What changed in this filing

/stocks — the workspaceLOADING

Item 7. Management’s Discussion and Analysis

2026-02-19 compared with 2025-02-20 · 148 added, 157 removed, 543 unchanged (36% of the section changed)

11 unchanged sentences

We have a large and diversified group of clients, including financial institutions, corporations, government agencies and individuals.

Our services are based on comprehensive databases of consumer and business information derived from numerous sources including credit, financial assets, telecommunications and utility payments, employment, income, educational history, criminal justice data, healthcare professional licensure and sanctions, demographic and marketing data.

We use advanced statistical techniques, machine learning and proprietary software tools to analyze available data to create customized insights, decision-making and process automation solutions and processing services for our clients.

Our services are based on comprehensive databases of consumer and business information derived from numerous sources including credit, financial assets, telecommunications and utility payments, employment, income, educational history, criminal justice, healthcare professional licensure and sanctions, demographic and marketing data.

We use advanced statistical techniques, artificial intelligence and machine learning, as well as proprietary software tools to analyze available data for the creation of customized insights, decision-making and process automation solutions, and processing services for our clients.

We are a leading provider of information and solutions used in payroll-related and human resource management business process services in the U.S., as well as e-commerce fraud and charge back protection services in North America.

For consumers, we provide products and services to help people understand, manage and protect their personal information and make more informed financial decisions.

Additionally, we also provide information, technology and services to support debt collections and recovery management.

Additionally, we provide information, technology and services to support debt collections and recovery management.

We report our revenue derived from sales to clients in the mortgage market as well as those in non-mortgage market verticals (including, but not limited to, government, talent, employment, fraud and other non-mortgage related services).

We refer to these non-mortgage market verticals collectively as "diversified markets."

We currently operate in four global regions:

North America (U.S.

and Canada), Asia Pacific (Australia, New Zealand and India), Europe (the U.K., Spain and Portugal) and Latin America (Argentina, Brazil, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru and Uruguay).

and Canada), Latin America (Argentina, Brazil, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru and Uruguay), Europe (the United Kingdom (“U.K.”), Spain and Portugal) and Asia Pacific (Australia, New Zealand and India).

We maintain support operations in Chile, Costa Rica, India and Ireland.

6 unchanged sentences

Demand is also enhanced by our initiatives to expand our products, capabilities and markets served.

For 2025, our planning assumes that U.S.

economic activity, as measured by GDP, is expected to grow at a similar rate as experienced in 2024.

We remain in a period of economic uncertainty in the U.S.

and our global markets, including uncertainty regarding expectations for inflation and interest rates.

The direction of global economies, inflation and interest rates will have an impact on demand for our services.

Our current planning for 2026 assumes that U.S.

economic activity, as measured by GDP, will grow at a rate consistent with 2025.

We expect U.S.

mortgage credit activity in 2025 to be below the levels of activity seen in 2024.

mortgage credit activity in 2026 to be slightly below the levels of activity seen in 2025.

mortgage market, particularly the mortgage refinance portion of the U.S.

mortgage market, can be significantly impacted by U.S.

mortgage market, can be significantly

impacted by U.S.

interest rates which impact mortgage rates available to consumers.

In the international markets in which we operate, in particular in Australia, the U.K., and Canada, our planning also assumes economic activity, as measured by GDP, to grow in 2025 at similar rates as experienced in 2024.

In the international markets in which we operate, our planning also assumes that economic activity, as measured by GDP, will generally grow in 2026 at rates below those experienced in 2025.

As noted above, due to the current significant economic and market volatility and uncertainty, these assumptions may change.

For more information, see “Item 1A.

Risk FactorsーNegative changes in general economic conditions, including interest rates, the level of inflation, unemployment rates, income, home prices, investment values and consumer confidence, could adversely affect us,” in this Form 10-K.

Segment and Geographic Information

The Workforce Solutions segment consists of the Verification Services and Employer Services business lines.

Verification Services revenue is transaction-based and is derived primarily from employment and income verification, as well as criminal justice data and educational background data.

Verification Services revenue is transaction and subscription based and is derived primarily from verifications of employment and income data, as well as criminal justice data and educational background data.

Employer Services revenue is derived from our provision of certain human resources business process outsourcing services that include both transaction and subscription based product offerings.

These services include unemployment claims management, I-9 and onboarding services, Affordable Care Act compliance management, tax credits and incentives and other complementary employment-based transaction services.

Workforce Solutions revenue is predominantly in the U.S., and they have also established operations in Canada, Australia and the U.K.

The USIS segment consists of three service lines:

Online Information Solutions, Mortgage Solutions and Financial Marketing Services.

Online Information Solutions and Mortgage Solutions revenue is principally transaction-based and is derived from our sales of products such as consumer and commercial credit reporting and scoring, identity management, fraud detection, modeling services and consumer credit monitoring services.

USIS also markets certain decisioning software services which facilitate and automate a variety of consumer and commercial credit-oriented decisions.

These services include unemployment claims management, I-9 and onboarding services, Affordable Care Act ("ACA") compliance management, tax credits and incentives and other complementary employment-based transaction services.

The USIS segment consists of two service lines:

Online Information Solutions and Financial Marketing Services.

Online Information Solutions revenue is principally transaction-based and is derived from our sales of products such as consumer and commercial credit reporting and scoring, identity management, fraud detection, modeling services and consumer credit monitoring services.

USIS also markets certain analytical and decisioning software and services which facilitate and automate a variety of consumer and commercial credit-oriented decisions.

Online Information Solutions also includes our U.S.

35 unchanged sentences

*Amounts include accruals for capital expenditures.

Operational and Financial Highlights

• On April 21, 2025, the Board of Directors terminated the existing share repurchase authorization and approved an authorization to repurchase up to $3 billion of shares of common stock.

We repurchased 4,006,173 shares of our common stock on the open market for $927.4 million, excluding brokerage commissions and excise taxes of $8.4 million, during the twelve months ended December 31, 2025.

We did not repurchase any shares from public market transactions during the twelve months ended December 31, 2024 or 2023.

At December 31, 2025, approximately $2.1 billion was available for future purchases of common stock under our share repurchase authorization.

• On April 21, 2025, the Board of Directors approved an increase in our quarterly cash dividend to $0.50 per share beginning in the second quarter of 2025.

