TransUnion Announces Second Quarter 2025 Results

July 24, 2025 06:19 ET | Source: TransUnion Exceeded second quarter 2025 financial guidance across all key financial metricsDelivered 9 percent organic constant currency revenue growth (10 percent reported) led by U.S. Financial ServicesDe-levered to 2.8x Leverage Ratio at quarter-end and repurchased $47 million shares through mid-JulyRaising 2025 financial guidance, we now expect to deliver 6 to 7 percent revenue growth for the year on both a reported and organic constant currency basis CHICAGO, July 24, 2025 (GLOBE NEWSWIRE) -- TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended June 30, 2025. Second Quarter 2025 Results Revenue: Total revenue for the quarter was $1,140 million, an increase of 10 percent (10 percent on a constant currency basis and 9 percent on an organic constant currency basis), compared with the second quarter of 2024. Earnings: Net income attributable to TransUnion was $110 million for the quarter, compared with $85 million for the second quarter of 2024. Diluted earnings per share was $0.56, compared with $0.44 in the second quarter of 2024. Net income attributable to TransUnion margin was 9.6 percent, compared with 8.2 percent in the second quarter of 2024.Adjusted Net Income was $213 million for the quarter, compared with $193 million for the second quarter of 2024. Adjusted Diluted Earnings per Share was $1.08, compared with $0.99 in the second quarter of 2024.Adjusted EBITDA was $407 million for the quarter, compared with $377 million for the second quarter of 2024, an increase of 8 percent (8 percent on a constant currency basis). Adjusted EBITDA margin was 35.7 percent, compared with 36.2 percent in the second quarter of 2024. “In the second quarter, TransUnion delivered strong results that again exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew 10 percent, led by Financial Services and Insurance. International grew 6 percent on an organic constant currency basis, with India accelerating to 8 percent growth and Canada and Africa delivering double-digit growth.” “We are raising our 2025 guidance, reflecting strong results in the first half of the year and ongoing business momentum, balanced against continuing market uncertainty. We now expect revenue growth of 6 to 7 percent.” “After the last several years of investment, we are now focused on execution and value creation. Through our transformation, we now have more and better solutions than ever. We are already seeing the emerging benefits of our accelerated pace of innovation and believe we are well-positioned to drive a generation of industry-leading growth.” Second Quarter 2025 Segment Results Segment revenue and Adjusted EBITDA for the second quarter of 2025, which includes the revenue from Monevo in Consumer Interactive and United Kingdom and the corresponding Adjusted EBITDA in U.S. Markets and International, and the related growth rates compared with the second quarter of 2024 were as follows: (in millions)Second Quarter 2025 Reported Growth Rate Constant Currency Growth Rate Organic Constant Currency Growth RateU.S. Markets: Financial Services$420 17% 17% 17%Emerging Verticals 324 5% 5% 5%Consumer Interactive 147 3% 3% 2%Total U.S. Markets Revenue$890 10% 10% 10% U.S. Markets Adjusted EBITDA$337 7% 7% 7% International: Canada$42 9% 10% 10%Latin America 34 (1)% 4% 4%United Kingdom 67 19% 13% 5%Africa 18 15% 14% 14%India 67 5% 8% 8%Asia Pacific 24 (7)% (8)% (8)%Total International Revenue$253 7% 7% 6% International Adjusted EBITDA$108 7% 8% 8% Liquidity and Capital Resources Cash and cash equivalents was $688 million at June 30, 2025 and $679 million at December 31, 2024. For the six months ended June 30, 2025, cash provided by operating activities was $344 million, compared with $349 million in 2024. The decrease in cash provided by operating activities was primarily due to higher income tax payments, the timing of accounts receivable collections and higher bonus payouts, mostly offset by improved operating performance and lower interest expense in 2025 compared with 2024. For the six months ended June 30, 2025, cash used in investing activities was $224 million, compared with $127 million in 2024. The increase in cash used in investing activities was primarily due to our acquisition of Monevo, a