.1
Less accumulated depreciation and amortization	(1,599.1)		(1,704.7)
Total property and equipment, net	1,929.6		1,932.4
Goodwill	6,790.9		6,745.7
Indefinite-lived intangible assets	94.8		94.8
Purchased intangible assets, net	1,283.2		1,331.3
Other assets, net	356.8		347.8
Total assets	$	11,942.0	$	11,864.2
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt and current maturities of long-term debt	$	1,252.5	$	1,038.0
Accounts payable	158.4		206.4
Accrued expenses	379.0		276.3
Accrued salaries and bonuses	142.5		286.1
Deferred revenue	106.3		101.2
Other current liabilities	412.0		427.4
Total current liabilities	2,450.7		2,335.4
Long-term debt	4,055.6		4,055.3
Deferred income tax liabilities, net	401.9		390.8
Long-term pension and other postretirement benefit liabilities	102.5		103.4
Other long-term liabilities	248.5		241.1
Total liabilities	7,259.2		7,126.0
Commitments and Contingencies (see Note 6)

Redeemable noncontrolling interests	120.4		114.4
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, 2026 and December 31, 2025; Outstanding shares - 119.3 and 120.4 at March 31, 2026 and December 31, 2025, respectively	236.6		236.6
Paid-in capital	2,064.0		2,023.4
Retained earnings	6,549.2		6,445.1
Accumulated other comprehensive loss	(462.2)		(517.1)
Treasury stock, at cost, 69.4 shares and 68.3 shares at March 31, 2026 and December 31, 2025, respectively	(3,841.0)		(3,577.8)
Stock held by employee benefits trusts, at cost, 0.6 shares at March 31, 2026 and December 31, 2025	(5.9)		(5.9)

Total Equifax shareholders’ equity	4,540.7		4,604.3
Noncontrolling interests	21.7		19.5
Total shareholders' equity	4,562.4		4,623.8
Total liabilities, redeemable noncontrolling interests, and shareholders' equity	$	11,942.0	$	11,864.2

See Notes to Consolidated Financial Statements.

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended March 31,
	2026		2025
	(In millions)
Operating activities:
Consolidated net income	$	173.3	$	133.8
Adjustments to reconcile consolidated net income to net cash provided by operating activities:

Depreciation and amortization	184.8		176.4
Stock-based compensation expense	43.3		33.5

Deferred income taxes	13.5		(3.0)


Changes in assets and liabilities, excluding effects of acquisitions:
Accounts receivable, net	(58.3)		(55.0)
Other assets, current and long-term	(16.3)		(5.5)
Current and long term liabilities, excluding debt	(98.4)		(56.3)
Cash provided by operating activities	241.9		223.9
Investing activities:
Capital expenditures	(120.4)		(107.2)




Cash used in investing activities	(120.4)		(107.2)
Financing activities:
Net short-term borrowings (payments)	214.9		(48.1)
Payments on long-term debt	(1.4)		—

Treasury stock purchases	(260.0)		—
Dividends paid to Equifax shareholders	(67.1)		(48.5)

Proceeds from exercise of stock options and employee stock purchase plan	10.4		12.3
Payment of taxes related to settlement of equity awards	(14.5)		(11.5)





Cash used in financing activities	(117.7)		(95.8)
Effect of foreign currency exchange rates on cash and cash equivalents	(1.2)		4.4
Increase in cash and cash equivalents	2.6		25.3
Cash and cash equivalents, beginning of period	180.8		169.9
Cash and cash equivalents, end of period	$	183.4	$	195.2

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, 2026


	Equifax Shareholders
								Accumulated Other Comprehensive Loss				Stock Held By Employee Benefits Trusts				Total Shareholders' Equity
	Common Stock
	Shares Outstanding	Amount		Paid-In Capital		Retained Earnings				Treasury Stock				Noncontrolling Interests
	(In millions, except per share amounts)
Balance, December 31, 2025	120.4	$	236.6	$	2,023.4	$	6,445.1	$	(517.1)	$	(3,577.8)	$	(5.9)	$	19.5	$	4,623.8

Net income	—	—		—		171.5		—		—		—		1.9		173.4
Other comprehensive income	—	—		—		—		54.9		—		—		0.3

SEC Form 10-Q filed by Equifax Inc.