Equifax — Financial Results
Revenue Growing Steadily Across All Three Business Units
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Revenue | $5,265M | $5,681M | $6,075M |
| Revenue Growth | 3% | 8% | 7% |
| USIS Growth | 10% | 10% | 10% |
| Workforce Solutions Growth | 5% | 5% | 6% |
| International Growth | 10% | 10% | 4% |
Equifax grew total revenue 7% in 2025, with every segment contributing. The standout was U.S. Information Solutions (USIS), which delivered its third consecutive year of 10% growth, driven by both mortgage-related services and broader markets like fraud detection. Workforce Solutions — its largest segment at 43% of revenue — grew 6%, though the Employer Services sub-unit (unemployment claims, onboarding) continued a multi-year decline, offset by strong growth in its income and employment verification business.
Operating Margin Edged Down Despite Higher Profit
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Income | $934M | $1,042M | $1,095M |
| Operating Margin | 17.7% | 18.3% | 18.0% |
| Diluted EPS | $4.40 | $4.84 | $5.32 |
Operating income rose $53M in 2025, but operating margin (profit as a percentage of revenue) dipped 0.3 percentage points to 18.0%. The squeeze came from higher data royalty costs and rising selling, general and administrative (SGA) expenses, which jumped 11% — partly due to litigation costs and a class action settlement. Earnings per share still grew 10% to $5.32, helped by lower interest costs.
Cash Generation Is a Clear Strength
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | $1,117M | $1,325M | $1,616M |
| Capital Expenditures | $601M | $512M | $481M |
Cash provided by operating activities surged to $1.6 billion in 2025, up 22% from 2024, and has grown strongly for three consecutive years. At the same time, capital spending fell for the second straight year as Equifax winds down its multi-year technology transformation program. Together, these trends mean the business is generating meaningfully more free cash to deploy.
Equifax Returned Nearly $1.2 Billion to Shareholders in 2025
After no share buybacks in 2023 or 2024, Equifax launched a new $3 billion share repurchase authorization in April 2025 and used $927M of it to buy back roughly 4 million shares. The quarterly dividend was also raised to $0.50 per share (from $0.39 previously), with $233M paid out in the year. About $2.1 billion remains under the buyback authorization, signaling continued intent to return cash.
Asia Pacific Unit Carries Goodwill Impairment Risk
Equifax's Asia Pacific division — which carries $1.35 billion in goodwill (the premium paid above asset value in past acquisitions) on the balance sheet — passed its annual impairment test, but only with a margin of just over 10%. The filing explicitly flags that this unit "is at risk of a possible future goodwill impairment" if revenue growth disappoints or interest rates rise further, which would force a write-down and hit reported earnings. All other segments passed comfortably.
Mortgage Revenue Grew on Pricing, Not Volume
USIS mortgage revenue increased in 2025 despite lower mortgage credit inquiry volumes — meaning fewer consumers applied for mortgages. Revenue grew primarily because Equifax raised prices on its products. This is notable because Equifax's own 2026 outlook assumes mortgage activity will be slightly below 2025 levels, meaning this pricing-driven growth may face headwinds if volumes continue to soften.