TransUnion
For the period ended Sep 30, 2026. Filed Oct 27, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 27, 2026
TRU$81.18-2.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-28.
0001552033-26-000047
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-27.
0001552033-26-000058
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 262 previous paragraphs and 266 current paragraphs.
192 unchanged; 63 reworded; 9 added; 6 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 24 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
Although we do not have material operations in the Middle East, the ongoing conflict with Iran has had, and may continue to have, an unpredictable impact on global energy prices, inflation, consumer spending, market volatility and broader economic conditions. Inflation in the U.S. has remained above the U.S. Federal Reserve’s (the “Fed”) long-term target, prompting the Fed to raise the federal funds rate by 25 basis points in September 2026. This marked the first federal funds rate increase following six rate cuts between September 2024 and December 2025 totaling 175 basis points. The federal funds rate may remain elevated or even increase due to elevated inflation or other factors. The 10-year Treasury rate is at its highest level since 2002. Higher rates more significantly impact mortgage rates, which affect housing affordability, home purchases and mortgage refinancing activity. We expect 30-year mortgage rates to remain elevated and constrain housing activity for the foreseeable future. Higher rates can also reduce demand for consumer and auto loans.
Current report
Economic conditions in the U.K. and Canada were stable but growth remained muted during the first three quarters of 2026. The Middle East conflict and higher energy prices have renewed inflationary pressures and consumer uncertainty, and may continue to weaken growth and consumer sentiment in these countries. India’s economy, which is highly sensitive to energy prices, remained strong through the first three quarters of 2026, supported by resilient consumer spending and steady Reserve Bank of India rates. However, inflation may prompt future rate increases and slow credit expansion.
Current report
Although higher U.S. import tariffs have had a smaller-than-expected effect on U.S. inflation in 2025 and thus far in 2026, uncertainty over tariff policy continues to pressure the global economy and consumer sentiment. If significantly higher tariffs remain in place, U.S. and global growth could slow, increasing recession and inflation risks across many of our markets.
Current report
During the nine months ended September 30, 2026, we prepaid the outstanding balance of $104.5 million on our Senior Secured Term Loan B-5, funded from cash-on-hand.
Current report
•an increase of approximately $15.0 million in legal and regulatory expenses; and
Current report
India: For the three and nine months ended September 30, 2026, India revenue increased $5.1 million, or 7.5%, and decreased$3.6 million, or 1.8%, respectively, compared with the same periods in 2025. For the three-month period, local currency revenue increased due to improved economic conditions driving broad-based growth. For the nine-month period, local currency revenue increased due to online volume growth partially offset by lower batch activity. Revenue decreased 10.2% and 8.5% in each respective period from the impact of foreign currencies.
Current report
During the three months ended September 30, 2026, we entered into interest rate swap agreements with various counterparties that effectively fix our variable interest rate exposure on a portion of our Senior Secured Term Loan or similar replacement debt. The swaps will commence on December 31, 2026 and expire on December 31, 2028, with a current aggregate notional amount of $300.0 million that amortizes each quarter. The swaps require us to pay fixed rates varying between 4.2545% and
Current report
4.7716% in exchange for receiving a variable rate that matches the variable rate on our loans. We have designated these swap agreements as cash flow hedges. We expect to execute additional interest rate swap agreements in the fourth quarter of 2026 to replace swaps expiring December 31, 2026.
