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 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.

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 months ended March 31, 2026 compared to the three months ended March 31, 2025. 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, 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 and machine learning, as well as 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 provide information, technology and services to support debt collections and recovery management. We report our revenue derived from sales to clients in the mortgage market as well as those in non-mortgage market verticals (including, but not limited to, government, talent, employment, fraud and other non-mortgage related services). We refer to these non-mortgage market verticals collectively as "diversified markets."

Previous wording

As further described in our 2024 Form 10-K, we operate in the U.S., which represented 76% of our revenue in 2024. Additionally, we operate internationally in 20 countries. Our products and services span a wide variety of vertical markets including financial services, mortgage, talent solutions, federal, state and local governments, automotive, telecommunications, e-commerce and many others.

Current wording

As further described in our 2025 Form 10-K, we operate in the U.S., which represented 77% of our revenue in 2025. Additionally, we operate internationally in 20 countries. Our products and services span a wide variety of vertical markets including financial services, mortgage, talent solutions, federal, state and local governments, automotive, telecommunications, e-commerce and many others.

Previous wording

Our current planning for 2025 assumes that U.S. economic activity, as measured by GDP, will grow at a rate somewhat lower than in 2024. We expect U.S. mortgage credit activity in 2025 to be below the levels of activity seen in 2024. The U.S. mortgage market, particularly the mortgage refinance portion of the U.S. mortgage market, can be significantly impacted by U.S. interest rates which impact mortgage rates available to consumers. In the international markets in which we operate, our planning also assumes that economic activity, as measured by GDP, will generally grow in 2025 at rates below those experienced in 2024. As noted above, due to the current significant economic and market volatility and uncertainty, these assumptions may change.

Current wording

Our current planning for 2026 assumes that U.S. economic activity, as measured by GDP, will grow at a rate consistent with 2025. We expect U.S. mortgage originations activity in 2026 to be slightly below the levels of activity seen in 2025. The U.S. mortgage market, particularly the mortgage refinance portion of the U.S. mortgage market, can be significantly impacted by U.S. interest rates which impact mortgage rates available to consumers. In the international markets in which we operate, our planning also assumes that economic activity, as measured by GDP, will generally grow in 2026 at rates below those experienced in 2025. As noted above, due to the current significant economic and market volatility and uncertainty, these assumptions may change.

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 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.

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 78% of our revenue was generated in the U.S. during the three months ended March 31, 2026 and 2025.

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 nine months ended September 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 months ended March 31, 2026 and 2025 were as follows:

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 $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.

Current wording

•On February 25, 2026, the Board of Directors approved an increase in our quarterly cash dividend to $0.56 per share beginning in the first quarter of 2026. We paid out $67.1 million, or $0.56 per share, in dividends to our shareholders during the first three months of 2026.

Previous wording

RESULTS OF OPERATIONS—THREE ANDNINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

Current wording

RESULTS OF OPERATIONS—THREE MONTHS ENDED MARCH 31, 2026 AND 2025

Previous 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.

Current wording

Revenue increased by $206.9 million, or 14%, for the first quarter of 2026 compared to the same period in 2025. Total revenue was positively impacted by foreign exchange rates, which increased revenue by $22.3 million, or 1%, for the first quarter of 2026 compared to the same period in 2025.

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 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.

Current wording

Revenue in the first quarter of 2026 increased due to revenue growth in USIS, Workforce Solutions and International. USIS revenue growth is primarily due to growth in mortgage and diversified markets revenue in Online Information Solutions. Workforce Solutions revenue growth is primarily due to growth in Verification Services, partially offset by declines in Employer Services. International revenue growth is driven by growth in all four regions in which we operate.

Previous 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.

Current wording

Cost of services increased $110.4 million in the first quarter of 2026 compared to the same period in 2025. The increase is primarily due to higher royalty costs in USIS. The impact of changes in foreign exchange rates on costs of services led to an increase of $11.6 million in the first quarter of 2026 compared to the same period in 2025.

Previous 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.

Current wording

Selling, general and administrative expenses increased $36.1 million for the first quarter of 2026 compared to the same period in 2025, primarily due to increases in people costs and discretionary expenses. The impact of changes in foreign currency exchange rates led to an increase in selling, general and administrative expenses of $6.0 million for the first quarter of 2026 compared to the same period in 2025.

Previous 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.

Current wording

Depreciation and amortization expense increased $8.5 million for the first quarter of 2026 compared to the same period in 2025. The increase is primarily due to increased amortization of capitalized internal-use software costs resulting from technology transformation capital spending incurred previously. The impact of changes in foreign currency exchange rates led to an increase in depreciation and amortization expense of $4.2 million for the first quarter of 2026 compared to the same period in 2025.

Previous 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.

