EQUIFAX INC

Previous wording

The following Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand the results of operations and financial condition of Equifax Inc. MD&A is provided as a supplement to and should be read in conjunction with our consolidated financial statements and the accompanying Notes to Financial Statements in Item 1 of this Form 10-Q. This section discusses the results of our operations for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024. All percentages have been calculated using unrounded amounts for each of the periods presented.

Current wording

The following Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand the results of operations and financial condition of Equifax Inc. MD&A is provided as a supplement to and should be read in conjunction with our consolidated financial statements and the accompanying Notes to Financial Statements in Item 1 of this Form 10-Q. This section discusses the results of our operations for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024. All percentages have been calculated using unrounded amounts for each of the periods presented.

Previous wording

Equifax Inc. is a global data, analytics and technology company. We provide information solutions for businesses, governments and consumers, and we provide human resources business process automation and outsourcing services for employers. 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, artificial intelligence including 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. 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.

Current wording

Equifax Inc. is a global data, analytics and technology company. We provide information solutions for businesses, governments and consumers, and we provide human resources business process automation and outsourcing services for employers. 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, healthcare professional licensure and sanctions, demographic and marketing data. We use advanced statistical techniques, artificial intelligence including 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. 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.

Previous wording

Republic, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru and Uruguay). We maintain support operations in Chile, Costa Rica, India and Ireland. We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore.

Current wording

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). We maintain support operations in Chile, Costa Rica, India and Ireland. We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore.

Previous wording

Geographic Information. We currently have operations in the following countries: Argentina, Australia, Brazil, Canada, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, India, Ireland, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the U.K., Uruguay and the U.S. We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore. Approximately 77% and 76% of our revenue was generated in the U.S. during the three months ended June 30, 2025 and 2024, respectively. Approximately 77% of our revenue was generated in the U.S. during both the six months ended June 30, 2025 and 2024.

Current wording

Geographic Information. We currently have operations in the following countries: Argentina, Australia, Brazil, Canada, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, India, Ireland, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the U.K., Uruguay and the U.S. We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore. Approximately 76% of our revenue was generated in the U.S. during the three months ended September 30, 2025 and 2024. Approximately 77% and 76% of our revenue was generated in the U.S. during the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

Key Performance Indicators. Management focuses on a variety of key indicators to monitor operating and financial performance. These performance indicators include measurements of operating revenue, change in operating revenue, operating income, operating margin, net income, diluted earnings per share, cash provided by operating activities and capital expenditures. The key performance indicators for the three and six months ended June 30, 2025 and 2024 were as follows:

Current wording

Key Performance Indicators. Management focuses on a variety of key indicators to monitor operating and financial performance. These performance indicators include measurements of operating revenue, change in operating revenue, operating income, operating margin, net income, diluted earnings per share, cash provided by operating activities and capital expenditures. The key performance indicators for the three and nine months ended September 30, 2025 and 2024 were as follows:

Previous wording

•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 479,506 shares of our common stock on the open market for $127.4 million, excluding brokerage commissions and excise taxes of $0.7 million, during the first six months of 2025, all of which was purchased in the three months ended June 30, 2025. We did not repurchase any shares from public market transactions during the first six months of 2024. At June 30, 2025, approximately $2.9 billion was available for future purchases of common stock under our share repurchase authorization.

Current wording

•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 1,237,362 shares of our common stock on the open market for $300.0 million, excluding brokerage commissions and excise taxes of $2.8 million, during the third quarter of 2025. We repurchased 1,716,868 shares of our common stock on the open market for $427.4 million, excluding brokerage commissions and excise taxes of $3.5 million, during the first nine months of 2025. We did not repurchase any shares from public market transactions during the third quarter or first nine months of 2024. At September 30, 2025, approximately $2.6 billion was available for future purchases of common stock under our share repurchase authorization.

Previous wording

•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 $110.5 million, or $0.89 per share, in dividends to our shareholders during the first six months of 2025.

Current wording

•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 $61.5 million, or $0.50 per share, and $172.0 million, or $1.39 per share, in dividends to our shareholders during the third quarter and first nine months of 2025, respectively.

