Verisk Reports ThirdQuarter 2026 Financial Results
● Revenue was $809 million, up 5.3%, and up 7.4% on an organic constant currency (OCC) basis, a non-GAAP measure. ● Net income was $219 million, down 2.8%.
● Adjusted EBITDA, a non-GAAP measure, was $459 million, up 7.0%, and up 7.5% on an OCC basis.
Diluted adjusted EPS, a non-GAAP measure, was $1.96, up 14.0%. Net cash provided by operating activities was $267 million, down 33.8% and free cash flow, a non-GAAP measure, was $200 million, down 40.5%. The ● decrease was primarily due to collection timing, higher interest ● payments, and a prior-year tax refund that did not recur. ● Paid a cash dividend of 50 cents per share on September 30, 2026. ────────────────────────────────────────────────────────────────────────────── ● Executed a $100 million Accelerated Share Repurchase program.
JERSEY CITY, N.J., November 5, 2026 — Verisk (Nasdaq: VRSK), a leading strategic data analytics and technology provider to the global insurance industry, today announced results for the thirdquarter ended September 30, 2026. The earnings release is available on the company’s Investor Relations website at investor.verisk.com.
"Our strong third-quarter results underscore the resilience of our subscription- based business model and the mission-critical role Verisk plays in the insurance ecosystem. We are executing with discipline against our strategic priorities by deepening client partnerships, accelerating AI-powered innovation at scale, and expanding the network effects that connect participants and enhance value across the insurance value chain. These investments strengthen our market position, deliver meaningful value to our clients, and support sustainable growth and long-term value creation for our shareholders."
"I'm pleased to share that Verisk delivered third-quarter financial results that returned to levels in line with our annual Investor Day targets and reflect the continued sequential acceleration in growth we previously articulated. In third- quarter 2026, OCC revenue increased 7.4% with strong subscription growth of 8.2% and transactional growth of 3.2%. Organic constant currency adjusted EBITDA increased 7.5%, marking another quarter of healthy margin expansion. This all culminated in 14.0% diluted adjusted EPS growth, reflecting the operational growth combined with the impact of our continued focus on share buybacks to return capital to shareholders. As we close out the year, we continue to expect that 2026 will be another year of performance in line with our Investor Day targets and maintain our annual guidance for this year."
Underwriting revenues increased 4.8% in the quarter and 7.7% on an OCC basis, primarily due to an annual increase in prices derived from ● continued enhancements to the models and content of the solutions within our forms, rules and loss cost services, as well as selling expanded solutions to new and existing customers within catastrophe and risk solutions.
Claims revenues increased 6.6% in the quarter and 6.7% on an OCC basis, ● primarily due to strong price realization and adoption of new innovations in anti-fraud analytics, as well as growth in property and restoration solutions.
Note: Adjusted EBITDA is a non-GAAP measure. Margin is calculated as a percentage of revenues. See “Non-GAAP Reconciliations” on pages 12-13 for a reconciliation to the nearest GAAP measure.
Net income was $219 million, a decrease of 2.8% in the quarter. The ● decrease in net income was mainly driven by losses related to cost-based investments and higher net interest expense, partially offset by operating leverage on the revenue growth and cost discipline.
● Adjusted EBITDA increased 7.5% in the quarter on an OCC basis, primarily due to revenue growth and continued cost discipline.
Note: Diluted adjusted EPS is a non-GAAP measure. See “Non-GAAP Reconciliations”
Diluted EPS and diluted adjusted EPS increased 5.6% and 14.0% in the ● quarter, respectively, both reflecting strong operational performance and a lower average share count, partially offset by higher net interest expense and a higher effective tax rate.
● Net cash provided by operating activities decreased 33.8% in the quarter, while free cash flow decreased 40.5% in the quarter.
The decrease in net cash provided by operating activities and free cash ● flow for the quarter was primarily due to higher cash tax payments, increased interest payments, as well as unfavorable working capital movements related to the timing of cash collections.
During the third quarter of 2026, we executed a $100.0 million accelerated share repurchase program in addition to completing the final ● settlement of our previously announced accelerated share repurchase programs. We received 2.0 million shares at an average price, less a discount, of $181.76. As of September 30, 2026, we had $700.0 million remaining under our share repurchase authorization. During the first nine months of 2026, we funded aggregated share repurchases of $1.9 billion, and received a delivery of approximately ● 10.5 million shares at an average price, less a discount, of $185.46 per share. These repurchases reflect our continued commitment to returning capital to shareholders while maintaining flexibility to invest in the growth of our business.
