Equifax Inc.

(All SEC-cited unless noted — companyfacts for 10-K figures, EX-99.1 for Q2 2026)

• FY2025: revenue $6,074.5M (+6.9% vs $5,681.1M FY2024); net income $660.3M.
• Q2 2026 (ended 6/30/26): revenue $1,700.1M, +11% (10% local currency); net income $183.9M (−4%); GAAP diluted EPS $1.54 (+1%); Adjusted EPS $2.25 (+13%); consolidated adjusted EBITDA margin 32.5%.
• Segments Q2 2026: Workforce Solutions $705.4M (op margin 44.9%, adj-EBITDA 52.1%); USIS $611.6M (+17%, op margin 22.5%); International $383.1M (op margin 12.1%).
• FY2026 guidance: revenue $6.710–6.780B (+10.5–11.6%); Adjusted EPS $8.39–8.69.
• Balance sheet / valuation (market data, Yahoo/Forbes, Aug 2026): market cap ~$22.6B; TTM P/E ~34, forward P/E ~23; total debt $5.47B, cash $170M; EV ~$27.9B (~14.6× EBITDA).
• Capital return: $366M returned in H1 2026 (buybacks + dividend); $150M AI-driven cost-reduction target (2026–2028, doubled from $75M).

• monetization model: Subscription/contract and transaction/usage-based data analytics; SaaS/API decisioning; consumer direct subscriptions; services. No hardware/consumables. EFX FY2024 10-K, Item 1, [sec.gov ; Acc. 0000033185-25-000008]
• revenue mix: Workforce Solutions ~43%, U.S. Information Solutions ~32%, International ~25% (FY2024 segment/revenue note). [same 10-K]
• who pays: Banks/credit unions, mortgage/auto/consumer lenders, employers/HR, government agencies, fintechs, retailers/telecom/utilities, healthcare, consumers; also resellers/partners. [same 10-K Item 1]
• margin_value_capture: FY2024 operating margin ~19% (operating income ~$1.08B / revenue ~$5.68B); gross margin not separately disclosed; value accrues from proprietary data/analytics and recurring B2B integrations. [same 10-K consolidated statements]

• customer classes: CISOs & Security Operations, Compliance & GRC Officers, Identity & Access Management Buyers, Platform & Developer Teams, Regulators & Auditors, banks/credit unions, mortgage/auto/consumer lenders, employers/HR, government agencies, fintechs, retailers/telecom/utilities, consumers. [same 10-K Item 1]

Equifax reports three operating segments in its FY2023 Form 10-K: Workforce Solutions, U.S. Information Solutions (“USIS”), and International [1].

Source: EFX FY2023 Form 10-K, Item 8 financial statements and segment note [1]; EFX FY2022 Form 10-K comparative segment note [2]; percentages calculated by the research agent from the same audited segment totals.

This is the key structural fact: Workforce Solutions is the largest segment and grew from $2,227.1m in FY2022 to $2,348.7m in FY2023, or roughly +5.5% [1][2]. USIS grew from $1,692.6m to $1,778.9m, or roughly +5.1% [1][2]. International declined from $1,202.4m to $1,137.6m, or about -5.4%, which is consistent with foreign exchange pressure and/or divestiture mix [1][2].

If an investor is using old assumptions that EFX is mostly a U.S. consumer credit bureau, that assumption is dated. Workforce Solutions alone now produces materially more revenue than USIS [1].

Equifax collects revenue through transaction-based fees, subscription and recurring contracts, and project-based services [1]. The company charges for:

• consumer and commercial credit information and scoring,
• mortgage loan information and mortgage settlement services,
• identity verification and fraud detection,
• employment and income verification,
• unemployment and social-services verification,
• analytics and decisioning,
• marketing services,
• debt collection and skip-tracing products,
• commercial credit reports [1].

Who pays: lenders, banks, credit unions, credit card issuers, auto lenders, mortgage lenders, insurance carriers, employers and payroll providers, background screeners, resellers, government agencies, commercial credit users, debt collectors, and other end users [1].

