Revenue growth accelerated to 14.3% in 2026Q1, though operating margins remain constrained within a narrow 16% to 20% range over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 6.28B | 6.07B | 5.68B | 5.27B | 5.12B | 4.92B | 4.13B | 3.51B | 3.41B | 3.36B | 3.14B | 2.66B | 2.44B | 2.3B | 2.07B | 1.89B | 1.86B | 1.72B | 1.94B | 1.84B | 1.55B | 1.44B | 1.27B | 1.21B | 1.1B | 1.14B | 1.19B | 1.77B | 1.62B | 1.37B | 1.22B |
| Revenue Growth % | 9.55% | 6.92% | 7.9% | 2.79% | 4.03% | 19.3% | 17.67% | 2.8% | 1.48% | 6.91% | 18.07% | 9.33% | 5.75% | 11.14% | 9.5% | 1.81% | 8.36% | -11.35% | 5.03% | 19.19% | 7.13% | 13.4% | 5.13% | 10.54% | -3.84% | -4.22% | -32.92% | 9.36% | 18.66% | 11.72% | 10.63% |
| Cost of Goods Sold | 3.48B | 3.37B | 2.52B | 2.34B | 2.18B | 1.98B | 1.74B | 1.52B | 1.44B | 1.21B | 1.11B | 887.4M | 844.7M | 787.3M | 759.5M | 703.9M | 759.9M | 718.8M | 792M | 752M | 626.4M | 594.2M | 533.9M | 499.7M | 416.4M | 451M | 513.2M | 907.1M | 840M | 701.9M | 629.7M |
| COGS % of Revenue | - | 55.4% | 44.33% | 44.35% | 42.51% | 40.23% | 42.09% | 43.38% | 42.21% | 36.01% | 35.4% | 33.32% | 34.67% | 34.17% | 36.64% | 37.18% | 40.87% | 41.89% | 40.92% | 40.8% | 40.51% | 41.17% | 41.95% | 41.27% | 38.02% | 39.6% | 43.16% | 51.17% | 51.82% | 51.38% | 51.5% |
| Gross Profit | 2.81B | 2.71B | 3.16B | 2.93B | 2.94B | 2.94B | 2.39B | 1.99B | 1.97B | 2.15B | 2.03B | 1.78B | 1.59B | 1.52B | 1.31B | 1.19B | 1.1B | 997.2M | 1.14B | 1.09B | 919.9M | 849.2M | 738.9M | 711M | 678.9M | 688M | 676M | 865.6M | 781M | 664.2M | 593.1M |
| Gross Margin % | 44.67% | 44.6% | 55.67% | 55.65% | 57.49% | 59.77% | 57.91% | 56.62% | 57.79% | 63.99% | 64.6% | 66.68% | 65.33% | 65.83% | 63.36% | 62.82% | 59.13% | 58.11% | 59.08% | 59.2% | 59.49% | 58.83% | 58.05% | 58.73% | 61.98% | 60.4% | 56.84% | 48.83% | 48.18% | 48.62% | 48.5% |
| Gross Profit Growth % | - | -14.32% | 7.93% | -0.51% | 0.07% | 23.13% | 20.35% | 0.72% | -8.36% | 5.91% | 14.37% | 11.59% | 4.95% | 15.46% | 10.44% | 8.16% | 10.27% | -12.81% | 4.83% | 18.6% | 8.33% | 14.93% | 3.92% | 4.73% | -1.32% | 1.78% | -21.9% | 10.83% | 17.59% | 11.99% | 14.56% |
| Operating Expenses | 1.66B | 1.61B | 2.12B | 2B | 1.89B | 1.8B | 1.71B | 2.32B | 1.52B | 1.32B | 1.21B | 1.08B | 953.5M | 905.4M | 833.5M | 720.7M | 669.6M | 615.4M | 666.5M | 604.8M | 483.8M | 427.2M | 363.1M | 396.8M | 326.4M | 434.2M | 367.4M | 451.1M | 415.3M | 340.3M | 326.2M |
| OpEx % of Revenue | - | 26.57% | 37.32% | 37.92% | 36.88% | 36.66% | 41.51% | 66.18% | 44.66% | 39.25% | 38.36% | 40.63% | 39.14% | 39.3% | 40.21% | 38.07% | 36.01% | 35.86% | 34.43% | 32.82% | 31.29% | 29.6% | 28.53% | 32.77% | 29.8% | 38.12% | 30.89% | 25.45% | 25.62% | 24.91% | 26.68% |
| Selling, General & Admin | 1.65B | 1.61B | 1.47B | 1.39B | 1.34B | 1.36B | 1.31B | 1.99B | 1.21B | 1.03B | 941M | 884.3M | 751.7M | 715.8M | 673.5M | 560.1M | 507.4M | 470.2M | 511.1M | 477.1M | 401M | 345M | 284.4M | 272.1M | 246.7M | 267.6M | 261.2M | 325.8M | 311.5M | 263.2M | 258.7M |
