TransUnion (TRU): Business Model Canvas [Dec-2025 Updated]

You're digging into how TransUnion actually makes its money, especially as they wrap up that massive tech overhaul by late 2025. Honestly, it's more than just credit scores; this firm is a data powerhouse, sitting on nearly 13,400 employees worth of expertise, projecting revenues between $4.524 billion and $4.544 billion for the year. We're talking about a complex engine fueled by proprietary data, sophisticated AI models, and a dual focus on serving big banks while also selling identity protection direct to you. To see exactly how they connect their massive data assets to those revenue streams-from fraud solutions to marketing segments-check out the full Business Model Canvas breakdown right here.

TransUnion (TRU) - Canvas Business Model: Key Partnerships

You're looking at the ecosystem that powers TransUnion (TRU) beyond its core credit bureau function. These partnerships are how they scale their data ingestion and product distribution, so let's look at the hard numbers supporting these alliances as of late 2025.

Financial institutions for data contribution and distribution

The health of TransUnion (TRU)'s core data asset relies on continuous contribution from lenders. The latest Q3 2025 Credit Industry Insights Report (CIIR) shows the market dynamics that influence this data flow.

The percentage of consumers in the lowest risk super prime credit risk tier grew to 40.9% in Q3 2025, up from 37.1% in Q3 2019. This means the total number of super prime borrowers is now approximately 16 million higher than in 2019, indicating a larger, high-quality data pool for risk modeling. Anyway, the unsecured personal loan market is still seeing significant activity, with originations reaching 6.9 million in Q2 2025, a 26% year-over-year increase. Fintechs now hold more than half of the total unsecured loan balances, while traditional banks account for 21% of those balances. If onboarding takes 14+ days, churn risk rises.

Here's a quick look at the credit landscape influencing data contribution:

• Super prime consumer share in Q3 2025: 40.9%
• Prime plus consumer share in Q3 2025: 16.9%
• Total unsecured loan balances in Q2 2025: a record $257 billion
• Year-over-year growth in unsecured personal loan originations (Q2 2025): 26%

Cloud providers: AWS, Microsoft Azure, and IBM Cloud Services

TransUnion (TRU) relies on hyperscalers for the massive compute and storage required for its analytics and identity resolution services. While TransUnion's specific cloud spend isn't public, general industry data from 2025 shows the environment they operate in.

The financial services industry, a key TransUnion customer base, plans to increase its cloud spending by 25% in 2025. Across the board, 33% of organizations report spending more than $12 million annually on public cloud services, and 11% spend over $60 million per year. Microsoft Azure is slightly ahead of AWS among enterprise customers, though AWS maintains an edge with Small and Medium-sized Businesses (SMBs). IBM Cloud is one of the specialized providers trailing the top two in overall spending share.

Consider this breakdown of high-end public cloud spending reported in 2025:

Decisioning platforms like GDS Link and Provenir for faster client integration

Integrating TransUnion (TRU) data directly into client decisioning engines via partners like Provenir and GDS Link speeds up time-to-value. This is defintely a key part of their platform strategy.

For instance, a regional credit union working with GDS Link and TransUnion (TRU) saw a 124% increase in automated consumer approvals. That same deployment resulted in a 62% increase in automated decisions and a 36% reduction in manual review hours. Provenir, which offers an AI-powered platform, suggests that with TransUnion (TRU) data, customers can see a return on investment in as little as 60 days.

• GDS Link partnership: 124% increase in automated approvals for one client.
• GDS Link partnership: 36% reduction in manual review hours.
• Provenir integration ROI timeframe: as little as 60 days.

Media and advertising firms, e.g., National CineMedia, for TruAudience data

The TruAudience platform expands TransUnion (TRU)'s reach into marketing measurement through partnerships like the one with National CineMedia (NCM), announced December 1, 2025. This integration brings cinema exposure data into TransUnion's cross-platform attribution model.