current year investment in a note receivable and an increase in capital expenditures. For the six months ended June 30, 2025, capital expenditures were $145 million, compared with $131 million in 2024. Capital expenditures as a percent of revenue represented 7% and 6%, respectively, for the six months ended June 30, 2025 and 2024. For the six months ended June 30, 2025, cash used in financing activities was $127 million, compared with $150 million in 2024. Cash used in financing activities was lower primarily due to higher debt repayments in 2024, partially offset by stock buybacks in 2025. Third Quarter and Full Year 2025 Outlook Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance. Three Months Ended September 30, 2025 Twelve Months Ended December 31, 2025(in millions, except per share data) Low High Low HighRevenue, as reported $1,115 $1,135 $4,432 $4,472 Revenue growth1: As reported 3% 5% 6% 7%Constant currency1, 2 3% 5% 6% 7%Organic constant currency1, 3 2% 4% 6% 7% Net income attributable to TransUnion $78 $87 $412 $432 Net income attributable to TransUnion growth 14% 28% 45% 52%Net income attributable to TransUnion margin 7.0% 7.7% 9.3% 9.7% Diluted Earnings per Share $0.39 $0.44 $2.07 $2.18 Diluted Earnings per Share growth 13% 27% 43% 51% Adjusted EBITDA, as reported5 $397 $411 $1,580 $1,610 Adjusted EBITDA growth, as reported4 1% 4% 5% 7%Adjusted EBITDA margin 35.6% 36.2% 35.7% 36.0% Adjusted Diluted Earnings per Share5 $0.99 $1.04 $4.03 $4.14 Adjusted Diluted Earnings per Share growth (5)% —% 3% 6% Additional revenue growth assumptions: The impact of changing exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.The impact of the recent acquisition is expected to have approximately 1 point of benefit for Q3 2025 and approximately 0.5 point of benefit for FY 2025.The impact of mortgage is expected to be approximately 2 points of benefit for Q3 2025 and 2 points of benefit for FY 2025. Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions.Additional Adjusted EBITDA assumptions: The impact of changing foreign currency exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025. For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release. Earnings Webcast Details In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call. About TransUnion (NYSE: TRU) TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business Availability of Information on TransUnion’s Website Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru. Forward-Looking Statements This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions. Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include: macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;our ability to provide competitive services and prices;our ability to retain or renew existing agreements with large or long-term customers;our ability to maintain the security and integrity of our data;our ability to deliver services timely without interruption;our ability to maintain our access to data sources;government regulation and changes in the regulatory environment;litigation or regulatory proceedings;our approach to the use of artificial intelligence;our ability to effectively manage our costs;our efforts to execute our transformation plan and achieve the anticipated benefits and savings;our ability to maintain effective internal control over financial reporting or disclosure controls and procedures;economic and political stability in the United States and risks associated with the international markets where we operate;our ability to effectively develop and maintain strategic alliances and joint ventures;our ability to timely develop new services and the market’s willingness to adopt our new services;our ability to manage and expand our operations and keep up with rapidly changing technologies;our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;our ability to defend our intellectual property from infringement claims by third parties;the ability of our outside service providers and key vendors to fulfill their obligations to us;further consolidation in our end-customer markets;the increased availability of free or inexpensive consumer information;losses against which we do not insure;our ability to make timely payments of principal and interest on our indebtedness;our ability to satisfy covenants in