Equifax

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

Annual report 2025A · The company itself

“We generally sell our products and services in industries that are characterized by rapid technological changes, including the introduction of new innovative technologies and analytical capabilities, frequent new product and service introductions and changing industry standards. In addition, certain of the markets in which we operate are seasonal and cyclical. Without the timely introduction of new 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.”

Annual report 2025A · The company itself

“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 17 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.”

Annual report 2025A · The company itself

“In particular, our use of artificial intelligence in credit decisioning could lead to enhanced scrutiny.”

Annual report 2025A · The company itself

“The demand for some of our products and services may be negatively impacted to the extent the availability of free or less expensive consumer information increases. Public or commercial sources of free or relatively inexpensive consumer credit, credit score and other information have become increasingly available, including sources that utilize artificial intelligence or machine learning, and this trend is expected to continue.”

Annual report 2025A · The company itself

“Our future success depends partly on the continued service of our key development, sales, marketing, executive and administrative personnel. Increased retention risk exists in certain key areas of our operations, such as data and analytics, artificial intelligence, IT and data security, which require specialized skills, including cloud security, application development and maintenance and artificial intelligence expertise and analytical modeling.”

Annual report 2025A · The company itself

“We are in the final stages of migrating the vast majority of our applications and systems infrastructure from legacy on-premises systems to cloud-based solutions hosted by third parties. We expect that our cloud technology transformation will continue to increase our efficiency and productivity, enhance our ability to deliver new and differentiated products, improve the stability and functionality of our products and services, decrease the cost of our overall systems infrastructure, 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.”

Annual report 2025A · The company itself

“We may face risks associated with our use of certain artificial intelligence and machine learning models and systems. We use artificial intelligence and machine learning models in the development of some of our products and artificial intelligence systems to support the deployment of new applications and to improve the efficiency of our business operations.”

Annual report 2025A · The company itself

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

Annual report 2025A · The company itself

“Other Planned Uses of Capital We will continue to invest in sales, marketing, new product development, security and our technology, as well as continue to make strategic acquisitions that align with our business strategy.”

Annual report 2025A · The company itself

“Cybersecurity Risks to our Business As a global data, analytics and technology company, our products and services involve the storage and transmission of personal information of consumers.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“Hiring, on-boarding training, motivating, retaining and managing employees with the skills required is time-consuming and expensive. There is intense competition for certain highly technical specialties in geographic areas where we continue to recruit, and it may become more difficult to retain our key employees.”

Annual report 2025A · The company itself

“Our future success depends partly on the continued service of our key development, sales, marketing, executive and administrative personnel. Increased retention risk exists in certain key areas of our operations, such as data and analytics, artificial intelligence, IT and data security, which require specialized skills, including cloud security, application development and maintenance and artificial intelligence expertise and analytical modeling.”

Annual report 2025A · The company itself

“The increase is primarily due to higher royalty, revenue share and purchased data and information costs, partially offset by a decrease in temporary labor costs.”

Annual report 2025A · The company itself

“Selling, general and administrative expenses increased $163.7 million in 2025 compared to 2024. The increase is primarily due to higher people costs which was primarily due to higher incentive 35 plan costs, as well as higher litigation expense and an accrual for a settlement associated with the resolution of four related class action lawsuits.”

Annual report 2025A · The company itself

“USIS operating margin increased to 22.9% in 2025 compared to 21.4% in 2024 due to the aforementioned increase in revenue, partially offset by an increase in operating expenses primarily due to an increase in mortgage related royalty costs.”

Annual report 2025A · The company itself

“Operating margin was 12.9% in 2025 compared to 13.4% in 2024. The decrease in margin is primarily due to higher people costs and increased amortization of capitalized internal-use software costs resulting from technology transformation capital spending incurred previously, partially offset by the increase in revenue.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“Because our products and services involve the storage and transmission of personal information of consumers, we are routinely the target of attempted cyber and other security threats by outside third parties, including technically sophisticated and well-resourced bad actors attempting to access or steal the data we store.”

Annual report 2025A · The company itself

“We have previously experienced a material cybersecurity incident 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. Any such access, disclosure or other loss of information could subject us to business interruption, significant litigation, regulatory fines or penalties, any of which could have a material adverse effect on our cash flows, competitive position, financial condition or results of operations.”

Annual report 2025A · The company itself

“For example, our reputation with consumers and other stakeholders and our customer relationships were damaged following a prior material cybersecurity incident, resulting in a negative impact on our revenue for a period of time.”

Annual report 2025A · The company itself

“We are required by customers and business partners to obtain various industry or technical certifications. Such certifications are critical to our business because certain of our current and potential customers and the contracts governing certain customer relationships, as well as certain of our data suppliers, require us to maintain them as a requirement of doing business.”

