Equifax 10-Q 2026-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

For the quarterly period ended March 31, 2026

OR

For the transition period from to .

Commission File Number: 001-06605

EQUIFAX INC.

(Exact name of registrant as specified in its charter)

404-885-8000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

On April 10, 2026, there were 119,072,409 shares of the registrant’s common stock outstanding.

EQUIFAX INC.

QUARTERLY REPORT ON FORM 10-Q

QUARTER ENDED MARCH 31, 2026

INDEX

FORWARD-LOOKING STATEMENTS

This report contains information that may constitute “forward-looking statements.” Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “may” and similar expressions identify forward-looking statements, which generally are not historical in nature. All statements that address operating performance and events or developments that we expect or anticipate will occur in the future, including statements related to our strategy, our future operating results, improvements in our information technology and data security infrastructure, the expected financial and operational benefits, synergies and growth from our acquisitions, the expected benefits of our use of artificial intelligence, the pricing strategies, benefits and value proposition of product offerings of Equifax and its competitors, changes in the U.S. mortgage market environment (as well as changes more generally in U.S. and worldwide economic conditions), such as changes in interest rates and inflation levels, and similar statements about our financial outlook and business plans, are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections, including without limitation our expectations regarding the Company’s outlook, long-term organic and inorganic growth, and customer acceptance of our business solutions referenced below under “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Business Overview.” These risks and uncertainties include, but are not limited to, those described in Part II, “Item 1A. Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2025, and those described from time to time in our future reports filed with the United States Securities and Exchange Commission (“SEC”). As a result of such risks and uncertainties, we urge you not to place undue reliance on any such forward-looking statements. Forward-looking statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

PART I. FINANCIAL INFORMATION

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

See Notes to Consolidated Financial Statements.

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

See Notes to Consolidated Financial Statements.

EQUIFAX INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

Showing the first 8K of 85K characters. Open the full section

The following Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand the results of operations and financial condition of Equifax Inc. MD&A is provided as a supplement to and should be read in conjunction with our consolidated financial statements and the accompanying Notes to Financial Statements in Item 1 of this Form 10-Q. This section discusses the results of our operations for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. All percentages have been calculated using unrounded amounts for each of the periods presented.

As used herein, the terms Equifax, the Company, we, our and us refer to Equifax Inc., a Georgia corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Equifax Inc.

All references to earnings per share data in MD&A are to diluted earnings per share, or EPS, unless otherwise noted. Diluted EPS is calculated to reflect the potential dilution that would occur if stock options or other contracts to issue common stock were exercised and resulted in additional common shares outstanding.

BUSINESS OVERVIEW

Equifax Inc. is a global data, analytics and technology company. We provide information solutions for businesses, governments and consumers, and we provide human resources business process automation and outsourcing services for employers. We have a large and diversified group of clients, including financial institutions, corporations, government agencies and individuals. 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 justice, healthcare professional licensure and sanctions, demographic and marketing data. We use advanced statistical techniques, artificial intelligence and machine learning, as well as proprietary software tools to analyze available data to create customized insights, decision-making and process automation solutions and processing services for our clients. We are a leading provider of information and solutions used in payroll-related and human resource management business process services in the U.S., as well as e-commerce fraud and charge back protection services in North America. For consumers, we provide products and services to help people understand, manage and protect their personal information and make more informed financial decisions. Additionally, we provide information, technology and services to support debt collections and recovery management. 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 currently operate in four global regions: North America (U.S. and Canada), 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 Uruguay). We maintain support operations in Chile, Costa Rica, India and Ireland. We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore.

Recent Events and Company Outlook

As further described in our 2025 Form 10-K, we operate in the U.S., which represented 77% of our revenue in 2025. Additionally, we operate internationally in 20 countries. Our products and services span a wide variety of vertical markets including financial services, mortgage, talent solutions, federal, state and local governments, automotive, telecommunications, e-commerce and many others.

Demand for our services tends to be correlated to general levels of economic activity and to consumer credit and small business commercial credit decisioning and portfolio review, marketing, identity validation and fraud protection activity, employee hiring and onboarding activity, and activity in provisioning support services in the U.S. by government agencies. Demand is also enhanced by our initiatives to expand our products, capabilities and markets served.

