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What changed in Equifax's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Equifax's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+343 added−343 removedSource: 10-K (2026-02-19) vs 10-K (2025-02-20)

Top changes in Equifax's 2025 10-K

343 paragraphs added · 343 removed · 285 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

56 edited+8 added−11 removed110 unchanged
Biggest changeAll statements that address future operating performance and events or developments that we expect or anticipate will occur in the future, including statements relating to future operating results, improvements in our information technology and data security infrastructure, including as a part of our cloud technology transformation, our strategy, the expected financial and operational benefits, synergies and growth from our acquisitions, changes in U.S. and worldwide economic conditions, such as changes in interest rates and inflation, that materially impact consumer spending, home prices, investment values, consumer debt, unemployment rates and the demand for Equifax's products and services, our culture, our ability to innovate, the market acceptance of new products and services and similar statements about our business plans are forward-looking statements.
Biggest changeAll statements that address operating performance and events or developments that we expect or anticipate will occur in the future, including statements related to our strategy, our long-term financial framework, our future operating results, improvements in our information technology and data security infrastructure, the expected financial and operational benefits, synergies and growth from our acquisitions, the expected benefits of our use of artificial intelligence, the pricing strategies, benefits and value proposition of product offerings of Equifax and its competitors, changes in the U.S. mortgage market environment (as well as changes more generally in U.S. and worldwide economic conditions), such as changes in interest rates and inflation levels, and similar statements about our financial outlook and business plans, are forward-looking statements.
Our services are based on comprehensive databases of consumer and business information derived from numerous sources including credit, financial assets, telecommunications and utility payments, employment, income, educational history, criminal justice data, healthcare professional licensure and sanctions, demographic and marketing data.
Our services are based on comprehensive databases of consumer and business information derived from numerous sources including credit, financial assets, telecommunications and utility payments, employment, income, educational history, criminal justice, healthcare professional licensure and sanctions, demographic and marketing data.
We currently operate in four global regions: North America (U.S. and Canada), Asia Pacific (Australia, New Zealand and India), Europe (the United Kingdom (“U.K.”), Spain and Portugal) and Latin America (Argentina, Brazil, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru and Uruguay). We maintain support operations in Chile, Costa Rica, India and Ireland.
We currently operate in four global regions: North America (U.S. and Canada), Latin America (Argentina, Brazil, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru and Uruguay), Europe (the United Kingdom (“U.K.”), Spain and Portugal) and Asia Pacific (Australia, New Zealand and India). We maintain support operations in Chile, Costa Rica, India and Ireland.
In addition, we provide products to consumers in Canada, the U.K., Australia and Chile to enable them to understand and monitor their credit and help protect their identity. This operating segment is comprised of our Asia Pacific, Europe, Latin America and Canada business units.
In addition, we provide products to consumers in Canada, the U.K., Australia and Chile to enable them to understand and monitor their credit and help protect their identity. This operating segment is comprised of our Latin America, Europe, Asia Pacific and Canada business units.
In these proceedings, the CFPB can obtain cease and desist orders, which can include orders for restitution to consumers or rescission of contracts, as well as other types of affirmative relief and monetary penalties ranging from $5,000 per day for ordinary 9 violations and up to $1 million per day for known violations.
In these proceedings, the CFPB 9 can obtain cease and desist orders, which can include orders for restitution to consumers or rescission of contracts, as well as other types of affirmative relief and monetary penalties ranging from $5,000 per day for ordinary violations and up to $1 million per day for known violations.
These services are aimed at reducing the cost of the human resources function of businesses through a broad suite of services, including assisting with employment tax matters designed to reduce the cost of unemployment claims through effective claims representation and management and efficient processing to better manage the tax rate that employers are assessed for unemployment taxes; comprehensive services designed to research the availability of employment-related tax credits (e.g., federal work opportunity tax credits and employee retention credits), and to process the necessary filings and assist the client in obtaining the tax credit; tax form management services (which include initial distribution, reissuance and correction of W-2 and 1095-C forms); I-9 management services designed to help clients electronically comply with the immigration laws that require employers to complete an I-9 form for each new hire; immigration case management services; onboarding services using an online platform to complete the new hire process for employees of corporations and government agencies; and identity theft protection services.
These services are aimed at reducing the cost of the human resources function of businesses through a broad suite of services, including assisting with employment tax matters designed to reduce the cost of unemployment claims through effective claims representation and management and efficient processing to better manage the tax rate that employers are assessed for unemployment taxes; comprehensive services designed to research the availability of employment-related tax credits (e.g., federal work opportunity tax credits), and to process the necessary filings and assist the client in obtaining the tax credit; tax form management services (which include initial distribution, reissuance and correction of W-2 and 1095-C forms); I-9 management services designed to help clients electronically comply with the immigration laws that require employers to complete an I-9 form for each new hire; immigration case management services; onboarding services using an online platform to complete the new hire process for employees of corporations and government agencies; and identity theft protection services.
These data assets broaden the understanding of consumer and business financial potential and opportunity, which can further drive high value decisioning and targeting solutions for our clients. We also provide account review services, which assist our clients in managing their existing customers and prescreen services that help our clients identify new opportunities with their customers.
These data assets broaden the understanding of consumer and business financial potential and opportunity, which can further drive high value decisioning and targeting solutions for our clients. We also provide account review services, which assist our clients in managing their existing customers and prescreen services that help our clients identify new opportunities 6 with their customers.
The Consumer Financial Protection Bureau (“CFPB”) is the primary regulator that enforces and provides regulatory guidance related to the FCRA in the United States. CRAs are required to comply with regulations promulgated by the CFPB and are subject to regular supervisory engagements related to a variety of FCRA requirements. Violation of the FCRA can result in civil and criminal penalties.
The Consumer Financial Protection Bureau (“CFPB”) is the primary regulator that enforces and provides regulatory guidance related to the FCRA in the United States. CRAs are required to comply with regulations promulgated by the CFPB and are subject to supervisory engagements related to a variety of FCRA requirements. Violation of the FCRA can result in civil and criminal penalties.
Our clients utilize the information and analytical insights we provide to make decisions for a broad range of financial and business purposes, such as whether, and on what terms, to approve auto loans or credit card applications, and whether to allow a consumer or a business to open a new utility or telephone account.
Our clients utilize the information and analytical insights we provide to make decisions for a broad range of financial and business purposes, such as whether, and on what terms, to approve, mortgages, auto loans or credit card applications, and whether to allow a consumer or a business to open a new utility or telephone account.
While we believe that none of our competitors offers the same mix of products and services as we do, we have strong competition in every category and certain competitors may have a larger share of particular geographic or product markets or operate in geographic areas where we do not currently have a presence.
While we believe that none of our competitors offers quite the same mix of products and services as we do, we have strong competition in every category and certain competitors may have a larger share of particular geographic or product markets or operate in geographic areas where we do not currently have a presence.
Our products are also utilized by customers to support digital identity verification and fraud detection and protection. These products utilize information derived from consumer and commercial information, including credit, 6 income, asset, liquidity, net worth and spending activity, which also support many of our Online Information Solutions’ products.
Our products are also utilized by customers to support digital identity verification and fraud detection and protection. These products utilize information derived from consumer and commercial information, including credit, income, asset, liquidity, net worth and spending activity, which also support many of our Online Information Solutions’ products.
State Laws and Regulations Relating to Consumer and Data Protection • A number of states have enacted requirements similar to the federal FCRA. Some of these state laws impose additional, or more stringent, requirements than the FCRA, especially in connection with investigations and responses to reported inaccuracies in consumer reports.
State Laws and Regulations Relating to Consumer and Data Protection • A number of states have enacted requirements similar to the FCRA. Some of these state laws impose additional, or more stringent, requirements than the FCRA, especially in connection with investigations and responses to reported inaccuracies in consumer reports.
The Office of the Australian Information Commissioner (“OAIC”) is the regulator with direct responsibility for administering the Australian Privacy Principles (which relate to the collection, holding, use and disclosure of personal information) and Part IIIA of the Privacy Act 1988 (which regulates credit reporting).
The Office of the Australian Information Commissioner (“OAIC”) is the regulator with direct responsibility for administering the Australian Privacy Act 1988, which incorporates the Australian Privacy Principles (which relate to the collection, holding, use and disclosure of personal information) and Part IIIA of the Privacy Act 1988 (which regulates credit reporting).
At Equifax, we are committed to nurturing a culture where talent thrives. We are focused on providing meaningful opportunities for career advancement and development, fostering an inclusive work environment, and promoting employee engagement and recognition.
At Equifax, we are committed to nurturing a culture where talent thrives. We are focused on providing meaningful opportunities for career advancement and development, fostering an inclusive work 3 environment, and promoting employee engagement and recognition.
For consumers, we provide products and services to help people understand, manage and protect their personal information and make more informed financial decisions. Additionally, we also provide information, technology and services to support debt collections and recovery management.
For consumers, we provide products and services to help people understand, manage and protect their personal information and make more informed financial decisions. Additionally, we provide information, technology and services to support debt collections and recovery management.
The Fair Credit Reporting Act (“FCRA”) regulates consumer reporting agencies, including many of our U.S. operations, as well as data furnishers and users of consumer reports such as banks and other companies.
The Fair Credit Reporting Act (“FCRA”) regulates consumer reporting agencies, including many of our U.S. operations, as well as data furnishers and users of consumer reports such as employers, banks and other companies.
The OAIC can investigate a complaint, conduct its own investigations, resolve/make binding determinations and seek civil penalties. Our credit reporting business, Equifax Information Services and Solutions, is a member of an external dispute resolution scheme, the Australian Financial Complaints Authority, which has been approved by the OAIC to handle privacy and credit reporting complaints and make binding determinations.
The OAIC can investigate a complaint, conduct its own investigations, resolve/make binding determinations and seek civil penalties. Our credit reporting business, Equifax Information Services and Solutions Pty Ltd, is a member of an external dispute resolution scheme, the Australian Financial Complaints Authority, which has been approved by the OAIC to handle privacy and credit reporting complaints and make binding determinations.
We rely on payroll data received from over four million organizations to provide up-to-date verifications. The updates occur as employers and other data contributors transmit data electronically to Equifax from their payroll systems. Employers provide this data to us so that we can handle verification requests on behalf of each employer.
We rely on payroll data received from over 4 million organizations to provide up-to-date verifications. The updates occur as employers and other data contributors transmit data electronically to Equifax from their payroll systems. Employers provide this data to us so that we can handle verification requests on behalf of each employer.
We assess the principal competitive factors affecting our markets to include: our ability to protect information and systems; product attributes such as quality, depth, coverage, adaptability, scalability, interoperability, functionality and ease of use; product price; technical performance including system response time and availability; access to unique proprietary data tools; quickness of response, flexibility and client services and support; effectiveness of sales and marketing efforts; existing market penetration; proprietary technology; and new product innovation.
We assess the principal competitive factors affecting our markets to include, among other things: the ability to protect information and systems; product attributes such as quality, depth, coverage, adaptability, scalability, interoperability, functionality and ease of use; product price; technical performance including system response time and availability; access to unique proprietary data tools; quickness of response, flexibility and client services and support; effectiveness of sales and marketing efforts; existing market penetration; proprietary technology; and new product innovation.
Equifax Australasia Credit Ratings Pty Limited (formerly named Corporate Scorecard Pty Limited, one of our Australian subsidiaries) holds an Australia Financial Services License, which allows it to provide general advice to wholesale clients by issuing a credit rating, and has been approved in New Zealand as a rating agency by the Reserve Bank of New Zealand under section 86 of the Non-Bank Deposit Takers Act 2013 (NZ).
Equifax Australasia Credit Ratings Pty Limited (formerly named Corporate Scorecard Pty Limited, one of our Australian subsidiaries) holds an Australian Financial Services Licence, which allows it to provide general advice to wholesale clients by issuing a credit rating, and has been approved in New Zealand as a rating agency by the Reserve Bank of New Zealand under section 86 of the Non-Bank Deposit Takers Act 2013 (NZ).
In addition, if the federal government changes the employer mandate or tax form requirements of the Affordable Care Act, our Affordable Care Act Management Service may be impacted. The Unemployment Cost Management service could be impacted if a state government changes the requirements for employers to process and/or protest unemployment claims.
In addition, if the federal government changes the employer mandate or tax form requirements of the Patient Protection and Affordable Care Act, our Affordable Care Act Management Service may be impacted. The Unemployment Cost Management service could be impacted if a state government changes the requirements for employers to process and/or protest unemployment claims.
State attorneys general can enforce such state laws and can seek equitable as well as monetary remedies and in some cases private rights of action are permitted by such laws. • The New York State Department of Financial Services (“NYDFS”) has enacted extensive regulatory requirements applicable to CRAs that require registration with that agency, prohibit unfair and deceptive consumer practices and require compliance with significant portions of the NYDFS cybersecurity rules. • We or certain of our operations are also subject to and affected by new and evolving state privacy and data security laws such as data broker registration requirements in California and Vermont, and the California Consumer Privacy Act (“CCPA”).
State attorneys general can enforce such state laws and can seek equitable as well as monetary remedies and in some cases private rights of action are permitted by such laws. • The New York State Department of Financial Services (“NYDFS”) has enacted extensive regulatory requirements applicable to CRAs that require registration with that agency, prohibit unfair and deceptive consumer practices and require compliance with significant portions of the NYDFS cybersecurity rules. • We or certain of our operations are also subject to and affected by new and evolving state privacy and data security laws, including data broker registration requirements in California, Vermont, Oregon and Texas.
Revenue from international clients, including end users and resellers, amounted to 24% of our total revenue in 2024, 23% of our total revenue in 2023 and 22% of our total revenue in 2022. Products and Services Our products and services help our clients make more informed decisions with higher levels of confidence by leveraging a broad array of data assets.
Revenue from international clients, including end users and resellers, amounted to 23% of our total revenue in 2025, 24% of our total revenue in 2024 and 23% of our total revenue in 2023. Products and Services Our products and services help our clients make more informed decisions with higher levels of confidence by leveraging a broad array of data assets.
Similar to the USIS business units, our Canada operation offers products derived from the credit information that we maintain about individual consumers and businesses.
Similar to the USIS business unit, our Canada operation offers products derived from the credit information that we maintain about individual consumers and businesses.
Governmental Regulation We are subject to a number of U.S. federal, state, local and foreign laws and regulations that involve matters central to our business. These laws and regulations may involve consumer reporting, privacy and consumer protection, data protection, intellectual property, competition, anti-corruption, anti-bribery, anti-money laundering, employment, health, taxation or other subjects.
Governmental Regulation We are subject to a number of U.S. federal, state, local and foreign laws and regulations that involve matters central to our business. These laws and regulations may involve consumer reports, privacy and consumer protection, data protection, artificial intelligence, intellectual property, competition, anti-corruption, anti-bribery, anti-money laundering, employment, health, taxation or other subjects.
In 2024, we hired approximately 2,200 new employees and promoted approximately 1,900 employees as we continue to grow and transform our businesses around the world. Forward-Looking Statements This report contains information that may constitute “forward-looking statements.” Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “may” and similar expressions identify forward-looking statements, which generally are not historical in nature.
In 2025, we hired approximately 2,700 new employees and promoted approximately 1,800 employees as we continue to grow and transform our businesses around the world. Forward-Looking Statements This report contains information that may constitute “forward-looking statements.” Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “may” and similar expressions identify forward-looking statements, which generally are not historical in nature.
Regulations Relating to Consumer and Data Protection Our U.S. operations are subject to numerous laws and regulations that govern the collection, protection and use of consumer credit and other information and impose penalties for the misuse of such information or unauthorized access to data.
Regulations Relating to Consumer and Data Protection Our U.S. operations are subject to numerous laws and regulations that govern the collection, protection and use of consumer credit information, employment and income information, personally identifiable information and other information and impose penalties for the misuse of such information or unauthorized access to data.
Many of these laws and regulations also affect our customers’ use of consumer credit or other data that we license. Examples of the most significant U.S. laws include, but are not limited to, the following: Federal Laws and Regulation • FCRA .
Many of these laws and regulations also affect our customers’ use of consumer credit information, employment and income information, personally identifiable information or other data that we license. Examples of the most significant U.S. laws include, but are not limited to, the following: Federal Laws and Regulation • FCRA .
The Tax Management Services business within our Employer Services business is potentially impacted by changes in renewal or non-renewal of U.S. federal and state tax laws or interpretations, for example, those pertaining to work opportunity tax credits and unemployment compensation claims. Human Resources Our People Equifax employed approximately 14,700 employees in 22 countries as of December 31, 2024.
The Tax Management Services business within our Employer Services business is potentially impacted by changes in renewal or non-renewal of U.S. federal and state tax laws or interpretations, for example, those pertaining to work opportunity tax credits and unemployment compensation claims. 12 Human Resources Our People Equifax employed approximately 15,000 employees in 22 countries as of December 31, 2025.
Our global employee base consisted of approximately 3,100 employees in our Workforce Solutions business unit, 2,500 employees in our USIS business unit, 4,500 employees in our International business unit and 4,600 employees in our corporate Centers of Excellence, which include our support centers in Chile, Costa Rica, India and Ireland.
Our global employee base consisted of approximately 3,100 employees in our Workforce Solutions business unit, 2,800 employees in our USIS business unit, 4,800 employees in our International business unit and 4,300 employees in our corporate Centers of Excellence, which also include our support centers in Chile, Costa Rica, India and Ireland.
Congress, various state legislative bodies and foreign governments concerning consumer and data protection that could affect us. Summary of U.S.
Congress, various state legislative bodies and foreign governments concerning consumer and data protection, as well as artificial intelligence, that could affect us. Summary of U.S.
