What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-02-19 compared with 2025-02-20 · 221 added, 213 removed, 1418 unchanged (23% of the section changed)

86 unchanged sentences

Interest expense ( 212.3 ) ( 229.1 ) ( 241.4 )

Other (expense) income, net ( 2.5 ) 25.7 56.7

Other income (expense), net 12.0 ( 2.5 ) 25.7

Consolidated income before income taxes 894.9 810.5 717.9

17 unchanged sentences

Net income $ 660.3 $ 4.0 $ 664.3 $ 604.1 $ 3.2 $ 607.3 $ 545.3 $ 6.4 $ 551.7

Other comprehensive (loss) income:

Other comprehensive income (loss):

Foreign currency translation adjustment 205.4 14.2 219.6 ( 291.7 ) ( 29.3 ) ( 321.0 ) 42.6 ( 0.5 ) 42.1

1 unchanged sentence

Change in cumulative gain from cash flow hedging transactions, net 0.1 — 0.1 0.1 — 0.1 0.1 — 0.1

Other comprehensive (loss) income

Other comprehensive income (loss)

205.6 14.2 219.8 ( 291.5 ) ( 29.3 ) ( 320.8 ) 42.5 ( 0.5 ) 42.0

6 unchanged sentences

Trade accounts receivable, net of allowance for doubtful accounts of $ 20.2 and $ 16.9 at December 31, 2025 and 2024, respectively

1,012.7 957.6

Prepaid expenses 144.2 134.9

73 unchanged sentences

Proceeds from issuance of long-term debt 1.7 649.8 872.9

Treasury stock purchases ( 927.5 ) — —

Dividends paid to Equifax shareholders ( 232.8 ) ( 193.2 ) ( 191.8 )

4 unchanged sentences

Debt issuance costs — ( 5.4 ) ( 6.2 )

Cash (used in) provided by financing activities ( 846.4 ) ( 306.2 ) 273.7

Cash used in financing activities ( 1,059.7 ) ( 846.4 ) ( 306.2 )

Effect of foreign currency exchange rates on cash and cash equivalents 9.2 ( 13.5 ) ( 0.8 )

(Decrease) increase in cash and cash equivalents ( 46.9 ) ( 68.4 ) 60.5

Increase (decrease) in cash and cash equivalents 10.9 ( 46.9 ) ( 68.4 )

Cash and cash equivalents, beginning of period 169.9 216.8 285.2

14 unchanged sentences

Net income — — — 545.3 — — — 4.9 550.2

Other comprehensive loss — — — — ( 178.3 ) — — ( 0.8 ) ( 179.1 )

Other comprehensive income (loss) — — — — 42.5 — — ( 0.5 ) 42.0

Shares issued under stock and benefit plans, net of minimum tax withholdings 0.3 — 19.1 — — ( 3.9 ) — — 15.2

3 unchanged sentences

Stock-based compensation expense — — 71.8 — — — — — 71.8

Shares issued in acquisition of Boa Vista Serviços 0.5 — 75.3 — — 19.3 — — 94.6

Dividends paid to noncontrolling interests — — — — — — — ( 2.8 ) ( 2.8 )

Purchases of noncontrolling and redeemable noncontrolling interests — — ( 0.3 ) — — — — ( 0.1 ) ( 0.4 )

Other — — — — — — — ( 0.1 ) ( 0.1 )

Balance, December 31, 2023 123.3 236.6 1,761.3 5,608.6 ( 431.2 ) ( 2,635.3 ) ( 5.9 ) 18.3 4,552.4

Net income — — — 604.1 — — — 4.7 608.8

Other comprehensive income (loss) — — — — 42.5 — — ( 0.5 ) 42.0

Other comprehensive loss — — — — ( 291.5 ) — — ( 0.9 ) ( 292.4 )

Shares issued under stock and benefit plans, net of minimum tax withholdings 0.7 — 71.4 — — ( 9.6 ) — — 61.8

3 unchanged sentences

Stock-based compensation expense — — 81.6 — — — — — 81.6

Shares issued in acquisition of Boa Vista Serviços 0.5 — 75.3 — — 19.3 — — 94.6

Dividends paid to noncontrolling interests — — — — — — — ( 4.6 ) ( 4.6 )

Other — — — — — — — ( 0.1 ) ( 0.1 )

Balance, December 31, 2024 124.0 236.6 1,915.2 6,018.6 ( 722.7 ) ( 2,644.9 ) ( 5.9 ) 17.5 4,814.4

Net income — — — 660.3 — — — 4.9 665.2

Other comprehensive loss — — — — ( 291.5 ) — — ( 0.9 ) ( 292.4 )

Other comprehensive income — — — — 205.6 — — 2.1 207.7

Shares issued under stock and benefit plans, net of minimum tax withholdings 0.4 — 28.8 — — 2.9 — — 31.7

Treasury stock purchased under share repurchase program, including brokerage commissions and excise taxes*

( 4.0 ) — — — — ( 935.8 ) — — ( 935.8 )

Cash dividends ($ 1.89 per share)

3 unchanged sentences

Dividends paid to noncontrolling interests — — — — — — — ( 4.1 ) ( 4.1 )

Purchases of noncontrolling and redeemable noncontrolling interests — — — — — — — ( 0.9 ) ( 0.9 )

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

*At December 31, 2024, $ 520.2 million was authorized for future repurchases of our common stock.

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

See Notes to Consolidated Financial Statements.

6 unchanged sentences

( 3.4 ) ( 3.5 ) ( 3.6 )

Cash flow hedging transactions, net of tax of $ 0.5 , $ 0.5 and $ 0.6 in 2024, 2023 and 2022, respectively

Cash flow hedging transactions, net of tax of $ 0.5 in 2025, 2024 and 2023

( 0.7 ) ( 0.8 ) ( 0.9 )

12 unchanged sentences

We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore.

We develop, maintain and enhance secured proprietary information databases through the compilation of consumer specific data, including credit, income, employment, criminal justice data, asset, liquidity, net worth and spending activity, and business data, including credit and business demographics, that we obtain from a variety of sources, such as credit granting institutions, payroll processors, and income and tax information primarily from large to mid-sized companies in the U.S.

We develop, maintain and enhance secured proprietary information databases through the compilation of consumer specific data, including credit, income, employment, criminal justice, asset, liquidity, net worth and spending activity, and business data, including credit and business demographics, that we obtain from a variety of sources, such as credit granting institutions, payroll processors, and income and tax information primarily from large to mid-sized companies in the U.S.

We process this information utilizing our proprietary information management systems.

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We record a valuation allowance, as necessary, to reduce our deferred tax assets to the amount of future tax benefit that we estimate is more likely than not to be realized.

Our accounting policy election with respect to Global Intangible Low-Taxed Income (“GILTI”) is to account for the tax in the period the tax is incurred.

Changes in tax laws and rates are reflected in our income tax provision in the period in which they are enacted.

We record tax benefits for positions that we believe are more likely than not of being sustained under audit examinations.

2 unchanged sentences

We adjust our income tax provision during the period in which we determine that the actual results of the examinations may differ from our estimates or when statutory terms expire.

Changes in tax laws and rates are reflected in our income tax provision in the period in which they are enacted.

Earnings Per Share.