The identity graph powering this attribution covers 98% of US adults. NCM itself operates over 17,500 screens across 1,350 theatres. This partnership allows advertisers to measure cinema's contribution alongside digital, CTV, and social channels, using TransUnion's deduplication logic to optimize reach.

Credit Sesame for the freemium consumer engagement platform

TransUnion (TRU) is upgrading its direct-to-consumer experience by partnering with Credit Sesame, which provides the platform expertise. This new freemium offering launched in phases throughout the first half of 2025.

Credit Sesame has a proven track record of serving over 18 million users. TransUnion expects this collaboration to serve the tens of millions of consumers who visit TransUnion digital properties annually. The free tier includes a daily TransUnion credit score and report, supported by Credit Sesame's mobile app and integrated network of financial offers.

The scale of the intended consumer engagement is significant:

• Credit Sesame existing user base: Over 18 million.
• Targeted annual visitors to TransUnion digital properties: Tens of millions.
• Launch window for the new offering: First half of 2025.

Finance: draft 13-week cash view by Friday.

TransUnion (TRU) - Canvas Business Model: Key Activities

You're looking at the core engine of TransUnion's value creation, which is all about data mastery and platform unification right now. It's a massive undertaking, especially with the transformation investments winding down in 2025.

Collecting, aggregating, and managing 1 billion global consumer records.

Honestly, the scale of the data TransUnion manages is foundational. While the target you mentioned is high, the latest figures show the core data set is still immense, but not quite at that billion mark yet. They have economically relevant data on over 500 million private individuals and companies. This data collection spans multiple geographies, underpinning all their risk and marketing solutions.

Developing advanced analytics, AI, and machine learning models.

TransUnion has over 20 years of experience applying artificial intelligence to generate insights. This AI/ML usage is central to their offerings, covering fraud prevention, credit scoring, and predictive analytics. For instance, in the debt collection sector, the usage of AI/ML technologies grew from 11% to 18% among surveyed companies, showing adoption is increasing as they push these tools out. The OneTru platform is designed to streamline data access for these modeling efforts.

Completing the U.S. and India technology modernization initiatives.

The multi-year transformation, centered on the OneTru solution enablement platform, is nearing its end phase for investment. This effort consolidated more than 20 technology stacks into a unified environment, managing tens of petabytes of sensitive consumer data. The India Global Capability Centers (GCCs) are key, housing 55% of the company's technology talent to support this migration. Major revenue migration from legacy systems is planned for 2026, but parts of the U.S. portfolio are already running on the new platform. Here's a quick look at some of the transformation impacts:

Ensuring global regulatory compliance and data security.

With petabyte-scale data handling, security and governance are non-negotiable activities. The Data Risk Committee (DRC) actively oversees risks associated with data analytics and emerging technologies, including monitoring global AI regulations. They developed a robust AI risk assessment framework to align with standards like the NIST AI Risk Management Framework. This oversight is critical given the sensitive nature of the data they steward.

Selling and supporting complex data and risk solutions to businesses.

The output of the data and platform work translates directly into revenue growth across business segments. For example, in the second quarter of 2025, TransUnion's U.S. Markets segment saw total revenue increase by 10% to $890 million. Within that, Financial Services revenue grew by 17% year-over-year. Specific product performance highlights include Consumer Lending up 18% and Auto up 19%. Furthermore, the TruValidate fraud prevention service helped one financial institution increase its fraud capture rates by 162% using the new platform capabilities. The total TTM revenue for 2025 is reported at $4.44 Billion USD.

You'll want to track the U.S. Markets revenue contribution, which accounts for approximately 78% of total revenue, showing where the bulk of the sales activity is concentrated. The company is aiming for high single-digit organic revenue growth, which shows confidence in these solution sales.

• U.S. Financial Services Q2 2025 Revenue Growth: 17%
• TruValidate Fraud Capture Improvement (Example): 162%
• Total 2025 TTM Revenue: $4.44 Billion USD
• International Segment Q2 2025 Revenue Growth: 7%

Finance: draft the Q3 2025 revenue vs. guidance comparison by Monday.

