TransUnion三季度收入与调整后EPS小幅超预期，并上调全年EPS指引和回购授权

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM
8-K
____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date Earliest Event Reported):
October 27, 2026
____________________
TransUnion
(Exact name of registrant as specified in its charter)
____________________
Delaware
001-37470
61-1678417
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
555 West Adams Street,
Chicago,
Illinois
60661
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code:
(
312
)
985-2000
____________________
Check the appropriate box below if the Form 8−K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a−12 under the Exchange Act (17 CFR 240.14a−12)
☐
Pre−commencement communications pursuant to Rule 14d−2(b) under the Exchange Act (17 CFR 240.14d−2(b))
☐
Pre−commencement communications pursuant to Rule 13e−4(c) under the Exchange Act (17 CFR 240.13e− 4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
TRU
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02 Results of Operations and Financial Condition.
On October 27, 2026, TransUnion (the “Company”) issued a press release announcing results for the quarter ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.
Item 7.01 Regulation FD Disclosure.
On October 27, 2026, management reviewed a slide presentation during the Company’s fiscal 2026 third quarter earnings conference call. The presentation materials are attached hereto as Exhibit 99.2 and incorporated herein by reference. These materials may also be used by the Company at one or more subsequent conferences with analysts, investors, or other stakeholders.
The information contained in the attached presentation materials is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission filings and other public announcements. The Company undertakes no duty or obligation to publicly update or revise this information, although it may do so from time to time.
The information furnished pursuant to this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference in any filing made by the Company under the Securities Act or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
Press release of TransUnion dated October 27, 2026, announcing results for the quarter ended September 30, 2026.
99.2
Earnings call presentation materials for the quarter ended September 30, 2026.
104
Cover page Interactive Data File (embedded within the inline XBRL file).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned hereunto duly authorized.
TRANSUNION
Date: October 27, 2026
By:
/s/ Todd M. Cello
Name:
Todd M. Cello
Title:
Executive Vice President, Chief Financial Officer

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EX-99.1
2
exhibit99109302026.htm
EX-99.1
Document
Exhibit 99.1
News Release
TransUnion Announces Strong
Third Quarter
2026
Results
•
Delivered 12 percent revenue growth, or 8 percent organic constant currency, led by Financial Services, Insurance and International
•
Exceeded high end of guidance for diluted earnings per share and Adjusted Diluted Earnings per Share, delivering 14 percent growth for Adjusted Diluted Earnings per Share
•
Increased pace of share repurchases for a total of $243 million year-to-date; expect to repurchase up to $500 million shares total in 2026
•
Board
raised
share repurchase authorization by $1 billion to $2 billion in total
•
Raised quarterly dividend to $0.135 per share, an increase from $0.125, effective third quarter of 2026, payable in November
CHICAGO,
October 27, 2026 – TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended September 30, 2026.
Third Quarter 2026 Results
Revenue:
•
Total revenue for the quarter was $1,312 million, an increase of 12 percent (12 percent on a constant currency basis and 8 percent on an organic constant currency basis), compared with the third quarter of 2025.
Earnings:
•
Net income attributable to TransUnion was $156 million for the quarter, compared with $97 million for the third quarter of 2025. Diluted earnings per share was $0.81, compared with $0.49 in the third quarter of 2025. Net income attributable to TransUnion margin was 11.9 percent, compared with 8.3 percent in the third quarter of 2025.
•
Adjusted Net Income was
$242 million
for the quarter, compared with
$216 million
for the third quarter of 2025. Adjusted Diluted Earnings per Share was $1.25, compared with $1.10 in the third quarter of 2025.
•
Adjusted EBITDA was $465 million for the quarter, compared with $425 million for the third quarter of 2025, an increase of 9 percent (10 percent on a constant currency basis and 5 percent on an organic constant currency basis). Adjusted EBITDA margin was 35.4 percent, compared with 36.3 percent in the third quarter of 2025.
“TransUnion delivered another quarter of strong results exceeding our guidance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew by 7 percent, led by U.S. Financial Services and Insurance. International accelerated to 10 percent growth on an organic constant currency basis, including 18 percent growth in India.”
“We are maintaining the high-end of 2026 guidance for revenue and raising guidance for Adjusted Diluted EPS, balancing business momentum against rising interest rates and overall market uncertainty. We continue to expect 2026 to mark our third consecutive year of at least high-single digit organic constant currency revenue growth and double-digit Adjusted Diluted EPS growth.”
“Progress against our technology modernization and accelerated innovation underpin these results. We continue to deliver increasingly diversified, innovation-led and scalable growth. We believe our growth momentum, increasing cash flow and strong balance sheet support an accelerated pace of capital return to shareholders in the near term.”
Third Quarter 2026 Segment Results
Segment revenue, Adjusted EBITDA and the related growth rates in the table below include the results of Trans Union de México, S.A. S.I.C. (“Trans Union de Mexico”). The results of this business are reported in the International Segment within Latin America.
(in millions)
Third Quarter 2026
Reported Growth Rate
Constant Currency Growth Rate
Organic Constant Currency Growth Rate
U.S. Markets:
Financial Services
$
485
11
%
11
%
11
%
Emerging Verticals
351
6
%
6
%
6
%
Consumer Interactive
140
(3)
%
(3)
%
(3)
%
Total U.S. Markets Revenue
$
977
7
%
7
%
7
%
U.S. Markets Adjusted EBITDA
$
353
1
%
1
%
1
%
International:
Canada
$
46
5
%
7
%
7
%
Latin America
99
193
%
180
%
18
%
United Kingdom
75
5
%
5
%
5
%
Africa
22
15
%
6
%
6
%
India
74
8
%
18
%
18
%
Asia Pacific
24
—
%
3
%
3
%
Total International Revenue
$
339
30
%
31
%
10
%
International Adjusted EBITDA
$
156
39
%
41
%
20
%
Liquidity and Capital Resources
Cash and cash equivalents was $883 million at September 30, 2026 and $854 million at December 31, 2025.
For the nine months ended September 30, 2026, cash provided by operating activities was $889 million, compared with $668 million in 2025. The increase in cash provided by operating activities was due primarily to improved operating performance and changes in working capital. For the nine months ended September 30, 2026, cash used in investing activities was $754 million, compared with $307 million in 2025. The increase in cash used in investing activities was due primarily to our acquisitions of
Trans Union de Mexic
o and the
mobile division of RealNetworks LLC (“RealNetworks”)
, partially offset by proceeds from the sale of two investments and a prior year investment in a note receivable. For the nine months ended September 30, 2026, capital expenditures were $201 million, compared with $229 million in 2025. Capital expenditures as a percentage of revenue represented 5% and 7%, respectively, for the nine months ended September 30, 2026 and 2025. For the nine months ended September 30, 2026, cash used in financing activities was $86 million, compared with $301 million in 2025.
The decrease in cash used in financing activities was due primarily to borrowings from our Senior Secured Revolving Credit Facility in connection with the purchase of Trans Union de Mexico, partially offset by higher share repurchase volume in 2026, the prepayment of our Senior Secured Term Loan B-5 debt and dividends paid to shareholders of Trans Union de Mexico.
On October 26, 2026, TransUnion’s Board of Directors increased the share repurchase authorization by $1 billion to $2 billion in total and declared a cash dividend of $0.135 per share, an increase from $0.125, for the third quarter of 2026. The dividend will be payable on November 25, 2026, to shareholders of record on November 10, 2026.
Fourth Quarter and Full Year 2026 Outlook
Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates, inflation and regulatory changes. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results below.
Three Months Ended
December 31, 2026
Twelve Months Ended
December 31, 2026
(in millions, except per share data)
Low
High
Low
High
Revenue, as reported
$
1,264
$
1,294
$
5,131
$
5,162
Growth rates
1
:
As reported
8
%
10
%
12
%
13
%
Constant currency
1, 2
8
%
11
%
12
%
13
%
Organic constant currency
1, 3
3
%
6
%
8
%
9
%
Net income attributable to TransUnion
$
127
$
140
$
823
$
837
Growth rate
25
%
38
%
81
%
84
%
Net income attributable to TransUnion margin
10.0
%
10.8
%
16.0
%
16.2
%
Diluted Earnings per Share
$
0.66
$
0.73
$
4.26
$
4.32
Growth rate
26
%
40
%
84
%
87
%
Adjusted EBITDA, as reported
5
$
450
$
468
$
1,808
$
1,827
Growth rate, as reported
4
8
%
12
%
10
%
11
%
Adjusted EBITDA margin
35.6
%
36.2
%
35.2
%
35.4
%
Adjusted Diluted Earnings per Share
5
$
1.15
$
1.22
$
4.81
$
4.88
Growth rate
7
%
14
%
12
%
13
%
1.
