TransUnion Q3 2026: $1.31 Billion Revenue In Line, Q4 Guidance Misses

TransUnion (NYSE: TRU) reported third-quarter 2026 revenue of $1.31 billion, up 12.2% year on year and precisely in line with Wall Street consensus. The quarter's blemish arrived one quarter ahead: Q4 revenue guidance of $1.28 billion at the midpoint came in 1.3% below analysts' consensus of $1.30 billion, according to S&P data.

Adjusted EPS (earnings per share excluding non-recurring items) of $1.25 beat consensus of $1.21 by 3.2%, and rose from $1.10 in the same quarter last year. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached $464.8 million against a $462.3 million consensus, a 0.5% beat at a 35.4% margin.

"TransUnion delivered another quarter of strong results exceeding our guidance," President and CEO Chris Cartwright said. "U.S. Markets revenue grew by 7 percent, led by U.S. Financial Services and Insurance. International accelerated to 10 percent growth on an organic constant currency basis, including 18 percent growth in India."

What did the quarter contain?

The headline figures, against consensus estimates:

• Revenue: $1.31 billion vs $1.31 billion expected, up 12.2% year on year
• Adjusted EPS: $1.25 vs $1.21 expected, a 3.2% beat
• Adjusted EBITDA: $464.8 million vs $462.3 million expected
• Operating margin: 20.4%, up from 17.8% a year ago
• Free cash flow margin: 27.6%, up from 20.6% a year ago
• Market capitalization: $15.26 billion

Management raised full-year adjusted EPS guidance to $4.85 at the midpoint, a 1.1% increase. Full-year EBITDA guidance of $1.82 billion at the midpoint landed in line with consensus. The market's verdict was indifference: shares stayed flat at $79.80 immediately after the release.

Is the growth story intact?

TransUnion's trailing 12-month revenue stands at $5.04 billion, earned at a five-year compound annual growth rate of 11.9%. That outpaces many business services peers. The two-year annualized figure of 10.8% sits below the five-year trend, though it still suggests healthy demand.

Next quarter, management guides to 9.2% year-on-year revenue growth. Sell-side analysts expect 7.8% growth over the next 12 months, per S&P, a deceleration from the past two years. Solid, if no longer brisk.

What about profitability?

Here the record is more mixed. TransUnion averaged a 29.1% adjusted operating margin (operating profit excluding non-recurring expenses, taxes and interest) over five years, high for the sector. Yet that margin has fallen 3.1 percentage points over the period, an odd result given revenue growth should have leveraged fixed costs.

This quarter sharpened the concern. Adjusted operating margin came in at 23.2%, down 6.8 percentage points year on year. Expenses grew faster than revenue; efficiency went the wrong way.

The EPS record reflects this drag. Five-year compounded EPS growth of 5.1% trails the 11.9% revenue CAGR, meaning per-share profitability weakened as the company expanded. The two-year picture improves: annual EPS growth of 12.3% exceeded the five-year trend, ranking TransUnion among the faster business services growers of recent history. Analysts expect full-year EPS to rise 10.9%, from $4.73 to $5.25, over the next 12 months.

Verdict

The quarter beat on profit, matched on revenue, and stumbled only on the outlook. Guidance for Q4 fell short of consensus on both revenue and EPS. Despite the quarterly beat and a full-year EPS forecast narrowly above expectations, this was a weaker quarter overall. The shares, at $79.80, declined to argue otherwise.