One of the world's largest credit bureaus, Equifax collects consumer credit and identity data that lenders, landlords, and employers rely on—including The Work Number for employment and income verification, plus mortgage credit reports. It was born in 1899 in Atlanta as the Retail Credit Company, when two brothers published a merchant's guide rating shoppers as "Prompt," "Slow," or "Requires Cash." The name Equifax, adopted in 1975, blends "equitable" and "factual."
Q2 2026 revenue rose 14.3% to $1,648.9M but gross margin fell 1.0pt to 53.5% on higher royalty costs
fell to 53.5%, its lowest in the reported quarterly series. rose 14.3% to $1,648.9M and rose 34% to $1.42 as mortgage growth led all segments, while slipped 0.9pt to 17.4% on higher royalty and litigation costs. The company is growing on mortgage strength but absorbing cost pressures that compressed margins.
Key takeaways
rose 14.3% to $1,648.9M in Q2 2026, with up 21% on mortgage pricing and volumes, up 10% on , and up 11% aided by FX — the first double-digit consolidated growth since Q1 2025, carried from Q1 into Q2.
declined 1.0pt to 53.5% and fell 0.9pt to 17.4% as cost of services rose and increased from a legal settlement charge, per the quarterly table and MD&A.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 11% to $1.7B driven by USIS mortgage growth, but operating margin fell 1.7 pts to 18.5% on higher royalty and litigation costs.
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Consolidated grew 11% to $1.7B in Q2 2026, led by (up 17%) on mortgage pricing and volume gains, and (up 7%) on growth.
rose 34% to $1.42 and rose 28.9% to $171.5M , helped by a lower of 26.5% in Q1 and the increase, though Q2 net income per the MD&A fell 4% to $183.9M on litigation and interest.
was $241.9M, up 8.0% but down 48.6% from Q1 2026; was $121.5M, down 64.3% sequentially.
The CFPB investigation into data accuracy and dispute handling remains open with three Civil Investigative Demands issued through August 2024, and Equifax reached an agreement in principle in June 2026 to settle a separate nationwide class action over a credit-score coding issue.
The company announced a $750M acquisition of Círculo de Crédito expected to close in Q4 2026, with $1.5B remaining under the $3B authorization.
What changed
FY2025 flagged the open CFPB investigation: it remains open in Q2 2026 with the three CIDs unchanged, and a new coding class action settlement in principle was reached in June 2026.
FY2025 flagged U.S. mortgage volumes in 2026 against slightly lower activity assumptions: Q1 and Q2 2026 rose 21% then 17% on mortgage pricing and volumes, contradicting the expected moderation.
FY2025 flagged the $30.0M class action accrual for credit file inquiry disputes: Q2 2026 MD&A shows a legal settlement charge in , and a separate coding settlement in principle was filed, though final terms await court approval.
The $3B plan deployed $927.4M in 2025 and $260M in Q1 2026; Q2 2026 leaves $1.5B remaining, against of $121.5M in the quarter.
of 53.5% is the lowest in the quarterly table back to Q2 2021, below the prior low of 54.5% in Q1 2025, marking a continuation of flagged in Q1.
What to watch
U.S. mortgage credit inquiry volumes in Q3 2026 and their effect on and Workforce after two quarters of double-digit USIS growth.
Final court approval and terms of the June 2026 credit-score coding class action settlement in principle.
Outcome of the open CFPB investigation into data accuracy with three CIDs, including any enforcement action.
Close of the $750M Círculo de Crédito acquisition in Q4 2026 and its effect on and debt.
Pace of the remaining $1.5B authorization against quarterly of $121.5M.
declined 1.7 pts to 18.5% as cost of services rose 16% due to higher royalty/, and SG&A rose 10% from a legal settlement charge.
attributable to Equifax fell 4% to $183.9M in Q2, pressured by the litigation charge and higher , while was flat at $1.54.
International increased 8% to $383.1M, with local currency growth of 4% and a 4% FX ; Asia Pacific led with 17% reported growth.
Liquidity remains strong with $170.1M cash, $0.6B available on the $2.0B , and $1.5B remaining under the $3B authorization; the company announced a $750M acquisition of Círculo de Crédito expected to close in Q4 2026.
Quantitative and Qualitative Disclosures About Market Risk
For information regarding our exposure to certain market risks, see “Quantitative and Qualitative Disclosures about Market Risk,” in Part II, Item 7A of our 2025 Form 10-K. There were no material changes to our market risk exposure during the three and six months ended June 30,…
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For information regarding our exposure to certain market risks, see “Quantitative and Qualitative Disclosures about Market Risk,” in Part II, Item 7A of our 2025 Form 10-K. There were no material changes to our market risk exposure during the three and six months ended June 30, 2026.
Equifax reached an agreement in principle to settle a nationwide FCRA class action over a credit-score coding issue, while defending antitrust and CFPB matters.
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In June 2026, Equifax and plaintiffs reached an agreement in principle to settle a nationwide class action alleging FCRA violations from a three-week credit-score coding issue; a notice of settlement has been filed, but final terms and court approval are pending.
A May 2024 antitrust lawsuit in the Eastern District of Pennsylvania alleges violations related to ' electronic verification of income and employment services, seeking class certification and unspecified monetary damages; Equifax disputes the claims and intends to defend.
The CFPB is investigating data accuracy and dispute handling at under the FCRA, having issued Civil Investigative Demands in July 2023, March 2024, and August 2024; Equifax is cooperating, but the outcome and potential actions are uncertain.
Equifax is also a defendant in various other legal actions, including class actions and regulatory matters, some seeking substantial or indeterminate damages; the company may explore settlements due to litigation risks.