Annual report 2025A · The company itself

“Other Planned Uses of Capital We will continue to invest in sales, marketing, new product development, security and our technology, as well as continue to make strategic acquisitions that align with our business strategy.”

Annual report 2025A · The company itself

“The growth in mortgage related services is primarily due to product pricing, partially offset by lower mortgage credit inquiry volumes in the current year compared to the prior year.”

Annual report 2025A · The company itself

“Increases in U.S. interest rates may also negatively impact the U.S. mortgage market, which may adversely affect the Company’s revenue, financial position and profitability.”

Annual report 2025A · The company itself

“USIS revenue growth is primarily due to growth in mortgage related online services.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“Budget shortfalls or changing priorities may cause legislatures to fail to appropriate sufficient funds to fulfill our government contracts from year to year. The U.S. federal government has taken steps to reduce spending on vendor contracts, which could negatively impact the continuation, renewal or negotiation of our contracts with the federal government.”

Annual report 2025A · The company itself

“Revenue decreased 12% in 2024 compared to 2023, primarily due to lower Employee Retention Credit ("ERC") revenue and declines in I-9 and onboarding services. The ERC revenue decrease was driven by the wind down of this U.S. Federal government program.”

Annual report 2025A · The company itself

“We have a large and diversified group of clients, including financial institutions, corporations, government agencies and individuals.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“Business customers use our data and related analytical services to process applications for new credit cards, automobile loans, home and equity loans and other consumer loans, and to manage their existing credit relationships.”

Annual report 2025A · The company itself

“We have a large and diversified group of clients, including financial institutions, corporations, government agencies and individuals.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“We rely on the efficient and uninterrupted operation of complex information technology systems and networks, some of which are managed internally within the Company and some of which are outsourced to third parties. As part of our technology transformation, we upgraded a significant portion of the information technology systems used to operate our business and replaced them with cloud-based solutions. Our information technology applications and systems consist primarily of outsourced, cloud-based infrastructure, platforms and software-as-a-service solutions not under our direct management or control.”

Annual report 2025A · The company itself

“Further, the transition of our applications and systems infrastructure to cloud-based technologies may expose us to additional cyber threats, as most of our data has migrated from legacy Equifax systems to cloud-based solutions hosted by third parties.”

Annual report 2025A · The company itself

“We are in the final stages of migrating the vast majority of our applications and systems infrastructure from legacy on-premises systems to cloud-based solutions hosted by third parties. We expect that our cloud technology transformation will continue to increase our efficiency and productivity, enhance our ability to deliver new and differentiated products, improve the stability and functionality of our products and services, decrease the cost of our overall systems infrastructure, 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.”

Annual report 2025A · The company itself

“In recent years, there also has been an increase in companies offering free or low-cost direct-to-consumer credit services (such as credit scores, reports and monitoring) as part of alternative business models that use such services as a means to introduce consumers to other products and services.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“For consumers, we provide products and services to help people understand, manage and protect their personal information and make more informed financial decisions.”

Annual report 2025A · The company itself

“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. Our customers, and therefore our business and revenues, are sensitive to negative changes in general economic conditions, including the demand and availability of affordable credit and capital, the level and volatility of interest rates, the level of inflation, employment levels, consumer confidence, and housing demand, both inside and outside the United States.”

Annual report 2025A · The company itself

“Demand for our services tends to be correlated to general levels of economic activity and to consumer credit activity, which can be impacted by changes in interest rates and the level of inflation.”

Annual report 2025A · The company itself

“High or rising rates of unemployment and interest, declines in income, home prices or investment values, lower consumer 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.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“A downgrade in our credit ratings would increase the cost of borrowings under our commercial paper program and $1.5 billion revolving credit facility, and could limit or, in the case of a significant downgrade, preclude our ability to issue commercial paper. If our credit ratings were to decline to lower levels, we could experience increases in the interest cost for any new debt.”

Annual report 2025A · The company itself

“The performance of the financial markets and interest rates impact our plan expenses, expected returns, and funding obligations.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“We expect U.S. mortgage credit 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 32 impacted by U.S. interest rates which impact mortgage rates available to consumers.”

Annual report 2025A · The company itself

“Increases in U.S. interest rates may also negatively impact the U.S. mortgage market, which may adversely affect the Company’s revenue, financial position and profitability.”

Annual report 2025A · The company itself

“Interest Rate Risk Our exposure to market risk for changes in interest rates relates to our variable-rate commercial paper and Revolver borrowings. We attempt to achieve the lowest all-in weighted-average cost of debt while simultaneously taking into account the mix of our fixed- and variable-rate debt and the average life and scheduled maturities of our debt.”