10 unchanged sentences

Weighted-average shares outstanding (diluted) 124.1 124.9 123.9

For the twelve months ended December 31, 2024, stock options with an anti-dilutive effect were not material.

For the twelve months ended December 31, 2023 and 2022, 0.7 million and 0.6 million stock options were anti-dilutive and therefore excluded from this calculation, respectively.

For the twelve months ended December 31, 2025 and 2024, stock options with an anti-dilutive effect were not material.

For the twelve months ended December 31, 2023, 0.7 million stock options were anti-dilutive and therefore excluded from this calculation, respectively.

Cash Equivalents.

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Other Current Assets.

Other current assets on our Consolidated Balance Sheets primarily include amounts receivable from tax authorities and related to vendor rebates.

As of December 31, 2024 and 2023, these assets were approximately $ 39.4 million and $ 40.9 million, respectively.

Additionally, other current assets include amounts in specifically designated accounts that hold the funds that are due to customers from our debt collection and recovery management services.

Other current assets on our Consolidated Balance Sheets primarily include amounts in specifically designated accounts that hold the funds that are due to customers from our debt collection and recovery management services.

As of December 31, 2025 and 2024, these assets were approximately $ 31.9 million and $ 48.3 million, respectively, with a corresponding balance in other current liabilities .

These amounts are restricted as to their current use and will be released according to the specific customer agreements.

Additionally, other current assets include amounts receivable from tax authorities and other miscellaneous receivables.

Long-Lived Assets.

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We performed our annual goodwill impairment test as of December 1.

During the fourth quarter of 2023, the Company voluntarily changed its goodwill and indefinite-lived intangible asset annual impairment test date from September 30 to December 1.

Under ASC 350, we have an option to perform a “qualitative” assessment of our reporting units to determine whether further impairment testing is necessary.

6 unchanged sentences

If further testing is required, we continue with the quantitative impairment test.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In analyzing goodwill for potential impairment in the quantitative impairment test, we use the market approach, when available and appropriate, or a combination of the income and market approaches to estimate the reporting unit’s fair value.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.

33 unchanged sentences

The carrying value of the investment was adjusted to $ 88.9 million as of the close date, August 7, 2023 based on quoted market prices, resulting in a gain of $ 7.0 million for the twelve months December 31, 2023.

The carrying value of the investment was $ 74.5 million as of December 31, 2022, resulting in an unrealized gain of $ 13.3 million for the twelve months ended December 31, 2022.

All gains or losses on this investment were recorded in Other Income (Expense), Net within the Consolidated Statements of Income.

During the second quarter of 2023, in addition to the BVS activity mentioned above, we sold our interest in a separate equity investment.

The overall sale proceeds exceeded the total carrying value of the investment, and we recorded a gain of

The overall sale proceeds exceeded the total carrying value of the investment, and we recorded a gain of $ 6.2 million in Other Income (Expense), Net within the Consolidated Statements of Income.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

$ 6.2 million in Other Income (Expense), Net within the Consolidated Statements of Income.

During the second quarter of 2022, we sold our interest in two other equity investments.

The overall sale proceeds exceeded the total carrying value of the investments, and we recorded a total gain of $ 27.5 million recorded in Other Income (Expense), Net within the Consolidated Statements of Income.

We previously had a joint venture in Russia that offered consumer credit services;

however, during the third quarter of 2022, we completed the sale of this equity method investment.

All unrealized gains or losses on these investments were recorded in Other Income (Expense), Net within the Consolidated Statements of Income.

Other Current Liabilities.

Other current liabilities on our Consolidated Balance Sheets consist of the current portion of our operating lease liabilities and various accrued liabilities such as accrued employee benefits, interest expense, insurance expense, and income taxes.

Other current liabilities also include accrued revenue share of $ 99.4 million and $ 79.6 million as of December 31, 2024 and 2023, respectively, which represents accruals for royalty costs associated with records utilized.

Other current liabilities on our Consolidated Balance Sheets consist of the current portion of our operating lease liabilities and various accrued liabilities such as accrued legal expense, accrued royalty and revenue share expense, accrued interest expense, income taxes payable, accrued employee benefits and accrued insurance expense.

Other current liabilities also include the offset to other current assets related to amounts in specifically designated accounts that hold the funds that are due to customers from our debt collection and recovery management services.

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We use a mark-to-market approach to recognize actuarial gains and losses and expected return on plan assets for our defined benefit pension and other postretirement benefit plans.

Under this accounting principle, the expected returns on plan assets are used to estimate pension expense throughout the year and remeasurement of the projected benefit obligation and plan assets are immediately recognized in earnings through net periodic benefit cost within Other (expense) income, net on the Consolidated Statements of Income with pension and postretirement plans remeasured annually in the fourth quarter.

Under this accounting principle, the expected returns on plan assets are used to estimate pension expense throughout the year and remeasurement of the projected benefit obligation and plan assets are immediately recognized in earnings through net periodic benefit cost within Other income (expense), net on the Consolidated Statements of Income with pension and postretirement plans remeasured annually in the fourth quarter.

Our Consolidated Balance Sheets reflect the funded status of the pension and other postretirement plans.

3 unchanged sentences

As such, Argentina was deemed a highly inflationary economy by accounting policymakers.

Beginning in the third quarter of 2018, we accounted for Argentina as a highly inflationary economy by remeasuring the peso denominated monetary assets and liabilities which resulted in the recognition of foreign currency losses of $ 1.1 million and $ 3.8 million during the twelve months ended December 31, 2024 and 2023, respectively, and a foreign currency gain of $ 0.2 million during the twelve months ended December 31, 2022.

Beginning in the third quarter of 2018, we accounted for Argentina as a highly inflationary economy by remeasuring the peso denominated monetary assets and liabilities which resulted in the recognition of foreign currency losses of $ 3.3 million, $ 1.1 million and $ 3.8 million during the twelve months ended December 31, 2025, 2024, and 2023, respectively.

Foreign currency gains and losses are recorded in Other Income (Expense), Net in our Consolidated Statements of Income.

Other than Argentina and Costa Rica, we translate the assets and liabilities of foreign subsidiaries at the year-end rate of exchange and revenue and expenses at the monthly average rates during the year.

We record the resulting translation adjustment in other comprehensive loss, included in accumulated other comprehensive loss, a component of shareholders’ equity.

We record the resulting translation adjustment in other comprehensive income (loss), included in accumulated other comprehensive loss, a component of shareholders’ equity.

We also record gains and losses resulting from the translation of intercompany balances of a long-term investment nature in foreign currency translation in other comprehensive income (loss) and accumulated other comprehensive loss.

23 unchanged sentences

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis.

As disclosed in Note 3, we completed various acquisitions during the years ended December 31, 2023 and 2022.

As disclosed in Note 3, we completed an acquisition during the year ended December 31, 2025.

The values of net assets acquired were recorded at fair value using Level 3 inputs.

16 unchanged sentences

Redeemable Noncontrolling Interest.

As part of the merger consideration issued to complete the acquisition of BVS, we issued shares of one of our subsidiaries, Equifax do Brasil S.A.

("Equifax do Brasil"), thus resulting in a noncontrolling interest.

As part of the merger consideration issued to complete the acquisition of BVS, we issued shares of one of our subsidiaries, thus resulting in a noncontrolling interest.

We recognized the noncontrolling interest at fair value at the date of acquisition.