On November 2, 2026, our Board of Directors approved a cash dividend of 50 cents per share of common stock issued and outstanding, payable on December 31, 2026, to holders of record as of December 15, 2026. 4 Conference Call
Our management team will host a live audio webcast to discuss the financial results and business highlightson Thursday, November 5, 2026, at 8:30 a.m. EST (5:30 a.m. PST, 1:30 p.m. GMT). All interested parties are invited to listen to the live event via webcast on our investor website at. The discussion will also be available through dial-in number 1-833-461-5787 for U.S./Canada participants or 1-585-542-9983 for International participants using Conference ID #213648581.
A replay of the webcast will be available for up to 1 year on our investor website.
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, catastrophic events, sustainability and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work.
Investor Relations Stacey Brodbar Head of Investor Relations Verisk 201-469-4327
This release contains forward-looking statements, including those related to our Full Year 2026 Outlook and financial guidance. These statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. This includes, but is not limited to, our expectation and ability to pay a cash dividend on our common stock in the future, subject to the determination by our Board of Directors and based on an evaluation of our earnings, financial condition and requirements, business conditions, capital allocation determinations, and other factors, risks, and uncertainties. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “target,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements, because they involve known and unknown risks, uncertainties, and other factors that are, in some cases, beyond our control and that could materially affect actual results, levels of activity, performance or achievements.
Other factors that could materially affect actual results, levels of activity, performance, or achievements can be found in our quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K filed with the Securities and Exchange Commission. If any of these risks or uncertainties materialize or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected. Any forward-looking statement in this release reflects our current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to our operations, results of operations, growth strategy, and liquidity. We assume no obligation to publicly update or revise these forward- looking statements for any reason, whether as a result of new information, future events, or otherwise except as required by law.
We have provided certain non-GAAP financial information as supplemental information regarding our operating results. These measures are not in accordance with, or an alternative for, U.S. GAAP and may be different from non- GAAP measures reported by other companies. We believe that our presentation of non-GAAP measures provides useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. In addition, our management uses these measures for reviewing our financial results, for budgeting and planning purposes, and for evaluating the performance of senior management.
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Expenses:EBITDA represents GAAP net income adjusted for (i) depreciation and amortization of fixed assets; (ii) amortization of intangible assets; (iii) interest expense, net; and (iv) provision for income taxes. Adjusted EBITDA represents EBITDA adjusted for acquisition-related adjustments (earn-outs), gain/loss from dispositions (which includes businesses held for sale), adjustments of cost-based investments, net adjustments from equity-method investments, net gain upon settlement of investment in non-public companies, and nonrecurring gain/loss. Adjusted EBITDA expenses represent adjusted EBITDA net of revenues. We believe these measures are useful and meaningful because they help us allocate resources, make business decisions, allow for greater transparency regarding our operating performance, and facilitate period-to-period comparison.
Adjusted Net Income and Diluted Adjusted EPS:Adjusted net income represents GAAP net income adjusted for (i) amortization of intangible assets, net of tax; (ii) acquisition-related adjustments (earn-outs), net of tax; (iii) gain/loss from dispositions (which includes businesses held for sale), net of tax; (iv) adjustments of cost-based investments, net of tax; (v) net adjustments from equity-method investments, net of tax; (vi) net gain upon settlement of investment in non-public companies, net of tax; and (vii) nonrecurring gain/loss, net of tax. Diluted adjusted EPS represents adjusted net income divided by weighted-average diluted shares. We believe these measures are useful and meaningful because they allow evaluation of the after-tax profitability of our results excluding the after-tax effect of acquisition-related costs and nonrecurring items.
Free Cash Flow:Free cash flow represents net cash provided by operating activities determined in accordance with GAAP minus payments for capital expenditures. We believe free cash flow is an important measure of the recurring cash generated by our operations that may be available to repay debt obligations, repurchase our stock, invest in future growth through new business development activities, or make acquisitions.
Organic:Organic is defined as operating results excluding the effect of recent acquisitions and dispositions (which include businesses held for sale), and nonrecurring gain/loss associated with cost-based and equity-method investments that have occurred over the past year. An acquisition is included as organic at the beginning of the calendar quarter that occurs subsequent to the one-year anniversary of the acquisition date. Once an acquisition is included in its current-period organic base, its comparable prior-year-period operating results are also included to calculate organic growth. A disposition (which includes a business held for sale) is excluded from organic at the beginning of the calendar quarter in which the disposition occurs (or when a business meets the held-for-sale criteria under U.S. GAAP). Once a disposition is excluded from its current-period organic base, its comparable prior-year-period operating results are also excluded to calculate organic growth. We believe the organic presentation enables investors to assess the growth of the business without the impact of recent acquisitions for which there is no prior-year comparison and the impact of recent dispositions, for which results are removed from all prior periods presented to allow for comparability. 6 Organic Constant Currency (OCC) Growth Rate:Our operating results, such as, but not limited to, revenue and adjusted EBITDA, reported in U.S. dollars are affected by foreign currency exchange rate fluctuations because the underlying foreign currencies in which we transact changes in value over time compared with the U.S. dollar. Accordingly, we present certain constant currency financial information to assess how we performed excluding the impact of foreign currency exchange rate fluctuations. We calculate constant currency by translating comparable prior-year-period results at the currency exchange rates used in the current period. We believe organic constant currency is a useful and meaningful measure to enhance investors’ understanding of the continuing operating performance of our business and to facilitate the comparison of period-to-period performance because it excludes the impact of foreign exchange rate movements, acquisitions, and dispositions.