| SG&A % of Revenue | - | 26.57% | 25.8% | 26.47% | 26.1% | 27.67% | 31.65% | 56.74% | 35.56% | 30.69% | 29.92% | 33.2% | 30.85% | 31.07% | 32.49% | 29.58% | 27.29% | 27.4% | 26.4% | 25.89% | 25.93% | 23.9% | 22.34% | 22.47% | 22.52% | 23.49% | 21.96% | 18.38% | 19.22% | 19.27% | 21.16% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 654.5M | 603M | 552.2M | 442.8M | 407.2M | 331.1M | 310.4M | 287.8M | 265.4M | 198M | 201.8M | 189.6M | 160M | 160.6M | 162.2M | 145.2M | 155.4M | 127.7M | 82.8M | 82.2M | 78.7M | 124.7M | 79.7M | 166.6M | 106.2M | 125.3M | 103.8M | 77.1M | 67.5M |
| Operating Income | 1.15B | 1.1B | 1.04B | 933.6M | 1.06B | 1.14B | 676.6M | -335.4M | 448M | 831.7M | 825.1M | 693.9M | 638.2M | 611.2M | 480M | 468.6M | 430M | 381.8M | 477.2M | 486.2M | 436.1M | 422M | 375.8M | 314.2M | 352.5M | 253.8M | 308.6M | 414.5M | 365.7M | 323.9M | 266.9M |
| Operating Margin % | 18.26% | 18.03% | 18.34% | 17.73% | 20.62% | 23.11% | 16.39% | -9.56% | 13.13% | 24.74% | 26.24% | 26.05% | 26.19% | 26.53% | 23.15% | 24.75% | 23.12% | 22.25% | 24.65% | 26.38% | 28.2% | 29.24% | 29.53% | 25.95% | 32.18% | 22.28% | 25.95% | 23.38% | 22.56% | 23.71% | 21.83% |
| Operating Income Growth % | - | 5.1% | 11.62% | -11.59% | -7.21% | 68.19% | 301.73% | -174.87% | -46.13% | 0.8% | 18.91% | 8.73% | 4.42% | 27.33% | 2.43% | 8.98% | 12.62% | -19.99% | -1.85% | 11.49% | 3.34% | 12.29% | 19.61% | -10.87% | 38.89% | -17.76% | -25.55% | 13.34% | 12.91% | 21.36% | 20.28% |
| EBITDA | 1.87B | 1.81B | 1.72B | 1.55B | 1.62B | 1.63B | 1.08B | 1.9M | 763.9M | 1.12B | 1.09B | 893.9M | 842.4M | 801.5M | 643.4M | 633.5M | 597.8M | 540.6M | 632.6M | 613.9M | 518.9M | 504.2M | 454.5M | 408.3M | 432.2M | 360M | 414.8M | 539.8M | 469.5M | 401M | 334.4M |
| EBITDA Margin % | 29.82% | 29.87% | 30.32% | 29.5% | 31.72% | 33.06% | 26.07% | 0.05% | 22.39% | 33.39% | 34.78% | 33.56% | 34.58% | 34.79% | 31.04% | 33.46% | 32.15% | 31.5% | 32.68% | 33.31% | 33.56% | 34.93% | 35.71% | 33.72% | 39.46% | 31.61% | 34.88% | 30.45% | 28.96% | 29.35% | 27.35% |
| EBITDA Growth % | 7.43% | 5.34% | 10.9% | -4.38% | -0.18% | 51.28% | 56526.32% | -99.75% | -31.95% | 2.63% | 22.36% | 6.11% | 5.1% | 24.57% | 1.56% | 5.97% | 10.58% | -14.54% | 3.05% | 18.31% | 2.92% | 10.94% | 11.32% | -5.53% | 20.06% | -13.21% | -23.16% | 14.97% | 17.08% | 19.92% | 17.09% |
| D&A (Non-Cash Add-back) | 726.2M | 719.5M | 680.6M | 619.8M | 568.6M | 489.6M | 399.3M | 337.3M | 315.9M | 290.9M | 268.7M | 200M | 204.2M | 190.3M | 163.4M | 164.9M | 167.8M | 158.8M | 155.4M | 127.7M | 82.8M | 82.2M | 78.7M | 94.1M | 79.7M | 106.2M | 106.2M | 125.3M | 103.8M | 77.1M | 67.5M |
| EBIT | 1.16B | 1.11B | 1.04B | 959.3M | 1.11B | 1.09B | 826.8M | -302.1M | 473.9M | 839.4M | 820.3M | 700.4M | 642.8M | 600.6M | 486.7M | 461M | 431.3M | 388M | 483.4M | 483.1M | 436.1M | 422M | 375.8M | 344.8M | 352.5M | 314.2M | 308.6M | 414.5M | 365.7M | 323.9M | 266.9M |