These shares were issued with specific rights allowing the holders to sell the shares back to Equifax, at fair value during specified future time periods starting at the fifth anniversary and only when certain conditions exist.

Additionally, the shareholder agreements provide Equifax the right to buy the shares back at fair value at future dates beginning after the tenth anniversary of the acquisition, however Equifax is not required to exercise this right at any point.

Additionally, the shareholder agreements provide Equifax with the right to buy the shares back at fair value at future dates beginning after the tenth anniversary of the acquisition, however Equifax is not required to exercise this right at any point.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5 unchanged sentences

The adjustment of redemption value at the period end that reflects a redemption value to an amount other than fair value is included as an adjustment to net income attributable to Equifax stockholders for the purposes of the calculation of earnings per share.

No ne of the current period adjustments reflect a redemption value in excess of fair value.

None of the current period adjustments reflect a redemption value in excess of fair value.

The Company's redeemable noncontrolling interests activities for the years ended December 31, 2025 and 2024 are summarized as follows:

Twelve Months Ended December 31,

Redeemable noncontrolling interests:

(In millions)

Redeemable noncontrolling interests, beginning of period $ 105.2 $ 135.1

Fair value of the redeemable noncontrolling interest at the acquisition date — 176.4

Net (loss) income attributable to redeemable noncontrolling interest ( 1.5 ) 1.5

Return of capital to redeemable noncontrolling interest — ( 42.8 )

Net loss attributable to redeemable noncontrolling interest ( 0.9 ) ( 1.5 )

Dividends paid to redeemable noncontrolling interest ( 2.0 ) —

Effect of foreign currency translation attributable to redeemable noncontrolling interest 12.1 ( 28.4 )

1 unchanged sentence

Adoption of New Accounting Standards.

Income Taxes .

Beginning in the fiscal year ended December 31, 2025, we adopted Accounting Standards Update (ASU) No.

2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures (ASU 2023-09) on a prospective basis.

This standard improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction.

It also includes certain other amendments to improve the effectiveness of income tax disclosures.

The adoption of this new standard did not have a material impact on our consolidated financial statements.

For additional information, see Note 7ーIncome Taxes.

Segment Reporting .

5 unchanged sentences

The ASU is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024.

We have updated our financial statement disclosures in Note 13 to conform with the standard.

We adopted this standard in the prior year and updated our financial statement disclosures in Note 13 to conform with the standard.

Business Combinations .

In October 2021, the Financial Accounting Standards Board (" FASB") issued ASU No.

In October 2021, the FASB issued ASU No.

2021-08 “Business Combinations (Topic 805):

14 unchanged sentences

The adoption of the standard did not have a material impact on our Consolidated Financial Statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Recent Accounting Pronouncements.

Interim Reporting (Topic 270):

Narrow Scope Improvements.

On December 8, 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270):

Narrow Scope Improvements.

The ASU improves the navigability of the required interim reporting requirements.

The ASU does not change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements.

The update centralizes and clarifies interim reporting requirements by consolidating all interim disclosure rules into Topic 270 and establishing a new "disclosure principle" to capture material events occurring after the last annual report.

Entities must apply a principle requiring the disclosure of any events or changes that have occurred since the end of the last annual reporting period that have a material impact on the entity (e.g., changes in long-term contracts, new borrowings, or business combinations).

The amendments in this Update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 and can be applied either prospectively or retrospectively.

Early adoption is permitted.

We are still evaluating the impact, but do not expect the adoption of the standard to have a material impact on our Consolidated Financial Statements.

Intangibles—Goodwill and Other—Internal-Use Software.

On September 18, 2025, the FASB issued ASU 2025-06 which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40.

The amendments in the ASU remove all references to prescriptive and sequential software development stages throughout Subtopic 350-40.

Therefore, an entity is required to start capitalizing software costs when both of the following occur:

(i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended (the “probable-to-complete recognition threshold”).

In evaluating the probable-to-complete recognition threshold, an entity is required to consider whether there is significant uncertainty associated with the development activities of the software (“significant development uncertainty”).

Significant development uncertainty exists if either of the following factors is present:

(i) the software being developed has technological innovations or novel, unique, or unproven functions or features, and the uncertainty related to those technological innovations, functions, or features, if identified, has not been resolved through coding and testing or (ii) the entity has not determined what it needs the software to do (for example, functions or features), including whether the entity has not identified or continues to substantially revise the software’s significant performance requirements.

The amendments in the ASU specify that the disclosures in Subtopic 360-10, Property, Plant, and Equipment—Overall, are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements.

Additionally, the amendments clarify that the intangibles disclosures in paragraphs 350-30-50-1 through 50-3 are not required for capitalized internal-use software costs.

The amendments in the ASU are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods.

Early adoption is permitted as of the beginning of an annual reporting period.

The amendments in the ASU permit an entity to apply the new guidance using any of the following transition approaches:

(i) a prospective transition approach, (ii) modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or (iii) a retrospective transition approach.

We are still evaluating the impact the adoption of the standard will have on our Consolidated Financial Statements.

Financial Instruments — Credit Losses.

On July 30, 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets.

The ASU relates to estimating credit losses for current accounts receivable and current contract assets arising from revenue transactions accounted for under ASC 606, Revenue from Contracts with Customers, including those acquired in a transaction accounted for under ASC 805, Business Combinations.

For all entities, the ASU provides a practical expedient to assume that current conditions as of the balance sheet date will persist through the reasonable and supportable forecast period for eligible assets.

Entities will still be required to adjust historical data used in the estimation to reflect current conditions.

If elected, the practical expedient must be applied consistently to all eligible current accounts receivable and current contract assets.

Entities will be required to disclose if they have elected the practical expedient.

The new guidance will be effective for interim and annual periods beginning after December 15, 2025 and is to be adopted on a prospective basis.

Early adoption is permitted;

if adopted in an interim reporting period, the entity must adopt the guidance as of the beginning of the annual reporting period that includes the interim period.

We are still evaluating the impact, but do not expect the adoption of the standard to have a material impact on our Consolidated Financial Statements.

Business Combinations and Consolidation.

On May 12, 2025, the FASB issued ASU 2025-03, which revises the guidance in ASC 805 on identifying the accounting acquirer in a business combination in which the legal acquiree is a variable interest entity ("VIE").

The ASU is intended to improve comparability between business combinations that involve VIEs and those that do not.

Under ASU 2025-03, a reporting entity involved in a business combination effected primarily by the exchange of equity interests must consider the factors in ASC 805-10-55-12 through 55-15 to determine which entity is the accounting acquirer regardless of whether the legal acquiree is a VIE.

More specifically, when considering those factors, the reporting entity can determine that a transaction in which the legal acquiree is a VIE represents a reverse acquisition (in which the legal acquirer is identified as the acquiree for accounting purposes).

As a result, comparability is increased with business combinations in which the legal acquiree is a VIE.

ASU 2025-03 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years.

Early adoption is permitted.

The amendments in ASU 2025-03 must

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

be applied prospectively to any business combination that occurs after the initial adoption date.

We are still evaluating the impact, but do not expect the adoption of the standard to have a material impact on our Consolidated Financial Statements.

Income Statement — Reporting Comprehensive Income.

