Equifax (EFX) 10-K risk factor changes: FY2025 vs FY2024

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, [added: artificial intelligence-powered attacks,] employee or insider malfeasance and/or human error.

We [added: have] previously experienced a material cybersecurity incident [removed: 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.

For example, our reputation with consumers and other stakeholders and our customer relationships were damaged following [removed: the] [added: a prior material] cybersecurity [removed: incident in 2017,] [added: incident,] resulting in a negative impact on our revenue for a period of time.

We expect that our cloud technology transformation will [removed: significantly] [added: continue to] increase our efficiency and productivity, [added: enhance our ability to deliver new and differentiated products,] improve the stability and functionality of our products and services, [removed: and] decrease the cost of our overall systems infrastructure, [added: 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.

If we are unable to complete the remaining [removed: migrations or,] [added: migrations, or] if our new cloud-based systems do not operate as expected, we may have to incur significant additional costs to make modifications and could lose customers and we may suffer reputational harm as a result.

Market acceptance of cloud-based [added: 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.

We have made significant investments in our technology transformation, and if we were to change [added: a primary] cloud-based service [removed: providers,] [added: provider,] we may incur additional costs in connection with a transition.

The loss of access to credit, employment, financial and other data [added: 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 [removed: our] proprietary and non-proprietary databases, including data received from customers, licensors, furnishers, strategic [removed: partners] [added: partners, consumers,] and various government and public record sources.

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 [removed: Exchange (NCTUE).][added: Exchange, Inc. (NCTUE) database we manage.]

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 [removed: of] [added: of,] or increase the cost [removed: of] [added: of,] the data they provide to us.

We also compete with several of our third-party data [removed: suppliers.][added: suppliers and intellectual property providers.]

If a substantial number of data sources or certain key data sources [removed: were to] withdraw or [removed: be] [added: become] unable to provide their data, if we [removed: were to] lose access to data due to government regulation, if we lose our right to the use of data, [removed: or] if the collection, disclosure or use of data becomes uneconomical, [added: 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 [removed: decreased revenue, net income and earnings per share and reputational loss.]

Business customers use our [removed: credit information] [added: data] and related analytical services [removed: 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.

High or rising rates of unemployment and interest, declines in income, home prices or investment values, lower consumer [removed: confidence] [added: 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.

[removed: We] [added: In particular, we] expect U.S. mortgage credit activity in [removed: 2025] [added: 2026] to be below the levels of activity seen in [removed: 2024.][added: 2025.]

[removed: Our markets are highly competitive and new product introductions and] [added: New products,] pricing strategies [removed: being offered] [added: and business models introduced] by our [removed: competitors] [added: 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.

Competitors may develop products and services that are superior to or that achieve greater market [removed: acceptance] [added: adoption] than our products and services.

New [removed: competitors may choose to enter and compete in our markets,] or existing competitors may choose to introduce new products [removed: and] [added: or business models or] enter [added: and compete in] markets that we serve [removed: and that] [added: where] they do not currently serve.

In addition, many of our competitors have extensive [removed: consumer] [added: customer] relationships, including relationships with our current and potential customers.

Moreover, new competitors or alliances among our competitors [added: and business partners] may emerge and potentially reduce our market share, revenue or margins.

If we [removed: were] [added: are] unable to respond quickly enough to changes in competition or customer [removed: demand] [added: demand,] we could experience reductions in our operating margins.

The loss [removed: of] [added: 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.

If we do not introduce successful new [removed: products, services] [added: products] and [removed: analytical capabilities] [added: services] in a timely manner, or if the market does not adopt our [removed: new] [added: products and] services, or if new technologies [added: and analytical capabilities] are introduced by competitors that are more effective or at lower costs than ours, our competitiveness and operating results will suffer.

We generally sell our products [added: and services] in industries that are characterized by rapid technological changes, including the introduction of new innovative [removed: technologies,] [added: technologies and analytical capabilities,] frequent new product and service introductions and changing industry standards.

Without the timely introduction of new [removed: 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.

The success of our [removed: new] products and services will depend on several factors, including our ability to: (i) properly identify [added: and respond to] customer needs; (ii) innovate and develop new [removed: technologies, services] [added: technology] and [removed: applications;] [added: analytical capabilities, including advanced artificial intelligence-based capabilities;] (iii) successfully commercialize new [removed: technologies] [added: products and services] in a timely manner; (iv) produce and [removed: deliver] [added: distribute] our products [added: 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 [removed: innovations;] and [added: analytical innovations, including artificial intelligence-based innovations;] (viii) control product quality in our product development [removed: process.][added: process; and (ix) provide adequate support for our products and services.]

[removed: 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.

[removed: If] [added: 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.

Our use of artificial intelligence could lead to new or enhanced governmental or regulatory scrutiny, litigation or other legal liability, [added: concerns about] ethical [removed: concerns,] [added: 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.

[added: 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.

Any transaction we [removed: 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.

IT and data security profiles of acquired companies may not meet our technological [removed: standards] [added: standards, may expose us to cybersecurity vulnerabilities] and may take longer to integrate and remediate than planned.

This may result in significantly greater transaction, remediation and integration costs for [removed: 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.

In addition, our focus on data security and [removed: our transition to] [added: use of] cloud-based technologies may limit our ability to identify and complete acquisitions as our stringent [removed: technological] [added: security and technology] criteria and standards for acquisition candidates may continue to increase.

[removed: A number of our] [added: Our] government contracts [added: may] receive enhanced scrutiny and media attention due to the sensitive nature of the data we handle and [removed: due to] the [removed: importance] [added: societal impact] of the government programs [removed: we support.][added: our contracts support, among other reasons.]

If we experience another material cybersecurity incident, if public or legislative scrutiny and pressure [removed: leads] [added: 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.

[removed: In addition, the] [added: The] U.S. federal government has [removed: recently] taken steps to reduce [removed: government spending,] [added: spending on vendor contracts,] which could negatively impact the continuation, renewal or negotiation of our contracts with the federal government.

[removed: For example, the COVID-19 pandemic] [added: Pandemics] and the mitigation efforts by governments to attempt to control its spread [added: may] adversely [removed: impacted] [added: impact] the global economy and [removed: led] [added: lead] to reduced consumer spending and lending activities.

Our customers, and therefore our business and revenues, are sensitive to negative changes in general economic [removed: conditions.][added: conditions that may result from a pandemic or similar event.]

For example, artificial intelligence can automate and hyper-personalize existing attack vectors like phishing and deepfakes.

In addition, a significant portion of our revenue is derived from products and services that incorporate intellectual property licensed from third party business partners.

decreased revenue, net income and earnings per share and reputational loss.

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.

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.

The direction of global economies, inflation and interest rates has an impact on the demand for our services.

Our markets are highly competitive.

Changes in prices between competitors for

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.

In addition, a significant portion of our revenue is derived from products and services that incorporate intellectual property licensed from key business partners.

Our existing license agreements have fixed terms and are subject to periodic renewal.

If these agreements expire or are not renewed on acceptable terms that allow us to continue to sell these products and services as currently provided, our customers could reduce their business with us in order to obtain these products and services from our competitors or directly from our business partners, which could have a material adverse effect on our business, financial condition and results of operations.

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 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

In addition, our investments in new technology, including artificial intelligence technology, may not yield the return on investment we anticipate and have a negative impact on our operating margins.

Furthermore, our government contracts are funded through federal and state budgeting processes, which may be subject to political, tax revenue and other external factors.

Congress has also enacted legislation to reform government benefit programs which may impact contracting with federal and state government agencies.

Insourcing, or transitioning to domestic U.S.-based outsourcing vendors, could cause us to incur significant costs, result in unrealized efficiencies and adversely impact our results of operations and our financial condition.

The use of such hedging activities may not offset any or more than a

The establishment of tariffs, changes in tax policy or other restrictions on commerce or business operations by the U.S. or other countries in which we have operations could increase our costs or limit our access to certain technology or services.

We and our customers are subject to various current laws and governmental regulations, and could be affected by new and evolving laws and regulations, including those related to consumer privacy and protection, cybersecurity and artificial intelligence.

artificial intelligence and additional countries and U.S. states are expected to enact comprehensive artificial intelligence regulatory framework statutes.

intellectual property rights.

Despite our efforts to protect our intellectual property rights, others may independently develop similar products, duplicate our products or design around our intellectual property rights.

In addition, it is difficult to monitor compliance with, and enforce, our intellectual property rights on a worldwide basis in a cost-effective manner.

Where we currently have exclusive use of data, the providers of the data sources could elect to make the information available to competitors.

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.

In addition, governmental agencies in particular have increased the amount of information to which they provide

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.

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.

We have experienced data accuracy issues, including errors in connection with our technology transformation.

To date, none of these issues have had a material impact on our operations or financial results.

and new business practice commitments, which, depending on the amount and type, could have a material adverse effect on our financial condition.

The CFPB, our primary regulator, frequently adopts new rulemakings related to these matters.

For example, in October 2024, the CFPB finalized a rule regarding personal financial data rights and open banking pursuant to Section 1033 of the Dodd-Frank Act that governs the practices of data providers, third parties authorized to access consumer data and data aggregators.

Additionally, in January 2025, the CFPB finalized a rule that requires the removal of medical collection debt from consumer credit reports.

There are also a number of proposed rules, including changes to the FCRA proposed by the CFPB, that could significantly impact our business if they are finalized.

The specifics of such legislation and the number of other jurisdictions that will introduce legislation in this area remain unclear at this time.

It

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, our patents, copyrights, trademarks and other intellectual property rights may not provide us a significant competitive advantage.

Our competitive position may be harmed if we cannot detect misappropriation or infringement and enforce our intellectual property rights quickly or at all.

In addition, competitors might avoid infringement by designing around our intellectual property rights or by developing non-infringing competing technologies.

new debt.

This section discusses the results of our operations for the year ended December 31, [removed: 2024] [added: 2025] compared to the year ended December 31, [removed: 2023] [added: 2024] and the year ended December 31, [removed: 2023] [added: 2024] compared to the year ended December 31, [removed: 2022.][added: 2023.]

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 [removed: justice data,] [added: justice,] healthcare professional licensure and sanctions, demographic and marketing data.