We also sell consumer credit information to resellers who may combine our information with other information to provide direct-to-consumer monitoring, reports and scores. Mortgage Solutions.
We also sell consumer credit information to resellers who may combine our information with other information to provide direct-to-consumer monitoring, reports and scores. Financial Marketing Services.
We use advanced statistical techniques, machine learning and proprietary software tools to analyze available data to create customized insights, decision-making and process automation solutions and processing services for our clients.
We use advanced statistical techniques, artificial intelligence and machine learning, as well as proprietary software tools to analyze available data for the creation of customized insights, decision-making and process automation solutions, and processing services for our clients.
Our Mortgage Solutions products, offered in the U.S., consist of specialized credit reports that combine information from the three major consumer credit reporting agencies (Equifax, Experian and TransUnion) into a single “merged” credit report in an online format, commonly referred to as a tri-merge report. Mortgage lenders use these tri-merge reports in making their mortgage underwriting decisions.
Online Information Solutions also includes our mortgage solutions products, offered in the U.S., which includes specialized credit reports that combine information from the three major consumer reporting agencies (Equifax, Experian and TransUnion) into a single “merged” credit report in an online format, commonly referred to as a tri-merge report.
As a result, changes to those regulatory frameworks could impact the services we provide. For instance, if the federal government or a state government mandates the use of E-Verify or changes the requirements for individuals to work in the U.S., our I-9 service may be impacted.
For instance, if the federal government or a state government mandates the use of E-Verify or changes the requirements for individuals to work in the U.S., our I-9 service may be impacted.
Sources of competition are numerous and include the following: • Competition in the Verification Services business, for both the U.S. and key International segments of Australia, Canada and the U.K., is highly competitive with low barriers to entry and includes employers who manage verifications in-house, lenders who obtain verifications directly from employers, and numerous online and offline firms that provide verification services.
Sources of competition are numerous and include, but are not limited to, the following: • Competition in the Verification Services business is highly competitive with low barriers to entry and includes employers who manage verifications in-house, lenders who obtain verifications directly from employers, and numerous online and offline firms that provide verification services.
We have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore. We also provide information, technology and services to support debt collections and recovery management in Asia Pacific, Europe, and Latin America. Latin America. Our Latin America operation provides consumer and commercial information solutions products, marketing products and consumer credit protection products.
We also provide information, technology and services to support debt collections and recovery management in Asia Pacific, Europe, and Latin America. Latin America. Our Latin America operation provides consumer and commercial information solutions products, marketing products and consumer credit protection products.
Allegations that we failed to safeguard or handle such data in a compliant manner may subject us to CFPB enforcement action. The CFPB may pursue administrative proceedings or litigation to enforce the laws and rules subject to its jurisdiction.
Among other areas, the CFPB’s UDAAP authority extends to the security measures we employ to safeguard the personal data of consumers. Allegations that we failed to safeguard or handle such data in a compliant manner may subject us to CFPB enforcement action. The CFPB may pursue administrative proceedings or litigation to enforce the laws and rules subject to its jurisdiction.
Additionally, we offer services designed to alert lenders to changes in a consumer’s credit status during the underwriting period and securitized portfolio risk assessment services for evaluating inherent portfolio risk. Financial Marketing Services.
Mortgage lenders use these tri-merge reports in making their mortgage underwriting decisions. Additionally, we offer services designed to alert lenders to changes in a consumer’s credit status during the underwriting period and securitized portfolio risk assessment services for evaluating inherent portfolio risk.
Entities that collect and maintain personal data and/or credit information must ensure that it is complete, accurate and safeguarded, and must adopt certain privacy principles with respect to collecting, processing, preserving, sharing and using such data and/or credit information. India enacted a new privacy law, The Digital Personal Data Protection Act, 2023 ("DPDP Act"), in August 2023.
Entities that collect and maintain personal data and/or credit information must ensure that it is complete, accurate and safeguarded, and must adopt certain privacy principles with respect to collecting, processing, preserving, sharing and using such data and/or credit information.
Generally 11 speaking, the legislation regulates the contents of credit files, the length of time information can be included on a credit file, who can receive credit reports and consumer rights pertaining to the maintenance of credit reports. • In Latin America, data protection and credit reporting laws and regulations vary considerably among Latin American countries.
Generally speaking, the legislation regulates the contents of credit files, the length of time information can be included on a credit file, who can receive credit reports and consumer rights pertaining to the maintenance of credit reports. • In Latin America, data protection and credit reporting regulations have evolved significantly toward comprehensive, GDPR-aligned frameworks.
(Verification Services), as well as providing our employer customers with services which include unemployment claims management, I-9 and onboarding services, Affordable Care Act compliance management, tax credits and incentives and other complementary employment-based transaction services (Employer Services). Workforce Solutions revenue is predominantly in the U.S., and they have also established operations in Canada, Australia and the U.K. • U.S.
(Verification Services), as well as providing our employer customers with services which include unemployment claims management, I-9 and onboarding services, Affordable Care Act ("ACA") compliance management, tax credits and incentives and other complementary employment-based transaction services (Employer Services). • U.S.
This operating segment’s products and services generate revenue in Argentina, Australia, Brazil, Canada, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, India, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the U.K. and Uruguay. We also maintain support operations in Chile, Costa Rica, India and Ireland.
This operating segment’s products and services generate revenue in Argentina, Australia, Brazil, Canada, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, India, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the U.K. and Uruguay. We have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore.
In the U.K., we are subject to provisions that are broadly equivalent to the European Union’s General Data Protection Regulation (described below).
In the U.K., we are subject to provisions that are broadly equivalent to the European Union’s General Data Protection Regulation (“GDPR”), described below. • In Europe , we are subject to the EU's GDPR, which is an extremely broad and sweeping privacy law.
The Australian Retail Credit Association is a credit and credit reporting industry self-regulatory body, which administers principles and standards for the exchange of credit data between industry participants.
The ACCC also administers the Consumer Data Right legislation, which mandates the supply by banks of comprehensive credit information to credit reporting bodies, including Equifax. The Australian Retail Credit Association is a credit and credit reporting industry self-regulatory body, which administers principles and standards for the exchange of credit data between industry participants.
The FCRA contains an attorney fee shifting provision to provide an incentive for consumers to bring individual or class action lawsuits against a CRA for violations of the FCRA. The United States Federal Trade Commission (“FTC”) and state attorneys general may also enforce the requirements of the FCRA. • Dodd-Frank Act.
The FCRA contains an attorney fee shifting provision to provide an incentive for consumers to bring individual or class action lawsuits against a CRA for violations of the FCRA.
The ACCC has the authority to use a range of actions to ensure compliance with the law, including investigative powers and the ability to seek penalties through litigation and other formal enforcement means. The ACCC also administers Consumer Data Right legislation, which mandates the supply by banks of comprehensive credit information to credit reporting bodies, including Equifax.
The ACCC has the authority to use a range of actions to ensure compliance with the law, including investigative powers and the ability to seek penalties through litigation and other formal enforcement means, or specific action by means of court-enforceable undertakings.
We seek to enhance shareholder value through the disciplined execution of these imperatives and by positioning our Company as a global data, analytics and technology leader with industry-leading security.
We leverage our enterprise-wide talent initiatives to develop, retain and attract a highly-qualified workforce in order to promote our culture of innovation, add diverse perspectives and deliver on our business strategy. We seek to enhance shareholder value through the disciplined execution of these imperatives and by positioning our Company as a global data, analytics and technology leader with industry-leading security.
The Dodd-Frank Act prohibits unfair, deceptive or abusive acts or practices (“UDAAP”) with respect to consumer financial services practices and provides the CFPB with enforcement authority to enforce those provisions. Among other areas, the CFPB’s UDAAP authority extends to the security measures we employ to safeguard the personal data of consumers.
The Dodd-Frank Act provides the CFPB with examination and supervisory authority over CRAs, including us. The Dodd-Frank Act prohibits unfair, deceptive or abusive acts or practices (“UDAAP”) with respect to consumer financial services practices and provides the CFPB with enforcement authority to enforce those provisions.
This consent order obligated us to, among other things, make certain changes to our corporate governance and information security practices. • We are also subject to federal and state laws that are generally applicable to any U.S. business with national or international operations, such as antitrust laws, the Foreign Corrupt Practices Act, the Americans with Disabilities Act, state unfair or deceptive practices acts and various employment laws.
Generally, such examinations, and related enforcement actions, are focused on assessing our safety and soundness in support of financial institutions we serve. 10 • We are also subject to federal and state laws that are generally applicable to any U.S. business with national or international operations, such as antitrust laws, the Foreign Corrupt Practices Act, the Americans with Disabilities Act, state unfair or deceptive practices acts and various employment laws.
USIS USIS provides consumer and commercial information solutions to businesses in the U.S. through three product and service lines, as follows: Online Information Solutions.
The Work Number ® held about 209 million active and 813 million total (active and historic) employment records at December 31, 2025. USIS USIS provides consumer and commercial information solutions to businesses in the U.S. through two product and service lines, as follows: Online Information Solutions.
Our Indian business is also subject to regulation by the Reserve Bank of India, which is India’s central banking institution. 12 Summary of Regulations Affecting our Employer Services Business The Employer Services business unit within our Workforce Solutions business segment helps employers comply with various regulatory frameworks applicable to employers in the United States.
Summary of Regulations Affecting our Employer Services Business The Employer Services business unit within our Workforce Solutions business segment helps employers comply with various regulatory frameworks applicable to employers in the United States. As a result, changes to those regulatory frameworks could impact the services we provide.
In addition to the GDPR, each EU member state may include specific requirements regarding personal data breaches in its local data protection regulations. • In Canada , federal and provincial laws govern how we collect, use or disclose personal information in the course of our commercial activities.
The EU Artificial Intelligence Act imposes mandatory compliance requirements, including for artificial intelligence governance, documentation and human oversight. • In Canada , federal and provincial laws govern how we collect, use or disclose personal information in the course of our commercial activities.
The GDPR establishes multiple privacy and data protection requirements that are more specific and comprehensive than those of the U.S. and most other countries where Equifax operates. In addition, the GDPR includes data breach notification requirements and it establishes the ability of regulators to pursue substantial penalties for non-compliance.
The GDPR establishes multiple privacy and data protection requirements, including data breach notification, and it gives regulators the ability to pursue substantial penalties for non-compliance. In addition to the GDPR, each EU member state may include specific requirements regarding personal data breaches in its local data protection regulations.
It provides consumers with extensive rights, including the right to access the categories and specific pieces of personal information businesses collect, the right to request businesses delete information, and the right to opt-out of “sales” of personal information with sales being defined under the CCPA to include monetary and non-monetary valuable consideration.
Many of these laws (i) impose additional data privacy requirements on many businesses operating in the state when processing personal information, (ii) impose notice requirements relating to the collection, use and sharing of personal information and (iii) provide consumers with extensive rights, including the right to access the categories and specific pieces of personal information businesses collect, the right to request businesses delete information, and the right to opt-out of “sales” of personal information, among other rights.
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) created the CFPB. The Dodd-Frank Act provides the CFPB with examination and supervisory authority over CRAs, including us.
In addition to the private right of action for individuals and the CFPB’s regulatory authority, the United States Federal Trade Commission (“FTC”) and state attorneys general may also enforce the requirements of the FCRA. • Dodd-Frank Act. Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) created the CFPB.
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We leverage our enterprise-wide talent 3 initiatives to develop, retain and attract a highly-qualified workforce in order to promote our culture of innovation, add diverse perspectives and deliver on our business strategy.
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Our cloud infrastructure also allows us to rapidly deploy and integrate artificial intelligence, machine learning and agentic based capabilities to improve our products and solutions, as well as internal processes.
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The Work Number ® held about 188 million active and 734 million total (active and historic) employment records at December 31, 2024. Workforce Solutions has established an income and employment verification service in Canada, Australia and the U.K., known as Verification Exchange. At present, revenues from these services in all three regions mentioned are insignificant.
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A number of other state legislatures have introduced comprehensive data privacy legislation that is pending before the state legislative body.
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The CCPA, as amended by the California Privacy Rights Act, imposes additional data privacy requirements on many businesses operating in the state. The CCPA expansively defines “personal information” and imposes new notice requirements relating to the collection, use and sharing of personal information.
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Recent legislative actions in countries such as Chile, Paraguay and El Salvador have established unified national standards and dedicated regulatory authorities. For example, Chile enacted Law No. 21.719, which becomes fully enforceable in December 2026 and establishes a Personal Data Protection Agency and introduces rigorous requirements for data portability, breach notification and cross-border transfers.
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The CCPA also contains a private right of action in the event that a business suffers a security breach that was due to unreasonable security measures.
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Similarly, Paraguay passed its first comprehensive Personal Data Protection Law (No. 7593) in November 2025, initiating a two-year transition period for compliance. El Salvador also implemented a general data protection law in late 2024, overseen by its State Cybersecurity Agency.
Removed
We may also become subject to and affected by newly enacted state privacy laws similar to the CCPA, such as laws in effect in Colorado, Connecticut, Delaware, Florida, Iowa, Montana, Nebraska, New Hampshire, New Jersey, Oregon, Texas, Utah and Virginia, as well as enacted laws in states such as Indiana, Kentucky, Maryland, Minnesota, Rhode Island and Tennessee that become effective throughout 2025 and 2026.
Added
These developments align with a regional trend toward “international adequacy,” a legal status whereby one country or region formally recognizes that another country’s data protection laws are essentially equivalent to their own. In January 2026, the European Commission and Brazil adopted mutual adequacy decisions, allowing the free flow of personal data between the EU and Brazil without additional safeguards.
Removed
A number of other state legislatures, including New York and Washington, have introduced comprehensive data privacy legislation modeled after, and which contain certain elements of, the CCPA, other state consumer privacy laws, or the European Union's General Data Protection Regulation (“GDPR”), which is an extremely broad privacy law. 10 Additional state legislatures are expected to consider similar legislation in 2025.
Added
Brazil now joins 11 Argentina and Uruguay as jurisdictions recognized for providing “adequate” levels of protection. Large countries like Mexico, Colombia and Peru have comprehensive, but not yet “adequate”, data protection laws.
Removed
Generally, such examinations, and related enforcement actions, are focused on assessing our safety and soundness in support of financial institutions we serve. In 2018, we entered into a consent order with certain state banking regulators in response to their multi-state review of our information security program.
Added
In other countries, credit bureaus are still governed by specialized credit reporting laws rather than a broad, EU-style framework. • In Australia, we are subject to regulatory oversight by various agencies.
Removed
These equivalent provisions were adopted into U.K. laws following the end of the transition period that followed the U.K.’s exit from the EU. • In Europe , we are subject to the EU's GDPR, which is an extremely broad and sweeping privacy law.
Added
India recently enacted a new privacy law, The Digital Personal Data Protection Act, 2023 ("DPDP Act"), which provides greater protection to individuals’ personal data in digital form. Our Indian business is also subject to regulation by the Reserve Bank of India, which is India’s central banking institution.
Removed
Some countries, such as El Salvador, Paraguay, Chile and Honduras, establish a constitutional right to privacy without general data protection standards or a data protection authority. These countries, however, have laws that govern the functioning of credit bureaus.
Removed
Other countries, such as Argentina, Uruguay, Peru, Costa Rica, Mexico and most recently Brazil have enacted comprehensive data protection legislation similar to the EU's GDPR. The EU recognizes Argentina and Uruguay as having adequate levels of protection for personal data transfers and processing. • In Australia, we are subject to regulatory oversight by various agencies.
Removed
If it becomes effective, the DPDP Act would provide greater protection to individuals' personal data in digital form. The DPDP Act will become effective at a future date or dates to be determined by the Indian Central Government. In January 2025, the Central Government published draft Digital Personal Data Protection Rules, 2025, which would supplement the DPDP Act.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

71 edited+18 added−11 removed109 unchanged
Biggest changeAny future changes in laws or regulations that impose additional requirements on our operations or restrict our use of data could have a material adverse effect on our business. In addition, there are laws and legislative proposals in the U.S. and abroad concerning privacy and cybersecurity that have implications for our business.
Biggest changeThere are laws and regulatory requirements in the U.S. and abroad that govern the operations of consumer reporting agencies and the collection, use, accuracy, correction and sharing of personal data. Any future changes in laws or regulations that impose additional requirements on our operations or restrict our use of data could have a material adverse effect on our business.
If we do not introduce successful new products, services and analytical capabilities in a timely manner, or if the market does not adopt our new services, or if new technologies are introduced by competitors that are more effective or at lower costs than ours, our competitiveness and operating results will suffer.
If we do not introduce successful new products and services in a timely manner, or if the market does not adopt our products and services, or if new technologies and analytical capabilities are introduced by competitors that are more effective or at lower costs than ours, our competitiveness and operating results will suffer.
In addition, it is possible that a resolution of one or more such proceedings could result in reputational harm, liability, penalties or sanctions, as well as judgments, consent decrees or orders preventing us from offering certain features, functionalities, products or services, 23 or requiring a change in our business practices, products or technologies, which could in the future materially and adversely affect our business, operating results, and financial condition.
In addition, it is possible that a resolution of one or more such proceedings could result in reputational harm, liability, penalties or sanctions, as well as judgments, consent decrees or orders preventing us from offering certain features, functionalities, products or services, or requiring a change in our business practices, products or technologies, which could in the future materially and adversely affect our business, operating results, and financial condition.
To the extent we are unable to comply or we are viewed as not being in compliance with these business practice commitments or other requirements of a relevant order, we could face an enforcement action or contempt proceeding that could potentially result in fines, penalties 21 and new business practice commitments, which, depending on the amount and type, could have a material adverse effect on our financial condition.