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2024-03 "Disaggregation of Income Statement Expenses." The update requires public business entities to disclose in a tabular format, on an annual and interim basis, purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion for each income statement line item that contains those expenses.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Specified expenses, gains and losses that are already disclosed under existing US GAAP are also required to be included in the disaggregated income statement expense line-item disclosures, and any remaining amounts need to be described qualitatively.

Separate disclosures of total selling expenses and an entity’s definition of those expenses are also required.

Specified expenses, gains and losses that are already disclosed under existing U.S.

GAAP are also required to be included in the disaggregated income statement expense line-item disclosures, and any remaining amounts need to be described qualitatively.

Separate disclosures of total selling expenses and an entity’s definition of those expenses are also required annually.

The ASU is effective for public entities for annual periods with fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027.

We are still evaluating the impact on our financial statement disclosures.

Stock Compensation.

In March 2024, the FASB issued ASU No.

2024-01 "Compensation—Stock Compensation (Topic 718):

Scope Application of Profits Interest and Similar Awards." The amendments in this update clarify how an entity determines whether a profits interest or similar award (“profits interest award”) is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and should be accounted for in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 or other ASC topics.

The amendments specifically add an illustrative example that includes four fact patterns to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance with Topic 718.

The fact patterns in the illustrative example focus on the scope conditions in paragraph 718-10-15-3.

The illustrative example is intended to reduce (1) complexity in determining whether a profits interest award is subject to the guidance in Topic 718 and (2) existing diversity in practice.

The amendments in this update are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods.

We are still evaluating the impact, but do not expect the adoption of the standard to have a material impact on our Consolidated Financial Statements.

Income Taxes .

In December 2023, the FASB issued ASU No.

2023-09 "Income Taxes (Topic 740):

Improvements to Income Tax Disclosures." The new ASU requires public business entities, on an annual basis, to provide a tabular rate reconciliation (using both percentages and reporting currency amounts) of (1) the reported income tax expense (or benefit) from continuing operations, to (2) the product of the income (or loss) from continuing operations before income taxes and the applicable statutory federal (national) income tax rate of the jurisdiction (country) of domicile using specific categories and separate disclosure for any reconciling items within certain categories that are equal to or greater than a specified quantitative threshold.

A public business entity is required to provide an explanation, if not otherwise evident, of the individual reconciling items disclosed, such as the nature, effect, and underlying causes of the reconciling items and the judgment used in categorizing the reconciling items.

For each annual period presented, the ASU requires all reporting entities to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign.

It also requires additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received).

The ASU requires that all reporting entities disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign.

The ASU is effective for public entities for annual periods beginning after December 15, 2024.

Public entities are required to adopt the ASU prospectively.

However, public entities are permitted to apply the amendments in the ASU retrospectively.

We are still evaluating the impact on our financial statement disclosures.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenue Recognition.

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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 %

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2025 Acquisitions and Investments.

In the first quarter of 2023, the Company acquired a company in Canada within the International operating segment.

In the fourth quarter of 2025, we acquired a company within the Workforce Solutions operating segment to expand our product offerings.

2024 Acquisitions and Investments.

We did not complete any acquisitions during 2024.

2023 Acquisitions and Investments.

In the first quarter of 2023, we acquired a company in Canada within the International operating segment.

On August 7, 2023, we acquired the remaining interest of our investment in BVS, a consumer and commercial credit information company in Brazil, within the International operating segment for total consideration of approximately $ 870 million consisting of approximately $ 510 million in cash, 2,171,615 shares of Equifax do Brasil with a fair value of approximately $ 176 million, and 479,725 shares of Equifax Inc.

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We have completed the allocation of the purchase prices for the 2023 acquisitions.

2022 Acquisitions and Investments.

In the first quarter of 2022, the Company acquired 100 % of Efficient Hire, a provider of cloud recruiting, onboarding and human resources management solutions, within the Workforce Solutions operating segment, and Data Crédito, a consumer credit reporting agency in the Dominican Republic, within the International operating segment.

In the third quarter of 2022, the Company acquired 100 % of LawLogix, a provider of cloud-based I-9 software and immigration case management software, within the Workforce Solutions operating segment, and Midigator, a provider of post-transaction fraud mitigation solutions, within the USIS business segment.

We have completed the allocation of the purchase prices for the 2022 acquisitions.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Purchase Price Allocation.

The following table summarizes the final fair value of the net assets acquired and the liabilities assumed for the acquisitions occurring in 2023.

(In millions)

Accounts receivable and other current assets 35.2

Other assets 51.0

Purchased intangible assets (1)

Total assets acquired 903.8

Total liabilities assumed ( 30.5 )

Net assets acquired $ 873.3

(1) Purchased intangible assets are further disaggregated in the following table.

(2) The goodwill related to the 2023 acquisitions was recognized in the International operating segments.

As of December 31, 2023, an immaterial amount of the goodwill related to the 2023 acquisitions was tax deductible.

The primary reasons the purchase price of these acquisitions exceeded the fair value of the net assets acquired, which resulted in the recognition of goodwill, were expanded growth opportunities from new or enhanced product offerings and geographies, cost savings from the elimination of duplicative activities and the acquisition of an assembled workforce that are not recognized as assets apart from goodwill.

Intangible asset category Fair Value Weighted-average useful life

(in millions) (in years)

Purchased data files $ 64.3 5.6

Customer relationships 172.9 10.0

Acquired software and technology 0.5 5.0

Trade names and other intangible assets 4.8 2.0

Non-compete agreements 0.2 5.0

Total acquired intangibles $ 242.7

GOODWILL AND INTANGIBLE ASSETS

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The fair value estimates for our reporting units were determined using a combination of the income and market approaches in accordance with the Company’s methodology.

Our annual impairment tests as of December 1, 2024, December 1, 2023 and September 30, 2022 resulted in no impairment of goodwill.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Our annual impairment tests as of December 1, 2025, 2024 and 2023 resulted in no impairment of goodwill.

Changes in the amount of goodwill for the twelve months ended December 31, 2025 and 2024, are as follows:

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Balance, December 31, 2023 $ 2,520.2 $ 2,006.2 $ 2,303.5 $ 6,829.9

Acquisitions — — 410.4 410.4

Adjustments to initial purchase price allocation — — ( 68.7 ) ( 68.7 )

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Balance, December 31, 2024 2,519.8 2,006.2 2,021.8 6,547.8

Adjustments to initial purchase price allocation — — ( 68.7 ) ( 68.7 )

Acquisitions 54.1 — — 54.1

Foreign currency translation 0.2 — 143.6 143.8

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Notes, 2.60 %, due December 2025

Notes, 3.25 %, due June 2026

Term loan, due August 2026 — 695.6

Notes, 5.10 %, due December 2027

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Notes, 7.00 %, due July 2037

Other 2.2 1.2

Total debt 5,114.2 5,037.7

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(In millions)

2026 $ 1,038.0

Thereafter 1,250.0

Total debt $ 5,114.2

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4.8 % Senior Notes.

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Interest on the 2029 Notes accrues at a rate of 4.8 % per year and is payable semi-annually in arrears on March 15 and September 15 of each year.

The net proceeds of the sale of the 2029 Notes were ultimately used for general corporate purposes, including the repayment of borrowings under our then-outstanding delayed draw term loan (the "Term Loan") prior to the August 2026 maturity.

