Business

Key Wins from Equifax’s Second Quarter 2020 Results

October 06, 2020

We’re proud to share that Equifax announced strong business and financial results for the second quarter 2020. “The results reflect the strength and resiliency of our business model… and the importance of data and insights to help customers manage in these unprecedented times," said Mark W. Begor, Chief Executive Officer of Equifax. 

As a company, Equifax is leveraging our cloud technology and security transformation, and we’re seeing strong financial results from those investments. So, here are four things to know about our Q2 2020 results:

1. Double-Digit Revenue Growth: Our company announced revenue of $983 million and our second straight quarter of double digit revenue growth -- 13% versus the year prior. Taken together, our financial results in Q1 and Q2 2020 marked our strongest first half financial performance since 2016. “Even in this challenging environment, Equifax is operating extremely well. Our strong business model is resilient,” said Begor.

2. Accelerating New Product Innovation: New product innovation is our “next chapter,” and we’ve accelerated our pace of innovation and funding. During the first two quarters of the year, we launched 70 new products. Our team is on track to implement 100 new products this year, which is up from about 90 in 2019 and 60 in 2018. To strengthen our capabilities in product management and innovation, we recently added a new Chief Product Officer, Cecilia Mao, who has deep product expertise from prior roles with FICO, Verisk, and Oracle.

3. Workforce Solutions Yields Blockbuster Performance: Our Workforce Solutions business unit delivered exceptionally strong revenue growth in the second quarter of more than 50% versus the year prior. These are the strongest financial results since we acquired the business in 2007. This performance was driven in part by the value and expansion of our unique income and employment data from The Work Number database. “We believe Workforce Solutions is well positioned for attractive long-term growth.” added Begor.

4. Helping Governments Navigate the Pandemic: We recognize that many consumers have been impacted by the COVID-19 pandemic and have experienced economic distress. That’s why, in addition to creating new content to help consumers in the face of an economic downturn, Equifax is engaging with governments in several major markets. The data and insights we’re providing to policymakers is essential to helping them understand the pandemic's consequences on consumers and the credit economy.

These positive results for the second quarter enable Equifax to continue to invest in our cloud technology transformation, in stronger data and analytics, and in new products. “As we look to the second half of 2020 and toward 2021 and 2022, I'm more excited than ever about our future as a market-leading data, analytics, and technology company,” said Begor.

To learn more about our second quarter performance, check out our investor materials at investor.equifax.com