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Equifax cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$437M in Q3 2026 · $1.1B over twelve months

Operating cash flow$560M
Capital spending−$124M
Free cash flow+$437M
Cash / net income2.6×
Cash conversion cycle45 days

Analysis

In Q3 2026, Equifax generated $560M of operating cash flow and spent $124M on capital projects, leaving free cash flow of $437M. That is $1.0M less than in Q3 2025 ($438M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.6B; the largest uses were buybacks ($1.2B), capital spending ($509M), dividends ($260M); besides operations, cash came from net borrowing (+) / repaid (−) ($396M), shares issued ($32.1M); the cash balance rose by $3.9M.

Operating cash flow was $560M against net income of $213M — 2.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$196M, deferred taxes +$35.5M, prepaid and other assets +$23.6M.

Its cash conversion cycle was 45 days (receivables 60 + inventory 0 − payables 15).

Free cash flow

Equifax: free cash flow by quarterEquifax: free cash flow by quarter$206MQ4 2024$117MQ1 2025$239MQ2 2025$438MQ3 2025$341MQ4 2025$122MQ1 2026$205MQ2 2026$437MQ3 2026
Operating cash flow less capital spending.
Equifax: operating cash flow against capital spendingEquifax: operating cash flow against capital spendingOperating cash flowCapital spending$325M$119MQ4 2024$224M$107MQ1 2025$361M$122MQ2 2025$560M$122MQ3 2025$471M$130MQ4 2025$242M$120MQ1 2026$340M$135MQ2 2026$560M$124MQ3 2026
Latest (Q3 2026): Operating cash flow $560M, Capital spending $124M.

Capital allocation, year by year

Equifax: where the cash came from (up) and went (down), by fiscal yearEquifax: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.3BFY2021: Net borrowing $1.2BFY2021: Shares issued $46.8MFY2021: Asset sales $6.4MFY2021: Capital spending −$469MFY2021: Acquisitions −$2.9BFY2021: Buybacks −$69.9MFY2021: Dividends −$190M$2.6BFY2021FY2022: Operating cash flow $757MFY2022: Net borrowing $306MFY2022: Shares issued $16.9MFY2022: Asset sales $98.8MFY2022: Capital spending −$624MFY2022: Acquisitions −$434MFY2022: Dividends −$191M$1.2BFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing −$77.6MFY2023: Shares issued $32.3MFY2023: Asset sales $6.9MFY2023: Capital spending −$601MFY2023: Acquisitions −$284MFY2023: Dividends −$192M$1.2BFY2023FY2024: Operating cash flow $1.3BFY2024: Net borrowing −$705MFY2024: Shares issued $78.2MFY2024: Capital spending −$512MFY2024: Dividends −$193M$1.4BFY2024FY2025: Operating cash flow $1.6BFY2025: Net borrowing $76.2MFY2025: Shares issued $46.4MFY2025: Asset sales $1.2MFY2025: Capital spending −$481MFY2025: Acquisitions −$74.1MFY2025: Buybacks −$928MFY2025: Dividends −$233M$1.7BFY2025
Over these 5 years operating cash flow totalled $6.1B; the largest uses were acquisitions ($3.7B) and capital spending ($2.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$193M
Debt$5.1B
Net debt$4.9B
Due within a year$1.0B

Equifax funds itself: free cash flow was $1.1B over the last twelve months, and $193M of cash and investments stands against $5.1B of debt ($1.0B due within a year, 0.2× covered by cash).

Equifax: debt maturities by year (FY2025)Equifax: debt maturities by year (FY2025)$1.0BYear 1$750MYear 2$825MYear 3$650MYear 4$600MYear 5$1.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $193M of cash and investments now.

Where the cash came from and went

Equifax: sources (+) and uses (−) of cash, Q3 2026Equifax: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$1.3BOther financing$990MOperating cash flow$560MCapital spending−$124MBuybacks−$92.0MDividends−$65.9MCash drawn (+) / kept (−)−$22.8MShares issued$7.0MExchange rates−$800KTaxes on employees’ shares−$300K
Equifax: sources (+) and uses (−) of cash, TTM to Q3 2026Equifax: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.6BBuybacks−$1.2BCapital spending−$509MNet borrowing (+) / repaid (−)$396MDividends−$260MOther investing−$74.1MShares issued$32.1MTaxes on employees’ shares−$17.1MOther financing−$17.1MPartners−$5.5MCash drawn (+) / kept (−)−$3.9MExchange rates−$2.0M

From profit to cash

Equifax: net income to operating cash flow, Q3 2026Equifax: net income to operating cash flow, Q3 2026Net income$213MDepreciation & amortization$196MStock-based pay$14.0MDeferred taxes$35.5MReceivables−$500KPrepaid and other assets$23.6MOperating cash flow$560M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202660—1545
Q2 202658—1741
Q1 202657—2135
Q4 202560—2535
Q3 202561—2338
Q2 202561—2437
Q1 202562—2140
Q4 202462—2240

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$560M−$124M−$92.0M−$65.9M−$1.3B$7.0M−$22.8M$437M
Q2 2026$340M−$135M−$300M−$66.4M$158M$6.4M$13.3M$205M
Q1 2026$242M−$120M−$260M−$67.1M$214M$10.4M−$2.6M$122M
Q4 2025$471M−$130M−$500M−$60.8M$279M$8.3M$8.2M$341M
Q3 2025$560M−$122M−$300M−$61.5M−$176M$13.7M—$438M
Q2 2025$361M−$122M−$127M−$62.0M−$67.8M$12.1M$6.2M$239M
Q1 2025$224M−$107M—−$48.5M−$48.1M$12.3M−$25.3M$117M
Q4 2024$325M−$119M—−$48.4M−$750M$10.7M$298M$206M

Equifax: income statement and cash flow

Equifax, Q3 2026: revenue $1.7B (+10% year over year), operating margin 21.0%. The chart follows the revenue to costs, profit and cash.

Equifax: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.