AddedRisk Factors
decreased revenue, net income and earnings per share and reputational loss. There can be no assurance that we would be able to obtain data from alternative sources if our current sources become unavailable.
The 10-K against last year's
120 changes: 14 added, 3 removed, 102 reworded, 1 quiet changes
10-K 0000033185-26-000010 (2026-02-19) vs 10-K 0000033185-25-000025 (2025-02-20)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 182 words changed in this paragraph; it is 38% similar to last year's version.
We operate in a number of geographic, product and service markets that are highly competitive. Competitors may develop products and services that are superior to or that achieve greater market acceptance adoption than our products and services. New competitors may choose to enter and compete in our markets, or existing competitors may choose to introduce new products or business models or enter and enter compete in markets that we serve and that where they do not currently serve. The size of our competitors varies across market segments, as do the resources we have allocated to the segments we target. Therefore, some of our competitors may have significantly greater financial, technical, marketing or other resources than we do in one or more of our market segments, or overall. As a result, our competitors may be in a position to respond more quickly than we can to new or emerging technologies and changes in customer requirements, or may devote greater resources than we can to the development, enhancement, promotion, sale and support of products and services, or some of our customers may develop products of their own that replace the products they currently purchase from us, which would result in lower revenue. In addition, many of our competitors have extensive consumer relationships, including relationships with our current and potential customers. Moreover, new competitors or alliances among our competitors may emerge and potentially reduce our market share, revenue or margins.
Source: Item 1A, 10-K 0000033185-26-000010 vs Item 1A, 10-K 0000033185-25-000025
Accounting Policies 167 words changed in this paragraph; it is 30% similar to last year's version.
In analyzing goodwill for potential impairment in the quantitative impairment test, we use the market approach, when available and appropriate, or a combination of the income and market approaches to estimate the reporting unit’s fair value. Under the income approach, we calculate the fair value of a reporting unit based on estimated future discounted cash flows which require assumptions about short and long-term revenue growth rates, operating margins for the reporting unit, discount rates, foreign currency exchange rates and estimates of capital expenditures. The assumptions we use are based on what we believe a hypothetical marketplace participant would use in estimating fair value. Under the market approach, we estimate the fair value based on market multiples of earnings before income taxes, depreciation and amortization, for benchmark companies or guideline transactions. If the fair value of a reporting unit exceeds its carrying value, then no further testing is required. However, if a reporting unit’s fair value were to be less than its carrying value, we would then determine the amount of the impairment charge, if any, which would be the amount that the carrying value of the reporting unit exceeded its fair value, limited to the amount of goodwill allocated to the reporting unit.
Source: Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000033185-26-000010 vs Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000033185-25-000025
MD&A 106 words changed in this paragraph; it is 30% similar to last year's version.
Source: Item 7, 10-K 0000033185-26-000010 vs Item 7, 10-K 0000033185-25-000025
Legal Proceedings 13 words changed in this paragraph; it is 95% similar to last year's version.
In July 2023, we received a CID Civil Investigative Demand (a "CID") from the CFPB as part of its investigation into data accuracy and dispute handling at our Workforce Solutions business unit in order to determine whether we have followed the FCRA's requirements. We received a second CID from the CFPB in March 2024 and a third CID from the CFPB in August 2024 as part of the same investigation. The CIDs request the production of documents and answers to written questions. We are cooperating with the CFPB in its investigation and providing responses and information on an ongoing basis. At this time, we are unable to predict the outcome of this CFPB the CFPB's investigation, including whether the investigation will result in any actions or proceedings against us.
Source: Item 3, 10-K 0000033185-26-000010 vs Item 3, 10-K 0000033185-25-000025
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of EFX's Risk Factors and MD&A, 10-K 2026-02-19 against 10-K 2025-02-20. Each links to the text at sec.gov.
AddedRisk Factors
We remain in a period of economic uncertainty in the U.S. and the international markets in which we operate, including uncertainty regarding expectations for inflation and interest rates. Our current planning for 2026 assumes that U.S. economic activity, as measured by GDP, will grow at a rate consistent with 2025, and that economic activity in the international markets in which we operate will grow at levels below those experienced in 2025. The direction of global economies, inflation and interest rates has an impact on the demand for our services.
AddedRisk Factors
this information and/or regulatory changes that impact the use of the tri-bureau credit report in the U.S. mortgage market may affect our revenue or profitability.
AddedRisk Factors
In addition, a significant portion of our revenue is derived from products and services that incorporate intellectual property licensed from key business partners. Our existing license agreements have fixed terms and are subject to periodic renewal. If these agreements expire or are not renewed on acceptable terms that allow us to continue to sell these products and services as currently provided, our customers could reduce their business with us in order to obtain these products and services from our competitors or directly from our business partners, which could have a material adverse effect on our business, financial condition and results of operations.
AddedRisk Factors
•data privacy, consumer protection and artificial intelligence laws and regulations;
AddedRisk Factors
portion of the adverse financial effects of unfavorable movements in foreign exchange rates over the limited time the hedges are in place. Accordingly, fluctuations in foreign currency exchange rates, particularly the strengthening of the U.S. dollar against major currencies, may materially affect our consolidated financial results.
AddedRisk Factors
The establishment of tariffs, changes in tax policy or other restrictions on commerce or business operations by the U.S. or other countries in which we have operations could increase our costs or limit our access to certain technology or services.
AddedRisk Factors
artificial intelligence and additional countries and U.S. states are expected to enact comprehensive artificial intelligence regulatory framework statutes. There are also pending legislative proposals to regulate business use and development of artificial intelligence and machine learning technologies which, if enacted, could impose new legal requirements addressing among other issues, privacy, discrimination and human rights.
Show the other 6
AddedRisk Factors
intellectual property rights. Despite our efforts to protect our intellectual property rights, others may independently develop similar products, duplicate our products or design around our intellectual property rights.
AddedMD&A
We remain in a period of economic uncertainty in the U.S. and our global markets, including uncertainty regarding expectations for inflation and interest rates. The direction of global economies, inflation and interest rates will have an impact on demand for our services.
AddedMD&A
For more information, see “Item 1A. Risk FactorsーNegative changes in general economic conditions, including interest rates, the level of inflation, unemployment rates, income, home prices, investment values and consumer confidence, could adversely affect us,” in this Form 10-K.
AddedMD&A
•On April 21, 2025, the Board of Directors terminated the existing share repurchase authorization and approved an authorization to repurchase up to $3 billion of shares of common stock. We repurchased 4,006,173 shares of our common stock on the open market for $927.4 million, excluding brokerage commissions and excise taxes of $8.4 million, during the twelve months ended December 31, 2025. We did not repurchase any shares from public market transactions during the twelve months ended December 31, 2024 or 2023. At December 31, 2025, approximately $2.1 billion was available for future purchases of common stock under our share repurchase authorization.
AddedMD&A
•On April 21, 2025, the Board of Directors approved an increase in our quarterly cash dividend to $0.50 per share beginning in the second quarter of 2025. We paid out $232.8 million, or $1.89 per share, in dividends to our shareholders during 2025.
AddedMD&A
from the customer. We generally expect to recognize our deferred revenue as revenue within twelve months of being recorded based on the terms of the contracts.