Equifax (EFX) Q4 2025 earnings summary

Executive summary

• Delivered 2025 revenue of $6.075B, up 7% year-over-year, and adjusted EPS of $7.65, up 5%, both exceeding guidance.

• Q4 2025 revenue reached $1.551B, up 9% year-over-year and $30M above guidance midpoint, with strong mortgage and international performance.

• Demonstrated robust innovation with a record 15%+ Vitality Index, over 185 new product launches, and significant AI/cloud transformation, with 90% of revenue now cloud-based.

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

• Net income attributable to shareholders was $660.3M, up 9% year-over-year.

Financial highlights

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

• Q4 2025 adjusted EBITDA margin was 32.8%; full year adjusted EBITDA margin was 31.9%.

• Q4 2025 adjusted EPS was $2.09, six cents above guidance midpoint.

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

• Dividends per share increased to $1.89 for 2025.

Outlook and guidance

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

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

• Q1 2026 revenue guidance: $1.597B–$1.627B, up 10.7%–12.8% year-over-year; adjusted EPS: $1.63–$1.73.

• 2026 free cash flow expected to exceed $1B, with cash conversion over 100%.

• Guidance assumes no VantageScore conversion and no CRA reseller FICO direct model adoption.