We paid out $232.8 million, or $1.89 per share, in dividends to our shareholders during 2025.

RESULTS OF OPERATIONS —

10 unchanged sentences

Consolidated operating revenue $ 6,074.5 $ 5,681.1 $ 5,265.2 $ 393.4 7 % $ 415.9 8 %

Revenue for 2025 increased 7% compared to 2024 due to revenue growth in all three business units.

USIS revenue growth is primarily due to growth in mortgage and diversified markets revenue in Online Information Solutions, as well as growth in Financial Marketing Services.

Workforce Solutions revenue growth is primarily due to growth in both diversified markets and mortgage verticals within Verification Services, partially offset by declines in Employer Services.

International revenue growth is primarily driven by growth in Europe and Latin America.

The effect of foreign exchange rates decreased revenue by $21.7 million, or less than 1%, in 2025 compared to 2024.

Revenue for 2024 increased 8% compared to 2023 due to revenue growth in USIS, International and Workforce Solutions.

4 unchanged sentences

The effect of foreign exchange rates decreased revenue by $105.5 million, or 2%, in 2024 compared to 2023.

Revenue for 2023 increased 3% compared to 2022 due to revenue growth in International and USIS.

International revenue growth was driven by growth in Latin America primarily from the BVS acquisition, as well as growth in Canada, Europe and Asia Pacific.

USIS revenue growth was primarily due to growth in online revenue, partially offset by declines in Mortgage Solutions.

Workforce Solutions revenue declined slightly, as a decline in Verification Services revenue due to the impact of the decline in mortgage activity was principally offset by growth in Employer Services revenue.

The effect of foreign exchange rates decreased revenue by $51.2 million, or 1%, in 2023 compared to 2022.

Operating Expenses

10 unchanged sentences

Cost of services increased $126.9 million in 2025 compared to 2024.

The increase is primarily due to higher royalty and revenue share costs, costs of purchased data and information, and costs from BVS, which was acquired in the third quarter of 2023.

The increase is primarily due to higher royalty, revenue share and purchased data and information costs, partially offset by a decrease in temporary labor costs.

The effect of changes in foreign exchange rates decreased cost of services by $5.9 million.

Cost of services increased $183.6 million in 2024 compared to 2023.

The increase is primarily due to higher royalty and revenue share costs, people costs, third party cloud usage fees and software costs, and costs of purchased data and information.

The increase is primarily due to higher royalty and revenue share costs, costs of purchased data and information, and costs from BVS, which was acquired in the third quarter of 2023.

The effect of changes in foreign exchange rates decreased cost of services by $28.1 million.

1 unchanged sentence

Selling, general and administrative expenses increased $163.7 million in 2025 compared to 2024.

The increase is primarily due to increased people costs and costs from BVS, which was acquired in the third quarter of 2023, partially offset by a decrease in professional fees.

The increased people costs, excluding the impact of costs from BVS, is primarily due to higher incentive plan costs.

The increase is primarily due to higher people costs which was primarily due to higher incentive

plan costs, as well as higher litigation expense and an accrual for a settlement associated with the resolution of four related class action lawsuits.

The impact of changes in foreign currency exchange rates decreased our selling, general and administrative expenses by $9.3 million.

Selling, general and administrative expenses increased $64.8 million in 2024 compared to 2023.

The increase in 2023 is primarily due to an increase in litigation expense, mainly due to a payment to the U.K.

FCA for a penalty associated with resolution of the investigation of a material 2017 cybersecurity incident, as well as higher people costs, partially offset by lower discretionary expenses.

The increase in people costs is primarily driven by higher incentive plan costs, partially offset by lower temporary labor.

The increase is primarily due to increased people costs and costs from BVS, which was acquired in the third quarter of 2023, partially offset by a decrease in professional fees.

The increased people costs, excluding the impact of costs from BVS, is primarily due to higher incentive plan costs.

The impact of changes in foreign currency exchange rates decreased our selling, general and administrative expenses by $39.2 million.

1 unchanged sentence

Depreciation and amortization expense for 2025 increased $49.7 million.

The increase is primarily due to increased amortization of capitalized internal-use software costs resulting from technology transformation capital spending incurred previously, as well as higher amortization of purchased intangible assets related to the BVS acquisition.

The increase is primarily due to increased amortization of capitalized internal-use software costs resulting from technology transformation capital spending incurred previously, partially offset by lower amortization of acquisition-related purchased intangibles.

The impact of changes in foreign currency exchange rates led to a decrease in depreciation and amortization expense of $0.3 million.

Depreciation and amortization expense increased $59.0 million in 2024 compared to 2023.

The increase is due to increased amortization of capitalized internal-use software and system costs from technology transformation capital spending incurred previously, as well as higher amortization of purchased intangible assets related to recent acquisitions.

The impact of changes in foreign currency exchange rates led to a decrease in depreciation and amortization expense of $2.9 million.

10 unchanged sentences

Consolidated operating margin 18.0 % 18.3 % 17.7 % (0.3) pts 0.6 pts

Total company operating margin increased by 0.6 percentage points in 2024 versus 2023 and decreased by 2.9 percentage points in 2023 versus 2022.

Total company operating margin decreased by 0.3 percentage points in 2025 versus 2024 and increased by 0.6 percentage points in 2024 versus 2023.

The margin decrease in 2025 is primarily due to higher royalty, revenue share and purchased data and information costs, as well as increased amortization of capitalized internal-use software costs resulting from technology transformation capital spending incurred previously.

The increase in operating expenses is partially offset by higher reported revenue.

The margin increase in 2024 is due to the aforementioned higher reported revenue, partially offset by increased operating expenses and depreciation and amortization expenses during the period.

The margin decrease in 2023 was due to increased operating expenses and amortization expenses during the periods, partially offset by the higher reported revenue during the periods.

Interest Expense and Other (Expense) Income, net

Interest Expense and Other Income (Expense), net

Twelve Months Ended

1 unchanged sentence

2024 2024 vs.