TransUnion (TRU) - Canvas Business Model: Key Resources

You're looking at the core assets that power TransUnion's operations right now, heading into the end of 2025. These aren't just line items on a balance sheet; they are the engines driving their data intelligence and fraud prevention services.

Massive Proprietary Consumer Credit and Non-Credit Data Assets

The sheer volume and diversity of data TransUnion holds is a primary barrier to entry for competitors. This isn't just about credit reports anymore; it's a much broader view of consumer and business activity.

Here's a look at the scale of the data foundation, which supports everything from lending decisions to marketing insights:

• The TruValidate Synthetic Fraud Model leverages a view spanning billions of devices.
• This identity platform is built upon approximately 1 billion consumer records.
• The company processes millions of daily transactions through its solutions.
• As of Q2 2025, TransUnion reported a total of 567.5 million credit cards (bankcards) in its data universe.
• In Q3 2025, the total unsecured loan balances reached a record $269 billion.

Global Technology Infrastructure and Cloud-Based Data Processing

TransUnion is actively modernizing its technology, leaning heavily into public cloud environments to make its data accessible where customers work. This shift is about speed and integration, so if you're a lender, you can pull a score directly into your application flow.

The company's infrastructure strategy for 2025 centers on key partnerships:

This focus helps reduce internal resource strain for deployment and offers users greater control over their data usage.

Intellectual Property: Proprietary Scoring Models and TruValidate Fraud Solutions

The real value here is in the algorithms that turn raw data into predictive power. TransUnion deploys proprietary models across its fraud and identity suite, TruValidate.

These models are a key differentiator, especially in the fight against sophisticated fraud:

• TruValidate Identity Insights have protected a reported 63 billion transactions (based on 2021 analysis, still a core metric).
• The Synthetic Fraud Models include both FCRA (Fair Credit Reporting Act) and GLBA (Gramm-Leach-Bliley Act) compliant versions.
• The solutions use supervised machine learning algorithms based on global transactions and detailed fraud reports to deliver real-time risk scores.

Highly Skilled Data Scientists and Analytics Professionals

The models and infrastructure are only as good as the people building and refining them. TransUnion's ability to attract and retain top-tier analytical talent is a critical, non-physical resource.

While the exact number of data scientists isn't public, the overall scale of the technical workforce gives you a sense of the talent pool:

As of late 2025 data, TransUnion reported a total employee count of approximately 13,400 individuals.

Projected 2025 Annual Revenue

This number represents the financial scale derived from deploying these key resources across their customer base in the credit, fraud, and marketing segments.

The projected 2025 annual revenue for TransUnion is in the range of $4.524 billion to $4.544 billion.

TransUnion (TRU) - Canvas Business Model: Value Propositions

You're looking at how TransUnion (TRU) delivers value across its core segments as of late 2025. The company is clearly seeing momentum, evidenced by raising its full-year 2025 revenue guidance to 8 to 8.5 percent growth, following a Q3 2025 total revenue of $1,170 million. This performance underpins the value propositions they offer to their customers.

Providing trusted, actionable risk insights for credit decisioning.

The core value here is helping lenders navigate a complex credit environment. For instance, while total consumer credit balances hit $18.0 trillion in Q1 2025, TransUnion's insights help manage the associated risk. They are seeing a clear stratification in the market; the percentage of consumers in the lowest risk super prime tier reached 40.9% in Q3 2025, representing about 16 million more individuals than in 2019. This level of detail is what powers their decisioning tools.

Here's a snapshot of the credit landscape they are providing insights on:

Mitigating fraud and verifying identity with TruValidate solutions.

The fight against fraud is intensifying, making TruValidate a critical offering. The company reports significant technological improvements; the TruValidate fraud products, now on the OneTru platform, have delivered a 50% improvement in fraud catch while simultaneously reducing false positives. This efficiency is vital when you consider the scale of the problem.

