TransUnion (TRU): 2Q First Take: Outperformance with the full year guide raised mitigated by shortfall in 3Q outlook

研报英文原文证据摘录

TransUnion (TRU): 2Q First Take: Outperformance with the full year guide raised mitigated by shortfall in 3Q outlook

Goldman Sachs TransUnion (TRU)

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. 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.

Guidance vs Street. TransUnion raised its full year 2026 guidance for revenue from

$5,100-5,135mn to $5,127-5,162mn, reiterated its guidance for 8-9% OCC growth (or

5-6% excl. FICO mortgage royalty) and raised its EPS guidance from $4.68-$4.75 to

$4.75-$4.83. The company maintained its guidance for EBITDA margins of 35.2-35.4%,

down 60-80 bps (or up 50-70 bps excl. FICO mortgage royalty and M&A). Management’s

2026 guidance assumes high-single-digit growth in US Markets (unchanged), with

mid-teens growth in Financial Services (unchanged), mid-single-digit growth in

Emerging Verticals (unchanged) and a low-single-digit decline in Consumer Interactive

(unchanged), as well as mid-single-digit growth in International on a CC basis

(unchanged). The guidance update reflects increased contributions from acquisitions of

4 percentage points in 2026 vs 3.5 percentage points prior. FICO mortgage royalty adds

a ~3 percentage point benefit to revenue growth in 2026, with US mortgage revenue

growing 28% (or 6% excl. FICO mortgage royalty) and a mid-to-high single-digit decline

in mortgage inquiries. TRU’s guidance points to stable consensus estimates for 2026

revenue, EBITDA and EPS.