Consolidated Interest and Other (Expense) Income, net

Consolidated Interest and Other Income (Expense), net

2025 2024 2023 $ % $ %

1 unchanged sentence

Consolidated interest expense $ (212.3) $ (229.1) $ (241.4) $ 16.8 (7) % $ 12.3 (5) %

Consolidated other (expense) income, net

(2.5) 25.7 56.7 (28.2) (110) % (31.0) (55) %

Consolidated other income (expense), net

12.0 (2.5) 25.7 14.5 nm (28.2) (110) %

Average cost of debt 4.3 % 4.1 % 4.2 %

Total consolidated debt, net, at year end $ 5,093.3 $ 5,010.5 $ 5,711.2 $ 82.8 2 % $ (700.7) (12) %

nm - not meaningful

Interest expense decreased in 2025 when compared to 2024 primarily due to lower weighted average debt balances during 2025 compared to 2024, partially offset by a higher weighted average cost of debt in 2025 when compared to 2024.

Interest expense decreased in 2024 when compared to 2023 due to lower overall debt balances and a lower weighted average cost of debt when compared to 2023.

Interest expense increased in 2023, when compared to 2022, due to higher interest rates attributable to debt agreements entered into during 2022 and 2023, as well as higher weighted average debt balances in 2023 when compared to 2022.

The decrease in other (expense) income, net in 2024 is primarily due to the gain on fair market value adjustment of our investment in BVS due to our acquisition of BVS in the third quarter of 2023 that did not recur in the same period of 2024, as well as a gain on the sale of an investment in 2023 that did not recur in 2024.

The increase in other income, net in 2025 is primarily due to a decrease in pension expense and other non-operating expenses in 2025 as compared to 2024.

For 2025 and 2024, we recorded a gain of $0.6 million and a loss of $11.6 million, respectively, on the mark-to-market adjustment of our pension and postretirement benefit plans.

The decrease in other income, net in 2024 was primarily due to the gain on fair market value adjustment of our investment in BVS due to our acquisition of BVS in the third quarter of 2023 that did not recur in the same period of 2024, as well as a gain on the sale of an investment in 2023 that did not recur in 2024.

We also incurred higher pension expense in 2024 as compared to 2023.

For 2024 and 2023, we recorded losses of $11.6 million and $0.1 million, respectively, on the mark-to-market adjustment of our pension and postretirement benefit plans.

The decrease in other (expense) income, net in 2023 was due to the gains associated with the sale of equity method investments and higher fair market value adjustment of our investment in BVS in 2022 that did not recur in 2023.

We also incurred higher pension expense in 2023 as compared to 2022.

For 2023 and 2022, we recorded a $0.1 million loss and $1.4 million gain, respectively, on the mark-to-market adjustment of our pension and postretirement benefit plans.

Twelve Months Ended

6 unchanged sentences

Our effective tax rate was 25.8% for 2025, up from 25.1% for the same period in 2024.

Our effective tax rate is higher for the year ended December 31, 2024 compared to 2023 primarily due to a decrease in tax credits and an increase in tax on foreign earnings in 2024 compared to 2023.

Our effective tax rate was 23.2% for 2023, down from 24.7% for the same period in 2022.

Our effective tax rate was lower for the year ended December 31, 2023 compared to 2022 due to the write off of a deferred tax liability related to our original investment in BVS, which was no longer necessary given the acquisition of the company in the third quarter of 2023, partially offset by an increase in the foreign rate differential.

Our effective tax rate is higher for the year ended December 31, 2025 compared to 2024 primarily due to less favorable discrete tax benefits in the current period.

Our effective tax rate was 25.1% for 2024, up from 23.2% for the same period in 2023.

Our effective tax rate was higher for the year ended December 31, 2024 compared to 2023 primarily due to a decrease in tax credits and an increase in tax on foreign earnings in 2024 compared to 2023.

Twelve Months Ended

4 unchanged sentences

Consolidated operating income $ 1,095.2 $ 1,042.1 $ 933.6 $ 53.1 5 % $ 108.5 12 %

Consolidated interest and other (expense) income, net

Consolidated interest and other income (expense), net

(200.3) (231.6) (215.7) 31.3 (14) % (15.9) 7 %

7 unchanged sentences

Weighted-average shares used in computing diluted earnings per share 124.1 124.9 123.9

Consolidated net income increased $57.0 million in 2025 compared to 2024 due to higher levels of operating income, lower interest expense and higher other income, net, partially offset by higher income tax expense.

Consolidated net income increased $55.6 million in 2024 compared to 2023 due to higher levels of operating income and lower interest expense, partially offset by higher income tax expense and lower levels of other income, net.

Consolidated net income decreased $148.5 million in 2023 compared to 2022 due to lower levels of operating income, higher interest expense, and lower levels of other income, net, partially offset by the decrease in income tax expense.

Segment Financial Results

12 unchanged sentences

Operating margin 44.2 % 43.3 % 41.9 % 0.9 pts 1.4 pts

Workforce Solutions revenue increased 5% in 2024 compared to 2023, which was due to an increase in non-mortgage verticals within Verification Services, partially offset by declines in Employer Services and Verification Services mortgage revenue.

Workforce Solutions revenue declined slightly in 2023 compared to 2022, which was due to a decline in Verification Services as declines in mortgage revenue were partially offset by growth in the government and talent verticals.

This decline was principally offset by growth in Employer Services revenue, which was driven by revenue from recently acquired companies and growth in I-9 and onboarding services.

Workforce Solutions revenue increased 6% in 2025 compared to 2024 due to an increase in both diversified markets and mortgage verticals within Verification Services, partially offset by declines in Employer Services.

Workforce Solutions revenue increased 5% in 2024 compared to 2023, which was due to an increase in diversified markets verticals within Verification Services, partially offset by declines in Employer Services and Verification Services mortgage revenue.

Verification Services.

Revenue increased 8% in 2025 compared to 2024.

The increase in revenue is principally due to growth in diversified markets revenue, primarily from growth in the government, talent solutions and consumer lending verticals, as well as growth in mortgage revenue.

Revenue increased 10% in 2024 compared to 2023.

The increase in revenue is primarily due to growth in the government and talent solutions verticals, partially offset by declines in the mortgage vertical.

Revenue decreased 1% in 2023 compared to 2022.

The decrease in revenue was due to declines in the mortgage vertical, partially offset by an increase in the government and talent solutions verticals.

Employer Services.

