Free cash flow remains highly volatile, swinging from a negative 1.5% margin in 2025Q1 to a peak of 21.8% in 2024Q2, while aggressive capital deployment included a $578.6 million net acquisition spend in 2026Q1.
| 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 |
|---|
| Cash from Operations | 1.02B | 987.6M | 832.5M | 645.4M | 297.2M | 808.3M | 787.4M | 776.7M | 555.7M | 468M | 389.9M | 309.1M | 154.3M | 143.4M | 99.4M |
| Operating CF Margin % | - | 21.58% | 19.9% | 16.85% | 8.01% | 27.31% | 31.12% | 31.53% | 23.98% | 24.2% | 22.87% | 20.51% | 11.83% | 12.12% | 8.72% |
| Operating CF Growth % | 126.28% | 18.63% | 28.99% | 117.16% | -63.23% | 2.65% | 1.38% | 39.77% | 18.74% | 20.03% | 26.14% | 100.32% | 7.6% | 44.27% | - |
| Net Income | 704.6M | 455.4M | 302.3M | -190.1M | 267.3M | 370.5M | 355.6M | 356.6M | 289M | 451.6M | 131.4M | 15.3M | -4.4M | -28.2M | -63.7M |
| Depreciation & Amortization | 588.2M | 574.8M | 537.8M | 524.4M | 519M | 377M | 367.9M | 362.1M | 306.9M | 238M | 265.2M | 278.4M | 241.2M | 186.8M | 144.2M |
| Stock-Based Compensation | 114.1M | 0 | 121.2M | 100.6M | 82.8M | 69.2M | 44.3M | 51M | 57.9M | 33.1M | 24.4M | 9M | 8M | 6.3M | 95.7M |
| Deferred Taxes | -22.3M | -28.8M | -157.3M | -162.7M | -88.9M | -17.2M | -35.3M | -22.5M | -69M | -212.8M | -22.2M | -17.3M | -20.8M | -16.2M | -6.5M |
| Other Non-Cash Items | -172.2M | 203.8M | 82.2M | 447.1M | 28.2M | 53.7M | 7.8M | 6.7M | 26.3M | 15.4M | 4.7M | 49.4M | -47.9M | -13.6M | 18.9M |
| Working Capital Changes | -202.7M | -217.6M | -53.7M | -73.9M | -511.2M | -44.9M | 47.1M | 22.8M | -55.4M | -57.3M | -13.6M | -25.7M | -21.8M | 8.3M | -25.7M |
| Change in Receivables | -170M | -119.4M | -105.6M | -135.1M | -37.5M | -36.2M | -15.6M | 7.3M | -113.8M | -44.7M | -42.5M | -39.2M | -36.3M | -3.1M | -25.7M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -103.4M |
| Change in Payables | 28.3M | 31.3M | 39.2M | -6.5M | -20.7M | 45.7M | 18.1M | 5.7M | 20.7M | 9.7M | 2.9M | 1.3M | 6.1M | 5.9M | -800K |
| Cash from Investing | -831.8M | -331.7M | -307.4M | -318.9M | -723.9M | -2.21B | -267.2M | -203.9M | -2.02B | -480.8M | -495.8M | -197.1M | -276M | -367M | -1.57B |
| Capital Expenditures | -322.8M | -326M | -315.8M | -310.7M | -298.2M | -224.2M | -214.1M | -198.5M | -180.1M | -135.3M | -124M | -132.2M | -155.2M | -81.7M | -69.2M |
| CapEx % of Revenue | 6.83% | 7.12% | 7.55% | 8.11% | 8.04% | 7.57% | 8.46% | 8.06% | 7.77% | 7% | 7.27% | 8.77% | 11.9% | 6.91% | 6.07% |
| Acquisitions | -578.6M | 0 | 0 | -500K | -524.3M | -3.67B | -71.7M | -46.3M | -1.83B | -356.1M | -362.8M | -61.3M | -115.8M | -292.3M | -1.49B |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 23.3M | -5.9M | 700K | 400K | 101.2M | 6.6M | 1.5M | 36.4M | -1.4M | 400K | -2M | 9.1M | 1M | 4.4M | -1.5B |
| Cash from Financing | -53M | -494.6M | -308.7M | -438.8M | -820.5M | 2.76B | -296.9M | -486.7M | 1.54B | -51.7M | 153.8M | -51.3M | 91.9M | 187.3M | 1.61B |
| Debt Issued (Net) | 441.5M | -78.5M | -191.9M | -341.9M | -714.6M | 2.96B | -208.8M | -398.1M | 1.6B | 73.3M | 155.7M | -738.2M | 154.2M | 198.1M | 939.5M |
| Equity Issued (Net) | -309.5M | -337.7M | 24.9M | 23.1M | 18.7M | 21.9M | 22.9M | 24.4M | 26.2M | -133.5M | 5.3M | 767M | 9.4M | 2.4M | 1.1B |
| Dividends Paid | -145.5M | -90.5M | -82.7M | -81.8M | -77.8M | -69.8M | -57.6M | -56.8M | -41.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -331.2M | -337.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -133.5M | -700K | -300K | -200K | -3.4M | -700K |
| Other Financing | -39.5M | 12.1M | -59M | -38.2M | -46.8M | -149M | -53.4M | -56.2M | -45.1M | 8.5M | -7.2M | -80.1M | -71.7M | -13.2M | -426M |
| Net Change in Cash | 122.6M | 174.1M | 203.3M | -109.1M | -1.26B | 1.35B | 218.9M | 86.7M | 71.6M | -66.4M | 49M | 55.3M | -33.3M | -43.1M | 142.9M |
| Free Cash Flow | 696.5M | 661.6M | 516.7M | 334.7M | -1M | 584.1M | 573.3M | 578.2M | 375.6M | 332.7M | 265.9M | 176.9M | -900K | 61.7M | 30.2M |