The net proceeds of the sale of the 2029 Notes were ultimately used for general corporate purposes, including the repayment of borrowings under our then-

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

outstanding delayed draw term loan (the "Term Loan") prior to the August 2026 maturity.

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.

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The net proceeds of the sale of the 2031 Notes were used to repay the then-outstanding $ 300 million 3.6 % Senior Notes due 2021 and $ 300 million Floating Rate Notes due 2021.

The remaining proceeds were used for general corporate purposes, including the repayment of borrowings under our CP program and the funding of acquisitions, including the Company’s $ 1.825 billion acquisition of Appriss Insights.

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The 2025 Notes and 2030 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.

2.6 % Senior Notes.

On November 15, 2019, we issued $ 750.0 million aggregate principal amount of 2.6 % five-year Senior Notes due 2024 (the “2024 Notes”) in an underwritten public offering.

Interest on the 2024 Notes accrues at a rate of 2.6 % per year and is payable semi-annually in arrears on June 1 and December 1 of each year of each year.

The net proceeds of the sale of the notes were used to repay borrowings under our Receivables Facility and our CP program and for general corporate purposes.

The 2024 Notes were unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.

In December 2024, we repaid the 2.6 % Senior Notes with cash on hand and CP outstanding.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In December 2025, we repaid the 2025 Notes with CP outstanding.

Senior Credit Facility.

We have access to a $ 1.5 billion five -year unsecured revolving credit facility (the Revolver), which matures in August 2028.

In March 2023, we amended the Revolver (as well as our then-outstanding Term Loan) to adjust our debt covenant requirements and incorporate the Secured Overnight Financing Rate (SOFR) into our agreement, among other changes.

Borrowings under the Revolver may be used for working capital, for capital expenditures, to refinance existing debt, to finance acquisitions and for other general corporate purposes.

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.

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 $ 1,212.1 million at December 31, 2024.

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

Under the Revolver, the Company must comply with various financial and non-financial covenants.

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We may also elect to increase the maximum leverage ratio by 0.5 to 1.0 (subject to a maximum leverage ratio of 4.25 to 1.0) in connection with certain material acquisitions if we satisfy certain requirements.

The Revolver also permits cash in excess of $ 175 million to be netted against debt in the calculation of the leverage ratio, subject to certain restrictions.

The Revolver also permits cash in excess of

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

$ 175 million to be netted against debt in the calculation of the leverage ratio, subject to certain restrictions.

Compliance with this financial covenant is tested quarterly.

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Maturities of CP can range from overnight to 397 days.

Because the CP is backstopped by our Revolver, the amount of CP which may be issued under the program is reduced by the outstanding face amount of any letters of credit issued and by the outstanding borrowings under our Revolver.

Because the CP program is backstopped by our Revolver, the amount of CP which may be issued under the program is reduced by the outstanding face amount of any letters of credit issued and by the outstanding borrowings under our Revolver.

At December 31, 2025, there were $ 762.0 million of outstanding CP notes.

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Cash paid for interest was $ 209.7 million, $ 214.9 million and $ 231.5 million during the twelve months ended December 31, 2025, 2024 and 2023, respectively.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

COMMITMENTS AND CONTINGENCIES

Remaining Matters Related to 2017 Cybersecurity Incident

Canadian Class Actions.

Five putative Canadian class actions, four of which are on behalf of a national class of approximately 19,000 Canadian consumers, are pending against us in Ontario, British Columbia and Alberta.

Each of the proposed Canadian class actions asserts a number of common law and statutory claims seeking monetary damages and other related relief in connection with a material cybersecurity incident in 2017.

In addition to seeking class certification on behalf of Canadian consumers whose personal information was allegedly impacted by the 2017 cybersecurity incident, in some cases, plaintiffs also seek class certification on behalf of a larger group of Canadian consumers who had contracts for subscription products with Equifax around the time of the incident or earlier and were not impacted by the incident.

The Ontario class action has been certified in part but is otherwise at a preliminary stage.

All other purported class actions are at preliminary stages or stayed.

In December 2021, we received a Civil Investigative Demand (a “CID”) from the Consumer Financial Protection Bureau ("CFPB") as part of its investigation into our consumer disputes process at our USIS business unit in order to determine whether we have followed Fair Credit Reporting Act ("FCRA") requirements for the proper handling of consumer disputes.

The CID requested the production of documents and answers to written questions.

In January 2023, the CFPB informed us that its enforcement division would be investigating our previously-disclosed coding issue identified within a legacy server environment in the U.S.

that impacted how some credit scores were calculated during a three-week period in 2022.

In January 2025, we entered into a consent order with the CFPB to settle the investigation into our consumer disputes process at our USIS business unit and the investigation into our previously-disclosed coding issue.

The consent order resolves these investigations and requires the payment of a civil money penalty of $ 15 million.

As part of the settlement, the Company has agreed to modify certain business practices.

Legal Settlement

Equifax has been named as a defendant in four related class action lawsuits pending in federal courts across the country concerning inquiry disputes on consumers’ credit files.

In January 2026, Equifax and the plaintiffs’ attorneys who filed the lawsuits reached an agreement in principle to settle the claims at issue on a nationwide and class-wide basis.

The parties have filed a notice of settlement with one federal court and expect to provide the same notice in other pending lawsuits.

If the final terms of a settlement agreement cannot be agreed upon, or if the settlement is not ultimately approved by the court, Equifax believes it has valid defenses to each of these actions and will continue to defend against them.

We accrued an estimate of $ 30.0 million related to these matters in the fourth quarter of 2025, which represents our best estimate of the liability related to global settlement of these matters.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Data Processing, Outsourcing Services and Other Agreements

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or the general rate of inflation.

In certain circumstances (e.g., a change in control or for our convenience), we may terminate these agreements, and, in doing so, certain of these agreements require us to pay significant termination fees.

In certain circumstances (e.g., a change in control or for our convenience), we may terminate these data processing and outsourcing agreements, and, in doing so, certain of these agreements require us to pay significant termination fees.

Under our agreement with Google, we have agreed to purchase cloud platform services and cloud marketplace software and we have outsourced certain areas of our network and security infrastructure.

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In the event of a qualifying termination, the executive will become entitled to continuation of certain employee benefits for two years , as well as a lump sum severance payment, all of which differs by executive.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Change in control events potentially triggering benefits under the CIC Plan and Mr.

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We had no accruals related to guarantees on our Consolidated Balance Sheets at December 31, 2025.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

General Indemnifications

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The Company maintains directors and officers liability insurance coverage to reduce its exposure to such obligations.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We cannot reasonably estimate our potential future payments under the indemnities and related provisions described above because we cannot predict when and under what circumstances these provisions may be triggered.

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Contingencies

In addition to the matters set forth above, we are involved in legal and regulatory matters, government investigations, claims and litigation arising in the ordinary course of business.

We are involved in legal and regulatory matters, government investigations, claims and litigation arising in the ordinary course of business.

We periodically assess our exposure related to these matters based on the information which is available.

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We accrue for unpaid legal fees for services performed to date.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The provision for income taxes consisted of the following:

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Provision for income taxes $ 230.6 $ 203.2 $ 166.2

Domestic and foreign income before income taxes was as follows:

The components of consolidated income before income taxes were as follows:

Twelve Months Ended December 31,

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Foreign 162.0 158.6 144.7

Consolidated income before income taxes

$ 894.9 $ 810.5 $ 717.9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The provision for income taxes reconciles with the U.S.

federal statutory rate, as follows:

Beginning in the fiscal year ended December 31, 2025, we adopted ASU 2023-09 prospectively.