the agreements governing our indebtedness;our ability to maintain our liquidity;stock price volatility;our dividend payments;share repurchase plans;dividend rate;our reliance on key management personnel; andchanges in tax laws or adverse outcomes resulting from examination of our tax returns. There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties. The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release. For More Information TRANSUNION AND SUBSIDIARIESConsolidated Balance Sheets (Unaudited)(in millions, except per share data) June 30,2025 December 31,2024Assets Current assets: Cash and cash equivalents $687.5 $679.5 Trade accounts receivable, net of allowance of $27.4 and $19.9 895.9 798.9 Other current assets 322.3 323.4 Total current assets 1,905.7 1,801.8 Property, plant and equipment, net of accumulated depreciation and amortization of $536.4 and $506.3 228.5 203.5 Goodwill 5,256.7 5,144.3 Other intangibles, net of accumulated amortization of $2,522.2 and $2,294.5 3,238.7 3,257.5 Other assets 488.1 577.7 Total assets $11,117.7 $10,984.8 Liabilities and stockholders’ equity Current liabilities: Trade accounts payable $345.1 $294.6 Current portion of long-term debt 76.1 70.6 Other current liabilities 519.9 694.4 Total current liabilities 941.1 1,059.6 Long-term debt 5,060.4 5,076.6 Deferred taxes 370.7 415.3 Other liabilities 119.3 114.5 Total liabilities 6,491.5 6,666.0 Stockholders’ equity: Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of June 30, 2025 and December 31, 2024, respectively — — Common stock, $0.01 par value; 1.0 billion shares authorized at June 30, 2025 and December 31, 2024, 201.4 million and 201.5 million shares issued at June 30, 2025 and December 31, 2024, respectively, and 194.8 million and 194.9 million shares outstanding as of June 30, 2025 and December 31, 2024, respectively 2.0 2.0 Additional paid-in capital 2,600.7 2,558.9 Treasury stock at cost; 6.7 million and 6.6 million shares at June 30, 2025 and December 31, 2024, respectively (342.0) (334.6)Retained earnings 2,571.1 2,357.9 Accumulated other comprehensive loss (311.6) (367.2)Total TransUnion stockholders’ equity 4,520.2 4,217.0 Noncontrolling interests 106.0 101.8 Total stockholders’ equity 4,626.2 4,318.8 Total liabilities and stockholders’ equity $11,117.7 $10,984.8 TRANSUNION AND SUBSIDIARIESConsolidated Statements of Operations (Unaudited)(in millions, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $1,139.7 $1,040.8 $2,235.5 $2,062.0 Operating expenses Cost of services (exclusive of depreciation and amortization below) 469.9 406.7 915.5 813.0 Selling, general and administrative 335.0 310.8 591.8 616.4 Depreciation and amortization 142.7 132.9 281.6 266.9 Restructuring — 8.1 — 26.3 Total operating expenses 947.5 858.4 1,788.9 1,722.4 Operating income 192.2 182.4 446.6 339.6 Non-operating income and (expense) Interest expense (55.7) (67.9) (111.8) (136.5)Interest income 8.8 6.7 17.3 12.1 Earnings from equity method investments 5.0 4.6 9.3 9.3 Other income and (expense), net 6.6 (5.1) (10.8) (20.8)Total non-operating income and (expense) (35.4) (61.7) (96.0) (135.9)Income before income taxes 156.8 120.7 350.5 203.7 Provision for income taxes (44.4) (31.0) (85.4) (44.1)Net income 112.4 89.7 265.1 159.7 Less: net income attributable to noncontrolling interests (2.8) (4.7) (7.4) (9.5)Net income attributable to TransUnion $109.6 $85.0 $257.7 $150.1 Basic earnings per common share from: Net income attributable to TransUnion $0.56 $0.44 $1.32 $0.77 Diluted earnings per common share from: Net income attributable to TransUnion $0.56 $0.44 $1.31 $0.77 Weighted-average shares outstanding: Basic 195.0 194.2 195.0 194.2 Diluted 197.2 195.2 197.2 195.3 As a result of displaying amounts in millions, rounding differences may exist in the table above. TRANSUNION AND SUBSIDIARIESConsolidated Statements of Cash Flows (Unaudited)(in millions) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net income $265.1 $159.7 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 281.6 266.9 Loss on repayment of loans — 2.6 Deferred taxes (54.1) (63.6)Stock-based compensation 70.5 51.8 Other 29.1 19.5 Changes in assets and liabilities: Trade accounts receivable (98.4) (71.3)Other current and long-term assets 8.0 45.1 Trade accounts payable 37.1 53.7 Other current