To the extent we are unable to comply or we are viewed as not being in compliance with these business practice commitments or other requirements of a relevant order, we could face an enforcement action or contempt proceeding that could potentially result in fines, penalties and new business practice commitments, which, depending on the amount and type, could have a material adverse effect on our financial condition.
There can be no assurance that we would be able to obtain data from alternative sources if our current sources become unavailable. 15 Negative changes in general economic conditions, including interest rates, the level of inflation, unemployment rates, income, home prices, investment values and consumer confidence, could adversely affect us.
There can be no assurance that we would be able to obtain data from alternative sources if our current sources become unavailable. Negative changes in general economic conditions, including interest rates, the level of inflation, unemployment rates, income, home prices, investment values and consumer confidence, could adversely affect us.
To the extent that we continue to make disclosures about responsible business priorities, initiatives, goals and commitments, we could be criticized for such matters, which could negatively impact our reputation or otherwise materially harm our business. Operational Risks Our use of cloud-based and other technologies that are outsourced to third parties could expose us to operational disruptions.
To the extent that we continue to make disclosures about responsible business priorities, initiatives, goals and commitments, we could be criticized for such matters, which could negatively impact our reputation or otherwise materially harm our business. 19 Operational Risks Our use of cloud-based and other technologies that are outsourced to third parties could expose us to operational disruptions.
It 22 is difficult to predict the impact on our business if we were subject to allegations of having violated existing laws. For example, in Europe, the GDPR, which includes extensive regulations for certain security incidents, could result in fines of up to 4% of annual worldwide “turnover” (a measure similar to revenues in the U.S.).
It is difficult to predict the impact on our business if we were subject to allegations of having violated existing laws. For example, in Europe, the GDPR, which includes extensive regulations for certain security incidents, could result in fines of up to 4% of annual worldwide “turnover” (a measure similar to revenues in the U.S.).
If we implement new technology that includes artificial intelligence, we may introduce incremental risks in our environment if these technologies are incorrectly configured or implemented, if the data we use to prompt them is incomplete, inadequate or biased in some way, or if the outputs are not sufficiently reviewed for reliability and validity.
As we implement new technology that includes artificial intelligence, we may introduce incremental risks in our environment if these technologies are incorrectly configured or implemented, if the data we use to prompt them is incomplete, inadequate or biased in some way, or if the outputs are not sufficiently reviewed for reliability and validity.
In certain of our businesses we rely on third-party intellectual property licenses and we cannot ensure that these licenses will be available to us in the future on favorable terms or at all. Although our policy is to obtain licenses or other rights where necessary, we cannot provide assurance that we have obtained all required licenses or rights.
In certain of our businesses where we rely on third-party intellectual property licenses, we cannot ensure that these licenses will be available to us in the future on favorable terms or at all. Although our policy is to obtain licenses or other rights where necessary, we cannot provide assurance that we have obtained all required licenses or rights.
Any transaction we do complete may not be on favorable terms, may involve greater-than-expected liabilities and expenses, potential impairments of tangible and intangible assets or significant write-offs, and the expected benefits, synergies, revenue and growth from these initiatives may not materialize as planned.
Any transaction we complete may not be on favorable terms, may involve greater-than-expected liabilities and expenses, potential impairments of tangible and intangible assets or significant write-offs, and the expected benefits, synergies, revenue and growth from these initiatives may not materialize as planned.
If our credit ratings were to decline to lower levels, we could experience increases in the interest cost for any 24 new debt. In addition, the market’s demand for, and thus our ability to readily issue, new debt could become further affected by the economic and credit market environment.
If our credit ratings were to decline to lower levels, we could experience increases in the interest cost for any new debt. In addition, the market’s demand for, and thus our ability to readily issue, new debt could become further affected by the economic and credit market environment.
In addition, governmental agencies in particular have increased the amount of information to which they provide 17 free public access and these or other sources of free or relatively inexpensive consumer information from competitors or other commercial sources may reduce demand for our services.
In addition, governmental agencies in particular have increased the amount of information to which they provide free public access and these or other sources of free or relatively inexpensive consumer information from competitors or other commercial sources may reduce demand for our services.
As a data, analytics and technology company and credit reporting agency, we are subject to a number of U.S. federal, state, local and foreign laws and regulations relating to consumer financial protection, data protection, data privacy, artificial intelligence and cybersecurity. See “Item 1.
As a data, analytics and technology company and consumer reporting agency, we are subject to a number of U.S. federal, state, local and foreign laws and regulations relating to consumer financial protection, data protection, data privacy, artificial intelligence and cybersecurity. See “Item 1.
Accordingly, our future results could be harmed by a variety of factors including: • changes in specific country or region political, economic or other conditions; • trade protection measures; • data privacy and consumer protection laws and regulations; • antitrust and competition laws; • difficulty in staffing and managing widespread operations; • differing labor, intellectual property protection and technology standards and regulations; 20 • business licensing requirements or other requirements relating to making foreign direct investments, which could increase our cost of doing business in certain jurisdictions, prevent us from entering certain markets, increase our operating costs or lead to penalties or restrictions; • difficulties associated with repatriating cash generated or held abroad in a tax-efficient manner; • implementation of exchange controls; • geopolitical instability, including terrorism and war and international conflict; • foreign currency changes; • increased travel, infrastructure, legal and compliance costs of multiple international locations; • foreign laws and regulatory requirements; • terrorist activity, natural disasters, pandemics and other catastrophic events; • restrictions on the import and export of technologies; • difficulties in enforcing contracts and collecting accounts receivable; • longer payment cycles; • failure to meet quality standards for outsourced work; • unfavorable tax rules; • the presence and acceptance of varying levels of business corruption in international markets; and • varying business practices in foreign countries.
Accordingly, our future results could be harmed by a variety of factors including: • changes in specific country or region political, economic or other conditions; • trade protection measures; • data privacy, consumer protection and artificial intelligence laws and regulations; • antitrust and competition laws; • difficulty in staffing and managing widespread operations; • differing labor, intellectual property protection and technology standards and regulations; • business licensing requirements or other requirements relating to making foreign direct investments, which could increase our cost of doing business in certain jurisdictions, prevent us from entering certain markets, increase our operating costs or lead to penalties or restrictions; • difficulties associated with repatriating cash generated or held abroad in a tax-efficient manner; • implementation of exchange controls; • geopolitical instability, including terrorism and war and international conflict; • foreign currency changes; • increased travel, infrastructure, legal and compliance costs of multiple international locations; • foreign laws and regulatory requirements; • terrorist activity, natural disasters, pandemics and other catastrophic events; • restrictions on the import and export of technologies; • difficulties in enforcing contracts and collecting accounts receivable; • longer payment cycles; • failure to meet quality standards for outsourced work; • unfavorable tax rules or rulings; • the presence and acceptance of varying levels of business corruption in international markets; and • varying business practices in foreign countries.
This may result in significantly greater transaction, remediation and integration costs for future acquisitions than we have experienced historically, or it could mean that we will not pursue certain acquisitions where the costs of integration and remediation are too significant.
This may result in significantly greater transaction, remediation and integration costs for acquisitions than we have experienced historically, or it could mean that we will not pursue certain acquisitions where the costs of integration and remediation are too significant.
Market acceptance of cloud-based offerings is affected by a variety of factors, including information security, reliability, performance, the sufficiency of technological infrastructure to support our products and services in certain geographies, customer and data provider concerns with entrusting a third party to store and manage its data as well as the customer’s ability to access this data once a contract has expired, and consumer concerns regarding data privacy and the enactment of laws or regulations that restrict our ability to provide such services to customers.
Market acceptance of cloud-based and artificial intelligence-based offerings is affected by a variety of factors, including information security, reliability, performance, the sufficiency of technological infrastructure to support our products and services in certain geographies, customer and data provider concerns with entrusting a third party to store and manage its data as well as the customer’s ability to access this data once a contract has expired, and consumer concerns regarding data privacy and the enactment of laws or regulations that restrict our ability to provide such services to customers.
Without the timely introduction of new technologies, products, services and enhancements, our products and services will become technologically or commercially obsolete over time, in which case our revenue and operating results would suffer.
Without the timely introduction of new products, services and enhancements, our products and services will become technologically or commercially obsolete over time, in which case our revenue and operating results would suffer.
Business customers use our credit information and related analytical services and data to process applications for new credit cards, automobile loans, home and equity loans and other consumer loans, and to manage their existing credit relationships.
Business customers use our data and related analytical services to process applications for new credit cards, automobile loans, home and equity loans and other consumer loans, and to manage their existing credit relationships.
High or rising rates of unemployment and interest, declines in income, home prices or investment values, lower consumer confidence and reduced access to credit adversely affect demand for many of our products and services, and consequently our revenue and results of operations, as consumers may postpone or reduce their spending and use of credit, and lenders may reduce the amount of credit offered or available.
High or rising rates of unemployment and interest, declines in income, home prices or investment values, lower consumer confidence, economic uncertainty and reduced access to credit adversely affect demand for many of our products and services, and consequently our revenue and results of operations, as consumers may postpone or reduce their spending and use of credit, and lenders may reduce the amount of credit offered or available.
This data includes the widespread and voluntary contribution of credit data from most lenders in the U.S. and many other markets as well as the contribution of data under proprietary contractual agreements, such as employers’ contribution of employment and income data to The Work Number ® and telecommunications, cable and utility companies’ contribution of payment and fraud data to the National Cable, Telecommunications and Utility Exchange (NCTUE).
This data includes the widespread and voluntary contribution of credit data from most lenders in the U.S. and many other markets as well as the contribution of data under proprietary contractual agreements, such as employers’ contribution of employment and income data to The Work Number® and telecommunications, cable and utility companies’ contribution of payment and fraud data to the National Cable, Telecommunications and Utility Exchange, Inc.
If we experience another material cybersecurity incident, if public or legislative scrutiny and pressure leads to reduced use of data by government agencies, or if we experience uptime issues or performance problems, our ability to maintain existing or acquire new government contracts may be substantially impacted.
If we experience another material cybersecurity incident, if public or legislative scrutiny and pressure lead to reduced use of data by government agencies, or if we experience uptime issues or performance problems, our ability to maintain existing or acquire new government contracts may be substantially impacted.
Our use of artificial intelligence could lead to new or enhanced governmental or regulatory scrutiny, litigation or other legal liability, ethical concerns, negative consumer and customer impacts, and negative perceptions of artificial intelligence generally, all of which could adversely affect our business, reputation or financial results.
Our use of artificial intelligence could lead to new or enhanced governmental or regulatory scrutiny, litigation or other legal liability, concerns about ethical use and privacy, negative consumer and customer impacts, and negative perceptions of artificial intelligence generally, all of which could adversely affect our business, reputation or financial results.
Despite our substantial investment in physical and technological security measures, employee training and contractual precautions, our information technology networks and infrastructure (or those of our third-party vendors and other service providers) are potentially vulnerable to unauthorized access to data, loss of access to systems or breaches of confidential information due to criminal conduct, attacks by hackers, employee or insider malfeasance and/or human error.
Despite our substantial investment in physical and technological security measures, employee training and contractual precautions, our information technology networks and infrastructure (or those of our third-party vendors and other service providers) are potentially vulnerable to unauthorized access to data, loss of access to systems or breaches of confidential information due to criminal conduct, attacks by hackers, artificial intelligence-powered attacks, employee or insider malfeasance and/or human error.
If we were unable to respond quickly enough to changes in competition or customer demand we could experience reductions in our operating margins. 16 If our relationships with key customers and business partners are materially diminished or terminated, our business could suffer.
If we are unable to respond quickly enough to changes in competition or customer demand, we could experience reductions in our operating margins. If our relationships with key customers and business partners are materially diminished or terminated, our business could suffer.
Even if the anticipated benefits and savings of our technology transformation are substantially realized, there may be consequences, internal control issues or business impacts that were not expected. We have made significant investments in our technology transformation, and if we were to change cloud-based service providers, we may incur additional costs in connection with a transition.
Even if the anticipated benefits and savings of our technology transformation are substantially realized, there may be consequences, internal control issues or business impacts that were not expected. We have made significant investments in our technology transformation, and if we were to change a primary cloud-based service provider, we may incur additional costs in connection with a transition.
We operate in a number of geographic, product and service markets that are highly competitive. Competitors may develop products and services that are superior to or that achieve greater market acceptance than our products and services.
We operate in a number of geographic, product and service markets that are highly competitive. Competitors may develop products and services that are superior to or that achieve greater market adoption than our products and services.
If the models are incorrectly designed, if the data we use to train them is incomplete, inadequate or biased in some way, or if we do not have sufficient rights to use the data on which our models rely, the performance of our products and business, as well as our reputation, could suffer or we could incur liability through the violation of laws, third-party privacy or other rights, or contracts to which we are a party.
If the models are incorrectly designed, if the data we use to train them is incomplete, inadequate or biased in some way, if we do not have sufficient rights to use the data on which our models rely, or if we do not have the ability to explain the output, the performance of our products 17 and business, as well as our reputation, could suffer or we could incur liability through the violation of laws, third-party privacy or other rights, or contracts to which we are a party.
We generally sell our products in industries that are characterized by rapid technological changes, including the introduction of new innovative technologies, frequent new product and service introductions and changing industry standards. In addition, certain of the markets in which we operate are seasonal and cyclical.
We generally sell our products and services in industries that are characterized by rapid technological changes, including the introduction of new innovative technologies and analytical capabilities, frequent new product and service introductions and changing industry standards. In addition, certain of the markets in which we operate are seasonal and cyclical.
We previously experienced a material cybersecurity incident in 2017 and if we experience additional breaches of our security measures, including from incidents that we fail to detect for a period of time, sensitive data may be accessed, stolen, disclosed or lost.
We have previously experienced a material cybersecurity incident and if we experience additional breaches of our security measures, including from incidents that we fail to detect for a period of time, sensitive data may be accessed, stolen, disclosed or lost.
New competitors may choose to enter and compete in our markets, or existing competitors may choose to introduce new products and enter markets that we serve and that they do not currently serve. The size of our competitors varies across market segments, as do the resources we have allocated to the segments we target.
New or existing competitors may choose to introduce new products or business models or enter and compete in markets that we serve where they do not currently serve. The size of our competitors varies across market segments, as do the resources we have allocated to the segments we target.
Sales outside the U.S. comprised 24% of our total revenue in 2024. As a result, our business is subject to various risks associated with doing business internationally and these risks may differ in each jurisdiction where we operate. In addition, many of our employees, suppliers, job functions and facilities are located outside the U.S.
Sales outside the U.S. comprised 23% of our total revenue in 2025. As a result, our business is subject to various risks associated with doing business internationally and these risks may differ in each jurisdiction where we operate. In addition, many of our employees, suppliers, job functions and facilities are located outside the U.S.
The loss of access to credit, employment, financial and other data from external sources could harm our ability to provide our products and services. We rely extensively on data from external sources to maintain our proprietary and non-proprietary databases, including data received from customers, licensors, furnishers, strategic partners and various government and public record sources.
The loss of access to credit, employment, financial and other data or intellectual property from external sources could harm our ability to provide our products and services. We rely extensively on data from external sources to maintain proprietary and non-proprietary databases, including data received from customers, licensors, furnishers, strategic partners, consumers, and various government and public record sources.
If a substantial number of data sources or certain key data sources were to withdraw or be unable to provide their data, if we were to lose access to data due to government regulation, if we lose our right to the use of data, or if the collection, disclosure or use of data becomes uneconomical, our ability to provide products and services to our customers could be adversely affected, which could result in decreased revenue, net income and earnings per share and reputational loss.
If a substantial number of data sources or certain key data sources withdraw or become unable to provide their data, if we lose access to data due to government regulation, if we lose our right to the use of data, if the collection, disclosure or use of data becomes uneconomical, or if we lose the right to use certain intellectual property, our ability to provide products and services to our customers could be adversely affected, which could result in 15 decreased revenue, net income and earnings per share and reputational loss.
To the extent inflation results in higher interest rates and has other adverse effects upon the securities markets and upon the value of financial instruments, it may adversely affect our financial position and profitability.
To the extent inflation results in higher interest rates and has other adverse effects upon the securities markets and upon the value of financial instruments, it may adversely affect our financial position and profitability. Our markets are highly competitive.
We may have difficulty assimilating new businesses and their products, services, technologies, IT systems and personnel into our operations. IT and data security profiles of acquired companies may not meet our technological standards and may take longer to integrate and remediate than planned.
We may have difficulty assimilating new businesses and their products, services, technologies, IT systems and personnel into our operations. IT and data security profiles of acquired companies may not meet our technological standards, may expose us to cybersecurity vulnerabilities and may take longer to integrate and remediate than planned.
In addition, many of our competitors have extensive consumer relationships, including relationships with our current and potential customers. Moreover, new competitors or alliances among our competitors may emerge and potentially reduce our market share, revenue or margins.
In addition, many of our competitors have extensive customer relationships, including relationships with our current and potential customers. Moreover, new competitors or alliances among our competitors and business partners may emerge and potentially reduce our market share, revenue or margins.
For example, our reputation with consumers and other stakeholders and our customer relationships were damaged following the cybersecurity incident in 2017, resulting in a negative impact on our revenue for a period of time.
For example, our reputation with consumers and other stakeholders and our customer relationships were damaged following a prior material cybersecurity incident, resulting in a negative impact on our revenue for a period of time.
The loss of one or more of our major customers or business partners could adversely affect our business, financial condition and results of operations.
The loss of, or change in relationship with, one or more of our major customers or business partners could adversely affect our business, financial condition and results of operations.
Additionally, we cooperate with the CFPB in supervisory examinations and respond to other state, federal and foreign government examinations of, or inquiries into, our business practices.
