Equifax: Delivers Fourth Quarter 2024 Revenue Growth of 7% Despite Weak U.S. Hiring and Mortgage Markets

Equifax (NYSE: EFX) today announced financial results for the quarter and full year ended December 31, 2024.
  • Fourth quarter 2024 revenue of $1.419 billion, up 7%, with 9% local currency revenue growth, despite weaker U.S. hiring and mortgage markets.
  • Fourth quarter U.S. Mortgage revenue up very strong 29%.
  • New Product Innovation leveraging the new EFX Cloud delivered a 12% new product Vitality Index.
  • Workforce Solution's fourth-quarter revenue grew 7%, with 10% Verification Services revenue growth led by Government and Mortgage, despite weaker U.S. hiring and mortgage markets. Employer Services revenue declined 9% in the quarter.
  • USIS's fourth-quarter revenue grew over 10% from 47% Mortgage revenue growth.
  • International fourth-quarter revenue grew 11% on a local currency basis, with 3% on a reported basis.
  • Nearing EFX Cloud completion with close to 85% of revenue in the Cloud.
  • Strong cash flow and balance sheet positioning Equifax well to grow our dividend and to return cash to shareholders through share repurchases in 2025.
  • Issuing full-year 2025 guidance midpoint expectation for revenue of $5.950 billion, up 4.7%, with constant currency organic revenue growth of about 6% and Adjusted EPS of $7.45 per share. This reflects an expected about 12% decline in our outlook for 2025 U.S. mortgage hard credit inquiries.
"Equifax deliveredfourth-quarterr revenue of $1.419 billion, up 7% on a reported basis and 9% on a local currency basis, led by very strong 29% U.S. Mortgage revenue growth and continued significant New Product Innovation performance with a Vitality Index of 12%, despite headwinds from the U.S. hiring and mortgage markets. Workforce Solutions delivered 7% revenue growth, driven by strong 10% Verification Services revenue growth led by the Government and Mortgage businesses with lower Talent Solutions revenue from the weaker U.S. hiring market. Employer Services revenue declined 9% in the quarter and was also impacted by the U.S. hiring market. USIS delivered strong revenue growth of over 10%, led by a very strong 47% Mortgage revenue growth. International delivered strong 11% local currency revenue growth led by Latin America," said Mark W. Begor, Equifax Chief Executive Officer.
"We are issuing our full-year 2025 guidance midpoint expectation for revenue of $5.950 billion, up 4.7% on a reported basis and 6% on an organic constant currency basis. Our full-year 2025 guidance midpoint expectation for Adjusted EPS is $7.45 per share, up 2% versus 2024. While Equifax continues to execute well against its EFX2027 Strategic Priorities, our 2025 guidance reflects an expectation of an about 12% decline in our 2025 U.S. hard mortgage credit inquiries, compared to down 10% in 2024.
We executed very well against our EFX2027 Strategic Priorities in 2024, despite market headwinds, with close to 85% of our revenue in the new EFX Cloud. In 2024, Equifax delivered $813 million of free cash flow, up 58% versus 2023, and strengthened our balance sheet, positioning us well to grow our dividend and return cash to shareholders through share repurchases in 2025. With our North American Consumer Cloud migrations substantially completed, we are leveraging our new Cloud capabilities to accelerate new product solutions, leveraging our differentiated data assets and investing in new products, data, analytics, and EFX.AI capabilities, which are expected to drive growth in 2025 and beyond. We are energized about the New Equifax that is expected to deliver higher margins and andaccelerateg free cash flow in the future."
Financial Results Summary
The Company reported revenue of $1,419.4 million in the fourth quarter of 2024, a 7% increase on a reported basis and a 9% increase on a local currency basis compared to the fourth quarter of 2023.
Fourth quarter 2024 diluted EPS attributable to Equifax was $1.39 per share, up from $1.06 per share in the fourth quarter of 2023.
Net income attributable to Equifax of $174.0 million in the fourth quarter of 2024 was up 31% compared to $132.4 million in the fourth quarter of 2023.