The risk exposure remains high:

• The rate of suspected digital fraud among US Public Sector customers was 6.7% in 2024.
• Total synthetic identity loss exposure for US lenders reached $3.3 billion in H1 2025.
• 52% of Americans reported being targeted by a fraud scheme between August and December 2024.
• 6% of calls into US call centers in 2024 were flagged as high risk for fraud.

Offering precise marketing and audience segmentation via TruAudience.

TransUnion supports customer acquisition and retention efforts by enhancing audience data. The TruAudience marketing analytics suite has been replatformed onto the unified OneTru foundation, allowing for more streamlined and effective data application. While specific revenue for this segment isn't always broken out, the overall U.S. Markets revenue grew 10 percent in Q2 2025, with Financial Services leading that charge at 17 percent growth.

Empowering consumers with credit monitoring and identity protection tools.

Consumer-facing services are a growing area, with Consumer Interactive revenue showing a 2 percent organic increase in Q2 2025. A key action here is the launch of a freemium credit management platform with Credit Sesame, designed to boost consumer engagement. This helps consumers stay informed about their credit health, which is important given the total consumer balances are so high.

Delivering a single source of truth for debt recovery and collections.

While direct collections revenue figures aren't detailed, the value proposition is tied directly to the health of the credit ecosystem. For example, TransUnion's data informs the collections process by providing the most current picture of consumer debt status. The company's strong overall financial health, with an Adjusted EBITDA margin of 36.3 percent in Q3 2025 and a leverage ratio de-levered to 2.8x by Q2 2025, shows they are effectively managing their own data assets and operations. Finance: draft 13-week cash view by Friday.

TransUnion (TRU) - Canvas Business Model: Customer Relationships

You're looking at how TransUnion (TRU) manages its relationships across its diverse customer base, from the biggest banks to individual consumers. It's a mix of dedicated human touch and massive digital scale, which makes sense for a company handling petabytes of sensitive data.

Dedicated sales and account management for large enterprise clients

TransUnion (TRU) structures its B2B engagement based on customer size and vertical. The largest customers, which are key to the overall projected fiscal year 2025 revenue of between $4.432 billion and $4.472 billion, receive the highest level of service. The Financial Services sector, for instance, accounted for about 34% of U.S. consolidated gross revenues in 2024, indicating the importance of these large relationships.

The relationship structure is tiered:

• Dedicated sales teams for largest customers, focused by industry group and geography.
• Shared sales teams for mid-size customers.
• Call centers servicing smaller customers primarily.

The company supports over 65,000 businesses globally. This high-touch approach ensures strategic account management and direct support for the relationships driving the $1,170 million reported revenue in Q3 2025.

Automated, self-service digital platforms for real-time data access

The core of TransUnion's operational efficiency and client interaction is its unified cloud system, OneTru. This platform underpins client-facing services like the TruIQ suite. The sheer volume of data processing highlights the reliance on automation for real-time delivery.

Here's a look at the platform scale and impact:

This platform architecture helps deliver insights through APIs, events, or batch processes, making data access highly automated for the client base.

High-touch consulting for custom risk model development

For complex risk challenges, TransUnion (TRU) deploys its Advanced Analytics Consulting team, which works closely with clients to develop bespoke models. This is a highly consultative, high-touch service, often involving a Model Risk Management (MRM) compliant process.

The engagement is tailored, starting with an assessment of the lender's business objectives and target segments. The tangible results from this consulting work are significant; for example, one mid-size lender saw a 7% increase in its approval rate after implementing a new custom model developed by the team. This service is a key component of the Analytics and Consulting solutions line.

Freemium and subscription models for direct-to-consumer engagement

TransUnion (TRU) directly engages consumers through various channels, including its own websites and strategic partnerships, often using subscription-based products. A key initiative involves a freemium credit management platform launched in collaboration with Credit Sesame, designed to lower customer acquisition costs and build direct relationships.

Data points showing direct consumer engagement trends include:

• Rent payment reporting participation rose to 13% of consumers in 2025, up from 11% in 2024.
• 57% of renters are more likely to rent from a property manager who reports payments.
• Gen Z participation in self-reporting rent payments declined to 18% in 2025 from 26% in 2024.