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.

Our current planning for 2026 assumes that U.S. economic activity, as measured by GDP, will grow at a rate consistent with 2025. We expect U.S. mortgage originations activity in 2026 to be slightly below the levels of activity seen in 2025. The U.S. mortgage market, particularly the mortgage refinance portion of the U.S. mortgage market, can be significantly impacted by U.S. interest rates which impact mortgage rates available to consumers. In the international markets in which we operate, our planning also assumes that economic activity, as measured by GDP, will generally grow in 2026 at rates below those experienced in 2025. 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 our 2025 Form 10-K.

Segment and Geographic Information

Segments. The Workforce Solutions segment consists of the Verification Services and Employer Services business lines. Verification Services revenue is transaction and subscription based and is derived primarily from verifications of employment and income data, as well as criminal justice data and educational background data. Employer Services revenue is derived from our provision of certain human resources business process outsourcing services that include both transaction and subscription based product offerings. These services include unemployment claims management, I-9 and onboarding services, Affordable Care Act ("ACA") compliance management, tax credits and incentives and other complementary employment-based transaction services.

The USIS segment consists of two service lines: Online Information Solutions and Financial Marketing Services. Online Information 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 analytical and decisioning software and services which facilitate and automate a variety of consumer and commercial credit-oriented decisions. Online Information Solutions also includes our U.S. consumer credit monitoring solutions business. Financial Marketing Services revenue is principally project and subscription based and is derived from our sales of batch credit and consumer wealth information such as those that assist clients in acquiring new customers, cross-selling to existing customers and managing portfolio risk.

The International segment consists of Latin America, Europe, Asia Pacific and Canada. Canada’s services are similar to our USIS offerings. Asia Pacific, Europe and Latin America are made up of varying mixes of service lines that are generally consistent with those in our USIS reportable segment. We also provide information and technology services to support lenders and other creditors in the collections and recovery management process.

Geographic Information. We currently have operations in the following countries: Argentina, Australia, Brazil, Canada, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, India, Ireland, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the U.K., Uruguay and the U.S. We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore. Approximately 78% of our revenue was generated in the U.S. during the three months ended March 31, 2026 and 2025.

Seasonality. We experience seasonality in certain of our revenue streams. Revenue generated by the online consumer information services component of our USIS operating segment is typically the lowest during the first quarter, when consumer lending activity is at a seasonal low. Revenue generated from the Employer Services business unit within the Workforce Solutions operating segment is generally higher in the first quarter due primarily to the provision of 1095-C services that occur in the first quarter each year. Revenue generated from our financial wealth asset products and data management services in our Financial Marketing Services business is generally higher in the fourth quarter each year due to the significant portion of our annual renewals and deliveries which occur then. Mortgage related revenue is generally higher in the second and third quarters of the year due to the increase in consumer home purchasing during the summer in the U.S. Any change in the U.S. mortgage market has a corresponding impact on revenue and operating profit for our business within the Workforce Solutions and USIS operating segments.

Key Performance Indicators. Management focuses on a variety of key indicators to monitor operating and financial performance. These performance indicators include measurements of operating revenue, change in operating revenue, operating income, operating margin, net income, diluted earnings per share, cash provided by operating activities and capital expenditures. The key performance indicators for the three months ended March 31, 2026 and 2025 were as follows:

*Amounts include accruals for capital expenditures.

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 1.3 million shares of our common stock on the open market for $260.0 million, excluding brokerage commissions and excise taxes of $2.1 million, during the three months ended March 31, 2026. We did not repurchase any shares from public market transactions during the first three months of 2025.

• On February 25, 2026, the Board of Directors approved an increase in our quarterly cash dividend to $0.56 per share beginning in the first quarter of 2026. We paid out $67.1 million, or $0.56 per share, in dividends to our shareholders during the first three months of 2026.

RESULTS OF OPERATIONS—THREE MONTHS ENDED MARCH 31, 2026 AND 2025

Consolidated Financial Results

Operating Revenue

Revenue increased by $206.9 million, or 14%, for the first quarter of 2026 compared to the same period in 2025. Total revenue was positively impacted by foreign exchange rates, which increased revenue by $22.3 million, or 1%, for the first quarter of 2026 compared to the same period in 2025.

