3Q26 EPS Beat; EFX Stages a Relief Rally As 2026 Guidance Cut Proves Less-Drastic Than Feared

Equifax delivered 3Q26 adjusted EPS of $2.26, beating J.P. Morgan's $2.20 estimate on better-than-expected margins and lighter taxes, with organic constant-currency revenue up 8.9% y/y despite a deteriorating mortgage backdrop. Mortgage revenues (~22% of the total) rose 15% y/y but only 1% excluding FICO Score mortgage royalties, while non-mortgage "diversified markets" revenues grew 8%. Adjusted EBITDA margin was 33.1%, up 40bps y/y and 30bps above JPM's estimate; excluding zero-margin FICO royalties, margin would have been 35.2%, up 130bps. EWS revenues grew 7% o/cc with a 51.4% margin; USIS grew 13% with margins of 35.4%, or 42.4% ex-FICO, up ~320bps on improved diversified markets growth, cost management and AI-driven productivity. For 4Q26, management guided o/cc revenue growth of just 3-4.9%, well below JPM's prior 9.5% estimate, reflecting ~$60mm of incremental mortgage headwinds;