Previous wording

Revenue increased by $106.5 million, or 7%, and increased by $159.1 million, or 6%, for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024. Total revenue was negatively impacted by foreign exchange rates, which decreased revenue by $5.9 million, or less than 1%, and $25.9 million, or 1%, for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024.

Current wording

Revenue increased by $103.1 million, or 7%, and increased by $262.2 million, or 6%, for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. Total revenue was negatively impacted by foreign exchange rates, which decreased revenue by $2.6 million, or less than 1%, and $28.5 million, or 1%, for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024.

Previous wording

Revenue increased for both periods due to revenue growth in all three business units. USIS revenue growth is primarily due to growth in mortgage revenue and non-mortgage revenue in Online Information Solutions, as well as growth in Financial Marketing Services. Workforce Solutions revenue growth is primarily due to growth in Verification Services, partially offset by declines in Employer Services. International revenue growth for both periods is primarily driven by growth in Europe and Latin America.

Current wording

Revenue increased for both periods due to revenue growth in all three business units. USIS revenue growth is primarily due to growth in mortgage revenue and non-mortgage revenue in Online Information Solutions, as well as growth in Financial Marketing Services. Workforce Solutions revenue growth for both periods is primarily due to growth in Verification Services. Workforce Solutions revenue growth in the first nine months is partially offset by declines in Employer Services. International revenue growth for both periods is primarily driven by growth in Europe and Latin America. International revenue growth in the third quarter is also driven by growth in Canada.

Previous wording

Cost of services increased $33.7 million and $62.6 million in the second quarter and first six months of 2025, respectively, compared to the same periods in 2024. The increase for both periods is primarily due to higher revenue share, royalty and purchased data and information costs, partially offset by a decrease in people costs. The impact of changes in foreign exchange rates on costs of services led to a decrease of $1.3 million and $10.0 million in the second quarter and first six months of 2025, respectively, compared to the same periods in 2024.

Current wording

Cost of services increased $18.0 million and $80.7 million in the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. The increase for both periods is primarily due to higher royalty, revenue share and purchased data and information costs, partially offset by a decrease in people costs. The impact of changes in foreign exchange rates on costs of services led to an increase of $0.1 million and a decrease of $9.9 million in the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024.

Previous wording

Selling, general and administrative expenses increased $31.6 million and $33.9 million for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024. The increase for both periods is primarily due to higher litigation expense and people costs. The impact of changes in foreign currency exchange rates led to a decrease in selling, general and administrative expenses of $2.6 million and $9.4 million for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024.

Current wording

Selling, general and administrative expenses increased $53.7 million and $87.5 million for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. The increase for both periods is primarily due to higher people costs and litigation expense. The impact of changes in foreign currency exchange rates led to a decrease in selling, general and administrative expenses of $1.2 million and $10.5 million for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024.

Previous wording

Depreciation and amortization expense increased $12.6 million and $22.8 million for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024. The increase for both periods 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 $0.2 million and $2.7 million for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024.

Current wording

Depreciation and amortization expense increased $14.2 million and $37.0 million for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. The increase for both periods 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 an increase in depreciation and amortization expense of $0.6 million and a decrease of $2.1 million for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024.

Previous wording

Interest Expense and Other Income (Expense), net

Current wording

Interest Expense and Other Income, net

Previous wording

Interest expense decreased by $4.2 million and $11.1 million in the second quarter and first six months of 2025, respectively, compared to the same periods in 2024. The decrease for both periods is due to lower overall debt balances when compared to the same periods in 2024.

Current wording

Interest expense decreased by $4.1 million and $15.2 million in the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. The decrease for both periods is due to lower overall debt balances when compared to the same periods in 2024.

Previous wording

Other income (expense), net, increased by $3.9 million and $4.7 million in the second quarter of 2025 and in the first six months of 2025, respectively, as compared to the same periods in 2024. The increase for both periods is primarily due to higher equity investment income and a decrease in other non-operating expenses as compared to the same periods in 2024.

