TransUnion 2025-26: US Markets +16% Organic, FY26 Revenue +8-9%
FY25 revenue $4.58B (+9%); op income $858M (+29%); NI $455M (+60%); EPS $2.32 (+60%). FCF $662M (+28%). Q4 segment performance — US Markets: revenue +16% organic; Financial Services +19% (11% ex-mortgage); Emerging Verticals accelerated to +16% (up from 7% Q3); Marketing +15%; Fraud +14%; Credit Solutions +13%; Consumer +6% (ex-2024 breach win). International: +2% organic; Canada + UK double digits; India -4% (mid-single-digit FY26 growth expected); Latin America + Asia Pacific declined; Africa +3%. Q4 buyback $150M; FY25 $300M total; quarterly dividend raised +9%. Launched over 30 major enhancements / new products in 2025. OneTru platform migration: 100+ US credit customers migrated by year-end 2025. AI emphasis: TransUnion data assets protected (broadly sourced, proprietary, highly regulated, enhanced by network services). Total debt $5.16B (-1%); buyback $338M FY25 (newly active vs $0 FY24). FY26 guide: 8-9% organic constant currency revenue growth; 7-8% adjusted EBITDA growth; 8-10% adjusted diluted EPS growth; Q1 revenue $1.195-$1.205B with 1% FX benefit to adj EBITDA. Trans Union de Mexico acquisition expected to close H1 2026 (~USD 660M purchase price, cash + debt funded).
Key takeaways
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US Markets +16% organic Q4 — meaningful re-acceleration across multiple verticals. TransUnion's core US Markets segment delivered +16% organic revenue growth in Q4 FY25 — a significant acceleration from prior quarters. Drivers: Financial Services +19% (11% ex-mortgage = healthy underlying credit decisioning growth), Emerging Verticals accelerated to +16% (vs 7% Q3 — meaningful inflection), Marketing +15%, Fraud +14%, Credit Solutions +13%, Consumer +6% ex-prior-year breach win. The breadth of double-digit growth across verticals reflects (a) credit cycle recovery, (b) mortgage rebound, (c) Emerging Verticals (insurance, retail, telco, others) re-acceleration, (d) cross-product traction.
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OneTru platform migration: 100+ US credit customers migrated by year-end 2025 — multi-year cloud + AI infrastructure. OneTru is TransUnion's unified next-generation cloud-native platform that consolidates legacy systems + enables faster product launches + deeper analytics + AI integration. By year-end 2025, 100+ US credit customers had migrated to OneTru. The migration matters because (a) it enables operating leverage as legacy infrastructure is retired, (b) faster product launch cycles drive cross-sell, (c) AI integration becomes natively possible, (d) customer experience improves driving retention.
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30+ major product launches in 2025 + AI emphasis on protected data assets — innovation engine compounding. TransUnion launched over 30 major product enhancements / new products in 2025 across Credit, Marketing, Fraud, Consumer solutions. AI emphasis: management explicitly characterized data assets as "protected" by being broadly sourced + proprietary + highly regulated + enhanced by network services. AI is expected to drive growth in product predictiveness + value capture within customer workflows. Multi-year AI monetization pipeline complements consumer credit moat.
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FY26 guide: revenue +8-9% / adj EBITDA +7-8% / adj EPS +8-10% — sustained mid-single-digit-plus compounding. From FY25 EPS $2.32 → FY26 +8-10% growth = ~$2.55+ adj. Revenue +8-9% organic CC. Q1 revenue $1.195-$1.205B (vs Q1 FY25 ~$1.10B = +9% midpoint). 1% FX benefit to adj EBITDA. Multi-year compounding — TransUnion has shown clear post-COVID recovery + structural growth in Emerging Verticals + International expansion.
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Trans Union de Mexico acquisition closing H1 2026 (~$660M USD) — Latin America strategic build-out. TransUnion announced the planned acquisition of Trans Union de Mexico for ~$660M USD, funded by cash on hand + debt, closing H1 2026. This is the cleanest strategic move to deepen Mexico (one of LatAm's largest credit bureau markets) while LatAm + APAC have been organic-growth weak spots. Multi-year LatAm consolidation theme — TransUnion has acquired Mexican market over time and now closes the deal.
Business
TransUnion is one of three major US consumer credit bureaus (alongside Equifax + Experian) with global multi-region operations:
- US Markets (~70% of revenue): Financial Services + Emerging Verticals + Consumer Interactive + B2B credit decisioning + identity + fraud + marketing solutions.
- International (~30%): Canada, UK, India, Brazil, Colombia, Hong Kong, South Africa, Philippines, others. Multi-region credit bureau + analytics + decisioning.
- OneTru Platform: Multi-year unified cloud-native platform consolidating legacy systems.
