Research · Sep 3, 2026
[TRU] TransUnion Thesis 2026: US Financial Services Markets Lead Organic Growth Recovery
TransUnion 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% (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%; Latin America + Asia Pacific declined; Africa +3%. Q4 buyback $150M; FY25 $300M; quarterly dividend raised +9%. Launched 30+ major enhancements / new products in 2025. OneTru platform migration: 100+ US credit customers migrated year-end 2025. AI emphasis on protected data assets. 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; 1% FX benefit. Trans Union de Mexico acquisition expected H1 2026 close (~USD 660M, cash + debt funded). Risks: mortgage cycle, International FX + emerging market dynamics, credit bureau competition (Equifax, Experian), CFPB regulation, cybersecurity, OneTru migration execution, India dynamics.