Revenue growth has trended upward to 13.7% in 2026Q1, though operating margins remain constrained, fluctuating between 14.4% and 23.2% 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 |
|---|
| Sales/Revenue | 4.73B | 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 % | 10.99% | 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 | 2.23B | 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 | 2.49B | 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 % | 52.73% | 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 | 1.64B | 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 | 1.34B | 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 | 2M | 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 | 853.4M | 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 % | 18.06% | 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 | 1.44B | 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 % | 30.5% | 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 % | 10.32% | 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) | 588.2M | 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 | 873.7M | 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 | -209.9M | -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 | 31.8M | 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 | 241.7M | 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 | 23.9M | -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 | 877.2M | 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 % | 18.56% | 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 | 159.6M | 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 % | 18.19% | 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 | 704.6M | 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 % | 14.91% | 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 % | 91.83% | 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) | 717.7M | 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 | 161.1M | 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) | 3.62 | 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 % | 92.02% | 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 | 194.7M | 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 | 192.7M | 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% | - | - | - | - | - | - |
Cyclical mortgage volume sensitivity
According to recent quarterly filings, TransUnion's revenue growth has trended upward, reaching 13.7% in 2026Q1 compared to 5.8% in 2023Q4, suggesting that the company's strategic pivot toward non-credit data analytics and international market expansion is beginning to yield more durable top-line results despite broader macroeconomic headwinds.
The acceleration in revenue growth appears to indicate that the company is successfully diversifying away from its traditional reliance on cyclical U.S. credit-pull volumes. Investors should monitor whether this trajectory can be sustained as the integration of recent acquisitions like Neustar matures and contributes more consistently to the enterprise segment.
As reported in financial statements, TransUnion's gross margin has experienced significant fluctuations, dipping to 46.2% in 2025Q2 before recovering to 58.3% by 2026Q1, which likely reflects the ongoing costs associated with cloud migration and the integration of complex, data-heavy business units into the unified platform.
The inconsistency in gross margins suggests that the company's cost structure remains sensitive to operational scaling and project-based expenses. Analysts should investigate whether the recent recovery to near-60% levels represents a permanent structural improvement or merely a temporary stabilization of data acquisition and infrastructure costs.
Based on reported figures, TransUnion's operating margin has struggled to scale proportionally with revenue, hovering between 14.4% and 23.2% over the last ten quarters, which indicates that high fixed costs and persistent integration expenses continue to constrain the company's ability to drive significant bottom-line expansion.
The lack of consistent operating leverage suggests that the company's current cost base is heavily burdened by the ongoing 'Project Readiness' initiative and other infrastructure investments. It appears that until these legacy costs are fully decommissioned, the company may struggle to achieve the margin profile of its more efficient peers.
Data from recent income statements reveals that TransUnion's net income has been highly volatile, with a notable spike to $397.2M in 2026Q1, which warrants further investigation into potential non-operating items or tax anomalies that may be inflating the reported earnings quality relative to historical performance.
The significant variance in net income, particularly when compared to the more stable operating income, suggests that investors should be cautious of relying on GAAP net income as a proxy for core operational health. The presence of recurring stock-based compensation further complicates the assessment of true economic profitability.
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.