Annual report 2025A · The company itself

“The effect of foreign exchange rates decreased revenue by $105.5 million, or 2%, in 2024 compared to 2023.”

Annual report 2025A · The company itself

“Local currency fluctuations against the U.S. dollar negatively impacted revenue by $105.5 million, or 9%.”

Annual report 2025A · The company itself

“Local currency fluctuations against the U.S. dollar negatively impacted revenue by $107.1 million, or 37%, in 2024, primarily from Argentina.”

Annual report 2025A · The company itself

“Local currency revenue increased 5% in 2025 as compared to 2024, primarily driven by growth in the commercial, consumer credit reporting and identity and fraud businesses in Australia, partially offset by a decline in India. Local currency fluctuations against the U.S. dollar negatively impacted revenue by $8.4 million, or 3%.”

Annual report 2025A · The company itself

“Local currency fluctuations against the U.S. dollar negatively impacted revenue by $5.3 million, or 2%, in 2025.”

Annual report 2025A · The company itself

“Foreign Currency Exchange Rate Risk A substantial majority of our revenue, expense and capital expenditure activities are transacted in U.S. dollars. However, we do transact business in other currencies, primarily the Australian dollar, the Canadian dollar, the British pound, the Brazilian real, the Chilean peso, the Argentine peso and the Euro. For most of these foreign currencies, we are a net recipient, and, therefore, benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar relative to the foreign currencies in which we transact significant amounts of business.”

Annual report 2025A · The company itself

“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. Our customers, and therefore our business and revenues, are sensitive to negative changes in general economic conditions, including the demand and availability of affordable credit and capital, the level and volatility of interest rates, the level of inflation, employment levels, consumer confidence, and housing demand, both inside and outside the United States.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“To the extent inflation results in rising U.S. interest rates and has other adverse effects upon the U.S. securities markets and upon the value of financial instruments, it may adversely affect the Company’s financial position and profitability. Increases in U.S. interest rates may also negatively impact the U.S. mortgage market, which may adversely affect the Company’s revenue, financial position and profitability.”

Annual report 2025A · The company itself

“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. Our customers, and therefore our business and revenues, are sensitive to negative changes in general economic conditions, including the demand and availability of affordable credit and capital, the level and volatility of interest rates, the level of inflation, employment levels, consumer confidence, and housing demand, both inside and outside the United States.”

Annual report 2025A · The company itself

“Demand for our services tends to be correlated to general levels of economic activity and to consumer credit activity, which can be impacted by changes in interest rates and the level of inflation.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“High or rising rates of unemployment and interest, declines in income, home prices or investment values, lower consumer 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.”

Annual report 2025A · The company itself

“Conversely, certain of our businesses, such as our unemployment claims management business within the Workforce Solutions segment, are countercyclical and may experience negative impacts on revenue and operating profit during periods of improving economic conditions or lower unemployment.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“We are regularly involved in claims, suits, government investigations, enforcement actions and regulatory proceedings arising from the ordinary course of our business, including actions with respect to consumer protection and data protection, including purported class action lawsuits.”

Annual report 2025A · The company itself

“If we experience additional significant compromises of our security measures, including from incidents that we fail to detect for a period of time, sensitive data may be accessed, stolen, disclosed, altered or lost. Any such access, disclosure, alteration or other loss of information could subject us to significant litigation, regulatory fines or penalties, any of which could have a material adverse effect on our cash flows, competitive position, financial condition or results of operations.”

Annual report 2025A · The company itself

“High or rising rates of unemployment and interest, declines in income, home prices or investment values, lower consumer 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.”

Annual report 2025A · The company itself

“We generally sell our products and services in industries that are characterized by rapid technological changes, including the introduction of new innovative technologies and analytical capabilities, frequent new product and service introductions and changing industry standards. In addition, certain of the markets in which we operate are seasonal and cyclical. Without the timely introduction of new 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.”

Annual report 2025A · The company itself

“The CFPB, which was established under the Dodd-Frank Act and commenced operations in July 2011, has broad authority over our business. This includes authority to issue regulations under federal consumer financial protection laws, such as under the FCRA and other laws applicable to us and our financial customers.”

Annual report 2025A · The company itself

“In particular, we expect U.S. mortgage credit activity in 2026 to be below the levels of activity seen in 2025. Any weakening in the U.S. mortgage market resulting in a significant reduction in mortgage originations could have a corresponding negative impact on revenue and operating profit for our business, primarily within the Workforce Solutions and USIS operating segments.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“Our customer base generally suffers when financial markets experience volatility, illiquidity and disruption, and the potential for disruptions going forward presents considerable risks to our business and revenue.”