We use advanced statistical techniques, [removed: machine learning] [added: artificial intelligence] and [added: machine learning, as well as] proprietary software tools to analyze available data [removed: to create] [added: for the creation of] customized insights, decision-making and process automation [removed: solutions] [added: solutions,] and processing services for our clients.

Additionally, we [removed: also] provide information, technology and services to support debt collections and recovery management.

We currently operate in four global regions: North America (U.S. and Canada), [removed: Asia Pacific (Australia, New Zealand and India), Europe (the U.K., Spain and Portugal) and] Latin America (Argentina, Brazil, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru and [removed: Uruguay).][added: Uruguay), Europe (the United Kingdom (“U.K.”), Spain and Portugal) and Asia Pacific (Australia, New Zealand and India).]

As further described above, we operate in the U.S., which represented [removed: 76%] [added: 77%] of our revenue in [removed: 2024,] [added: 2025,] and internationally in 20 countries.

[removed: For 2025, our] [added: Our current] planning [added: for 2026] assumes that U.S. economic activity, as measured by GDP, [removed: is expected to] [added: will] grow at a [removed: similar] rate [removed: as experienced in 2024.][added: consistent with 2025.]

We expect U.S. mortgage credit activity in [removed: 2025] [added: 2026] to be [added: slightly] below the levels of activity seen in [removed: 2024.][added: 2025.]

The U.S. mortgage market, particularly the mortgage refinance portion of the U.S. mortgage market, can be significantly [removed: impacted by U.S. interest rates which impact mortgage rates available to consumers.]

In the international markets in which we operate, [removed: in particular in Australia, the U.K., and Canada,] our planning also assumes [added: that] economic activity, as measured by GDP, [removed: to] [added: will generally] grow in [removed: 2025] [added: 2026] at [removed: similar] rates [removed: as] [added: below those] experienced in [removed: 2024.][added: 2025.]

Verification Services revenue is [removed: transaction-based] [added: transaction] and [added: subscription based and] is derived primarily from [added: verifications of] employment and income [removed: verification,] [added: data,] as well as criminal justice data and educational background data.

These services include unemployment claims management, I-9 and onboarding services, Affordable Care Act [added: ("ACA")] compliance management, tax credits and incentives and other complementary employment-based transaction services.

The USIS segment consists of [removed: three] [added: two] service lines: Online Information [removed: Solutions, Mortgage] Solutions and Financial Marketing Services.

Online Information Solutions [removed: and Mortgage Solutions] revenue is principally transaction-based and is derived from our sales of products such as consumer and commercial credit reporting and scoring, identity management, fraud detection, modeling services and consumer credit monitoring services.

USIS also markets certain [added: analytical and] decisioning software [added: and] services which facilitate and automate a variety of consumer and commercial credit-oriented decisions.

Approximately [removed: 76% and] 77% [added: and 76%] of our revenue was generated in the U.S. during the twelve months ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

The key performance indicators for the twelve months ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] were as follows:

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Operating revenue | | | $ | [removed: 5,681.1] [added: 6,074.5] | | | | | $ | [removed: 5,265.2] [added: 5,681.1] | | | | | $ | [removed: 5,122.2] [added: 5,265.2] | |

| Operating revenue change | | | [removed: 8] [added: 7] | | % | | | | [removed: 3] [added: 8] | | % | | | | [removed: 4] [added: 3] | | % |

| Operating income | | | $ | [removed: 1,042.1] [added: 1,095.2] | | | | | $ | [removed: 933.6] [added: 1,042.1] | | | | | $ | [removed: 1,056.0] [added: 933.6] | |

| Operating margin | | | [removed: 18.3] [added: 18.0] | | % | | | | [removed: 17.7] [added: 18.3] | | % | | | | [removed: 20.6] [added: 17.7] | | % |

| Net income attributable to Equifax | | | $ | [removed: 604.1] [added: 660.3] | | | | | $ | [removed: 545.3] [added: 604.1] | | | | | $ | [removed: 696.2] [added: 545.3] | |

| Diluted earnings per share | | | $ | [removed: 4.84] [added: 5.32] | | | | | $ | [removed: 4.40] [added: 4.84] | | | | | $ | [removed: 5.65] [added: 4.40] | |

| Cash provided by operating activities | | | $ | [removed: 1,324.5] [added: 1,615.7] | | | | | $ | [removed: 1,116.8] [added: 1,324.5] | | | | | $ | [removed: 757.1] [added: 1,116.8] | |

| Capital expenditures* | | | $ | [removed: (495.9)] [added: (480.2)] | | | | | $ | [removed: (585.8)] [added: (495.9)] | | | | | $ | [removed: (617.4)] [added: (585.8)] | |

TWELVE MONTHS ENDED DECEMBER 31, [removed: 2024, 2023] [added: 2025, 2024] AND [removed: 2022][added: 2023]

| | | | | | | | | | | | | | | | | | | | | | | | | [removed: 2024] [added: 2025] vs. [removed: 2023] [added: 2024] | | | | | | | | | | | | [removed: 2023] [added: 2024] vs. [removed: 2022] [added: 2023] | | | | | | | | |

| Operating Revenue | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | $ | | | | | | % | | | | | | $ | | | | | | % | | |

| Workforce Solutions | | | | | | $ | [removed: 2,433.8] [added: 2,582.3] | | | | | $ | [removed: 2,315.8] [added: 2,433.8] | | | | | $ | [removed: 2,325.4] [added: 2,315.8] | | | | | $ | [removed: 118.0] [added: 148.5] | | | | | [removed: 5] [added: 6] | | % | | | | $ | [removed: (9.6)] [added: 118.0] | | | | | [removed: —] [added: 5] | | % |

| U.S. Information Solutions | | | | | | [removed: 1,893.0] [added: 2,078.5] | | | | | | [removed: 1,720.4] [added: 1,893.0] | | | | | | [removed: 1,657.7] [added: 1,720.4] | | | | | | [removed: 172.6] [added: 185.5] | | | | | | 10 | | % | | | | [removed: 62.7] [added: 172.6] | | | | | | [removed: 4] [added: 10] | | % |

| International | | | | | | [removed: 1,354.3] [added: 1,413.7] | | | | | | [removed: 1,229.0] [added: 1,354.3] | | | | | | [removed: 1,139.1] [added: 1,229.0] | | | | | | [removed: 125.3] [added: 59.4] | | | | | | [removed: 10] [added: 4] | | % | | | | [removed: 89.9] [added: 125.3] | | | | | | [removed: 8] [added: 10] | | % |

| Consolidated operating revenue | | | | | | $ | [removed: 5,681.1] [added: 6,074.5] | | | | | $ | [removed: 5,265.2] [added: 5,681.1] | | | | | $ | [removed: 5,122.2] [added: 5,265.2] | | | | | $ | [removed: 415.9] [added: 393.4] | | | | | [removed: 8] [added: 7] | | % | | | | $ | [removed: 143.0] [added: 415.9] | | | | | [removed: 3] [added: 8] | | % |

International revenue growth [removed: was] [added: is primarily] driven by growth in [removed: Latin America primarily from the BVS acquisition, as well as growth in Canada,] Europe and [removed: Asia Pacific.][added: Latin America.]

The effect of foreign exchange rates decreased revenue by [removed: $51.2] [added: $21.7] million, or [added: less than] 1%, in [removed: 2023] [added: 2025] compared to [removed: 2022.][added: 2024.]

| Operating Expenses | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | $ | | | | | | % | | | | | | $ | | | | | | % | | |

| Consolidated cost of services | | | | | | $ | [removed: 2,518.7] [added: 2,645.6] | | | | | $ | [removed: 2,335.1] [added: 2,518.7] | | | | | $ | [removed: 2,177.2] [added: 2,335.1] | | | | | $ | [removed: 183.6] [added: 126.9] | | | | | [removed: 8] [added: 5] | | % | | | | $ | [removed: 157.9] [added: 183.6] | | | | | [removed: 7] [added: 8] | | % |

| Consolidated selling, general and administrative expenses | | | | | | [removed: 1,450.5] [added: 1,614.2] | | | | | | [removed: 1,385.7] [added: 1,450.5] | | | | | | [removed: 1,328.9] [added: 1,385.7] | | | | | | [removed: 64.8] [added: 163.7] | | | | | | [removed: 5] [added: 11] | | % | | | | [removed: 56.8] [added: 64.8] | | | | | | [removed: 4] [added: 5] | | % |

| Consolidated depreciation and amortization expense | | | | | | [removed: 669.8] [added: 719.5] | | | | | | [removed: 610.8] [added: 669.8] | | | | | | [removed: 560.1] [added: 610.8] | | | | | | [removed: 59.0] [added: 49.7] | | | | | | [removed: 10] [added: 7] | | % | | | | [removed: 50.7] [added: 59.0] | | | | | | [removed: 9] [added: 10] | | % |

| Consolidated operating expenses | | | | | | $ | [removed: 4,639.0] [added: 4,979.3] | | | | | $ | [removed: 4,331.6] [added: 4,639.0] | | | | | $ | [removed: 4,066.2] [added: 4,331.6] | | | | | $ | [removed: 307.4] [added: 340.3] | | | | | 7 | | % | | | | $ | [removed: 265.4] [added: 307.4] | | | | | 7 | | % |

We report our revenue derived from sales to clients in the mortgage market as well as those in non-mortgage market verticals (including, but not limited to, government, talent, employment, fraud and other non-mortgage related services).

We refer to these non-mortgage market verticals collectively as "diversified markets."

We remain in a period of economic uncertainty in the U.S. and our global markets, including uncertainty regarding expectations for inflation and interest rates.

The direction of global economies, inflation and interest rates will have an impact on demand for our services.

impacted by U.S. interest rates which impact mortgage rates available to consumers.

As noted above, due to the current significant economic and market volatility and uncertainty, these assumptions may change.

For more information, see “Item 1A.

Risk Factorsー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,” in this Form 10-K.

Operational and Financial Highlights

- 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.

We repurchased 4,006,173 shares of our common stock on the open market for $927.4 million, excluding brokerage commissions and excise taxes of $8.4 million, during the twelve months ended December 31, 2025.

We did not repurchase any shares from public market transactions during the twelve months ended December 31, 2024 or 2023.

At December 31, 2025, approximately $2.1 billion was available for future purchases of common stock under our share repurchase authorization.

- On April 21, 2025, the Board of Directors approved an increase in our quarterly cash dividend to $0.50 per share beginning in the second quarter of 2025.

