Revenue growth decelerated to 12.2% in 2026Q3 from a 14.9% peak in 2026Q2, while operating margin held at 20.4% on SG&A growth of only 13.2% over an eight-quarter span despite ~25% revenue expansion, though the gross margin recovery from 46.2% to 59.3% suggests prior-period cost distortion rather than structural pricing improvement.
TransUnion (TRU) annual income statement — 14-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 5.04B | 4.58B | 4.18B | 3.83B | 3.71B | 2.96B | 2.53B | 2.46B | 2.32B | 1.93B | 1.7B | 1.51B | 1.3B | 1.18B | 1.14B |
| Revenue Growth % | 13.45% | 9.38% | 9.2% | 3.27% | 25.33% | 16.98% | 2.74% | 6.3% | 19.83% | 13.43% | 13.15% | 15.49% | 10.27% | 3.79% | - |
| Cost of Goods Sold | 2.08B | 1.87B | 1.67B | 1.52B | 1.39B | 1.02B | 853.9M | 805.5M | 790.1M | 645.7M | 579.1M | 531.6M | 500.2M | 473.9M | 448.7M |
| COGS % of Revenue | - | 40.91% | 39.99% | 39.6% | 37.34% | 34.53% | 33.74% | 32.7% | 34.1% | 33.39% | 33.97% | 35.28% | 38.34% | 40.05% | 39.36% |
| Gross Profit | 2.96B | 2.7B | 2.51B | 2.31B | 2.32B | 1.94B | 1.68B | 1.66B | 1.53B | 1.29B | 1.13B | 975.2M | 804.5M | 709.3M | 691.3M |
| Gross Margin % | 58.82% | 59.09% | 60.01% | 60.4% | 62.66% | 65.47% | 66.26% | 67.3% | 65.9% | 66.61% | 66.03% | 64.72% | 61.66% | 59.95% | 60.64% |
| Gross Profit Growth % | - | 7.72% | 8.5% | -0.47% | 19.96% | 15.58% | 1.15% | 8.55% | 18.55% | 14.42% | 15.44% | 21.22% | 13.42% | 2.6% | - |
| Operating Expenses | 1.83B | 1.85B | 1.84B | 2.19B | 1.7B | 1.29B | 1.18B | 1.12B | 1.01B | 823.4M | 825.3M | 778.1M | 676.1M | 540.1M | 589M |
| OpEx % of Revenue | - | 40.35% | 44.07% | 57.04% | 45.78% | 43.44% | 46.49% | 45.31% | 43.79% | 42.58% | 48.41% | 51.64% | 51.82% | 45.65% | 51.67% |
| Selling, General & Admin | 1.36B | 1.26B | 1.24B | 1.17B | 1.15B | 909M | 793.3M | 777.4M | 707.7M | 585.4M | 560.1M | 499.7M | 434.9M | 353.3M | 315.4M |
| SG&A % of Revenue | - | 27.64% | 29.62% | 30.58% | 31.03% | 30.71% | 31.35% | 31.56% | 30.54% | 30.27% | 32.85% | 33.16% | 33.33% | 29.86% | 27.67% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 581.6M | 604.5M | 1.01B | 547.5M | 377M | 383.1M | 338.6M | 306.9M | 238M | 265.2M | 278.4M | 241.2M | 186.8M | 144.2M |
| Operating Income | 1.13B | 857.8M | 666.7M | 128.5M | 626.3M | 651.9M | 500.3M | 541.7M | 512.5M | 464.7M | 300.5M | 197.1M | 128.4M | 169.2M | 231.7M |
| Operating Margin % | 22.51% | 18.74% | 15.94% | 3.35% | 16.88% | 22.02% | 19.77% | 21.99% | 22.12% | 24.03% | 17.63% | 13.08% | 9.84% | 14.3% | 20.32% |
| Operating Income Growth % | - | 28.66% | 418.83% | -79.48% | -3.93% | 30.3% | -7.64% | 5.7% | 10.29% | 54.64% | 52.46% | 53.5% | -24.11% | -26.97% | - |
| EBITDA | 1.76B | 1.43B | 1.2B | 652.9M | 1.15B | 1.03B | 847.1M | 880.3M | 819.4M | 702.7M | 565.7M | 475.5M | 369.6M | 356M | 375.9M |
| EBITDA Margin % | 34.9% | 31.3% | 28.79% | 17.04% | 30.87% | 34.76% | 33.47% | 35.74% | 35.36% | 36.34% | 33.18% | 31.56% | 28.33% | 30.09% | 32.97% |
| EBITDA Growth % | 26.08% | 18.94% | 84.48% | -42.99% | 11.31% | 21.46% | -3.77% | 7.43% | 16.61% | 24.22% | 18.97% | 28.65% | 3.82% | -5.29% | - |
| D&A (Non-Cash Add-back) | 624.4M | 574.8M | 537.8M | 524.4M | 519M | 377M | 346.8M | 338.6M | 306.9M | 238M | 265.2M | 278.4M | 241.2M | 186.8M | 144.2M |