Current wording

Interest expense increased by $2.8 million in the first quarter of 2026 compared to the same period in 2025. The increase for the first quarter of 2026 is due to higher weighted average debt balances when compared to the first quarter of 2025.

Previous 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.

Current wording

Our effective income tax rate was 26.5% for the three months ended March 31, 2026 compared to 27.8% for the three months ended March 31, 2025. Our effective tax rate was lower for the three months ended March 31, 2026 as compared to the same period in 2025 due to more favorable discrete tax benefits, none of which were individually material.

Previous 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.

Current wording

Consolidated net income increased by $39.5 million for the first quarter of 2026 compared to the same period in 2025. The increase for the first quarter of 2026 is primarily due to increased operating income, partially offset by higher income tax expense.

Previous 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.

Current wording

Workforce Solutions revenue increased by 10% in the first quarter of 2026 compared to the same period in 2025. The increase is due to an increase in both diversified markets and mortgage verticals within Verification Services, partially offset by declines in Employer Services.

Previous 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.

Current wording

Workforce Solutions Operating Margin. Operating margin increased to 45.3% for the first quarter of 2026 from 42.7% for the first quarter of 2025. The increased margin is due to the aforementioned increase in revenue.

Previous 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.

Current wording

U.S. Information Solutions revenue increased by 21% for the first quarter of 2026 compared to the same period in 2025. The increase is due to growth in Online Information Solutions which is due to growth in mortgage revenue primarily due to product pricing and higher volumes, as well as growth in diversified markets revenue.

Previous 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.

Current wording

Online Information Solutions. Revenue increased by 24% for the first quarter of 2026 compared to the same period in 2025. The increase is driven by growth in mortgage related services, primarily due to product pricing and higher volumes, as well as growth in consumer solutions revenue and diversified markets online services.

Previous 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.

Current wording

International revenue increased by 11% in the first quarter of 2026 compared to the same period in 2025. On a local currency basis, revenue increased by 4% in the first quarter of 2026, driven by local currency growth in Asia Pacific, Canada, Latin America and Europe. Local currency fluctuations against the U.S. dollar positively impacted revenue by $22.3 million, or 7%, for the first quarter of 2026.

Previous 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.

Current wording

Latin America. On a local currency basis, revenue increased by 4% for the first quarter of 2026 compared to the same period in 2025. The increase in revenue is primarily due to local currency growth in Paraguay, Chile and Argentina. Local currency fluctuations against the U.S. dollar positively impacted revenue by $4.8 million, or 5%, for the first quarter of 2026. Reported revenue increased by 9% for the first quarter of 2026 compared to the same period in 2025.

Previous 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.

Current wording

Asia Pacific. On a local currency basis, revenue increased by 6% for the first quarter of 2026 compared to the same period in 2025. The increase is primarily driven by growth in the commercial and identity and fraud businesses in Australia. Local currency fluctuations against the U.S. dollar positively impacted revenue by $7.9 million, or 10%, for the first quarter of 2026. Reported revenue increased by 16% for the first quarter of 2026 compared to the same period in 2025.

Previous 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.

Current wording

General corporate expense increased by $18.7 million for the first quarter of 2026 compared to the same period in 2025. The increase is primarily due to higher people costs, which was primarily due to higher incentive plan costs, and higher professional fees.

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 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.

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 March 31, 2026, we had $183.4 million in cash and cash equivalents, as well as $0.5 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 September 30, 2025, we held $173.1 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 March 31, 2026, we held $158.1 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 nine months ended September 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 three months ended March 31, 2026 and 2025:

Previous 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.

Current wording

Cash provided by operating activities in the three months ended March 31, 2026 increased by $18.0 million compared to the prior year period primarily due to increased net income, partially offset by changes in our working capital position.

Previous 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.

Current wording

Capital expenditures paid in the first three months of 2026 increased by $13.2 million from the same period in 2025 primarily due tohigher capitalized software costs and spending on technology infrastructure as compared to the first quarter of 2025.

Previous 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.

Current wording

As of March 31, 2026, there were $1.3 million of letters of credit outstanding, no outstanding borrowings under the Revolver and $958.5 million of outstanding CP notes. Availability under the Revolver was $0.5 billion at March 31, 2026.

Previous 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%.

Current wording

At March 31, 2026, approximately 82% of our debt was fixed-rate debt and 18% 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 March 31, 2026, the interest rate on our variable-rate debt ranged from 3.87% to 4.18%.

Previous wording

Borrowings on long-term debt represent $1.7 million in borrowings for the first nine months of 2025. Borrowings on long-term debt in the first nine months of 2024 represented the issuance of $650.0 million of 4.8% senior notes in the third quarter of 2024. There were no payments on long-term debt for the first nine months of 2025. Payments on long-term debt for the first nine months of 2024 represented $695.6 million in payments on our then-outstanding term loan.