We paid out $232.8 million, or $1.89 per share, in dividends to our shareholders during 2025.

Revenue for 2025 increased 7% compared to 2024 due to revenue growth in all three business units.

USIS revenue growth is primarily due to growth in mortgage and diversified markets revenue in Online Information Solutions, as well as growth in Financial Marketing Services.

Workforce Solutions revenue growth is primarily due to growth in both diversified markets and mortgage verticals within Verification Services, partially offset by declines in Employer Services.

| | | | | | | | | | | | | | | | | | | | | | | | | 2025 vs. 2024 | | | | | | | | | | | | 2024 vs. 2023 | | | | | | | | |

plan costs, as well as higher litigation expense and an accrual for a settlement associated with the resolution of four related class action lawsuits.

| Consolidated operating revenue | | | | | | $ | 6,074.5 | | | | | $ | 5,681.1 | | | | | $ | 5,265.2 | | | | | $ | 393.4 | | | | | 7 | | % | | | | $ | 415.9 | | | | | 8 | | % |

The increase in operating expenses is partially offset by higher reported revenue.

| | | | | | | | | | | | | | | | | | | | | | | | | 2025 vs. 2024 | | | | | | | | | | | | 2024 vs. 2023 | | | | | | | | |

*nm - not meaningful*

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.

The increase in other income, net in 2025 is primarily due to a decrease in pension expense and other non-operating expenses in 2025 as compared to 2024.

| | | | | | | | | | | | | | | | | | | | | | | | | 2025 vs. 2024 | | | | | | | | | | | | 2024 vs. 2023 | | | | | | | | |

Our effective tax rate is higher for the year ended December 31, 2025 compared to 2024 primarily due to less favorable discrete tax benefits in the current period.

| | | | | | | | | | | | | | | | | | | | | | | | | 2025 vs. 2024 | | | | | | | | | | | | 2024 vs. 2023 | | | | | | | | |

| Consolidated operating income | | | | | | $ | 1,095.2 | | | | | $ | 1,042.1 | | | | | $ | 933.6 | | | | | $ | 53.1 | | | | | 5 | | % | | | | $ | 108.5 | | | | | 12 | | % |

| | | | | | | | | | | | | | | | | | | | | | | | | 2025 vs. 2024 | | | | | | | | | | | | 2024 vs. 2023 | | | | | | | | |

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.

Verification Services. Revenue increased 8% in 2025 compared to 2024.

The increase in revenue is principally due to growth in diversified markets revenue, primarily from growth in the government, talent solutions and consumer lending verticals, as well as growth in mortgage revenue.

Employer Services. Revenue decreased 2% in 2025 compared to 2024 primarily due to declines in unemployment claims, ACA and I-9 revenue, partially offset by increases in work opportunity tax credit and identity theft protection services.

Workforce Solutions Operating Margin. Operating margin increased to 44.2% in 2025 compared to 43.3% in 2024 and increased to 43.3% in 2024 compared to 41.9% in 2023.

The increase in both periods is primarily due to the aforementioned increases in revenue.

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | $ | | | | | | % | | | | | | $ | | | | | | % | | | | | |

| Online Information Solutions | | | | | | $ | 1,821.4 | | | | | $ | 1,650.6 | | | | | $ | 1,488.9 | | | | | $ | 170.8 | | | | | 10 | | % | | | | $ | 161.7 | | | | | 11 | | % |

U.S. Information Solutions revenue increased 10% in 2025 compared to 2024 primarily due to growth in Online Information Solutions which is due to growth in both mortgage and diversified markets revenue, as well as growth in Financial Marketing Services.

Workforce Solutions revenue is predominantly in the U.S., and they have also established operations in Canada, Australia and the U.K.

Revenue for 2023 increased 3% compared to 2022 due to revenue growth in International and USIS.

USIS revenue growth was primarily due to growth in online revenue, partially offset by declines in Mortgage Solutions.

Workforce Solutions revenue declined slightly, as a decline in Verification Services revenue due to the impact of the decline in mortgage activity was principally offset by growth in Employer Services revenue.

The increase in 2023 is primarily due to an increase in litigation expense, mainly due to a payment to the U.K. FCA for a penalty associated with resolution of the investigation of a material 2017 cybersecurity incident, as well as higher people costs, partially offset by lower discretionary expenses.

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.

Interest expense increased in 2023, when compared to 2022, due to higher interest rates attributable to debt agreements entered into during 2022 and 2023, as well as higher weighted average debt balances in 2023 when compared to 2022.

The decrease in other (expense) income, net in 2023 was due to the gains associated with the sale of equity method investments and higher fair market value adjustment of our investment in BVS in 2022 that did not recur in 2023.

We also incurred higher pension expense in 2023 as compared to 2022.

Our effective tax rate was lower for the year ended December 31, 2023 compared to 2022 due to the write off of a deferred tax liability related to our original investment in BVS, which was no longer necessary given the acquisition of the company in the third quarter of 2023, partially offset by an increase in the foreign rate differential.

Workforce Solutions revenue declined slightly in 2023 compared to 2022, which was due to a decline in Verification Services as declines in mortgage revenue were partially offset by growth in the government and talent verticals.

This decline was principally offset by growth in Employer Services revenue, which was driven by revenue from recently acquired companies and growth in I-9 and onboarding services.

Revenue decreased 1% in 2023 compared to 2022.

The decrease in revenue was due to declines in the mortgage vertical, partially offset by an increase in the government and talent solutions verticals.

Revenue increased 3% in 2023 compared to 2022 due to revenue from recently acquired companies and I-9 and onboarding services, partially offset by lower tax credit revenue and a decrease in unemployment claims revenue.

Operating margin decreased to 41.9% in 2023 compared to 43.3% in 2022 due to an increase in operating expenses.

| Online Information Solutions | | | | | | $ | 1,501.2 | | | | | $ | 1,375.2 | | | | | $ | 1,295.4 | | | | | $ | 126.0 | | | | | 9 | | % | | | | $ | 79.8 | | | | | 6 | | % |

| Mortgage Solutions | | | | | | 149.4 | | | | | | 113.7 | | | | | | 138.3 | | | | | | 35.7 | | | | | | 31 | | % | | | | (24.6) | | | | | | (18) | | % |

Mortgage Solutions revenue also declined in 2023 compared to 2022.

The decline in Mortgage Solutions and mortgage related online revenue was due to declines in mortgage credit inquiry volumes.

Revenue for 2023 increased 6% compared to 2022, driven by continued growth in online non-mortgage services, revenue from acquisitions, consumer services and commercial risk.

Mortgage Solutions. Revenue increased 31% in 2024 compared to 2023 due to both product pricing and new products.

Revenue decreased 18% in 2023 compared to 2022 due to significantly lower mortgage credit inquiry volumes in 2023 compared to the prior year.

Revenue increased 3% in 2023 compared to 2022 driven by growth in both credit marketing services as well as risk and data services.

USIS operating margin decreased to 21.2% in 2023 compared to 24.3% in 2022 due to an increase in operating expenses, partially offset by the increase in revenue.

The increase in operating expenses was due to increased incentive and salary expenses, royalty expenses, third party cloud usage fees, software costs and amortization expenses.

Local currency revenue increased 12% in 2023, driven by revenue growth in Latin America from the BVS acquisition and growth in Argentina, as well as growth in our credit reporting business across all geographies.

Local currency revenue increased 56% in 2023 as compared to 2022 reflecting revenue from the BVS acquisition and local currency growth in Argentina and across Central America, primarily related to growth in revenue from an acquired company in the Dominican Republic.

Local currency revenue was flat in 2023 as compared to 2022, driven by growth in credit reporting businesses in Europe, offset by lower debt placements within our debt services business.

India revenue also grew due to growth in the credit reporting business primarily due to higher online volumes.

Reported revenue decreased 1% in 2023 as compared to 2022.

Revenue in 2023 reflected increases in the consumer credit reporting business, as well as commercial and identity and fraud revenue.

Local currency fluctuations against the U.S. dollar negatively impacted revenue by $7.8 million, or 3%, in 2023.

Operating margin was 13.7% in 2023 and 12.9% in 2022.

The increase in margin was mainly due to increased revenue, partially offset by increased salary and incentive costs, increased costs of purchased data or information, higher cloud production costs, increased depreciation expense related to technology transformation project spending and higher amortization of purchased intangible assets related to recent acquisitions.

The increase in 2023 as compared to 2022 was due to payment of a penalty associated with resolution of the investigation of a material 2017 cybersecurity incident by the U.K. FCA, as well as increased people costs, primarily incentive plans and restructuring charges.

As further described in our Financing Activities section below, during 2024 we issued $650.0 million of 4.8% Senior Notes, and we used the proceeds for general corporate purposes, including the repayment of borrowings under our then-outstanding delayed draw term loan prior to the August 2026 maturity.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Cash provided by operating activities for 2023 increased $359.7 million compared to 2022 due primarily to the $345.0 million consumer class action settlement payment that was made in January 2022 related to the U.S. Consumer MDL Litigation settlement that became effective on January 11, 2022 that did not recur in 2023.

We acquired Midigator within the USIS operating segment.

For the year ended December 31, [removed: 2023,] [added: 2025,] a 10% weaker U.S. dollar against the currencies of all foreign countries in which we had operations during [removed: 2023] [added: 2025] would have increased our revenue by [removed: $116.0] [added: $139.4] million and our pre-tax operating profit by [removed: $9.9] [added: $13.8] million.

A 10% stronger U.S. dollar would have resulted in similar decreases to our revenue and pre-tax operating profit for [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

On average across our mix of international businesses, foreign currencies at December 31, [removed: 2024] [added: 2025] were [removed: weaker] [added: stronger] against the U.S. dollar than the average foreign exchange rates that prevailed across the full year [removed: 2023.][added: 2024.]

As a result, if foreign exchange rates were unchanged throughout [removed: 2024,] [added: 2025,] foreign exchange translation would [removed: increase] [added: 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 [removed: 2025,] [added: 2026,] and rates could go either higher or lower.

At December 31, [removed: 2024,] [added: 2025,] our weighted average cost of debt was [removed: 4.1%] [added: 4.3%] and weighted-average life of debt was [removed: 4.36] [added: 3.38] years.

At December 31, [removed: 2024, 94%] [added: 2025, 85%] of our debt was fixed-rate and the remaining [removed: 6%] [added: 15%] was variable-rate.