Current wording

Other income, net, increased by $0.2 million and $4.9 million in the third quarter of 2025 and in the first nine months of 2025, respectively, as compared to the same periods in 2024. The increase in both periods is primarily due to higher equity investment income, partially offset by lower interest income as compared to the same periods in 2024. The increase in the first nine months is also due to a decrease in other non-operating expenses.

Previous wording

Our effective income tax rate was 26.3% for the three months ended June 30, 2025 compared to 26.4% for the three months ended June 30, 2024. Our effective income tax rate was 26.9% for the six months ended June 30, 2025 compared to 25.5% for the six months ended June 30, 2024. Our effective tax rate did not change materially for the three months ended June 30, 2025 as compared to the same period in 2024. Our effective tax rate was higher for the six months ended June 30, 2025 as compared to the same period in 2024 primarily due to the expiration of the statute of limitations related to uncertain tax positions in 2024.

Current wording

Our effective income tax rate was 25.0% for the three months ended September 30, 2025 compared to 26.4% for the three months ended September 30, 2024. Our effective income tax rate was 26.3% for the nine months ended September 30, 2025 compared to 25.8% for the nine months ended September 30, 2024. Our effective tax rate was lower for the three months ended September 30, 2025 as compared to the same period in 2024, which was primarily attributable to more favorable discrete benefits in the current period, which primarily consisted of a more favorable change in prior-year estimated R&D credit, offset by a less favorable discrete item for equity compensation. Our effective tax rate was higher for the nine months ended September 30, 2025 as compared to the same period in 2024 primarily due to a lower estimated R&D credit and less favorable discrete tax benefits in the current period.

Previous wording

Consolidated net income increased by $27.4 million and $35.2 million for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024. The increase in both periods is due to increased operating income and lower interest expense, partially offset by higher income tax expense.

Current wording

Consolidated net income increased by $18.8 million and $54.0 million for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. The increase in both periods is due to increased operating income and lower interest expense, partially offset by higher income tax expense.

Previous wording

Workforce Solutions revenue increased by 8% and 5% in the second quarter and first six months of 2025, respectively, compared to the same periods in 2024. The increase for both periods is due to an increase in both non-mortgage and mortgage verticals within Verification Services, partially offset by declines in Employer Services.

Current wording

Workforce Solutions revenue increased by 5% for both the third quarter and first nine months of 2025 compared to the same periods in 2024. The increase for the third quarter is primarily due to an increase in non-mortgage verticals within Verification Services. The increase for the first nine months is due to an increase in both non-mortgage and mortgage verticals within Verification Services, partially offset by declines in Employer Services.

Previous wording

Revenue increased by 10% and 8% for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024. The increase in revenue in both periods is due to growth in both non-mortgage revenue, primarily from growth in the government and talent solutions verticals, as well as growth in mortgage revenue.

Current wording

Revenue increased by 5% and 7% for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. The increase in revenue in both periods is principally due to growth in non-mortgage revenue, primarily from growth in the government, talent solutions and consumer lending verticals. The increase for both periods is also due to growth in mortgage revenue.

Previous wording

Revenue decreased by 2% and 5% in the second quarter and first six months of 2025, respectively, compared to the same periods in 2024. The decrease in revenue for the second quarter of 2025 is primarily due to declines in I-9 and unemployment claims revenue, partially offset by higher revenue from our work opportunity tax credit services. The decrease in revenue for the first six months of 2025 is primarily due to declines in I-9, ACA, Employee Retention Credit ("ERC") and unemployment claims revenue. The ERC revenue decrease is driven by the wind down of this program by the U.S. federal government.

Current wording

Revenue increased by 1% and decreased by 4% in the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. Employer Services revenue did not change materially in the third quarter of 2025 compared to the third quarter of 2024. The decrease in revenue for the first nine months of 2025 is primarily due to declines in I-9, unemployment claims and ACA revenue, partially offset by increases in work opportunity tax credit and identity theft protection services.

Previous wording

Operating margin increased to 46.4% for the second quarter of 2025 from 44.5% for the second quarter of 2024, and increased to 44.6% for the first six months of 2025 from 43.4% for the first six months of 2024. The increased margin for both periods is primarily due to the aforementioned increase in revenue.

