Equifax: 2Q26 Results Prove Balanced; Despite Contract Wins, Questions Surround EWS/Gov’t Revenue Cadence

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Equifax: 2Q26 Results Prove Balanced; Despite Contract Wins, Questions Surround EWS/Gov’t Revenue Cadence

J P M O R G A N North America Equity Research

22 July 2026

Equifax Overweight

EFX, EFX US

2Q26 Results Prove Balanced; Despite Contract Wins, Price (21 Jul 26):$173.00

Questions Surround EWS/Gov’t Revenue Cadence ▼Price Target (Dec-27):$210.00 Prior (Dec-26):$230.00

Yesterday, consumer credit bureau Equifax (EFX) reported 2Q26 adjusted EPS of

$2.25, exceeding our $2.21 estimate due to favorable tax and share count. At the Business & Information Services

consolidated level, organic, constant currency (o/cc) revenues increased by +9% Andrew C. Steinerman AC

y/y in the quarter. With one further decimal of precision than the company presents, (1-212) 622-2527

we estimate quarterly o/cc revenue growth rounds up to +9.5% y/y, close to our andrew.steinerman@jpmorgan.com

+9.7% estimate. Shifting to margins, Equifax reported adjusted EBITDA equal to Alexander E.M. Hess, CFA

32.5% of revenues, flat y/y and close to our model as well. At a high level, the (1-212) 622-8331

alexander.hess@jpmorgan.com

contours of the quarter ended up mostly as we had expected, although questions

Rohan Kalra

surrounding revenue cadence in the Government vertical and an unexciting

(1-212) 622-0879

quarter otherwise were enough to push the stock down -3.9% yesterday (vs rohan.kalra@jpmorgan.com

S&P 500 +0.9%). J.P. Morgan Securities LLC

Drilling into the results, Equifax’s largest business, Workforce Solutions (EWS;

42% of 2Q26 revenues) grew revenues by +6% y/y o/cc in 2Q26, with Verifier Quarterly Forecasts (FYE Dec)

revenues up +7% y/y o/cc. Within Verifier’s key verticals, Mortgage (+8% y/y) Adj. EPS ($)

performance was in line with our model, Talent Solutions (+HDD %) 2025A 2026E 2027E