Additional revenue growth assumptions:
a.
The impact of changing foreign currency exchange rates is expected to be immaterial for Q4 2026 and for FY 2026.
b.
The impact of the recent acquisitions is expected to be approximately 5 points of benefit for Q4 2026 and approximately 4 points of benefit for FY 2026.
c.
The impact of FICO mortgage royalty is expected to be approximately 1 point of benefit for Q4 2026 and approximately 3 points of benefit for FY 2026.
2.
Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
3.
Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions, including Trans Union de Mexico, the mobile division of RealNetworks and Monevo.
4.
Additional Adjusted EBITDA assumptions:
a.
The impact of changing foreign currency exchange rates is expected to be approximately 1 point of headwind for Q4 2026 and is expected to be immaterial for FY 2026.
5.
For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.
Earnings Webcast Details
In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed
at
www.transunion.com/tru
. A replay of the call will also be available at this website following the conclusion of the call.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good
®
— and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
http://www.transunion.com/business
Availability of Information on TransUnion’s Website
Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on
www.transunion.com/tru
.
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs, expectations and outlook are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.
Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materiall
y affect our financial results or such forward-looking statements include:
•
macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession, trade policy, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
•
ongoing conflict in the Middle East;
•
our ability to provide competitive services and prices;
•
our ability to retain or renew existing agreements with large or long-term customers;
•
our ability to maintain the security and integrity of our data;
•
our ability to deliver services timely without interruption;
•
uncertainty related to Fair Isaac Corporation’s (“FICO”) new Mortgage Direct License Program;
•
our ability to maintain our access to data sources;
•
government regulation and changes in the regulatory environment;
•
uncertainty related to potential governmental actions or public statements regarding mortgage credit reporting requirements, the pricing of our services, the consumer reporting industry or our business, and the potential impact to our business and stock price as a result of such actions or public statements;
•
litigation or regulatory proceedings;
•
our approach to the use of artificial intelligence;
•
our ability to effectively manage our costs;
•
our ability to maintain effective internal control over financial reporting or disclosure controls and procedures;
•
economic and political stability in the United States and risks associated with the international markets where we operate;
•
our ability to effectively develop and maintain strategic alliances and joint ventures;
•
our ability to timely develop new services and the market’s willingness to adopt our new services;
•
our ability to manage and expand our operations and keep up with rapidly changing technologies;
•
our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
•
our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
•
our ability to defend our intellectual property from infringement claims by third parties;
•
the ability of our outside service providers and key vendors to fulfill their obligations to us;
•
further consolidation in our end-customer markets;
•
the increased availability of free or inexpensive consumer information;
•
losses against which we do not insure;
•
our ability to make timely payments of principal and interest on our indebtedness;
•
our ability to satisfy covenants in the agreements governing our indebtedness;
•
our ability to maintain our liquidity;
•
stock price volatility;
•
share repurchase plans;
•
dividend rate;
•
our reliance on key management personnel; and
•
changes in tax laws or adverse outcomes resulting from examination of our tax returns.
There may be other factors, many of which are beyond our control,
that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended
December 31, 2025, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.
The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.
For More Information
E-mail:
Investor.Relations@transunion.com
Telephone:    312.985.2860
TRANSUNION AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(in millions, except per share data)
September 30,
2026
December 31,
2025
Assets
Current assets:
Cash and cash equivalents
$
883.1
$
853.6
Trade accounts receivable, net of allowance of $26.9 and $27.7
1,020.2
905.0
Other current assets
292.5
257.7
Total current assets
2,195.8
2,016.3
Property, plant and equipment, net of accumulated depreciation and amortization of $571.4 and $545.0
241.2
258.4
Goodwill
5,802.5
5,259.5
Other intangibles, net of accumulated amortization of $3,027.1 and $2,716.3
3,429.2
3,098.5
Other assets
421.4
480.2
Total assets
$
12,090.1
$
11,112.9
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable
$
409.2
$
349.9
Current portion of long-term debt
108.6
196.9
Other current liabilities
562.7
607.6
Total current liabilities
1,080.5
1,154.4
Long-term debt
5,347.9
4,906.9
Deferred taxes
535.6
389.8
Other liabilities
125.4
116.5
Total liabilities
7,089.4
6,567.6
Stockholders’ equity:
Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of September 30, 2026 and December 31, 2025, respectively
—
—
Common stock, $0.01 par value; 1.0 billion shares authorized at September 30, 2026 and December 31, 2025, 198.5 million and 199.4 million shares issued at September 30, 2026 and December 31, 2025, respectively, and 190.7 million and 192.4 million shares outstanding as of September 30, 2026 and December 31, 2025, respectively
1.9
2.0
Additional paid-in capital
2,311.7
2,424.0
Treasury stock at cost; 7.7 million and 7.0 million shares at September 30, 2026 and December 31, 2025, respectively
(428.9)
(370.3)
Retained earnings
3,346.7
2,723.7
Accumulated other comprehensive loss
(381.7)
(340.2)
Total TransUnion stockholders’ equity
4,849.7
4,439.2
Noncontrolling interests
151.0
106.1
Total stockholders’ equity
5,000.7
4,545.3
Total liabilities and stockholders’ equity
$
12,090.1
$
11,112.9
TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Revenue
$
1,312.5
$
1,169.5
$
3,867.8
$
3,405.0
Operating expenses
Cost of services (exclusive of depreciation and amortization below)
534.7
480.3
1,598.8
1,395.9
Selling, general and administrative
346.6
330.8
1,022.2
922.6
Depreciation and amortization
164.0
145.6
476.8
427.2
Restructuring
—
5.1
—
5.1
Total operating expenses
1,045.3
961.9
3,097.8
2,750.8
Operating income
267.2
207.6
770.0
654.2
Non-operating income and (expense)
Interest expense
(66.5)
(62.5)
(194.4)
(174.3)
Interest income
9.0
8.8
23.2
26.2
Earnings from equity method investments
0.9
5.5
8.3
14.7
Gain on acquisition of affiliate
—
—
225.5
—
Other income and (expense), net
(1.7)
(9.3)
6.0
(20.1)
Total non-operating income and (expense)
(58.2)
(57.5)
68.6
(153.5)
Income before income taxes
209.0
150.1
838.6
500.7
Provision for income taxes
(48.5)
(50.0)
(131.0)
(135.4)
Net income
160.5
100.2
707.6
365.3
Less: net income attributable to noncontrolling interests
(4.3)
(3.6)
(10.9)
(11.0)
Net income attributable to TransUnion
$
156.2
$
96.6
$
696.7
$
354.2
Basic earnings per common share from:
Net income attributable to TransUnion
$
0.82
$
0.50
$
3.63
$
1.82
Diluted earnings per common share from:
Net income attributable to TransUnion
$
0.81
$
0.49
$
3.59
$
1.80
Weighted-average shares outstanding:
Basic
191.1
194.8
192.0
194.9
Diluted
192.6
197.2
193.8
197.2
As a result of displaying amounts in millions, rounding differences may exist in the table above.
TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
Nine Months Ended September 30,
2026
2025
Cash flows from operating activities:
Net income
$
707.6
$
365.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
476.8
427.2
Deferred taxes
(21.3)
(26.5)
Stock-based compensation
113.6
106.9
Gain on acquisition of affiliate
(225.5)
—
Other
(6.7)
31.4
Changes in assets and liabilities:
Trade accounts receivable
(122.7)
(105.9)
Other current and long-term assets
(15.2)
(1.9)
Trade accounts payable
55.3
50.1
Other current and long-term liabilities
(73.3)
(178.5)
Cash provided by operating activities
888.6
668.1
Cash flows from investing activities:
Capital expenditures
(201.3)
(229.3)
Proceeds from sale/maturity of other investments
—
0.2
Investments in consolidated affiliates, net of cash acquired
(603.4)
(55.7)
Investments in nonconsolidated affiliates and notes receivable
(7.3)
(25.0)
Proceeds from the sale of investments in nonconsolidated affiliates
47.3
—
Other
10.7
2.7
Cash used in investing activities
(754.0)
(307.1)
Cash flows from financing activities:
Proceeds from revolving credit facility
520.0
—
Repayments of debt
(171.1)
(60.9)
Debt financing fees
(0.7)
—
Dividends to shareholders
(74.4)
(68.3)
Proceeds from issuance of common stock and exercise of stock options
21.5
22.5
Employee taxes paid on restricted stock units recorded as treasury stock
(58.6)
(33.9)
Repurchases of common stock
(244.6)
(152.6)
Acquisitions of noncontrolling interests
(8.6)
—
Distributions to noncontrolling interests
(13.3)
(7.7)
Dividends paid to shareholders of acquired affiliate
(56.3)
—
Cash used in financing activities
(86.1)
(300.9)
Effect of exchange rate changes on cash and cash equivalents
(19.0)
10.3
Net change in cash and cash equivalents
29.5
70.4
Cash and cash equivalents, beginning of period
853.6
679.5
Cash and cash equivalents, end of period
$
883.1
$
749.9
As a result of displaying amounts in millions, rounding differences may exist in the table above.
