Equifax (EFX) Q4 2025 earnings summary

Executive summary

• Delivered 2025 revenue of $6.075B, up 7% year-over-year, with adjusted EPS of $7.65, exceeding guidance and long-term growth targets.

• Fourth quarter 2025 revenue was $1.551B, up 9%, with strong performance in workforce solutions and USIS mortgage.

• Achieved robust innovation with a record 15% Vitality Index and over 185 new product launches in 2025, driven by AI and cloud investments.

• Returned $1.2B to shareholders in 2025 through share repurchases and dividends.

Financial highlights

• 2025 free cash flow reached $1.13B, up nearly 40% year-over-year, with 120% cash conversion, $170M above guidance midpoint.

• 2025 adjusted EBITDA margin was 31.9% (32.8% in Q4), slightly below guidance due to higher incentive compensation.

• Adjusted EPS for Q4 was $2.09, above guidance midpoint.

• Debt leverage improved to ~2.5x by year-end 2025.

Outlook and guidance

• 2026 revenue guidance midpoint is $6.72B, up 10.6% year-over-year; adjusted EPS guidance midpoint is $8.50, up 11%.

• 2026 adjusted EBITDA guidance: $2.12B, up nearly 10%, with ex-FICO margin expansion of 75 bps.

• Free cash flow expected to exceed $1B with at least 100% conversion.

• Q1 2026 revenue guidance: $1.597B–$1.627B, up 11.8% year-over-year; EPS $1.63–$1.73.