Equifax: Anecdotal Datapoints Suggest Government Contracts Have Strong Pricing

Equifax's government business has been the firm's star in recent years, with government revenue growing from 6% of Equifax's firmwide revenue mix in 2020 to 13% in 2023. Notably, in Equifax's higher-margin Workforce Solutions segment, government revenue has gone from 11% of segment revenue mix in 2020 to 25% of segment revenue mix in 2023. And, with government revenue growing over 30% in the first half of 2024, we expect government to be a bigger part of the firm's revenue mix in the years ahead.