TRANSUNION AND SUBSIDIARIES
Non-GAAP Financial Measures
We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.
We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.
Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.
Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.
Consolidated Adjusted EBITDA
Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:
•
Net interest expense
is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
•
Provision for income taxes,
as reported on our Consolidated Statements of Operations.
•
Depreciation and amortization,
as reported on our Consolidated Statements of Operations.
•
Stock-based compensation
is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
•
Mergers and acquisitions, divestitures and business optimization
expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) fair value and impairment adjustments related to investments and related call and put options, notes receivable, gains or losses on a step acquisition and mark-to-market adjustments on acquisition-related foreign currency forward contracts, (iii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
•
Accelerated technology investment
includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. This represented the final phase of the technology investment in our global technology infrastructure and core customer applications. The accelerated technology investment fundamentally transformed our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure required us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur now that the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs through the end of the program in 2025 from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
•
Operating model optimization program
represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with our transformation plan. We excluded these expenses through the end of the program in 2025 as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
•
Net other
adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iii) currency remeasurement on foreign operations, (iv) legal and regulatory expenses, net, and (v) other non-operating (income) and expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.
Consolidated Adjusted EBITDA Margin
Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.
Adjusted Net Income
Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:
•
Amortization of certain intangible assets
presents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control.
We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
•
Stock-based compensation
(see Consolidated Adjusted EBITDA above)
•
Mergers and acquisitions, divestiture and business optimization
(see Consolidated Adjusted EBITDA above)
•
Accelerated technology investment
(see Consolidated Adjusted EBITDA above)
•
Operating model optimization program
(see Consolidated Adjusted EBITDA above)
•
Net other
is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
•
Total adjustments for income taxes
relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our Consolidated Statement of Operations.
Adjusted Diluted Earnings Per Share
Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.
Adjusted Provision for Income Taxes
Management has excluded the following items from our provision for income taxes for the periods presented:
•
Tax effect of above adjustments
represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
•
Excess tax (benefit) expense for stock-based compensation
is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
•
Other
principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.
Adjusted Effective Tax Rate
Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income before income taxes. We calculate adjusted income before income taxes by excluding the pre-tax
adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income before income taxes.
Leverage Ratio
Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.
This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.
Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.
Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.
SCHEDULE 1
TRANSUNION AND SUBSIDIARIES
Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC
(Unaudited)
For the Three Months Ended September 30, 2026 compared with
the Three Months Ended September 30, 2025
For the Nine Months Ended September 30, 2026 compared with
the Nine Months Ended September 30, 2025
Reported
CC Growth
1
Inorganic
Organic CC Growth
2
Reported
CC Growth
1
Inorganic
Organic CC Growth
2
Revenue:
Consolidated
12.2
%
12.5
%
4.9
%
7.6
%
13.6
%
13.5
%
4.0
%
9.5
%
U.S. Markets
7.0
%
7.0
%
0.3
%
6.8
%
10.7
%
10.7
%
0.2
%
10.5
%
Financial Services
10.8
%
10.8
%
—
%
10.8
%
17.5
%
17.5
%
—
%
17.5
%
Emerging Verticals
6.3
%
6.3
%
0.7
%
5.6
%
7.3
%
7.3
%
0.5
%
6.8
%
Consumer Interactive
(3.0)
%
(3.0)
%
—
%
(3.0)
%
(1.6)
%
(1.7)
%
0.3
%
(2.0)
%
International
30.4
%
31.4
%
20.9
%
10.4
%
23.7
%
23.2
%
17.4
%
5.8
%
Canada
5.2
%
6.9
%
—
%
6.9
%
9.6
%
8.6
%
—
%
8.6
%
Latin America
192.8
%
179.7
%
161.7
%
18.0
%
143.8
%
133.5
%
125.8
%
7.7
%
United Kingdom
5.1
%
5.5
%
—
%
5.5
%
11.8
%
9.3
%
2.4
%
7.0
%
Africa
14.9
%
6.4
%
—
%
6.4
%
17.8
%
6.9
%
—
%
6.9
%
India
7.5
%
17.7
%
—
%
17.7
%
(1.8)
%
6.7
%
—
%
6.7
%
Asia Pacific
—
%
3.0
%
—
%
3.0
%
(9.7)
%
(7.6)
%
—
%
(7.6)
%
Adjusted EBITDA:
Consolidated
9.3
%
10.1
%
5.3
%
4.7
%
10.5
%
10.7
%
4.5
%
6.1
%
U.S. Markets
0.7
%
0.7
%
(0.4)
%
1.1
%
6.3
%
6.2
%
(0.1)
%
6.4
%
International
38.5
%
41.3
%
21.2
%
20.1
%
25.5
%
26.0
%
17.2
%
8.7
%
1.
Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
2.
Organic CC growth rate is the CC growth rate less inorganic growth rate.
SCHEDULE 2
TRANSUNION AND SUBSIDIARIES
Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited)
(dollars in millions)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Revenue:
U.S. Markets gross revenue
Financial Services
$
485.5
$
438.0
$
1,482.3
$
1,261.5
Emerging Verticals
351.0
330.1
1,039.5
968.6
Consumer Interactive
140.3
144.8
422.8
429.8
U.S. Markets gross revenue
$
976.8
$
912.8
$
2,944.6
$
2,659.9
International gross revenue
Canada
$
45.7
$
43.4
$
135.3
$
123.5
Latin America
98.7
33.7
245.3
100.6
United Kingdom
75.0
71.4
220.7
197.4
Africa
22.3
19.4
64.2
54.5
India
73.7
68.5
200.3
203.9
Asia Pacific
23.7
23.7
67.9
75.2
International gross revenue
$
339.0
$
260.1
$
933.8
$
755.1
Total gross revenue
$
1,315.9
$
1,172.9
$
3,878.4
$
3,415.0
Intersegment revenue eliminations
U.S. Markets
$
(1.7)
$
(1.7)
$
(5.7)
$
(5.3)
International
(1.6)
(1.7)
(4.9)
(4.7)
Total intersegment revenue eliminations
$
(3.3)
$
(3.4)
$
(10.6)
$
(10.0)
Total revenue as reported
$
1,312.5
$
1,169.5
$
3,867.8
$
3,405.0
Adjusted EBITDA:
U.S. Markets
$
353.3
$
350.7
$
1,071.2
$
1,008.1
International
155.7
112.4
414.2
330.2
Corporate
(44.2)
(38.0)
(126.6)
(109.0)
Adjusted EBITDA Margin:
1
U.S. Markets
36.2
%
38.4
%
36.4
%
37.9
%
International
45.9
%
43.2
%
44.4
%
43.7
%
1.
Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:
Net income attributable to TransUnion
$
156.2
$
96.6
$
696.7
$
354.2
Net interest expense
57.4
53.7
171.2
148.2
Provision for income taxes
48.5
50.0
131.0
135.4
Depreciation and amortization
164.0
145.6
476.8
427.2
EBITDA
$
426.1
$
345.8
$
1,475.7
$
1,065.0
Expense and (income) adjustments to EBITDA:
Stock-based compensation
37.0
36.4
113.6
106.9
Mergers and acquisitions, divestitures and business optimization
1
0.4
6.9
(233.2)
20.2
Accelerated technology investment
2
—
22.1
—
65.4
Operating model optimization program
3
—
11.5
—
26.7
Net other
4
1.2
2.3
2.7
(55.0)
Total adjustments to EBITDA
$
38.6
$
79.2
$
(116.9)
$
164.2
Consolidated Adjusted EBITDA
$
464.8
$
425.1
$
1,358.8
$
1,229.2
Net income attributable to TransUnion margin
11.9
%
8.3
%
18.0
%
10.4
%
Consolidated Adjusted EBITDA margin
5
35.4
%
36.3
%
35.1
%
36.1
%
As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.
1.
Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Transaction and integration costs
$
0.4
$
2.7
$
8.0
$
10.9
Fair value and impairment adjustments
—
4.2
(241.2)
9.3
Total mergers and acquisitions, divestitures and business optimization
$
0.4
$
6.9
$
(233.2)
$
20.2
For the nine months ended September 30, 2026, fair value and impairment adjustments includes the gain on our acquisition of Trans Union de Mexico.
2.
Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2025
Foundational Capabilities
$
4.4
$
16.0
Migration Management
17.7
49.3
Total accelerated technology investment
$
22.1
$
65.4
3.