Revenue in the first quarter of 2026 increased due to revenue growth in USIS, Workforce Solutions and International. USIS revenue growth is primarily due to growth in mortgage and diversified markets revenue in Online Information Solutions. Workforce Solutions revenue growth is primarily due to growth in Verification Services, partially offset by declines in Employer Services. International revenue growth is driven by growth in all four regions in which we operate.

Operating Expenses

Cost of services increased $110.4 million in the first quarter of 2026 compared to the same period in 2025. The increase is primarily due to higher royalty costs in USIS. The impact of changes in foreign exchange rates on costs of services led to an increase of $11.6 million in the first quarter of 2026 compared to the same period in 2025.

Selling, general and administrative expenses increased $36.1 million for the first quarter of 2026 compared to the same period in 2025, primarily due to increases in people costs and discretionary expenses. The impact of changes in foreign currency exchange rates led to an increase in selling, general and administrative expenses of $6.0 million for the first quarter of 2026 compared to the same period in 2025.

Depreciation and amortization expense increased $8.5 million for the first quarter of 2026 compared to the same period in 2025. The increase is primarily due to increased amortization of capitalized internal-use software costs resulting from technology transformation capital spending incurred previously. The impact of changes in foreign currency exchange rates led to an increase in depreciation and amortization expense of $4.2 million for the first quarter of 2026 compared to the same period in 2025.

Operating Income and Operating Margin

Total company operating margin increased by 1.1 percentage point in the first quarter of 2026 compared to the same period in 2025 due to the aforementioned increase in revenue, partially offset by an increase in royalty costs.

Interest Expense and Other Income, net

Interest expense increased by $2.8 million in the first quarter of 2026 compared to the same period in 2025. The increase for the first quarter of 2026 is due to higher weighted average debt balances when compared to the first quarter of 2025.

Other income, net, increased $1.3 million in the first quarter of 2026 compared to the same period in 2025. The increase for the first quarter of 2026 is primarily due to higher gains on foreign currency transactions and higher equity investment income as compared to the first quarter of 2025.

Income Taxes

Our effective income tax rate was 26.5% for the three months ended March 31, 2026 compared to 27.8% for the three months ended March 31, 2025. Our effective tax rate was lower for the three months ended March 31, 2026 as compared to the same period in 2025 due to more favorable discrete tax benefits, none of which were individually material.

Net Income

Consolidated net income increased by $39.5 million for the first quarter of 2026 compared to the same period in 2025. The increase for the first quarter of 2026 is primarily due to increased operating income, partially offset by higher income tax expense.

Segment Financial Results

Workforce Solutions

Workforce Solutions revenue increased by 10% in the first quarter of 2026 compared to the same period in 2025. The increase is 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 by 14% for the first quarter of 2026 compared to the same period in 2025. The increase in revenue is primarily due to growth in the government, mortgage and talent solutions verticals.

Employer Services. Revenue decreased by 4% in the first quarter of 2026 compared to the same period in 2025. The decrease for the first quarter of 2026 is primarily due to lower revenue from our ACA related services, partially offset by higher I-9 and onboarding services.

Workforce Solutions Operating Margin. Operating margin increased to 45.3% for the first quarter of 2026 from 42.7% for the first quarter of 2025. The increased margin is due to the aforementioned increase in revenue.

USIS

U.S. Information Solutions revenue increased by 21% for the first quarter of 2026 compared to the same period in 2025. The increase is due to growth in Online Information Solutions which is due to growth in mortgage revenue primarily due to product pricing and higher volumes, as well as growth in diversified markets revenue.

Online Information Solutions. Revenue increased by 24% for the first quarter of 2026 compared to the same period in 2025. The increase is driven by growth in mortgage related services, primarily due to product pricing and higher volumes, as well as growth in consumer solutions revenue and diversified markets online services.

Financial Marketing Services. Revenue was flat for the first quarter of 2026 compared to the same period in 2025.

