TransUnion 2026 Q2 10-Q Filing Summary
Business Context and Reporting Period
This summary covers TransUnion's unaudited consolidated financial results for the quarterly period ended June 30, 2026. TransUnion operates as a global information and insights company with two primary reportable segments: U.S. Markets and International. The reporting period includes the impact of the March 2026 acquisition of a controlling interest in Trans Union de Mexico and the April 2026 acquisition of the mobile division of RealNetworks LLC.
Key Financial Metrics
| Metric | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 |
|---|---|---|---|---|
| Revenue | $1,309.6M | $1,139.7M | $2,555.3M | $2,235.5M |
| Operating Income | $258.0M | $192.2M | $502.8M | $446.6M |
| Net Income (Attributable to TransUnion) | $143.4M | $109.6M | $540.5M | $257.7M |
| Diluted EPS | $0.74 | $0.56 | $2.78 | $1.31 |
| Operating Cash Flow (YTD) | $459.1M | $343.8M | — | — |
| Total Debt | $5,585.3M | — | — | — |
| Cash & Equivalents | $839.1M | — | — | — |
| Adjusted EBITDA (Q2) | $456.1M | $407.0M | — | — |
Material Changes vs. Prior Period
- Revenue Growth: Revenue increased 14.9% in Q2 and 14.3% YTD compared to 2025. Growth was driven by both organic performance and recent acquisitions, which contributed 4.9% to Q2 growth.
- Acquisition Impact: The consolidation of Trans Union de Mexico (acquired March 2026) significantly boosted International segment revenue, particularly in Latin America (up 171.9% in Q2). A non-taxable gain of $225.5M was recognized on the step acquisition of Trans Union de Mexico, substantially impacting YTD net income.
- Expense Increases: Cost of services rose 15.9% in Q2, primarily due to higher product pricing (including FICO mortgage royalties) and volume increases. SG&A expenses increased 3.4% in Q2, driven by labor costs and commissions, partially offset by reduced advertising spend.
- Debt Position: Total debt increased to $5.59B as of June 30, 2026, reflecting $520M in borrowings from the Senior Secured Revolving Credit Facility used to fund the Trans Union de Mexico acquisition.
Guidance, Outlook, and Risks
- Macroeconomic Environment: Management notes ongoing uncertainty due to the conflict in the Middle East, which has impacted global energy prices, inflation, and consumer sentiment. Elevated interest rates continue to suppress housing sector activity and mortgage refinancing demand.
- Regulatory Matters: A lawsuit with the Consumer Financial Protection Bureau (CFPB) regarding the 2017 Consent Order was voluntarily dismissed in March 2025, resulting in a $56M accrual release in Q1 2025. However, a separate CFPB matter regarding dispute handling practices remains open, with engagement currently paused due to leadership changes at the agency.
- Capital Allocation: The company continues its share repurchase program, with $584.8M remaining available under the $1.0B authorization. Dividends of $0.125 per share were paid in Q2.
- Technology Transformation: The accelerated technology investment program concluded in 2025. Current costs are lower as the company transitions to a global cloud-based platform.
Key Investor Verification Points
- Acquisition Integration: Verify the realization of synergies and revenue growth from the Trans Union de Mexico acquisition in subsequent quarters.
- Regulatory Exposure: Monitor the status of the ongoing CFPB dispute handling investigation and potential financial impact.
- Interest Rate Sensitivity: Assess the impact of sustained high interest rates on the company's variable-rate debt (approx. 68% hedged) and customer demand in mortgage and auto lending verticals.
- Non-GAAP Adjustments: Review the reconciliation of GAAP net income to Adjusted Net Income, specifically the treatment of the $225.5M acquisition gain and amortization of intangible assets.