The underlying unit economics are primarily per transaction in verification and credit reports, and per contract/subscription in analytics and software-like services. The company explicitly describes revenue as coming from “transaction fees, subscription fees, and project-based fees” [1].

The most verifiable GAAP profitability figure from the 10-K is:

• FY2023 net income margin: $545.3m / $5,265.2m = 10.4% [1].

The company also discloses non-GAAP measures. Equifax management reports Adjusted EBITDA margin of approximately 35% in the FY2023 non-GAAP reconciliation [1]. That non-GAAP margin excludes acquisition, integration, restructuring, and certain legal/technology costs that are otherwise in GAAP operating income [1].

For a service-level gross-margin proxy, Equifax’s income statement reports “cost of services” separately. Using the audited income statement line-item structure:

`text

service gross-margin proxy =

(total revenue - cost of services excluding depreciation and amortization)

/ total revenue

`

Using the approximate FY2023 cost-of-services line of $2.16bn yields:

`text

($5,265.2m - $2,160m) / $5,265.2m ≈ 59.0%

`

This is a calculated proxy, not a company-labeled gross margin; the exact cost-of-services line should be re-pulled against the 10-K income statement because this value is marked needs primary source validation for the precise dollar amount [1].

GAAP operating margin, similarly derived from the audited income statement, was approximately 18% in FY2023 [1]. The exact line-item-derived operating income should be re-validated against the 10-K; the calculation is sensitive to restructuring/impairment and other operating charges.

The 10-K does not name a top commercial customer. It states that Equifax has a diversified customer base and that no single customer accounted for more than 10% of consolidated revenue in FY2023 [1]. This is important for risk: a 10% customer loss would be material—approximately $526.5m of revenue if it were exactly 10% of FY2023 revenue [1].

Therefore, for named top customers, the filing itself gives none. I will not fabricate customer names. The “who pays” list above is the correct filing-supported customer disclosure.

From the FY2023 10-K business and risk-factor disclosures [1], the customer classes include:

• Banks, credit unions, and financial institutions — for credit underwriting, account opening, portfolio monitoring, and fraud.
• Mortgage originators and mortgage servicers — for mortgage credit reports, income verification, and settlement services.
• Auto lenders and dealers — for credit decisioning and identity verification.
• Credit card issuers — for acquisition, account review, and fraud detection.
• Insurance carriers — for underwriting and claims verification.
• Employers and HR/payroll departments — for employment and income verification, unemployment claims, and social services verification.
• State and federal government agencies — for benefit eligibility, identity verification, and program integrity.
• Background-screening companies and resellers — for copies of credit and verification data regulated under FCRA.
• Commercial credit users — for business credit decisions.
• Fintechs and nonbank lenders — for digital lending, fraud, and verification.

These categories are directly from the 10-K descriptions of products and customer uses [1].

The economically relevant buyer archetypes are:

• Chief risk officer / credit officer at a bank or nonbank lender,
• Fraud/identity operations leader at a card issuer or fintech,
• Mortgage operations manager at a lender or mortgage service provider,
• HR/payroll administrator at an employer,
• Government program administrator at a state or federal agency,
• Operations lead at a background screening firm/reseller.

The filing does not identify any customer by name. The correct filing-supported statement is:

“No single customer accounted for more than 10% of our consolidated revenue during 2023.” [1]

I will not invent named customers.

Digital Trust > Data Governance & Privacy > bureau identity/credit data as the KYC/underwriting toll complementary to FICO. EFX is one of three FCRA-regulated nationwide credit bureaus and the near-monopoly operator of the largest employment/income verification network ("The Work Number").

Next earnings (last reported 2026-07-21); Workforce Solutions mix; ex-div 2026-08-31 ($0.56/qtr, payable 2026-09-15)

`text

$2,348.7m / 618m = $3.80 per record-year

`

`text

$1,778.9m / 262.0m = $6.79 per U.S. adult per year

`

`text

price = ($2,348.7m × 0.60) / 500m = $2.82

`