Operating model optimization consisted of the following adjustments:
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2025
Employee separation
$
5.1
$
5.1
Business process optimization
6.4
21.6
Total operating model optimization
$
11.5
$
26.7
4.
Net other consisted of the following adjustments:
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Deferred loan fee expense from debt prepayments and refinancing
$
—
$
—
$
—
$
(0.1)
Other debt financing expenses
0.5
0.5
1.4
1.6
Currency remeasurement on foreign operations
0.7
1.6
1.8
(0.6)
Legal and regulatory expenses, net
—
—
—
(56.0)
Other non-operating (income) expense
0.1
0.2
(0.5)
0.1
Total other adjustments
$
1.2
$
2.3
$
2.7
$
(55.0)
5.
Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.
SCHEDULE 3
TRANSUNION AND SUBSIDIARIES
Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)
(in millions, except per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Net Income attributable to TransUnion
$
156.2
$
96.6
$
696.7
$
354.2
Weighted-average shares outstanding:
Basic
191.1
194.8
192.0
194.9
Diluted
192.6
197.2
193.8
197.2
Basic earnings per common share from:
Net income attributable to TransUnion
$
0.82
$
0.50
$
3.63
$
1.82
Diluted earnings per common share from:
Net income attributable to TransUnion
$
0.81
$
0.49
$
3.59
$
1.80
Reconciliation of Net income attributable to TransUnion to Adjusted Net Income:
Net income attributable to TransUnion
$
156.2
$
96.6
$
696.7
$
354.2
Expense and (income) adjustments before income tax items:
Amortization of certain intangible assets
83.7
73.2
243.2
217.2
Stock-based compensation
37.0
36.4
113.6
106.9
Mergers and acquisitions, divestitures and business optimization
1
0.4
6.9
(233.2)
20.2
Accelerated technology investment
2
—
22.1
—
65.4
Operating model optimization program
3
—
11.5
—
26.7
Net other
4
0.9
1.6
2.0
(56.7)
Total adjustments before income tax items
$
122.0
$
151.8
$
125.6
$
379.7
Total adjustments for income taxes
5
(36.6)
(31.9)
(112.9)
(96.7)
Adjusted Net Income
$
241.6
$
216.5
$
709.4
$
637.2
Weighted-average shares outstanding:
Basic
191.1
194.8
192.0
194.9
Diluted
192.6
197.2
193.8
197.2
Adjusted Earnings per Share:
Basic
$
1.26
$
1.11
$
3.69
$
3.27
Diluted
$
1.25
$
1.10
$
3.66
$
3.23
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:
Diluted earnings per common share from:
Net income attributable to TransUnion
$
0.81
$
0.49
$
3.59
$
1.80
Expense and (income) adjustments before income tax items:
Amortization of certain intangible assets
0.43
0.37
1.25
1.10
Stock-based compensation
0.19
0.18
0.59
0.54
Mergers and acquisitions, divestitures and business optimization
1
—
0.04
(1.20)
0.10
Accelerated technology investment
2
—
0.11
—
0.33
Operating model optimization program
3
—
0.06
—
0.14
Net other
4
—
0.01
0.01
(0.29)
Total adjustments before income tax items
$
0.63
$
0.77
$
0.65
$
1.92
Total adjustments for income taxes
5
(0.19)
(0.16)
(0.58)
(0.49)
Adjusted Diluted Earnings per Share
$
1.25
$
1.10
$
3.66
$
3.23
Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.
1.
Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Transaction and integration costs
$
0.4
$
2.7
$
8.0
$
10.9
Fair value and impairment adjustments
—
4.2
(241.2)
9.3
Total mergers and acquisitions, divestitures and business optimization
$
0.4
$
6.9
$
(233.2)
$
20.2
For the nine months ended September 30, 2026, fair value and impairment adjustments includes the gain on our acquisition of Trans Union de Mexico.
2.
Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2025
Foundational Capabilities
$
4.4
$
16.0
Migration Management
17.7
49.3
Total accelerated technology investment
$
22.1
$
65.4
3.
Operating model optimization consisted of the following adjustments:
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2025
Employee separation
$
5.1
$
5.1
Business process optimization
6.4
21.6
Total operating model optimization
$
11.5
$
26.7
4.
Net other consisted of the following adjustments:
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Deferred loan fee expense from debt prepayments and refinancing
$
—
$
—
$
—
$
(0.1)
Currency remeasurement on foreign operations
0.7
1.6
1.8
(0.6)
Legal and regulatory expenses, net
—
—
—
(56.0)
Other non-operating (income) and expense
0.2
—
0.2
—
Total other adjustments
$
0.9
$
1.6
$
2.0
$
(56.7)
5.
Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.
SCHEDULE 4
TRANSUNION AND SUBSIDIARIES
Adjusted Provision for Income Taxes, Effective Tax Rate and Adjusted Effective Tax Rate (Unaudited)
(dollars in millions)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Income before income taxes
$
209.0
$
150.1
$
838.6
$
500.7
Total adjustments before income tax items from Schedule 3
122.0
151.8
125.6
379.7
Adjusted income before income taxes
$
331.0
$
301.9
$
964.2
$
880.4
Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes
Provision for income taxes
$
(48.5)
$
(50.0)
$
(131.0)
$
(135.4)
(Expense) and benefit adjustments for income taxes:
Tax effect of above adjustments
(27.2)
(34.5)
(80.1)
(99.8)
Eliminate impact of excess tax expense (benefit) for stock-based compensation
(1.0)
(1.9)
(1.2)
(1.6)
Other
1
(8.3)
4.5
(31.5)
4.7
Total adjustments for income taxes
$
(36.6)
$
(31.9)
$
(112.9)
$
(96.7)
Adjusted Provision for Income Taxes
$
(85.1)
$
(81.8)
$
(243.8)
$
(232.1)
Effective tax rate
23.2
%
33.3
%
15.6
%
27.0
%
Adjusted Effective Tax Rate
25.7
%
27.1
%
25.3
%
26.4
%
As a result of displaying amounts in millions, rounding differences may exist in the table above.
1.
Other adjustments for income taxes include:
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Deferred tax adjustments
$
—
$
1.8
$
(18.0)
$
(5.6)
Valuation allowance adjustments
1.2
0.2
(6.5)
1.7
Return to provision, audit adjustments and reserves related to prior periods
(10.2)
2.4
(8.5)
7.3
Other adjustments
0.6
0.1
1.5
1.3
Total other adjustments
$
(8.3)
$
4.5
$
(31.5)
$
4.7
SCHEDULE 5
TRANSUNION AND SUBSIDIARIES
Leverage Ratio (Unaudited)
(dollars in millions)
Trailing Twelve Months Ended
September 30, 2026
Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:
Net income attributable to TransUnion
$
797.9
Net interest expense
225.6
Provision for income taxes
168.6
Depreciation and amortization
624.4
EBITDA
$
1,816.5
Expense and (income) adjustments to EBITDA:
Stock-based compensation
$
152.3
Mergers and acquisitions, divestitures and business optimization
1
(223.3)
Accelerated technology investment
2
19.1
Operating model optimization program
3
5.6
Net other
4
5.4
Total adjustments to EBITDA
$
(41.0)
Consolidated Adjusted EBITDA
1,775.5
Adjusted EBITDA for Pre-Acquisition Period
5
33.7
Leverage Ratio Adjusted EBITDA
$
1,809.1
Total debt
$
5,456.6
Less: Cash and cash equivalents
883.1
Net Debt
$
4,573.5
Ratio of Net Debt to Net income attributable to TransUnion
5.7
Leverage Ratio
6
2.5
As a result of displaying amounts in millions, rounding differences may exist in the table above.
1.
Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
Trailing Twelve Months Ended
September 30, 2026
Transaction and integration costs
$
11.1
Fair value and impairment adjustments
(233.7)
Post-acquisition adjustments
(0.7)
Total mergers and acquisitions, divestitures and business optimization
$
(223.3)
Fair value and impairment adjustments includes the gain on our acquisition of Trans Union de Mexico.
2.
Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
Trailing Twelve Months Ended
September 30, 2026
Foundational Capabilities
$
2.8
Migration Management
16.4
Total accelerated technology investment
$
19.1
3.
Operating model optimization consisted of the following adjustments:
Trailing Twelve Months Ended
September 30, 2026
Employee separation
$
1.8
Business process optimization
3.9
Total operating model optimization
$
5.6
4.
Net other consisted of the following adjustments:
Trailing Twelve Months Ended
September 30, 2026
Other debt financing expenses
$
1.9
Currency remeasurement on foreign operations
2.8
Other non-operating (income) and expense
0.6
Total other adjustments
$
5.4
5.
The trailing twelve months ended September 30, 2026 include Adjusted EBITDA related to Trans Union de Mexico and the mobile division of RealNetworks prior to our acquisitions in March 2026 and April 2026, respectively.
