EFX

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How EFX rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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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.
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.
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 77% and 76% of our revenue was generated in the U.S. during the twelve months ended December 31, 2025 and 2024, respectively.
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.
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 twelve months ended December 31, 2025, 2024 and 2023 were as follows: Key Performance Indicators Twelve Months Ended December 31, 2025 2024 2023 (In millions, except per share data) Operating revenue $ 6,074.5 $ 5,681.1 $ 5,265.2 Operating revenue change 7 % 8 % 3 % Operating income $ 1,095.2 $ 1,042.1 $ 933.6 Operating margin 18.0 % 18.3 % 17.7 % Net income attributable to Equifax $ 660.3 $ 604.1 $ 545.3 Diluted earnings per share $ 5.32 $ 4.84 $ 4.40 Cash provided by operating activities $ 1,615.7 $ 1,324.5 $ 1,116.8 Capital expenditures* $ (480.2) $ (495.9) $ (585.8) *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 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.
RESULTS OF OPERATIONS — TWELVE MONTHS ENDED DECEMBER 31, 2025, 2024 AND 2023 Consolidated Financial Results Operating Revenue Twelve Months Ended December 31, Change 2025 vs. 2024 2024 vs. 2023 Operating Revenue 2025 2024 2023 $ % $ % (In millions) Workforce Solutions $ 2,582.3 $ 2,433.8 $ 2,315.8 $ 148.5 6 % $ 118.0 5 % U.S.
Information Solutions 2,078.5 1,893.0 1,720.4 185.5 10 % 172.6 10 % International 1,413.7 1,354.3 1,229.0 59.4 4 % 125.3 10 % Consolidated operating revenue $ 6,074.5 $ 5,681.1 $ 5,265.2 $ 393.4 7 % $ 415.9 8 % 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.
International revenue growth is primarily driven by growth in Europe and Latin America.
The effect of foreign exchange rates decreased revenue by $21.7 million, or less than 1%, in 2025 compared to 2024.
Revenue for 2024 increased 8% compared to 2023 due to revenue growth in USIS, International and Workforce Solutions.
USIS revenue growth is primarily due to growth in mortgage related online services.

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Risk Factors,” and elsewhere in this report 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.
Available Information Detailed information about us is contained in our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and other reports, and amendments to those reports, that we file with, or furnish to, the SEC.
These reports are available free of charge at our website, www.equifax.com, as soon as reasonably practicable after we electronically file such reports with or furnish such reports to the SEC.
However, our website and any contents thereof should not be considered to be incorporated by reference into this document.
We will furnish copies of such reports free of charge upon written request to Equifax Inc., Attn: Office of Corporate Secretary, P.O.
These reports are also available at www.sec.gov.
RISK FACTORS All of the risks and uncertainties described below and the other information included in this Form 10-K should be considered and read carefully.
The risks described below are not the only ones facing us.
The occurrence of any of the following risks or additional risks and uncertainties not presently known to us or that we currently believe to be immaterial could materially and adversely affect our business, financial condition or results of operations.
This Form 10-K also contains forward-looking statements and estimates that involve risks and uncertainties.
Our actual results could differ materially from those anticipated in the forward-looking statements as a result of specific factors, including the risks and uncertainties described below.
Technology and Data Security Risks Security breaches and other disruptions to our information technology infrastructure could compromise Company, consumer and customer information, interfere with our operations, cause us to incur significant costs for remediation and enhancement of our IT systems and expose us to legal liability, all of which could have a substantial negative impact on our business and reputation.
We are a global data, analytics and technology company.
In the ordinary course of business, we collect, process, transmit and store sensitive data, including intellectual property, proprietary business information and personal information of consumers, employees and strategic partners.
The secure operation of our information technology networks and systems, and of the processing and maintenance of this information, is critical to our business operations and strategy.
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.
Additionally, we could experience service disruptions or a loss of access to critical data or systems due to ransomware or other destructive attacks.
Insider or employee cyber and security threats are also a significant concern for all companies, including ours.
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, employee or insider malfeasance and/or human error.
The techniques used to obtain unauthorized access, disable or degrade service or sabotage systems are constantly evolving and often are not recognized until launched against a target, or even some time after.
We may be unable to anticipate these techniques, implement adequate preventative measures or remediate any intrusion on a timely or effective basis even if our security measures are appropriate, reasonable and/or comply with applicable legal requirements.
Certain efforts may be state-sponsored and supported by significant financial and technological resources, making them even more sophisticated and difficult to detect.
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.
Although we have developed systems and processes that are designed to protect our data and customer data and to prevent data loss and other security breaches, and expect to continue to expend significant additional resources to bolster these protections, these security measures cannot provide absolute security.
We previously experienced a material cybersecurity incident 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.
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.
While we maintain cybersecurity insurance, we cannot ensure that our insurance policies in the future will be adequate to cover losses from any security breaches.
Security breaches and attacks (including those that impact our third-party vendors and other service providers) and the adverse publicity that may follow, can have a negative impact on our reputation and our relationship with our customers.
For example, our reputation with consumers and other stakeholders and our customer relationships were damaged following the cybersecurity incident in 2017, resulting in a negative impact on our revenue for a period of time.
If we experience another material cybersecurity incident or are otherwise unable to demonstrate the security of our systems and the data we maintain and retain the trust of our customers, consumers and data suppliers, we could experience a substantial negative impact on our business.
If we fail to achieve and maintain key industry or technical certifications, our customers and business partners may stop doing business with us and we may not be able to win new business, which would negatively affect our revenue.
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.
For example, as a result of a prior material cybersecurity incident, we lost certain key certifications which caused certain customers and business partners to stop or pause doing business with us and temporarily limited our ability to win new business.
We had to spend significant resources on remediation activities in order to obtain these key re-certifications.
If we fail to achieve or maintain key industry or technical certifications as a result of another cybersecurity incident or for other reasons, customers and business partners may stop doing business with us and we may not be able to win new business, which would negatively affect our revenue.
Strategy and Market Demand Risks The failure to realize the anticipated benefits of our technology transformation could adversely impact our business and financial results.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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