TransUnion

Q2 total revenue was $1.385 billion, up 15% reported and 10% on an organic constant currency basis; excluding FICO mortgage royalties, organic growth was 7%. Adjusted EBITDA increased 12% to 34.8% margin, down 90 basis points year over year. Adjusted diluted EPS was $1.23, up 13% year over year and $0.08 above the high end of guidance. For Q3, management guided revenue to $1.292 billion to $1.310 billion, adjusted EBITDA to $455 million to $463 million, and adjusted diluted EPS to $1.18 to $1.21. For full-year 2026, guidance is revenue of $5.127 billion to $5.162 billion, adjusted EBITDA of $1.807 billion to $1.827 billion, and adjusted diluted EPS of $4.75 to $4.83. Full-year organic constant currency revenue growth is expected to be 8% to 9%, or 5% to 6% excluding FICO mortgage royalties.

Chris Cartwright framed the quarter as evidence that TransUnion’s strategy is working: platform modernization, AI-driven innovation, and diversification are translating into above-market growth. He emphasized strong commercial momentum in U.S. financial services, improving international trends, and expanding product launches, including 40 new products and AI-powered enhancements in the first half. His tone was confident but still cautious on macro conditions, repeatedly noting that guidance remains conservatively set around mortgage sensitivity and broader uncertainty.

Todd Cello said revenue exceeded the top end of guidance by $27 million and adjusted EBITDA exceeded by $11 million, driven by stronger-than-expected U.S. nonmortgage financial services, emerging verticals, and international. He noted adjusted EBITDA margin of 34.8% in Q2, with the year-over-year decline caused entirely by FICO mortgage royalties; underlying margins were up modestly, and the company ended Q2 with $5.6 billion of debt, $839 million of cash, and a 2.6x leverage ratio. He also said the company repurchased 2.1 million shares year to date for roughly $150 million, expects second-half repurchases to be at least comparable to the first half, and remains committed to leverage below 2.5x over time.

Analysts pressed management on why full-year guidance did not rise more given nonmortgage momentum, and management said it was being conservative because mortgage rates have risen and mortgage is the most rate-sensitive part of the portfolio. They also discussed VantageScore adoption in mortgage, where usage has moved from under 5% of inquiries at the start of the year to close to 30% across more than 900 lenders, but management reiterated that 2026 guidance assumes no benefit from VantageScore adoption. Other questions focused on AI-driven demand for data, marketing solutions acceleration in the second half, India’s reacceleration, and Mexico’s long-term competitive positioning after a rival’s bureau acquisition.