Revenue decreased 2% in 2025 compared to 2024 primarily due to declines in unemployment claims, ACA and I-9 revenue, partially offset by increases in work opportunity tax credit and identity theft protection services.

Revenue decreased 12% in 2024 compared to 2023, primarily due to lower Employee Retention Credit ("ERC") revenue and declines in I-9 and onboarding services.

The ERC revenue decrease is driven by the wind down of this U.S.

Federal government program, accelerated by the IRS pausing new ERC claims processing during the third quarter of 2023.

Revenue increased 3% in 2023 compared to 2022 due to revenue from recently acquired companies and I-9 and onboarding services, partially offset by lower tax credit revenue and a decrease in unemployment claims revenue.

The ERC revenue decrease was driven by the wind down of this U.S.

Federal government program.

Workforce Solutions Operating Margin.

Operating margin increased to 43.3% in 2024 compared to 41.9% in 2023 due to the aforementioned increase in revenue.

Operating margin decreased to 41.9% in 2023 compared to 43.3% in 2022 due to an increase in operating expenses.

The increased operating expenses were a result of increased royalty costs, costs of purchased data or information, and amortization of capitalized internal-use software and system costs from technology transformation capital spending, partially offset by a decrease in people costs and discretionary expenses.

Operating margin increased to 44.2% in 2025 compared to 43.3% in 2024 and increased to 43.3% in 2024 compared to 41.9% in 2023.

The increase in both periods is primarily due to the aforementioned increases in revenue.

Information Solutions

6 unchanged sentences

Online Information Solutions $ 1,821.4 $ 1,650.6 $ 1,488.9 $ 170.8 10 % $ 161.7 11 %

Mortgage Solutions 149.4 113.7 138.3 35.7 31 % (24.6) (18) %

Financial Marketing Services 257.1 242.4 231.5 14.7 6 % 10.9 5 %

3 unchanged sentences

Operating margin 22.9 % 21.4 % 21.2 % 1.5 pts 0.2 pts

Information Solutions revenue increased 10% in 2024 compared to 2023 due to growth in Online Information Solutions due to an increase in mortgage related and consumer solutions online services, as well as growth in Mortgage Solutions and Financial Marketing Services.

Growth in mortgage related online services and Mortgage Solutions is due to both product pricing, as well as new products.

Information Solutions revenue increased 4% in 2023 compared to 2022 due to growth in online revenue from non-mortgage online services and revenue from acquisitions, as well as growth in consumer services revenue.

Mortgage Solutions revenue also declined in 2023 compared to 2022.

The decline in Mortgage Solutions and mortgage related online revenue was due to declines in mortgage credit inquiry volumes.

Information Solutions revenue increased 10% in 2025 compared to 2024 primarily due to growth in Online Information Solutions which is due to growth in both mortgage and diversified markets revenue, as well as growth in Financial Marketing Services.

Growth in mortgage related services is primarily due to product pricing, partially offset by lower mortgage credit inquiry volumes in the current year compared to the prior year.

Information Solutions revenue increased 10% in 2024 compared to 2023, due to growth in Online Information Solutions due to an increase in mortgage related and consumer solutions online services, as well as growth in Financial Marketing Services.

Growth in mortgage related online services was due to both product pricing, as well as new products.

Online Information Solutions.

Revenue for 2025 increased 10% compared to 2024, driven by growth in mortgage related services, as well as growth in diversified markets online services and consumer solutions revenue.

The growth in mortgage related services is primarily due to product pricing, partially offset by lower mortgage credit inquiry volumes in the current year compared to the prior year.

Revenue for 2024 increased 11% compared to 2023, driven by higher mortgage related online services due to product pricing and new products, as well as continued growth of consumer solutions revenue.

Revenue for 2023 increased 6% compared to 2022, driven by continued growth in online non-mortgage services, revenue from acquisitions, consumer services and commercial risk.

Mortgage Solutions.

Revenue increased 31% in 2024 compared to 2023 due to both product pricing and new products.

Revenue decreased 18% in 2023 compared to 2022 due to significantly lower mortgage credit inquiry volumes in 2023 compared to the prior year.

Financial Marketing Services.

Revenue increased 5% in 2024 compared to 2023 driven by growth in credit marketing services.

Revenue increased 3% in 2023 compared to 2022 driven by growth in both credit marketing services as well as risk and data services.

Revenue increased 6% in 2025 compared to 2024 and increased 5% in 2024 compared to 2023.

The increase in both periods is primarily due to growth in credit marketing services.

Information Solutions Operating Margin.

USIS operating margin increased to 22.9% in 2025 compared to 21.4% in 2024 due to the aforementioned increase in revenue, partially offset by an increase in operating expenses primarily due to an increase in mortgage related royalty costs.

The increase in operating expenses is partially offset by a decline in people costs.

USIS operating margin increased to 21.4% in 2024 compared to 21.2% in 2023 due to the aforementioned increase in revenue.

USIS operating margin decreased to 21.2% in 2023 compared to 24.3% in 2022 due to an increase in operating expenses, partially offset by the increase in revenue.

The increase in operating expenses was due to increased incentive and salary expenses, royalty expenses, third party cloud usage fees, software costs and amortization expenses.

International

13 unchanged sentences

International revenue increased 4% in 2025 as compared to 2024.

Local currency revenue increased 19% in 2024, driven by growth in Latin America from the BVS acquisition, completed in the third quarter of 2023, as well as local currency growth in Latin America, Europe and Canada.

Local currency revenue increased 6% in 2025, driven by local currency growth in Latin America, primarily from Argentina, Brazil and Paraguay, as well as local currency growth in Asia Pacific, Europe and Canada.

Local currency fluctuations against the U.S.

1 unchanged sentence

International revenue increased 10% in 2024 as compared to 2023.

Local currency revenue increased 12% in 2023, driven by revenue growth in Latin America from the BVS acquisition and growth in Argentina, as well as growth in our credit reporting business across all geographies.

Local currency fluctuations against the U.S.

2 unchanged sentences

Local currency revenue increased 10% in 2025 as compared to 2024.

The increase is primarily due to revenue from the BVS acquisition, which occurred in the third quarter of 2023, as well as local currency growth in Argentina.

Revenue from the BVS acquisition was $159.3 million in 2024, compared to $64.8 million in 2023.