The Consumer Interactive segment accounted for roughly 14% of U.S. revenue in 2024, showing the financial weight of these direct-to-consumer relationships. Finance: draft 13-week cash view by Friday.

TransUnion (TRU) - Canvas Business Model: Channels

You're looking at how TransUnion (TRU) gets its solutions-from credit risk scores to fraud mitigation-into the hands of its diverse customer base as of late 2025. The channel strategy is clearly multi-pronged, designed to serve large financial institutions while aggressively pursuing growth in emerging verticals and direct consumer engagement.

Direct sales force to financial services and emerging verticals remains a core engine. This channel targets the largest revenue pools. For instance, in the third quarter of 2025, the Financial Services revenue growth accelerated to a strong 19 percent, showing the direct sales team is effectively closing deals in that segment. Furthermore, the Emerging Verticals channel showed growth of 7.5 percent in the same period. For the sales personnel driving this, U.S. base salary ranges for roles like Client Executive are between $78,100.00 and $123,000.00 annually, with commission targets generally set between 20% and 50% of that base salary.

APIs and digital platforms for real-time data delivery are critical for modern, high-volume clients, especially in fraud and identity resolution. The effectiveness of these digital channels is highlighted by the ongoing battle against digital fraud. In the first half of 2025, 8.3 percent of all digital account creation attempts were suspected of fraud. TransUnion's solutions, delivered via these platforms, are essential here, as the volume of digital account takeover increased by 21 percent from the first half of 2024 to the first half of 2025.

The Direct-to-Consumer website and mobile applications channel focuses on consumer-paid services, though it has faced headwinds. For example, Consumer Interactive revenue declined by 11 percent in the fourth quarter of 2024. However, TransUnion is actively trying to re-energize this through strategic collaboration, such as the planned launch of a freemium credit management platform with Credit Sesame.

Strategic Alliance Distribution Partner Program for decisioning platforms is a key route for expanding reach without scaling the internal direct sales force for every niche. This program includes tiers like Strategic Alliance (Tier 1), Elite (Tier 2), and Certified (Tier 3) partners. These partners, such as GDS Link, integrate TransUnion data into their own decisioning platforms, allowing business users to build and deploy risk strategies in real-time.

For Third-party resellers and brokers in international markets, the channel is showing robust expansion. The International segment revenue grew 12 percent on a constant currency basis in Q4 2024. By Q3 2025, the International segment still posted 6 percent organic constant currency growth, with specific markets like the UK, Canada, and Africa showing double-digit growth. India, a key international market, saw commercial growth of 8 percent in Q2 2025.

Here's a snapshot of how the primary commercial segments, which are heavily influenced by these channels, performed through the first three quarters of 2025:

The company's overall 2025 financial guidance reflects confidence in these channels, projecting reported revenue growth between $4.432 billion and $4.472 billion, representing 6% to 7% growth for the full year.

You should check the Q4 2025 earnings release for the final revenue contribution breakdown by these specific distribution methods, as the current data relies on segment performance as a proxy for channel success. Finance: draft 13-week cash view by Friday.

TransUnion (TRU) - Canvas Business Model: Customer Segments

You're looking at the core customer base for TransUnion (TRU) as of late 2025, based on their latest reported performance through the third quarter of 2025.

Financial Services (Banks, Credit Unions, Online Lenders)-the largest segment.

This group is the engine of the U.S. Markets segment. In the third quarter of 2025, the Financial Services vertical within U.S. Markets showed accelerated growth of 19 percent organically. This vertical includes Consumer Lending, Mortgage, Auto, and Card and Banking lines of business. For context from the prior year, the Financial Services sector accounted for about 34 percent of TransUnion's consolidated gross revenues in the United States in 2024. Lenders rely on TransUnion solutions across the entire lending lifecycle, from customer acquisition to debt collection.

Emerging Verticals: Insurance, Government, Landlords, and Automotive.