Additionally, we cooperate with U.S. federal and state supervisory examinations and respond to other state, federal and foreign government examinations of, or inquiries into, our business practices.
In response to stakeholder feedback, we communicate certain information regarding our responsible business priorities, including initiatives, goals and commitments related to climate, inclusion and diversity, responsible sourcing and social investments, in public disclosures. These initiatives, goals and commitments could be difficult to achieve and costly to implement.
In response to stakeholder feedback, we communicate certain information regarding our responsible business priorities, including initiatives, goals and commitments related to data security and privacy, climate, inclusion and diversity, employee engagement and community investments, in our public disclosures. These initiatives, goals and commitments could be difficult to achieve and costly to implement.
Our intellectual property portfolio may not be useful in asserting a counterclaim, or providing commercial leverage for negotiating a license, in response to a claim of intellectual property infringement.
Our intellectual property portfolio may not be sufficient to deter a claim of intellectual property infringement, useful in asserting a counterclaim, or provide commercial leverage for negotiating a license to settle a claim.
In addition, new laws and regulations at the state and federal level are enacted frequently, such as amendments to the FCRA, cybersecurity and other requirements promulgated by the FTC, the NYDFS and the SEC, and data privacy laws in several U.S. states.
In addition, new laws and regulations are enacted frequently, such as amendments to the FCRA, cybersecurity and other requirements promulgated by the FTC, the NYDFS and the SEC, and data privacy and artificial intelligence laws in several U.S. states and foreign countries.
Over the past several years, regulators, investors, customers, employees and other stakeholders have focused on various environmental, social and governance ("ESG") matters, both in the United States and internationally.
Over the past several years, regulators, investors, customers, employees and other stakeholders have focused on various sustainability-related matters, including environmental, social and governance ("ESG") matters, both in the U.S. and internationally.
If our government contracts are terminated or not funded, if we are suspended from government work, if the services we provide are no longer needed due to government program change or termination, or if our ability to compete for new contracts is adversely affected, including by our failure to achieve certain government certifications, our business and financial performance could suffer. 18 Our business has been and may continue to be negatively impacted by health epidemics, pandemics and similar outbreaks.
If our government contracts are terminated or not funded, if we are suspended from government work, if the services we provide are no longer needed due to government program change or termination, or if our ability to compete for new contracts is adversely affected, including by our failure to achieve certain government certifications, our business and financial performance could suffer.
The success of our new products and services will depend on several factors, including our ability to: (i) properly identify customer needs; (ii) innovate and develop new technologies, services and applications; (iii) successfully commercialize new technologies in a timely manner; (iv) produce and deliver our products in sufficient volumes on time; (v) differentiate our offerings from competitor offerings; (vi) price our products competitively; (vii) anticipate our competitors’ development of new products, services or technological innovations; and (viii) control product quality in our product development process.
The success of our products and services will depend on several factors, including our ability to: (i) properly identify and respond to customer needs; (ii) innovate and develop new technology and analytical capabilities, including advanced artificial intelligence-based capabilities; (iii) successfully commercialize new products and services in a timely manner; (iv) produce and distribute our products and services in sufficient volumes on time; (v) differentiate our offerings from competitor offerings; (vi) price our products competitively; (vii) anticipate our competitors’ development of new products, services or technological and analytical innovations, including artificial intelligence-based innovations; (viii) control product quality in our product development process; and (ix) provide adequate support for our products and services.
Our compliance costs and legal and regulatory exposure could increase materially if the CFPB or other regulators enact new regulations, change existing regulations, modify through supervision or enforcement past regulatory guidance, or interpret existing regulations in a manner different or stricter than have been previously interpreted.
Our compliance costs and legal and regulatory exposure could increase materially if the CFPB or other regulators enact new regulations, change existing regulations, modify through supervision or enforcement past regulatory guidance, or interpret existing regulations in a manner different or stricter than have been previously interpreted. 23 Regulatory oversight of our contractual relationships with certain of our customers may adversely affect our business.
For a variety of reasons, including concerns of data furnishers arising out of legislatively or judicially imposed restrictions on use, security breaches or competitive reasons, our data sources could withdraw, delay receipt of or increase the cost of the data they provide to us.
For a variety of reasons, including concerns of data furnishers arising out of legislatively or judicially imposed restrictions on use, security breaches or competitive reasons, our data sources could withdraw, delay receipt of, or increase the cost of, the data they provide to us. We also compete with several of our third-party data suppliers and intellectual property providers.
If we do not protect and enforce our intellectual property rights successfully, our competitive position may suffer which could harm our operating results. Our pending patent and trademark applications may not be allowed or competitors may challenge the validity or scope of our intellectual property rights.
If we are unable to protect and enforce our intellectual property rights successfully, our competitive position may suffer which could harm our operating results. Our pending patent and trademark applications may not be allowed at all, may be granted with claims that are not advantageous, or competitors may challenge the validity or scope of our 24 intellectual property rights.
Any failure to perform on the part of these third-party providers could impair our ability to operate effectively and could result in lower future revenue, unrealized efficiencies and adversely impact our results of operations and our financial condition. Some of our outsourcing takes place in developing countries and, as a result, may be subject to geopolitical uncertainty.
Any failure to perform on the part of these third-party providers could impair our ability to operate effectively and could result in lower future revenue, unrealized efficiencies and adversely impact our results of operations and our financial condition.
Increased retention risk exists in certain key areas of our operations, such as data and analytics, IT and data security, which require specialized skills, including cloud security, application development and maintenance and artificial intelligence expertise and analytical modeling.
Our future success depends partly on the continued service of our key development, sales, marketing, executive and administrative personnel. Increased retention risk exists in certain key areas of our operations, such as data and analytics, artificial intelligence, IT and data security, which require specialized skills, including cloud security, application development and maintenance and artificial intelligence expertise and analytical modeling.
We expect that our cloud technology transformation will significantly increase our efficiency and productivity, improve the stability and functionality of our products and services, and decrease the cost of our overall systems infrastructure, all of which we expect will drive growth and have a positive effect on our business, competitive position and results of operations.
We expect that our cloud technology transformation will continue to increase our efficiency and productivity, enhance our ability to deliver new and differentiated products, improve the stability and functionality of our products and services, decrease the cost of our overall systems infrastructure, and enable the delivery of advanced artificial intelligence-based products and internal processes, all of which we expect will drive growth and have a positive effect on our business, competitive position and results of operations.
In addition, competitors might avoid infringement by designing around our intellectual property rights or by developing non-infringing competing technologies. Intellectual property rights and our ability to enforce them may be unavailable or limited in some countries, which could make it easier for competitors to capture market share and could result in lost revenue.
Intellectual property rights and our ability to enforce them also may be unavailable or limited in some countries, which could make it easier for competitors to capture market share and could result in lost revenue.
Conversely, certain of our businesses, such as our unemployment claims management business within the Workforce Solutions segment, are countercyclical and may experience negative impacts on revenue and operating profit during periods of improving economic conditions or lower unemployment. We expect U.S. mortgage credit activity in 2025 to be below the levels of activity seen in 2024.
Conversely, certain of our businesses, such as our unemployment claims management business within the Workforce Solutions segment, are countercyclical and may experience negative impacts on revenue and operating profit during periods of improving economic conditions or lower unemployment.
A number of our government contracts receive enhanced scrutiny and media attention due to the sensitive nature of the data we handle and due to the importance of the government programs we support.
Our government contracts may receive enhanced scrutiny and media attention due to the sensitive nature of the data we handle and the societal impact of the government programs our contracts support, among other reasons.
The techniques used to obtain unauthorized access, disable or degrade service or sabotage systems are constantly evolving and often are not recognized until launched against a target, or even some time after.
The techniques used to obtain unauthorized access, disable or degrade service or sabotage systems are constantly evolving and often are not recognized until launched against a target, or even some time after. For example, artificial intelligence can automate and hyper-personalize existing attack vectors like phishing and deepfakes.
Our competitive position may be harmed if we cannot detect misappropriation or infringement and enforce our intellectual property rights quickly or at all. In some circumstances, enforcement may not be available to us because a third party has a dominant intellectual property position or for other business reasons.
We may need to devote significant resources to monitoring our intellectual property rights and we may or may not be able to detect misappropriation or infringement by third parties, which may harm our competitive position. In some circumstances, enforcement may not be available to us because a third party has a dominant intellectual property position or for other business reasons.
Multiple jurisdictions, including the EU and at least one U.S. state, have adopted laws related to the development and use of artificial intelligence. There have also been new legislative proposals to regulate business use and development of artificial intelligence and machine learning technologies which, if enacted, could impose new legal requirements addressing among other issues, privacy, discrimination and human rights.
There are also pending legislative proposals to regulate business use and development of artificial intelligence and machine learning technologies which, if enacted, could impose new legal requirements addressing among other issues, privacy, discrimination and human rights.
The use of such hedging activities may not offset any or more than a portion of the adverse financial effects of unfavorable movements in foreign exchange rates over the limited time the hedges are in place. Accordingly, fluctuations in foreign currency exchange rates, particularly the strengthening of the U.S. dollar against major currencies, may materially affect our consolidated financial results.
The use of such hedging activities may not offset any or more than a 21 portion of the adverse financial effects of unfavorable movements in foreign exchange rates over the limited time the hedges are in place.
However, any future data accuracy issues arising in connection with our technology transformation or otherwise could have a material adverse effect on our business or results of operations, including through the incurrence of additional costs or the loss of customers and harm to our reputation. 19 If our systems do not meet customer requirements for response time or high availability, or we experience system constraints or failures, or if our customers do not modify and/or upgrade their systems to accept new releases of our products and services, our services to our customers could be delayed or interrupted, which could result in lost revenues or customers, lower margins, service level penalties or other harm to our business and reputation.
If our systems do not meet customer requirements for response time or high availability, or we experience system constraints or failures, or if our customers do not modify and/or upgrade their systems to accept new releases of our products and services, our services to our customers could be delayed or interrupted, which could result in lost revenues or customers, lower margins, service level penalties or other harm to our business and reputation.
Although we have developed internal processes and controls to maintain and continually improve data accuracy, these processes and controls cannot ensure absolute accuracy and the complexity of our technology transformation may introduce additional risk. We have experienced data accuracy issues, including errors in connection with our technology transformation.
Although we have developed internal processes and controls to maintain and continually improve data accuracy, these processes and controls cannot ensure absolute accuracy and we have previously experienced data accuracy issues in the course of our business.
Our markets are highly competitive and new product introductions and pricing strategies being offered by our competitors could decrease our sales and market share or require us to enhance our products and services or reduce our prices in a manner that reduces our revenue and operating margins.
New products, pricing strategies and business models introduced by our competitors, as well as regulatory changes impacting our industry, could decrease our sales and market share or require us to enhance our products and services or reduce our prices in a manner that reduces our revenue and operating margins.
We and our customers are subject to various current laws and governmental regulations, and could be affected by new and evolving consumer privacy and cybersecurity or other data-related laws or regulations, compliance with which may cause us to incur significant expenses and change our business practices, and if we fail to maintain satisfactory compliance with certain laws and regulations, we could be subject to civil or criminal penalties.
Compliance with these laws and regulations may cause us to incur significant expenses and change our business practices, and if we fail to maintain satisfactory compliance with certain laws and regulations, we could be subject to civil or criminal penalties.
We use artificial intelligence and machine learning models in the development of some of our products and artificial intelligence systems to support the deployment of new applications and to improve the efficiency of our business operations. For new products, the models that we use are developed or trained using various data sets.
We may face risks associated with our use of certain artificial intelligence and machine learning models and systems. We use artificial intelligence and machine learning models in the development of some of our products and artificial intelligence systems to support the deployment of new applications and to improve the efficiency of our business operations.
For example, the Canadian and Australian governments have initiated reviews of their consumer privacy laws, and several U.S. states have introduced varying comprehensive privacy laws modeled to some degree on the CCPA and/or the GDPR. More recently, regulators and legislators have been increasingly focused on the use of algorithms, artificial intelligence and machine learning in business processes.
In addition, there are laws and legislative proposals in the U.S. and abroad concerning privacy, cybersecurity and artificial intelligence that have implications for our business. For example, the Canadian and Australian governments have initiated reviews of their consumer privacy laws, and several U.S. states have introduced varying comprehensive privacy laws modeled to some degree on the CCPA and/or the GDPR.
Furthermore, our government contracts are funded through federal and state budgeting and appropriations processes, whereby a legislature approves the annual budget submitted by the executive branch. Budget shortfalls or changing priorities may cause legislatures to fail to appropriate sufficient funds to fulfill our government contracts from year to year.
Furthermore, our government contracts are funded through federal and state budgeting processes, which may be subject to political, tax revenue and other external factors. Budget shortfalls or changing priorities may cause legislatures to fail to appropriate sufficient funds to fulfill our government contracts from year to year.
In addition, the U.S. federal government has recently taken steps to reduce government spending, which could negatively impact the continuation, renewal or negotiation of our contracts with the federal government.
The U.S. federal government has taken steps to reduce spending on vendor contracts, which could negatively impact the continuation, renewal or negotiation of our contracts with the federal government. Congress has also enacted legislation to reform government benefit programs which may impact contracting with federal and state government agencies.
We face various risks related to health epidemics, pandemics and similar outbreaks. For example, the COVID-19 pandemic and the mitigation efforts by governments to attempt to control its spread adversely impacted the global economy and led to reduced consumer spending and lending activities. Our customers, and therefore our business and revenues, are sensitive to negative changes in general economic conditions.
Our business has been and may continue to be negatively impacted by health epidemics, pandemics and similar outbreaks. We face various risks related to health epidemics, pandemics and similar outbreaks. Pandemics and the mitigation efforts by governments to attempt to control its spread may adversely impact the global economy and lead to reduced consumer spending and lending activities.
In addition, our focus on data security and our transition to cloud-based technologies may limit our ability to identify and complete acquisitions as our stringent technological criteria and standards for acquisition candidates may continue to increase.
In addition, our focus on data security and use of cloud-based technologies may limit our ability to identify and complete acquisitions as our stringent security and technology criteria and standards for acquisition candidates may continue to increase. 18 If our government contracts are terminated, if we are suspended from government work, or if our ability to compete for new contracts is adversely affected, our business could suffer.
Changes in prices between competitors for this information and/or changes in the design or sale of tri-bureau versus single or dual bureau product offerings may affect our revenue or profitability.
Changes in prices between competitors for 16 this information and/or regulatory changes that impact the use of the tri-bureau credit report in the U.S. mortgage market may affect our revenue or profitability.
Our resources have to be committed to any new products and services before knowing whether the market will adopt the new offerings. We may face risks associated with our use of certain artificial intelligence and machine learning models and systems.
Our resources have to be committed to any new products and services before knowing whether the market will adopt the new offerings. Recently, we have accelerated our introduction of new products and services, which may increase pressure on our existing operational processes and increase the risks stated above.
If our government contracts are terminated, if we are suspended from government work, or if our ability to compete for new contracts is adversely affected, our business could suffer. We derive a meaningful portion of our revenue from direct and indirect sales to U.S. federal, state and local governments, as well as foreign governments, and their respective agencies.
We derive a meaningful portion of our revenue from direct and indirect sales to U.S. federal, state and local governments, as well as foreign governments, and their respective agencies. Such contracts are subject to various procurement laws and regulations, and contract provisions relating to their formation, administration and performance.
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Where we currently have exclusive use of data, the providers of the data sources could elect to make the information available to competitors. We also compete with several of our third-party data suppliers.
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(NCTUE) database we manage. In addition, a significant portion of our revenue is derived from products and services that incorporate intellectual property licensed from third party business partners.
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Such contracts are subject to various procurement laws and regulations, and contract provisions relating to their formation, administration and performance.
Added
We remain in a period of economic uncertainty in the U.S. and the international markets in which we operate, including uncertainty regarding expectations for inflation and interest rates.
Removed
We experienced significant revenue declines in several of our markets as a result of COVID-19 and we may experience similar revenue declines as a result of future health epidemics, pandemics and similar outbreaks. Our reputation and/or business could be negatively impacted by ESG matters and/or our reporting of such matters.
Added
Our current planning for 2026 assumes that U.S. economic activity, as measured by GDP, will grow at a rate consistent with 2025, and that economic activity in the international markets in which we operate will grow at levels below those experienced in 2025.
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To date, none of these issues have had a material impact on our operations or financial results.
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The direction of global economies, inflation and interest rates has an impact on the demand for our services. In particular, we expect U.S. mortgage credit activity in 2026 to be below the levels of activity seen in 2025.
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Our business will suffer if we are not able to retain and hire key personnel. Our future success depends partly on the continued service of our key development, sales, marketing, executive and administrative personnel.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeIn addition, the Audit and Technology Committees of the Board coordinate on risk management oversight with respect to cybersecurity, including through quarterly joint meetings that cover the following topics: • Regular reports from the internal audit department regarding the security and technology portions of the internal audit plan • Regular reports from our CISO and Chief Technology Officer regarding the cybersecurity control environment, including remediation updates, control posture analyses and other recurring items 27 • Regular reports from our Chief Privacy and Compliance Officer regarding our global privacy, risk management and compliance programs, including matters related to cybersecurity The Technology Committee of the Board oversees our information security program, including: • Reviewing with management our technology investments and infrastructure associated with risk management, including policies relating to information security, disaster recovery and business continuity • Receiving quarterly reports directly from our CISO, including updates on our enterprise cybersecurity threat level • Overseeing the engagement of outside advisors to review our cybersecurity program • Reviewing the results of our annual information security program maturity assessment performed by a third party • Reviewing the results of our annual security program risk assessment prepared by management Management Oversight of Cybersecurity Risk Our information security program is managed through implementation, monitoring and continuous improvement of the security program with active participation of management as described below. • Senior Leadership Team.