USIS Operating Margin. USIS operating margin decreased to 20.2% for the first quarter of 2026 from 21.1% for the first quarter of 2025. The margin decrease is primarily due to an increase in mortgage related royalty costs, partially offset by the aforementioned increase in revenue.

International

International revenue increased by 11% in the first quarter of 2026 compared to the same period in 2025. On a local currency basis, revenue increased by 4% in the first quarter of 2026, driven by local currency growth in Asia Pacific, Canada, Latin America and Europe. Local currency fluctuations against the U.S. dollar positively impacted revenue by $22.3 million, or 7%, for the first quarter of 2026.

Latin America. On a local currency basis, revenue increased by 4% for the first quarter of 2026 compared to the same period in 2025. The increase in revenue is primarily due to local currency growth in Paraguay, Chile and Argentina. Local currency fluctuations against the U.S. dollar positively impacted revenue by $4.8 million, or 5%, for the first quarter of 2026. Reported revenue increased by 9% for the first quarter of 2026 compared to the same period in 2025.

Europe. On a local currency basis, revenue increased by 1% for the first quarter of 2026 compared to the same period in 2025. The increase is primarily due to growth in the consumer credit reporting businesses in the U.K. and Spain, partially offset by declines in the debt services and direct to consumer businesses in the U.K. Local currency fluctuations against the U.S. dollar positively impacted revenue by $6.6 million, or 8%, for the first quarter of 2026. Reported revenue increased 9% for the first quarter of 2026 compared to the same period in 2025.

Asia Pacif****ic. On a local currency basis, revenue increased by 6% for the first quarter of 2026 compared to the same period in 2025. The increase is primarily driven by growth in the commercial and identity and fraud businesses in Australia. Local currency fluctuations against the U.S. dollar positively impacted revenue by $7.9 million, or 10%, for the first quarter of 2026. Reported revenue increased by 16% for the first quarter of 2026 compared to the same period in 2025.

Canada. On a local currency basis, revenue increased by 8% for the first quarter of 2026 compared to the same period in 2025. The increase is primarily driven by growth in the direct to consumer and consumer credit reporting businesses. Local currency fluctuations against the U.S. dollar positively impacted revenue by $3.0 million, or 4%, for the first quarter of 2026. Reported revenue increased by 12% for the first quarter of 2026 compared to the same period in 2025.

International Operating Margin. Operating margin increased to 9.5% for the first quarter of 2026 from 7.8% for the first quarter of 2025. The increase in margin for the first quarter of 2026 is primarily due to the aforementioned increase in revenue.

General Corporate Expense

Our general corporate expenses are unallocated costs that are incurred at the corporate level and include those expenses impacted by the overall management and strategic choices of the company, including shared services overhead, technology, security, data and analytics, administrative, legal, restructuring, and the portion of management incentive compensation determined by total company-wide performance.

General corporate expense increased by $18.7 million for the first quarter of 2026 compared to the same period in 2025. The increase is primarily due to higher people costs, which was primarily due to higher incentive plan costs, and higher professional fees.

LIQUIDITY AND FINANCIAL CONDITION

Management assesses liquidity in terms of our ability to generate cash to fund operating, investing and financing activities. We continue to generate substantial cash from operating activities, remain in a strong financial position and manage our capital structure to meet short- and long-term objectives including reinvestment in existing businesses and completing strategic acquisitions.

Funds generated by operating activities, our $1.5 billion five year unsecured revolving credit facility ("Revolver") and related commercial paper ("CP") program, more fully described below, are our most significant sources of liquidity. At March 31, 2026, we had $183.4 million in cash and cash equivalents, as well as $0.5 billion available to borrow under our Revolver.

Sources and Uses of Cash

We believe that our existing cash balance, liquidity available from our CP and Revolver, cash generated from ongoing operations and continued access to public or private debt markets will be sufficient to satisfy cash requirements over the next 12 months and beyond. While there was no significant change in our cash requirements as of March 31, 2026 compared to December 31, 2025, we have utilized existing CP capacity, together with cash from operating activities, to meet our current obligations.

Fund Transfer Limitations. The ability of certain of our subsidiaries and associated companies to transfer funds to the U.S. may be limited, in some cases, by certain restrictions imposed by foreign governments. These restrictions do not, individually or in the aggregate, materially limit our ability to service our indebtedness, meet our current obligations or pay dividends. As of March 31, 2026, we held $158.1 million of cash in our foreign subsidiaries.

