TransUnion (TRU) Q3 2025 earnings summary

Executive summary

• Achieved seventh consecutive quarter of high single-digit organic revenue growth, with Q3 2025 organic constant currency revenue up 11% year-over-year excluding last year's breach remediation win, marking the strongest underlying performance since 2021.

• Net income attributable to shareholders rose to $97 million from $68 million, and diluted EPS increased to $0.49 from $0.35 year-over-year.

• Raised 2025 guidance across all metrics, reflecting strong Q3 results, stable U.S. lending trends, and new business wins.

• Accelerated share repurchases, totaling $200 million year-to-date, with $160 million in Q3 and October, and authorization increased to $1 billion.

• Technology modernization and cloud migration initiatives advanced, with critical mass of U.S. credit customer migrations expected by year-end and full migration by mid-2026.

Financial highlights

• Q3 2025 revenue: $1.17 billion, up 8% year-over-year; organic constant currency revenue up 11% excluding breach, and 7% including breach.

• Adjusted EBITDA for Q3 2025 rose 8% to $425 million, with margin at 36.3%, above guidance and flat year-over-year.

• Adjusted Diluted EPS was $1.10 for Q3, up 6% year-over-year and $0.06 above guidance high end.

• Net income margin improved to 8.3% from 6.3% year-over-year.

• Incurred $34 million in one-time transformation charges in Q3; cumulative $349 million to date, on track for $355–$375 million by end of 2025.

Outlook and guidance

• Raised full-year 2025 guidance: revenue of $4.524–$4.544 billion, organic constant currency growth of 8–8.5%.

• Adjusted EBITDA expected at $1.622–$1.65 billion (8–9% growth), margin 35.9–36.0%.

• Adjusted Diluted EPS forecasted at $4.19–$4.25, up 7–9%.

• Q4 revenue guidance: $1.119–$1.139 billion, up 7–9% organic constant currency; Adjusted EBITDA $393–$407 million.

• CapEx expected at 8% of revenue in 2025, declining to 6% in 2026; free cash flow conversion to improve from 70% in 2025 to 90%+ in 2026.