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Sentiment · FY2026 Q2
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“In 2025, FICO mortgage represented only about 3% of our total revenue. In 2026, that number will increase to about 6% or double.”
FICO's mortgage-score price increases (to $10/score) doubled its pass-through share of Equifax revenue; the industry's potential shift to cheaper VantageScore is a threat to FICO's mortgage royalties.
“FICO has taken pricing for mortgage credit scores at a CAGR of over 100% per year over the last 4 years, including a 2x increase to $10 per score in 2026 even after losing their 30-year monopoly position with the federally guaranteed mortgages in July.”
Equifax frames FICO's aggressive mortgage-score price hikes and lost 30-year monopoly as the catalyst driving customers toward its lower-priced VantageScore alternative.
“I think, you know, with regards to FICO pricing, you should call FICO, you know, or join their earnings call, which I think is next week.”
Equifax passes through FICO's credit-score pricing in its mortgage credit files; FICO's own pricing decisions, which are opaque to Equifax, have been a meaningful driver of USIS mortgage revenue growth in 2024-2025.
“Was hoping you could talk about VantageScore and what you're expecting in terms of price competition in the mortgage market are you expecting VantageScore to be priced at a level that could lead to share gains versus FICO?”
An analyst asks whether Equifax's VantageScore (co-owned with the other credit bureaus) could gain mortgage-market share from FICO through pricing, given the FHFA's recent move to preserve tri-merge credit reporting.
“We continue to help organizations of all sizes accelerate their transition to the cloud, signing new agreements with companies, including PepsiCo, Airbnb, Peloton, NASDAQ, London Stock Exchange, Nissan Motor, GitLab, SAP, Warner Bros. Discovery, 12 Labs, FICO, Iberia Airlines, SK Telecom and NatWest.”
FICO signed a new AWS cloud agreement this quarter, one of several notable enterprise wins AWS cited (matches FICO's own Q3 call announcing an expanded AWS strategic collaboration).
“Our research suggests that the FICO Score and the VantageScore are more than 20 points different 30% of the time in both directions.”
FICO argues VantageScore diverges materially from FICO and is architecturally different, making substitution in mortgage lending difficult, a competitive knock against VantageScore's push into conforming mortgages.
“This quarter, we also announced a strategic partnership with Plaid to deliver the next generation of UltraFICO Score.”
FICO is partnering with Plaid to combine the FICO Score with Plaid's real-time cash-flow data for the UltraFICO Score, validating Plaid's open-finance network as infrastructure for consumer credit scoring.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Manav Patnaik | Barclays | 14 (14%) |
| George Tong | Goldman Sachs | 13 (0%) |
| Surinder Thind | Jefferies | 13 (0%) |
| Faiza Alwy | Deutsche Bank | 13 (0%) |
| Jason Haas | Wells Fargo | 13 (8%) |
| Kyle Peterson | Needham | 11 (0%) |
| Owen Lau | Clear Street | 11 (9%) |
| Ashish Sabadra | RBC Capital Markets | 11 (9%) |
| Scott Wurtzel | Wolfe Research | 10 (0%) |
| Simon Clinch | Redburn Atlantic | 10 (10%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 1 | 14 (14%) |
| Jefferies | 1 | 13 (0%) |
| RBC Capital Markets | 2 | 13 (8%) |
| Deutsche Bank | 1 |
“It gets used by the rating agencies, S&P and Moody's, when they rate the bonds, the mortgage-backed securities that go out to the marketplace.”
Moody's uses FICO scores when rating mortgage-backed securities, a downstream usage FICO has historically not monetized.
“It gets used by the rating agencies, S&P and Moody's, when they rate the bonds, the mortgage-backed securities that go out to the marketplace.”
S&P uses FICO scores when rating mortgage-backed securities, a downstream usage FICO has historically not monetized.
“that's required in the conforming mortgage market by Freddie and Fannie today.”
Fannie Mae requires the FICO score data format in the conforming mortgage market, underscoring the GSE's gatekeeper role over score adoption.
“that's required in the conforming mortgage market by Freddie and Fannie today.”
Freddie Mac requires the FICO score data format in the conforming mortgage market, underscoring the GSE's gatekeeper role over score adoption.
“we entered into a multiyear direct license and distribution agreement with Xactus, the largest credit verification and tri-merge provider of FICO scores.”
Xactus signed a multiyear direct license to distribute FICO scores under the new mortgage direct program, a positive read-through for the tri-merge reseller.
“Vantage 4 claims is far more consumers but does so using models that are statistically unsound for predicting risk.”