Information about our cash flows, by category, is presented in the Consolidated Statements of Cash Flows. The following table summarizes our cash flows for the three months ended March 31, 2026 and 2025:

Operating Activities

Cash provided by operating activities in the three months ended March 31, 2026 increased by $18.0 million compared to the prior year period primarily due to increased net income, partially offset by changes in our working capital position.

Investing Activities

Capital Expenditures

*Amounts above are total cash outflows for capital expenditures.

Our capital expenditures are used for developing, enhancing and deploying new and existing software in support of our expanding product set, replacing or adding equipment, updating systems for regulatory compliance, the licensing of certain software applications, investing in system reliability, security and disaster recovery enhancements, and updating or expanding our office facilities.

Capital expenditures paid in the first three months of 2026 increased by $13.2 million from the same period in 2025 primarily due to higher capitalized software costs and spending on technology infrastructure as compared to the first quarter of 2025.

Financing Activities

Borrowings and Credit Facility Availability

Credit Facility Availability

We have access to a $1.5 billion five year unsecured revolving credit facility (the Revolver), which matures in August 2028. Borrowings under the Revolver may be used for working capital, for capital expenditures, to refinance existing debt, to finance acquisitions and for other general corporate purposes. The Revolver includes an option to request a maximum of three one-year extensions of the maturity date any time after the first anniversary of the closing date of the Revolver. In May 2025, we exercised our second option to extend the maturity date by one year, from August 2027 to August 2028, and thus have one extension option remaining. Availability of the Revolver is reduced by the outstanding principal balance of our CP notes and by any letters of credit issued under the Revolver.

Our $1.5 billion CP program has been established to allow for borrowing through the private placement of CP notes with maturities ranging from overnight to 397 days. We may use the proceeds of CP notes for general corporate purposes. The CP program is supported by our Revolver and the total amount of CP notes that may be issued is reduced by the amount of any outstanding borrowings under our Revolver and by any letters of credit issued under the facility.

As of March 31, 2026, there were $1.3 million of letters of credit outstanding, no outstanding borrowings under the Revolver and $958.5 million of outstanding CP notes. Availability under the Revolver was $0.5 billion at March 31, 2026.

At March 31, 2026, approximately 82% of our debt was fixed-rate debt and 18% was variable-rate debt. Our variable-rate debt consists of outstanding amounts under our CP program. The interest rates reset periodically, depending on the terms of the respective financing agreements. At March 31, 2026, the interest rate on our variable-rate debt ranged from 3.87% to 4.18%.

Borrowing and Repayment Activity

We primarily borrow under our CP program and Revolver as needed and as availability allows.

Net short-term payments primarily represent net borrowings or repayments of outstanding amounts under our CP program.

There were no borrowings on long-term debt for the first three months of 2026 or 2025. There were $1.4 million of payments on long-term debt for the first three months of 2026 and there were no payments on long-term debt for the first three months of 2025.

Debt Covenants. A downgrade in our credit ratings would increase the cost of borrowings under our CP program and our Revolver, and could limit or, in the case of a significant downgrade, preclude our ability to issue CP. Our outstanding indentures and comparable instruments also contain customary covenants including, for example, limits on mortgages, liens, sale/leaseback transactions, mergers and sales of assets.

The Revolver requires a maximum leverage ratio, defined as consolidated funded debt divided by consolidated EBITDA, of 3.75 to 1.0. We may also elect to increase the maximum leverage ratio by 0.5 to 1.0 (subject to a maximum leverage ratio of 4.25 to 1.0) in connection with certain material acquisitions if we satisfy certain requirements. The Revolver also permits cash in excess of $175 million to be netted against debt in the calculation of the leverage ratio, subject to certain restrictions.

As of March 31, 2026, we were in compliance with all of our debt covenants.