Biggest changeIn addition, the Audit and Technology Committees of the Board coordinate on risk management oversight with respect to cybersecurity, including through quarterly joint meetings that cover the following topics: • Regular reports from the internal audit department regarding the security and technology portions of the internal audit plan • Regular reports from our CISO and CTO regarding the cybersecurity control environment, including remediation updates, control posture analyses and other recurring items The Technology Committee of the Board oversees our information security program, including: • Reviewing with management our technology investments and infrastructure associated with risk management, including policies relating to information security, disaster recovery and business continuity • Receiving quarterly reports directly from our CISO, including updates on our enterprise cybersecurity threat level • Overseeing the engagement of outside advisors to review our cybersecurity program • Reviewing the results of our annual information security program maturity assessment performed by a third party • Reviewing the results of our annual security program risk assessment prepared by management The Audit Committee of the Board discusses with management our risk management policies and procedures, including: • Receiving regular quarterly reports from our Chief Risk, Privacy and Compliance Officer regarding our global privacy, risk management and compliance programs, which includes the results of second line testing of our security controls Management Oversight of Cybersecurity Risk Our information security program is managed through implementation, monitoring and continuous improvement of the security program with active participation of management as described below. • Senior Leadership Team.
Pursuant to this process, cybersecurity incidents are reported to appropriate personnel within Equifax (including the CISO and the CEO) and to the Board of Directors based on incident severity. We track incidents through resolution, conduct post-incident analysis and update our processes and procedures if areas for improvement are identified.
Pursuant to this process, cybersecurity incidents are reported to appropriate personnel within Equifax (including our CISO and CEO) and to the Board of Directors based on incident severity. We track incidents through resolution, conduct post-incident analysis and update our processes and procedures if areas for improvement are identified.
We have implemented an enterprise risk management (“ERM”) program that operates under the leadership of our Chief Privacy and Compliance Officer. Each business unit and corporate support unit has primary responsibility for assessing and mitigating risks within its respective areas of responsibility, and the ERM team is responsible for oversight and reporting to management and the Board.
We have implemented an enterprise risk management (“ERM”) program that operates under the leadership of our Chief Risk, Privacy and Compliance Officer. Each business unit and corporate support unit has primary responsibility for assessing and mitigating risks within its respective areas of responsibility, and the ERM team is responsible for oversight and reporting to management and the Board.
Governance Board Oversight of Cybersecurity The Equifax Board of Directors monitors our “tone at the top” and risk culture and oversees principal risks facing the Company. On an annual basis, the Board reviews an enterprise risk assessment prepared by management that describes the principal risks and monitors the steps management is taking to map and mitigate these risks.
Governance Board Oversight of Cybersecurity Risk The Equifax Board of Directors monitors our “tone at the top” and risk culture and oversees principal risks facing the Company. On an annual basis, the Board reviews an enterprise risk assessment prepared by management that describes the principal risks and monitors the steps management is taking to map and mitigate these risks.
To inform our incident detection and response process, our cyber intelligence operations team regularly performs exercises to simulate real threat scenarios that would be carried out by a perpetrator by utilizing the actual tools and methodologies that would be deployed in such an attack (so called “red team” activities). 25 Risk Management • Cybersecurity Incorporated into Enterprise Risk Management Program.
To inform our incident detection and response process, our cyber intelligence operations team regularly performs exercises to simulate real threat scenarios that would be carried out by a perpetrator by utilizing the actual tools and methodologies that would be deployed in such an attack (so called “red team” activities). Risk Management • Cybersecurity Incorporated into Enterprise Risk Management Program.
Our Security team has implemented a due diligence and integration process for entities we acquire through mergers and acquisitions (“M&A”). This process is designed to protect our information systems, align acquired entities with our security controls, and comply with applicable legal and regulatory requirements, without interrupting critical business processes.
Our Security team has implemented a due diligence and integration process for entities we acquire through mergers and acquisitions (“M&A”). This process is designed to protect our information systems, align acquired entities with our security controls, and comply with applicable legal and 26 regulatory requirements, without interrupting critical business processes.
Security Controls Framework Equifax has implemented a unified security and privacy controls framework as our primary mechanism to establish strategic priorities related to cybersecurity, assess cybersecurity risk across the enterprise, comply with regulatory requirements and enhance security program maturity.
Security Controls Framework Equifax has implemented a unified security and privacy controls framework as our primary mechanism to establish strategic priorities related to cybersecurity, assess cybersecurity risk across the enterprise, comply with regulatory requirements and 25 enhance security program maturity.
Under the oversight of the Technology Committee of the Board of Directors, Equifax engages a third party research and advisory firm to conduct an annual analysis of the maturity of our security program and identify potential 26 initiatives to enhance maturity.
Under the oversight of the Technology Committee of the Board of Directors, Equifax engages a third party research and advisory firm to conduct an annual analysis of the maturity of our security program and identify potential initiatives to enhance maturity.
The Equifax global Security team is responsible for supporting the CISO in the execution of the information security program to meet the program’s objectives. The Security team is directly responsible for the day to day program activities such as planning, implementation, monitoring and reporting on operational capabilities.
The Equifax global Security team is responsible for supporting the CISO in the execution of the information security program to meet the program’s objectives. The Security team is directly responsible for the day to day program activities such as planning, implementation, monitoring and reporting on operational capabilities. • Chief Technology Officer.
On a monthly basis, a summary of prior period cybersecurity investigation escalations is reviewed by management, including our head of Internal Audit, our CISO, our Chief Financial Officer and our Chief Legal Officer.
On a monthly basis, a summary of prior period cybersecurity investigation escalations is reviewed by management, including our head of Internal Audit, Corporate Controller, CISO, Chief Technology Officer (“CTO”), Chief Financial Officer and Chief Legal Officer.
The Equifax senior leadership team, consisting of our CEO and his direct reports (“SLT”), sets the tone for strategic growth, effective operations and risk mitigation at the management level. The SLT supports the management of the information security program through proper resource allocation and decision-making involving high risk issues.
The Equifax senior leadership team (“SLT”), sets the tone for strategic growth, effective operations and risk mitigation at the management level. The SLT supports the management of the information security program through proper resource allocation and decision-making involving high risk issues.
We have a Security team operating under the leadership of our Chief Information Security Officer (“CISO”), including approximately 400 cybersecurity professionals. The key elements of our information security program, including our cybersecurity risk management strategy, are described below.
We have a global Security team that operates under the leadership of our Chief Information Security Officer (“CISO”), including approximately 450 cybersecurity professionals. The key elements of our information security program, including our cybersecurity risk management strategy, are described below.
For additional information related to the cybersecurity-related risks relevant to our business, see “Risk Factors—Technology and Data Security Risks—Security breaches and other disruptions to our information technology infrastructure could compromise Company, consumer and customer information, interfere with our operations, cause us to incur significant costs for remediation and enhancement of our IT systems and expose us to legal liability, all of which could have a substantial negative impact on our business and reputation” in Part I, Item 1A. of this annual report on Form 10-K.
If we experience another material cybersecurity incident or are otherwise unable to demonstrate the security of our systems and the data we maintain and retain the trust of our customers, consumers and data suppliers, we could experience a substantial negative impact on our business. 27 For additional information related to the cybersecurity-related risks relevant to our business, see “Risk Factors—Technology and Data Security Risks—Security breaches and other disruptions to our information technology infrastructure could compromise Company, consumer and customer information, interfere with our operations, cause us to incur significant costs for remediation and enhancement of our IT systems and expose us to legal liability, all of which could have a substantial negative impact on our business and reputation” in Part I, Item 1A. of this annual report on Form 10-K.
The SLT has overall managerial responsibility for confirming that the information security program functions in a manner that meets the needs of Equifax. • Chief Information Security Officer. Equifax has a CISO who is a member of the SLT and reports directly to our CEO.
The SLT has overall managerial responsibility for confirming that the information security program functions in a manner that meets the needs of Equifax. • Chief Information Security Officer.
Our CISO has more than two decades of experience in cybersecurity-related roles, including serving as CISO at other large, multinational companies. Our CISO is responsible for the assessment and management of material risks from cybersecurity threats, including oversight of the global Security team and the implementation and execution of the information security program.
Our CTO partners with our CISO to help ensure the effective execution of our information security program. Our CTO served in the role of CISO from 2018 until his appointment as CTO in 2025. He has more than two decades of experience in cybersecurity-related roles, including serving as CISO at other large, multinational companies.
Our CISO helps ensure that the program is strategically aligned to Equifax’s business strategy and is responsible for reporting on the effectiveness of the program to the SLT and the Board of Directors. • Global Security Team.
Equifax has a CISO who oversees our information security program, with responsibility for (i) oversight of the global Security team, (ii) the design, implementation and execution of the program, (iii) the assessment and management of material risks from cybersecurity threats, (iv) ensuring that the program is strategically aligned to our business strategy and (v) reporting on the effectiveness of the program to the SLT and the Board of Directors.
Removed
If we experience another material cybersecurity incident or are otherwise unable to demonstrate the security of our systems and the data we maintain and retain the trust of our customers, consumers and data suppliers, we could experience a substantial negative impact on our business.
Added
Prior to joining Equifax, our CISO served in a management role at a leading global cybersecurity firm, where he led hundreds of cyber engagements for Fortune 100 and 500 companies with a focus on mitigating emerging threats, scaling security operations through automation and AI and enhancing cyber resilience. 28 • Global Security Team.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeLouis, Missouri, as well as two buildings utilized by our Latin America operations. For additional information regarding our obligations under leases, see Note 6 and Note 12 of the Notes to Consolidated Financial Statements in Item 8 of this Form 10-K. We believe that suitable additional space will be available to accommodate our future needs. 28
Biggest changeLouis, Missouri, as well as one building utilized by our Latin America operations. For additional information regarding our obligations under leases, see Note 6 and Note 12 of the Notes to Consolidated Financial Statements in Item 8 of this Form 10-K. We believe that suitable additional space will be available to accommodate our future needs.
We ordinarily lease office space for conducting our business and are obligated under approximately 57 leases and other rental arrangements for our field locations. We owned 5 office buildings at December 31, 2024, including our executive offices, one campus which houses our Alpharetta, Georgia technology center, a building utilized by our Workforce Solutions operations located in St.
We ordinarily lease office space for conducting our business and are obligated under approximately 56 leases and other rental arrangements for our field locations. We owned 4 office buildings at December 31, 2025, including our executive offices, one campus which houses our Alpharetta, Georgia technology center, a building utilized by our Workforce Solutions operations located in St.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeAs part of the settlement, the Company has agreed to modify certain business practices. In July 2023, we received a CID from the CFPB as part of its investigation into data accuracy and dispute handling at our Workforce Solutions business unit in order to determine whether we have followed the FCRA's requirements.
Biggest changeCFPB Matters In July 2023, we received a Civil Investigative Demand (a "CID") from the CFPB as part of its investigation into data accuracy and dispute handling at our Workforce Solutions business unit in order to determine whether we have followed the FCRA's requirements.
We received a second CID from the CFPB in March 2024 and a third CID from the CFPB in August 2024 as part of the same investigation. The CIDs request the production of documents and answers to written questions. We are cooperating with the CFPB in its investigation and providing responses and information on an ongoing basis.
We received a second CID from the CFPB in March 2024 and a third CID in August 2024 as part of the same investigation. The CIDs request the production of documents and answers to written questions. We are cooperating with the CFPB in its investigation and providing responses and information on an ongoing basis.
At this time, we are unable to predict the outcome of this CFPB investigation, including whether the investigation will result in any actions or proceedings against us. Other Equifax has been named as a defendant in various other legal actions, including administrative claims, regulatory matters, government investigations, class actions and other litigation arising in connection with our business.
At this time, we are unable to predict the outcome of the CFPB's investigation, including whether the investigation will result in any actions or proceedings against us. Other Equifax has been named as a defendant in various other legal actions, including administrative claims, regulatory matters, government investigations, class actions and other litigation arising in connection with our business.
Removed
ITEM 3. LEGAL PROCEEDINGS Remaining Matters Related to 2017 Cybersecurity Incident Canadian Class Actions. Five putative Canadian class actions, four of which are on behalf of a national class of approximately 19,000 Canadian consumers, are pending against us in Ontario, British Columbia and Alberta.
Added
ITEM 3. LEGAL PROCEEDINGS Antitrust Litigation On May 28, 2024, a lawsuit alleging violations of certain antitrust laws in connection with our Workforce Solutions business unit was filed against us in the Eastern District of Pennsylvania.
Removed
Each of the proposed Canadian class actions asserts a number of common law and statutory claims seeking monetary damages and other related relief in connection with a material cybersecurity incident in 2017.
Added
The complaint seeks certification of a class of all persons who purchased electronic verification of income and employment services from May 28, 2020 to present and unspecified monetary damages, costs and attorneys’ fees. We dispute the allegations in the complaint and intend to defend against the claims.
Removed
In addition to seeking class certification on behalf of Canadian consumers whose personal information was allegedly impacted by the 2017 cybersecurity incident, in some cases, plaintiffs also seek class certification on behalf of a larger group of Canadian consumers who had contracts for subscription products with Equifax around the time of the incident or earlier and were not impacted by the incident.
Removed
The Ontario class action has been certified in part but is otherwise at a preliminary stage. All other purported class actions are at preliminary stages or stayed.
Removed
CFPB Matters In December 2021, we received a Civil Investigative Demand (a “CID”) from the CFPB as part of its investigation into our consumer disputes process at our USIS business unit in order to determine whether we have followed FCRA requirements for the proper handling of consumer disputes. The CID requested the production of documents and answers to written questions.
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In January 2023, the CFPB informed us that its enforcement division would be investigating our previously-disclosed coding issue identified within a legacy server environment in the U.S. that impacted how some credit scores were calculated during a three-week period in 2022.
Removed
In January 2025, we entered into a consent order with the CFPB to settle the investigation into our consumer disputes process at our USIS business unit and the investigation into our previously-disclosed coding issue. The consent order resolves these investigations and requires the payment of a civil money penalty of $15 million.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeCOMPARATIVE FIVE-YEAR CUMULATIVE TOTAL RETURN AMONG EQUIFAX INC., S&P 500 INDEX AND S&P 500 BANKS INDEX (INDUSTRY GROUP) Fiscal Year Ended December 31, Initial 2020 2021 2022 2023 2024 Equifax Inc. 100.00 137.62 208.96 138.71 176.48 181.88 S&P 500 Index 100.00 116.26 147.52 118.84 147.64 182.05 S&P 500 Banks Index (Industry Group) 100.00 88.19 115.44 96.11 97.78 117.82 30 The table below contains information with respect to purchases made by or on behalf of Equifax of its common stock during the fourth quarter ended December 31, 2024: Issuer Purchases of Equity Securities Period Total Number of Shares Purchased (1) Average Price Paid Per Share (2) Total Number of Shares Purchased as Part of Publicly-Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (3) October 1 - October 31, 2024 5,987 $ — — $ 520,168,924 November 1 - November 30, 2024 33 $ — — $ 520,168,924 December 1 - December 31, 2024 1,766 $ — — $ 520,168,924 Total 7,786 $ — — $ 520,168,924 (1) The total number of shares purchased includes, if applicable: (a) shares purchased pursuant to our publicly-announced share repurchase program (the "Repurchase Program"); and (b) shares surrendered, or deemed surrendered, in satisfaction of the exercise price and/or to satisfy tax withholding obligations in connection with the exercise of employee stock options and vesting of restricted stock, totaling 5,987 shares for the month of October 2024, 33 shares for the month of November 2024 and 1,766 shares for the month of December 2024.
Biggest changeCOMPARATIVE FIVE-YEAR CUMULATIVE TOTAL RETURN AMONG EQUIFAX INC., S&P 500 INDEX AND S&P 500 BANKS INDEX (INDUSTRY GROUP) Fiscal Year Ended December 31, Initial 2021 2022 2023 2024 2025 Equifax Inc. 100.00 152.00 101.00 128.00 132.00 112.00 S&P 500 Index 100.00 127.00 102.00 127.00 157.00 182.00 S&P 500 Banks Index (Industry Group) 100.00 131.00 109.00 111.00 134.00 147.00 30 The table below contains information with respect to purchases made by or on behalf of Equifax of its common stock during the fourth quarter ended December 31, 2025: Issuer Purchases of Equity Securities Period Total Number of Shares Purchased (1) Average Price Paid Per Share (2) Total Number of Shares Purchased as Part of Publicly-Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (3) October 1 - October 31, 2025 798,018 $ 231.34 795,870 $ 2,388,491,113 November 1 - November 30, 2025 838,813 $ 208.88 836,795 $ 2,213,701,373 December 1 - December 31, 2025 659,311 $ 214.88 656,640 $ 2,072,602,570 Total 2,296,142 2,289,305 $ 2,072,602,570 (1) On April 21, 2025, the Board of Directors terminated the existing share repurchase authorization and approved an authorization to repurchase up to $3 billion of shares of common stock (the "Repurchase Program").
The graph assumes that the value of the investment in our Common Stock and each index was $100 on the last trading day of 2019 and that all quarterly dividends were reinvested without commissions. Our past performance may not be indicative of future performance.
The graph assumes that the value of the investment in our Common Stock and each index was $100 on the last trading day of 2020 and that all quarterly dividends were reinvested without commissions. Our past performance may not be indicative of future performance.
ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Equifax’s common stock is traded on the New York Stock Exchange under the symbol “EFX.” As of January 31, 2025, Equifax had approximately 2,324 holders of record; however, Equifax believes the number of beneficial owners of common stock exceeds this number.
ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Equifax’s common stock is traded on the New York Stock Exchange under the symbol “EFX.” As of January 30, 2026, Equifax had approximately 2,211 holders of record; however, Equifax believes the number of beneficial owners of common stock exceeds this number.
Information relating to compensation plans under which the Company’s equity securities are authorized for issuance will be included in the section captioned “Equity Compensation Plan Information” in our 2025 Proxy Statement and is incorporated herein by reference. ITEM 6. RESERVED Not applicable. 31
The program does not have a stated expiration date. Information relating to compensation plans under which the Company’s equity securities are authorized for issuance will be included in the section captioned “Equity Compensation Plan Information” in our 2026 Proxy Statement and is incorporated herein by reference. ITEM 6. RESERVED Not applicable. 31
(2) Average price paid per share for shares purchased as part of the Repurchase Program (includes brokerage commissions). (3) We purchased no common shares during the twelve months ended December 31, 2024. At December 31, 2024, the amount authorized for future share repurchases under the Repurchase Program was $520.2 million.
(2) Average price paid per share for shares purchased as part of the Repurchase Program (excludes brokerage commissions and excise taxes). (3) We purchased $0.9 billion of common shares during the twelve months ended December 31, 2025. At December 31, 2025, approximately $2.1 billion was available for future purchases of common stock under the Repurchase Program.
Added
The total number of shares purchased includes, if applicable: (a) shares purchased pursuant to our publicly-announced share repurchase program (795,870 shares for the month of October 2025, 836,795 shares for the month of November 2025, and 656,640 shares for the month of December 2025); and (b) shares surrendered, or deemed surrendered, in satisfaction of the exercise price and/or to satisfy tax withholding obligations in connection with the exercise of employee stock options and vesting of restricted stock (2,148 shares for the month of October 2025, 2,018 shares for the month of November 2025, and 2,671 shares for the month of December 2025).

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeConsolidated net income decreased $148.5 million in 2023 compared to 2022 due to lower levels of operating income, higher interest expense, and lower levels of other income, net, partially offset by the decrease in income tax expense. 37 Segment Financial Results Workforce Solutions Twelve Months Ended December 31, Change 2024 vs. 2023 2023 vs. 2022 Workforce Solutions 2024 2023 2022 $ % $ % (In millions) Operating Revenue: Verification Services $ 2,021.9 $ 1,846.2 $ 1,871.0 $ 175.7 10 % $ (24.8) (1) % Employer Services 411.9 469.6 454.4 (57.7) (12) % 15.2 3 % Total operating revenue $ 2,433.8 $ 2,315.8 $ 2,325.4 $ 118.0 5 % $ (9.6) — % % of consolidated revenue 43 % 44 % 45 % Total operating income $ 1,053.3 $ 969.3 $ 1,006.0 $ 84.0 9 % $ (36.7) (4) % Operating margin 43.3 % 41.9 % 43.3 % 1.4 pts (1.4) pts Workforce Solutions revenue increased 5% in 2024 compared to 2023, which was due to an increase in non-mortgage verticals within Verification Services, partially offset by declines in Employer Services and Verification Services mortgage revenue.
Biggest changeSegment Financial Results Workforce Solutions Twelve Months Ended December 31, Change 2025 vs. 2024 2024 vs. 2023 Workforce Solutions 2025 2024 2023 $ % $ % (In millions) Operating Revenue: Verification Services $ 2,179.8 $ 2,021.9 $ 1,846.2 $ 157.9 8 % $ 175.7 10 % Employer Services 402.5 411.9 469.6 (9.4) (2) % (57.7) (12) % Total operating revenue $ 2,582.3 $ 2,433.8 $ 2,315.8 $ 148.5 6 % $ 118.0 5 % % of consolidated revenue 43 % 43 % 44 % Total operating income $ 1,141.5 $ 1,053.3 $ 969.3 $ 88.2 8 % $ 84.0 9 % Operating margin 44.2 % 43.3 % 41.9 % 0.9 pts 1.4 pts Workforce Solutions revenue increased 6% in 2025 compared to 2024 due to an increase in both diversified markets and mortgage verticals within Verification Services, partially offset by declines in Employer Services.
Our services are based on comprehensive databases of consumer and business information derived from numerous sources including credit, financial assets, telecommunications and utility payments, employment, income, educational history, criminal justice data, healthcare professional licensure and sanctions, demographic and marketing data.
Our services are based on comprehensive databases of consumer and business information derived from numerous sources including credit, financial assets, telecommunications and utility payments, employment, income, educational history, criminal justice, healthcare professional licensure and sanctions, demographic and marketing data.
Local currency revenue increased 19% in 2024, driven by growth in Latin America from the BVS acquisition, completed in the third quarter of 2023, as well as local currency growth in Latin America, Europe and Canada. Local currency fluctuations against the U.S. dollar negatively impacted revenue by $105.5 million, or 9%.
Local currency revenue increased 19% in 2024, driven by growth in Latin America from the BVS acquisition, completed in the third quarter of 2023, as well as local currency growth in Latin America, Europe and Canada. Local currency fluctuations against the U.S. dollar negatively impacted revenue by $105.5 million, or 9%. Latin America.
Proceeds from issuance of long-term debt in 2023 represent $175.0 million of borrowings on our Revolver during the first quarter of 2023 and the issuance of $700.0 million of 5.1% Senior Notes in the second quarter of 2023.
Proceeds from issuance of long-term debt in 2023 represent $175.0 million of borrowings on our Revolver during the first quarter of 2023 and the issuance of $700 million of 5.1% Senior Notes in the second quarter of 2023.
Credit Ratings. Credit ratings reflect an independent agency’s judgment on the likelihood that a borrower will repay a debt obligation at maturity.
Credit ratings reflect an independent agency’s judgment on the likelihood that a borrower will repay a debt obligation at maturity.
Additions to property and equipment will continue in order to support growth in new product development and the completion of our technology transformation, although we expect spending related to capital expenditures for the next twelve months to be down from current levels. Off-Balance Sheet Arrangements We do not engage in off-balance sheet financing activities.
Additions to property and equipment will continue 46 in order to support growth in new product development and the completion of our technology transformation, although we expect spending related to capital expenditures for the next twelve months to be down from current levels. Off-Balance Sheet Arrangements We do not engage in off-balance sheet financing activities.
RECENT ACCOUNTING PRONOUNCEMENTS For information about new accounting pronouncements and the potential impact on our Consolidated Financial Statements, see Note 1 of the Notes to Consolidated Financial Statements in Item 8 of this report. APPLICATION OF CRITICAL ACCOUNTING POLICIES AND ESTIMATES The Company’s Consolidated Financial Statements are prepared in conformity with U.S. generally accepted accounting principles, or GAAP.
RECENT ACCOUNTING PRONOUNCEMENTS For information about new accounting pronouncements and the potential impact on our Consolidated Financial Statements, see Note 1 of the Notes to Consolidated Financial Statements in Item 8 of this report. 47 APPLICATION OF CRITICAL ACCOUNTING POLICIES AND ESTIMATES The Company’s Consolidated Financial Statements are prepared in conformity with U.S. generally accepted accounting principles, or GAAP.
Under the income approach, we calculate the fair value of a reporting unit based on estimated future discounted cash flows which require assumptions about short and long-term revenue growth rates, operating margins for the reporting unit, 49 discount rates, foreign currency exchange rates and estimates of capital expenditures.
Under the income approach, we calculate the fair value of a reporting unit based on estimated future discounted cash flows which require assumptions about short and long-term revenue growth rates, operating margins for the reporting unit, discount rates, foreign currency exchange rates and estimates of capital expenditures.
Given the relatively smaller excess of fair value over carrying value for the Asia Pacific reporting unit, we believe that it is at risk of a possible future goodwill impairment. The future impact of changes in economic conditions, including rising interest rates and inflation, remains uncertain.
Given the relatively smaller excess of fair value over carrying value for the Asia Pacific reporting unit, we believe that it is at risk of a possible future goodwill impairment. The future impact of changes in economic conditions, including rising 50 interest rates and inflation, remains uncertain.
A contract liability is created when an entity transfers a good or service to a customer and recognizes less than what has been billed. Deferred revenue is recognized when we have an obligation to transfer goods or services to a customer and have already received consideration from the customer.
A contract liability is created when an entity transfers a good or service to a customer and recognizes less than what has been billed. Deferred revenue is recognized when we have an obligation to transfer goods or services to a customer and have already received consideration 48 from the customer.
We review our uncertain tax positions and adjust our unrecognized tax benefits in light of changes in facts and circumstances, such as changes 51 in tax law, interactions with taxing authorities and developments in case law. These adjustments to our unrecognized tax benefits may affect our income tax expense. Settlement of uncertain tax positions may require use of our cash.
We review our uncertain tax positions and adjust our unrecognized tax benefits in light of changes in facts and circumstances, such as changes in tax law, interactions with taxing authorities and developments in case law. These adjustments to our unrecognized tax benefits may affect our income tax expense. Settlement of uncertain tax positions may require use of our cash.
Verification Services revenue is transaction-based and is derived primarily from employment and income verification, as well as criminal justice data and educational background data. Employer Services revenue is derived from our provision of certain human resources business process outsourcing services that include both transaction and subscription based product offerings.
Verification Services revenue is transaction and subscription based and is derived primarily from verifications of employment and income data, as well as criminal justice data and educational background data. Employer Services revenue is derived from our provision of certain human resources business process outsourcing services that include both transaction and subscription based product offerings.
The values separately derived from each of the income and market approach valuation techniques were used to develop an overall estimate of the Asia Pacific reporting unit’s fair value. This approach relies more heavily on the calculated fair value derived from the income approach with 70% of the value coming from the income approach.
The values separately derived from each of the income and market approach valuation techniques were used to develop an overall estimate of the Asia Pacific reporting unit’s fair value. This approach relies more heavily on the calculated 49 fair value derived from the income approach with 70% of the value coming from the income approach.
To the extent inflation results in rising U.S. interest rates and has other adverse effects upon the U.S. securities markets and upon the value of financial instruments, it may adversely affect the 47 Company’s financial position and profitability.
To the extent inflation results in rising U.S. interest rates and has other adverse effects upon the U.S. securities markets and upon the value of financial instruments, it may adversely affect the Company’s financial position and profitability.
Local currency fluctuations against the U.S. dollar negatively impacted revenue by $107.1 million, or 37%, in 2024, primarily from Argentina. Reported revenue increased 32% in 2024 as compared to 2023.
Local currency fluctuations against the U.S. dollar negatively impacted revenue by $107.1 million, or 37%, in 2024, primarily from Argentina. Reported revenue increased 32% in 2024 as compared to 2023. Europe.
We do not have any credit rating triggers that would accelerate the maturity of a material amount of the outstanding debt; however, our 2.6% senior notes due 2025, 3.25% senior notes due 2026, 5.1% senior notes due 2027, 5.1% senior notes due 2028, 4.8% senior notes due 2029, 3.1% senior notes due 2030, 2.35% senior notes due 2031 and 7.0% senior notes due 2037 (collectively, the “Senior Notes”) contain change in control provisions.
We do not have any credit rating triggers that would accelerate the maturity of a material amount of our outstanding debt; however, our 3.25% senior notes due 2026, 5.1% senior notes due 2027, 5.1% senior notes due 2028, 4.8% senior notes due 2029, 3.1% senior notes due 2030, 2.35% senior notes due 2031 and 7.0% senior notes due 2037 (collectively, the “Senior Notes”) contain change in control provisions.
There can be no assurance that the Company will continue to pay quarterly cash dividends at current levels or at all. Contractual Obligations, Commercial Commitments and Other Contingencies The company's material cash requirements include the following contractual and other obligations. Our plan is to use existing cash balances and funds generated by operating activities to fund our obligations and commitments.
There can be no assurance that the Company will continue to pay quarterly cash dividends at current levels or at all. 45 Contractual Obligations, Commercial Commitments and Other Contingencies Our material cash requirements include the following contractual and other obligations. Our plan is to use existing cash balances and funds generated by operating activities to fund our obligations and commitments.
The U.S. mortgage market, particularly the mortgage refinance portion of the U.S. mortgage market, can be significantly impacted by U.S. interest rates which impact mortgage rates available to consumers.
The U.S. mortgage market, particularly the mortgage refinance portion of the U.S. mortgage market, can be significantly 32 impacted by U.S. interest rates which impact mortgage rates available to consumers.
This plan also covers retirees as well as certain terminated but vested individuals not yet in retirement status. During the twelve months ended December 31, 2024 and 2023, we made no voluntary contributions to the USRIP. At December 31, 2024, the USRIP met or exceeded ERISA’s minimum funding requirements.
This plan also covers retirees as well as certain terminated but vested individuals not yet in retirement status. During the twelve months ended December 31, 2025 and 2024, we made no voluntary contributions to the USRIP. At December 31, 2025, the USRIP met or exceeded ERISA’s minimum funding requirements.
Due to the lower cushion when compared to other reporting units, Asia Pacific is more sensitive to changes in the assumptions noted above that could result in a fair value that is less than its carrying value. The excess of fair value over carrying value for the Asia Pacific reporting unit was greater than 10% as of December 1, 2024.
Due to the lower cushion when compared to other reporting units, Asia Pacific is more sensitive to changes in the assumptions noted above that could result in a fair value that is less than its carrying value. The excess of fair value over carrying value for the Asia Pacific reporting unit was greater than 10% as of December 1, 2025.
We will continue to monitor the performance of this reporting unit to ensure no interim indications of possible impairment have occurred before our next annual goodwill impairment assessment in December 2025. Loss Contingencies We are subject to various proceedings, lawsuits and claims arising in the normal course of our business.
We will continue to monitor the performance of this reporting unit to ensure no interim indications of possible impairment have occurred before our next annual goodwill impairment assessment in December 2026. Loss Contingencies We are subject to various proceedings, lawsuits and claims arising in the normal course of our business.
The aggregate notional amount of all performance and surety bonds and standby letters of credit was not material at December 31, 2024, and generally have a remaining maturity of one year or less. Guarantees are issued from time to time to support the needs of our operating units.
The aggregate notional amount of all performance and surety bonds and standby letters of credit was not material at December 31, 2025, and generally have a remaining maturity of one year or less. Guarantees are issued from time to time to support the needs of our operating units.
Proceeds from issuance of long-term debt in 2024 represent the issuance of $650.0 million of 4.8% Senior Notes in the third quarter of 2024.
Proceeds from issuance of long-term debt in 2024 represent the issuance of $650 million of 4.8% Senior Notes in the third quarter of 2024.
The Revolver also permits cash in excess of $175 million to be netted against debt in the calculation of the leverage ratio, subject to certain restrictions. As of December 31, 2024, we were in compliance with all of our debt covenants.
The Revolver also permits cash in excess of $175 million to be netted against debt in the calculation of the leverage ratio, subject to certain restrictions. As of December 31, 2025, we were in compliance with all of our debt covenants.
Impairment occurs when the estimated fair value of the reporting unit is below the carrying value. The estimated fair value for all of our Asia Pacific reporting unit exceeded its related carrying value as of December 1, 2024. As a result, no goodwill impairment was recorded.
Impairment occurs when the estimated fair value of the reporting unit is below the carrying value. The estimated fair value for all of our Asia Pacific reporting unit exceeded its related carrying value as of December 1, 2025. As a result, no goodwill impairment was recorded.
This section discusses the results of our operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 and the year ended December 31, 2023 compared to the year ended December 31, 2022. All percentages have been calculated using unrounded amounts for each of the periods presented.
This section discusses the results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 and the year ended December 31, 2024 compared to the year ended December 31, 2023. All percentages have been calculated using unrounded amounts for each of the periods presented.
Information Solutions revenue increased 10% in 2024 compared to 2023 due to growth in Online Information Solutions due to an increase in mortgage related and consumer solutions online services, as well as growth in Mortgage Solutions and Financial Marketing Services. Growth in mortgage related online services and Mortgage Solutions is due to both product pricing, as well as new products.
Information Solutions revenue increased 10% in 2024 compared to 2023, due to growth in Online Information Solutions due to an increase in mortgage related and consumer solutions online services, as well as growth in Financial Marketing Services. Growth in mortgage related online services was due to both product pricing, as well as new products. Online Information Solutions.
The maximum potential future payments we could be required to make under the guarantees is not material at December 31, 2024. Benefit Plans We sponsor a qualified defined benefit retirement plan, the U.S.
The maximum potential future payments we could be required to make under the guarantees is not material at December 31, 2025. Benefit Plans We sponsor a qualified defined benefit retirement plan, the U.S.
Local currency revenue decreased 2% in 2024 as compared to 2023, primarily driven by Australia due to declines in the commercial and direct to consumer businesses in the first half of the year. Local currency fluctuations against the U.S. dollar negatively impacted revenue by $2.4 million, or 1%. Reported revenue decreased 3% in 2024 as compared to 2023.
Reported revenue increased 2% in 2025 as compared to 2024. Local currency revenue decreased 2% in 2024 as compared to 2023, primarily driven by Australia due to declines in the commercial and direct to consumer businesses in the first half of the year. Local currency fluctuations against the U.S. dollar negatively impacted revenue by $2.4 million, or 1%.
We projected revenue growth in 2025 for our Asia Pacific reporting unit in completing our 2024 impairment testing based on planned business initiatives and prevailing trends exhibited by this reporting unit.
We projected revenue growth in 2026 for our Asia Pacific reporting unit in completing our 2025 impairment testing based on planned business initiatives and prevailing trends exhibited by this reporting unit.
We maintain support operations in Chile, Costa Rica, India and Ireland. We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore. Recent Events and Company Outlook As further described above, we operate in the U.S., which represented 76% of our revenue in 2024, and internationally in 20 countries.