FICO attacks rival VantageScore 4 as scoring more consumers with statistically unsound models, defending its share of the mortgage credit-score market.
“We have scores that are built around telco and utility payment data off the Equifax NCTUE Plus database.”
FICO builds alternative-data credit scores using Equifax's NCTUE Plus database of telco and utility payment data.
“In the quarter, we signed a new strategic collaboration agreement with Amazon Web Services. Under the new agreement, FICO and AWS will amplify their work to bring more organizations worldwide the power of AI- driven automated decision workflows with FICO Platform.”
FICO signed an expanded strategic collaboration agreement with AWS to jointly bring AI-driven decisioning workflows to more organizations (mirrors AWS's own reference to a new FICO agreement on its Q2 call).
“No, no. It's a good question, and we do not see any traction of VantageScore gaining market share. As I mentioned earlier, we've been competing with VantageScore for a very long time, well over a decade. And we don't -- we have not experienced any kind of significant share loss to Vantage.”
FICO's CEO says its long-time credit-scoring competitor VantageScore has gained no market-share traction despite the recent FHFA lender-choice announcement.
“FICO Score mortgage simulator is now available for lender used through Exactus, the largest credit reseller in the mortgage industry.”
Exactus, described as the largest credit reseller in the mortgage industry, is distributing FICO's mortgage simulator to lenders.
| 13 (0%) |
| Wells Fargo | 1 | 13 (8%) |
| Goldman Sachs | 1 | 13 (0%) |
| Needham | 1 | 11 (0%) |
| Clear Street | 1 | 11 (9%) |
Revenue grew 18.3% with EPS surging 32.7% as FICO delivered its strongest Q1 in three years on score pricing expansion and platform deal acceleration. The direct license program crossed $250 million annualized, and Platform ARR reached $935 million with 120% net retention. Management raised FY2026 EPS guidance from $30.50-$32.00 to $32.00-$33.50 after just one quarter, earning a +2 guidance adjustment for a final score of 10.
Demand | Pricing | Competitive Dynamics | Cloud & AI | Regulation Policy | Product Launch | Guidance Reliability | Revenue Growth | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 6 | 4 | 1 | 2 | 3 | 4 | |
| 2025Q1 | 10 | 1 | 3 | 6 | 3 | 2 | 3 | 3 |
| 2025Q2 | 12 | 2 | 2 | 10 | 1 | 2 | 1 | 3 |
| 2025Q3 | 7 | 4 | 7 | 5 | 9 | 6 | 2 | 3 |
| 2025Q4 | 5 | 10 | 6 | 2 | 1 | 2 | 3 | |
| 2026Q1 | 8 | 9 | 7 | 8 | 7 | 8 | 2 | |
| 2026Q2 | 7 | 9 | 12 | 2 | 8 | 7 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Demand | 5 | 10 | 12 | 7 | 5 | 8 | 7 |
| Pricing | 6 | 1 | 2 | 4 | 10 | 9 | 9 |
| Competitive Dynamics | 4 | 3 | 2 | 7 | 6 | 7 | 12 |
| Cloud & AI | 1 | 6 | 10 | 5 | 2 | 8 | 2 |
| Regulation Policy | 2 | 3 | 1 | 9 | 1 | 7 | 8 |
| Product Launch | 2 | 2 | 6 | 2 | 8 | 7 | |
| Guidance Reliability | 3 | 3 | 1 | 2 | 3 | 2 | 2 |
| Revenue Growth | 4 | 3 | 3 | 3 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
FICO Fair Isaac | 9 | +38.7% | |
| ADSK Autodesk | 10 | +18.4% | |
| APP Applovin Corp | 9 | +24.1% | |
| CDNS Cadence Design Systems | 9 | +18.7% | |
| CRM Salesforce, Inc. | 9 | +13.3% | |
| DDOG Datadog | 10 | +32.1% | |
| INTU Intuit | 9 | +10.4% | |
| MSTR MicroStrategy Inc. | 7 | +11.9% | |
| NOW ServiceNow | 7 | +22.1% | |
| PTC PTC Inc. | 9 | +21.7% | |
| SHOP Shopify | 8 | +34.3% | |
| TEAM Atlassian | 7 | +31.7% | |
| TTD The Trade Desk, Inc. | 8 | +11.8% | |
| TYL Tyler Technologies | 8 | +8.6% | |
| UBER Uber | 8 | +14.5% | |
| WDAY Workday, Inc. | 9 | +13.5% |