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TransUnion · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineSteady: revenue compounds ~11.5%/yr (FY21→FY25), net margin 10.3%, and free cash flow (~$661.6M) tracks net income. Earnings are cash, not paper.
The four lines that matter · FY21–FY25
Revenue ($M)▲9.4%
4,576.3
FY21→FY25CAGR +11.5%/yr
Net income ($M)▲55.4%
469.9
one-off year: see footnoteCAGR −24.0%/yr
Free cash flow ($M)▲28.0%
661.6
FY21→FY25CAGR +3.2%/yr
Diluted EPS▲60.0%
2.32
FY21→FY25CAGR −24.6%/yr
What the receipts whisper · what a headline number hides
Share count
+1.9%
193.0mn → 196.6mn diluted shares since FY21. Broadly flat, so EPS moves with net income rather than with the share count.
Capex
$326.0M
steady at 7.1% of revenue (+3.2% YoY).
Returns vs FCF
61%
$402.9M returned vs $661.6M of FCF in FY25. Buybacks + dividends covered by cash flow.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
10¢ of every revenue dollar becomes profit.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 100.0% → 100.0%. Net margin 10.3% is above the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 4,896.2 | 4,576.3 | 4,183.8 | 3,831.2 | 3,709.9 | 2,960.2 | ▲9.4% | +11.5% |
Cost of revenue | — | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | — |
Gross profit | 4,896.2 | 4,576.3 | 4,183.8 | 3,831.2 | 3,709.9 | 2,960.2 | ▲9.4% | +11.5% |
Selling, general & admin | 3,369.3 | 3,136.9 | 2,912.6 | 2,688.9 | 2,564.5 | 1,931.3 | ▲7.7% | +12.9% |
Total operating expenses | 3,982.1 | 3,718.5 | 3,517.2 | 3,702.6 | 3,083.5 | 2,308.3 | ▲5.7% | +12.7% |
Operating incomefeeds ROC rank | 914.0 | 857.8 | 666.7 | 128.5 | 626.3 | 651.9 | ▲28.7% | +7.1% |
Other income, net | 8.0 | −214.8 | −265.6 | −273.8 | −243.3 | −146.3 | — | — |
Pretax income | 922.0 | 643.0 | 401.1 | −145.3 | 383.0 | 505.6 | ▲60.3% | +6.2% |
Income tax | 170.1 | 173.1 | 98.8 | 44.7 | 118.9 | 131.9 | ▲75.2% | +7.0% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 751.9 | 469.9 | 302.3 | −190.8 | 281.5 | 1,405.4 | ▲55.4% | −24.0% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 3.79 | 2.32 | 1.45 | −1.07 | 1.40 | 7.19 | ▲60.0% | −24.6% |
Diluted shares (mn) | 193.70 | 196.60 | 196.70 | 193.40 | 193.10 | 193.00 | ▼0.1% | +0.5% |
| Margins | ||||||||
Gross margin96th pct in Industrials | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | ▲0.0pp | +0.0pp |
Operating margin | 18.7% | 18.7% | 15.9% | 3.4% | 16.9% | 22.0% | ▲2.8pp | −3.3pp |
Net margin66th pct in Industrials | 15.4% | 10.3% | 7.2% | −5.0% | 7.6% | 47.5% | ▲3.0pp | −37.2pp |
† TTM = trailing four quarters through 2026-06-30.FY23 effective tax rate was −31% vs a 26% norm for this window, likely a one-time item; see the filing.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-27 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.