We do not have any credit rating triggers that would accelerate the maturity of a material amount of the outstanding debt; however, our 3.25% senior notes due 2026, 5.1% senior notes due 2027, 5.1% senior notes due 2028, 4.8% senior notes due 2029, 3.1% senior notes due 2030, 2.35% senior notes due 2031 and 7.0% senior notes due 2037 (collectively, the “Senior Notes”) contain change in control provisions. If the Company experiences a change of control or publicly announces an intention to effect a change of control and the rating on the Senior Notes is lowered by Standard & Poor’s (“S&P”) and Moody’s Investors Service (“Moody’s”) below an investment grade rating within 60 days of such change of control or notice thereof, then the Company will be required to offer to repurchase the Senior Notes at a price equal to 101% of the aggregate principal amount of the Senior Notes plus accrued and unpaid interest.

For additional information about our debt, including the terms of our financing arrangements, basis for variable interest rates and debt covenants, see Note 5 of the Notes to Consolidated Financial Statements in our 2025 Form 10-K.

Equity Transactions

Sources and uses of cash related to equity during the three months ended March 31, 2026 and 2025 were as follows:

- 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. During the first three months of 2026, we repurchased 1,344,615 shares of our common stock on the open market. As of March 31, 2026, approximately $1.8 billion was available for future purchases of common stock under our share repurchase authorization. During the first three months of 2025, we did not repurchase any shares of our common stock on the open market.

- On February 25, 2026, the Board of Directors approved an increase in our quarterly cash dividend to $0.56 per share beginning in the first quarter of 2026. We paid cash dividends to Equifax shareholders of $67.1 million, or $0.56 per share, during the three months ended March 31, 2026. We paid cash dividends to Equifax shareholders of $48.5 million, or $0.39 per share, during the three months ended March 31, 2025.

- We received cash of $10.4 million and $12.3 million during the first three months of 2026 and 2025, respectively, from the exercise of stock options and the employee stock purchase plan.

- We paid taxes of $14.5 million and $11.5 million related to the settlement of equity awards during the first three months of 2026 and 2025, respectively.

Contractual Obligations, Commercial Commitments and Other Contingencies

Our contractual obligations and commercial commitments have not changed materially from those reported in our 2025 Form 10-K. For additional information about certain obligations and contingencies, see Note 6 of the Notes to Consolidated Financial Statements in this Form 10-Q.

Off-Balance Sheet Arrangements

There have been no material changes with respect to our off-balance sheet arrangements from those presented in our 2025 Form 10-K.

Benefit Plans

At December 31, 2025, our U.S. Retirement Income Plan met or exceeded ERISA’s minimum funding requirements. In the future, we expect to make minimum funding contributions as required and may make discretionary contributions, depending on certain circumstances, including market conditions and our liquidity needs. We believe additional funding contributions, if any, would not prevent us from continuing to meet our liquidity needs, which are primarily funded from cash flows generated by operating activities, available cash and cash equivalents, our CP program and our Revolver.

For our non-U.S. tax-qualified retirement plans, we fund an amount sufficient to meet minimum funding requirements but no more than allowed as a tax deduction pursuant to applicable tax regulations. For our non-qualified supplementary retirement plans, we fund the benefits as they are paid to retired participants, but accrue the associated expense and liabilities in accordance with U.S. GAAP.

For additional information about our benefit plans, see Note 9 of the Notes to Consolidated Financial Statements in our 2025 Form 10-K.

Foreign Currency

Argentina experienced multiple periods of increasing inflation rates, devaluation of the peso, and increasing borrowing rates. As such, Argentina was deemed a highly inflationary economy by accounting policymakers. Beginning in the third quarter of 2018, we have accounted for Argentina as a highly inflationary economy which resulted in the recognition of a foreign currency gain of $0.2 million and a foreign currency loss of $0.5 million that were recorded in Other income, net in our Consolidated Statements of Income during the three months ended March 31, 2026 and March 31, 2025, respectively.

RECENT ACCOUNTING PRONOUNCEMENTS

For information about new accounting pronouncements and the potential impact on our Consolidated Financial Statements, see Note 1 of the Notes to Consolidated Financial Statements in this Form 10-Q and Note 1 of the Notes to Consolidated Financial Statements in our 2025 Form 10-K.