6.
We define Leverage Ratio as net debt divided by Leverage Ratio Adjusted EBITDA as shown in the table above.
SCHEDULE 6
TRANSUNION AND SUBSIDIARIES
Segment Depreciation and Amortization (Unaudited)
(in millions)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
U.S. Markets
$
110.8
$
106.7
$
328.1
$
313.1
International
51.9
38.0
145.8
111.2
Corporate
1.2
0.9
3.0
2.9
Total depreciation and amortization
$
164.0
$
145.6
$
476.8
$
427.2
As a result of displaying amounts in millions, rounding differences may exist in the table above.
SCHEDULE 7
TRANSUNION AND SUBSIDIARIES
Reconciliation of Non-GAAP Guidance (Unaudited)
(in millions, except per share data)
Three Months Ended
December 31, 2026
Twelve Months Ended
December 31, 2026
Low
High
Low
High
Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:
Net income attributable to TransUnion
$
127
$
140
$
823
$
837
Interest, taxes and depreciation and amortization
281
286
1,060
1,065
EBITDA
$
408
$
426
$
1,884
$
1,902
Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments
1
42
42
(75)
(75)
Adjusted EBITDA
$
450
$
468
$
1,808
$
1,827
Net income attributable to TransUnion margin
10.0
%
10.8
%
16.0
%
16.2
%
Consolidated Adjusted EBITDA margin
2
35.6
%
36.2
%
35.2
%
35.4
%
Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:
Diluted earnings per share
$
0.66
$
0.73
$
4.26
$
4.32
Adjustments to diluted earnings per share
1
0.49
0.49
0.55
0.56
Adjusted Diluted Earnings per Share
$
1.15
$
1.22
$
4.81
$
4.88
As a result of displaying amounts in millions, rounding differences may exist in the table above.
1.
These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
2.
Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

----- exhibit9929302026.htm -----
EX-99.2
3
exhibit9929302026.htm
EX-99.2
exhibit9929302026
Confidential Third Quarter 2026 Earnings October 27, 2026 Chris Cartwright, President and CEO Todd Cello, CFO Exhibit 99.2
2© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Non-GAAP Financial InformationForward-Looking Statements This investor presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Factors that could cause TransUnion’s actual results to differ materially from those described in the forward-looking statements include: macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession, trade policy, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate; ongoing conflict in the Middle East; our ability to provide competitive services and prices; our ability to retain or renew existing agreements with large or long-term customers; our ability to maintain the security and integrity of our data; our ability to deliver services timely without interruption; uncertainty related to FICO’s new Mortgage Direct License Program; our ability to maintain our access to data sources; government regulation and changes in the regulatory environment; uncertainty related to potential governmental actions or public statements regarding mortgage credit reporting requirements, the pricing of our services, the consumer reporting industry or our business, and the potential impact to our business and stock price as a result of such actions or public statements; litigation or regulatory proceedings; our approach to the use of artificial intelligence; our ability to effectively manage our costs; our ability to maintain effective internal control over financial reporting or disclosure controls and procedures; economic and political stability in the United States and risks associated with the international markets where we operate; our ability to effectively develop and maintain strategic alliances and joint ventures; our ability to timely develop new services and the market’s willingness to adopt our new services; our ability to manage and expand our operations and keep up with rapidly changing technologies; our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions; our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property; our ability to defend our intellectual property from infringement claims by third parties; the ability of our outside service providers and key vendors to fulfill their obligations to us; further consolidation in our end-customer markets; the increased availability of free or inexpensive consumer information; losses against which we do not insure; our ability to make timely payments of principal and interest on our indebtedness; our ability to satisfy covenants in the agreements governing our indebtedness; our ability to maintain our liquidity; stock price volatility; share repurchase plans; dividend rate; our reliance on key management personnel; and changes in tax laws or adverse outcomes resulting from examination of our tax returns; and other one- time events and other factors that can be found in our Annual Report on Form 10-K for the year ended December 31, 2025, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are filed with the SEC and are available on TransUnion’s website (www.transunion.com/tru) and on the SEC’s website (www.sec.gov). TransUnion undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this investor presentation. This investor presentation includes certain non-GAAP measures that are more fully described in the appendices to Exhibit 99.1, “Press release of TransUnion dated October 27, 2026, announcing results for the quarter ended September 30, 2026,” under the heading ‘Non- GAAP Financial Measures,’” furnished to the Securities and Exchange Commission on October 27, 2026. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for each of the periods included in this presentation are included in the Appendices at the back of this investor presentation. Confidential
3© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Third quarter 2026 highlights1 Innovation-led growth in action: Insurance vertical2 3@ Copyright 2026 Tran Union, its ubsidiaries and/or affiliates. All Rights Reserved. Third quarter 2026 financial results3 Fourth quarter and full-year 2026 guidance4 Confidential
4© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. *Revenue growth figures referenced above are organic constant currency. **Excludes commissions and excise taxes For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. International revenue +10%*, driven by acceleration in India (+18%) Mexico (inorganic) ahead of plan U.S. Markets revenue +7%* led by Financial Services (+11%, or +5% excluding mortgage) and Emerging Verticals (+6%) Organic constant currency revenue +8% or ~5.5% excluding FICO mortgage royalties Adjusted Diluted EPS +14% Exceeded guidance on revenue, Adjusted EBITDA and Adjusted Diluted EPS Repurchased ~$243M in shares year-to-date** Expect ~$500M in repurchases for FY 2026; Board increased authorization by $1B to $2B Third quarter 2026 financial highlights Confidential
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 5Confidential 5 Consumers remain resilient with high employment but moderating real wage growth Credit demand continues to be healthy due to strong spending activity Strong bookings in Financial Services, underscoring demand for our diversified solution suites Continue to monitor inflation, interest rates and their impact on consumer behavior Rising interest rates create headwinds for mortgage, impacting borrowing costs and affordability Moderate impact on auto; credit cards and personal loans less rate sensitive Lenders selectively growing portfolios, supported by strong balance sheets and healthy margins Delinquencies tracking with historical trends and stable by risk tier Largely stable U.S. consumer credit conditions despite rising interest rates
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 6Confidential 6  Maintaining high-end of revenue and Adjusted EBITDA guidance despite 30bps+ increase in 10-year rate since July and ~80bps year-to-date – Portfolio diversification, including stronger International growth in H2, mitigating impact of higher rates and lower mortgage activity – ~20bps of underlying margin expansion and strong profitability from Mexico acquisition  Increasing Adjusted Diluted EPS guidance due to lower net interest expense and recent repurchases  3rd consecutive year of high-single-digit organic revenue and double-digit Adj. Diluted EPS growth Revenue Adjusted EBITDA Adjusted Diluted Earnings Per Share Metric 2026 Guidance Key Points $5,131M to $5,162M 8% to 9% organic constant currency $1,808M to $1,827M 10% to 11% growth 35.2% to 35.4% margin $4.81 to $4.88 from prior $4.75 to $4.83 12% to 13% growth Strong execution and diversification support guidance delivery despite higher rates and geopolitical uncertainty For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Confidential
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 7Confidential  Scaled U.S. credit migrations, with majority of U.S. credit online and batch now on OneTru – Migrations expected to be largely completed by year-end  Deployed TruIQ and key solutions across India, the U.K. and Canada Modernize technology Delivering on 2026 strategic priorities to drive innovation-led, diversified and scalable growth Accelerate innovation Drive durable and scalable growth  Launched 40+ products and enhancements year-to-date – Highlights: TruIQ Real-Time Offers, Audiences by TransUnion, and Branded Call Display for India  ~$350 million in expected 3- year revenue potential from 2026 launches to-date1  Solutions: Trusted Call Solutions up ~40% year-to-date  Verticals: Insurance 9th straight quarter of double-digit growth  Geographies: Acceleration in India (+18%*) and Latin America (+18%*); Mexico (inorganic) ahead of plan *Growth rates are organic constant currency1Based on internal estimates and assumptions
