Watch on earnings:Scores segment revenue growth and operating margin expansionMortgage origination score volumes (units) and average revenue per scoreSoftware segment ARR growth rate and customer retention metricsFree cash flow generation and capital allocation (buyback authorization utilization)Operating margin trajectory toward 50%+ target
Key metrics:MBA Mortgage Application Index (purchase and refinance components) - leading indicator for Scores volume · 30-year fixed mortgage rates (MORTGAGE30US) - primary driver of refinancing activity · Total U.S. mortgage originations (HOUST for new construction, existing home sales for purchase mortgages) · Auto loan origination volumes and credit card account openings - non-mortgage score drivers
⚠ Negative equity structure from aggressive share buybacks funded by debt - Debt/Equity of -1.79x reflects $2B+ in buybacks exceeding book equity, creating financial leverage
Metric
Sep 21
Sep 22
Sep 23
Sep 24
Sep 25
Cash & Equivalents
195
133↓31.8%
137↑2.7%
151↑10.2%
134↓11.0%
Total Current Assets
551
485↓12.0%
556↑14.8%
617↑11.0%
705↑14.2%
Total Assets
1,568
1,442↓8.0%
1,575↑9.2%
1,718↑9.1%
1,868↑8.7%
Total Current Liabilities
559
331↓40.7%
368↑10.9%
380↑3.4%
849↑123.3%
Total Liabilities
1,679
2,244↑33.7%
2,263↑0.9%
2,681↑18.4%
3,614↑34.8%
Total Equity
-111
-802↓622.9%
-688↑14.2%
-963↓39.9%
-1,746↓81.3%
Total Debt
1,335
1,912↑43.3%
1,902↓0.5%
2,243↑17.9%
3,075↑37.1%
Net Debt
1,139
1,779↑56.1%
1,765↓0.8%
2,092↑18.5%
2,941↑40.6%
Cash Flow Statement
Metric
Sep 21
Sep 22
Sep 23
Sep 24
Sep 25
Operating Cash Flow
424
509↑20.2%
469↓8.0%
633↑35.0%
779↑23.0%
Capital Expenditure
-8
-6↑20.3%
-4↑29.7%
-26↓503.0%
-9↑65.1%
Free Cash Flow
416
503↑20.9%
465↓7.7%
607↑30.7%
770↑26.7%
Stock-Based Comp
112
115↑2.6%
124↑7.4%
149↑20.7%
157↑4.8%
Net Change in Cash
38
-62↓263.7%
4↑105.8%
14↑288.4%
-17↓219.0%
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down