See Note 1ーSummary of Significant Accounting PoliciesーAdoption of New Accounting Standards for additional details on the adoption of ASU 2023-09.

A reconciliation of the U.S.

federal statutory income tax rate to our effective income tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:

Twelve Months Ended December 31,

(In millions)

federal statutory income tax rate

$ 187.9 21.0 %

State and local income taxes, net of federal income tax effect (1)

Foreign tax effects

Effect of cross-border tax laws

( 7.7 ) ( 0.9 ) %

Research and development tax credits

( 19.2 ) ( 2.1 ) %

Other ( 0.1 ) — %

Non-taxable or non-deductible items

Excess officer's compensation

Other 1.0 0.2 %

Changes in unrecognized tax benefits

( 1.3 ) ( 0.2 ) %

Effective income tax rate

$ 230.6 25.8 %

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(1) The states that contribute to the majority of the tax effect in this category are California, Maryland, Tennessee, New York, Pennsylvania, Illinois and Connecticut.

A reconciliation of the U.S.

federal statutory income tax rate to our effective income tax rate for the years ended December 31, 2024 and 2023 is as follows:

Twelve Months Ended December 31,

(In millions)

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Effective income tax rate 25.1 % 23.2 %

We record deferred income taxes using enacted tax laws and rates for the years in which the taxes are expected to be paid.

Deferred income tax assets and liabilities are recorded based on the differences between the financial reporting and income tax bases of assets and liabilities.

For additional information about our income tax policy see Note 1 of the Notes to Consolidated Financial Statements.

Cash paid for income taxes, net of refunds received, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:

Twelve Months Ended December 31,

(In millions)

Cash paid for income taxes, net of refunds received

Cash paid for income taxes, net of amounts refunded, was $ 268.1 million and $ 203.2 million during the twelve months ended December 31, 2024 and 2023, respectively.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Components of the deferred income tax assets and liabilities at December 31, 2024 and 2023 were as follows:

Our deferred income tax assets (liabilities) are as follows:

(In millions)

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Net deferred income tax liability $ ( 351.7 ) $ ( 317.8 )

Our deferred income tax assets and deferred income tax liabilities at December 31, 2024 and 2023 are included in the accompanying Consolidated Balance Sheets as follows:

Our deferred income tax assets and deferred income tax liabilities are included in the accompanying Consolidated Balance Sheets as follows:

(In millions)

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Net deferred income tax liability $ ( 351.7 ) $ ( 317.8 )

We record deferred income taxes on the temporary differences of our foreign subsidiaries, except for the temporary differences related to undistributed earnings of subsidiaries which we consider indefinitely invested.

As of December 31, 2024, we have indefinitely invested $ 323.9 million attributable to undistributed earnings of our Canadian and Chilean subsidiaries.

If these earnings were not considered indefinitely invested, we estimate that $ 26.1 million of deferred withholding tax liability would have been provided.

Further, we are indefinitely invested with respect to the original investment in foreign subsidiaries.

We have not recorded a deferred tax asset on the outside basis of foreign subsidiaries as we have no intent to sell or divest of them.

However, we have provided for local country withholding taxes related to the outside basis of our foreign subsidiaries.

At December 31, 2025, we had U.S.

federal and state net operating loss carryforwards of $ 7.0 million and $ 280.3 million, respectively, which will expire at various times between 2028 and 2044.

We also had foreign net operating loss carryforwards totaling $ 241.1 million of which $ 8.6 million will expire between 2025 and 2041 and the remaining $ 232.5 million will carryforward indefinitely.

Foreign capital loss carryforwards of $ 16.6 million may be carried forward indefinitely.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We had foreign tax credit carryforwards of $ 17.3 million which will expire in the years 2025 through 2028.

federal and state net operating loss carryforwards of $ 12.0 million and $ 228.4 million, respectively, which expire at various times between 2028 and 2047.

Foreign net operating loss carryforwards totaled $ 243.5 million, of which $ 11.4 million expire between 2026 and 2045, and the remaining $ 232.1 million may be carried forward indefinitely.

We also had foreign capital loss carryforwards of $ 17.9 million which do not expire and foreign tax credit carryforwards of $ 8.1 million that expire between 2026 and 2028.

Additionally, we had state and foreign research and development credit carryforwards of $ 30.5 million;

The state credits expire between 2027 and 2034 and the foreign credits have an indefinite expiration period.

We have state §163(j) interest limitation carryovers of $ 569.1 million which have an indefinite expiration period.

The tax effected amount of the state §163(j) interest limitation carryovers is $ 5.0 million.

The deferred tax asset related to the net operating loss, capital loss carryforwards, foreign tax credit carryforwards, §163(j) carryforwards and research and development credit is $ 133.4 million of which $ 60.4 million has been fully reserved in the deferred tax valuation allowance.

Cash paid for income taxes, net of amounts refunded, was $ 268.1 million, $ 203.2 million and $ 152.4 million during the twelve months ended December 31, 2024, 2023 and 2022, respectively.

the state credits expire between 2027 and 2034, while the foreign credits carry forward indefinitely.

Regarding interest expense, we had state §163(j) interest limitation carryforwards of $ 586.0 million (tax-effected at $ 4.5 million) with an indefinite expiration period, and foreign interest expense carryforwards of $ 12.4 million (tax effected at $ 3.7 million) which expire between 2039 and 2040.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The total deferred tax asset related to these net operating losses, capital losses, credits, and interest limitations is $ 131.8 million, of which $ 56.4 million is offset by a valuation allowance.

We record deferred income taxes on temporary differences of our foreign subsidiaries, except for those related to undistributed earnings that we consider indefinitely reinvested.

As of December 31, 2025, this assertion applies to certain earnings of our Canadian and Chilean subsidiaries.

If these earnings were repatriated, we estimate the associated income and foreign withholding taxes would be approximately $ 25.8 million.

Additionally, we are indefinitely reinvested in the outside basis of our foreign subsidiaries, as we have no intent to sell or liquidate these entities.

Accordingly, no deferred tax assets or liabilities have been recognized for these basis differences, except for local country withholding taxes which we have accrued as we expect those specific amounts to be incurred upon eventual realization of certain components of that basis.

We recognize interest and penalties accrued related to unrecognized tax benefits in the provision for income taxes on our Consolidated Statements of Income.

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We are generally no longer subject to federal, state or international income tax examinations by tax authorities for years before 2017 with a few exceptions.

Due to the potential for resolution of state and foreign examinations, and the expiration of various statutes of limitations, it is reasonably possible that Equifax’s gross unrecognized tax benefit balance may change within the next twelve months by a range of zero to $ 15.8 million.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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Pension Benefits.

Pension benefits are provided through U.S., and previously, Canadian defined benefit pension plans that were settled in 2022 and three supplemental executive defined benefit pension plans.

Pension benefits are provided through U.S.

defined benefit pension plans and three supplemental executive defined benefit pension plans.

Retirement Plans.