- Solutions: Credit Solutions + Marketing Solutions + Fraud Solutions + Consumer Solutions.
Strategic moves FY25:
- US Markets organic revenue +16% Q4
- Financial Services Q4 +19% (11% ex-mortgage)
- Emerging Verticals accelerated to +16% Q4 (from 7% Q3)
- 30+ major product launches in 2025
- OneTru: 100+ US credit customers migrated YE 2025
- AI emphasis on protected data assets
- Trans Union de Mexico acquisition announced (~$660M, H1 2026 close)
- Q4 buyback $150M; FY25 $300M
- Dividend +9% quarterly raise
- Total debt $5.16B (-1% YoY)
FY25 financial performance
| Metric (FY) | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue ($B) | 3.71 | 3.83 | 4.18 | 4.58 |
| Revenue YoY | n/a | +3% | +9% | +9% |
| Op income ($M) | 626 | 129 | 667 | 858 |
| Op margin | 16.9% | 3.4% | 15.9% | 18.7% |
| Net income ($M) | 266 | -206 | 284 | 455 |
| Diluted EPS GAAP ($) | 1.40 | -1.07 | 1.45 | 2.32 |
| FCF ($M) | -1 | 335 | 517 | 662 |
| Capex ($M) | -298 | -311 | -316 | -326 |
| Total debt ($B) | 5.81 | 5.45 | 5.21 | 5.16 |
| Dividends ($M) | -78 | -82 | -83 | -91 |
| Buyback ($M) | 0 | 0 | 0 | -338 |
The earnings progression: revenue grew steadily from $3.71B (FY22) to $4.58B (FY25, +23% over 3 years). FY23 was the trough year on operational + impairment items. FY24 recovered; FY25 saw meaningful margin expansion (op margin 18.7% vs 15.9% FY24).
EPS $2.32 (+60%); FCF $662M (+28%). Total debt $5.16B (-1%). Buyback newly active at $338M FY25 (vs $0 FY22-24).
Capital allocation
- Capex: $-326M FY25 (+3% YoY).
- Dividends: $-91M FY25 (+9% YoY) — quarterly dividend raise.
- Buybacks: $-338M FY25 (newly active vs $0 FY24); Q4 $150M.
- Total capital return FY25: ~$429M.
- Total debt: $5.16B (-1% YoY).
- FCF: $662M FY25 (+28% YoY).
- Trans Union de Mexico: ~$660M H1 2026 acquisition.
FY26 outlook (per Q4 2025 call, 2026-02-12)
| FY26 framework | Detail |
|---|---|
| Organic constant currency revenue growth | +8% to +9% |
| Adjusted EBITDA growth | +7% to +8% |
| Adjusted diluted EPS growth | +8% to +10% |
| Q1 revenue | $1.195B to $1.205B |
| Q1 FX benefit to adj EBITDA | +1% |
| Trans Union de Mexico close | H1 2026 (~$660M USD) |
| Initial guidance | Prudently conservative |
Management noted continued OneTru migration, AI integration, product launches, multi-region expansion, and selective M&A.
Key risks
Mortgage cycle dependency. US Markets Financial Services exposure to mortgage origination volumes. Q4 +19% (11% ex-mortgage) reflects mortgage tailwind. Cycle reversal would compress.
International FX + emerging market dynamics. International segment +2% organic with India -4%, LatAm + APAC declines. Multi-region competitive + macro dynamics.
Credit bureau competitive landscape. Equifax + Experian compete in US + International. Multi-year competitive intensity.
Vertical SaaS competitive landscape. ServiceNow, Salesforce, Workday, smaller verticals all compete in subsets.
Regulatory landscape — CFPB + state consumer protection. US Consumer Financial Protection Bureau + state consumer protection oversight create compliance + dispute resolution costs. Class action litigation possible.
Data breach / cybersecurity. TransUnion has had data breach exposure. Multi-year cybersecurity investments required.
OneTru migration execution. Multi-year cloud platform migration requires execution. Any setbacks affect operating leverage timeline.
Trans Union de Mexico integration. ~$660M H1 2026 acquisition requires multi-year integration.
M&A pipeline + execution. Future acquisitions (similar to Mexico) require integration discipline.
India dynamics. India CRIF / CIBIL market dynamics + RBI regulations + competitive intensity.
Customer concentration in select sub-niches. Lender + fintech + insurer customer concentration.
Pricing pressure. Customer consolidation + procurement dynamics.
Talent retention. Data engineering + AI + cybersecurity talent multi-year competitive market.
AI / data privacy regulation. EU AI Act + state-level privacy laws + data localization requirements.
Macro credit / employment environment. Macro credit cycles + employment + lending volume.
Bond market access. Refinancing of $5.16B debt sensitive to rate environment.