The increase is primarily due to local currency growth in Argentina, Brazil and Paraguay.

Local currency fluctuations against the U.S.

dollar negatively impacted revenue by $107.1 million, or 37%, in 2024, primarily from Argentina.

dollar negatively impacted revenue by $21.4 million, or 5%, in 2024, primarily from Argentina and Brazil.

Reported revenue increased 5% in 2025 as compared to 2024.

Local currency revenue increased 56% in 2023 as compared to 2022 reflecting revenue from the BVS acquisition and local currency growth in Argentina and across Central America, primarily related to growth in revenue from an acquired company in the Dominican Republic.

Local currency revenue increased 69% in 2024 as compared to 2023.

The increase was primarily due to revenue from the BVS acquisition, which occurred in the third quarter of 2023, as well as local currency growth in Argentina.

Revenue from the BVS acquisition was $159.3 million in 2024, compared to $64.8 million in 2023.

Local currency fluctuations against the U.S.

1 unchanged sentence

Reported revenue increased 32% in 2024 as compared to 2023.

Local currency revenue increased 8% in 2024 as compared to 2023, primarily due to growth in the debt services and credit reporting businesses.

Local currency revenue increased 4% in 2025 as compared to 2024, primarily due to growth in the consumer credit reporting businesses in the U.K and Spain, partially offset by declines in the direct to consumer business in the U.K.

Local currency fluctuations against the U.S.

1 unchanged sentence

Reported revenue increased 7% in 2025 as compared to 2024.

Local currency revenue was flat in 2023 as compared to 2022, driven by growth in credit reporting businesses in Europe, offset by lower debt placements within our debt services business.

Local currency revenue increased 8% in 2024 as compared to 2023, primarily due to growth in the debt services and credit reporting businesses.

Local currency fluctuations against the U.S.

2 unchanged sentences

Asia Pacific.

Local currency revenue decreased 2% in 2024 as compared to 2023, primarily driven by Australia due to declines in the commercial and direct to consumer businesses in the first half of the year.

Local currency revenue increased 5% in 2025 as compared to 2024, primarily driven by growth in the commercial, consumer credit reporting and identity and fraud businesses in Australia, partially offset by a decline in India.

Local currency fluctuations against the U.S.

dollar negatively impacted revenue by $8.4 million, or 3%.

Reported revenue decreased 3% in 2024 as compared to 2023.

Local currency revenue increased 4% in 2023 as compared to 2022, driven by growth in Australia due to growth in commercial, identity and fraud, and credit reporting businesses.

India revenue also grew due to growth in the credit reporting business primarily due to higher online volumes.

Reported revenue increased 2% in 2025 as compared to 2024.

Local currency revenue decreased 2% in 2024 as compared to 2023, primarily driven by Australia due to declines in the commercial and direct to consumer businesses in the first half of the year.

Local currency fluctuations against the U.S.

2 unchanged sentences

Local currency revenue increased 4% in 2025 as compared to 2024.

Revenue growth in 2024 is driven by growth in the direct to consumer and commercial businesses.

Revenue growth in 2025 was driven by growth in the direct to consumer, consumer credit reporting and commercial businesses.

Local currency fluctuations against the U.S.

2 unchanged sentences

Local currency revenue increased 4% in 2024 as compared to 2023.

Revenue in 2023 reflected increases in the consumer credit reporting business, as well as commercial and identity and fraud revenue.

Revenue growth in 2024 is driven by growth in the direct to consumer and commercial businesses.

Local currency fluctuations against the U.S.

3 unchanged sentences

Operating margin was 12.9% in 2025 compared to 13.4% in 2024.

The decrease in margin is mainly due to higher amortization costs, principally due to higher amortization of purchased intangible assets related to the BVS acquisition and amortization of capitalized internal-use software and system costs from technology transformation capital spending incurred previously.

The decrease in margin is primarily due to higher people costs and increased amortization of capitalized internal-use software costs resulting from technology transformation capital spending incurred previously, partially offset by the increase in revenue.

Operating margin was 13.4% in 2024 and 13.7% in 2023.

The increase in margin was mainly due to increased revenue, partially offset by increased salary and incentive costs, increased costs of purchased data or information, higher cloud production costs, increased depreciation expense related to technology transformation project spending and higher amortization of purchased intangible assets related to recent acquisitions.

General Corporate Expense

7 unchanged sentences

General corporate expense increased $107.2 million in 2025.

The increase in 2024 as compared to 2023 is primarily due to an increase in people costs, which is primarily due to higher incentive plan costs, and an accrual for a settlement associated with the resolution of a matter with the CFPB.

The increase in 2025 as compared to 2024 is primarily due to higher people costs which was primarily due to higher incentive plan costs, as well as higher litigation expense, an accrual for a settlement associated with the resolution of four related class action lawsuits and increased depreciation and amortization of capitalized internal-use software costs.

General corporate expense increased $28.3 million in 2024 as compared to 2023.

The increase in 2023 as compared to 2022 was due to payment of a penalty associated with resolution of the investigation of a material 2017 cybersecurity incident by the U.K.

FCA, as well as increased people costs, primarily incentive plans and restructuring charges.

The increase in 2024 as compared to 2023 was primarily due to an increase in people costs, which was primarily due to higher incentive plan costs, and an accrual for a settlement associated with the resolution of a matter with the CFPB.

LIQUIDITY AND FINANCIAL CONDITION

2 unchanged sentences

Funds generated by operating activities, our $1.5 billion five-year unsecured revolving credit facility (the "Revolver") and related commercial paper (“CP”) program, more fully described below, are our most significant sources of liquidity.

At December 31, 2024, we had $169.9 million in cash and cash equivalents, as well as $1,212.1 million available to borrow under our Revolver.

At December 31, 2025, we had $180.8 million in cash and cash equivalents, as well as $0.7 billion available to borrow under our Revolver.

Sources and Uses of Cash

We believe that our existing cash balance, liquidity available from our CP and Revolver, cash generated from ongoing operations and continued access to public or private debt markets will be sufficient to satisfy cash requirements over the next 12 months and beyond.

While there was no significant changes in our cash requirements as of December 31, 2024 compared to December 31, 2023, we have utilized existing CP capacity, together with cash from operating activities, to meet our current obligations.