| Net Interest Income | -215.1M | -212.3M | -229.1M | -241.4M | -183M | -145.6M | -141.6M | -111.7M | -103.5M | -92.8M | -92.1M | -63.8M | -68.6M | -70.2M | -55.4M | -55.1M | -56.1M | -57M | -71.3M | -58.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 215.1M | 212.3M | 229.1M | 241.4M | 183M | 145.6M | 141.6M | 111.7M | 103.5M | 92.8M | 92.1M | 63.8M | 68.6M | 70.2M | 55.4M | 55.1M | 56.1M | 57M | 71.3M | 58.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -201.7M | -200.3M | -231.6M | -215.7M | -126.3M | -188.8M | 8.6M | -78.4M | -77.6M | -85.1M | -96.9M | -57.3M | -64M | -80.8M | -48.7M | -62.7M | -54.8M | -50.8M | -65.1M | -61.6M | -20.2M | -31.3M | 9.4M | -28.9M | -36.4M | -51.2M | -59.2M | -48.6M | -38.5M | -800K | -4.3M |
| Pretax Income | 945.3M | 894.9M | 810.5M | 717.9M | 929.7M | 949.2M | 685.2M | -413.8M | 370.4M | 746.6M | 728.2M | 636.6M | 574.2M | 530.4M | 431.3M | 405.9M | 375.2M | 331M | 412.1M | 424.6M | 415.9M | 390.7M | 385.2M | 285.3M | 316.1M | 202.6M | 249.4M | 365.9M | 327.2M | 323.1M | 262.6M |
| Pretax Margin % | 15.05% | 14.73% | 14.27% | 13.63% | 18.15% | 19.28% | 16.6% | -11.8% | 10.86% | 22.21% | 23.15% | 23.9% | 23.57% | 23.02% | 20.81% | 21.44% | 20.18% | 19.29% | 21.29% | 23.04% | 26.9% | 27.07% | 30.26% | 23.56% | 28.86% | 17.79% | 20.97% | 20.64% | 20.19% | 23.65% | 21.48% |
| Income Tax | 241.5M | 230.6M | 203.2M | 166.2M | 229.5M | 200.7M | 159M | -35.7M | 53.4M | 148.6M | 233.1M | 201.8M | 200.2M | 188.9M | 156M | 167.1M | 131.9M | 106.6M | 133.1M | 151.9M | 141.4M | 144.2M | 147.9M | 104.6M | 124.4M | 85.3M | 108.3M | 150M | 133.8M | 137.6M | 109.5M |
| Effective Tax Rate % | 25.55% | 25.77% | 25.07% | 23.15% | 24.69% | 21.14% | 23.2% | 8.63% | 14.42% | 19.9% | 32.01% | 31.7% | 34.87% | 35.61% | 36.17% | 41.17% | 35.15% | 32.21% | 32.3% | 35.77% | 34% | 36.91% | 38.4% | 36.66% | 39.35% | 42.1% | 43.42% | 40.99% | 40.89% | 42.59% | 41.7% |
| Net Income | 698.7M | 660.3M | 604.1M | 545.3M | 696.2M | 744.2M | 520.1M | -384.1M | 310.5M | 587.3M | 488.8M | 429.1M | 367.4M | 351.8M | 272.1M | 232.9M | 266.7M | 233.9M | 272.8M | 272.7M | 274.5M | 246.5M | 234.7M | 164.9M | 178M | 122.5M | 228M | 215.9M | 193.4M | 183.7M | 177.6M |
| Net Margin % | 11.12% | 10.87% | 10.63% | 10.36% | 13.59% | 15.11% | 12.6% | -10.95% | 9.1% | 17.47% | 15.54% | 16.11% | 15.08% | 15.27% | 13.13% | 12.3% | 14.34% | 13.63% | 14.09% | 14.8% | 17.75% | 17.08% | 18.44% | 13.62% | 16.25% | 10.76% | 19.17% | 12.18% | 11.93% | 13.45% | 14.52% |
| Net Income Growth % | 14.11% | 9.3% | 10.78% | -21.67% | -6.45% | 43.09% | 235.41% | -223.7% | -47.13% | 20.15% | 13.91% | 16.79% | 4.43% | 29.29% | 16.83% | -12.67% | 14.02% | -14.26% | 0.04% | -0.66% | 11.36% | 5.03% | 42.33% | -7.36% | 45.31% | -46.27% | 5.6% | 11.63% | 5.28% | 3.43% | 20.24% |