Current wording

There were no borrowings on long-term debt for the first three months of 2026 or 2025. There were $1.4 million of payments on long-term debt for the first three months of 2026 and there were no payments on long-term debt for the first three months of 2025.

Previous wording

We do not have any credit rating triggers that would accelerate the maturity of a material amount of our outstanding debt; however, our 2.6% senior notes due 2025, 3.25% senior notes due 2026, 5.1% senior notes due 2027, 5.1% senior notes due 2028, 4.8% senior notes due 2029, 3.1% senior notes due 2030, 2.35% senior notes due 2031 and 7.0% senior notes due 2037 (collectively, the “Senior Notes”) contain change in control provisions. If we experience a change of control or publicly announce an intention to effect a change of control and the rating on the Senior Notes is lowered by Standard & Poor’s (“S&P”) and Moody’s Investors Service (“Moody’s”) below an investment grade rating within 60 days of such change of control or notice thereof, then we will be required to offer to repurchase the Senior Notes at a price equal to 101% of the aggregate principal amount of the Senior Notes plus accrued and unpaid interest.

Current wording

We do not have any credit rating triggers that would accelerate the maturity of a material amount of the outstanding debt; however, our 3.25% senior notes due 2026, 5.1% senior notes due 2027, 5.1% senior notes due 2028, 4.8% senior notes due 2029, 3.1% senior notes due 2030, 2.35% senior notes due 2031 and 7.0% senior notes due 2037 (collectively, the “Senior Notes”) contain change in control provisions. If the Company experiences a change of control or publicly announces an intention to effect a change of control and the rating on the Senior Notes is lowered by Standard & Poor’s (“S&P”) and Moody’s Investors Service (“Moody’s”) below an investment grade rating within 60 days of such change of control or notice thereof, then the Company will be required to offer to repurchase the Senior Notes at a price equal to 101% of the aggregate principal amount of the Senior Notes plus accrued and unpaid interest.

Previous wording

Sources and uses of cash related to equity during the nine months ended September 30, 2025 and 2024 were as follows:

Current wording

Sources and uses of cash related to equity during the three months ended March 31, 2026 and 2025 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 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.

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. During the first three months of 2026, we repurchased 1,344,615 shares of our common stock on the open market. As of March 31, 2026, approximately $1.8 billion was available for future purchases of common stock under our share repurchase authorization. During the first three months of 2025, we did not repurchase any shares of our common stock on the open market.

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 cash dividends to Equifax shareholders of $172.0 million, or $1.39 per share, and $144.8 million, or $1.17 per share, during the nine months ended September 30, 2025 and 2024, respectively.

Current wording

On February 25, 2026, the Board of Directors approved an increase in our quarterly cash dividend to $0.56 per share beginning in the first quarter of 2026. We paid cash dividends to Equifax shareholders of $67.1 million, or $0.56 per share, during the three months ended March 31, 2026. We paid cash dividends to Equifax shareholders of $48.5 million, or $0.39 per share, during the three months ended March 31, 2025.

Previous wording

We received cash of $38.1 million and $67.5 million during the first nine months of 2025 and 2024, respectively, from the exercise of stock options and the employee stock purchase plan.

Current wording

We received cash of $10.4 million and $12.3 million during the first three months of 2026 and 2025, respectively, from the exercise of stock options and the employee stock purchase plan.

Previous wording

We paid taxes of $13.6 million and $16.4 million related to the settlement of equity awards during the first nine months of 2025 and 2024, respectively.

Current wording

We paid taxes of $14.5 million and $11.5 million related to the settlement of equity awards during the first three months of 2026 and 2025, respectively.

Previous wording

Argentina experienced multiple periods of increasing inflation rates, devaluation of the peso, and increasing borrowing rates. As such, Argentina was deemed a highly inflationary economy by accounting policymakers. Beginning in the third quarter of 2018, we have accounted for Argentina as a highly inflationary economy which resulted in the recognition of a $0.7 million and $0.3 million foreign currency loss that was recorded in Other income, net in our Consolidated Statements of Income during the three months ended September 30, 2025 and 2024, respectively.

Current wording

Argentina experienced multiple periods of increasing inflation rates, devaluation of the peso, and increasing borrowing rates. As such, Argentina was deemed a highly inflationary economy by accounting policymakers. Beginning in the third quarter of 2018, we have accounted for Argentina as a highly inflationary economy which resulted in the recognition of a foreign currency gain of $0.2 million and a foreign currency loss of $0.5 million that were recorded in Other income, net in our Consolidated Statements of Income during the three months ended March 31, 2026 and March 31, 2025, respectively.