As further described in our Financing Activities section below, during 2024 we issued $650.0 million of 4.8% Senior Notes, and we used the proceeds for general corporate purposes, including the repayment of borrowings under our then-outstanding delayed draw term loan prior to the August 2026 maturity.

While there was no significant change in our cash requirements as of December 31, 2025 compared to December 31, 2024, we have utilized existing CP capacity, together with cash from operating activities, to meet our current obligations.

Fund Transfer Limitations.

6 unchanged sentences

Net cash provided by (used in):

2024 2023 2022 2024 vs.

2023 2023 vs.

2025 2024 2023 2025 vs 2024 2024 vs 2023

(In millions)

3 unchanged sentences

Operating Activities

Cash provided by operating activities for 2024 increased $207.7 million compared to 2023 primarily due to changes in our working capital position and increased net income.

Cash provided by operating activities for 2023 increased $359.7 million compared to 2022 due primarily to the $345.0 million consumer class action settlement payment that was made in January 2022 related to the U.S.

Consumer MDL Litigation settlement that became effective on January 11, 2022 that did not recur in 2023.

Cash provided by operating activities for 2025 increased $291.2 million compared to 2024 and for 2024 increased $207.7 million compared to 2023.

The increase in both periods is primarily due to increased net income and changes in our working capital position.

Investing Activities

2 unchanged sentences

Net cash used in:

2024 2023 2022 2024 vs.

2023 2023 vs.

2025 2024 2023 2025 vs 2024 2024 vs 2023

(In millions)

2 unchanged sentences

Our capital expenditures are used for developing, enhancing and deploying new and existing software in support of our expanding product set, replacing or adding equipment, updating systems for regulatory compliance, the licensing of certain software applications, investing in system reliability, security and disaster recovery enhancements, and updating or expanding our office facilities.

Capital expenditures decreased in 2024 and 2023 from 2023 and 2022, respectively, due to lower capitalized software costs and lower spending on technology infrastructure as compared to the prior year periods as we near completion of our technology transformation.

Capital expenditures decreased in 2025 and 2024 from 2024 and 2023, respectively, due to lower capitalized software costs and lower spending on technology infrastructure as compared to the prior year periods.

Acquisitions, Divestitures and Investments

1 unchanged sentence

Net cash (used in) provided by:

2024 2023 2022 2024 vs.

2023 2023 vs.

2025 2024 2023 2025 vs 2024 2024 vs 2023

(In millions)

2 unchanged sentences

2025 Acquisitions and Investments.

During 2025, we acquired a company within the Workforce Solutions operating segment.

2024 Acquisitions and Investments.

During 2024, we did not complete any acquisitions.

2 unchanged sentences

During 2023, we sold an equity investment.

2022 Acquisitions and Investments.

During 2022, we acquired Efficient Hire and LawLogix within the Workforce Solutions operating segment.

We acquired Midigator within the USIS operating segment.

We acquired Data Crédito within the International operating segment.

During 2022, we sold multiple equity investments.

For additional information about our acquisitions, see Note 3 of the Notes to Consolidated Financial Statements in Item 8 of this report.

3 unchanged sentences

Net cash provided by (used in):

2024 2023 2022 2024 vs.

2023 2023 vs.

2025 2024 2023 2025 vs 2024 2024 vs 2023

(In millions)

5 unchanged sentences

Net short-term borrowings (payments) primarily represent repayments or borrowings of outstanding amounts under our CP program.

The increase in net short-term borrowings in 2024 is due to lower repayments on our CP notes, partially offset by lower borrowings on our CP notes during the year as compared to 2023.

The decrease in net short-term borrowings in 2023 is due to higher repayments on short-term borrowings on our CP notes during the year as compared to 2022.

The increase in net short-term borrowings in 2025 is due to higher borrowings on our CP notes during the year as compared to 2024.

The increase in net short-term borrowings in 2024 is due to our issuance of more CP notes in 2024 than we repaid, compared to 2023 when we repaid more CP notes than we issued.

Proceeds from issuance of long-term debt in 2025 represent $1.7 million in borrowings on long-term debt.

Proceeds from issuance of long-term debt in 2024 represent the issuance of $650 million of 4.8% Senior Notes in the third quarter of 2024.

Proceeds from issuance of long-term debt in 2023 represent $175.0 million of borrowings on our Revolver during the first quarter of 2023 and the issuance of $700 million of 5.1% Senior Notes in the second quarter of 2023.

Proceeds from issuance of long-term debt in 2022 represent the issuance of $750.0 million of 5.1% Senior Notes in the third quarter of 2022.

In August 2024, we issued $650 million in aggregate principal amount of 4.8% five-year Senior Notes due 2029 (the "2029 Notes") in an underwritten public offering.

9 unchanged sentences

The 2028 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.

In September 2022, we issued $750.0 million aggregate principal amount of 5.1% five-year Senior Notes due 2027 (the "2027 Notes") in an underwritten public offering.

Interest on the 2027 Notes accrues at a rate of 5.1% per year and is payable semi-annually in arrears on June 15 and December 15 of each year.

The net proceeds of the sale of the 2027 Notes were ultimately used to repay our then-outstanding $500.0 million 3.30% Senior Notes due December 2022.

The remaining proceeds were used for general corporate purposes, including the repayment of borrowings under our CP program.

We must comply with various non-financial covenants, including certain limitations on mortgages, liens and sale-leaseback transactions, as well as mergers and sales of substantially all of our assets.

The 2027 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.

Payments on long-term debt in 2024 represent repayment of our $750.0 million 2.60% Senior Notes during the fourth quarter of 2024 with cash on hand and commercial paper borrowings and $695.6 million of payments on our then-outstanding Term Loan during the third quarter of 2024.

Payments on long-term debt in 2025 represent repayment of our $400.0 million 2.60% Senior Notes during the fourth quarter of 2025 with CP borrowings.

Payments on long-term debt in 2024 represent repayment of our $750.0 million 2.60% Senior Notes during the fourth quarter of 2024 with cash on hand and CP borrowings and $695.6 million of payments on our then-outstanding Term Loan during the third quarter of 2024.

Payments on long-term debt in 2023 represent $175.0 million of repayments on our Revolver and repayment of our $400.0 million 3.95% Senior Notes during the second quarter of 2023.