Current report
•uncertainty related to potential governmental actions or public statements regarding mortgage credit reporting requirements, the pricing of our services, the consumer reporting industry or our business, and the potential impact to our business and stock price as a result of such actions or public statements;
Removed paragraphs (6)
Previous report
In February 2026, the United States and Israel launched coordinated military strikes against Iran, which retaliated with missile attacks across the region. Although we do not have material operations in the Middle East, the ongoing conflict has, and is likely to continue to have, an impact on global energy prices, inflation, consumer spending, market volatility, and overall macroeconomic conditions. The ongoing uncertainty about the conflict will continue to impact these effects in an unpredictable way. These factors form part of the broader macroeconomic environment in which inflation has remained above the U.S. Federal Reserve’s (the “Fed”) long-term target, prompting the Fed to maintain the federal funds rate during the first six months of 2026 after cutting rates by 75 basis points in the last four months of 2025. The federal funds rate remains elevated, relative to levels during the first half of 2025 and to historical norms over the past 15 years, and is expected to remain elevated given macroeconomic concerns arising from conflict in the Middle East. Higher interest rates have slowed demand for consumer and auto loans, and have had a more pronounced impact on the housing sector, where higher borrowing rates impact home affordability, driving down purchase activity, and demand for mortgage loan refinancing. However, mortgage rates are not directly tied to the federal funds rate but instead are tied to the 10-year Treasury rate. During the first two months of the year, the 10-year treasury rate declined modestly, before rising over the remainder of the six-month period, reflecting general macroeconomic concerns stemming from the ongoing conflict in the Middle East. As a result, 30-year mortgage rates remained elevated at June 30, 2026, which continues to suppress activity in the housing sector.
Previous report
Macro-economic conditions in the U.K. and Canada were relatively stable in the first quarter of 2026 and showed signs of recovery following a weaker final quarter of 2025. However, the conflict in the Middle East and the resulting increase in energy prices has renewed inflationary pressures and heightened consumer uncertainty, which may have impacted economic growth and consumer sentiment in the second quarter. In India, the economy is highly sensitive to energy prices. While economic growth in India remained strong in the first quarter of 2026, the Reserve Bank of India has held its interest rates steady in the second quarter citing lower growth expectations and increased inflation projections, which could slow credit expansion. Globally, many central banks have paused further policy interest rate cuts, reflecting inflationary pressures, including those associated with higher energy prices, which may impact consumer credit demand.
Previous report
The U.S. has continued to take actions related to import tariffs, the impacts of which remain uncertain and continue to contribute to market volatility. While trade negotiations and legal challenges are ongoing, these actions have led to increased market volatility and uncertainty making the impact difficult to forecast. If policies that significantly increase tariff rates are maintained, there is potential for the U.S. and global economic growth to slow, with increased probability for recession and increased inflation across many of the markets where we operate. Despite the early implementation of higher tariffs having a lower-than-expected impact on U.S. inflation rates in 2025 and so far in 2026, market uncertainty is putting pressure on the global macroeconomic environment. The uncertainty of tariff policy, price increases and stock market volatility has dampened, and may continue to suppress, consumer sentiment.
Previous report
Effects of Inflation
Previous report
We believe that elevated levels of inflation have had, and periods of renewed inflationary pressure could continue to have, a negative impact on our business and results of operations, including decreased demand for our services. Following significant reductions in inflation from peak levels reached in 2022 and 2023, the Fed and several international central banks began lowering interest rates in 2024 and 2025, and have indicated that future policy actions will remain data-dependent. Interest rates remain elevated relative to historic levels, which may result in depressed consumer spending on non-essential goods and services, and consequently lower demand for credit, which could have a material adverse impact on various aspects of our business in the future.
Previous report
India: For the three and six months ended June 30, 2026, India revenue decreased $1.5 million, or 2.3%, and$8.7 million, or 6.4%, respectively, compared with the same periods in 2025, due primarily toa decrease of 10.3% and 7.6%, in each respective period from the impact of foreign currencies and lower batch activity, partially offset by higher commercial online, direct-to-consumer and other volumes.
Reworded paragraphs (63)
Previous wording
The factors described above impact the comparability of our results of operations, including our revenue and expense, between the periods presented below. Ongoing uncertainty and the unpredictable nature of the macroeconomic environment could have a material adverse impact on various aspects of our business in the future, including our stock price, results of operations, financial condition and the carrying value of our long-lived assets, such as goodwill and intangible assets.
Current wording
These factors affect the comparability of our revenue, expenses and results of operations across the periods presented. Continued macroeconomic uncertainty, including increasing interest or inflation rates, could materially adversely affect our stock price, results of operations, financial condition and the carrying value of long-lived assets, including goodwill and intangible assets.