and long-term liabilities (195.1) (115.2)Cash provided by operating activities 343.8 349.2 Cash flows from investing activities: Capital expenditures (145.4) (130.7)Proceeds from sale/maturities of other investments 0.2 — Investments in consolidated affiliates, net of cash acquired (55.7) — Investments in nonconsolidated affiliates and notes receivable (25.0) (4.4)Proceeds from the sale of investments in nonconsolidated affiliates — 3.8 Other 2.2 4.8 Cash used in investing activities (223.7) (126.5)Cash flows from financing activities: Proceeds from term loans — 934.9 Repayments of term loans — (927.9)Repayments of debt (43.2) (99.4)Debt financing fees — (13.5)Dividends to shareholders (45.1) (41.4)Proceeds from issuance of common stock 10.5 12.4 Employee taxes paid on restricted stock units recorded as treasury stock (7.4) (11.4)Repurchase of common stock (38.8) — Distributions to noncontrolling interests (3.3) (3.8)Cash used in financing activities (127.3) (150.1)Effect of exchange rate changes on cash and cash equivalents 15.2 (5.6)Net change in cash and cash equivalents 8.0 67.0 Cash and cash equivalents, beginning of period 679.5 476.2 Cash and cash equivalents, end of period $687.5 $543.2 As a result of displaying amounts in millions, rounding differences may exist in the table above. TRANSUNION AND SUBSIDIARIESNon-GAAP Financial Measures We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below. We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours. Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives. Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions. Consolidated Adjusted EBITDA Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented: Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.Provision for income taxes, as reported on our Consolidated Statements of Operations.Depreciation and amortization, as reported on our Consolidated Statements of Operations.Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations - Factors Affecting Our Results of Operations” in our Quarterly Report on Form 10-Q for the three months ended June 30, 2025. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, including gains or losses on a step acquisition, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) certain legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations. Consolidated Adjusted EBITDA Margin Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported. Adjusted Net Income Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented: Amortization of certain intangible assets represents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.Stock-based compensation (see Consolidated Adjusted EBITDA above)Operating model optimization program (see Consolidated Adjusted EBITDA above)Accelerated technology investment (see Consolidated Adjusted EBITDA above)Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above)Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our Consolidated Statements of operations. Adjusted Diluted Earnings Per Share Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding. Adjusted Provision for Income Taxes Management has excluded the following items from our provision for income taxes for the periods presented: Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.Excess tax expense (benefit) for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods. Adjusted Effective Tax Rate Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income before income taxes. We calculate adjusted income before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income before income taxes. Leverage Ratio Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period. This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions. Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to. Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure. SCHEDULE 1TRANSUNION AND SUBSIDIARIESRevenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC(Unaudited) For the Three Months Ended June 30, 2025 compared withthe Three Months Ended June 30, 2024 For the Six Months Ended June 30, 2025 compared withthe Six Months Ended June 30, 2024 Reported CC Growth1 Inorganic Organic CC Growth2 Reported CC Growth1 Inorganic Organic CC Growth2Revenue: Consolidated 9.5% 9.5% 0.7% 8.9% 8.4% 8.8% 0.3% 8.5%U.S. Markets 10.0% 10.0% 0.3% 9.8% 9.3% 9.3% 0.1% 9.2%Financial Services 17.1% 17.1% —% 17.1% 15.9% 15.9% —% 15.9%Emerging Verticals 4.9% 4.9% —% 4.9% 5.4% 5.4% —% 5.4%Consumer Interactive 3.3% 3.3% 1.5% 1.8% 1.3% 1.3% 0.7% 0.5%International 7.4% 7.4% 2.0% 5.5% 4.9% 6.7% 1.0% 5.7%Canada 9.0% 10.5% —% 10.5% 4.8% 8.7% —% 8.7%Latin America (1.0)% 4.0% —% 4.0% (0.8)% 5.5% —% 5.5%United Kingdom 18.7% 12.6% 8.4% 4.6% 13.8% 11.0% 4.3% 7.0%Africa 15.0% 13.7% —% 13.7% 13.5% 11.7% —% 11.7%India 4.8% 7.6% —% 7.6% 0.5% 4.0% —% 4.0%Asia Pacific (6.8)% (7.7)% —% (7.7)% —% —% —% —% Adjusted EBITDA: Consolidated 8.1% 8.3% —% 8.3% 9.4% 10.2% —% 10.2%U.S. Markets 6.8% 6.8% —% 6.8% 9.4% 9.4% —% 9.4%International 7.2% 8.0% —% 7.9% 4.9% 7.6% —% 7.6% Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.Organic CC growth rate is the CC growth rate less the inorganic growth rate. SCHEDULE 2TRANSUNION AND SUBSIDIARIESConsolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited)(dollars in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue: U.S. Markets gross revenue Financial Services$419.9 $358.7 $823.5 $710.4 Emerging Verticals 323.6 308.5 638.5 606.0 Consumer Interactive 146.9 142.1 285.1 281.5 U.S. Markets gross revenue$890.4 $809.3 $1,747.0 $1,597.8 International gross revenue Canada$42.3 $38.8 $80.1 $76.5 Latin America 34.1 34.5 66.9 67.4 United Kingdom 67.2 56.6 126.1 110.8 Africa 18.2 15.8 35.1 30.9 India 66.6 63.5 135.3 134.6 Asia Pacific 24.5 26.2 51.5 51.5 International gross revenue$252.9 $235.4 $495.0 $471.7 Total gross revenue$1,143.2 $1,044.7 $2,242.1 $2,069.6 Intersegment revenue eliminations U.S. Markets$(1.9) $(2.4) $(3.5) $(4.7)International (1.6) (1.5) (3.1) (3.0)Total intersegment revenue eliminations$(3.5) $(3.9) $(6.6) $(7.6) Total revenue as reported$1,139.7 $1,040.8 $2,235.5 $2,062.0 Adjusted EBITDA: U.S. Markets$337.2 $315.8 $657.4 $600.9 International 108.0 100.8 217.8 207.6 Corporate (38.2) (40.0) (71.0) (73.8)Adjusted EBITDA Margin:1 U.S. Markets 37.9% 39.0% 37.6% 37.6%International 42.7% 42.8% 44.0% 44.0% Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA: Net income attributable to TransUnion$109.6 $85.0 $257.7 $150.1 Net interest expense 47.0 61.2 94.5 124.4 Provision for income taxes 44.4 31.0 85.4 44.1 Depreciation and amortization 142.7 132.9 281.6 266.9 EBITDA$343.7 $310.1 $719.2 $585.4 Adjustments to EBITDA: Stock-based compensation 40.2 27.8 70.5 51.9 Mergers and acquisitions, divestitures and business optimization1 (4.6) 0.7 13.2 9.8 Accelerated technology investment2 23.2 18.2 43.3 36.8 Operating model optimization program3 5.4 14.6 15.2 39.1 Net other4 (0.8) 5.2 (57.3) 11.7 Total adjustments to EBITDA$63.3 $66.5 $85.0 $149.3 Consolidated Adjusted EBITDA$407.0 $376.6 $804.1 $734.7 Net income attributable to TransUnion margin 9.6% 8.2% 11.5% 7.3%Consolidated Adjusted EBITDA margin5 35.7% 36.2% 36.0% 35.6% As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below. 1.Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Transaction and integration costs $2.9 $1.2 $8.2 $3.4 Fair value and impairment adjustments (7.6) 0.7 5.0 0.8 Post-acquisition adjustments — (1.2) — 5.7 Total mergers and acquisitions, divestitures and business optimization $(4.6) $0.7 $13.2 $9.8 2.Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Foundational Capabilities $4.2 $8.3 $11.7 $15.0 Migration Management 19.0 8.7 31.6 18.8 Program Enablement — 1.2 — 2.9 Total accelerated technology investment $23.2 $18.2 $43.3 $36.8 3.Operating model optimization consisted of the following adjustments: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Employee separation $— $7.9 $— $24.6 Facility exit — 0.2 — 1.7 Business process optimization 5.4 6.5 15.2 12.8 Total operating model optimization $5.4 $14.6 $15.2 $39.1 4.Net other consisted of the following adjustments: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Deferred loan fee expense from debt prepayments and refinancing $— $6.0 $(0.1) $9.1 Other debt financing expenses 0.6 0.6 1.1 1.1 Currency remeasurement on foreign operations (1.5) (1.3) (2.1) 1.3 Legal and regulatory expenses, net — — (56.0) — Other non-operating (income) expense 0.2 (0.1) (0.1) 0.2 Total other adjustments $(0.8) $5.2 $(57.3) $11.7 5.Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue. SCHEDULE 3TRANSUNION AND SUBSIDIARIESAdjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)(in millions, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Income attributable to TransUnion $109.6 $85.0 $257.7 $150.1 Weighted-average shares outstanding: Basic 195.0 194.2 195.0 194.2 Diluted 197.2 195.2 197.2 195.3 Basic earnings per common share from: Net income attributable to TransUnion $0.56 $0.44 $1.32 $0.77 Diluted earnings per common share from: Net income attributable to TransUnion $0.56 $0.44 $1.31 $0.77 Reconciliation of Net income attributable to TransUnion to Adjusted Net Income: Net income attributable to TransUnion $109.6 $85.0 $257.7 $150.1 Adjustments before income tax items: Amortization of certain intangible assets1 73.1 71.3 143.9 143.3 Stock-based compensation 40.2 27.8 70.5 51.9 Mergers and acquisitions, divestitures and business optimization2 (4.6) 0.7 13.2 9.8 Accelerated technology investment3 23.2 18.2 43.3 36.8 Operating model optimization program4 5.4 14.6 15.2 39.1 Net other5 (1.5) 4.8 (58.2) 10.7 Total adjustments before income tax items $135.6 $137.4 $227.9 $291.6 Total adjustments for income taxes6 (32.1) (29.4) (64.8) (69.7)Adjusted Net Income $213.1 $193.0 $420.7 $372.0 Weighted-average shares outstanding: Basic 195.0 194.2 195.0 194.2 Diluted 197.2 195.2 197.2 195.3 Adjusted Earnings per Share: Basic $1.09 $0.99 $2.16 $1.92 Diluted $1.08 $0.99 $2.13 $1.90 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share: Diluted earnings per common share from: Net income attributable to TransUnion $0.56 $0.44 $1.31 $0.77 Adjustments before income tax items: Amortization of certain intangible assets1 0.37 0.37 0.73 0.73 Stock-based compensation 0.20 0.14 0.36 0.27 Mergers and acquisitions, divestitures and business optimization2 (0.02) — 0.07 0.05 Accelerated technology investment3 0.12 0.09 0.22 0.19 Operating model optimization program4 0.03 0.08 0.08 0.20 Net other5 (0.01) 0.02 (0.30) 0.05 Total adjustments before income tax items $0.69 $0.70 $1.16 $1.49 Total adjustments for income taxes6 (0.16) (0.15) (0.33) (0.36)Adjusted Diluted Earnings per Share $1.08 $0.99 $2.13 $1.90 Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above. 1.Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction. 2.Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Transaction and integration costs $2.9 $1.2 $8.2 $3.4 Fair value and impairment adjustments (7.6) 0.7 5.0 0.8 Post-acquisition adjustments — (1.2) — 5.7 Total mergers and acquisitions, divestitures and business optimization $(4.6) $0.7 $13.2 $9.8 3.Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Foundational Capabilities $4.2 $8.3 $11.7 $15.0 Migration Management 19.0 8.7 31.6 18.8 Program Enablement — 1.2 — 2.9 Total accelerated technology investment $23.2 $18.2 $43.3 $36.8 4.Operating model optimization consisted of the following adjustments: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Employee separation $— $7.9 $— $24.6 Facility exit — 0.2 — 1.7 Business process optimization 5.4 6.5 15.2 12.8 Total operating model optimization $5.4 $14.6 $15.2 $39.1 5.Net other consisted of the following adjustments: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Deferred loan fee expense from debt prepayments and refinancing $— $6.0 $(0.1) $9.1 Currency remeasurement on foreign operations (1.5) (1.3) (2.1) 1.3 Legal and regulatory expenses, net — — (56.0) — Other non-operating (income) and expense — 0.1 — 0.3 Total other adjustments $(1.5) $4.8 $(58.2) $10.7 6.Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes. SCHEDULE 4TRANSUNION AND SUBSIDIARIESAdjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited)(dollars in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Income before income taxes$156.8 $120.7 $350.5 $203.7 Total adjustments before income tax items from Schedule 3 135.6 137.4 227.9 291.6 Adjusted income before income taxes$292.4 $258.1 $578.5 $495.3 Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes: Provision for income taxes (44.4) (31.0) (85.4) (44.1)Adjustments for income taxes: Tax effect of above adjustments (33.0) (31.7) (65.3) (66.7)Eliminate impact of excess tax expense for stock-based compensation (0.2) (0.1) 0.3 0.9 Other1 1.1 2.5 0.2 (4.0)Total adjustments for income taxes$(32.1) $(29.4) $(64.8) $(69.7)Adjusted Provision for Income Taxes$(76.5) $(60.4) $(150.3) $(113.8) Effective tax rate 28.3% 25.7% 24.4% 21.6%Adjusted Effective Tax Rate 26.2% 23.4% 26.0% 23.0% As a result of displaying amounts in millions, rounding differences may exist in the table above. 