Equifax (EFX) FY2022 results: revenue $5.1 billion, up 4.0% on the year

Equifax Inc. (EFX) reported revenue of $5.1 billion for fiscal 2022, the year ended 31 December 2022, up 4.0% on the year before. Net income was $696 million, down 6.4%, and diluted earnings per share $5.65. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$5.1 billion

+4.0% on the year

FY2016FY2022

Operating margin

20.6%

23.1% a year earlier

FY2016FY2022

Net income

$696 million

-6.4% on the year

FY2016FY2022

Diluted EPS

$5.65

-6.1% on the year

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	5,122	4,924	4,128	+4.0%
Cost of revenue	2,177	1,981	1,737	+9.9%
Gross profit	2,945	2,943	2,390	+0.1%
Gross margin	57.5%	59.8%	57.9%
Selling, general and administrative	1,329	1,325	1,322	+0.3%
Operating income	1,056	1,138	677	-7.2%
Operating margin	20.6%	23.1%	16.4%
Interest expense	183	146	142	+25.7%
Pre-tax income	930	949	685	-2.1%
Income tax	230	201	159	+14.3%
Effective tax rate	24.7%	21.1%	23.2%
Net income	696	744	520	-6.4%
Net margin	13.6%	15.1%	12.6%
Diluted EPS	$5.65	$6.02	$4.24	-6.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	757	1,335	946	-43.3%
Capital expenditure	624	469	421	+33.2%
Free cash flow	133	866	525	-84.7%
Free cash flow margin	2.6%	17.6%	12.7%
Cash from investing	-960	-3,398	-493
Cash from financing	274	618	811	-55.7%
Depreciation and amortisation	569	490	399	+16.1%
Share-based compensation	62.6	54.9	54.7	+14.0%
Buybacks	0.0	69.9	0.0
Dividends paid	191	190	190	+0.6%
Dividend per share	$1.56	$1.56	$1.56	0.0%
Diluted shares, weighted	123m	124m	123m	-0.2%
Shares outstanding at period end	122m	122m	122m	+0.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	3,956	3,584	3,168	+10.4%
Non-controlling interest	16.8	16.8	41.9	0.0%
Redeemable equity	0.0	n/a	n/a
Debt	5,817	5,325	4,402	+9.2%
Other liabilities	1,757	2,115	1,999	-16.9%
Total liabilities and equity	11,548	11,041	9,612	+4.6%
Fixed assets	1,587	1,316	1,139	+20.6%
Goodwill	6,384	6,258	4,496	+2.0%
Intangible assets	1,818	1,898	998	-4.2%
Cash and equivalents	285	225	1,685	+26.9%
Receivables	858	728	631	+17.9%
Other assets	616	617	664	-0.2%
Total assets	11,548	11,041	9,612	+4.6%

10-K for the year ended 31 December 2022, filed 23 February 2023: the filing.