The Emerging Verticals group is gaining traction, showing growth of 7.5 percent in Q3 2025, which management noted was their strongest performance since 2022. The Auto line of business, part of Financial Services but also a key vertical focus, saw strong growth in Q2 2025, with Auto up 19 percent year-over-year. TransUnion serves these verticals for identity verification, fraud mitigation, and risk assessment.

Media and Marketing firms for audience data and attribution.

This area is covered by the Consumer Interactive business, which grew 2 percent organically in Q2 2025. For marketing purposes, TransUnion's analysis from September 2025 segments U.S. consumers into four groups, where 35 percent of Americans are classified as Stable Spenders who are keeping up with inflation, while 43 percent are struggling as Budgeting Realists. TransUnion supports these firms with audience data and insights through tools like TruAudience.

Individual Consumers seeking credit reports and identity protection.

Consumers use TransUnion services to manage personal finances and guard against identity theft. In 2024, revenues from identity protection and breach solutions scaled to $165 million, up from $95 million in 2022. As of September 30, 2025, there were 194.2 million shares of TransUnion common stock outstanding.

Global customers across 30+ countries, including India and Latin America.

TransUnion supports over 65,000 businesses globally. The International segment generated $260 million in revenue in Q3 2025, an 8 percent year-over-year increase. Management highlighted double-digit organic constant currency growth in the UK, Canada, and Africa for Q3 2025. For the full year 2024, key international revenue contributors were India at 6.4 percent, the UK at 5.4 percent, and Canada at 3.7 percent of total revenue.

Here's a quick look at the reported revenue performance for the U.S. Markets and International segments in Q3 2025:

The company's strategy involves deep penetration in core verticals, scaling existing solutions, and broadening the product portfolio, with specific attention to high-growth areas like Trusted Call Solutions (TCS), which was expected to reach $150 million in 2025.

• The U.S. represented approximately 76 percent of TransUnion's total annual revenue in 2024.
• In Q3 2025, the percentage of individuals in the lowest risk super prime credit tier rose to 40.9 percent, up from 37.1 percent in Q3 2019.
• The subprime delinquency rate in Q3 2025 was 11.4 percent.
• TransUnion increased its share repurchase program authorization to $1 billion.

Finance: draft 13-week cash view by Friday.

TransUnion (TRU) - Canvas Business Model: Cost Structure

You're looking at the engine room costs for TransUnion, the core expenses that keep the data flowing and the compliance checks running. Honestly, for a data and analytics firm, the biggest levers are always technology and the people who interpret that data.

Technology and Infrastructure Investment, Including Cloud Migration

Technology is a massive, ongoing cost, but you see the payoff in performance. The accelerated technology investment to migrate to the cloud, known as Project Rise, was planned for completion by the end of 2024. Still, the spending continues into 2025. For the nine months ended September 30, 2025, capital expenditures totaled $229 million, up from $199 million in the same period in 2024. This spend reflects the ongoing shift to a modern, API-based architecture. Looking specifically at operating expenses, Technology and communication expenses for the three months ended September 30, 2025, hit $204.4 million.

Here's a look at the investment cadence:

Data Acquisition and Processing Costs from Various Sources

The lifeblood of TransUnion is its data, and acquiring and maintaining that data is a core component of the Cost of Services. These costs include data acquisition and royalty fees, personnel costs for databases, and data center costs. For the three months ended March 31, 2025, the Cost of Services (exclusive of depreciation and amortization) was $445.6 million, an increase of $39.4 million year-over-year for the three months ended September 30, 2025.

The components driving the Cost of Services increase include:

• An increase of approximately $22.0 million in product and fulfillment costs, mainly due to higher product pricing and increased volume.
• A net increase of approximately $9.0 million in labor-related costs within the segment.

Personnel Expenses for 13,400 Employees, Especially Data Scientists

Personnel is a significant fixed cost. TransUnion maintained a workforce of 13,400 employees as of December 31, 2024, which is the latest figure aligning with late 2025 operational scale. Labor-related expenses, which include fully burdened compensation and subcontractor costs, are a major part of the operating structure. The company is actively managing this through its Global Capability Centers (GCCs) in locations like India, South Africa, and Costa Rica, which support about one-third of the employee base.