| EBIT | 1.29B | 878.8M | 666.3M | 142.9M | 613.9M | 618.2M | 515.7M | 548.2M | 481M | 460.1M | 290.9M | 160.8M | 188.2M | 171.7M | 127.7M |
| Net Interest Income | -225.7M | -202.6M | -236.7M | -267.5M | -226.2M | -128.8M | -129.3M | -183.1M | -145.6M | -94M | -82.3M | -169.4M | -186.7M | -195.9M | -124.3M |
| Interest Income | 30.2M | 33.2M | 28.5M | 20.7M | 4.7M | 3.4M | 5.6M | 7.5M | 5.5M | 5.5M | 4.6M | 3.8M | 3.3M | 1.7M | 700K |
| Interest Expense | 255.9M | 235.8M | 265.2M | 288.2M | 230.9M | 132.2M | 134.9M | 190.6M | 151.1M | 99.5M | 86.9M | 173.2M | 190M | 197.6M | 125M |
| Other Income/Expense | -153.2M | -214.8M | -265.6M | -273.8M | -243.3M | -146.3M | -110.8M | -167.2M | -169M | -92.2M | -95.1M | -170.5M | -130.2M | -195.1M | -292.9M |
| Pretax Income | 980.9M | 643M | 401.1M | -145.3M | 383M | 505.6M | 389.5M | 374.5M | 343.5M | 372.5M | 205.4M | 26.6M | -1.8M | -25.9M | -61.2M |
| Pretax Margin % | 19.47% | 14.05% | 9.59% | -3.79% | 10.32% | 17.08% | 15.39% | 15.2% | 14.82% | 19.26% | 12.05% | 1.77% | -0.14% | -2.19% | -5.37% |
| Income Tax | 58.9M | 173.1M | 98.8M | 44.7M | 118.9M | 131.9M | 83.7M | 70.5M | 54.5M | -79.1M | 74M | 11.3M | 2.6M | 2.3M | 4.9M |
| Effective Tax Rate % | 6% | 26.92% | 24.63% | -30.76% | 31.04% | 26.09% | 21.49% | 18.83% | 15.87% | -21.23% | 36.03% | 42.48% | -144.44% | -8.88% | -8.01% |
| Net Income | 907.5M | 455.4M | 284.4M | -206.2M | 266.3M | 1.39B | 343.2M | 346.9M | 276.6M | 441.2M | 120.6M | 5.9M | -12.5M | -35.1M | -63.7M |
| Net Margin % | 18.01% | 9.95% | 6.8% | -5.38% | 7.18% | 46.97% | 13.56% | 14.08% | 11.94% | 22.82% | 7.07% | 0.39% | -0.96% | -2.97% | -5.59% |
| Net Income Growth % | 115.81% | 60.13% | 237.92% | -177.43% | -80.85% | 305.1% | -1.07% | 25.42% | -37.31% | 265.84% | 1944.07% | 147.2% | 64.39% | 44.9% | - |
| Net Income (Continuing) | 922M | 469.9M | 302.3M | -190.1M | 264.1M | 373.7M | 305.7M | 304M | 289M | 451.6M | 131.4M | 15.3M | -4.4M | -28.2M | -3.9M |
| Discontinued Operations | 0 | 0 | 0 | -700K | 17.4M | 1.03B | 49.8M | 48M | -1.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 151M | 106.1M | 101.8M | 97.3M | 99.5M | 98.1M | 95.9M | 94M | 92.5M | 95.9M | 110.2M | 135.6M | 160.6M | 86.6M | 108M |
| EPS (Diluted) | 4.71 | 2.32 | 1.45 | -1.07 | 1.40 | 7.19 | 1.79 | 1.81 | 1.45 | 2.32 | 0.65 | 0.04 | -0.08 | -0.24 | -0.59 |
| EPS Growth % | 92.06% | 60% | 235.51% | -176.43% | -80.53% | 301.68% | -1.1% | 24.83% | -37.5% | 256.92% | 1720.73% | 142.25% | 64.79% | 59.32% | - |
| EPS (Basic) | - | 2.34 | 1.46 | -1.07 | 1.40 | 7.25 | 1.81 | 1.85 | 1.50 | 2.42 | 0.66 | 0.04 | -0.08 | -0.24 | -0.59 |
| Diluted Shares Outstanding | 192.6M | 196.6M | 196.7M | 193.4M | 193.1M | 193M | 192.2M | 191.8M | 190.9M | 189.9M | 184.6M | 166.8M | 147.9M | 147.9M | 107.4M |
| Basic Shares Outstanding | 191.1M | 194.4M | 194.4M | 193.4M | 192.5M | 191.4M | 189.9M | 187.8M | 184.6M | 182.4M | 182.6M | 165.3M | 147.9M | 147.9M | 107.4M |
| Dividend Payout Ratio | - | 19.87% | 29.08% | - | 29.22% | 5.02% | 16.78% | 16.37% | 15.04% | - | - | - | - | - | - |
Quick answers to the most common questions about buying TRU stock.