Annual report 2025A · The company itself

“The performance of the financial markets and interest rates impact our plan expenses, expected returns, and funding obligations.”

Annual report 2025A · The company itself

“For example, we have announced our commitments to reduce our greenhouse gas emissions, the achievement of which relies, in large part, on the accuracy of our estimates and assumptions around the availability and cost of renewable energy sources and technologies, the availability of suppliers that can meet our sustainability and other standards, and other factors. We could fail to achieve, or be perceived to fail to achieve, our greenhouse gas reduction commitments or other responsible business initiatives, goals and commitments.”

Annual report 2025A · The company itself

“For example, in Europe, the GDPR, which includes extensive regulations for certain security incidents, could result in fines of up to 4% of annual worldwide “turnover” (a measure similar to revenues in the U.S.).”

Annual report 2025A · The company itself

“Our use of artificial intelligence could lead to new or enhanced governmental or regulatory scrutiny, litigation or other legal liability, concerns about ethical 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.”

Annual report 2025A · The company itself

“For example, we have announced our commitments to reduce our greenhouse gas emissions, the achievement of which relies, in large part, on the accuracy of our estimates and assumptions around the availability and cost of renewable energy sources and technologies, the availability of suppliers that can meet our sustainability and other standards, and other factors. We could fail to achieve, or be perceived to fail to achieve, our greenhouse gas reduction commitments or other responsible business initiatives, goals and commitments.”

Annual report 2025A · The company itself

“More recently, an “anti-ESG” sentiment has developed in the U.S. among certain activists, institutions and governments, and we may face scrutiny, reputational risk, lawsuits or market access restrictions from these parties regarding our responsible business priorities, initiatives, goals and commitments.”

Annual report 2025A · The company itself

“As a result, our business is subject to various risks associated with doing business internationally and these risks may differ in each jurisdiction where we operate. In addition, many of our employees, suppliers, job functions and facilities are located outside the U.S.”

Annual report 2025A · The company itself

“Dependence on outsourced information technology and other administrative functions may impair our ability to operate effectively. We have outsourced various components of our application development, information technology, operational support and administrative functions and will continue to evaluate additional outsourcing.”

Annual report 2025A · The company itself

“We face various risks related to health epidemics, pandemics and similar outbreaks. Pandemics and the mitigation efforts by governments to attempt to control its spread may adversely impact the global economy and lead to reduced consumer spending and lending activities.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“Recent Events and Company Outlook As further described above, we operate in the U.S., which represented 77% of our revenue in 2025, and internationally in 20 countries.”

Annual report 2025A · The company itself

“International revenue growth is driven by growth in Latin America from the Boa Vista Serviços S.A. ("BVS") acquisition, completed in the third quarter of 2023, as well as local currency growth in Latin America, Europe and Canada.”

Annual report 2025A · The company itself

“Local currency revenue increased 10% in 2025 as compared to 2024. The increase is primarily due to local currency growth in Argentina, Brazil and Paraguay.”

Annual report 2025A · The company itself

“Recent Events and Company Outlook As further described above, we operate in the U.S., which represented 77% of our revenue in 2025, and internationally in 20 countries.”

Annual report 2025A · The company itself

“Local currency revenue increased 5% in 2025 as compared to 2024, primarily driven by growth in the commercial, consumer credit reporting and identity and fraud businesses in Australia, partially offset by a decline in India.”

Annual report 2025A · The company itself

“Recent Events and Company Outlook As further described above, we operate in the U.S., which represented 77% of our revenue in 2025, and internationally in 20 countries.”

Annual report 2025A · The company itself

“Local currency revenue increased 4% in 2025 as compared to 2024, primarily due to growth in the consumer credit reporting businesses in the U.K and Spain, partially offset by declines in the direct to consumer business in the U.K.”

Annual report 2025A · The company itself

“The increase is primarily due to higher royalty, revenue share and purchased data and information costs, partially offset by a decrease in temporary labor costs.”

Annual report 2025A · The company itself

“The increase is primarily due to higher royalty and revenue share costs, costs of purchased data and information, and costs from BVS, which was acquired in the third quarter of 2023.”

Annual report 2025A · The company itself

“Recent Events and Company Outlook As further described above, we operate in the U.S., which represented 77% of our revenue in 2025, and internationally in 20 countries.”

Annual report 2025A · The company itself

“Revenue for 2024 increased 8% compared to 2023 due to revenue growth in USIS, International and Workforce Solutions.”

Annual report 2025A · The company itself

“Local currency revenue increased 4% in 2025 as compared to 2024. Revenue growth in 2025 was driven by growth in the direct to consumer, consumer credit reporting and commercial businesses.”

Annual report 2025A · The company itself