1.Other adjustments for income taxes include: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Deferred tax adjustments $(2.9) $— $(7.4) $(5.2)Valuation allowance adjustments (0.7) — 1.5 0.2 Return to provision, audit adjustments and reserves related to prior periods 3.9 3.3 4.9 2.3 Other adjustments 0.8 (0.8) 1.2 (1.3)Total other adjustments $1.1 $2.5 $0.2 $(4.0) SCHEDULE 5TRANSUNION AND SUBSIDIARIESLeverage Ratio (Unaudited)(dollars in millions) Trailing Twelve Months Ended June 30, 2025Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA: Net income attributable to TransUnion $391.9 Net interest expense 206.8 Provision for income taxes 140.2 Depreciation and amortization 552.5 EBITDA $1,291.4 Adjustments to EBITDA: Stock-based compensation $139.9 Mergers and acquisitions, divestitures and business optimization1 29.9 Accelerated technology investment2 90.8 Operating model optimization program3 71.0 Net other4 (47.2)Total adjustments to EBITDA $284.3 Consolidated Adjusted EBITDA 1,575.7 Adjusted EBITDA for Pre-Acquisition Period5 1.7 Leverage Ratio Adjusted EBITDA $1,577.4 Total debt $5,136.5 Less: Cash and cash equivalents 687.5 Net Debt $4,449.0 Ratio of Net Debt to Net income attributable to TransUnion 11.4 Leverage Ratio 2.8 As a result of displaying amounts in millions, rounding differences may exist in the table above. 1.Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments: Trailing Twelve Months Ended June 30, 2025Transaction and integration costs $16.0 Fair value and impairment adjustments 12.6 Post-acquisition adjustments 1.3 Total mergers and acquisitions, divestitures and business optimization $29.9 2.Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows: Trailing Twelve Months Ended June 30, 2025Foundational Capabilities $32.3 Migration Management 55.9 Program Enablement 2.5 Total accelerated technology investment $90.8 3.Operating model optimization consisted of the following adjustments: Trailing Twelve Months Ended June 30, 2025Employee separation $— Facility exit 40.5 Business process optimization 30.5 Total operating model optimization $71.0 4.Net other consisted of the following adjustments: Trailing Twelve Months Ended June 30, 2025Deferred loan fee expense from debt prepayments and refinancings $8.6 Other debt financing expenses 2.3 Currency remeasurement on foreign operations (1.3)Legal and regulatory expenses, net (56.0)Other non-operating (income) and expense (0.8)Total other adjustments $(47.2) 5.The trailing twelve months ended June 30, 2025 includes the nine months of Adjusted EBITDA related to Monevo prior to our acquisition in April 2025. SCHEDULE 6TRANSUNION AND SUBSIDIARIESSegment Depreciation and Amortization (Unaudited)(in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 U.S. Markets$105.2 $ 99.4 $206.4 $200.1 International 36.6 32.5 73.2 64.7 Corporate 0.9 1.0 2.0 2.0 Total depreciation and amortization$142.7 $ 132.9 $281.6 $266.9 As a result of displaying amounts in millions, rounding differences may exist in the table above. SCHEDULE 7TRANSUNION AND SUBSIDIARIESReconciliation of Non-GAAP Guidance (Unaudited)(in millions, except per share data) Three Months Ended September 30, 2025 Twelve Months Ended December 31, 2025 Low High Low HighGuidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA: Net income attributable to TransUnion$78 $87 $412 $432 Interest, taxes and depreciation and amortization 235 239 931 940 EBITDA$312 $326 $1,342 $1,372 Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1 85 85 238 238 Adjusted EBITDA$397 $411 $1,580 $1,610 Net income attributable to TransUnion margin 7.0% 7.7% 9.3% 9.7%Consolidated Adjusted EBITDA margin2 35.6% 36.2% 35.7% 36.0% Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share: Diluted earnings per share$0.39 $0.44 $2.07 $2.18 Adjustments to diluted earnings per share1 0.60 0.60 1.96 1.96 Adjusted Diluted Earnings per Share$0.99 $1.04 $4.03 $4.14 As a result of displaying amounts in millions, rounding differences may exist in the table above. These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

TransUnion Announces Second Quarter 2025 Results

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