Previous wording
On March 2, 2026, we acquired approximately a 68% equity interest in Trans Union de Mexico for total cash consideration of $659.7 million. Prior to the transaction, we owned approximately a 26% equity interest that was accounted for under the equity method. Our total equity interest upon closing was approximately 94%, representing a controlling financial interest and resulting in the consolidation of Trans Union de Mexico. We accounted for the transaction as a step acquisition in accordance with ASC Topic 805, Business Combinations. Accordingly, we remeasured our initial 26% investment at a fair value of $247.4 million resulting in a non-taxable gain of $225.5 million recorded within gain on acquisition of affiliate in the Consolidated Statement of Operations.
Current wording
On March 2, 2026, we acquired approximately a 68% equity interest in Trans Union de Mexico for total cash consideration of $659.6 million. Prior to the transaction, we owned approximately a 26% equity interest that was accounted for under the equity method. Our total equity interest upon closing was approximately 94%, representing a controlling financial interest and resulting in the consolidation of Trans Union de Mexico. We accounted for the transaction as a step acquisition in accordance with ASC Topic 805, Business Combinations. Accordingly, we remeasured our initial 26% investment at a fair value of $247.4 million resulting in a non-taxable gain of $225.5 million recorded within gain on acquisition of affiliate in the Consolidated Statement of Operations.
Previous wording
Trans Union de Mexico’s results of operations subsequent to the acquisition date are reflected in the Latin America reporting unit in our International segment for the three and six months ended June 30, 2026, which affects the comparability of results to prior year periods. See Part I, Item 1, Note 2 “Business Acquisitions” for further information about this transaction.
Current wording
Trans Union de Mexico’s results of operations subsequent to the acquisition date are reflected in the Latin America reporting unit in our International segment for the three and nine months ended September 30, 2026, which affects the comparability of results to prior year periods. See Part I, Item 1, Note 2 “Business Acquisitions” for further information about this transaction.
Previous wording
On April 1, 2025, we gained control of Monevo Limited (“Monevo”) by acquiring the remaining 70% of its outstanding equity, of which we previously owned 30%. We accounted for the transaction as a step acquisition in accordance with ASC Topic 805, Business Combinations. Monevo’s results of operations subsequent to the acquisition date, which are not material, are reflected in both the U.S. Markets and International segments for the three and six months ended June 30, 2026, which affects the comparability of results to prior year periods. See Part I, Item 1, Note 2 “Business Acquisitions” for further information about this transaction.
Current wording
On April 1, 2025, we gained control of Monevo Limited (“Monevo”) by acquiring the remaining 70% of its outstanding equity, of which we previously owned 30%. We accounted for the transaction as a step acquisition in accordance with ASC Topic 805, Business Combinations. Monevo’s results of operations subsequent to the acquisition date, which are not material, are reflected in both the U.S. Markets and International segments for the three and nine months ended September 30, 2026, which affects the comparability of results to prior year periods. See Part I, Item 1, Note 2 “Business Acquisitions” for further information about this transaction.
Previous wording
On February 11, 2025, our Board authorized the 2025 Repurchase Plan. On October 22, 2025, the Board approved an increase to the share repurchase plan authorization up to $1.0 billion (including amounts repurchased as of such date under the 2025 Repurchase Plan). Repurchases may be made from time to time at management’s discretion at prices management considers to be attractive through open market purchases, privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, hybrid open market repurchases or an accelerated share repurchase transaction, subject to availability. Open market purchases are conducted in accordance with the limitations set forth in Rule 10b-18 of the Exchange Act and other applicable legal requirements. We have no obligation to repurchase additional shares, and the timing, actual number and value of the shares that are repurchased, if any, are at the discretion of management. The 2025 Repurchase Plan does not have an expiration date.
