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Sentiment · FY2026 Q2
Equifax delivered exceptional 14% revenue growth and 34% EPS growth in Q1 2026, with a record vitality index of 17% and over 240 lenders testing VantageScore. EBITDA margins expanded meaningfully ex-FICO pricing, and the business showed broad-based strength. Despite the strong Q1, management maintained FY2026 guidance with only a mechanical FX adjustment of approximately $25M in revenue and $0.04 in EPS.
Credit | Cloud & AI | Innovation & R&D | Competitive Dynamics | Guidance Reliability | Demand | Revenue Growth | Regulation Policy | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 17 | 14 | 11 | 2 | 5 | 7 | 7 | 2 |
| 2025Q1 | 16 | 11 | 9 | 1 | 12 | 4 | 5 | 2 |
| 2025Q2 | 9 | 15 | 8 | 6 | 5 | 13 | 2 | 5 |
| 2025Q3 | 16 | 17 | 8 | 14 | 7 | 2 | 2 | 4 |
| 2025Q4 | 12 | 14 | 1 | 14 | 7 | 5 | 1 | 3 |
| 2026Q1 | 19 | 17 | 11 | 9 | 4 | 3 | 5 | 4 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Credit | 17 | 16 | 9 | 16 | 12 | 19 |
| Cloud & AI | 14 | 11 | 15 | 17 | 14 | 17 |
| Innovation & R&D | 11 | 9 | 8 | 8 | 1 | 11 |
| Competitive Dynamics | 2 | 1 | 6 | 14 | 14 | 9 |
| Guidance Reliability | 5 | 12 | 5 | 7 | 7 | 4 |
| Demand | 7 | 4 | 13 | 2 | 5 | 3 |
| Revenue Growth | 7 | 5 | 2 | 2 | 1 | 5 |
| Regulation Policy | 2 | 2 | 5 | 4 | 3 | 4 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.42B | +7.0% | $1.39 | +31.1% | 20.3% | 12.3% | $206M |
| FY2025 Q1 | $1.44B | +3.8% | $1.06 | +6.0% | 16.4% | 9.2% | $117M |
| FY2025 Q2 | $1.54B | +7.4% | $1.53 | +16.8% | 20.2% | 12.4% | $239M |
| FY2025 Q3 | $1.54B | +7.2% | $1.29 | +14.2% | 17.1% | 10.4% | $438M |
| FY2025 Q4 | $1.55B | +9.2% | $1.44 | +3.6% | 18.3% | 11.3% | $341M |
| FY2026 Q1 | $1.65B | +14.3% | $1.42 | +34.0% | 17.4% | 10.4% | $122M |
| FY2026 Q2 | $1.70B | +10.6% | $1.54 | +0.7% | 18.5% | 10.8% | $205M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jeff Meuler | Robert W. Baird | 13 (0%) |
| Kelsey Zhu | Autonomous Research | 13 (0%) |
| Scott Wurtzel | Wolfe Research | 12 (0%) |
| Manav Patnaik | Barclays | 12 (0%) |
| Toni Kaplan | Morgan Stanley | 12 (8%) |
| Andrew Steinerman | JPMorgan | 12 (0%) |
| Faiza Alwy | Deutsche Bank | 11 (0%) |
| Jason Haas | Wells Fargo | 11 (9%) |
| Simon Clinch | Redburn Atlantic | 11 (0%) |
| Kevin McVeigh | UBS | 11 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Autonomous Research | 1 | 13 (0%) |
| Robert W. Baird | 1 | 13 (0%) |
| Barclays | 1 | 12 (0%) |
| Morgan Stanley | 1 |
| 12 (8%) |
| JPMorgan | 1 | 12 (0%) |
| Wolfe Research | 1 | 12 (0%) |
| Deutsche Bank | 1 | 11 (0%) |
| Redburn Atlantic | 1 | 11 (0%) |
What EFX and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“First, as announced in February, Equifax is embedding Engine into myequifax.com, delivering personalized financial recommendations to consumers actively checking their credit.”
Equifax is embedding Gen's Engine into myequifax.com to deliver personalized financial recommendations to consumers checking their credit.
“any revenue that would be paid to FICO by Experian and TransUnion”
Equifax referenced fellow credit bureaus Experian and TransUnion when explaining ex-FICO revenue accounting, underscoring the tri-bureau competitive structure.
“any revenue that would be paid to FICO by Experian and TransUnion”
Equifax referenced fellow credit bureaus Experian and TransUnion when explaining ex-FICO revenue accounting, underscoring the tri-bureau competitive structure.
“Google Vertex AI capabilities and proprietary data to deliver higher-performing analytical solutions at an accelerating pace”
Equifax uses Google Vertex AI as part of its cloud/AI stack to build higher-performing analytical solutions, a technology-vendor read-through for Google Cloud.
“If you use that $1 versus the $10 FICO score, that's $1 billion worth of run rate annual cost savings for the industry.”
Equifax cut VantageScore mortgage pricing to $1 versus FICO's $10, positioning ~$1B of industry cost savings to accelerate conversion away from FICO once FHFA activates VantageScore.
“As a reminder, we make no margin on the sale of FICO scores.”
Equifax earns zero margin reselling FICO mortgage scores; a shift to VantageScore would be margin-accretive to Equifax, an adverse read-through for FICO's mortgage-score royalty stream.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
EFX Equifax | 8 | +14.3% | |
| VRSK Verisk | 6 | +3.9% |