A 100 basis point increase in the weighted-average interest rate on our variable-rate debt would have increased our [removed: 2024] [added: 2025] interest expense by [removed: $2.9] [added: $7.6] million.

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 [removed: could have additional exposure to interest rate risk.]

could have additional exposure to interest rate risk.

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 [removed: justice data,] [added: justice,] healthcare professional licensure and sanctions, demographic and marketing data.

We use advanced statistical techniques, [removed: machine learning] [added: artificial intelligence] and [added: machine learning, as well as] proprietary software tools to analyze available data [removed: to create] [added: for the creation of] customized insights, decision-making and process automation [removed: solutions] [added: solutions,] and processing services for our clients.

Additionally, we [removed: also] provide information, technology and services to support debt collections and recovery management.

We currently operate in four global regions: North America (U.S. and Canada), [removed: 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 [removed: Uruguay).][added: Uruguay), Europe (the United Kingdom (“U.K.”), Spain and Portugal) and Asia Pacific (Australia, New Zealand and India).]

- Workforce Solutions *—* provides services enabling customers to verify income, employment, educational history, criminal justice data, healthcare professional licensure and sanctions of people in the 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 [added: ("ACA")] compliance management, tax credits and incentives and other complementary employment-based transaction services (Employer Services).

This operating segment is comprised of our [removed: Asia Pacific, Europe,] Latin [removed: America] [added: America, Europe, Asia Pacific] and Canada business units.

We are focused on providing meaningful opportunities for career advancement and development, fostering an inclusive work [removed: environment, and promoting employee engagement and recognition.]

[added: 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.

[removed: ][added: ]

Revenue from international clients, including end users and resellers, amounted to [removed: 24%] [added: 23%] of our total revenue in [removed: 2024, 23%] [added: 2025, 24%] of our total revenue in [removed: 2023] [added: 2024] and [removed: 22%] [added: 23%] of our total revenue in [removed: 2022.][added: 2023.]

Employer 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 [removed: 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.

We rely on payroll data received from over [removed: four] [added: 4] million organizations to provide up-to-date verifications.

The Work Number® held about [removed: 188] [added: 209] million active and [removed: 734] [added: 813] million total (active and historic) employment records at December 31, [removed: 2024.][added: 2025.]

USIS provides consumer and commercial information solutions to businesses in the U.S. through [removed: three] [added: two] product and service lines, as follows:

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 [removed: approve] [added: 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.

[removed: Mortgage Solutions. Our Mortgage] [added: Online Information] Solutions [added: also includes our mortgage solutions] products, offered in the U.S., [removed: consist of] [added: which includes] specialized credit reports that combine information from the three major consumer [removed: 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.

These products utilize information derived from consumer and commercial information, including credit, [added: income, asset, liquidity, net worth and spending activity, which also support many of our Online Information Solutions’ products.]

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 [removed: with their customers.]

Canada. Similar to the USIS business [removed: units,] [added: unit,] our Canada operation offers products derived from the credit information that we maintain about individual consumers and businesses.

Sources of competition are numerous and [removed: include] [added: include, but are not limited to,] the following:

- Competition in the Verification Services [removed: business, for both the U.S. and key International segments of Australia, Canada and the U.K.,] [added: 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.

While we believe that none of our competitors offers [added: 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.

We assess the principal competitive factors affecting our markets to [removed: include: our] [added: 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.

These laws and regulations may involve consumer [removed: reporting,] [added: reports,] privacy and consumer protection, data protection, [added: artificial intelligence,] intellectual property, competition, anti-corruption, anti-bribery, anti-money laundering, employment, health, taxation or other subjects.

There are also a number of legislative proposals pending before the U.S. Congress, various state legislative bodies and foreign governments concerning consumer and data [removed: protection] [added: protection, as well as artificial intelligence,] that could affect us.

Our U.S. operations are subject to numerous laws and regulations that govern the collection, protection and use of consumer credit [added: information, employment] and [added: 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 [added: information, employment and income information, personally identifiable information] or other data that we license.

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 [added: employers,] banks and other companies.

CRAs are required to follow reasonable procedures to assure maximum possible accuracy of the information concerning the individual about whom the report [removed: relates] [added: relates,] and if a consumer disputes the accuracy of any information in the consumer’s file, to conduct a reasonable reinvestigation.

CRAs are required to comply with regulations promulgated by the CFPB and are subject to [removed: regular] supervisory engagements related to a variety of FCRA requirements.

[removed: The] [added: 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.

[removed: 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 [added: violations and up to $1 million per day for known violations.]

- A number of states have enacted requirements similar to the [removed: federal] FCRA.

- We or certain of our operations are also subject to and affected by new and evolving state privacy and data security [removed: laws such as] [added: laws, including] data broker registration requirements in [removed: California and] [added: California,] Vermont, [added: Oregon] and [removed: the California Consumer Privacy Act (“CCPA”).][added: Texas.]

In the U.K., we are subject to provisions that are broadly equivalent to the European Union’s General Data Protection Regulation [removed: (described below).][added: (“GDPR”), described below.]

[removed: In addition, the] [added: The] GDPR [removed: includes] [added: establishes multiple privacy and] data [added: protection requirements, including data] breach [removed: notification requirements] [added: notification,] and it [removed: establishes] [added: gives regulators] the ability [removed: of regulators] to pursue substantial penalties for non-compliance.

[added: 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.

The Office of the Australian Information Commissioner (“OAIC”) is the regulator with direct responsibility for administering the Australian Privacy [added: 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).

Our credit reporting business, Equifax Information Services and [removed: Solutions,] [added: 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.

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 [removed: means.][added: means, or specific action by means of court-enforceable undertakings.]

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.

environment, and promoting employee engagement and recognition.

with their customers.

In these proceedings, the CFPB

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.

A number of other state legislatures have introduced comprehensive data privacy legislation that is pending before the state legislative body.

The EU Artificial Intelligence Act imposes mandatory compliance requirements, including for artificial intelligence governance, documentation and human oversight.

- In Latin America, data protection and credit reporting regulations have evolved significantly toward comprehensive, GDPR-aligned frameworks.

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.

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.

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.

Brazil now joins

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.

In other countries, credit bureaus are still governed by specialized credit reporting laws rather than a broad, EU-style framework.

Workforce Solutions revenue is predominantly in the U.S., and they have also established operations in Canada, Australia and the U.K.

We leverage our enterprise-wide talent

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.

income, asset, liquidity, net worth and spending activity, which also support many of our Online Information Solutions’ products.

We also maintain support operations in Chile, Costa Rica, India and Ireland.

violations and up to $1 million per day for known violations.

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.

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.

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.

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.

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.

Additional state legislatures are expected to consider similar legislation in 2025.

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.

This consent order obligated us to, among other things, make certain changes to our corporate governance and information security practices.

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.

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.

Generally

- In Latin America, data protection and credit reporting laws and regulations vary considerably among Latin American countries.

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.

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.

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.

In [removed: December 2021,] [added: July 2023,] we received a Civil Investigative Demand (a [removed: “CID”)] [added: "CID")] from the CFPB as part of its investigation into [removed: our consumer disputes process] [added: data accuracy and dispute handling] at our [removed: USIS] [added: Workforce Solutions] business unit in order to determine whether we have followed [removed: FCRA requirements for] the [removed: proper handling of consumer disputes.][added: FCRA's requirements.]

We received a second CID from the CFPB in March 2024 and a third CID [removed: from the CFPB] in August 2024 as part of the same investigation.

At this time, we are unable to predict the outcome of [removed: this CFPB] [added: the CFPB's] investigation, including whether the investigation will result in any actions or proceedings against us.

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.

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.

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.

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.

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.

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.

The CID requested the production of documents and answers to written questions.

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.

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.

As 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.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

As of June 30, [removed: 2024,] [added: 2025,] the aggregate market value of Registrant’s common stock held by non-affiliates of Registrant was approximately [removed: $30,001,128,029] [added: $32,108,903,494] based on the closing sale price as reported on the New York Stock Exchange.

At January [removed: 31, 2025,] [added: 30, 2026,] there were [removed: 124,023,838] [added: 120,269,998] shares of Registrant’s common stock outstanding.

Portions of Registrant’s definitive proxy statement for its [removed: 2025] [added: 2026] annual meeting of shareholders are incorporated by reference in Part III of this Form 10-K.

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| [PART [removed: III](#i563540ecdc0b416a8c449e6534c15a46_202)] [added: III](#ibec056c62f764485b5fdcec6b44e6a6b_202)] | | | | | | | | |

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| [PART [removed: IV.](#i563540ecdc0b416a8c449e6534c15a46_220)] [added: IV.](#ibec056c62f764485b5fdcec6b44e6a6b_220)] | | | | | | | | |

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| [Item [removed: 16.](#i563540ecdc0b416a8c449e6534c15a46_226)] [added: 16.](#ibec056c62f764485b5fdcec6b44e6a6b_226)] | | | [Form 10-K [removed: Summary](#i563540ecdc0b416a8c449e6534c15a46_226)] [added: Summary](#ibec056c62f764485b5fdcec6b44e6a6b_226)] | | | [removed: [111](#i563540ecdc0b416a8c449e6534c15a46_226)] [added: [110](#ibec056c62f764485b5fdcec6b44e6a6b_226)] | | |

| [PART I](#ibec056c62f764485b5fdcec6b44e6a6b_10) | | | | | | | | |

| [PART II](#ibec056c62f764485b5fdcec6b44e6a6b_67) | | | | | | | | |

| | | | [Signatures](#ibec056c62f764485b5fdcec6b44e6a6b_229) | | | [110](#ibec056c62f764485b5fdcec6b44e6a6b_229) | | |

| [PART I](#i563540ecdc0b416a8c449e6534c15a46_10) | | | | | | | | |

| [PART II](#i563540ecdc0b416a8c449e6534c15a46_67) | | | | | | | | |

| | | | [Signatures](#i563540ecdc0b416a8c449e6534c15a46_229) | | | [111](#i563540ecdc0b416a8c449e6534c15a46_229) | | |

We have a [added: global] Security team [removed: operating] [added: that operates] under the leadership of our Chief Information Security Officer (“CISO”), including approximately [removed: 400] [added: 450] cybersecurity professionals.

