Equifax EFX · USD

SEGMENT INFORMATION Reportable Segments. We manage our business and report our financial results through the following three reportable segments, which are the same as our operating segments: •Workforce Solutions•U.S. Information Solutions ("USIS")•InternationalThe accounting policies of the reportable segments are the same as those described in our summary of significant accounting policies (see Note 1). We evaluate the performance of these reportable segments based on their operating revenue, operating income and operating margins, excluding any unusual or infrequent items, if any. The measurement criteria for segment profit or loss and segment assets are substantially the same for each reportable segment. Inter-segment sales, expenses and transfers are not material for all periods presented. All transactions between segments are accounted for at fair market value or cost depending on the nature of the transaction and no timing differences occur between segments.Resources are allocated and performance is assessed by our CEO, whom we have determined to be our Chief Operating Decision Maker ("CODM"). The Company prepares a budget of expected financial performance for each of its operating segments on an annual basis. The CODM considers actual results of operating income to those budgeted for each of the operating segments to assess segment performance and decide how to allocate resources. A summary of segment products and services is as follows:Workforce Solutions. This segment provides services enabling customers to verify income, employment, educational history, criminal justice data, healthcare professional licensure and sanctions of people in the U.S., as well as providing our employer customers with services that assist them in complying with and automating certain payroll-related and human resource management processes throughout the entire cycle of the employment relationship, including unemployment cost management, employee screening, employee onboarding, tax credits and incentives, I-9 management and compliance, immigration case management, tax form management services and Affordable Care Act management services.U.S. Information Solutions.

REVENUERevenue Recognition. Based on the information that management reviews internally for evaluating operating segment performance and nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors, we disaggregate revenue as follows: Twelve Months Ended December 31,ChangeChange2025202420242023Consolidated Operating Revenue202520242023$%$%(In millions)Verification Services$2,179.8 $2,021.9 $1,846.2 $157.9 8 %$175.7 10 %Employer Services402.5 411.9 469.6 (9.4)(2)%(57.7)(12)%Total Workforce Solutions2,582.3 2,433.8 2,315.8 148.5 6 %118.0 5 %Online Information Solutions1,821.4 1,650.6 1,488.9 170.8 10 %161.7 11 %Financial Marketing Services257.1 242.4 231.5 14.7 6 %10.9 5 %Total U.S. Information Solutions2,078.5 1,893.0 1,720.4 185.5 10 %172.6 10 %Latin America403.4 384.9 290.9 18.5 5 %94.0 32 %Europe396.7 369.2 333.2 27.5 7 %36.0 11 %Asia Pacific342.3 335.4 345.3 6.9 2 %(9.9)(3)%Canada 271.3 264.8 259.6 6.5 2 %5.2 2 %Total International1,413.7 1,354.3 1,229.0 59.4 4 %125.3 10 %Total operating revenue$6,074.5 $5,681.1 $5,265.2 $393.4 7 %$415.

COMMITMENTS AND CONTINGENCIESLegal SettlementEquifax has been named as a defendant in four related class action lawsuits pending in federal courts across the country concerning inquiry disputes on consumers’ credit files. In January 2026, Equifax and the plaintiffs’ attorneys who filed the lawsuits reached an agreement in principle to settle the claims at issue on a nationwide and class-wide basis. The parties have filed a notice of settlement with one federal court and expect to provide the same notice in other pending lawsuits. If the final terms of a settlement agreement cannot be agreed upon, or if the settlement is not ultimately approved by the court, Equifax believes it has valid defenses to each of these actions and will continue to defend against them. We accrued an estimate of $30.0 million related to these matters in the fourth quarter of 2025, which represents our best estimate of the liability related to global settlement of these matters.Data Processing, Outsourcing Services and Other AgreementsWe have separate agreements with Google and others to outsource portions of our network and security infrastructure, computer data processing operations, applications development, business continuity and recovery services, help desk service and desktop support functions, operation of our voice and data networks, maintenance and related functions and to provide certain other administrative and operational services. The agreements expire between 2026 and 2033. The estimated aggregate minimum contractual obligation remaining under these agreements is approximately $1.1 billion as of December 31, 2025, with no future year’s minimum contractual obligation expected to exceed approximately $507.4 million. Annual payment obligations in regard to these agreements vary due to factors such as the volume of data processed; changes in our servicing needs as a result of new product offerings, acquisitions or divestitures; the introduction of significant new technologies; foreign currency; or the general rate of inflation. In certain circumstances (e.g., a change in control or for our convenience), we may terminate these data processing and outsourcing agreements, and, in doing so, certain of these agreements require us to pay significant termination fees. Under our agreement with Google, we have agreed to purchase cloud platform services and cloud marketplace software and we have outsourced certain areas of our network and security infrastructure.