For fiscal year 2025, TransUnion (TRU) reported total revenue of $4.58B. This represents a 301.4% increase compared to $1.14B in 2012.
TransUnion (TRU) is profitable, generating $455.4M in net income for the fiscal year ending 2025 with a net profit margin of 10.0%.
TransUnion (TRU) reported an operating income of $857.8M, resulting in an operating profit margin of 18.7%. This margin reflects the operational efficiency of the business before interest and taxes.
TransUnion (TRU) generated $2.70B in gross profit for the year, representing a gross profit margin of 59.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Mortgage-driven credit pull cyclicality
Metrics are mathematically derived from official filings.
Growth Acceleration Now Showing Mild Fatigue
TransUnion's quarterly revenue growth accelerated from 7.5% in 2024Q2 to 14.9% in 2026Q2, though 2026Q3 eased to 12.2% according to the company's reported income statement, suggesting the top-line momentum is genuine but may be flattening as credit-pull cyclicality reasserts itself.
The progression from single-digit growth (7.3%-12.0% through 2024-2025) to low-teens growth across 2026 appears to reflect a mix shift toward more recurring identity and analytics revenue rather than pure mortgage-driven pull volume, which would imply better durability than the historical cycle. However, the sequential deceleration from 14.9% to 12.2% between 2026Q2 and 2026Q3 warrants monitoring, because if it reflects the high-interest-rate suppression of refinance and purchase originations finally flowing through, the current growth rate may prove closer to a cyclical peak than a new run-rate.
Gross Margin Swing Demands Scrutiny
Gross margin collapsed to 46.2%-46.5% in 2025Q2-Q3 before snapping back to 58.3%-59.3% for five consecutive quarters through 2026Q3, a pattern visible in reported figures that suggests a large, possibly non-recurring cost item distorted the 2025 cost base rather than a permanent pricing shift.
The $612.6M and $625.9M COGS prints in mid-2025 versus a $476.2M-$544.6M range elsewhere represent a roughly $140M quarterly anomaly that mechanically compressed gross margin by ~13 points, so investors should treat the current ~59% level as a normalization rather than an improvement, and verify what portion of that gap was amortization or data-royalty related. Sustained 59%+ gross margins, in line with the company's high-fixed-cost, near-zero-marginal-cost data model, still position TransUnit favorably against Equifax's 44.6% but well below FICO's 82.2%, implying limited pricing power relative to pure-scorecard peers.
SG&A Discipline Driving Operating Leverage
Operating margin expanded from 14.4% in 2024Q3 to 20.4% in 2026Q3 while SG&A rose only 13.2% over the same span against roughly 25% revenue growth, based on TransUnion's quarterly income statement, indicating genuine overhead absorption rather than one-time cost outs.
SG&A of $346.6M in 2026Q3 versus $305.7M in 2024Q3 shows the cost base is growing far slower than the top line, which is the classic signature of a data-business operating-leverage story and suggests integration costs from Neustar and Sontiq are being absorbed rather than eliminated. The judgment call for investors is whether this leverage is structural or merely deferred: if Project Readiness cloud-migration spend is still embedded in these SG&A figures, completing it could extend the trend, whereas if it has already rolled off, the current 20%+ operating margin may be closer to a ceiling than a floor.
Net Income Volatility Undermines EPS Signal
Diluted EPS swung from $0.34 in 2024Q4 to $2.04 in 2026Q1 on a net margin of 31.9%, then fell back to $0.81 in 2026Q3, a dispersion visible in reported results that implies large non-operating or tax items rather than operating performance are driving the bottom line.
Operating income of $244.8M in 2026Q1 versus $418.5M in 2026Q2, with net income moving in the opposite direction ($397.2M versus $252.9M), shows GAAP net income is poorly correlated with the operating business and likely reflects items below the operating line that investors should not capitalize into a multiple. Stock-based compensation of roughly $37M per quarter equals about 24% of 2026Q3 net income of $156.2M, which is a meaningful recurring dilution drag that adjusted earnings presentations typically obscure.
What a Short Seller Would Challenge
A short thesis would focus on the skipped forward guidance at the October 27, 2026 report against consensus EPS of $1.21, combined with revenue growth easing to 12.2% from 14.9%, a combination suggesting management visibility may be weakening exactly as the valuation assumes durable growth.
The prior quarter's explicit raise followed by a guidance omission is the kind of sequencing that historically precedes a demand inflection, and with mortgage volumes still suppressed by rates, the highest-margin credit-pull revenue stream appears most exposed to further pressure. Additionally, the 120bp gross-margin compression between 2026Q2 and 2026Q3, if it reflects mix shift toward lower-margin services or rising data-royalty costs rather than a one-quarter noise, would undermine the core bull case that the 59% gross margin is a stable structural feature.