Current wording
On February 11, 2025, our Board authorized the Repurchase Plan. The Board increased the authorization by $500.0 million on October 22, 2025 and by an additional $1.0 billion on October 26, 2026, resulting in an aggregate authorization of $2.0 billion under the Repurchase Plan. Repurchases may be made from time to time at management’s discretion at prices management considers to be attractive through open market purchases, privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, hybrid open market repurchases or an accelerated share repurchase transaction, subject to availability. Open market purchases are conducted in accordance with the limitations set forth in Rule 10b-18 of the Exchange Act and other applicable legal requirements. We have no obligation to repurchase additional shares, and the timing, actual number and value of the shares that are repurchased, if any, are at the discretion of management. The Repurchase Plan does not have an expiration date.
Previous wording
During the second quarter of 2025, we entered into interest rate swap agreements with various counterparties that effectively fix our variable interest rate exposure on a portion of our Senior Secured Term Loans or similar replacement debt. The swaps commenced on June 30, 2025 and expire on December 31, 2027, with a current aggregate notional amount of$1,226.2 million that amortizes each quarter. The swaps require us to pay fixed rates varying between 3.2893% and 3.6920% in exchange for receiving a variable rate that matches the variable rate on our loans. We have designated these swap agreements as cash flow hedges.
Current wording
During the second quarter of 2025, we entered into interest rate swap agreements with various counterparties that effectively fix our variable interest rate exposure on a portion of our Senior Secured Term Loans or similar replacement debt. The swaps commenced on June 30, 2025 and expire on December 31, 2027, with a current aggregate notional amount of $1,220.2 million that amortizes each quarter. The swaps require us to pay fixed rates varying between 3.2893% and 3.6920% in exchange for receiving a variable rate that matches the variable rate on our loans. We have designated these swap agreements as cash flow hedges.
Previous wording
For the three and six months ended June 30, 2026 and 2025, our results of operations were as follows:
Current wording
For the three and nine months ended September 30, 2026 and 2025, our results of operations were as follows:
Previous wording
For the three and six months ended June 30, 2026 revenue increased $169.9 million, or 14.9%, and $319.8 million, or 14.3%, respectively, compared with the same periods in 2025, due to growth in both segments and revenue from recent acquisitions, which contributed 4.9% and 3.6% of the growth in each respective period. The impact of foreign currency on organic revenue was negligible.
Current wording
For the three and nine months ended September 30, 2026 revenue increased $143.0 million, or 12.2%, and $462.8 million, or 13.6%, respectively, compared with the same periods in 2025, due to growth in both segments and revenue from recent acquisitions, which contributed 4.9% and 4.0% of the growth in each respective period. The impact of foreign currency on organic revenue was negligible.
Previous wording
For the three months ended June 30, 2026, cost of services increased $74.8 million compared with the same period in 2025. The increase was due primarily to:
Current wording
For the three months ended September 30, 2026, cost of services increased $54.3 million compared with the same period in 2025. The increase was due primarily to:
Previous wording
•an increase of approximately $75.0 million in product and fulfillment costs due primarily to an increase in certain product cost pricing, including FICO mortgage royalties in our U.S. Markets segment, costs from our recent acquisitions, and an increase in volume in both segments; and
Current wording
•an increase of approximately $46.0 million in product and fulfillment costs due primarily to an increase in certain product cost pricing, including FICO mortgage royalties in our U.S. Markets segment, costs from our recent acquisitions, and an increase in volume in both segments; and
Previous wording
•an increase of approximately $8.0 million in labor costs, including labor costs from our recent acquisitions,
Current wording
•an increase of approximately $16.0 million in labor costs, including labor costs from our recent acquisitions,
Previous wording
•a decrease of approximately $7.0 million in technology and communications costs, due primarily to our accelerated technology investment program, which ended in 2025, partially offset by an increase in cloud costs.
Current wording
•a decrease of approximately $6.0 million in technology and communications costs, due primarily to our accelerated technology investment program, which ended in 2025, partially offset by an increase in cloud costs.
