Equifax Q1 Review: Uncertainty Overshadowed Decent Performance

Equifax delivered strong Q1 revenue and EPS beats, but guidance and macro uncertainty weighed on sentiment and share price. FICO royalty drag significantly impacted USIS margins, though ex-FICO margins show underlying operational strength and improvement. Management remains deliberately conservative on full-year guidance due to macro risks, especially mortgage rate volatility tied to geopolitical tensions.