2Q26 First Take—Reiterated Guide a Positive

研报英文原文证据摘录

2Q26 First Take—Reiterated Guide a Positive

tgage volumes decline LSD y/y, which is effectively unchanged despite Acquisition of Mexico's Círculo de Crédito

their commentary that its outlook for mortgage volumes is slightly weaker vs a quarter ago. Our (7/7/2026)

published estimates assume MSD growth for mortgage, and this is the primary difference vs

ay—Growth Framework Reiterated butmgmt's guidance. Otherwise, our estimates are mostly comparable. See Exhibit 1.

Margins Below Expectations (6/18/2025)

3Q ex-FICO growth below our expectation. 3Q ex-FICO revenue growth guidance of +6.0-8.0% y/y

Upgrade to Buy—Sustainable Double-was below our expectation (Jefferies: +9.0%). This is expected, as we are assuming a higher growth

digit Growth as Headwinds Becomingrate for mortgage, adjusting for which the guide is in line. The guide equates to growth of +5.7-7.7%

Tailwinds (12/18/2023)y/y cc. 3Q adj EPS guidance of $2.15-2.25 was below our expectation and consensus (Jefferies:

$2.35, Consensus: $2.26). The ex-FICO numbers do not appear to be comparable with Consensus.

Revenues and adj EPS beat expectations in 2Q. 2Q gross revenues of $1,700M were above our

expectation and consensus (Jefferies: $1,686M, Consensus: $1,696M). However, on a net basis, y/

y revenue growth was roughly in line with our expectation (+7% vs +6.9% est.). Workforce Solutions

($705M vs $699M est.) and USIS ($612M vs $603M est.) beat, while International ($383M vs $384M

est.) was in line. On profitability, adj operating margins of 21.3% on a gross basis were above our

expectation and consensus (Jefferies: 20.6%, Consensus: 20.9%), while adj EPS of $2.25 was above

expectations (Jefferies: $2.17, Consensus $2.20).

Notable positives

Talent Verification revenue growth of high double digits y/y (vs.