APPLICATION OF CRITICAL ACCOUNTING POLICIES

The Company’s Consolidated Financial Statements are prepared in conformity with U.S. GAAP. This requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures of contingent assets and liabilities in our Consolidated Financial Statements and the Notes to Consolidated Financial Statements. We believe the most complex and sensitive judgments, because of their significance to the Consolidated Financial Statements, result primarily from the need to make estimates and assumptions about the effects of matters that are inherently uncertain. The “Application of Critical Accounting Policies and Estimates” section in the MD&A, and Note 1 of the Notes to Consolidated Financial Statements, in our 2025 Form 10-K describe the significant accounting estimates and policies used in the preparation of our Consolidated Financial Statements. Although we believe that our estimates, assumptions and judgments are reasonable, they are based upon information available at the time. Actual results may differ significantly from these estimates under different assumptions, judgments or conditions.

For information regarding our exposure to certain market risks, see “Quantitative and Qualitative Disclosures about Market Risk,” in Part II, Item 7A of our 2025 Form 10-K. There were no material changes to our market risk exposure during the three months ended March 31, 2026.

As of the end of the period covered by this report, an evaluation was carried out by the Company’s management, with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective as of the end of the period covered by this report. In addition, no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) occurred during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

FCRA Litigation

On August 3, 2022, a lawsuit was filed against us in the U.S. District Court for the Northern District of Georgia alleging violations of certain sections of the FCRA in connection with a previously-disclosed coding issue which impacted how some credit scores were calculated during a three-week period. The complaint seeks certification of a class of consumers whose scores were impacted and unspecified monetary damages, costs and attorneys’ fees. We dispute the allegations in the complaint and intend to defend against the claims.

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.

CFPB Matters

In July 2023, we received a Civil Investigative Demand (a “CID”) from the Consumer Financial Protection Bureau (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 Fair Credit Reporting Act's requirements. We received a second CID from the CFPB in March 2024 and a third CID in August 2024 as part of the same investigation. The CIDs request the production of documents and answers to written questions. We are cooperating with the CFPB in its investigation and providing responses and information on an ongoing basis. At this time, we are unable to predict the outcome of the CFPB's investigation, including whether the investigation will result in any actions or proceedings against us.

Other

Equifax has been named as a defendant in various other legal actions, including administrative claims, regulatory matters, government investigations, class actions and other litigation arising in connection with our business. Some of the legal actions include claims for substantial compensatory or punitive damages or claims for indeterminate amounts of damages. We believe we have defenses to and, where appropriate, will contest many of these matters. Given the number of these matters, some are likely to result in adverse judgments, penalties, injunctions, fines or other relief. We may explore potential settlements before a case is taken through trial because of the uncertainty and risks inherent in the litigation process.

For information regarding our accounting for legal contingencies, see Note 6 of the Notes to Consolidated Financial Statements in this Form 10-Q.

There have been no material changes with respect to the risk factors disclosed in our 2025 Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table contains information with respect to purchases made by or on behalf of Equifax or any “affiliated purchaser” (as defined in Rule 10b-18(a) (3) under the Securities Exchange Act of 1934), of our common stock during the quarter ended March 31, 2026:

(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"). The total number of shares purchased includes, if applicable: (a) shares purchased pursuant to our publicly-announced share repurchase program. The total number of shares purchased for the quarter includes, if applicable: (a) shares purchased pursuant to our publicly-announced share repurchase program (144,311 shares for the month of January 2026, 536,356 shares for the month of February 2026, and 663,948 shares for the month of March 2026); 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 stock (515 shares for the month of January 2026, 71,689 shares for the month of February 2026, and 9 shares for the month of March 2026).

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

(3)We purchased $260.0 million of shares of common stock during the three months ended March 31, 2026. At March 31, 2026, approximately $1.8 billion was available for future purchases of common stock under the Repurchase Program. The program does not have a stated expiration date.

Dividend and Share Repurchase Restrictions

Our Revolver restricts our ability to pay cash dividends on our capital stock or repurchase capital stock if a default or event of default exists or would result if these payments were to occur, according to the terms of the applicable credit agreements.

Rule 10b5-1 Trading Plans of Directors and Executive Officers

During the quarter ended March 31, 2026, none of our directors or executive officers adopted or 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).

• Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.