Equifax (EFX) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $1.545 billion, up 7% year-over-year and $25 million above guidance, driven by strong USIS mortgage, EWS government, and international growth.

• Adjusted EPS was $2.04, $0.12 above guidance, with adjusted EBITDA margin at 32.7%, and net income attributable to shareholders up 13% to $160.2 million.

• Raised full-year 2025 revenue guidance to $6.030–$6.060 billion, adjusted EPS to $7.55–$7.65, and free cash flow outlook to $950–$975 million.

• Returned $360 million to shareholders in Q3 via $300 million share repurchases and dividends; new $3 billion share repurchase program authorized.

• Launched new VantageScore 4.0 mortgage credit score at over 50% lower price than FICO, targeting $100–$200 million incremental profit at full adoption.

Financial highlights

• USIS revenue grew 11% year-over-year, with mortgage revenue up 26% and non-mortgage up 5%.

• EWS revenue up 5%, led by high single-digit government growth and 20% consumer lending growth; non-mortgage verifier up 7%.

• International revenue up 7% in constant currency, with Canada up 11%, Latin America up 9%, and Boa Vista up 12%.

• Adjusted EBITDA margins: Workforce Solutions 51.2%, USIS 35.2%, International 31.3%.

• Operating income for Q3 2025 was $264.3 million, up from $247.1 million in Q3 2024.

Outlook and guidance

• Full-year 2025 revenue expected at $6.030–$6.060 billion, up 6.1%–6.7% year-over-year; adjusted EPS $7.55–$7.65; free cash flow $950–$975 million.

• Q4 2025 revenue expected between $1.506–$1.536 billion; adjusted EPS $1.98–$2.08.

• Vitality Index (new product revenue) guidance raised to 13% for full year.

• 2026 guidance to be provided in February; long-term framework remains 7%–10% organic revenue growth and 50 bps EBITDA margin expansion.