Equifax, Inc.

Q3 performance strong despite mortgage headwinds (good) - Total revenue: $1.693B, +10% reported / +9% constant currency, slightly below July guidance due to ~$20M negative impact from a weaker U.S. mortgage market in September (per “Juli(a) framework”). - Diversified markets: +8% revenue growth, broad-based across all 3 business units; exceeded mid-single-digit guidance. - Margins/EPS: EBITDA margins up ~130 bps ex-FICO (excluding FICO) driven by operating leverage, AI productivity, and cost management; EPS +11%, $2.26/share above the high end of guidance. - Key surprise: Strong margin expansion and EPS growth occurred even with mortgage market transaction volume weakening (30Y fixed rates up ~75 bps since July).

U.S. mortgage market weakness persists into Q4 and 2026 (bad / key risk) - Q3 impact: Mortgage transaction decline drove ~$20M revenue decline vs guidance. - Q4 expectation: Mortgage revenue ~$60M weaker vs July guidance; U.S. mortgage revenue down mid-single digits YoY in Q4. - FY2026 update: Total U.S. mortgage revenue now expected ~$80M below previous guidance; ex-FICO mortgage royalty pass-through, mortgage revenue ~slightly above flat vs 2025 (reflecting fewer originations, but some pass-through mix). - 2027 setup (risk): Using current transaction levels, 2027 originations expected down high-single-digits on average vs 2026 (with effects largely in the first 8 months), assuming mortgage volumes remain weak.

2026 guidance updated: margin momentum up, revenue somewhat constrained (forecast) - FY2026 revenue midpoint: $6.661B (midpoint), reflecting the ~$80M mortgage headwind vs July guide. - FY2026 adjusted EBITDA margin ex-FICO mortgage royalties: upgraded to +100 bps vs 2025 (from +75 bps in July), despite weaker mortgage revenue (driven by AI/automation and cost management). - FY2026 adjusted EPS: $8.50/share (midpoint) within July range, but slightly below the July midpoint due to revenue headwinds largely offset by margin strength. - Cash flow / conversion: Free cash flow > $1B in 2026; cash conversion >100%, and capital available ~$1.5B while targeting leverage around ~3x EBITDA.