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 [removed: enhance security program maturity.]

Pursuant to this process, cybersecurity incidents are reported to appropriate personnel within Equifax (including [removed: the] [added: our] CISO and [removed: the] CEO) and to the Board of Directors based on incident severity.

On a monthly basis, a summary of prior period cybersecurity investigation escalations is reviewed by management, including our head of Internal Audit, [removed: our] [added: Corporate Controller,] CISO, [removed: our] Chief [added: Technology Officer (“CTO”), Chief] Financial Officer and [removed: our] Chief Legal Officer.

*•Cybersecurity Incorporated into Enterprise Risk Management Program.* We have implemented an enterprise risk management (“ERM”) program that operates under the leadership of our Chief [added: Risk,] Privacy and Compliance Officer.

This process is designed to protect our information systems, align acquired entities with our security controls, and comply with applicable legal and [removed: regulatory requirements, without interrupting critical business processes.]

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 [added: initiatives to enhance maturity.]

[removed: initiatives to] enhance [added: security program] maturity.

*Board Oversight of [removed: Cybersecurity*][added: Cybersecurity Risk*]

- Regular reports from our CISO and [removed: Chief Technology Officer] [added: CTO] regarding the cybersecurity control environment, including remediation updates, control posture analyses and other recurring items

- [removed: Regular] [added: Receiving regular quarterly] reports from our Chief [added: Risk,] Privacy and Compliance Officer regarding our global privacy, risk management and compliance programs, [removed: including matters related to cybersecurity][added: which includes the results of second line testing of our security controls]

- *Senior Leadership Team.* The Equifax senior leadership [removed: team, consisting of our CEO and his direct reports] [added: team] (“SLT”), sets the tone for strategic growth, effective operations and risk mitigation at the management level.

[removed: Our CISO] [added: He] has more than two decades of experience in cybersecurity-related roles, including serving as CISO at other large, multinational companies.

[removed: Our] [added: - *Chief Information Security Officer.* Equifax has a] CISO [removed: is responsible] [added: who oversees our information security program, with responsibility] for [added: (i) oversight of] the [added: global Security team, (ii) the design, implementation and execution of the program, (iii) the] assessment and management of material risks from cybersecurity threats, [removed: including oversight of] [added: (iv) ensuring that] the [removed: global Security team] [added: program is strategically aligned to our business strategy] and [added: (v) reporting on] the [removed: implementation and execution] [added: effectiveness] of the [removed: information security program.][added: program to the SLT and the Board of Directors.]

regulatory requirements, without interrupting critical business processes.

The Audit Committee of the Board discusses with management our risk management policies and procedures, including:

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.

- *Chief Technology Officer.* 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.

- *Chief Information Security Officer.* Equifax has a CISO who is a member of the SLT and reports directly to our CEO.

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.

We ordinarily lease office space for conducting our business and are obligated under approximately [removed: 57] [added: 56] leases and other rental arrangements for our field locations.

We owned [removed: 5] [added: 4] office buildings at December 31, [removed: 2024,] [added: 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. Louis, Missouri, as well as [removed: two buildings] [added: one building] utilized by our Latin America operations.

Equifax’s common stock is traded on the New York Stock Exchange under the symbol “EFX.” As of January [removed: 31, 2025,] [added: 30, 2026,] Equifax had approximately [removed: 2,324] [added: 2,211] holders of record; however, Equifax believes the number of beneficial owners of common stock exceeds this number.

The graph assumes that the value of the investment in our Common Stock and each index was $100 on the last trading day of [removed: 2019] [added: 2020] and that all quarterly dividends were reinvested without commissions.

[removed: ][added: ]

| | | | Initial | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] | | |

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, [removed: 2024:][added: 2025:]

[removed: (1)] The total number of shares purchased includes, if applicable: (a) shares purchased pursuant to our publicly-announced share repurchase program [removed: (the "Repurchase Program");] [added: (795,870 shares for the month of October 2025, 836,795 shares for the month of November 2025,] and [added: 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 [removed: stock, totaling 5,987] [added: stock (2,148] shares for the month of October [removed: 2024, 33] [added: 2025, 2,018] shares for the month of November [removed: 2024] [added: 2025,] and [removed: 1,766] [added: 2,671] shares for the month of December [removed: 2024.][added: 2025).]

(2) Average price paid per share for shares purchased as part of the Repurchase Program [removed: (includes] [added: (excludes] brokerage [removed: commissions).][added: commissions and excise taxes).]

(3) We purchased [removed: no] [added: $0.9 billion of] common shares during the twelve months ended December 31, [removed: 2024.][added: 2025.]

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 [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

| 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 | | |

| 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").

At December 31, 2025, approximately $2.1 billion was available for future purchases of common stock under the Repurchase Program.

The program does not have a stated expiration date.

| 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 | | |

| 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 | |

At December 31, 2024, the amount authorized for future share repurchases under the Repurchase Program was $520.2 million.

| [Report of Independent Registered Public Accounting Firm on Internal Control over Financial [removed: Reporting](#i563540ecdc0b416a8c449e6534c15a46_100)] [added: Reporting](#ibec056c62f764485b5fdcec6b44e6a6b_100)] | | | [removed: [55](#i563540ecdc0b416a8c449e6534c15a46_100)] [added: [55](#ibec056c62f764485b5fdcec6b44e6a6b_100)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i563540ecdc0b416a8c449e6534c15a46_103)] [added: Firm](#ibec056c62f764485b5fdcec6b44e6a6b_103)] (PCAOB ID: 42) | | | [removed: [56](#i563540ecdc0b416a8c449e6534c15a46_103)] [added: [56](#ibec056c62f764485b5fdcec6b44e6a6b_103)] | | |

| [Consolidated Statements of Income for each of the three years in the period ended December 31, [removed: 202](#i563540ecdc0b416a8c449e6534c15a46_106)[4](#i563540ecdc0b416a8c449e6534c15a46_106)] [added: 202](#ibec056c62f764485b5fdcec6b44e6a6b_106)[5](#ibec056c62f764485b5fdcec6b44e6a6b_106)] | | | [removed: [58](#i563540ecdc0b416a8c449e6534c15a46_106)] [added: [58](#ibec056c62f764485b5fdcec6b44e6a6b_106)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i563540ecdc0b416a8c449e6534c15a46_109) [(Loss)](#i563540ecdc0b416a8c449e6534c15a46_109) [for] [added: Income (Loss) for] each of the three years in the period ended December 31, [removed: 202](#i563540ecdc0b416a8c449e6534c15a46_109)[4](#i563540ecdc0b416a8c449e6534c15a46_109)] [added: 202](#ibec056c62f764485b5fdcec6b44e6a6b_109)[5](#ibec056c62f764485b5fdcec6b44e6a6b_109)] | | | [removed: [59](#i563540ecdc0b416a8c449e6534c15a46_109)] [added: [59](#ibec056c62f764485b5fdcec6b44e6a6b_109)] | | |

| [Consolidated Balance Sheets at December 31, [removed: 202](#i563540ecdc0b416a8c449e6534c15a46_112)[4](#i563540ecdc0b416a8c449e6534c15a46_112)] [added: 202](#ibec056c62f764485b5fdcec6b44e6a6b_112)[5](#ibec056c62f764485b5fdcec6b44e6a6b_112)] [and [removed: 202](#i563540ecdc0b416a8c449e6534c15a46_112)[3](#i563540ecdc0b416a8c449e6534c15a46_112)] [added: 202](#ibec056c62f764485b5fdcec6b44e6a6b_112)[4](#ibec056c62f764485b5fdcec6b44e6a6b_112)] | | | [removed: [60](#i563540ecdc0b416a8c449e6534c15a46_112)] [added: [60](#ibec056c62f764485b5fdcec6b44e6a6b_112)] | | |

| [Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, [removed: 202](#i563540ecdc0b416a8c449e6534c15a46_115)[4](#i563540ecdc0b416a8c449e6534c15a46_115)] [added: 202](#ibec056c62f764485b5fdcec6b44e6a6b_115)[5](#ibec056c62f764485b5fdcec6b44e6a6b_115)] | | | [removed: [61](#i563540ecdc0b416a8c449e6534c15a46_115)] [added: [61](#ibec056c62f764485b5fdcec6b44e6a6b_115)] | | |

| [Consolidated Statements of Shareholders’ Equity and Accumulated Other Comprehensive Loss for each of the three years in the period ended December 31, [removed: 202](#i563540ecdc0b416a8c449e6534c15a46_118)[4](#i563540ecdc0b416a8c449e6534c15a46_118)] [added: 202](#ibec056c62f764485b5fdcec6b44e6a6b_118)[5](#ibec056c62f764485b5fdcec6b44e6a6b_118)] | | | [removed: [62](#i563540ecdc0b416a8c449e6534c15a46_118)] [added: [62](#ibec056c62f764485b5fdcec6b44e6a6b_118)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i563540ecdc0b416a8c449e6534c15a46_124)] [added: Statements](#ibec056c62f764485b5fdcec6b44e6a6b_124)] | | | [removed: [64](#i563540ecdc0b416a8c449e6534c15a46_124)] [added: [64](#ibec056c62f764485b5fdcec6b44e6a6b_124)] | | |

We have audited Equifax Inc.’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, Equifax Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, comprehensive income (loss), cash flows and shareholders’ equity and accumulated other comprehensive loss for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated February [removed: 20, 2025] [added: 19, 2026] expressed an unqualified opinion thereon.

