TRU earnings analysis
What we found in TRU's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
TransUnion delivered strong Q2 growth, with revenue up 14.9% to $1.310 billion, GAAP operating income up 34.2% to $258.0 million, and GAAP diluted EPS up to $0.74 from $0.56. Growth was led by U.S. Financial Services and acquisition-supported Latin America, although Consumer Interactive declined and adjusted EBITDA margin contracted 90 basis points to 34.8%. Six-month cash generation improved materially, but the Trans Union de Mexico transaction increased total debt to $5.585 billion and raised interest expense.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue rose 14.9% and beat consensus
- Q2 revenue was $1.310 billion, increasing $169.9 million (14.9%) year over year and approximately $59.6 million (4.8%) from Q1 2026 revenue of $1.250 billion. Revenue exceeded the supplied $1.281 billion consensus estimate by $33.6 million.
- Operating profit and EPS improved
- GAAP operating income increased $65.8 million (34.2%) to $258.0 million, producing a 19.7% operating margin versus 16.9% a year ago and flat versus Q1 2026's 19.7%. GAAP diluted EPS rose $0.18 year over year to $0.74; adjusted diluted EPS increased $0.15 to $1.23.
- U.S. business growth was broad based
- Financial Services grew $76.4 million (18.2%) to $496.3 million, primarily from Mortgage price and volume growth, including FICO mortgage royalties. Emerging Verticals added $30.3 million (9.4%) to $353.9 million, supported by Insurance volumes, new wins, pricing and acquisitions.
- International growth accelerated
- International revenue rose $67.9 million (26.8%) to $320.8 million. Latin America contributed $58.6 million of growth to reach $92.7 million, with the Trans Union de Mexico acquisition accounting for 157.5% of Latin America's percentage growth.
- Cash conversion and capex intensity improved
- Six-month operating cash flow increased $115.3 million to $459.1 million. Capital expenditures declined $11.0 million to $134.4 million, or 5.3% of six-month revenue versus 6.5% a year earlier; implied operating-cash-flow less capex was $324.7 million.
- Liquidity remained substantial
- Cash was $839.1 million at June 30, while the company had $478.7 million of remaining revolver availability after $520.0 million of revolver borrowings. Management states these sources should cover planned needs for at least the next 12 months.
- No formal risk-factor update in the 10-Q
- No new or revised Item 1A risk factors were presented: the filing directs investors to the 2025 Form 10-K and subsequently filed reports. The filing says there were no other material changes in Item 3 market-risk disclosures from the 2025 10-K.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Consumer Interactive and parts of International declined
- Consumer Interactive revenue declined $4.4 million (3.0%) year over year to $142.5 million, driven by lower demand for paid credit products. India and Asia Pacific also declined $1.5 million (2.3%) and $2.4 million (9.8%), respectively.
- Margins compressed despite revenue growth
- Consolidated adjusted EBITDA margin fell 90 basis points to 34.8%, while U.S. Markets adjusted EBITDA margin declined 150 basis points to 36.4%. Management attributed the pressure primarily to FICO mortgage royalties and higher product costs.
- Leverage and variable-rate exposure increased
- Total debt was $5.585 billion and net debt was $4.746 billion at June 30, 2026, following the Mexico acquisition; quarterly interest expense increased $10.2 million (18.3%) to $65.9 million. Although 68.4% of variable-rate debt is hedged, a 10% change in average Term SOFR would change annual interest expense by about $6.5 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.74
- Gross margin
- 58.4%
- Operating margin
- 19.7%
- Segment
- U.S. Markets gross revenue: $992.7 million, up $102.3 million or 11.5% year over year.
- Segment
- Financial Services: $496.3 million, up $76.4 million or 18.2%; Emerging Verticals: $353.9 million, up $30.3 million or 9.4%; Consumer Interactive: $142.5 million, down $4.4 million or 3.0%.
- Segment
- International gross revenue: $320.8 million, up $67.9 million or 26.8% year over year.
- Segment
- Canada: $46.4 million, up 9.7%; Latin America: $92.7 million, up 171.9%; United Kingdom: $73.5 million, up 9.3%; Africa: $21.0 million, up 15.5%; India: $65.1 million, down 2.3%; Asia Pacific: $22.1 million, down 9.8%.
What they said about what is next.
The 10-Q does not provide a quantitative revenue or EPS outlook. Management states that cash on hand, operating cash flow and revolving-credit availability are expected to fund planned capex, debt service, acquisitions, dividends and operating needs for at least the next 12 months.
The filing reads better than the one before it.
What came before.
- 10-Q · April 28, 2026
- TransUnion reported Q1 revenue of $1,245.7 million, up $149.9 million or 13.7% year-over-year, driven by strength in U.S. Financial Services and sizable international growth in Latin America. GAAP net income…
- 10-K · February 27, 2026
- TransUnion emphasizes its OneTru platform and AI-enabled product roadmap (TruVision, TruIQ, TruValidate, TruAudience) to expand identity, fraud and analytics solutions across >30 countries. FY2025 quarterly results show…
- 10-K · February 13, 2025
- TransUnion positions itself as a global information & analytics platform built around its OneTru identity/insights platform and enhanced by the December 2021 Neustar acquisition, serving customers in over 30 countries…
- 10-Q · April 25, 2024
- TransUnion reported Q1 revenue of $1,021.2 million (up from $940.3 million a year ago) and operating income of $157.2 million. Diluted EPS rose to $0.33 from $0.27 a year ago. Management completed a segment…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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