Bottom line
TransUnion FY25 is the multi-segment recovery + OneTru migration + AI integration year: revenue $4.58B (+9%); op income $858M (+29%); NI $455M (+60%); EPS $2.32 (+60%). FCF $662M (+28%). US Markets Q4 +16% organic. Financial Services Q4 +19% (11% ex-mortgage); Emerging Verticals accelerated to +16% Q4 (from 7% Q3); Marketing +15%; Fraud +14%; Credit Solutions +13%; Consumer +6% ex-breach win. International +2% organic (Canada + UK double-digit; India -4%; LatAm + APAC declines; Africa +3%). 30+ major product launches. OneTru: 100+ US credit customers migrated YE. AI emphasis on protected data assets. Trans Union de Mexico acquisition (~$660M, H1 2026). Q4 buyback $150M; FY25 $300M; dividend +9%. Total debt $5.16B (-1%); newly active buyback $338M.
FY26 guide: organic CC revenue +8-9%; adj EBITDA +7-8%; adj EPS +8-10%; Q1 revenue $1.195-$1.205B; 1% FX benefit to adj EBITDA.
The risks are real — mortgage cycle dependency, international FX + emerging market dynamics, credit bureau competitive landscape (Equifax + Experian), vertical SaaS competitive landscape, regulatory landscape (CFPB + state consumer protection), data breach / cybersecurity, OneTru migration execution, Trans Union de Mexico integration, M&A pipeline + execution, India dynamics, customer concentration, pricing pressure, talent retention, AI / data privacy regulation, macro credit / employment environment, bond market access.
But the structural thesis (one of three major US consumer credit bureaus + multi-region global operations + US Markets +16% organic Q4 + Financial Services +19% Q4 (11% ex-mortgage) + Emerging Verticals accelerated to +16% Q4 + 30+ major product launches FY25 + OneTru: 100+ US credit customers migrated by year-end + AI emphasis on protected data assets + Trans Union de Mexico acquisition $660M H1 2026 + buyback newly active $338M + dividend +9% + multi-year FCF generation) is intact and FY25 confirms.
Quality global credit bureau + data services compounder mid-cycle, with multi-segment platform + OneTru cloud migration + AI integration + 30+ product launches + Mexico acquisition + multi-year capital return + Emerging Verticals re-acceleration + Financial Services strength. The FY25 +9% revenue + +60% NI + +60% EPS + Q4 US Markets +16% organic + Financial Services +19% + Emerging Verticals +16% + 30+ launches + OneTru 100+ migrations + buyback newly active + Mexico acquisition + FY26 +8-9% revenue + +8-10% EPS creates one of the cleaner credit bureau / data services compounding setups for investors seeking exposure to credit cycle recovery + multi-year cloud / AI transformation + multi-region expansion + capital return acceleration. The conservative FY26 framework + OneTru completion + AI integration + Mexico acquisition + product launches + multi-year capital return provides multiple paths to outperformance over a multi-year horizon. Mortgage cycle + International FX + Equifax/Experian competition + cybersecurity + OneTru execution remain ongoing risks, but the multi-segment diversification + structural moat + cloud migration + capital return support continued compounding through cycles.
Citations
- TransUnion FY25 Form 10-K (filed February 2026, SEC EDGAR).
- TRU Q4 2025 earnings call, 2026-02-12 — US Markets revenue +16% organic Q4. Financial Services +19% (11% excluding mortgage); Emerging Verticals accelerated to +16% growth (up from 7% Q3 2025); Marketing +15%; Fraud +14%; Credit Solutions +13%; Marketing solutions 7% organic; Fraud solutions +8%; Consumer solutions +6% (excluding 2024 breach win). International +2% organic; Canada + UK double digits; India -4% Q4 (mid-single-digit growth expected 2026); LatAm + APAC declined; Africa +3%. Strong revenue, adj EBITDA, adj diluted EPS growth FY25. Repurchased ~$150M of shares Q4; $300M total FY25. Quarterly dividend raised +9%. Launched 30+ major enhancements / new products in 2025. OneTru platform migration: 100+ US credit customers migrated by year-end 2025. AI emphasis on protected data assets (broadly sourced, proprietary, highly regulated, enhanced by network services). FY26 guide: 8-9% organic constant currency revenue growth; 7-8% adjusted EBITDA growth; 8-10% adjusted diluted EPS growth; Q1 revenue $1.195-$1.205B; 1% FX benefit to adj EBITDA. Trans Union de Mexico acquisition expected H1 2026 close (~USD 660M purchase price, cash + debt funded).
- TRU Q3 / Q2 / Q1 2025 earnings calls — supporting US Markets re-acceleration + Emerging Verticals + OneTru progression.
- Internal financial_statements view (consolidated annual + cash flow + capital structure).