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Equifax: Walled Gardens, Exclusive Data & VantageScore—What Protects Its Competitive Edge In AI Era?

Equifax Inc. reported solid financial results for the full year 2025 and a strong fourth quarter performance, demonstrating resilience despite headwinds from a weak U.S. mortgage market and a slowing U.S. hiring environment. Total revenue for 2025 reached $6.075 billion, reflecting 7% organic growth, which aligns with the company’s long-term growth framework of 7% to 10%. Earnings per share (EPS) were reported at $7.65, and free cash flow hit $1.13 billion, with a record 120% free cash flow conversion rate, significantly exceeding the company’s long-term target of 95%. These results were above both February and October guidance, underscoring operational strength. Segment-wise, the U.S. Workforce Solutions (EWS) division posted 6% revenue growth for the year, accelerating to 9% in Q4, led by Verification Services. This segment added over 20 million active records to its proprietary Truist Workforce Network (TWN) database, now totaling over 200 million active records. The U.S.