Current wording

Operating margin increased to 43.8% for the third quarter of 2025 from 43.2% for the third quarter of 2024 and increased to 44.3% for the first nine months of 2025 from 43.3% for the first nine months of 2024. The increased margin for both periods is primarily due to the aforementioned increases in revenue.

Previous wording

USIS revenue increased by 9% and 8% for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024. The increase for both periods is primarily due to growth in Online Information Solutions which is due to growth in both mortgage and non-mortgage 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 periods.

Current wording

USIS revenue increased by 11% and 9% for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. The increase for both periods is primarily due to growth in Online Information Solutions which is due to growth in both mortgage and non-mortgage 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 periods.

Previous wording

Revenue increased by 9% and 8% for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024. The increase for both periods is driven by growth in mortgage related services, as well as growth in non-mortgage online services and consumer solutions revenue. The growth in mortgage related services for both periods is primarily due to product pricing, partially offset by lower mortgage credit inquiry volumes in the current year compared to the prior year periods.

Current wording

Revenue increased by 12% and 9% for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. The increase for both periods is driven by growth in mortgage related services, as well as growth in non-mortgage online services and consumer solutions revenue. The growth in mortgage related services for both periods is primarily due to product pricing, partially offset by lower mortgage credit inquiry volumes in the current year compared to the prior year periods.

Previous wording

Revenue increased by 6% and 8% for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024. The increase for both periods is primarily due to growth in credit marketing services.

Current wording

Revenue increased by 9% and 8% for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. The increase for both periods is primarily due to growth in credit marketing services.

Previous wording

USIS operating margin increased to 22.6% for the second quarter of 2025 from 20.6% for the second quarter of 2024 and increased to 21.9% for the first six months of 2025 from 20.3% for the first six months of 2024. The margin increase for both periods is due to the aforementioned increase in revenue, partially offset by an increase in operating expenses. Operating expenses increased for both periods due to an increase in certain product revenue royalty costs, partially offset by a decline in people costs.

Current wording

USIS operating margin increased to 23.2% for the third quarter of 2025 from 20.6% for the third quarter of 2024 and increased to 22.4% for the first nine months of 2025 from 20.4% for the first nine months of 2024. The margin increase for both periods is due to the aforementioned increase in revenue, partially offset by an increase in operating expenses primarily due to an increase in certain product revenue royalty costs. The increase in operating expenses in the first nine months is partially offset by a decline in people costs.

Previous wording

International revenue increased by 4% and 2% in the second quarter and the first six months of 2025, respectively, compared to the same periods in 2024. On a local currency basis, revenue increased by 6% in both the second quarter and first six months of 2025 compared to the same periods in 2024, driven by local currency growth in Latin America, primarily from Argentina and Brazil, as well as local currency growth in Europe, Asia Pacific and Canada. Local currency fluctuations against the U.S. dollar negatively impacted revenue by $5.9 million, or 2%, for the second quarter of 2025, and by $25.9 million, or 4%, for the first six months of 2025.

Current wording

International revenue increased by 6% and 4% in the third quarter and the first nine months of 2025, respectively, compared to the same periods in 2024. On a local currency basis, revenue increased by 7% and 6% in the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024, driven by local currency growth in Latin America, primarily from Brazil and Argentina, as well as local currency growth in Canada, Asia Pacific and Europe. Local currency fluctuations against the U.S. dollar negatively impacted revenue by $2.6 million, or 1%, for the third quarter of 2025, and by $28.5 million, or 2%, for the first nine months of 2025.

Previous wording

On a local currency basis, revenue increased by 11% and 13% for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024. The increase in both periods is primarily due to local currency growth in Argentina and Brazil. Local currency fluctuations against the U.S. dollar negatively impacted revenue by $8.0 million, or 9%, and $19.5 million, or 10%, for the second quarter and first six months of 2025, respectively, primarily within Brazil and Argentina. Reported revenue increased by 2% and 3% for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024.