For the full year 2024, revenue was $5,681.1 million, an 8% increase compared to 2023 on a reported basis and a 10% increase on a local currency basis. Diluted EPS attributable to Equifax was $4.84 per share, up compared to $4.40 per share for the full year 2023. Net income attributable to Equifax was $604.1 million, up 11% compared to net income of $545.3 million for the full year 2023.
Workforce Solutions fourth-quarter results
  • Total revenue was $598.1 million in the fourth quarter of 2024, up 7% compared to the fourth quarter of 2023. Operating margin for Workforce Solutions was 43.1% in the fourth quarter of 2024 compared to 41.9% in the fourth quarter of 2023. Adjusted EBITDA margin for Workforce Solutions was 51.9% in the fourth quarter of 2024 compared to 51.2% in the fourth quarter of 2023.
  • Verification Services revenue was $504.7 million, up 10% compared to the fourth quarter of 2023.
  • Employer Services revenue was $93.4 million, down 9% compared to the fourth quarter of 2023.
USIS fourth quarter results
  • Total revenue was $472.5 million in the fourth quarter of 2024, up 10% compared to the fourth quarter of 2023. Operating margin for USIS was 24.4% in the fourth quarter of 2024 compared to 22.0% in the fourth quarter of 2023. Adjusted EBITDA margin for USIS was 38.3% in the fourth quarter of 2024 compared to 35.1% in the fourth quarter of 2023.
  • Online Information Solutions revenue was $362.1 million, up 11% compared to the fourth quarter of 2023.
  • Mortgage Solutions revenue was $32.9 million, up 44% compared to the fourth quarter of 2023.
  • Financial Marketing Services revenue was $77.5 million, flat compared to the fourth quarter of 2023.
International fourth-quarter results
  • Total revenue was $348.8 million in the fourth quarter of 2024, up 3% and up 11% compared to the fourth quarter of 2023 on a reported and local currency basis, respectively. Operating margin for International was 17.4% in the fourth quarter of 2024 compared to 17.9% in the fourth quarter of 2023. Adjusted EBITDA margin for International was 32.5% in the fourth quarter of 2024 compared to 31.2% in the fourth quarter of 2023.
  • Latin America revenue was $99.9 million, up 1% compared to the fourth quarter of 2023 on a reported basis and up 29% on a local currency basis.
  • Europe revenue was $99.8 million, up 7% compared to the fourth quarter of 2023 on a reported basis and up 4% on a local currency basis.
  • Asia Pacific revenue was $84.0 million, up 2% compared to the fourth quarter of 2023 on both a reported and local currency basis.
  • Canada's revenue was $65.1 million, flat compared to the fourth quarter of 2023 on a reported basis and up 3% on a local currency basis.
Adjusted EPS and Adjusted EBITDA Margin
  • Adjusted EPS attributable to Equifax was $2.12 in the fourth quarter of 2024, up 17% compared to the fourth quarter of 2023. Adjusted EBITDA margin was 35.4% in the fourth quarter of 2024 compared to 33.7% in the fourth quarter of 2023.
  • Full-year adjusted EPS attributable to Equifax was $7.29, up 9% compared to the prior year period. Full-year adjusted EBITDA margin was 32.3% compared to 32.2% in 2023.
  • These financial measures exclude certain items, as described further in the Non-GAAP Financial Measures section below.
2025 First Quarter and Full Year Guidance
Q1 2025 FY 2025
Low-End High-End Low-End High-End
Reported Revenue $1.390 billion $1.420 billion $5.890 billion $6.010 billion
Reported Revenue Growth — % 2.2 % 3.7 % 5.8 %
Local Currency Growth (1) 1.6 % 3.8 % 5.0 % 7.1 %
Organic Local Currency Growth (1) 1.6 % 3.8 % 5.0 % 7.1 %
Adjusted Earnings Per Share $1.33 per share $1.43 per share $7.25 per share $7.65 per share
(1)     Refer to page 9 for definitions. Additionally, the definitions can be found in the Non-GAAP Financial Measures below.
About Equifax
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit www.equifax.com.
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