Equifax — Income Statement, Cash Flows & Balance Sheet
Is Equifax profitable?
Equifax has grown revenue and net income steadily for three consecutive years, with profitability improving at each level of the income statement.
| Metric | 2023 | 2024 | 2025 | Change (2024–2025) |
|---|---|---|---|---|
| Operating revenue ($M) | $5,265.2 | $5,681.1 | $6,074.5 | +7% |
| Operating income ($M) | $933.6 | $1,042.1 | $1,095.2 | +5% |
| Operating margin | 17.7% | 18.3% | 18.0% | -0.3 ppts |
| Net income attributable to Equifax ($M) | $545.3 | $604.1 | $660.3 | +9% |
| Diluted EPS | $4.40 | $4.84 | $5.32 | +10% |
Revenue has compounded at roughly 7–8% annually, and net income has followed at an even faster pace, helped by declining interest expense as Equifax paid down debt. Operating margin held roughly flat year-over-year, as cost growth kept pace with revenue. Restructuring charges (~$50M in each of 2024 and 2025) are baked into selling and administrative expenses and modestly weigh on reported margins each year.
Where does Equifax's revenue come from?
Equifax operates three segments; Workforce Solutions is the largest and fastest-growing, while International lags in absolute growth.
| Segment | 2024 Revenue ($M) | 2025 Revenue ($M) | Change | Segment Op. Margin 2025 |
|---|---|---|---|---|
| Workforce Solutions | $2,433.8 | $2,582.3 | +6% | 44% |
| U.S. Information Solutions (USIS) | $1,893.0 | $2,078.5 | +10% | 23% |
| International | $1,354.3 | $1,413.7 | +4% | 13% |
USIS was the standout grower in 2025, driven by Online Information Solutions (up 10%), while Workforce Solutions' Verification Services unit also posted solid gains. International grew more slowly and generates the thinnest operating margin of the three segments. Notably, Workforce Solutions earns a significantly higher margin than the other two segments, making it the primary profit engine of the business.
Does Equifax generate cash?
Equifax generated strong and accelerating operating cash flow, comfortably covering capital investment and leaving room for shareholder returns.
| Metric | 2023 | 2024 | 2025 | Change (2024–2025) |
|---|---|---|---|---|
| Cash from operations ($M) | $1,116.8 | $1,324.5 | $1,615.7 | +22% |
| Capital expenditures ($M) | $(601.3) | $(511.5) | $(481.4) | -6% |
| Free cash flow (GAAP: ops minus capex) ($M) | $515.5 | $813.0 | $1,134.3 | +40% |
| Share buybacks ($M) | $— | $— | $(927.5) | — |
| Dividends paid ($M) | $(191.8) | $(193.2) | $(232.8) | +20% |
Free cash flow (operating cash flow minus capital expenditures) nearly doubled over two years, helped both by rising earnings and a deliberate reduction in capital spending as Equifax winds down its major cloud technology transformation. With that improved cash generation, management launched a sizeable share buyback program in 2025 — the first in recent years — while also raising the dividend.
How strong is Equifax's balance sheet?
Equifax carries meaningful debt but services it comfortably; the near-term maturity wall is the main watch item.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Total debt ($M) | $5,037.7 | $5,114.2 | +$76.5M |
| Current portion of debt ($M) | $687.7 | $1,038.0 | +$350.3M |
| Cash and equivalents ($M) | $169.9 | $180.8 | +$10.9M |
| Total shareholders' equity ($M) | $4,814.4 | $4,623.8 | -$190.6M |
Total debt is little changed, but the current (due within one year) portion jumped as $275M in notes mature in mid-2026 alongside $762M in commercial paper (short-term borrowings). Shareholders' equity declined primarily because the new buyback program added nearly $936M to treasury stock. Goodwill and intangibles make up a large portion of total assets — typical for a data and analytics business built partly through acquisitions — and auditors flagged the Asia Pacific goodwill valuation ($1.35B) as a critical audit matter given limited headroom in that unit's fair value test.