Payments on long-term debt in 2022 reflect the October 2022 repayment of the $500.0 million Senior Notes due December 2022 with the proceeds from the $750.0 million 5.1% Senior Notes issued in September 2022 and commercial paper borrowings.

Credit Facility Availability.

2 unchanged sentences

The Revolver includes an option to request a maximum of three one-year extensions of the maturity date any time after the first anniversary of the closing date of the Revolver.

In May 2024, we exercised our first option to extend the maturity date by one year, from August 2026 to August 2027, and amended the Revolver agreement to replace a discontinued reference rate for Canadian Dollar-denominated commitments.

In May 2025, we exercised our second option to extend the maturity date by one year, from August 2027 to August 2028, and thus have one extension option remaining.

Availability of the Revolver is reduced by the outstanding principal balance of our CP notes and by any letters of credit issued under the Revolver.

Our $1.5 billion CP program has been established to allow for borrowing through the private placement of CP with maturities ranging from overnight to 397 days.

We may use the proceeds of CP for general corporate purposes.

The CP program is supported by our Revolver and the total amount of CP that may be issued is reduced by the amount of any outstanding borrowings under our Revolver and by any letters of credit issued under the facility.

As of December 31, 2024, there were $1.4 million of letters of credit outstanding, no outstanding borrowings under the Revolver, and $286.5 million of outstanding CP notes.

Availability under the Revolver was $1,212.1 million at December 31, 2024.

Our $1.5 billion CP program has been established to allow for borrowing through the private placement of CP notes with maturities ranging from overnight to 397 days.

We may use the proceeds of CP notes for general corporate purposes.

The CP program is supported by our Revolver and the total amount of CP notes that may be issued is reduced by the amount of any outstanding borrowings under our Revolver and by any letters of credit issued under the facility.

As of December 31, 2025, there were $762.0 million of outstanding CP notes, $1.3 million of letters of credit outstanding, and no outstanding borrowings under the Revolver.

Availability under the Revolver was $0.7 billion at December 31, 2025.

At December 31, 2025, approximately 85% of our debt was fixed-rate debt and 15% was variable-rate debt.

4 unchanged sentences

A downgrade in our credit ratings would increase the cost of borrowings under our CP program and our Revolver, and could limit or, in the case of a significant downgrade, preclude our ability to issue CP.

Our outstanding

indentures and comparable instruments also contain customary covenants including, for example, limits on mortgages, liens, sale/leaseback transactions, mergers and sales of assets.

Our outstanding indentures and comparable instruments also contain customary covenants including, for example, limits on mortgages, liens, sale/leaseback transactions, mergers and sales of assets.

The Revolver requires a maximum leverage ratio, defined as consolidated funded debt divided by consolidated EBITDA, of 3.75 to 1.0.

2 unchanged sentences

As of December 31, 2025, we were in compliance with all of our debt covenants.

We do not have any credit rating triggers that would accelerate the maturity of a material amount of the outstanding debt;

however, our 2.6% senior notes due 2025, 3.25% senior notes due 2026, 5.1% senior notes due 2027, 5.1% senior notes due 2028, 4.8% senior notes due 2029, 3.1% senior notes due 2030, 2.35% senior notes due 2031 and 7.0% senior notes due 2037 (collectively, the “Senior Notes”) contain change in control provisions.

If the Company experiences a change of control or publicly announces an intention to effect a change of control and the rating on the Senior Notes is lowered by Standard & Poor’s (“S&P”) and Moody’s Investors Service (“Moody’s”) below an investment grade rating within 60 days of such change of control or notice thereof, then the Company will be required to offer to repurchase the Senior Notes at a price equal to 101% of the aggregate principal amount of the Senior Notes plus accrued and unpaid interest.

We do not have any credit rating triggers that would accelerate the maturity of a material amount of our outstanding debt;

however, our 3.25% senior notes due 2026, 5.1% senior notes due 2027, 5.1% senior notes due 2028, 4.8% senior notes due 2029, 3.1% senior notes due 2030, 2.35% senior notes due 2031 and 7.0% senior notes due 2037 (collectively, the “Senior Notes”) contain change in control provisions.

If we experience a change of control or publicly announce an intention to effect a change of control and the rating on the Senior Notes is lowered by Standard & Poor’s (“S&P”) and Moody’s Investors Service (“Moody’s”) below an investment grade rating within 60 days of such change of control or notice thereof, then we will be required to offer to repurchase the Senior Notes at a price equal to 101% of the aggregate principal amount of the Senior Notes plus accrued and unpaid interest.

Credit Ratings.

10 unchanged sentences

Net cash (used in) provided by:

2024 2023 2022 2024 vs.

2023 2023 vs.

2025 2024 2023 2025 vs 2024 2024 vs 2023

(In millions)

Treasury stock purchases $ (927.5) $ — $ — $ (927.5) $ —

Dividends paid to Equifax shareholders $ (232.8) $ (193.2) $ (191.8) $ (39.6) $ (1.4)

2 unchanged sentences

Sources and uses of cash related to equity during the twelve months ended December 31, 2025, 2024 and 2023 were as follows:

• On April 21, 2025, our Board of Directors terminated the existing share repurchase authorization and approved an authorization to repurchase up to $3 billion of shares of common stock.

During the twelve months ended December 31, 2025, we repurchased 4,006,173 shares of our common stock on the open market.

As of December 31, 2025, approximately $2.1 billion was available for future purchases of common stock under our share repurchase authorization.

We did not repurchase any shares on the open market in 2024 or 2023.

As of December 31, 2024, under the existing board authorization, the Company is approved for additional stock repurchases of $520.2 million.

• During the twelve months ended December 31, 2024, 2023 and 2022, we paid cash dividends to Equifax shareholders of $193.2 million, $191.8 million and $191.1 million, respectively, at $1.56 per share for 2024, 2023 and 2022.

• During the twelve months ended December 31, 2024, we paid dividends to noncontrolling interests of $4.6 million.

• On April 21, 2025, our Board of Directors approved an increase in our quarterly cash dividend to $0.50 per share beginning in the second quarter of 2025.

During the twelve months ended December 31, 2025, we paid cash dividends to Equifax shareholders of $232.8 million, at $1.89 per share.