| Net Income (Continuing) | 703.8M | 664.3M | 607.3M | 551.7M | 700.2M | 748.5M | 526.2M | -378.1M | 317M | 598M | 495.1M | 434.8M | 374M | 341.5M | 275.3M | 238.8M | 243.3M | 224.4M | 279M | 272.7M | 274.5M | 246.5M | 237.3M | 180.7M | 191.7M | 117.3M | 141.1M | 215.9M | 193.4M | 185.5M | 153.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.4M | 0 | -1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 120.4M | 114.4M | 122.7M | 153.4M | 16.8M | 16.8M | 41.9M | 44.3M | 47.9M | 64.6M | 58.6M | 39.5M | 34.5M | 40.3M | 26M | 19.7M | 17M | 13.8M | 11.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.78 | 5.32 | 4.84 | 4.40 | 5.65 | 6.02 | 4.24 | -3.25 | 2.47 | 4.83 | 4.04 | 3.55 | 2.97 | 2.84 | 2.22 | 1.88 | 2.11 | 1.83 | 2.09 | 2.02 | 2.12 | 1.86 | 1.76 | 1.20 | 1.25 | 0.85 | 1.68 | 1.55 | 1.34 | 1.24 | 1.19 |
| EPS Growth % | 16.16% | 9.92% | 10% | -22.12% | -6.15% | 41.98% | 230.46% | -231.58% | -48.86% | 19.55% | 13.8% | 19.53% | 4.58% | 27.93% | 18.09% | -10.9% | 15.3% | -12.44% | 3.47% | -4.72% | 13.98% | 5.68% | 46.67% | -4% | 47.06% | -49.4% | 8.39% | 15.67% | 8.06% | 4.2% | 23.96% |
| EPS (Basic) | - | 5.36 | 4.88 | 4.44 | 5.69 | 6.11 | 4.28 | -3.25 | 2.49 | 4.89 | 4.10 | 3.61 | 3.03 | 2.90 | 2.27 | 1.91 | 2.14 | 1.85 | 2.13 | 2.07 | 2.16 | 1.90 | 1.79 | 1.23 | 1.25 | 0.85 | 1.70 | 1.57 | 1.37 | 1.27 | 1.22 |
| Diluted Shares Outstanding | 120.8M | 124.1M | 124.9M | 123.9M | 123.3M | 123.6M | 122.8M | 120.9M | 121.4M | 121.5M | 121.1M | 120.9M | 123.5M | 123.7M | 122.5M | 123.7M | 126.5M | 127.9M | 130.4M | 135.1M | 129.4M | 132.2M | 133.5M | 136.7M | 136.4M | 136.65M | 136M | 139.6M | 144.4M | 147.82M | 149.24M |
| Basic Shares Outstanding | 120M | 123.2M | 123.8M | 122.9M | 122.4M | 121.9M | 121.5M | 120.9M | 120.4M | 120.1M | 119.3M | 118.7M | 121.2M | 121.2M | 119.9M | 121.9M | 124.8M | 126.3M | 128.1M | 132M | 127.1M | 129.7M | 131.3M | 134.5M | 136.4M | 136.65M | 134.4M | 137.5M | 141.4M | 144.23M | 145.57M |
| Dividend Payout Ratio | - | 35.26% | 31.98% | 35.17% | 27.45% | 25.53% | 36.44% | - | 60.52% | 31.91% | 32.24% | 32.11% | 32.99% | 30.33% | 31.61% | 33.53% | 13.2% | 8.64% | 7.51% | 7.59% | 7.4% | 8.19% | 6.39% | 6.85% | 6.4% | 26.37% | 22.94% | 24.09% | 26.94% | 28.31% | 27.98% |
Cyclical mortgage market exposure
According to the most recent quarterly data, Equifax achieved a 14.3% year-over-year revenue growth rate in 2026Q1, marking a notable acceleration from the mid-single-digit growth observed throughout 2025, suggesting that the company's diversification efforts beyond mortgage-sensitive segments are beginning to yield tangible top-line results for investors.
The recent revenue expansion appears to be decoupling from the historical volatility associated with U.S. mortgage originations. This trend warrants further investigation into whether the Workforce Solutions segment is successfully capturing non-lending demand, such as government benefit verification and talent management services.
As reported in the quarterly income statements, gross margins fluctuated significantly, reaching a low of 11.0% in 2025Q4 before rebounding to 53.5% in 2026Q1, a pattern that suggests underlying operational complexities related to the ongoing cloud-native infrastructure transition and potential non-recurring cost recognition events.