Current wording

On a local currency basis, revenue increased by 9% and 12% for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. The increase in both periods is primarily due to local currency growth in Argentina and Brazil. Local currency fluctuations against the U.S. dollar negatively impacted revenue by $3.6 million, or 3%, and $23.1 million, or 8%, for the third quarter and first nine months of 2025, respectively, primarily within Argentina, as well as Brazil for the first nine months. Reported revenue increased by 6% and 4% for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024.

Previous wording

On a local currency basis, revenue increased by 6% and 4% for the second quarter and first six months of 2025, compared to the same periods in 2024. The increase in both periods is primarily due to growth in the consumer credit reporting businesses in the U.K. and Spain. Local currency fluctuations against the U.S. dollar positively impacted revenue by $5.3 million, or 6%, and $4.5 million, or 3%, for the second quarter and first six months of 2025, respectively. Reported revenue increased by 12% and 7% for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024.

Current wording

On a local currency basis, revenue increased by 4% for both the third quarter and first nine months of 2025 compared to the same periods in 2024. The increase in both periods is primarily due to growth in the consumer credit reporting business in the U.K. The increase in the first nine months is also driven by growth in the consumer credit reporting business in Spain. Local currency fluctuations against the U.S. dollar positively impacted revenue by $4.0 million, or 4%, and $8.5 million, or 3%, for the third quarter and first nine months of 2025, respectively. Reported revenue increased by 8% and 7% for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024.

Previous wording

On a local currency basis, revenue increased by 4% and 5% for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024. The increase for both periods is primarily driven by growth in the Australia commercial and consumer credit reporting businesses. Local currency fluctuations against the U.S. dollar negatively impacted revenue by $2.3 million, or 3%, and $6.1 million, or 4%, for the second quarter and first six months of 2025, respectively. Reported revenue increased by 1% for both the second quarter and first six months of 2025 compared to the same periods in 2024.

Current wording

On a local currency basis, revenue increased by 4% and 5% for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. The increase for both periods is primarily driven by growth in the Australia commercial, consumer credit reporting and identity and fraud businesses. The increase in the first nine months is partially offset by a decline in India. Local currency fluctuations against the U.S. dollar negatively impacted revenue by $2.2 million, or 2%, and $8.4 million, or 4%, for the third quarter and first nine months of 2025, respectively. Reported revenue increased by 2% and 1% for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024.

Previous wording

On a local currency basis, revenue increased by 1% and 2% in the second quarter and first six months of 2025, respectively, compared to the same periods in 2024. The increase in both periods is driven by growth in the direct to consumer business. Local currency fluctuations against the U.S. dollar negatively impacted revenue by $0.8 million, or 1%, and $4.8 million, or 4%, for the second quarter and first six months of 2025, respectively. Reported revenue was flat and decreased by 2% for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024.

Current wording

On a local currency basis, revenue increased by 11% and 5% in the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. The increase in both periods is driven by growth in the direct to consumer, consumer credit reporting and commercial businesses. Local currency fluctuations against the U.S. dollar negatively impacted revenue by $0.7 million, or 2%, and $5.5 million, or 3%, for the third quarter and first nine months of 2025, respectively. Reported revenue increased by 9% and 2% for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024.

Previous wording

Operating margin decreased to 10.9% for the second quarter of 2025 from 11.9% for the second quarter of 2024 and decreased to 9.5% for the first six months of 2025 from 10.9% for the first six months of 2024. The decrease in both periods is primarily due to higher people costs, increased amortization of capitalized internal-use software costs resulting from technology transformation capital spending incurred previously and higher cloud costs. The decrease for both periods is partially offset by the increase in revenue.

Current wording

Operating margin increased to 15.8% for the third quarter of 2025 from 13.9% for the third quarter of 2024 and decreased to 11.7% for the first nine months of 2025 from 12.0% for the first nine months of 2024. The increase in the third quarter is primarily due to the aforementioned increase in revenue. The decrease in the first nine months 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.

Previous wording

General corporate expense increased by $23.6 million and $27.9 million for the second quarter and first six months of 2025, respectively, compared to the same periods in 2024. The increase for both periods is primarily due to higher litigation expense, depreciation and amortization of capitalized internal-use software costs and people costs.