We maintain support operations in Chile, Costa Rica, India and Ireland. We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore. Recent Events and Company Outlook As further described above, we operate in the U.S., which represented 77% of our revenue in 2025, and internationally in 20 countries.
The decrease in other (expense) income, net in 2024 is primarily due to the gain on fair market value adjustment of our investment in BVS due to our acquisition of BVS in the third quarter of 2023 that did not recur in the same period of 2024, as well as a gain on the sale of an investment in 2023 that did not recur in 2024.
The decrease in other income, net in 2024 was primarily due to the gain on fair market value adjustment of our investment in BVS due to our acquisition of BVS in the third quarter of 2023 that did not recur in the same period of 2024, as well as a gain on the sale of an investment in 2023 that did not recur in 2024.
Payments on long-term debt in 2024 represent repayment of our $750.0 million 2.60% Senior Notes during the fourth quarter of 2024 with cash on hand and commercial paper borrowings and $695.6 million of payments on our then-outstanding Term Loan during the third quarter of 2024.
Payments on long-term debt in 2024 represent repayment of our $750.0 million 2.60% Senior Notes during the fourth quarter of 2024 with cash on hand and CP borrowings and $695.6 million of payments on our then-outstanding Term Loan during the third quarter of 2024.
Latin America. Local currency revenue increased 69% in 2024 as compared to 2023. The increase is primarily due to revenue from the BVS acquisition, which occurred in the third quarter of 2023, as well as local currency growth in Argentina. Revenue from the BVS acquisition was $159.3 million in 2024, compared to $64.8 million in 2023.
Local currency revenue increased 69% in 2024 as compared to 2023. The increase was primarily due to revenue from the BVS acquisition, which occurred in the third quarter of 2023, as well as local currency growth in Argentina. Revenue from the BVS acquisition was $159.3 million in 2024, compared to $64.8 million in 2023.
The following sections provide details of material cash requirements from known contractual and other obligations as of December 31, 2024.
The following sections provide details of material cash requirements from known contractual and other obligations as of December 31, 2025.
The decrease in margin is mainly due to higher amortization costs, principally due to higher amortization of purchased intangible assets related to the BVS acquisition and amortization of capitalized internal-use software and system costs from technology transformation capital spending incurred previously. Operating margin was 13.7% in 2023 and 12.9% in 2022.
Operating margin was 13.4% in 2024 and 13.7% in 2023. The decrease in margin is mainly due to higher amortization costs, principally due to higher amortization of purchased intangible assets related to the BVS acquisition and amortization of capitalized internal-use software and system costs from technology transformation capital spending incurred previously.
Revenue from subscription-based contracts having an unlimited volume is recognized ratably during the contract term. Multi-year subscription contracts are analyzed to determine the full contract transaction price over the term of the contract and the subsequent price is ratably recognized over the full term of the contract.
Revenue from subscription-based contracts having an unlimited volume is recognized ratably during the contract term. Multi-year subscription contracts are analyzed to determine the full contract transaction price over the term of the contract and the subsequent price is ratably recognized over the full term of the contract. Revenue is recorded net of sales taxes.
Debt As of December 31, 2024, we had outstanding variable and fixed rate debt with varying maturities for an aggregate principal amount of $5.0 billion, with $687.7 million payable within the next twelve months, as detailed further in Note 5 of the Notes to Consolidated Financial Statements in Item 8 of this report.
Debt As of December 31, 2025, we had outstanding variable and fixed rate debt with varying maturities for an aggregate principal amount of $5.1 billion, with $1,038.0 million payable within the next twelve months, as detailed further in Note 5 of the Notes to Consolidated Financial Statements in Item 8 of this report.
Contract Balances – The contract balances are generated when revenue recognized varies from billing in a given period. A contract asset is created when an entity transfers a good or service to a customer and recognizes more revenue than what has been billed. As of December 31, 2024, the contract asset balance was $18.9 million.
Contract Balances – The contract balances are generated when revenue recognized varies from billing in a given period. A contract asset is created when an entity transfers a good or service to a customer and recognizes more revenue than what has been billed. As of December 31, 2025, the contract asset balance was $22.6 million.
If the Company experiences a change of control or publicly announces an intention to effect a change of control and the rating on the Senior Notes is lowered by Standard & Poor’s (“S&P”) and Moody’s Investors Service (“Moody’s”) below an investment grade rating within 60 days of such change of control or notice thereof, then the Company will be required to offer to repurchase the Senior Notes at a price equal to 101% of the aggregate principal amount of the Senior Notes plus accrued and unpaid interest.
If we experience a change of control or publicly announce an intention to effect a change of control and the rating on the Senior Notes is lowered by Standard & Poor’s (“S&P”) and Moody’s Investors Service (“Moody’s”) below an investment grade rating within 60 days of such change of control or notice thereof, then we will be required to offer to repurchase the Senior Notes at a price equal to 101% of the aggregate principal amount of the Senior Notes plus accrued and unpaid interest. 44 Credit Ratings.
The margin increase in 2024 is due to the aforementioned higher reported revenue, partially offset by increased operating expenses and depreciation and amortization expenses during the period. The margin decrease in 2023 was due to increased operating expenses and amortization expenses during the periods, partially offset by the higher reported revenue during the periods.
The margin increase in 2024 is due to the aforementioned higher reported revenue, partially offset by increased operating expenses and depreciation and amortization expenses during the period.
Revenue is recorded net of sales taxes. 48 If at the outset of an arrangement, we determine that collectability is not reasonably assured, revenue is deferred until the earlier of when collectability becomes probable or the receipt of payment from the customer.
If at the outset of an arrangement, we determine that collectability is not reasonably assured, revenue is deferred until the earlier of when collectability becomes probable or the receipt of payment from the customer.
Funds generated by operating activities, our $1.5 billion five-year unsecured revolving credit facility (the "Revolver") and related commercial paper (“CP”) program, more fully described below, are our most significant sources of liquidity. At December 31, 2024, we had $169.9 million in cash and cash equivalents, as well as $1,212.1 million available to borrow under our Revolver.
Funds generated by operating activities, our $1.5 billion five-year unsecured revolving credit facility (the "Revolver") and related commercial paper (“CP”) program, more fully described below, are our most significant sources of liquidity. At December 31, 2025, we had $180.8 million in cash and cash equivalents, as well as $0.7 billion available to borrow under our Revolver.
Leases As detailed further in Note 12 of the Notes to Consolidated Financial Statements in Item 8 of this report, our lease arrangements principally involve office space. As of December 31, 2024, our total fixed lease payment obligations were $157.0 million, with $36.6 million payable within the next twelve months.
Leases As detailed further in Note 12 of the Notes to Consolidated Financial Statements in Item 8 of this report, our lease arrangements principally involve office space. As of December 31, 2025, our total fixed lease payment obligations were $148.9 million, with $36.1 million payable within the next twelve months.
General Corporate Expense Twelve Months Ended December 31, Change 2024 vs. 2023 2023 vs. 2022 General Corporate Expense 2024 2023 2022 $ % $ % (In millions) General corporate expense $ 596.8 $ 568.5 $ 499.1 $ 28.3 5 % $ 69.4 14 % Our general corporate expenses are unallocated costs that are incurred at the corporate level and include those expenses impacted by the overall management and strategic choices of the company, including shared services overhead, technology, security, data and analytics, administrative, legal, restructuring, and the portion of management incentive compensation determined by total company-wide performance.
General Corporate Expense Twelve Months Ended December 31, Change 2025 vs. 2024 2024 vs. 2023 General Corporate Expense 2025 2024 2023 $ % $ % (In millions) General corporate expense $ 704.0 $ 596.8 $ 568.5 $ 107.2 18 % $ 28.3 5 % Our general corporate expenses are unallocated costs that are incurred at the corporate level and include those expenses impacted by the overall management and strategic choices of the company, including shared services overhead, technology, security, data and analytics, administrative, legal, restructuring, and the portion of management incentive compensation determined by total company-wide performance.
We maintain deferred compensation plans for certain management employees and the Board of Directors to defer the receipt of compensation until a later date based on the terms of the plan. As of December 31, 2024, the total obligation for the deferred compensation plans was $53.0 million, with $8.8 million expected to be paid within the next twelve months.
We maintain deferred compensation plans for certain management employees and the Board of Directors to defer the receipt of compensation until a later date based on the terms of the plan. As of December 31, 2025, the total obligation for the deferred compensation plans was $60.3 million, with $6.7 million expected to be paid within the next twelve months.
Workforce Solutions revenue growth is primarily due to growth in Verification Services, partially offset by declines in Employer Services. The effect of foreign exchange rates decreased revenue by $105.5 million, or 2%, in 2024 compared to 2023. Revenue for 2023 increased 3% compared to 2022 due to revenue growth in International and USIS.
Workforce Solutions revenue growth is primarily due to growth in Verification Services, partially offset by declines in Employer Services. The effect of foreign exchange rates decreased revenue by $105.5 million, or 2%, in 2024 compared to 2023.
The key performance indicators for the twelve months ended December 31, 2024, 2023 and 2022 were as follows: Key Performance Indicators Twelve Months Ended December 31, 2024 2023 2022 (In millions, except per share data) Operating revenue $ 5,681.1 $ 5,265.2 $ 5,122.2 Operating revenue change 8 % 3 % 4 % Operating income $ 1,042.1 $ 933.6 $ 1,056.0 Operating margin 18.3 % 17.7 % 20.6 % Net income attributable to Equifax $ 604.1 $ 545.3 $ 696.2 Diluted earnings per share $ 4.84 $ 4.40 $ 5.65 Cash provided by operating activities $ 1,324.5 $ 1,116.8 $ 757.1 Capital expenditures* $ (495.9) $ (585.8) $ (617.4) *Amounts include accruals for capital expenditures.
The key performance indicators for the twelve months ended December 31, 2025, 2024 and 2023 were as follows: Key Performance Indicators Twelve Months Ended December 31, 2025 2024 2023 (In millions, except per share data) Operating revenue $ 6,074.5 $ 5,681.1 $ 5,265.2 Operating revenue change 7 % 8 % 3 % Operating income $ 1,095.2 $ 1,042.1 $ 933.6 Operating margin 18.0 % 18.3 % 17.7 % Net income attributable to Equifax $ 660.3 $ 604.1 $ 545.3 Diluted earnings per share $ 5.32 $ 4.84 $ 4.40 Cash provided by operating activities $ 1,615.7 $ 1,324.5 $ 1,116.8 Capital expenditures* $ (480.2) $ (495.9) $ (585.8) *Amounts include accruals for capital expenditures.
Future interest payments associated with the outstanding variable and fixed rate notes totals $964.6 million, with $209.0 million payable within the next twelve months. We also issue unsecured promissory notes through our Revolver and CP program, with the Revolver set to expire in August 2027.
Future interest payments associated with the outstanding variable and fixed rate notes totals $786.8 million, with $209.1 million payable within the next twelve months. We also issue unsecured promissory notes through our Revolver and CP program, with the Revolver set to expire in August 2028.
While there was no significant changes in our cash requirements as of December 31, 2024 compared to December 31, 2023, we have utilized existing CP capacity, together with cash from operating activities, to meet our current obligations.
While there was no significant change in our cash requirements as of December 31, 2025 compared to December 31, 2024, we have utilized existing CP capacity, together with cash from operating activities, to meet our current obligations. Fund Transfer Limitations.
Our variable-rate debt consists of outstanding amounts under our CP program. The interest rates reset periodically, depending on the terms of the respective financing agreements. At December 31, 2024, the interest rate on our variable-rate debt ranged from 4.55% to 4.81%. Debt Covenants.
Our variable-rate debt consists of outstanding amounts under our CP program. The interest rates reset periodically, depending on the terms of the respective financing agreements. At December 31, 2025, the interest rate on our variable-rate debt ranged from 3.80% to 4.17%. Debt Covenants.
These agreements expire between 2025 and 2030. As of December 31, 2024 the estimated aggregate minimum contractual obligation remaining under these agreements is approximately $1.4 billion, with $520.9 million payable within the next twelve months.
These agreements expire between 2026 and 2033. As of December 31, 2025 the estimated aggregate minimum contractual obligation remaining under these agreements is approximately $1.1 billion, with $507.4 million payable within the next twelve months.
During 2024, we did not complete any acquisitions. 2023 Acquisitions and Investments. During 2023, we acquired The Food Industry Credit Bureau and BVS within the International operating segment. During 2023, we sold an equity investment. 2022 Acquisitions and Investments. During 2022, we acquired Efficient Hire and LawLogix within the Workforce Solutions operating segment.
During 2025, we acquired a company within the Workforce Solutions operating segment. 2024 Acquisitions and Investments. During 2024, we did not complete any acquisitions. 2023 Acquisitions and Investments. During 2023, we acquired The Food Industry Credit Bureau and BVS within the International operating segment. During 2023, we sold an equity investment.
As of December 31, 2024, we held $166.0 million of cash in our foreign subsidiaries. Information about our cash flows, by category, is presented in the Consolidated Statements of Cash Flows.
As of December 31, 2025, we held $167.4 million of cash in our foreign subsidiaries. Information about our cash flows, by category, is presented in the Consolidated Statements of Cash Flows.
We have three supplemental retirement plans for certain key employees which are unfunded. As of December 31, 2024, the total gross obligation for the pension and post-retirement plans was $451.5 million, with $42.0 million of benefits expected to be paid within the next twelve months.
We have three supplemental retirement plans for certain key employees which are unfunded. As of December 31, 2025, the total gross obligation for the pension and post-retirement plans was $445.4 million, with $40.8 million of benefits expected to be paid within the next twelve months.
We use advanced statistical techniques, machine learning and proprietary software tools to analyze available data to create customized insights, decision-making and process automation solutions and processing services for our clients.
We use advanced statistical techniques, artificial intelligence and machine learning, as well as proprietary software tools to analyze available data for the creation of customized insights, decision-making and process automation solutions, and processing services for our clients.
Financing Activities Borrowings and Credit Facility Availability Twelve Months Ended December 31, Change Net cash provided by (used in): 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 (In millions) Net short-term borrowings (payments) $ 91.2 $ (371.2) $ 242.2 $ 462.4 $ (613.4) Payments on long-term debt $ (1,445.6) $ (579.3) $ (500.0) $ (866.3) $ (79.3) Proceeds from issuance of long-term debt $ 649.8 $ 872.9 $ 749.3 $ (223.1) $ 123.6 Borrowing and Repayment Activity.
Financing Activities Borrowings and Credit Facility Availability Twelve Months Ended December 31, Change Net cash provided by (used in): 2025 2024 2023 2025 vs 2024 2024 vs 2023 (In millions) Net short-term borrowings (payments) $ 474.7 $ 91.2 $ (371.2) $ 383.5 $ 462.4 Payments on long-term debt $ (400.2) $ (1,445.6) $ (579.3) $ 1,045.4 $ (866.3) Proceeds from issuance of long-term debt $ 1.7 $ 649.8 $ 872.9 $ (648.1) $ (223.1) Borrowing and Repayment Activity.
Local currency fluctuations against the U.S. dollar negatively impacted revenue by $15.7 million, or 5%. Reported revenue decreased 1% in 2023 as compared to 2022. 40 Canada. Local currency revenue increased 4% in 2024 as compared to 2023. Revenue growth in 2024 is driven by growth in the direct to consumer and commercial businesses.
Reported revenue decreased 3% in 2024 as compared to 2023. 40 Canada. Local currency revenue increased 4% in 2025 as compared to 2024. Revenue growth in 2025 was driven by growth in the direct to consumer, consumer credit reporting and commercial businesses. Local currency fluctuations against the U.S. dollar negatively impacted revenue by $5.3 million, or 2%, in 2025.
We may use the proceeds of CP for general corporate purposes. The CP program is supported by our Revolver and the total amount of CP that may be issued is reduced by the amount of any outstanding borrowings under our Revolver and by any letters of credit issued under the facility.
The CP program is supported by our Revolver and the total amount of CP notes that may be issued is reduced by the amount of any outstanding borrowings under our Revolver and by any letters of credit issued under the facility.
Net Income Twelve Months Ended December 31, Change 2024 vs. 2023 2023 vs. 2022 Net Income 2024 2023 2022 $ % $ % (In millions, except per share amounts) Consolidated operating income $ 1,042.1 $ 933.6 $ 1,056.0 $ 108.5 12 % $ (122.4) (12) % Consolidated interest and other (expense) income, net (231.6) (215.7) (126.3) (15.9) 7 % (89.4) 71 % Consolidated provision for income taxes (203.2) (166.2) (229.5) (37.0) 22 % 63.3 (28) % Consolidated net income 607.3 551.7 700.2 55.6 10 % (148.5) (21) % Net income attributable to noncontrolling interests including redeemable noncontrolling interests (3.2) (6.4) (4.0) 3.2 (50) % (2.4) 60 % Net income attributable to Equifax $ 604.1 $ 545.3 $ 696.2 $ 58.8 11 % $ (150.9) (22) % Diluted earnings per share: Net income attributable to Equifax $ 4.84 $ 4.40 $ 5.65 $ 0.44 10 % $ (1.25) (22) % Weighted-average shares used in computing diluted earnings per share 124.9 123.9 123.3 Consolidated net income increased $55.6 million in 2024 compared to 2023 due to higher levels of operating income and lower interest expense, partially offset by higher income tax expense and lower levels of other income, net.