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 8 Who we support: • Top 20 personal lines insurers • 19 of top 20 life insurers • 15 of top 20 commercial lines insurers • Carriers representing 80%+ of personal lines in the U.S. Market-leading credit bureau serving the insurance lifecycle with a comprehensive solution suite Commercial Lines 16% Personal Lines 78% Life Insurance 5% AutoHome Why we win: • Vertical expertise and customer- centric sales approach • Insurance-centric offerings aligned to customers’ needs • Relevant innovation in marketing and fraud solutions Insurance Spotlight Leader in personal auto and home1 Blue-chip customer base Superior value proposition $430 million+ revenue (2026F) Note: Auto and Home split represents an approximation based on internal estimates and assumptions 1Based on internal estimates and assumptions
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 9Confidential Insurance growth has materially outpaced market volumes across economic cycles 16% 18% 3% 17% 9% 5% 12% 18% +Double- digits 2018 2019 2020 2021 2022 2023 2024 2025 2026F 1U.S. Insurance growth shown on an organic constant currency basis Double-digit CAGR over last decade Relevant solutions for every market condition Organic growth y/y In economic expansion: Insurers increase marketing activity, driving volume and wins across marketing solutions Through-cycle secular drivers: Policy renewals drive highly recurring transaction volume; wallet share gains across solutions During economic slowdown: Consumer shopping supports growth even as marketing and new policy origination slows Insurance Spotlight Low double-digit CAGR from 2009-2019 COVID and post- COVID recovery Growth despite inflation-driven volume pressures Return to normal market conditions
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 10Confidential Diversification beyond credit drives new growth vectors and reduces cyclicality Core Credit 46% Insurance-Specific Solutions 34% Marketing and Fraud Solutions 20% Insurance Spotlight Strategy Cross-sell the global suite, including notable success with Trusted Call Solutions Combined double-digit CAGR for marketing and fraud solutions since 2022 Outcome Expand into adjacent offerings, including driving-history data to complement credit Driving History revenue scaled from $13M in 2015 to ~$125M in 2026F Enhance the core with trended data and attributes, modern scores and TruIQ analytics Double-digit growth in 2026F, with leading market position and continued share gains1 Revenue Mix Revenue mix by solution category is based on full year 2026 forecast. 1Based on internal estimates and assumptions
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 11 • Accelerating demand for differentiated data to improve insurers’ acquisition, underwriting and retention • Agentic commerce enabling low-friction insurance shopping, increasing velocity of data pulls Large addressable market and durable advantages support expectation of at least high-single-digit Insurance growth ~$190M ~$225M 2026F revenue Annualized revenue of contract wins ~$125M ~$150M 2026F revenue Annualized revenue of contract wins Insurance Spotlight • Vertical penetration: Expand position in life and commercial auto insurance • Wallet share expansion: Cross- sell of marketing and fraud (including Trusted Call) solutions • Insurance-specific innovation: Launched industry-first consumer- owned telematics driving score Sizeable backlog of awarded business1 Vertical and solution penetration Industry trends in our favor Core Credit Driving Solutions Note: Annualized revenue of contract wins expected to materialize over next 2-3 years 1Based on internal estimates and assumptions
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 12Confidential Consolidated third quarter 2026 highlights Reported ($M) Y/Y Change Revenue $1,313 12% Organic constant currency revenue 8% Organic constant currency revenue ex. FICO mortgage royalties ~5.5% Adjusted EBITDA $465 9% Adjusted EBITDA margin 35.4% (90)bps Adjusted Diluted EPS $1.25 14% • Diversified revenue growth across solutions, verticals and geographies • Adjusted EBITDA margin ~(90)bps includes: − ~(40)bps underlying − ~(60)bps impact from FICO mortgage royalties − ~+10bps benefit from strong Mexico performance (inorganic) For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation.
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 13Confidential U.S. Markets third quarter 2026 highlights Note: Rows may not foot due to rounding. For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. • U.S. Financial Services +11%, or +5% excluding FICO mortgage royalties − Financial Services ex- mortgage +5%, with Card & Banking +3%, Consumer Lending +5%, and Auto +13% − Mortgage +21% or +5% ex- FICO vs. inquiries down ~(16%) • Emerging Verticals +6%, led by double-digit growth in Insurance and Public Sector Reported ($M) Reported Y/Y FX Impact Inorganic Impact Organic Constant Currency Revenue $977 7% – – 7% Financial Services 485 11% – – 11% Emerging Verticals 351 6% – <1% 6% Consumer Interactive 140 (3%) – – (3%) Adjusted EBITDA $353 1% – – 1% *Revenue growth figures referenced above are organic constant currency.
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 14Confidential International third quarter 2026 highlights Note: Rows may not foot due to rounding. For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Reported ($M) Reported Y/Y FX Impact Inorganic Impact Organic Constant Currency Revenue $339 30% (1%) 21% 10% Canada 46 5% (2%) – 7% Latin America 99 193% 13% 162% 18% U.K. 75 5% – – 5% Africa 22 15% 8% – 6% India 74 8% (10%) – 18% Asia Pacific 24 0% (3%) – 3% Adjusted EBITDA $156 39% (3%) 21% 20% *Revenue growth figures referenced above are organic constant currency, except as noted. • Canada +7% broad-based banking, FinTech, insurance • LatAm +18% with double- digit growth in Brazil and Colombia; Mexico (inorganic) ahead of plan • U.K. +5% wins across banking and FinTech • India +18% gradually improving volumes and strong new business wins
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 15Confidential Strong balance sheet, natural de-levering and accretive capital deployment Shareholder-friendly capital allocation3 Target <2.5x Leverage Ratio 1We define Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period. Total debt is netted for deferred financing fees / original issue discount.​ 2 We define Free Cash Flow Conversion as cash flow from operating activities less capital expenditure divided by consolidated adjusted Net Income for the most recent twelve month period 3 "Repurchases" represents the cost to acquire shares as per trade date excluding commissions and excise taxes. “Dividends” represents amounts paid to TransUnion shareholders. Note: For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. 3.8x 3.6x 3.0x 2.6x 2.8x 2.6x 2.5x 2022 2023 2024 2025 Q1 2026 Q2 2026 Q3 2026 • Share repurchases: ~$243 million year-to-date through September; ~$543 million total since 2025 – Expect ~$257 million of repurchases in Q4 for a full- year total of ~$500 million – Board increased authorization by $1 billion to $2 billion; remaining authorization of ~$1.5 billion as of today • Debt repayment: Prepaid remaining ~$104 million of Term Loan B-5 in September • Dividends: Raised quarterly dividend to $0.135 (from $0.125), effective Q3 2026 and payable in November Leverage Ratio1 +0.3x increase due to Mexico • Supported by 90%+ Free Cash Flow Conversion2 over trailing 12 months
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 16Confidential Reported Revenue: $1,264M to $1,294M +8% to +10% M&A contribution: ~5pt. benefit FX contribution: ~(0.5)pt. headwind Organic Constant Currency Revenue: +3% to +6% FICO mortgage royalty impact ~1pt. Benefit Organic CC Revenue ex. FICO mortgage royalty: +3% to +5% Adjusted EBITDA: $450M to $468M +8% to +12% FX contribution: ~(1)pt. headwind Adjusted EBITDA margin: 35.6% to 36.2% Adjusted EBITDA margin bps change: Flat to +60bps Adjusted Diluted EPS: $1.15 to $1.22 +7% to +14% Fourth quarter 2026 guidance Note: For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. • Non-mortgage revenue growth expected to be similar to Q3 (~5.5%) • Mortgage inquiries expected to decline 20%+ in Q4, using conservative rate and activity assumptions • Flat to +60bps of margin expansion includes: – +40-120bps of underlying expansion – ~(30bps) impact from FICO royalty – ~(20bps) impact from acquisitions, inclusive of integration expenses
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 17Confidential Full-year 2026 revenue guidance Reported Revenue: $5.131B to $5.162B +12% to 13% M&A contribution: ~4pt. benefit FX contribution: Immaterial Organic Constant Currency Revenue: +8% to +9% FICO mortgage royalty impact ~3pt. benefit Organic CC Revenue ex. FICO mortgage royalty: +5% to +6% Organic Constant Currency Growth Assumptions • U.S. Markets up high-single digit (up mid-single digit ex. FICO mortgage royalty) – Financial Services up mid-teens (up high-single digit ex. FICO mortgage royalty) – Emerging Verticals up mid-single digit – Consumer Interactive down low-single digit • International up mid-single digit (constant currency) Note: For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. • Maintaining guidance to balance business momentum against macro uncertainty – Positioned to perform at the high- end of guidance if conditions persist • No change to segment-level revenue growth assumptions – Mortgage expected to grow +28% or +9% excluding FICO royalty vs. ~(10%) inquiry declines