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Interest cost 24.4 24.2 0.5 0.6

Amendments — — — 0.3

Actuarial (gain) loss ( 9.5 ) 11.3 ( 0.7 ) ( 1.5 )

Actuarial loss (gain) 8.7 ( 9.5 ) 0.4 ( 0.7 )

Foreign currency exchange rate changes — — 0.1 ( 0.1 )

Settlements — ( 34.5 ) — —

Benefits paid ( 39.6 ) ( 39.8 ) ( 1.3 ) ( 1.3 )

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Other disbursements — — ( 0.9 ) —

Settlements — ( 31.8 ) — —

Benefits paid ( 39.6 ) ( 39.8 ) ( 1.1 ) ( 0.2 )

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Funded status of plan $ ( 106.4 ) $ ( 109.9 ) $ 0.3 $ 1.0

The accumulated benefit obligation for the USRIP and supplemental retirement plans was $ 441.8 million at December 31, 2024.

The accumulated benefit obligation for the USRIP and supplemental retirement plans was $ 466.1 million at December 31, 2023.

The accumulated benefit obligation for the USRIP and supplemental retirement plans was $ 435.9 million and $ 441.8 million at December 31, 2025 and 2024, respectively.

At December 31, 2025 and 2024, the USRIP had projected benefit obligations and accumulated benefit obligations in excess of the plan's respective assets.

The fair value of plan assets for this plan were $ 329.5 million and $ 331.9 million and the projected benefit obligation and accumulated benefit obligation were $ 353.3 million and $ 357.4 million at December 31, 2025 and 2024, respectively.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

At December 31, 2024, the USRIP had projected benefit obligations and accumulated benefit obligations in excess of the plan's respective assets.

The fair value of plan assets for this plan were $ 331.9 million and the projected benefit obligation and accumulated benefit obligation were $ 357.4 million at December 31, 2024.

At December 31, 2024, our supplemental retirement plans had projected benefit obligations and accumulated benefit obligations in excess of those plans’ respective assets.

The projected benefit obligation and accumulated benefit obligation for these plans in the aggregate were $ 84.4 million and these plans did not have any plan assets at December 31, 2024.

At December 31, 2023, the USRIP had projected benefit obligations and accumulated benefit obligations in excess of the plan's respective assets.

The fair value of plan assets for this plan were $ 363.5 million and the projected benefit obligation and accumulated benefit obligation were $ 377.9 million at December 31, 2023.

At December 31, 2023, our supplemental retirement plans had projected benefit obligations and accumulated benefit obligations in excess of those plans’ respective assets.

The projected benefit obligation and accumulated benefit obligation for these plans in the aggregate were $ 88.2 million and these plans did not have any plan assets at December 31, 2023.

At December 31, 2025 and 2024, our supplemental retirement plans had projected benefit obligations and accumulated benefit obligations in excess of those plans’ respective assets.

The projected benefit obligation and accumulated benefit obligation for these plans in the aggregate were $ 82.6 million and $ 84.4 million at December 31, 2025 and 2024, respectively, and these plans did not have any plan assets at December 31, 2025 or 2024.

The following table represents the net amounts recognized, or the funded status of our pension and other postretirement benefit plans, in our Consolidated Balance Sheets at December 31, 2025 and 2024:

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At December 31, 2025 and 2024, amounts included in accumulated other comprehensive loss related to pension benefit plans consisted of prior service cost of $ 3.4 million and $ 3.5 million, net of accumulated taxes of $ 1.1 million and $ 1.1 million, respectively.

For the twelve months ended December 31, 2024 and 2023, we recognized a loss of $ 11.6 million and $ 0.1 million, respectively, through net periodic benefit cost related to the annual mark-to-market remeasurement of our pension and postretirement plans.

For the twelve months ended December 31, 2025 and 2024, we recognized a gain of $ 0.6 million and a loss of $ 11.6 million, respectively, through net periodic benefit cost related to the annual mark-to-market remeasurement of our pension and postretirement plans.

For the twelve months ended December 31, 2025 and 2024, amounts recognized through net periodic benefit cost related to prior service cost, curtailments and settlements were not material.

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Amortization of prior service cost 0.5 0.6 0.4 ( 0.4 ) ( 0.5 ) ( 0.5 )

Recognized actuarial loss (gain) - mark to market 11.7 1.9 ( 2.7 ) ( 0.1 ) ( 1.8 ) 0.5

Settlements — — ( 1.0 ) — — —

Recognized actuarial (gain) loss - mark to market ( 0.8 ) 11.7 1.9 0.2 ( 0.1 ) ( 1.8 )

Total net periodic benefit cost (income) $ 4.3 $ 14.8 $ 8.1 $ ( 0.2 ) $ ( 0.6 ) $ ( 2.1 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Weighted-Average Assumptions

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Rate of compensation increase 6.00 % 6.00 % 6.00 % N/A N/A N/A

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Mortality Rates.

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We use a mark-to-market approach to recognize actuarial gains and losses and expected return on plan assets for our defined benefit pension and other postretirement benefit plans.

Under this accounting principle, the expected returns on plan assets are used to estimate pension expense throughout the year and remeasurement of the projected benefit obligation and plan assets are immediately recognized in earnings through net periodic benefit cost within Other income (expense), net on the Consolidated Statements of Income with pension and postretirement plans remeasured annually in the fourth quarter.

We estimate that the future benefits payable for our retirement and postretirement plans are as follows at December 31, 2025:

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Next five fiscal years to December 31, 2035 $ 169.1 $ 3.9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Fair Value of Plan Assets.

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Real Assets (4)

10.2 10.2 — —

Total plan assets in the fair value hierarchy $ 255.0 $ 10.2 $ 228.9 $ 15.9

1 unchanged sentence

Total plan assets $ 329.5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Fair Value Measurements at Reporting Date Using:

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Real Assets (4)

Total plan assets in the fair value hierarchy

$ 263.1 $ 3.8 $ 241.5 $ 17.8

Investments measured at net asset value

Total plan assets

$ 363.5 $ 25.1 $ 319.8 $ 18.6

(1) Fair value is based on observable market prices for the assets.

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The Plan intends to hold these investments through each fund’s normal life cycle and wind down period.

As of both December 31, 2024 and 2023, we had $ 10.0 million of remaining commitments related to these private equity investments.

As of December 31, 2025 and 2024, we had $ 7.7 million and $ 10.0 million of remaining commitments related to these private equity investments, respectively.

(4) The fair value of Real Assets are reported by the fund manager based on a combination of the following valuation approaches:

2 unchanged sentences

(5) In accordance with FASB ASC Subtopic 820-10, certain investments measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy.

The fair value amounts presented in this

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

table are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets presented in the funded status reconciliation.

The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets presented in the funded status reconciliation.

Investments measured at net asset value include Diversified Credit and Real Assets.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table shows a reconciliation of the beginning and ending balances for assets valued using significant unobservable inputs for the years ended December 31, 2025 and 2024:

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Real Assets (4)

Total plan assets in the fair value hierarchy $ 8.5 $ 0.1 $ 7.8 $ 0.6

Investments measured at net asset value

Total plan assets

$ 10.7 $ 0.8 $ 9.4 $ 0.5

(1) Fair value is based on observable market prices for the assets.

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As of December 31, 2025, the approved allocation ranges are set forth in the table below, with a 60 % targeted allocation to Liability-Hedging Assets and a 40 % targeted allocation to Return-Seeking Assets.