We have audited the accompanying consolidated balance sheets of Equifax Inc. (the Company) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income, comprehensive income (loss), cash flows and shareholders’ equity and accumulated other comprehensive loss for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal [removed: Control-Integrated] [added: Control—Integrated] Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 [removed: framework)] [added: framework),] and our report dated February [removed: 20, 2025] [added: 19, 2026] expressed an unqualified opinion thereon.

| *Description of the Matter* | | | At December 31, [removed: 2024,] [added: 2025,] the Company’s goodwill was [removed: $6.5] [added: $6.75] billion and the goodwill attributed to the Asia Pacific reporting unit was [removed: $1.3] [added: $1.35] billion. As discussed in Note 4 of the consolidated financial statements, goodwill is tested for impairment at least annually at the reporting unit level. The Company’s goodwill is initially assigned to its reporting units as of the acquisition date. The Company determined that a quantitative impairment test was required for the Asia Pacific reporting unit. Therefore, the Company determined the fair value of this reporting unit as of the annual goodwill impairment testing date. | | |

| | | | [added: | | |] Twelve Months Ended December 31, | | | | | | | | | | | | [removed: | | |]

| *(In millions, except per share amounts)* | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Operating revenue | | | $ | [removed: 5,681.1] [added: 6,074.5] | | | | | $ | [removed: 5,265.2] [added: 5,681.1] | | | | | $ | [removed: 5,122.2] [added: 5,265.2] | |

| Cost of services (exclusive of depreciation and amortization below) | | | [removed: 2,518.7] [added: 2,645.6] | | | | | | [removed: 2,335.1] [added: 2,518.7] | | | | | | [removed: 2,177.2] [added: 2,335.1] | | |

| Selling, general and administrative expenses | | | [removed: 1,450.5] [added: 1,614.2] | | | | | | [removed: 1,385.7] [added: 1,450.5] | | | | | | [removed: 1,328.9] [added: 1,385.7] | | |

| Depreciation and amortization | | | [removed: 669.8] [added: 719.5] | | | | | | [removed: 610.8] [added: 669.8] | | | | | | [removed: 560.1] [added: 610.8] | | |

| Total operating expenses | | | [removed: 4,639.0] [added: 4,979.3] | | | | | | [removed: 4,331.6] [added: 4,639.0] | | | | | | [removed: 4,066.2] [added: 4,331.6] | | |

| Operating income | | | [removed: 1,042.1] [added: 1,095.2] | | | | | | [removed: 933.6] [added: 1,042.1] | | | | | | [removed: 1,056.0] [added: 933.6] | | |

| Interest expense | | | [removed: (229.1)] [added: (212.3)] | | | | | | [removed: (241.4)] [added: (229.1)] | | | | | | [removed: (183.0)] [added: (241.4)] | | |

| Other [removed: (expense) income,] [added: income (expense),] net | | | [removed: (2.5)] [added: 12.0] | | | | | | [removed: 25.7] [added: (2.5)] | | | | | | [removed: 56.7] [added: 25.7] | | |

| Consolidated income before income taxes | | | [removed: 810.5] [added: 894.9] | | | | | | [removed: 717.9] [added: 810.5] | | | | | | [removed: 929.7] [added: 717.9] | | |

| Provision for income taxes | | | [removed: (203.2)] | | | | | | [removed: (166.2)] [added: $] | [added: 203.2] | | | | | [removed: (229.5)] [added: $] | [added: 166.2] | |

| Consolidated net income | | | [removed: 607.3] [added: 664.3] | | | | | | [removed: 551.7] [added: 607.3] | | | | | | [removed: 700.2] [added: 551.7] | | |

| Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests | | | [removed: (3.2)] [added: (4.0)] | | | | | | [removed: (6.4)] [added: (3.2)] | | | | | | [removed: (4.0)] [added: (6.4)] | | |

| Net income attributable to Equifax | | | $ | [removed: 604.1] [added: 660.3] | | | | | $ | [removed: 545.3] [added: 604.1] | | | | | $ | [removed: 696.2] [added: 545.3] | |

| Net income attributable to Equifax | | | $ | [removed: 4.88] [added: 5.36] | | | | | $ | [removed: 4.44] [added: 4.88] | | | | | $ | [removed: 5.69] [added: 4.44] | |

| Weighted-average shares used in computing basic earnings per share | | | [removed: 123.8] [added: 123.2] | | | | | | [removed: 122.9] [added: 123.8] | | | | | | [removed: 122.4] [added: 122.9] | | |

| Net income attributable to Equifax | | | $ | [removed: 4.84] [added: 5.32] | | | | | $ | [removed: 4.40] [added: 4.84] | | | | | $ | [removed: 5.65] [added: 4.40] | |

| Weighted-average shares used in computing diluted earnings per share | | | [removed: 124.9] [added: 124.1] | | | | | | [removed: 123.9] [added: 124.9] | | | | | | [removed: 123.3] [added: 123.9] | | |

| Dividends per common share | | | $ | [removed: 1.56] [added: 1.89] | | | | | $ | 1.56 | | | | | $ | 1.56 | |

| | | | [removed: 2024] | | | | | | [removed: | | | | | |] [added: 2024] | | | | | | 2023 | | | [removed: | | | | | | | | | | | | | | | 2022 | | | | | | | | | | | | | | |]

| Net income | | | $ | [removed: 604.1] [added: 660.3] | | | | | $ | [removed: 3.2] [added: 4.0] | | | | | $ | [removed: 607.3] [added: 664.3] | | | | | $ | [removed: 545.3] [added: 604.1] | | | | | $ | [removed: 6.4] [added: 3.2] | | | | | $ | [removed: 551.7] [added: 607.3] | | | | | $ | [removed: 696.2] [added: 545.3] | | | | | $ | [removed: 4.0] [added: 6.4] | | | | | $ | [removed: 700.2] [added: 551.7] | |

| Other comprehensive [removed: (loss) income:] [added: income (loss):] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Foreign currency translation adjustment | | | [removed: (291.7)] [added: 205.4] | | | | | | [removed: (29.3)] [added: 14.2] | | | | | | [removed: (321.0)] [added: 219.6] | | | | | | [removed: 42.6] [added: (291.7)] | | | | | | [removed: (0.5)] [added: (29.3)] | | | | | | [removed: 42.1] [added: (321.0)] | | | | | | [removed: (176.8)] [added: 42.6] | | | | | | [removed: (0.8)] [added: (0.5)] | | | | | | [removed: (177.6)] [added: 42.1] | | |

| Change in unrecognized prior service cost related to our pension and other postretirement benefit plans, net | | | 0.1 | | | | | | — | | | | | | 0.1 | | | | | | [removed: (0.2)] [added: 0.1] | | | | | | — | | | | | | [removed: (0.2)] [added: 0.1] | | | | | | [removed: (1.5)] [added: (0.2)] | | | | | | — | | | | | | [removed: (1.5)] [added: (0.2)] | | |

February 19, 2026

February 19, 2026

| Treasury stock purchases | | | (927.5) | | | | | | — | | | | | | — | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | 660.3 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4.9 | | | | | | 665.2 | | |

| Other comprehensive income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 205.6 | | | | | | — | | | | | | — | | | | | | 2.1 | | | | | | 207.7 | | |

| Treasury stock purchased under share repurchase program, including brokerage commissions and excise taxes* | | | (4.0) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (935.8) | | | | | | — | | | | | | — | | | | | | (935.8) | | |

| Balance, December 31, 2025 | | | 120.4 | | | | | | $ | 236.6 | | | | | $ | 2,023.4 | | | | | $ | 6,445.1 | | | | | $ | (517.1) | | | | | $ | (3,577.8) | | | | | $ | (5.9) | | | | | $ | 19.5 | | | | | $ | 4,623.8 | |

*At December 31, 2025, approximately $2.1 billion was available for future purchases of common stock under our share repurchase authorization.

| 1 to 3 years | | | | | | 26.7 | | |

| 3 to 5 years | | | | | | 16.7 | | |

| Thereafter | | | | | | 6.7 | | |

| | | | | | | 2025 | | | | | | 2024 | | |

| Redeemable noncontrolling interests: | | | | | | 2025 | | | | | | 2024 | | |

| Dividends paid to redeemable noncontrolling interest | | | | | | (2.0) | | | | | | — | | |

Beginning in the fiscal year ended December 31, 2025, we adopted Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09) on a prospective basis.

This standard improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction.

It also includes certain other amendments to improve the effectiveness of income tax disclosures.

The adoption of this new standard did not have a material impact on our consolidated financial statements.

For additional information, see Note 7ーIncome Taxes.

*Segment Reporting*.

Recent Accounting Pronouncements. *Interim Reporting (Topic 270): Narrow Scope Improvements.* On December 8, 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope Improvements.

The ASU improves the navigability of the required interim reporting requirements.

The ASU does not change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements.

The update centralizes and clarifies interim reporting requirements by consolidating all interim disclosure rules into Topic 270 and establishing a new "disclosure principle" to capture material events occurring after the last annual report.

Entities must apply a principle requiring the disclosure of any events or changes that have occurred since the end of the last annual reporting period that have a material impact on the entity (e.g., changes in long-term contracts, new borrowings, or business combinations).

The amendments in this Update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 and can be applied either prospectively or retrospectively.

Early adoption is permitted.

*Intangibles—Goodwill and Other—Internal-Use Software.* On September 18, 2025, the FASB issued ASU 2025-06 which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40.

The amendments in the ASU remove all references to prescriptive and sequential software development stages throughout Subtopic 350-40.

Therefore, an entity is required to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended (the “probable-to-complete recognition threshold”).

In evaluating the probable-to-complete recognition threshold, an entity is required to consider whether there is significant uncertainty associated with the development activities of the software (“significant development uncertainty”).

Significant development uncertainty exists if either of the following factors is present: (i) the software being developed has technological innovations or novel, unique, or unproven functions or features, and the uncertainty related to those technological innovations, functions, or features, if identified, has not been resolved through coding and testing or (ii) the entity has not determined what it needs the software to do (for example, functions or features), including whether the entity has not identified or continues to substantially revise the software’s significant performance requirements.

The amendments in the ASU specify that the disclosures in Subtopic 360-10, Property, Plant, and Equipment—Overall, are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements.

Additionally, the amendments clarify that the intangibles disclosures in paragraphs 350-30-50-1 through 50-3 are not required for capitalized internal-use software costs.

Early adoption is permitted as of the beginning of an annual reporting period.

The amendments in the ASU permit an entity to apply the new guidance using any of the following transition approaches: (i) a prospective transition approach, (ii) modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or (iii) a retrospective transition approach.

*Financial Instruments — Credit Losses.* On July 30, 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets.

The ASU relates to estimating credit losses for current accounts receivable and current contract assets arising from revenue transactions accounted for under ASC 606, Revenue from Contracts with Customers, including those acquired in a transaction accounted for under ASC 805, Business Combinations.

For all entities, the ASU provides a practical expedient to assume that current conditions as of the balance sheet date will persist through the reasonable and supportable forecast period for eligible assets.

Entities will still be required to adjust historical data used in the estimation to reflect current conditions.

