Credit Bureaus (TRU/EXPN/EFX) and FICO 2Q26 Preview

Research evidence excerpt

Credit Bureaus (TRU/EXPN/EFX) and FICO 2Q26 Preview

9 and Exhibit 10.

TRU: We expect 2Q26 revenues to beat consensus by $5m, exceeding the high-end of guidance by $3m,

with EPS outperforming consensus and the high-end of guidance by $0.02. We anticipate TRU will raise

the high-end of FY26 EPS guidance from $4.80 to $4.85 to reflect 1Q26 and 2Q26 outperformance. For

3Q26, we expect revenue and EBITDA guidance to track consensus at the high-end, while EPS guidance

comes in slightly above consensus.

We expect broad-based strength across US Markets and International segments. US Markets Financial

Services ex-mortgage should grow ~8%, while mortgage benefits from FICO price increases but faces

headwinds from declining mortgage inquiries and trigger marketing regulation. Emerging Verticals

should deliver mid-single-digit growth, though Consumer Interactive will likely experience low single-

digit declines. International outperformance is primarily driven by the Mexico acquisition contribution,

with a key focus on monitoring the inflection in India revenue growth. (See Exhibit 1). FICO royalties

will continue pressuring US margins while the Mexico acquisition integration will temporarily weigh on

International margins. However, organic margins ex-FICO royalties should expand in the second half of

2026. We expect TRU to raise full-year guidance while providing a conservative 3Q26 guide, positioning

the company for continued quarterly beats. See Exhibit 2 and Exhibit 4.

EFX: We estimate 2Q26 revenues $13m ahead of consensus and tracking the upper end of management

guidance despite the decline in mortgage inquiries and flat growth in Government due to a tough

comp partially offset by resilient growth in Talent and International, see Exhibit 5. Our EPS estimate