Regulatory Compliance and Legal Costs Globally

Regulatory overhead is non-negotiable in this industry. You saw a major swing in Q1 2025 due to legal matters. For the three months ended March 31, 2025, Selling, General and Administrative (SG&A) expenses decreased by $48.8 million year-over-year, largely because of a $56.0 million reduction in legal and regulatory expenses following the dismissal of an accrued lawsuit liability. However, you can't forget past costs; a subsidiary, Argus, paid $37 million in March 2024 to resolve allegations related to improperly monetizing government-contracted data. Litigation and professional services generally fall under the Other segment items in the operating expense breakdown.

Sales, General, and Administrative (SG&A) Expenses; Aiming for $35 million in 2026 Operating Savings

SG&A covers sales, management personnel, advertising, and professional services. For the first quarter of 2025 (three months ended March 31, 2025), SG&A expenses were $256.8 million. The company is focused on driving down structural costs through its transformation program, which is expected to conclude its one-time investment phase in 2025, with an expected $100 million to $120 million in one-time charges for 2025. The explicit goal you're tracking is aiming for $35 million in annualized operating expense savings by 2026 relative to 2023 levels, which is part of a larger, previously announced goal of $120 million to $140 million in savings by 2026.

The key cost management actions include:

• Targeting $35 million in annualized operating expense savings by 2026.
• Realizing approximately half of the total expected operating expense savings in 2024.
• Incurring $100 million to $120 million in one-time transformation charges during 2025.

Finance: draft 13-week cash view by Friday.

TransUnion (TRU) - Canvas Business Model: Revenue Streams

You're looking at how TransUnion (TRU) actually makes its money, which is really about monetizing its massive data assets across different customer needs. The revenue streams are quite diverse, but a few key areas drive the bulk of the top line.

The largest single contributor comes from business-to-business activities, specifically fees from business credit reports and scores. As of the third quarter of 2025, the U.S. Markets segment, which houses these core credit reporting services for businesses, generated gross revenue of $912.8 million out of total reported revenue of $1,170 million for that quarter, putting the segment contribution near 78% of the total revenue base for that period. This shows how critical the core U.S. credit bureau function remains.

Another significant area is the growth in advanced solutions. This includes sales of advanced analytics, fraud, and marketing solutions. For instance, the Trusted Call Solutions (TCS) suite, which helps transform the phone engagement experience, is projected to scale significantly, moving from approximately $50 million in revenue in Fiscal Year 2022 to a projected $320 million by Fiscal Year 2025, targeting what TransUnion sees as a $1 billion+ addressable market. That's serious growth in the non-core credit reporting side.

Subscription revenue from the Consumer Interactive segment, covering things like credit monitoring and identity protection, is also a steady stream, though it can be lumpy due to large breach remediation contracts. For context on the scale of identity protection, revenues from identity protection and breach solutions reached $165 million in 2024, up from $95 million in 2022. Licensing fees for proprietary software and decisioning platforms are embedded within the segment revenues, supporting the core data services and advanced solutions.

Here's a quick look at the scale of the business based on recent guidance and segment performance:

You should also note the performance of the core U.S. Financial Services within U.S. Markets, which saw a 17% increase in revenue in the second quarter of 2025. That growth is fueled by lending activity across credit card, consumer lending, and auto sectors.

The revenue streams break down into key areas of service delivery:

• Fees from business credit reports and scores.
• Subscription revenue for consumer monitoring.
• Sales of fraud and marketing solutions like TruValidate.
• Licensing for decisioning platforms.
• Growth from International segments (e.g., India grew 18% in Q4 2024).

If onboarding for new enterprise clients takes longer than expected, the realization of new licensing and solution revenue could definitely slip into the next fiscal year.

Finance: draft 13-week cash view by Friday.