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 18Confidential The adjusted tax rate guidance of ~25.5% reflects expected full year GAAP effective rate of ~19% plus the elimination of discrete adjustments and other items totaling ~6.5%. For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Full-year 2026 Adjusted EBITDA, Adjusted Diluted EPS and other guidance Adjusted EBITDA: $1.808B to $1.827B +10% to +11% FX contribution: Immaterial Adjusted EBITDA margin: 35.2% to 35.4% Adjusted EBITDA margin bps change: (80)bps to (60)bps Adjusted Diluted EPS: $4.81 to $4.88 +12% to +13% Total D&A: ~$640M D&A ex. step-up from 2012 change in control and subsequent acquisitions: ~$320M Net Interest Expense: ~$235M Adjusted Tax Rate: ~25.5% CapEx: ~6% of revenue • (80)bps to (60)bps of Adjusted EBITDA margin contraction: – Flat to +20bps underlying expansion, inclusive of growth reinvestment and higher litigation – ~(80bps) impact from FICO no- margin royalty – Immaterial acquisition impact with stronger margins in Mexico • Swap replacement and higher SOFR forecast expected to increase net interest expense by ~$60M in 2027 • Expect 90%+ free cash flow conversion as a percentage of Adjusted Net Income
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 19Confidential Long-term investment and innovation to build more effective credit data and scores Trended Data Pioneer in transition from point-in-time data Mortgage Tri-merge 33 million more consumers scored compared to legacy data and scores Data Differentiation Most comprehensive FinTech coverage Alternative Data Leading short-term lending data + alternative tradelines Score Innovation Co-founded VantageScore to enable score competition ~60% increase in 30-month trended tradelines since 2016 ~500% increase in FinTech tradelines since 2016 ~90% increase in rental, utility and telco tradelines since 2016 ~200% increase in VantageScore usage over the last 5 years
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 20Confidential Expands access to ~5 million consumers and helps borrowers qualify for more attractive rates Provides a complete view of borrowing history using a comprehensive data foundation Trended and alternative data and VantageScore unlocks $1 trillion in incremental mortgage loan opportunity Increases the addressable market of mortgage-eligible consumers Enables accurate risk assessment and loan pricing and deters fraud This innovation enables the responsible expansion of credit in the U.S., especially for mortgages Mortgage Tri-merge Increased consumer access and affordability Rigorous risk assessment Responsible mortgage lending at scale+ = Homebuyer Benefits Lender Benefits TransUnion supported 32 million mortgages over the last decade, representing $9.2 trillion in loan value
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 21Confidential TransUnion accounts for 0.08% of mortgage closing costs Tri-merge value TransUnion cost reflects our innovation and ongoing data stewardship Tri-merge combines data from all three bureaus, accounting for differences between individual files Bi-merge would introduce additional risk and costs that far outweigh credit file costs ~$2,000 ~$4,000 ~$3,000 ~$9,000 ~$130 Closing Costs Tri-merge fee2 Taxes & Government Fees Origination Fees Settlement And Title Fees Third Party Fees Credit Report Fee Breakdown TransUnion ~$11 Bureau #2 $10-15 Bureau #3 $10-15 FICO ~$30 Reseller markup ~$60-$65 Tri-merge provides meaningful economic benefits for a fraction of mortgage closing costs Mortgage Tri-merge ~$18,000 Closing Costs1 1Estimated closing costs based on a $500,000 home purchase with 20% down payment Source: Fannie Mae Closing Costs Calculator; Bureau #2 and Bureau #3 credit report price range based on internal estimates and assumptions 2Based on the average of the low and middle estimate provided by Fannie Mae’s Closing Costs Calculator to more accurately represent the cost for a single borrower
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 22Confidential VantageScore adoption drives industry savings without compromising data completeness Mortgage Tri-merge ~35% of mortgage credit pulls in Q3 used VantageScore 4.0 99 cents pricing for VantageScore 4.0 extended to 2028 First Look allows lenders to review credit file before buying higher- cost scores
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 23Confidential Exposure to potential FHFA shift to bi-merge estimated at <1% of revenue and <3% of Adjusted Diluted EPS Factors driving tri-merge pulls without mandate 1. Eligible population maximized – Tri-merge used in prequalification activity despite single-file options 2. Loan type optionality optimized – FHA, VA, USDA all support tri-merge 3. Most attractive mortgage rates offered – A small increase in interest rate increases borrowing costs by $000’s over the life of a mortgage 4. Full risk assessed – 35% of consumers have a score that differs from tri-merge by 10+ points ~$750M in mortgage revenue (2026F)* *Revenue mix approximated based on total volume of mortgage originations by loan type. Mortgage Tri-merge Bi-merge risk is manageable with several mitigating factors FHFA regulated loans (Fannie Mae and Freddie Mac) ~$100M FHA, VA and USDA loans ~$90M Jumbo and all other loans ~$100M Prequalification and non-tri-merge ~$145M FICO Royalties (no margin) ~$315M ~$100M ~$67M Revenue under tri-merge Revenue under bi-merge If all FHFA-regulated loans moved to bi-merge and the bureaus maintained equal share, the estimated direct impact is ~$33M of revenue (ex- FICO royalties) and ~$0.15 of Adjusted Diluted EPS Tri- merge ~$33M
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 24Confidential Expect +8% to +9% organic constant currency revenue growth and +12% to +13% Adjusted Diluted EPS growth in 2026 Delivered strong Q3 with +8% organic constant currency revenue growth and +14% Adjusted Diluted EPS growth Executing against strategic priorities to deliver innovation-led, diversified and scalable growth Note: For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation.
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 25Confidential Q&A
Greg Bardi Investor Relations gregory.bardi@transunion.com Jason Stuhldreher Investor Relations jason.stuhldreher@transunion.com
Appendices and Non-GAAP Reconciliations
28© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Our next era of scalable growth and compounding cash flow Industry-leading Durable Innovation-led Growth investments Shareholder return Balance sheet optimization Value Creation Technology modernization AI productivity Operating model optimization
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 29 High-single digit Organic revenue growth Diversified across solutions, verticals and geographies • Leading Credit growth and accelerating Marketing, Fraud and Consumer solutions • Premier international portfolio tilted towards emerging markets • Mortgage and lending normalization represents upside For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. ~50 basis points Adjusted EBITDA expansion Expand margins while investing for growth • Structural savings from technology, operations and AI • Invest in OneTru global rollout, innovation and go-to-market • Stronger margin expansion in lending recovery Low-to-mid teens Adjusted Diluted EPS growth Includes benefit from accelerated capital deployment • Disciplined and shareholder-centric capital allocation • Lower capital intensity • Consistent tax rate • 90%+ free cash flow conversion Growth and margins excludes impact from changes in no-margin FICO mortgage royalties Attractive medium-term financial framework
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 30Confidential Strong and broad-based revenue growth Expect to deliver underlying mortgage growth in 2026 ~70bps of underlying margin expansion Mortgage Assumptions Mortgage assumptions • Revenue growth of 9% excluding FICO royalty cost, compared to inquiries down mid-to-high single digit – driven by pricing on core data and new business wins – Revenue up 28% inclusive of FICO price increases (no-margin) • No shift to FICO Direct program in 2026 based on customer feedback – Program adds new operational complexities for resellers; no customer shift to date – Profitability per pull is similar regardless of TransUnion or reseller calculating the FICO score • VantageScore adoption represents long-term opportunity – Increasing usage throughout the year; continue to view 2026 as a transitional year focused on testing and validating $405M ~$435M $183M ~$315M $589M ~$750M 2025 2026F FICO royalty cost Revenue less FICO royalty cost $109M $114M $47M $75M $156M $189M Q3 2025 Q3 2026
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 31Confidential Strong and broad-based revenue growth Consistent underlying Adjusted EBITDA margin expansion 2025* 2026F (High-end) 10% 9% 9% 6% 35.1% 36.0% 36.0% 35.4% 35.8% 37.1% 37.5% 37.7% 2023 2024 2025 2026F (High-end) Reported Adj. EBITDA Margin Adj. EBITDA Margin ex FICO cost in mortgage8% 7% 2024* Organic constant currency revenue growth Growth ex FICO mortgage royalty +20bps of underlying expansion *2024 and 2025 also normalized for large 1x breach win in Q3 2024 For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Mortgage Assumptions Strong revenue growth and margin expansion expected excluding FICO no-margin mortgage royalty
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 32Confidential Significant earnings potential from mortgage recovery Sizable mortgage profit despite depressed volumes Originations and distribution of mortgages based on TransUnion Consumer Credit Database. *FY 2025F Mortgage originations reflects trailing-twelve- month originations from Q4 2025 7.8 5.0 FY 2019 FY 2025 Industry originations (M) ~$435M ~$315M FY 2026F Mortgage revenue ($M) Significant refinancing opportunity if rates fall 0.8 10 14.9 7.3 5.7 10.8 0-2% 2-3% 3-4% 4-5% 5-6% 6%+ Distribution of mortgages (in millions) in the U.S. by rate Earnings potential from a mortgage recovery • Every 10% increase in mortgage volume adds: – ~$43 million to Adjusted EBITDA – ~$0.17 to Adjusted Diluted EPS • Full recovery to 2019 mortgage levels translates to: – +$240 million to Adjusted EBITDA – +$0.90 to Adjusted Diluted EPS • Additional profit and margin upside from VantageScore adoption, new business wins and pricing FICO royalty cost Revenue less FICO royalty cost For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Mortgage Assumptions
33© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Debt profile and 2026F interest expense bridge Debt Profile (9/30/26) 2026F Net Interest Expense Bridge Notional ($B) Expiry Rate Revolver & Term Loan Tranche Revolver 0.5 Jun’29 SOFR + 1.25% Term Loan A-4 1.2 Jun’29 SOFR + 1.25% Term Loan B-9 1.8 Jun’31 SOFR + 1.75% Term Loan B-8 1.9 Jun’31 SOFR + 1.75% Swaps* December 2021 1.5 Dec’26 Receive SOFR, Pay 1.39% December 2024 1.1 Dec’27 Receive SOFR, Pay 3.54% June 2025 1.2 Dec’27 Receive SOFR, Pay 3.49% • ~70% of debt is currently swapped to fixed rate • Expect to execute additional swaps in Q4 2026 to replace swaps maturing on December 31, 2026 • 2026 net interest expense guidance assumes no additional debt prepayment or incremental debt Debt / Interest Expense $203M ~$235M $5M ~($6M) ~($23M) ~($9M) 2025 Net Interest Expense Prepayments Interest Income Revolver Borrowing SOFR, Hedges, Other 2026F Net Interest Expense
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 34Confidential Credit 56% Consumer 15% Marketing 11% Fraud 16% Other 2% Credit 52% Consumer 16% Marketing 13% Fraud 17% Other 2% Credit 71% Consumer 12% Marketing 2% Fraud 15% + = Revenue by Solution Family (FY 2025) U.S. Markets ($3.6 billion) International ($1.0 billion) Total Company ($4.6 billion) Note – “All Other” includes products sold for specific uses cases outside of Credit, Consumer, Marketing and Fraud Solutions. Business Mix Details
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 35Confidential U.S. Markets revenue composition (FY 2025) Card & Banking 27% Consumer Lending 21% Mortgage 35% Auto 17% Insurance 29% Tech, Retail & E-Commerce 22% Tele- Communications 19% Media 15% Tenant & Employment Screening 6% Collections 5% Public Sector 4% Direct 27% Indirect 73% Financial Services (~$1.7 billion) Emerging Verticals (~$1.3 billion) Consumer Interactive (~$0.6 billion) Business Mix Details
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 36 Foundational differentiation – proprietary data, OneTru and domain expertise – creates a clear right to win 1 Interrelated Credit, Marketing, Fraud and Consumer Solutions solve customers’ most pressing needs 2 Accelerated innovation and scalable growth enabled by our transformation 3 4 AI is an accelerant, enhancing customer impact, innovation and productivity 5 Compelling and compounding earnings power and shareholder- centric capital return Positioned to deliver innovation-led and scalable growth 36 TransUnion – Investment Highlights
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 3737 AI solidifies our strengths and fuels growth AI-enabled customers consume more data and adopt innovation rapidly  Increase predictivity of our data and models Capture value with AI agents by performing work done upstream by customers or software Contributory credit databases Non-public, highly regulated data furnished by thousands of institutions + Industry-leading identity graph Proprietary data, tens of thousands of sources, network effect from fraud and marketing solutions + Powering critical workflows Governable, explainable and deterministic solutions along with deep domain expertise Durable data advantage AI-enabled organization AI-native OneTru platform Enhancing data onboarding, identity resolution, analytics and delivery + Next-gen AI-powered solutions Role-based agents for TruIQ; new fraud models; curated marketing audiences + Internal productivity Technology, analytics and overall commercial efficiencies + Solutions priced at basis points of their signficant value Making us higher performing and more efficient Positioned for AI- powered growth: TransUnion – Investment Highlights
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 38 Free cash flow is defined as Cash Flow from Operations less Capital Expenditures. *FCF in 2022 excludes ~$350M cash tax payment related to gain on sale of Healthcare business. Note: Year-end 2025 Leverage Ratio does not include the acquisition of Trans Union de Mexico, which closed on March 2, 2026, and adds <0.3x to Leverage Ratio ~100% ~60% 90%+ 2019-2021 2022-2025 2026+ 3.5x 2.6x <2.5x YE 2021 YE 2025 Medium-term Strong Free Cash Flow Optimized Balance Sheet + Free cash flow as a percentage of Adjusted Net Income Leverage Ratio ~$3 billion of free cash flow expected from 2026 to 2028 Strong free cash flow and increased capacity for capital deployment For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. 38 Capital Allocation
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 39 For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Increasing bias going forward ~$3B free cash flow expected from 2026-2028 2026F 2027F 2028F ~$0.9B ~$1.0B ~$1.1B Free cash flow ObjectiveCategory Shareholder returns Balance sheet M&A • Not seeking large, transformative M&A • Bolt-on M&A aligned to growth strategy • Glide path to investment grade rating • Execute refinancings and prepayments • 10%-15% dividend payout ratio • Repurchase shares Accelerated capital deployment supporting low-to-mid teens Adjusted Diluted EPS growth Capital Allocation
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 40 Strategic Focus for M&A Financial Considerations M&A is an important strategic tool, but strength of portfolio creates a high bar • Transformation supports a generation of growth • Not seeking large, transformational M&A Focus for bolt-on M&A and minority investments: • Foreign credit bureaus • Data assets centered around consumer identity • Complementary capabilities for core solutions M&A evaluated against all alternatives to maximize long-term free cash flow per share Key financial guideposts: Attractive cash-on-cash return and unlevered IRR exceeding cost of capital Additive to revenue growth rate Strong profitability with path to scale to company- level margins Accretive to Adjusted Diluted EPS by Year 2 Ability to return to target leverage within one year M&A approach aligned to growth strategy For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. 40 Capital Allocation
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 41 Low-to-mid teens growth $4.88 $0.90+ 2026 guide (high-end) Adjusted EBITDA growth Capital deployment 2028F using medium-term algorithm Mortgage recovery to 2019 levels Normalized earnings power $6.00+ 39%+ Adjusted EBITDA margin ex FICO mortgage royalty 40%+ Adjusted EBITDA margin ex FICO mortgage royalty $7.00+ with mortgage recovery Illustrative 2028F Adjusted Diluted EPS financial framework assuming mortgage recovery Upside not contemplated in $7.00+ “mortgage recovery” scenario Normalization of non-mortgage lending volumes VantageScore adoption Scaling of platforms and solutions Strong growth algorithm with sources of upside For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. 41 AI-enabled growth and productivity Illustrative Financial Framework
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 42Confidential Adjusted EBITDA and Adjusted EBITDA Margin
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 43Confidential Adjusted Net Income and Adjusted Diluted EPS
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 44Confidential Adjusted Effective Tax Rate
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 45Confidential Leverage Ratio
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 46Confidential Non-GAAP Adjustment Footnotes As a result of displaying amounts in millions, rounding differences may exist in the tables and footnotes. 1. Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction. 2. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments: For the nine months ended, September 30, 2026, fair value and impairment adjustments includes the gain on our acquisition of Trans Union de Mexico. 3. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 47Confidential Non-GAAP Adjustment Footnotes 4. Operating model optimization consisted of the following adjustments: 5. Net other consisted of the following adjustments: 6. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue. 7. Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes. 8. Other adjustments for income taxes include: 9. The trailing twelve months ended September 30, 2026 include Adjusted EBITDA related to Trans Union de Mexico and the mobile division of RealNetworks LLC prior to our acquisitions in March and April 2026, respectively. 10. We define Leverage Ratio as net debt divided by Leverage Ratio Adjusted EBITDA as shown in the table above.
© 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 48Confidential Adjusted EBITDA and Adjusted EPS Guidance As a result of displaying amounts in millions, rounding differences may exist in the table. 1. These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release. 2. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue. $ in millions, except per share data Low High Low Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA: Net income attributable to TransUnion 127$ 140$ 823$ 837$ Interest, taxes and depreciation and amortization 281 286 1,060 1,065 EBITDA 408$ 426$ 1,884$ 1,902$ Stock-based compensation, mergers, acquisitions, divestitures and business optimization-related expenses and other adjustments1 42 42 (75) (75) Adjusted EBITDA 450$ 468$ 1,808$ 1,827$ Net income attributable to TransUnion margin 10.0 % 10.8 % 16.0 % 16.2 % Consolidated Adjusted EBITDA margin2 35.6 % 36.2 % 35.2 % 35.4 % Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share: Diluted earnings per share 0.66$ 0.73$ 4.26$ 4.32$ Adjustments to diluted earnings per share1 0.49 0.49 0.55 0.56 Adjusted Diluted Earnings per Share 1.15$ 1.22$ 4.81$ 4.88$ Three Months Ended December 31, 2026 Year Ended December 31, 2026 High