$TRU · TransUnion
TransUnion filed its 10-Q for the quarter ended September 30, 2026, reporting revenue of $1.312B (+12.2% YoY), GAAP diluted EPS of $0.81, and net income attributable to TransUnion of $156.2M. International revenue surged 30.4% to $339M, led by Latin America's 192.8% jump to $98.7M. U.S. Markets grew 7.0% but saw Adjusted EBITDA margin compress to 36.2% from 38.4%. The balance sheet shows long-term debt of $5.35B and goodwill of $5.80B, both up materially from year-end 2025 following acquisition activity.
- Revenue of $1.312B grew 12.2% YoY, with International up 30.4% driven by Latin America's 192.8% surge to $98.7M.
- GAAP net income attributable to TransUnion was $156.2M ($0.81 diluted EPS), up 61.7% from $96.6M a year ago.
- U.S. Markets Adjusted EBITDA margin compressed to 36.2% from 38.4% YoY despite revenue growth of 7.0%.
- Nine-month operating cash flow reached $888.6M vs. $668.1M in the prior year, aided by a $225.5M gain on acquisition of affiliate.
- Long-term debt increased to $5.35B from $4.91B at year-end 2025; goodwill rose to $5.80B from $5.26B reflecting M&A.
Markets closed — no regular-session reaction yet; extended-hours move not captured here. The stock closed at $75.42, down 5.28% on the day, but that move predates this 10-Q filing.
The 192.8% Latin America revenue explosion masks U.S. margin compression — the core business is getting less profitable even as top-line growth impresses.
TransUnion's 12.2% organic-like revenue growth outpaces typical credit bureau peers, but the Latin America spike (192.8%) likely reflects M&A rather than organic expansion — the $603.4M spent on consolidated affiliates in the nine-month period confirms deal-driven growth.
Goodwill of $5.80B (48% of total assets) faces impairment risk if segments underperform; U.S. Markets margin compression (36.2% vs. 38.4%) signals rising cost pressure. Debt load of $5.35B with rising interest expense ($66.5M vs. $62.5M) amplifies rate sensitivity.