Liability-Hedging Assets represent investments which are meant to provide a hedge relative to the USRIP’s liabilities and consist primarily of fixed income securities.

Return-Seeking Assets include any asset class not intended to hedge the USRIP’s liabilities.

At December 31, 2024, these assets included domestic and international equities, private equity (including secondary

Liability-Hedging Assets represent investments which are meant to provide a hedge relative to the USRIP’s liabilities and

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

private equity), real assets and diversified credit.

consist primarily of fixed income securities.

Return-Seeking Assets include any asset class not intended to hedge the USRIP’s liabilities.

At December 31, 2025, these assets included domestic and international equities, private equity (including secondary private equity), real assets and diversified credit.

The diversified credit strategy invests in a diversified portfolio of credit assets, including securitized, corporate, high yield, and emerging market debt, among others.

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Real Assets 5 % - 20 %

12.3 % 11.7 %

Diversified Credit 5 % - 20 %

11.4 % 10.4 %

Fixed Income 45 % - 90 %

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One of these trusts held 0.6 million shares of Equifax stock with a value, at cost, of $ 5.9 million at both December 31, 2025 and December 31, 2024, as well as cash, which was not material for both periods presented.

These employee benefits trust assets are dedicated to ensure the payment of benefits accrued under our supplemental retirement plans, and to ensure full funding of the accrued benefits in case of a change in control, as defined in the trust agreements.

These employee benefits trust assets are dedicated to ensure the payment of benefits accrued under our supplemental retirement

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

assets in these plan trusts which are recorded on our Consolidated Balance Sheets are subject to creditor’s claims in case of insolvency of Equifax Inc.

plans, and to ensure full funding of the accrued benefits in case of a change in control, as defined in the trust agreements.

The assets in these plan trusts which are recorded on our Consolidated Balance Sheets are subject to creditor’s claims in case of insolvency of Equifax Inc.

ACCUMULATED OTHER COMPREHENSIVE LOSS

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Balance, December 31, 2023 $ ( 426.7 ) $ ( 3.6 ) $ ( 0.9 ) $ ( 431.2 )

Other comprehensive income before reclassifications 42.6 — 0.1 42.7

Other comprehensive (loss) income before reclassifications ( 291.7 ) — 0.1 ( 291.6 )

Amounts reclassified from accumulated other comprehensive loss — 0.1 — 0.1

Balance, December 31, 2024 ( 718.4 ) ( 3.5 ) ( 0.8 ) ( 722.7 )

Other comprehensive (loss) income before reclassifications ( 291.7 ) — 0.1 ( 291.6 )

Other comprehensive income before reclassifications 205.4 — 0.1 205.5

Amounts reclassified from accumulated other comprehensive loss — 0.1 — 0.1

Balance, December 31, 2025 $ ( 513.0 ) $ ( 3.4 ) $ ( 0.7 ) $ ( 517.1 )

The change in accumulated other comprehensive loss related to noncontrolling interests including redeemable noncontrolling interests for the twelve months ended December 31, 2024 was $ 29.3 million, primarily related to foreign currency translation adjustment.

Changes in accumulated other comprehensive loss related to noncontrolling interests including redeemable noncontrolling interests were not material for the twelve months ended December 31, 2023.

The change in accumulated other comprehensive loss related to noncontrolling interests including redeemable noncontrolling interests for the twelve months ended December 31, 2025 and 2024, was an increase of $ 14.2 million and a decrease of $ 29.3 million, respectively, primarily related to foreign currency translation.

RESTRUCTURING CHARGES

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Severance costs relate to a reduction in headcount, contract termination costs primarily relate to penalties for early termination of contracts and associated costs of transition and other exit and disposal costs primarily relate to real estate exit costs.

During the twelve months ended December 31, 2025, we recorded $ 49.9 million of restructuring charges, all of which were recorded in selling, general and administrative expenses within our Consolidated Statements of Income.

These charges were recorded to general corporate expense and resulted from our continuing efforts to realign our internal resources to support the Company’s global strategic objectives and primarily relate to reductions in headcount, as well as contract terminations and associated costs, which resulted from our efforts to complete our cloud technology transformation.

During the twelve months ended December 31, 2024, we recorded $ 48.0 million of restructuring charges for the realignment of resources and other costs, all of which were recorded in selling, general and administrative expenses within our Consolidated Statements of Income.

These charges were recorded to general corporate expense and predominantly relate to our efforts to complete our technology transformation in order to support the Company’s strategic objectives.

As of December 31, 2024, $ 31.8 million of the 2024 restructuring charges have been paid.

These charges were recorded to general corporate expense and predominantly related to our ongoing efforts toward completion of our technology transformation in order to support the Company’s strategic objectives.

During the twelve months ended December 31, 2023, we recorded $ 37.6 million of restructuring charges, all of which were recorded in selling, general and administrative expenses on our Consolidated Statements of Income.

These charges were recorded to general corporate expense and resulted from our continuing efforts to realign our internal resources to support the Company’s strategic objectives and primarily relate to a reduction in headcount and contract termination and associated costs.

As of December 31, 2024, payments for the 2023 restructuring charge were substantially completed.

In the fourth quarter of 2022, we recorded $ 24.0 million of restructuring charges, all of which were recorded in selling, general and administrative expenses on our Consolidated Statements of Income.

As of December 31, 2024, payments for the 2022 restructuring charge were substantially completed.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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Contract terminations and other associated costs 2.0 7.1 ( 8.6 ) 0.5

Other exit and disposal costs — 1.4 ( 1.4 ) —

Total $ 17.6 $ 49.9 $ ( 32.8 ) $ 34.7

The changes during the twelve months ended December 31, 2023 in the liabilities associated with the restructuring charges recorded during 2023, including expenses incurred and cash payments, are as follows:

The changes during the twelve months ended December 31, 2024 in the liabilities associated with the restructuring charges recorded during 2023 and 2024, including expenses incurred and cash payments, are as follows:

Restructuring charges:

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• Workforce Solutions

Information Solutions

Information Solutions ("USIS")

• International

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The CODM considers actual results of operating income to those budgeted for each of the operating segments to assess segment performance and decide how to allocate resources.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

A summary of segment products and services is as follows:

Workforce Solutions.

This segment provides services enabling customers to verify income, employment, educational history, criminal justice data, healthcare professional licensure and sanctions of people in the U.S., as well as providing our employer customers with services that assist them in complying with and automating certain payroll-related and human resource management processes throughout the entire cycle of the employment relationship, including unemployment cost management, employee screening, employee onboarding, tax credits and incentives, I-9 management and compliance, immigration case management, tax form management services and Affordable Care Act management services.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

employer customers with services that assist them in complying with and automating certain payroll-related and human resource management processes throughout the entire cycle of the employment relationship, including unemployment cost management, employee screening, employee onboarding, tax credits and incentives, I-9 management and compliance, immigration case management, tax form management services and Affordable Care Act management services.

Information Solutions.

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General corporate expense (2)

Other expense, net ( 2.5 )

Other income, net 12.0

Interest expense (3)

13 unchanged sentences

General corporate expense (2)

Other income, net 25.7

Other expense, net ( 2.5 )

Interest expense (3)

60 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 8. Financial Statements and Supplementary Data