DEBT Debt outstanding at December 31, 2025 and 2024 was as follows: December 31, 20252024 (In millions)Commercial paper (“CP”)$762.0 $286.5 Notes, 2.60%, due December 2025— 400.0 Notes, 3.25%, due June 2026275.0 275.0 Notes, 5.10%, due December 2027750.0 750.0 Notes, 5.10%, due June 2028700.0 700.0 Debentures, 6.90%, due July 2028125.0 125.0 Notes, 4.80%, due September 2029650.0 650.0 Notes, 3.10%, due May 2030600.0 600.0 Notes, 2.35%, due September 20311,000.0 1,000.0 Notes, 7.00%, due July 2037250.0 250.0 Other2.2 1.2 Total debt5,114.2 5,037.7 Less short-term debt and current maturities(1,038.0)(687.7)Less unamortized discounts and debt issuance costs(20.9)(27.2)Total long-term debt, net$4,055.3 $4,322.8 Scheduled future maturities of debt at December 31, 2025 are as follows:Years ending December 31,Amount (In millions)2026$1,038.0 2027750.3 2028825.3 2029650.3 2030600.3 Thereafter1,250.0 Total debt$5,114.2 4.8% Senior Notes. In August 2024, we issued $650 million in aggregate principal amount of 4.8% five-year Senior Notes due 2029 (the "2029 Notes") in an underwritten public offering. Interest on the 2029 Notes accrues at a rate of 4.8% per year and is payable semi-annually in arrears on March 15 and September 15 of each year. The net proceeds of the sale of the 2029 Notes were ultimately used for general corporate purposes, including the repayment of borrowings under our then-outstanding delayed draw term loan (the "Term Loan") prior to the August 2026 maturity. We must comply with various non-financial covenants, including certain limitations on mortgages, liens and sale-leaseback transactions, as well as mergers and sales of substantially all of our assets. The 2029 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.5.1% Senior Notes. In May 2023, we issued $700 million aggregate principal amount of 5.1% five-year Senior Notes due 2028 (the "2028 Notes") in an underwritten public offering. Interest on the 2028 Notes accrues at a rate of 5.1% per year and is payable semi-annually in arrears on June 1 and December 1 of each year. The net proceeds of the sale of the 2028 Notes were ultimately used to repay our then-outstanding $400 million 3.95% Senior Notes due June 2023 at maturity. The remaining proceeds were used for general corporate purposes, including the repayment of borrowings under our CP program.

INCOME TAXES The provision for income taxes consisted of the following: Twelve Months Ended December 31, 202520242023 (In millions)Current: Federal$94.3 $169.9 $155.5 State37.1 38.3 24.2 Foreign69.0 61.9 56.7 200.4 270.1 236.4 Deferred: Federal36.3 (47.7)(50.2)State0.9 (0.3)12.4 Foreign(7.0)(18.9)(32.4) 30.2 (66.9)(70.2)Provision for income taxes$230.6 $203.2 $166.2 The components of consolidated income before income taxes were as follows: Twelve Months Ended December 31, 202520242023 (In millions)U.S.$732.9 $651.9 $573.2 Foreign162.0 158.6 144.7 Consolidated income before income taxes$894.9 $810.5 $717.9 Beginning in the fiscal year ended December 31, 2025, we adopted ASU 2023-09 prospectively. See Note 1ーSummary of Significant Accounting PoliciesーAdoption of New Accounting Standards for additional details on the adoption of ASU 2023-09. A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows: Twelve Months Ended December 31, 2025Amount%(In millions)U.S. federal statutory income tax rate$187.9 21.0 %State and local income taxes, net of federal income tax effect (1)30.8 3.4 %Foreign tax effects28.0 3.1 %Effect of cross-border tax laws(7.7)(0.9)%Tax creditsResearch and development tax credits(19.2)(2.1)%Other(0.1)— %Non-taxable or non-deductible itemsExcess officer's compensation11.2 1.3 %Other1.0 0.2 %Changes in unrecognized tax benefits(1.3)(0.2)%Effective income tax rate$230.6 25.8 %(1) The states that contribute to the majority of the tax effect in this category are California, Maryland, Tennessee, New York, Pennsylvania, Illinois and Connecticut.A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate for the years ended December 31, 2024 and 2023 is as follows: Twelve Months Ended December 31, 20242023 (In millions)Federal statutory rate21.0 %21.0 %Provision computed at federal statutory rate$170.2 $150.8 State and local taxes, net of federal tax benefit30.1 30.0 Foreign differential27.1 20.5 Federal research & development credit(17.6)(24.2)Equity compensation(8.2)(3.2)Tax reserves(5.7)5.8 Reversal of BVS deferred tax liability— (27.3)Excess officer’s compensation9.2 8.4 Valuation allowance(7.2)1.9 Other5.3 3.5 Provision for income taxes$203.2 $166.2 Effective income tax rate25.1 %23.

