Equifax Inc. reported a strong financial performance for the fiscal year ending December 31, 2024, with total operating revenue reaching $5.68 billion, an increase of 8% from $5.27 billion in 2023. The company's operating income also rose to $1.04 billion, up from $933.6 million the previous year, resulting in an operating margin of 18.3%. Net income attributable to Equifax increased to $604.1 million, or $4.84 per diluted share, compared to $545.3 million, or $4.40 per diluted share, in 2023. This growth was driven by revenue increases across all segments, particularly in U.S. Information Solutions and International operations.
The company experienced notable changes in its revenue streams compared to the previous fiscal period. The U.S. Information Solutions segment saw a 10% increase in revenue, primarily due to growth in online information solutions and mortgage-related services. The International segment also contributed significantly, with a 10% revenue increase driven by the acquisition of Boa Vista Serviços S.A. in Brazil and local currency growth across Latin America, Europe, and Canada. However, the Workforce Solutions segment's revenue grew only 5%, impacted by declines in Employer Services.
Strategically, Equifax has focused on enhancing its data and technology capabilities, including a significant investment in cloud technology. The company has emphasized a culture centered on customer service and innovation, aiming to leverage its cloud capabilities to accelerate product development and improve service delivery. In 2024, Equifax did not complete any acquisitions, but it continues to explore opportunities for strategic growth through potential acquisitions and partnerships.
Operationally, Equifax reported a total employee headcount of approximately 14,700 across 22 countries, with 2,200 new hires in 2024. The company also noted that its verification services platform, The Work Number®, maintained about 188 million active employment records. Despite the overall growth, the company faced challenges, including a decline in Employer Services revenue due to the winding down of the Employee Retention Credit program. The company anticipates that U.S. mortgage credit activity will be lower in 2025 compared to 2024, reflecting ongoing economic conditions.
Looking ahead, Equifax's management expects continued growth in 2025, with U.S. economic activity projected to remain stable. However, the company acknowledges potential risks, including fluctuations in interest rates and inflation, which could impact consumer credit demand and overall business performance. The company remains committed to enhancing its data security measures and maintaining compliance with evolving regulatory requirements, particularly in light of past cybersecurity incidents.
About EQUIFAX INC
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