Current wording

General corporate expense increased by $34.5 million and $62.5 million for the third quarter and first nine months of 2025, respectively, compared to the same periods in 2024. The increase for both periods is primarily due to higher people costs, litigation expense and depreciation and amortization of capitalized internal-use software costs.

Previous wording

Funds generated by operating activities, our $1.5 billion five year unsecured revolving credit facility ("Revolver") and related commercial paper ("CP") program, more fully described below, are our most significant sources of liquidity. At June 30, 2025, we had $189.0 million in cash and cash equivalents, as well as $1.3 billion available to borrow under our Revolver.

Current wording

Funds generated by operating activities, our $1.5 billion five-year unsecured revolving credit facility ("Revolver") and related commercial paper ("CP") program, more fully described below, are our most significant sources of liquidity. At September 30, 2025, we had $189.0 million in cash and cash equivalents, as well as $1.4 billion available to borrow under our Revolver.

Previous wording

Fund Transfer Limitations. The ability of certain of our subsidiaries and associated companies to transfer funds to the U.S. may be limited, in some cases, by certain restrictions imposed by foreign governments. These restrictions do not, individually or in the aggregate, materially limit our ability to service our indebtedness, meet our current obligations or pay dividends. As of June 30, 2025, we held $175.5 million of cash in our foreign subsidiaries.

Current wording

Fund Transfer Limitations. The ability of certain of our subsidiaries and associated companies to transfer funds to the U.S. may be limited, in some cases, by certain restrictions imposed by foreign governments. These restrictions do not, individually or in the aggregate, materially limit our ability to service our indebtedness, meet our current obligations or pay dividends. As of September 30, 2025, we held $173.1 million of cash in our foreign subsidiaries.

Previous wording

Information about our cash flows, by category, is presented in the Consolidated Statements of Cash Flows. The following table summarizes our cash flows for the six months ended June 30, 2025 and 2024:

Current wording

Information about our cash flows, by category, is presented in the Consolidated Statements of Cash Flows. The following table summarizes our cash flows for the nine months ended September 30, 2025 and 2024:

Previous wording

Cash provided by operating activities in the six months ended June 30, 2025 increased by $64.8 million compared to the prior year period primarily due to increased net income.

Current wording

Cash provided by operating activities in the nine months ended September 30, 2025 increased by $145.2 million compared to the prior year period primarily due to increased net income.

Previous wording

Capital expenditures in the first six months of 2025 decreased by $39.2 million from the same period in 2024 due to lower capitalized software costs and lower spending on technology infrastructure as compared to the first six months of 2024.

Current wording

Capital expenditures in the first nine months of 2025 decreased by $41.2 million from the same period in 2024 due to lower capitalized software costs and lower spending on technology infrastructure as compared to the first nine months of 2024.

Previous wording

We have access to a $1.5 billion five year unsecured revolving credit facility (the Revolver), which matures in August 2028. 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 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 Commercial Paper ("CP") notes and by any letters of credit issued under the Revolver.

Current wording

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

Previous wording

As of June 30, 2025, there were $1.4 million of letters of credit outstanding, no outstanding borrowings under the Revolver and $169.2 million of outstanding CP notes. Availability under the Revolver was $1.3 billion at June 30, 2025.

Current wording

As of September 30, 2025, there were $1.3 million of letters of credit outstanding, no outstanding borrowings under the Revolver and $81.5 million of outstanding CP notes. Availability under the Revolver was $1.4 billion at September 30, 2025.

Previous wording

At June 30, 2025, approximately 97% of our debt was fixed-rate debt and 3% was variable-rate debt. Our variable-rate debt consists of outstanding amounts under our CP program. The interest rates reset periodically, depending on the terms of the respective financing agreements. At June 30, 2025, the interest rate on our variable-rate debt ranged from 4.56% to 4.68%.

Current wording

At September 30, 2025, approximately 98% of our debt was fixed-rate debt and 2% was variable-rate debt. Our variable-rate debt consists of outstanding amounts under our CP program. The interest rates reset periodically, depending on the terms of the respective financing agreements. At September 30, 2025, the interest rate on our variable-rate debt ranged from 4.23% to 4.40%.