STOCK-BASED COMPENSATION We have two active share-based award plans, the amended and restated 2008 Omnibus Incentive Plan (the "2008 Plan") and the 2023 Omnibus Incentive Plan (the "2023 Plan" and, together with the 2008 Plan, the "Omnibus Plans"). The 2008 Plan was originally approved by our shareholders in 2008 and was amended and restated with shareholder approval in May 2013 to, among other things, increase the reserve for awards under the 2008 Plan by 11 million shares. The 2023 Plan was approved by our shareholders on May 4, 2023, at which time the 2008 Plan was terminated other than with respect to then-outstanding awards under the 2008 Plan. The Omnibus Plans provide our directors, officers and certain key employees (and, in the case of the 2023 Plan, certain consultants and advisors) with stock options, restricted stock units and performance share awards. The Omnibus Plans are described below. We expect to issue common shares held as either treasury stock or new issue shares upon the exercise of stock options or once shares vest pursuant to restricted stock units or performance share awards. Total stock-based compensation expense in our Consolidated Statements of Income during the twelve months ended December 31, 2025, 2024 and 2023 was as follows: Twelve Months Ended December 31,202520242023(In millions)Cost of services$13.3 $13.4 $14.5 Selling, general and administrative expenses65.1 68.2 57.3 Stock-based compensation expense, before income taxes$78.4 $81.6 $71.8 The total income tax benefit recognized for stock-based compensation expense was $19.0 million, $19.6 million and $17.3 million for the twelve months ended December 31, 2025, 2024 and 2023, respectively. Stock Options. The Omnibus Plans provide that qualified and nonqualified stock options may be granted to officers and other employees. The Omnibus Plans require that stock options be granted at exercise prices not less than market value on the date of grant. Generally, stock options are subject to ratable vesting for periods of up to three years based on service, with 33.3% vesting for each year of completed service, and expire ten years from the grant date. We use the binomial model to calculate the fair value of stock options granted. The binomial model incorporates assumptions regarding anticipated employee exercise behavior, expected stock price volatility, dividend yield and risk-free interest rate.

LEASESWe determine if an arrangement is a lease at inception. Operating lease right-of-use (“ROU”) assets and liabilities are included in other assets, net and other current and long-term liabilities, respectively, in our Consolidated Balance Sheets.Operating lease ROU assets and lease liabilities are recognized based on the present value of the future fixed lease payments over the lease term at the commencement date. As most of our leases do not provide an implicit rate, we use our quarterly incremental borrowing rate based on the information available that corresponds to each lease commencement date and lease term when determining the present value of future payments. Our operating leases principally involve office space. These operating leases may contain variable non-lease components consisting of common area maintenance, operating expenses, insurance and similar costs of the office space that we occupy. We have adopted the practical expedient to not separate these non-lease components from the lease components and instead account for them as a single lease component for all of our leases. The operating lease ROU assets include future fixed lease payments made as well as any initial direct costs incurred and exclude lease incentives. Variable lease payments are not included within the operating lease ROU assets or lease liabilities and are expensed in the period in which they are incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.Lease expense for operating leases was $51.2 million, $50.0 million and $40.7 million for the twelve months ended December 31, 2025, 2024 and 2023, respectively. Our leases have remaining lease terms of one year to ten years, some of which may include options to extend the lease term up to five years and some of which may include options to terminate leases within one year. We have elected to not record operating lease ROU assets and liabilities for short-term leases that have a term of twelve months or less. Our lease expense includes our short-term lease cost which is not material to our Consolidated Financial Statements.

ACQUISITIONS AND INVESTMENTS 2025 Acquisitions and Investments. In the fourth quarter of 2025, we acquired a company within the Workforce Solutions operating segment to expand our product offerings.2024 Acquisitions and Investments. We did not complete any acquisitions during 2024.2023 Acquisitions and Investments. In the first quarter of 2023, we acquired a company in Canada within the International operating segment. On August 7, 2023, we acquired the remaining interest of our investment in BVS, a consumer and commercial credit information company in Brazil, within the International operating segment for total consideration of approximately $870 million consisting of approximately $510 million in cash, 2,171,615 shares of Equifax do Brasil with a fair value of approximately $176 million, and 479,725 shares of Equifax Inc. common stock with a fair value of approximately $95 million. Additionally, we previously owned a 10% investment in BVS with a fair value of approximately $89 million. We have completed the allocation of the purchase prices for the 2023 acquisitions.