Net Income Twelve Months Ended December 31, Change 2025 vs. 2024 2024 vs. 2023 Net Income 2025 2024 2023 $ % $ % (In millions, except per share amounts) Consolidated operating income $ 1,095.2 $ 1,042.1 $ 933.6 $ 53.1 5 % $ 108.5 12 % Consolidated interest and other income (expense), net (200.3) (231.6) (215.7) 31.3 (14) % (15.9) 7 % Consolidated provision for income taxes (230.6) (203.2) (166.2) (27.4) 13 % (37.0) 22 % Consolidated net income 664.3 607.3 551.7 57.0 9 % 55.6 10 % Net income attributable to noncontrolling interests including redeemable noncontrolling interests (4.0) (3.2) (6.4) (0.8) 25 % 3.2 (50) % Net income attributable to Equifax $ 660.3 $ 604.1 $ 545.3 $ 56.2 9 % $ 58.8 11 % Diluted earnings per share: Net income attributable to Equifax $ 5.32 $ 4.84 $ 4.40 $ 0.48 10 % $ 0.44 10 % Weighted-average shares used in computing diluted earnings per share 124.1 124.9 123.9 37 Consolidated net income increased $57.0 million in 2025 compared to 2024 due to higher levels of operating income, lower interest expense and higher other income, net, partially offset by higher income tax expense.
Our effective tax rate is higher for the year ended December 31, 2024 compared to 2023 primarily due to a decrease in tax credits and an increase in tax on foreign earnings in 2024 compared to 2023. Our effective tax rate was 23.2% for 2023, down from 24.7% for the same period in 2022.
Our effective tax rate was higher for the year ended December 31, 2024 compared to 2023 primarily due to a decrease in tax credits and an increase in tax on foreign earnings in 2024 compared to 2023.
Acquisitions, Divestitures and Investments Twelve Months Ended December 31, Change Net cash (used in) provided by: 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 (In millions) Acquisitions, net of cash acquired $ — $ (283.8) $ (433.8) $ 283.8 $ 150.0 Cash received from divestitures $ — $ 6.9 $ 98.8 $ (6.9) $ (91.9) 2024 Acquisitions and Investments.
Acquisitions, Divestitures and Investments Twelve Months Ended December 31, Change Net cash (used in) provided by: 2025 2024 2023 2025 vs 2024 2024 vs 2023 (In millions) Acquisitions, net of cash acquired $ (74.1) $ — $ (283.8) $ (74.1) $ 283.8 Cash received from divestitures $ 1.2 $ — $ 6.9 $ 1.2 $ (6.9) 2025 Acquisitions and Investments.
The goodwill balance at December 31, 2024, for our six reporting units was as follows: December 31, 2024 (In millions) Workforce Solutions $ 2,519.8 USIS 2,006.2 Asia Pacific 1,260.5 Latin America 494.9 Europe 175.3 Canada 91.1 Total goodwill $ 6,547.8 Valuation Techniques We performed a quantitative assessment for our Asia Pacific reporting unit to determine whether impairment exists from the most recent valuation date due to the size of the cushion.
The goodwill balance at December 31, 2025, for our six reporting units was as follows: December 31, 2025 (In millions) Workforce Solutions $ 2,574.1 USIS 2,006.2 Asia Pacific 1,349.8 Latin America 532.0 Europe 189.6 Canada 94.0 Total goodwill $ 6,745.7 Valuation Techniques We performed a quantitative assessment for our Asia Pacific reporting unit to determine whether impairment exists from the most recent valuation date due to the size of the cushion.
We must comply with various non-financial covenants, including certain limitations on mortgages, liens and sale-leaseback transactions, as well as mergers and sales of substantially all of our assets. The 2029 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.
We must comply with various non-financial covenants, including certain limitations on mortgages, liens and sale-leaseback transactions, as well as mergers and sales of substantially all of our assets.
As of December 31, 2024, we had no amount outstanding under our Revolver and $286.5 million outstanding under our CP program.
As of December 31, 2025, we had no amount outstanding under our Revolver and $762.0 million outstanding under our CP program.
Judgments and uncertainties — We consider accounting for business combinations critical because management's judgment is used to determine the estimated fair values assigned to assets acquired and liabilities assumed and amortization periods for intangible assets which can materially affect our results of operations.
Transaction costs, as well as costs to reorganize acquired companies, are expensed as incurred in our Consolidated Statements of Income. 51 Judgments and uncertainties — We consider accounting for business combinations critical because management's judgment is used to determine the estimated fair values assigned to assets acquired and liabilities assumed and amortization periods for intangible assets which can materially affect our results of operations.
Depreciation and amortization expense increased $50.7 million in 2023 compared to 2022. The increase is due to increased amortization of capitalized internal-use software and system costs from technology transformation capital spending incurred previously, as well as higher amortization of purchased intangible assets related to recent acquisitions.
Depreciation and amortization expense increased $59.0 million in 2024 compared to 2023. The increase is primarily due to increased amortization of capitalized internal-use software costs resulting from technology transformation capital spending incurred previously, as well as higher amortization of purchased intangible assets related to the BVS acquisition.
The increase is primarily due to increased amortization of capitalized internal-use software costs resulting from technology transformation capital spending incurred previously, as well as higher amortization of purchased intangible assets related to the BVS acquisition. The impact of changes in foreign currency exchange rates led to a decrease in depreciation and amortization expense of $2.9 million.
The increase is primarily due to increased amortization of capitalized internal-use software costs resulting from technology transformation capital spending incurred previously, partially offset by lower amortization of acquisition-related purchased intangibles. The impact of changes in foreign currency exchange rates led to a decrease in depreciation and amortization expense of $0.3 million.
We may also elect to increase the maximum leverage ratio by 0.5 to 1.0 (subject to a maximum leverage ratio of 4.25 to 1.0) in connection with certain material acquisitions if we satisfy certain requirements.
The Revolver requires a maximum leverage ratio, defined as consolidated funded debt divided by consolidated EBITDA, of 3.75 to 1.0. We may also elect to increase the maximum leverage ratio by 0.5 to 1.0 (subject to a maximum leverage ratio of 4.25 to 1.0) in connection with certain material acquisitions if we satisfy certain requirements.
Revenue decreased 12% in 2024, compared to 2023 primarily due to lower Employee Retention Credit ("ERC") revenue and declines in I-9 and onboarding services. The ERC revenue decrease is driven by the wind down of this U.S. Federal government program, accelerated by the IRS pausing new ERC claims processing during the third quarter of 2023.
Revenue decreased 12% in 2024 compared to 2023, primarily due to lower Employee Retention Credit ("ERC") revenue and declines in I-9 and onboarding services. The ERC revenue decrease was driven by the wind down of this U.S. Federal government program. Workforce Solutions Operating Margin.
In September 2022, we issued $750.0 million aggregate principal amount of 5.1% five-year Senior Notes due 2027 (the "2027 Notes") in an underwritten public offering. Interest on the 2027 Notes accrues at a rate of 5.1% per year and is payable semi-annually in arrears on June 15 and December 15 of each year.
In August 2024, we issued $650 million in aggregate principal amount of 4.8% five-year Senior Notes due 2029 (the "2029 Notes") in an underwritten public offering. Interest on the 2029 Notes accrues at a rate of 4.8% per year and is payable semi-annually in arrears on March 15 and September 15 of each year.
As of December 31, 2024, under the existing board authorization, the Company is approved for additional stock repurchases of $520.2 million. • During the twelve months ended December 31, 2024, 2023 and 2022, we paid cash dividends to Equifax shareholders of $193.2 million, $191.8 million and $191.1 million, respectively, at $1.56 per share for 2024, 2023 and 2022. 45 • During the twelve months ended December 31, 2024, we paid dividends to noncontrolling interests of $4.6 million.
During the twelve months ended December 31, 2024 and 2023, we paid cash dividends to Equifax shareholders of $193.2 million and $191.8 million, respectively, at $1.56 per share, for 2024 and 2023. • During the twelve months ended December 31, 2025 and 2024, we paid dividends to noncontrolling interests of $6.1 million and $4.6 million, respectively.
During the twelve months ended December 31, 2022, we paid dividends to noncontrolling interests of $3.1 million. • We received cash of $78.2 million, $32.3 million, and $16.9 million during the first twelve months ended December 31, 2024, 2023 and 2022, respectively, from the exercise of stock options and purchases under the employee stock purchase plan.
During the twelve months ended December 31, 2023, we paid distributions to noncontrolling interests of $45.6 million. • We received cash of $46.4 million, $78.2 million, and $32.3 million during the twelve months ended December 31, 2025, 2024 and 2023, respectively, from the exercise of stock options and the employee stock purchase plan.
The following table summarizes our cash flows for the twelve months ended December 31, 2024, 2023 and 2022: Twelve Months Ended December 31, Change Net cash provided by (used in): 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 (In millions) Operating activities $ 1,324.5 $ 1,116.8 $ 757.1 $ 207.7 $ 359.7 Investing activities $ (511.5) $ (878.2) $ (959.5) $ 366.7 $ 81.3 Financing activities $ (846.4) $ (306.2) $ 273.7 $ (540.2) $ (579.9) Operating Activities Cash provided by operating activities for 2024 increased $207.7 million compared to 2023 primarily due to changes in our working capital position and increased net income.
The following table summarizes our cash flows for the twelve months ended December 31, 2025, 2024 and 2023: Twelve Months Ended December 31, Change Net cash provided by (used in): 2025 2024 2023 2025 vs 2024 2024 vs 2023 (In millions) Operating activities $ 1,615.7 $ 1,324.5 $ 1,116.8 $ 291.2 $ 207.7 Investing activities $ (554.3) $ (511.5) $ (878.2) $ (42.8) $ 366.7 Financing activities $ (1,059.7) $ (846.4) $ (306.2) $ (213.3) $ (540.2) Operating Activities Cash provided by operating activities for 2025 increased $291.2 million compared to 2024 and for 2024 increased $207.7 million compared to 2023.
Any amount of the purchase price paid that is in excess of the estimated fair values of net assets acquired is recorded in the line item Goodwill in our Consolidated Balance Sheets. Transaction costs, as well as costs to reorganize acquired companies, are expensed as incurred in our Consolidated Statements of Income.
Any amount of the purchase price paid that is in excess of the estimated fair values of net assets acquired is recorded in the line item Goodwill in our Consolidated Balance Sheets.
Local currency fluctuations against the U.S. dollar negatively impacted revenue by $31.8 million, or 15%, in 2023, primarily from Argentina. Reported revenue increased 41% in 2023 as compared to 2022. Europe. Local currency revenue increased 8% in 2024 as compared to 2023, primarily due to growth in the debt services and credit reporting businesses.
Reported revenue increased 7% in 2025 as compared to 2024. Local currency revenue increased 8% in 2024 as compared to 2023, primarily due to growth in the debt services and credit reporting businesses. Local currency fluctuations against the U.S. dollar positively impacted revenue by $8.0 million, or 3%, for 2024. Reported revenue increased 11% in 2024 as compared to 2023.
Financial Marketing Services revenue is principally project and subscription based and is derived from our sales of batch credit and consumer wealth information such as those that assist clients in acquiring new customers, cross-selling to existing customers and managing portfolio risk. The International segment consists of Latin America, Europe, Asia Pacific and Canada.
Online Information Solutions also includes our U.S. consumer credit monitoring solutions business. Financial Marketing Services revenue is principally project and subscription based and is derived from our sales of batch credit and consumer wealth information such as those that assist clients in acquiring new customers, cross-selling to existing customers and managing portfolio risk.
Interest Expense and Other (Expense) Income, net Twelve Months Ended December 31, Change 2024 vs. 2023 2023 vs. 2022 Consolidated Interest and Other (Expense) Income, net 2024 2023 2022 $ % $ % (In millions) Consolidated interest expense $ (229.1) $ (241.4) $ (183.0) $ 12.3 (5) % $ (58.4) 32 % Consolidated other (expense) income, net (2.5) 25.7 56.7 (28.2) (110) % (31.0) (55) % Average cost of debt 4.1 % 4.2 % 3.2 % Total consolidated debt, net, at year end $ 5,010.5 $ 5,711.2 $ 5,787.3 $ (700.7) (12) % $ (76.1) (1) % Interest expense decreased in 2024, when compared to 2023, due to lower overall debt balances and a lower weighted average cost of debt when compared to 2023.
Interest Expense and Other Income (Expense), net Twelve Months Ended December 31, Change 2025 vs. 2024 2024 vs. 2023 Consolidated Interest and Other Income (Expense), net 2025 2024 2023 $ % $ % (In millions) Consolidated interest expense $ (212.3) $ (229.1) $ (241.4) $ 16.8 (7) % $ 12.3 (5) % Consolidated other income (expense), net 12.0 (2.5) 25.7 14.5 nm (28.2) (110) % Average cost of debt 4.3 % 4.1 % 4.2 % Total consolidated debt, net, at year end $ 5,093.3 $ 5,010.5 $ 5,711.2 $ 82.8 2 % $ (700.7) (12) % nm - not meaningful 36 Interest expense decreased in 2025 when compared to 2024 primarily due to lower weighted average debt balances during 2025 compared to 2024, partially offset by a higher weighted average cost of debt in 2025 when compared to 2024.
Selling, general and administrative expenses increased $64.8 million in 2024 compared to 2023. The increase is primarily due to increased people costs and costs from BVS, which was acquired in the third quarter of 2023, partially offset by a decrease in professional fees.
The increase is primarily due to increased people costs and costs from BVS, which was acquired in the third quarter of 2023, partially offset by a decrease in professional fees. The increased people costs, excluding the impact of costs from BVS, is primarily due to higher incentive plan costs.
Equity Transactions Twelve Months Ended December 31, Change Net cash (used in) provided by: 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 (In millions) Dividends paid to Equifax shareholders $ (193.2) $ (191.8) $ (191.1) $ (1.4) $ (0.7) Distributions paid to noncontrolling interests $ (4.6) $ (45.6) $ (3.1) $ 41.0 $ (42.5) Proceeds from exercise of stock options and employee stock purchase plan $ 78.2 $ 32.3 $ 16.9 $ 45.9 $ 15.4 Sources and uses of cash related to equity during the twelve months ended December 31, 2024, 2023 and 2022 were as follows: • We did not repurchase any shares on the open market in 2024, 2023 or 2022.
Equity Transactions Twelve Months Ended December 31, Change Net cash (used in) provided by: 2025 2024 2023 2025 vs 2024 2024 vs 2023 (In millions) Treasury stock purchases $ (927.5) $ — $ — $ (927.5) $ — Dividends paid to Equifax shareholders $ (232.8) $ (193.2) $ (191.8) $ (39.6) $ (1.4) Distributions paid to noncontrolling interests $ (6.1) $ (4.6) $ (45.6) $ (1.5) $ 41.0 Proceeds from exercise of stock options and employee stock purchase plan $ 46.4 $ 78.2 $ 32.3 $ (31.8) $ 45.9 Sources and uses of cash related to equity during the twelve months ended December 31, 2025, 2024 and 2023 were as follows: • On April 21, 2025, our Board of Directors terminated the existing share repurchase authorization and approved an authorization to repurchase up to $3 billion of shares of common stock.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeA 10% stronger U.S. dollar would have resulted in similar decreases to our revenue and pre-tax operating profit for 2024 and 2023. 52 On average across our mix of international businesses, foreign currencies at December 31, 2024 were weaker against the U.S. dollar than the average foreign exchange rates that prevailed across the full year 2023.
Biggest changeA 10% stronger U.S. dollar would have resulted in similar decreases to our revenue and pre-tax operating profit for 2025 and 2024. On average across our mix of international businesses, foreign currencies at December 31, 2025 were stronger against the U.S. dollar than the average foreign exchange rates that prevailed across the full year 2024.
In the future, if our mix of fixed-rate and variable-rate debt were to change due to additional borrowings under existing or new variable-rate debt, we could have additional exposure to interest rate risk.
In the future, if our mix of fixed-rate and variable-rate debt were to change due to additional borrowings under existing or new variable-rate debt, we 52 could have additional exposure to interest rate risk.
As a result, if foreign exchange rates were unchanged throughout 2024, foreign exchange translation would increase growth as reported in U.S. dollars. As foreign exchange rates change daily, there can be no assurance that foreign exchange rates will remain constant throughout 2025, and rates could go either higher or lower.
As a result, if foreign exchange rates were unchanged throughout 2025, foreign exchange translation would have decreased growth as reported in U.S. dollars. As foreign exchange rates change daily, there can be no assurance that foreign exchange rates will remain constant throughout 2026, and rates could go either higher or lower.
A 100 basis point increase in the weighted-average interest rate on our variable-rate debt would have increased our 2024 interest expense by $2.9 million. Based on the amount of outstanding variable-rate debt, we have exposure to interest rate risk.
A 100 basis point increase in the weighted-average interest rate on our variable-rate debt would have increased our 2025 interest expense by $7.6 million. Based on the amount of outstanding variable-rate debt, we have exposure to interest rate risk.
For the year ended December 31, 2023, a 10% weaker U.S. dollar against the currencies of all foreign countries in which we had operations during 2023 would have increased our revenue by $116.0 million and our pre-tax operating profit by $9.9 million.
For the year ended December 31, 2025, a 10% weaker U.S. dollar against the currencies of all foreign countries in which we had operations during 2025 would have increased our revenue by $139.4 million and our pre-tax operating profit by $13.8 million.
At December 31, 2024, our weighted average cost of debt was 4.1% and weighted-average life of debt was 4.36 years. At December 31, 2024, 94% of our debt was fixed-rate and the remaining 6% was variable-rate. Occasionally, we use derivatives to manage our exposure to changes in interest rates by entering into interest rate swaps.
At December 31, 2025, our weighted average cost of debt was 4.3% and weighted-average life of debt was 3.38 years. At December 31, 2025, 85% of our debt was fixed-rate and the remaining 15% was variable-rate. Occasionally, we use derivatives to manage our exposure to changes in interest rates by entering into interest rate swaps.