February 20, 2025

| | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balance, December 31, 2021 | | | 122.1 | | | | | | $ | 236.6 | | | | | $ | 1,536.7 | | | | | $ | 4,751.6 | | | | | $ | (295.4) | | | | | $ | (2,639.2) | | | | | $ | (5.9) | | | | | $ | 16.8 | | | | | $ | 3,601.2 | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | 696.2 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4.0 | | | | | | 700.2 | | |

| Other comprehensive loss | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (178.3) | | | | | | — | | | | | | — | | | | | | (0.8) | | | | | | (179.1) | | |

*At December 31, 2024, $520.2 million was authorized for future repurchases of our common stock.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

| 1 to 3 years | | | | | | 36.4 | | |

| 3 to 5 years | | | | | | 19.3 | | |

| Thereafter | | | | | | 13.4 | | |

We record deferred income taxes using enacted tax laws and rates for the years in which the taxes are expected to be paid.

Our accounting policy election with respect to Global Intangible Low-Taxed Income (“GILTI”) is to account for the tax in the period the tax is incurred.

During the fourth quarter of 2023, the Company voluntarily changed its goodwill and indefinite-lived intangible asset annual impairment test date from September 30 to December 1.

The carrying value of the investment was $74.5 million as of December 31, 2022, resulting in an unrealized gain of $13.3 million for the twelve months ended December 31, 2022.

$6.2 million in Other Income (Expense), Net within the Consolidated Statements of Income.

During the second quarter of 2022, we sold our interest in two other equity investments.

The overall sale proceeds exceeded the total carrying value of the investments, and we recorded a total gain of $27.5 million recorded in Other Income (Expense), Net within the Consolidated Statements of Income.

We previously had a joint venture in Russia that offered consumer credit services; however, during the third quarter of 2022, we completed the sale of this equity method investment.

All unrealized gains or losses on these investments were recorded in Other Income (Expense), Net within the Consolidated Statements of Income.

Other current liabilities also include accrued revenue share of $99.4 million and $79.6 million as of December 31, 2024 and 2023, respectively, which represents accruals for royalty costs associated with records utilized.

These funds were approximately $48.3 million and $34.5 million as of December 31, 2024 and 2023, respectively.

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Fair value of the redeemable noncontrolling interest at the acquisition date | | | | | | — | | | | | | 176.4 | | |

| Return of capital to redeemable noncontrolling interest | | | | | | — | | | | | | (42.8) | | |

Recent Accounting Pronouncements. *Income Statement — Reporting Comprehensive Income*.

*Stock Compensation.* In March 2024, the FASB issued ASU No. 2024-01 "Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards." The amendments in this update clarify how an entity determines whether a profits interest or similar award (“profits interest award”) is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and should be accounted for in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 or other ASC topics.

The amendments specifically add an illustrative example that includes four fact patterns to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance with Topic 718.

The fact patterns in the illustrative example focus on the scope conditions in paragraph 718-10-15-3.

The illustrative example is intended to reduce (1) complexity in determining whether a profits interest award is subject to the guidance in Topic 718 and (2) existing diversity in practice.

In December 2023, the FASB issued ASU No. 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The new ASU requires public business entities, on an annual basis, to provide a tabular rate reconciliation (using both percentages and reporting currency amounts) of (1) the reported income tax expense (or benefit) from continuing operations, to (2) the product of the income (or loss) from continuing operations before income taxes and the applicable statutory federal (national) income tax rate of the jurisdiction (country) of domicile using specific categories and separate disclosure for any reconciling items within certain categories that are equal to or greater than a specified quantitative threshold.

A public business entity is required to provide an explanation, if not otherwise evident, of the individual reconciling items disclosed, such as the nature, effect, and underlying causes of the reconciling items and the judgment used in categorizing the reconciling items.

For each annual period presented, the ASU requires all reporting entities to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign.

It also requires additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received).

The ASU requires that all reporting entities disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign.

The ASU is effective for public entities for annual periods beginning after December 15, 2024.

| Online Information Solutions | | | | | | 1,501.2 | | | | | | 1,375.2 | | | | | | 1,295.4 | | | | | | 126.0 | | | | | | 9 | | % | | | | 79.8 | | | | | | 6 | | % |

| Mortgage Solutions | | | | | | 149.4 | | | | | | 113.7 | | | | | | 138.3 | | | | | | 35.7 | | | | | | 31 | | % | | | | (24.6) | | | | | | (18) | | % |

Our management assessed the effectiveness of Equifax’s internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013 Framework).

Based on this assessment using those criteria, our management concluded that, as of December 31, [removed: 2024,] [added: 2025,] Equifax’s internal control over financial reporting was effective.

The effectiveness of Equifax’s internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] has been audited by Ernst & Young LLP, Equifax’s independent registered public accounting firm, as stated in their report, which appears in “Item 8.

The following table describes any contracts, instructions or written plans for the sale or purchase of Equifax securities and intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act that were adopted by our directors and executive officers during the quarter ended December 31, [removed: 2024:][added: 2025:]

| [removed: Sunil Bindal,] [added: Cecilia Mao,] Executive Vice President, Chief [removed: Corporate Development] [added: Product] Officer | | | | | | [removed: 11/7/2024] [added: 11/18/2025] | | | | | | [removed: 11/28/2025] [added: 12/1/2026] | | | | | | [added: Purchase of up to 2,400 shares of common stock] Sale of up to [removed: 5,233] [added: 876] shares of common stock in multiple transactions | | |

| [removed: Julia A. Houston,] [added: John W. Gamble, Jr,] Executive Vice President, Chief [removed: Strategy] [added: Financial Officer] and [removed: Marketing] [added: Chief Operations] Officer | | | | | | [removed: 11/13/2024] [added: 11/21/2025] | | | | | | [removed: 5/30/2025] [added: 5/27/2026] | | | | | | Sale of up to [removed: 5,000] [added: 23,628] shares of common stock in multiple transactions | | |

| Mark W. Begor, Chief Executive Officer | | | | | | [removed: 11/14/2024] [added: 10/28/2025] | | | | | | [removed: 10/28/2025] [added: 12/14/2026] | | | | | | Sale of up to [removed: 181,105] [added: 151,165] shares of common stock in multiple transactions | | |

During the quarter ended December 31, [removed: 2024,] [added: 2025,] none of our directors or executive officers terminated a Rule 10b5-1 trading plan or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

| Chad M. Borton, Executive Vice President, President, Workforce Solutions | | | | | | 11/4/2025 | | | | | | 6/15/2026 | | | | | | Sale of up to 6,901 shares of common stock in multiple transactions | | |

| John W. Gamble, Jr., Executive Vice President, Chief Financial Officer and Chief Operations Officer | | | | | | 11/25/2024 | | | | | | 5/7/2025 | | | | | | Sale of up to 5,500 shares of common stock in multiple transactions | | |

Except for the information about our executive officers shown below, the information required by this Item 10 is incorporated herein by reference from the information contained in our Proxy Statement to be filed with the SEC in connection with the solicitation of proxies for our [removed: 2025] [added: 2026] Annual Meeting of Shareholders (the [removed: “2025] [added: “2026] Proxy Statement”) under the sections entitled “Proposal 1, Election of Directors,” “Section 16(a) Beneficial Ownership Reporting Compliance,” “Board Leadership and Corporate Governance—Committees of the Board of Directors” and “Insider Trading Policy.”

Begor [removed: (66)*] [added: (67)*] has been our Chief Executive Officer and a member of the Board of Directors since April 2018.

Prior [removed: thereto,] [added: to joining Equifax,] he was a Managing Director in the Industrial and Business Services group at Warburg Pincus, a global private equity investment firm, since June 2016.

Mr. Begor served on the [added: board of directors of] Fair Isaac Corporation (FICO) [added: from 2016 to 2018 and the] board of directors [added: of NCR Atleos Corporation] from [removed: 2016] [added: 2023] to [removed: 2018.][added: 2025.]

He currently serves on the board of directors of [removed: NCR Atleos Corp.][added: Raymond James Financial, Inc.]

*Sunil Bindal [removed: (50)*] [added: (51)*] has been our Executive Vice President, Chief Corporate Development [added: and Strategy] Officer since [removed: October 2020.][added: March 2025.]

Borton [removed: (54)*] [added: (55)*] has been our Executive Vice President, President, Workforce Solutions since May 2024.

Prior thereto, he held a variety of leadership roles with Fifth Third Bank, JPMorgan [removed: Chase] [added: Chase, McKinsey & Co.] and Wachovia Corporation, since 2001.

*Carla Chaney [removed: (54)*] [added: (55)*] has been our Executive Vice President, Chief Human Resources Officer since April 2019.

[removed: *Jamil Farshchi (47)* has been] [added: Prior thereto, he was] our Executive Vice President, Chief Information Security Officer and Chief Technology Officer since December 2024.

Gamble, Jr. [removed: (62)*] [added: (63)*] has been our Executive Vice President, Chief Financial Officer and Chief Operations Officer since February 2021.

Prior to that, Mr. Gamble was Executive Vice President and Chief Financial Officer of Lexmark International, Inc., a global provider of [added: document solutions, enterprise content management software and services, printers and multifunction printers, from September 2005 until May 2014.]

[removed: *Todd Horvath (51)*] [added: *Patricio Remon (54)*] has been our Executive Vice President, President, [removed: U.S. Information Solutions] [added: International] since March [removed: 2023.][added: 2025.]

[removed: Houston (54)*] [added: Walker (48)*] has been our Executive Vice President, Chief [removed: Strategy and] Marketing [added: and Communications] Officer since March [removed: 2021.][added: 2025.]

[removed: Kelley III (64)*] [added: Houston (55)*] has been our Executive Vice President, Chief Legal Officer [removed: and Corporate Secretary] since [removed: January 2013.][added: April 2025.]

Mao [removed: (50)*] [added: (51)*] has been our Executive Vice President, Chief Product Officer since February 2024.

*Harald Schneider [removed: (51)*] [added: (52)*] has been our Executive Vice President, Chief Data & Analytics Officer since February 2024.

Prior thereto, he was Executive Vice President, Chief Corporate Development Officer since October 2020.

*Jamil Farshchi (48)* has been our Executive Vice President, Chief Technology Officer since May 2025.

Prior thereto, she was Executive Vice President, Chief Strategy and Marketing Officer since March 2021.

Mr. Remon joined Equifax in 2006 and most recently served as President of Equifax Europe since 2015.