Investors should monitor whether these margin swings represent temporary accounting noise or persistent challenges in managing data acquisition costs. The structural shift toward cloud-based delivery should theoretically support higher margins, yet the current data indicates that the company has not yet achieved consistent margin stability.
Based on the provided financial figures, operating margins have remained constrained within a 16% to 20% range over the last ten quarters, indicating that Equifax has yet to demonstrate the significant operating leverage typically expected from a scaled, cloud-native data and analytics service provider.
The lack of meaningful expansion in operating margins suggests that SG&A expenses are scaling in lockstep with revenue growth. This may indicate that the company is still heavily investing in headcount or platform maintenance, preventing the realization of the anticipated efficiencies from its multi-year technology transformation.
Analysis of the income statement reveals that stock-based compensation remains a recurring expense, reaching $43.3 million in 2026Q1, which serves to dilute earnings and suggests that reported net income may overstate the cash-generative capacity of the business when viewed on a strictly GAAP basis.
The variability in quarterly EPS, which saw a 34% increase in 2026Q1, appears sensitive to these non-cash charges and other operating fluctuations. Analysts should adjust for these items to determine the true underlying earnings power of the core information services business.
While growth has accelerated, the company's historical reliance on mortgage-related transactional revenue remains a primary concern, as evidenced by the inconsistent margin performance and the potential for regulatory scrutiny to impact the pricing power of the proprietary Workforce Solutions data assets in future periods.
Short-term investors should be wary of the assumption that EFX has fully transitioned to a non-cyclical growth model. Any downturn in labor market activity or further legislative pressure on data brokers could quickly reverse the recent positive momentum observed in the top-line figures.
Quick answers to the most common questions about buying EFX stock.
For fiscal year 2025, Equifax Inc. (EFX) reported total revenue of $6.07B. This represents a 396.8% increase compared to $1.22B in 1996.
Equifax Inc. (EFX) is profitable, generating $660.3M in net income for the fiscal year ending 2025 with a net profit margin of 10.9%.
Equifax Inc. (EFX) reported an operating income of $1.10B, resulting in an operating profit margin of 18.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Equifax Inc. (EFX) generated $2.71B in gross profit for the year, representing a gross profit margin of 44.6%. This demonstrates the company's core pricing power and production efficiency.