Previous wording
For the six months ended June 30, 2026, cost of services increased $148.6 million compared with the same period in 2025. The increase was due primarily to:
Current wording
For the nine months ended September 30, 2026, cost of services increased $202.9 million compared with the same period in 2025. The increase was due primarily to:
Previous wording
•an increase of appr oximately $155.0 million in product and fulfillment costs due primarily to an increase in certain product cost pricing, including FICO mortgage royalties in our U.S. Markets segment, costs from our recent acquisitions, and an increase in volume in both segments; and
Current wording
•an increase of appr oximately $202.0 million in product and fulfillment costs due primarily to an increase in certain product cost pricing, including FICO mortgage royalties in our U.S. Markets segment, costs from our recent acquisitions, and an increase in volume in both segments; and
Previous wording
•an increase of approximately $8.0 million in labor costs, including labor costs from our recent acquisitions,
Current wording
•an increase of approximately $23.0 million in labor costs, including labor costs from our recent acquisitions,
Previous wording
•a decrease of approximately $17.0 million in technology and communications costs, due primarily to our accelerated technology investment program, which ended in 2025, partially offset by an increase in cloud costs.
Current wording
•a decrease of approximately $23.0 million in technology and communications costs, due primarily to our accelerated technology investment program, which ended in 2025, partially offset by an increase in cloud costs.
Previous wording
For the three months ended June 30, 2026, selling, general and administrative expenses increased $11.5 million compared with the same period in 2025. The increase was due primarily to:
Current wording
For the three months ended September 30, 2026, selling, general and administrative expenses increased $15.8 million compared with the same period in 2025. The increase was due primarily to:
Previous wording
•an increase of approximately $41.0 million in labor-related costs, including incentive compensation, primarily stock-based compensation, an increase in salaries including from our recent acquisitions, and an increase in commissions,
Current wording
•an increase of approximately $10.0 million in labor-related costs, including an increase in salaries and benefits inclusive of our recent acquisitions and commissions,
Previous wording
•a decrease of approximately $12.0 million in costs related to our operating model optimization program due to the completion of the program in 2025; and
Current wording
•a decrease of approximately $6.0 million in costs related to our operating model optimization program due to the completion of the program in 2025; and
Previous wording
•a decrease of approximately $4.0 million in advertising costsdue to a reduction in promotional campaigns in our Consumer Interactive business in U.S. Markets.
Current wording
•a decrease of approximately $6.0 million in advertising costsdue to a reduction in promotional campaigns in our Consumer Interactive business in U.S. Markets.
Previous wording
For the six months ended June 30, 2026, selling, general and administrative expenses increased $83.8 million compared with the same period in 2025. The increase was due primarily to:
Current wording
For the nine months ended September 30, 2026, selling, general and administrative expenses increased $99.6 million compared with the same period in 2025. The increase was due primarily to:
Previous wording
•a $56.0 million reduction of an accrual for a lawsuit that was dismissed in the first quarter of 2025, as further discussed in Part II, Item 8, “Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements,” Note 15, “Contingencies”; and
Current wording
•an increase of approximately $73.0 million in legal and regulatory expenses, including a $56.0 million reduction of an accrual for a lawsuit that was dismissed in the first quarter of 2025, as further discussed in Part II, Item 8, “Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements,” Note 15, “Contingencies”; and
Previous wording
•an increase of approximately $16.0 million in labor-related costs, including incentive compensation, primarily stock-based compensation, an increase in salaries including from our recent acquisitions, and an increase in commissions,
Current wording
•an increase of approximately $50.0 million in labor-related costs, including an increase in salaries and benefits inclusive of our recent acquisitions, commissions, and incentive compensation,
Previous wording
•a decrease of approximately $5.0 million in advertising costsdue to a reduction in promotional campaigns in our Consumer Interactive business in U.S. Markets.
Current wording
•a decrease of approximately $11.0 million in advertising costsdue to a reduction in promotional campaigns in our Consumer Interactive business in U.S. Markets.
Previous wording
For the three and six months ended June 30, 2026, depreciation and amortization increased $17.8 million and $31.3 million, respectively, compared with the same periods in 2025, due primarily to the increase in capital expenditures related to our accelerated technology investment initiative over the past few years and incremental intangible asset amortization from our recent acquisitions.