During the twelve months ended December 31, 2024 and 2023, we paid cash dividends to Equifax shareholders of $193.2 million and $191.8 million, respectively, at $1.56 per share, for 2024 and 2023.

• During the twelve months ended December 31, 2025 and 2024, we paid dividends to noncontrolling interests of $6.1 million and $4.6 million, respectively.

During the twelve months ended December 31, 2023, we paid distributions to noncontrolling interests of $45.6 million.

During the twelve months ended December 31, 2022, we paid dividends to noncontrolling interests of $3.1 million.

• We received cash of $78.2 million, $32.3 million, and $16.9 million during the first twelve months ended December 31, 2024, 2023 and 2022, respectively, from the exercise of stock options and purchases under the employee stock purchase plan.

• We received cash of $46.4 million, $78.2 million, and $32.3 million during the twelve months ended December 31, 2025, 2024 and 2023, respectively, from the exercise of stock options and the employee stock purchase plan.

We anticipate continuing the payment of quarterly cash dividends.

2 unchanged sentences

Contractual Obligations, Commercial Commitments and Other Contingencies

The company's material cash requirements include the following contractual and other obligations.

Our material cash requirements include the following contractual and other obligations.

Our plan is to use existing cash balances and funds generated by operating activities to fund our obligations and commitments.

19 unchanged sentences

Payments to Resolve Certain Legal Proceedings and Investigations

The Company has made payments to resolve certain legal proceedings and investigations related to the 2017 cybersecurity incident, described more fully in “Item 3.

Legal Proceedings” in this Form 10-K.

Through 2024, the Company

has made payments of $802.2 million for legal settlements related to a material cybersecurity incident in 2017.

On January 11, 2022, the Consumer Settlement became effective, and on January 24, 2022, we deposited the $345.0 million remaining to be paid to the Consumer Restitution Fund.

During the first quarter of 2025, we paid $15.0 million for a settlement associated with the resolution of a matter with the Consumer Financial Protection Bureau ("CFPB").

The U.K.’s Financial Conduct Authority (“FCA”) opened an enforcement investigation against our U.K.

5 unchanged sentences

We will continue to invest in sales, marketing, new product development, security and our technology, as well as continue to make strategic acquisitions that align with our business strategy.

Additions to property and equipment will continue in order to support growth in new product development and the completion of our technology transformation, although we expect spending related to capital expenditures for the next twelve months to be down from current levels.

Additions to property and equipment will continue

in order to support growth in new product development and the completion of our technology transformation, although we expect spending related to capital expenditures for the next twelve months to be down from current levels.

Off-Balance Sheet Arrangements

22 unchanged sentences

interest rates and has other adverse effects upon the U.S.

securities markets and upon the value of financial instruments, it may adversely affect the

Company’s financial position and profitability.

securities markets and upon the value of financial instruments, it may adversely affect the Company’s financial position and profitability.

Increases in U.S.

41 unchanged sentences

A contract liability is created when an entity transfers a good or service to a customer and recognizes less than what has been billed.

Deferred revenue is recognized when we have an obligation to transfer goods or services to a customer and have already received consideration from the customer.

Deferred revenue is recognized when we have an obligation to transfer goods or services to a customer and have already received consideration

from the customer.

We generally expect to recognize our deferred revenue as revenue within twelve months of being recorded based on the terms of the contracts.

21 unchanged sentences

We engaged a third party specialist to assist in developing these estimates and valuation approaches.

Under the income approach, we calculate the fair value of a reporting unit based on estimated future discounted cash flows which require assumptions about short and long-term revenue growth rates, operating margins for the reporting unit,

discount rates, foreign currency exchange rates and estimates of capital expenditures.

The assumptions we use are based on what we believe a hypothetical marketplace participant would use in estimating fair value.

6 unchanged sentences

The values separately derived from each of the income and market approach valuation techniques were used to develop an overall estimate of the Asia Pacific reporting unit’s fair value.

This approach relies more heavily on the calculated fair value derived from the income approach with 70% of the value coming from the income approach.

This approach relies more heavily on the calculated

fair value derived from the income approach with 70% of the value coming from the income approach.

We believe this approach is consistent with that of a market participant in valuing prospective purchase business combinations.

18 unchanged sentences

The cost of debt was computed using a benchmark rate and the reporting unit’s tax rate.

For the 2024 annual goodwill impairment evaluation, the discount rate used to develop the estimated fair value of the Asia Pacific reporting unit was consistent with the discount rate used in 2023 and ranged between 10.0% and 11.5%.

For the 2025 annual goodwill impairment evaluation, the discount rate used to develop the estimated fair value of the Asia Pacific reporting unit was higher than the discount rate used in 2024 but was within the same range between 10.0% and 11.5%.

Estimated Fair Value and Sensitivities

7 unchanged sentences

Given the relatively smaller excess of fair value over carrying value for the Asia Pacific reporting unit, we believe that it is at risk of a possible future goodwill impairment.

The future impact of changes in economic conditions, including rising interest rates and inflation, remains uncertain.

The future impact of changes in economic conditions, including rising

interest rates and inflation, remains uncertain.

Avoidance of a future impairment will be dependent on continued growth during current economic conditions and our ability to execute on initiatives to grow revenue and operating margin and manage expenses prudently.

18 unchanged sentences

We also use our judgment to determine whether it is more likely than not that we will sustain positions that we have taken on tax returns and, if so, the amount of benefit to initially recognize within our financial statements.

We review our uncertain tax positions and adjust our unrecognized tax benefits in light of changes in facts and circumstances, such as changes

in tax law, interactions with taxing authorities and developments in case law.

We review our uncertain tax positions and adjust our unrecognized tax benefits in light of changes in facts and circumstances, such as changes in tax law, interactions with taxing authorities and developments in case law.

These adjustments to our unrecognized tax benefits may affect our income tax expense.

Settlement of uncertain tax positions may require use of our cash.

At December 31, 2024, $42.9 million was recorded for uncertain tax benefits, including interest and penalties, of which it is reasonably possible that up to $15.8 million of our unrecognized tax benefit may change within the next twelve months.

Effect if actual results differ from assumptions — Although management believes that the judgments and estimates discussed herein are reasonable, actual results could differ, and we may be exposed to increases or decreases in income tax expense that could be material.

8 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7. Management’s Discussion and Analysis