During his nearly two decades with the company he has overseen Equifax operations in the U.K., Ireland, Iberia, Peru and Ecuador.

Prior to joining Equifax, he was the General Manager of Brio Software’s LATAM business unit and held sales management positions within MicroStrategy Argentina.

Mr. Remon currently serves on the board of directors of ASNEF-Equifax and the ACCIS European credit information association

*Kathryn Q.

Prior thereto, she was our Chief Communications Officer since August 2021.

Prior thereto, she was the Communications Leader of our USIS business unit since January 2020.

Prior thereto, she was the Public Relations Leader of our USIS business unit since July 2019.

Prior to joining Equifax, Ms. Walker served as Partner and Senior Vice President at McGrath/Power Public Relations for more than a decade and held various positions at Borland Software Corporation (now part of OpenText) and Internet Security Systems (now IBM Internet Security Systems).

document solutions, enterprise content management software and services, printers and multifunction printers, from September 2005 until May 2014.

Prior to joining Equifax, Mr. Horvath served in roles of increasing responsibility at Fiserv from 2017-2023, most recently serving as Co-Head of the Fiserv Banking Organization.

Prior to that, Mr. Horvath served in various international leadership roles at Automatic Data Processing from 2001-2017.

Prior thereto, he was General Director, Venezuela Operations at Sharp Image Gaming in 2001.

*John J.

Prior to joining Equifax, Mr. Kelley was a senior partner in the Corporate Practice Group of the law firm of King & Spalding LLP.

Mr. Kelley currently serves on the board of directors of Beazer Homes USA, Inc.

*Lisa M.

Nelson (61)* has been our Executive Vice President, President, International since June 2021.

Prior thereto, she served as Group Managing Director, Equifax Australia and New Zealand, since August 2019.

Prior thereto, she served as President and General Manager, Equifax Canada, since January 2015.

Prior thereto, she served as Senior Vice President, Enterprise Alliance Leader of Equifax U.S. Information Solutions, since November 2011.

Prior to joining Equifax, she served as Vice President, Global Scoring Solutions of FICO, since August 2004.

Ms. Nelson currently serves on the board of directors of Jack Henry & Associates, Inc.

The information required by this Item 11 is incorporated herein by reference from the information that will be contained in our [removed: 2025] [added: 2026] Proxy Statement under the sections entitled “Executive Compensation” and “Director Compensation.”

The information required by this Item 12 is incorporated herein by reference from the information that will be contained in our [removed: 2025] [added: 2026] Proxy Statement under the sections entitled “Security Ownership of Management and Certain Beneficial Owners” and “Executive Compensation Equity Compensation Plan Information.”

The information required by this Item 13 is incorporated herein by reference from the information that will be contained in our [removed: 2025] [added: 2026] Proxy Statement under the sections entitled “Board Leadership & Corporate Governance—Director [added: Independence, ” “Related Person Transaction Policy” and “Certain Relationships and Related Person Transactions of Directors, Executive Officers, and 5 Percent Shareholders.”]

Independence, ” “Related Person Transaction Policy” and “Certain Relationships and Related Person Transactions of Directors, Executive Officers, and 5 Percent Shareholders.”

The information required by this Item 14 is incorporated herein by reference from the information that will be contained in our [removed: 2025] [added: 2026] Proxy Statement under the section entitled “Proposal 3, Ratification of Appointment of Ernst & Young LLP as Independent Registered Public Accounting Firm for [removed: 2025.”][added: 2026.”]

- Consolidated Balance Sheets — December 31, [removed: 2024] [added: 2025] and [removed: 2023;][added: 2024;]

- Consolidated Statements of Income for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022;][added: 2023;]

- Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022;][added: 2023;]

- Consolidated Statements of Cash Flows for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022;][added: 2023;]

- Consolidated Statements of Shareholders’ Equity and Accumulated Other Comprehensive Loss for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022;] [added: 2023;] and

| [removed: 3.2] [added: 3.3] | | | | | | [Amended and Restated Bylaws of Equifax Inc. (incorporated by reference to Exhibit 3.2 to Equifax’s Form 8-K filed February 9, 2021).](https://www.sec.gov/Archives/edgar/data/33185/000119312521034362/d330076dex32.htm) | | |

| 4.1 | | | | | | [Indenture dated as of June 29, 1998, between Equifax Inc. and The First National Bank of Chicago, Trustee (the “1998 [removed: Indenture”)](https://www.sec.gov/Archives/edgar/data/33185/0000931763-99-000970.txt) [](https://www.sec.gov/Archives/edgar/data/33185/0000931763-99-000970.txt)[(under] [added: Indenture”) (under] which Equifax’s 6.9% Debentures due 2028 were issued) (incorporated by reference to Exhibit 4.4 to Equifax’s Form 10-K filed March 31, 1999).](https://www.sec.gov/Archives/edgar/data/33185/0000931763-99-000970.txt) | | |

| [removed: 4.5] [added: 4.6] | | | | | | [removed: [Sixth] [added: [Ninth] Supplemental Indenture, dated as of [removed: November 19, 2019,] [added: August 13, 2021,] between Equifax Inc. and the Trustee, including the form of [removed: 2024] Note as Exhibit A (incorporated by reference to Exhibit 4.1 to Equifax’s Form 8-K filed [removed: November 19, 2019).](https://www.sec.gov/Archives/edgar/data/33185/000119312519295622/d822940dex41.htm)] [added: August 16, 2021).](https://www.sec.gov/Archives/edgar/data/33185/000119312521247741/d218347dex41.htm)] | | |

| [removed: 4.6] [added: 4.5] | | | | | | [removed: [Seventh] [added: [Eighth] Supplemental Indenture, dated as of April 27, 2020, between Equifax Inc. and the Trustee, including the form of [removed: 2025] [added: 2030] Note as Exhibit A (incorporated by reference to Exhibit [removed: 4.1] [added: 4.2] to Equifax's Form 8-K filed April 27, [removed: 2020).](https://www.sec.gov/Archives/edgar/data/33185/000119312520120937/d923316dex41.htm)] [added: 2020).](https://www.sec.gov/Archives/edgar/data/33185/000119312520120937/d923316dex42.htm)] | | |

| 4.7 | | | | | | [removed: [Eighth] [added: [Tenth] Supplemental Indenture, dated as of [removed: April 27, 2020,] [added: September 12, 2022,] between Equifax Inc. and the Trustee, including the form of [removed: 2030] Note as Exhibit A (incorporated by reference to Exhibit [removed: 4.2] [added: 4.1] to Equifax's Form 8-K filed [removed: April 27, 2020).](https://www.sec.gov/Archives/edgar/data/33185/000119312520120937/d923316dex42.htm)] [added: September 12, 2022)](https://www.sec.gov/Archives/edgar/data/33185/000119312522242936/d386586dex41.htm).] | | |

| 4.8 | | | | | | [removed: [Ninth] [added: [Eleventh] Supplemental Indenture, dated as of [removed: August 13, 2021,] [added: May 16, 2023,] between Equifax Inc. and the Trustee, including the form of Note as Exhibit A (incorporated by reference to Exhibit 4.1 to [removed: Equifax’s] [added: Equifax's] Form 8-K filed [removed: August] [added: May] 16, [removed: 2021).](https://www.sec.gov/Archives/edgar/data/33185/000119312521247741/d218347dex41.htm)] [added: 2023)](https://www.sec.gov/Archives/edgar/data/33185/000119312523146116/d485505dex41.htm).] | | |

| 4.9 | | | | | | [removed: [Tenth] [added: [Twelfth] Supplemental Indenture, dated as of [removed: September 12, 2022,] [added: August 15, 2024,] between Equifax Inc. and the Trustee, including the form of Note as Exhibit A (incorporated by reference to Exhibit 4.1 to [removed: Equifax's] [added: Equifax’s] Form 8-K filed [removed: September 12, 2022)](https://www.sec.gov/Archives/edgar/data/33185/000119312522242936/d386586dex41.htm).] [added: August 15, 2024)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000033185/000119312524201307/d649674d8k.htm)] | | |

| [removed: 4.12] [added: 4.10] | | | | | | [Credit Agreement, dated as of August 25, 2021, by and among Equifax Inc., Equifax Limited, Equifax Canada Co., Equifax International Treasury Services Unlimited Company and Equifax Australia Holdings Pty Limited, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to Equifax’s Form 8-K filed August 31, 2021).](https://www.sec.gov/Archives/edgar/data/33185/000119312521262096/d220137dex101.htm) | | |

| [removed: 4.13] [added: 4.11] | | | | | | [First Amendment to Credit Agreement, dated as of March 21, 2023, by and among Equifax Inc., Equifax Limited, Equifax Canada Co., Equifax International Treasury Services Unlimited Company and Equifax Australia Holdings Pty Limited, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to Equifax's Form 10-Q filed April 20, 2023)](https://www.sec.gov/Archives/edgar/data/33185/000003318523000023/exhibit101-20230331.htm). | | |

| [removed: 4.14] [added: 4.12] | | | | | | [Second Amendment to Credit Agreement, dated as of May 24, 2024, by and between Equifax Inc. and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to Equifax's Form 10-Q filed July 22, [removed: 2024)](https://www.sec.gov/ix?doc=/Archives/edgar/data/33185/000003318524000049/efx-20240630.htm)[.](https://www.sec.gov/ix?doc=/Archives/edgar/data/33185/000003318524000049/efx-20240630.htm)] [added: 2024).](https://www.sec.gov/ix?doc=/Archives/edgar/data/33185/000003318524000049/efx-20240630.htm)] | | |

| [removed: 4.15] [added: 4.14] | | | | | | [Description of the Company’s Securities Registered under Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.14 to Equifax's Form 10-K filed February 20, 2020).](https://www.sec.gov/Archives/edgar/data/33185/000003318520000011/exhibit414-12312019.htm) | | |

| | | | | | | Except as set forth in the preceding Exhibits 4.1 through [removed: 4.15,] [added: 4.14,] instruments defining the rights of holders of long-term debt securities of Equifax have been omitted where the total amount of securities authorized does not exceed 10% of the total assets of Equifax and its subsidiaries on a consolidated basis. Equifax agrees to furnish to the SEC, upon request, a copy of such instruments with respect to issuances of long-term debt of Equifax and its subsidiaries. | | |