Current wording
For the three and nine months ended September 30, 2026, depreciation and amortization increased $18.4 million and $49.6 million, respectively, compared with the same periods in 2025, due primarily to incremental intangible asset amortization from our recent acquisitions and the increase in capital expenditures related to our accelerated technology investment initiative over the past few years.
Previous wording
For the three and six months ended June 30, 2026, interest expense increased $10.2 million and $16.1 million, respectively, compared with the same periods in 2025. The increase was due primarily to the replacement of our hedges in June 2025 and borrowing on our Senior Secured Revolving Credit Facility to fund the acquisition of a majority ownership interest in Trans Union de Mexico, partially offset by a decrease in theaverage periodic variable interest rate on the unhedged portion of our debt.
Current wording
For the three and nine months ended September 30, 2026, interest expense increased $4.0 million and $20.1 million, respectively, compared with the same periods in 2025. The increase was due primarily to borrowing on our Senior Secured Revolving Credit Facility to fund the acquisition of a majority ownership interest in Trans Union de Mexico, partially offset by a decrease in theaverage periodic variable interest rate on the unhedged portion of our debt in both periods, and an increase in the nine-month period due to the replacement of certain hedges in June 2025 with less favorable rates.
Previous wording
The decrease in interest income for the three and six months ended June 30, 2026, compared to the prior periods, was due primarily to the settlement of a note receivable in October 2025.
Current wording
Interest income for the three months ended September 30, 2026 was consistent as compared to the same periods in 2025. The decrease in interest income for the nine months ended September 30, 2026, compared to the prior periods, was due primarily to the settlement of a note receivable in October 2025.
Previous wording
For the six months ended June 30, 2026, we recognized a gain on our acquisition of a majority ownership interest in Trans Union de Mexico, as further discussed in Part I, Note 2, “Business Acquisitions.”
Current wording
For the nine months ended September 30, 2026, we recognized a gain on our acquisition of a majority ownership interest in Trans Union de Mexico, as further discussed in Part I, Note 2, “Business Acquisitions.”
Previous wording
Acquisition fees represent costs we have incurred for various acquisition-related efforts, for both executed and exploratory transactions, and include costs related to our acquisitions of Monevo, Trans Union de Mexico and the mobile division of RealNetworks. The three months ended June 30, 2026 includes adjustments to estimated acquisition fees.
Current wording
Acquisition fees represent costs we have incurred for various acquisition-related efforts, for both executed and exploratory transactions, and include costs related to our acquisitions of Monevo, Trans Union de Mexico and the mobile division of RealNetworks.
Previous wording
Fair value and impairment adjustments primarily relate to investments in affiliated companies and notes receivable and realized gains on acquisition-related foreign currency forward contracts. Currency remeasurement gains (losses), net consist of realized foreign currency gains and losses for transactions in currencies other than the functional currency of the corresponding consolidated entity that were settled during the period. Miscellaneous non-operating income and(expense) includes other miscellaneous non-operating income and expense.
Current wording
Fair value and impairment adjustments primarily relate to investments in affiliated companies and notes receivable, realized gains on acquisition-related foreign currency forward contracts and the gain onour acquisition of Monevo for the nine months ended September 30, 2025, as further discussed in Part 1, Note 2, “Business Acquisition.” Currency remeasurement gains (losses), net consist of realized foreign currency gains and losses for transactions in currencies other than the functional currency of the corresponding consolidated entity that were settled during the period. Miscellaneous non-operating income and(expense) includes other miscellaneous non-operating income and expense.
Previous wording
Our effective tax rates were 27.2% and 28.3% for the three months ended June 30, 2026 and 2025, respectively. The effective tax rate was lower in 2026 compared to 2025 due primarily to a reduction in valuation allowance related to the realizability of foreign tax credits and favorable tax provisions applicable to certain foreign-source licensing and service income under the provisions of the One Big Beautiful Bill Act (“OBBBA”) that went into effect January 1, 2026. These favorable items were partially offset by the absence of certain non-taxable and foreign tax benefits recognized during the second quarter of 2025 that did not recur in 2026.
