TransUnion (TRU): Solid 2Q results with broad-based non-mortgage growth offsetting mortgage uncertainty

研报英文原文证据摘录

TransUnion (TRU): Solid 2Q results with broad-based non-mortgage growth offsetting mortgage uncertainty

Goldman Sachs TransUnion (TRU)

8.6% and Consumer Interactive down 3.0%. International revenue rose 6.3% y/y OCC,

above our 5.0% estimate, helped by mid-to-high-single digit plus growth in Africa,

Canada, India, Latin America and the UK and dampened by declines in APAC.

EPS outperforms consensus. EBITDA margins contracted 90 bps y/y to 34.8%, better

than our estimate of 34.6% and in-line with consensus, due to higher zero-margin FICO

royalty revenue. EPS of $1.23 came above our estimate of $1.14 and consensus of $1.16.

2Q 2026 Positives / Negatives

Positives:

n TRU is becoming less dependent on credit origination volumes. TransUnion

highlighted that US Financial Services ex-mortgage has grown at a ~9% CAGR versus

~2% average growth in US consumer credit originations, with growth increasingly

driven by pricing, market share gains and expanding adoption of data, analytics and

non-credit solutions rather than underlying lending activity. More than one-third of

Financial Services revenue now comes from solutions outside traditional credit

reports and scores, including ~12% from alternative data and analytics (FactorTrust

and TruIQ) and ~24% from non-credit products such as Trusted Call Solutions, fraud

and marketing solutions. TRU indicated that alternative data and analytics are

growing at a low-teens rate while Trusted Call Solutions is growing more than 50%

annually within Financial Services. The company noted that consumer credit

conditions remain healthy, with lenders cautiously optimistic and expecting modest

loan growth despite higher rates.

n OneTru is evolving from a modernization program into a growth and

productivity platform.