| FCF Margin % | 14.74% | 14.46% | 12.35% | 8.74% | -0.03% | 19.73% | 22.65% | 23.47% | 16.21% | 17.2% | 15.6% | 11.74% | -0.07% | 5.21% | 2.65% |
| FCF Growth % | 36.78% | 28.04% | 54.38% | 33570% | -100.17% | 1.88% | -0.85% | 53.94% | 12.89% | 25.12% | 50.31% | 19755.56% | -101.46% | 104.3% | - |
| FCF per Share | 3.58 | 3.37 | 2.63 | 1.73 | -0.01 | 3.03 | 2.98 | 3.01 | 1.97 | 1.75 | 1.44 | 1.06 | -0.01 | 0.42 | 0.28 |
| FCF Conversion (FCF/Net Income) | 0.99x | 2.17x | 2.93x | -3.13x | 1.12x | 0.58x | 2.29x | 2.24x | 2.01x | 1.06x | 3.23x | 52.39x | -12.34x | -4.09x | -1.56x |
| Interest Paid | 0 | 0 | 261M | 281.2M | 221.1M | 109.1M | 120M | 163.5M | 132.1M | 90.2M | 87.9M | 147.6M | 191M | 211.8M | 0 |
| Taxes Paid | 0 | 0 | 202.5M | 206.4M | 573.6M | 181.2M | 131.9M | 110.6M | 111.1M | 120.2M | 93.6M | 25.9M | 25.2M | 23.3M | 0 |
Cyclical mortgage volume sensitivity
As reported in financial statements, TransUnion's operating cash flow to net income ratio has been highly erratic, dropping to a low of 0.21 in 2026Q1, which suggests that reported earnings are frequently decoupled from the actual cash-generating capacity of the underlying business operations.
The significant divergence between net income and operating cash flow indicates that accruals and non-cash adjustments play an outsized role in the company's bottom-line presentation. Investors should monitor whether this trend reflects aggressive revenue recognition or simply the timing of integration-related expenses that mask the true cash conversion efficiency.
Based on recent quarterly data, TransUnion's free cash flow trajectory remains inconsistent, with margins swinging from a negative 1.5% in 2025Q1 to a peak of 21.8% in 2024Q2, highlighting the sensitivity of cash generation to cyclical shifts in credit market activity and operational spending.
The inability to maintain a stable free cash flow margin suggests that the company's cost structure remains heavily burdened by legacy infrastructure and ongoing integration requirements. This volatility complicates the assessment of long-term shareholder value creation, as cash availability appears tethered to unpredictable quarterly fluctuations in working capital.
According to recent SEC filings, TransUnion experienced a massive working capital outflow of $247.2 million in 2026Q1, a recurring pattern of seasonal or cyclical cash absorption that periodically drains liquidity and complicates the company's ability to fund operations through internally generated cash flow alone.
These sharp swings in working capital suggest that the company's cash cycle is highly sensitive to the timing of large enterprise contract payments and potential inventory-like data acquisition costs. The recurring nature of these outflows warrants further investigation into whether they represent structural inefficiencies in the collections process.
Data from recent filings indicates that TransUnion continues to prioritize share repurchases and acquisitions, such as the $578.6 million net acquisition spend in 2026Q1, even during periods where operating cash flow is insufficient to cover these capital outlays, suggesting a reliance on external financing.
The company's commitment to aggressive capital deployment appears to be at odds with its volatile cash generation, potentially placing additional pressure on the balance sheet. Investors should consider whether this strategy is sustainable if the current cyclical headwinds in the mortgage market persist and further compress cash margins.
Quick answers to the most common questions about buying TRU stock.
TransUnion (TRU) generated $987.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TransUnion (TRU) generated $661.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
TransUnion (TRU) spent $326.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, TransUnion (TRU) returned $90.5M to shareholders via cash dividends and spent $337.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.