Current wording
Our effective tax rates were 23.2% and 33.3% for the three months ended September 30, 2026 and 2025, respectively. The effective tax rate was lower in 2026 compared to 2025 due primarily to favorable adjustments to prior-year income tax provisions based on amounts reflected in filed income tax returns during the three months ended September 30, 2026, the expiration of statutes of limitations on certain prior year uncertain tax positions during the three months ended September 30, 2026, and favorable tax provisions applicable to certain foreign-source licensing and service income under the provisions of the One Big Beautiful Bill Act (the “OBBBA”) that went into effect January 1, 2026.
Previous wording
Our effective tax rates were 13.1% and 24.4% for the six months ended June 30, 2026 and 2025, respectively. The effective tax rate was lower in 2026 compared to 2025 due primarily to the non-taxable gain on our acquisition of a majority equity interest in Trans Union de Mexico and a benefit from the elimination of a deferred tax liability on our Cost Method Investment upon obtaining control as further discussed in Note 2, “Business Acquisitions,"a reduction in valuation allowance related to the realizability of foreign tax credits and capital loss carryforwards in 2026 compared to 2025, and benefits on the remeasurement of deferred taxes due to changes in state apportionment rates as a result of legal entity mergers, all of which occurred during the first quarter of 2026.
Current wording
Our effective tax rates were 15.6% and 27.0% for the nine months ended September 30, 2026 and 2025, respectively. The effective tax rate was lower in 2026 compared to 2025 due primarily to the non-taxable gain on our acquisition of a majority equity interest in Trans Union de Mexico and a benefit from the elimination of a deferred tax liability on our Cost Method Investment upon obtaining control as further discussed in Note 2, “Business Acquisitions," a reduction in valuation allowance related to the realizability of foreign tax credits and capital loss carryforwards in 2026 compared to 2025, and benefits on the remeasurement of deferred taxes due to changes in state apportionment rates as a result of legal entity mergers, all of which occurred during the first quarter of 2026.
Previous wording
Segment Results of Operations—Three and Six Months Ended June 30, 2026 and 2025
Current wording
Segment Results of Operations—Three and Nine Months Ended September 30, 2026 and 2025
Previous wording
Management, including our CODM, evaluates the financial performance of our businesses based on revenue and segment Adjusted EBITDA. For the three and six months ended June 30, 2026 and 2025, our segment revenue, segment Adjusted EBITDA and segment Adjusted EBITDA Margin were as follows:
Current wording
Management, including our CODM, evaluates the financial performance of our businesses based on revenue and segment Adjusted EBITDA. For the three and nine months ended September 30, 2026 and 2025, our segment revenue, segment Adjusted EBITDA and segment Adjusted EBITDA Margin were as follows:
Previous wording
For the three and six months ended June 30, 2026, U.S. Markets revenue increased$102.3 million, or 11.5% and$220.8 million, or 12.6%, respectively, compared withthe same periods in 2025. Revenue increased in Financial Services and Emerging Verticals, partially offset by a decrease in Consumer Interactive.
Current wording
For the three and nine months ended September 30, 2026, U.S. Markets revenue increased$64.0 million, or 7.0% and$284.7 million, or 10.7%, respectively, compared withthe same periods in 2025. Revenue increased in Financial Services and Emerging Verticals, partially offset by a decrease in Consumer Interactive.
Previous wording
Financial Services: For the three and six months ended June 30, 2026, revenue increased $76.4 million, or 18.2%, and $173.3 million, or 21.0%, respectively, compared with the same periods in 2025. A majority of the growth in Financial Services comes from our Mortgage line of business, due primarily to increases in price, including from FICO mortgage royalties, and volume. Our other lines of business also grew, due primarily to price and volume increases in our Auto and Card and Banking lines of business and volume increases in our Consumer Lending line of business.
Current wording
Financial Services: For the three and nine months ended September 30, 2026, revenue increased $47.5 million, or 10.8%, and $220.8 million, or 17.5%, respectively, compared with the same periods in 2025. A majority of the growth in Financial Services comes from our Mortgage line of business, due primarily to increases in price, including from FICO mortgage royalties. Our other lines of business also grew, due primarily to price and volume increases in our Auto line of business and volume increases in our Card and Banking and Consumer Lending lines of business.
Previous wording
Emerging Verticals: For the three and six months ended June 30, 2026, revenue increased $30.3 million, or 9.4%, and $50.0 million, or 7.8%, respectively, compared with the same periods in 2025. The increase was due primarily to an increase in Insurance from volume increases, in most other verticals from volume increases across online and batch services, new business wins and pricing increases, and revenue from our recent acquisitions.
Current wording
Emerging Verticals: For the three and nine months ended September 30, 2026, revenue increased $20.9 million, or 6.3%, and $70.9 million, or 7.3%, respectively, compared with the same periods in 2025. The increase was due primarily to an increase in Insurance from volume increases, and in most other verticals from volume increases across online and batch services, new business wins and pricing increases, and revenue from our recent acquisitions.
Previous wording
Consumer Interactive: For the three and six months ended June 30, 2026, revenue decreased $4.4 million, or 3.0%, and $2.7 million, or 0.9%, respectively, compared with the same periods in 2025, due primarily to a decrease in demand for paid credit products, partially offset by higher indirect channel breach revenue and offers revenue from our new direct platform.
Current wording
Consumer Interactive: For the three and nine months ended September 30, 2026, revenue decreased $4.4 million, or 3.0%, and $7.0 million, or 1.6%, respectively, compared with the same periods in 2025, due primarily to a decrease in demand for paid credit products, partially offset by higher indirect channel breach revenue and offers revenue from our new direct-to-consumer platform.
Previous wording
For the three and six months ended June 30, 2026, Adjusted EBITDA increased $23.8 million and $60.5 million, respectively, compared with the same periods in 2025, due primarily to the increase in revenue, partially offset by higher variable product and fulfillment costs and other operating costs. For the three and six months ended June 30, 2026, Adjusted EBITDA margins decreased 150 and 110 basis points, respectively, due primarily to FICO mortgage royalties, partially offset by technology and communication and labor-related costs growing at a slower pace than revenue.
Current wording
For the three and nine months ended September 30, 2026, Adjusted EBITDA increased $2.5 million and $63.1 million, respectively, compared with the same periods in 2025, due primarily to the increase in revenue, partially offset by higher variable product and fulfillment costs and other operating costs. For the three and nine months ended September 30, 2026, Adjusted EBITDA margins decreased 230 and 150 basis points, respectively, due primarily to FICO mortgage royalties growing at a higher rate than revenue and higher legal and regulatory expenses.
Previous wording
For the three and six months ended June 30, 2026, International revenue increased $67.9 million, or 26.8%, and $99.8 million, or 20.2%, respectively, compared with the same periods in 2025 due primarily to the acquisitions of Trans Union de Mexico and Monevo, which contributed 21.2% and 15.5% of the growth in each respective period. The impact of foreign currencies on organic revenue was a decrease of 0.7% and an increase of 1.3% for the three and six months ended June 30, 2026, respectively.
Current wording
For the three and nine months ended September 30, 2026, International revenue increased $78.9 million, or 30.4%, and $178.7 million, or 23.7%, respectively, compared with the same periods in 2025 due primarily to the acquisitions of Trans Union de Mexico and Monevo, which contributed 20.9% and 17.4% of the growth in each respective period, and increases in all regions due to higher local currency revenue, except for Asia Pacific which was flat in the three-month period and decreased in the nine-month period. The impact of foreign currencies on organic revenue was a decrease of 1.0% and an increase of 0.5% for the three and nine months ended September 30, 2026, respectively.
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Current report — wording carried from elsewhere
•a decrease of approximately $17.0 million in costs related to our operating model optimization program due to the completion of the program in 2025; and
Current report — wording carried from elsewhere
The table below sets forth information regarding repurchases of shares under the Repurchase Plan (in millions, except for number of shares, which are reflected in thousands, and per share data):
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of