See page 3 for a reconciliation of net cash provided by operating activities to free cash flow. See page 12for reconciliations of organic revenues, adjusted EBITDA, and adjusted EBITDA margin. See page 13 for reconciliations of adjusted EBITDA expenses and diluted adjusted EPS.
We are not able to provide reconciliations of Full Year 2026 Outlook for Adjusted EBITDA, Adjusted EBITDA margin, and Diluted adjusted EPS to the most directly comparable expected GAAP results because of the unreasonable effort and high unpredictability of estimating certain items that are excluded from non- GAAP Adjusted EBITDA, Adjusted EBITDA margin, and Diluted adjusted EPS, including, for example, tax consequences, acquisition-related costs, gain/loss from dispositions and other non-recurring expenses, the effect of which may be significant. Please refer to the Form 10-Q filing for the complete financial statements and related notes. 7
September 30, December 31, 2026 2025 ────────────────────────────────────────────────────────────────────────────── -in millions, except for share and per share data ASSETS: Current assets: Cash and cash $ 556.8 $ 2,178.2 equivalents Accounts receivable, net of allowance for doubtful 405.3 422.2 accounts of $38.9 and $33.2, respectively Prepaid 97.2 86.4 expenses Income taxes 59.4 48.6 receivable Other current 29.0 30.0 assets Total current 1,147.7 2,765.4 assets Noncurrent assets: Fixed assets, 616.2 582.8 net Operating lease 123.5 138.9 right-of-use assets, net Intangible 308.3 346.6 assets, net Goodwill 1,879.0 1,878.2 Deferred income tax 36.2 36.6 assets Other noncurrent 430.7 447.0 assets Total assets $ 4,541.6 $ 6,195.5 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY: Current liabilities: Accounts payable and $ 256.9 $ 319.1 accrued liabilities Short-term debt and current 267.5 1,508.9 portion of long-term debt Deferred 518.5 444.2 revenues Operating lease 25.5 26.3 liabilities Income taxes 5.4 1.8 payable Total current 1,073.8 2,300.3 liabilities Noncurrent liabilities: Long-term 4,227.8 3,228.3 debt Deferred income tax 208.5 193.4 liabilities Operating lease 112.0 136.9 liabilities Other noncurrent 33.0 26.8 liabilities Total 5,655.1 5,885.7 liabilities Commitments and contingencies Stockholders’ (deficit) equity: Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares 0.1 0.1 issued; 128,249,862 and 138,397,709 shares outstanding, respectively Additional paid-in 3,165.6 3,113.2 capital Treasury stock, at cost, 415,753,176 (12,657.7 ) (10,721.8 ) and 405,605,329 shares, respectively Retained 8,297.5 7,810.5 earnings Accumulated other 81.0 107.0 comprehensive income Total Verisk stockholders' (1,113.5 ) 309.0 (deficit) equity Noncontrolli… — 0.8 interests Total stockholders’ (1,113.5 ) 309.8 (deficit) equity Total liabilities and $ 4,541.6 $ 6,195.5 stockholders’ (deficit) equity
Consolidated EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Organic Adjusted EBITDA Reconciliation
Note: EBITDA, adjusted EBITDA, adjusted EBITDA margin, and organic adjusted EBITDA are non-GAAP measures. Margin is calculated as a percentage of revenues.
Full text with the tables
Exhibit 99.1
Verisk Reports ThirdQuarter 2026 Financial Results
● Revenue was $809 million, up 5.3%, and up 7.4% on an organic constant
currency (OCC) basis, a non-GAAP measure.
● Net income was $219 million, down 2.8%.
● Adjusted EBITDA, a non-GAAP measure, was $459 million, up 7.0%, and up
7.5% on an OCC basis.
● Diluted GAAP earnings per share (EPS) was $1.70, up 5.6%.
Diluted adjusted EPS, a non-GAAP measure, was $1.96, up 14.0%.
Net cash provided by operating activities was $267 million, down 33.8%
and free cash flow, a non-GAAP measure, was $200 million, down 40.5%. The
● decrease was primarily due to collection timing, higher interest
● payments, and a prior-year tax refund that did not recur.
● Paid a cash dividend of 50 cents per share on September 30, 2026.
──────────────────────────────────────────────────────────────────────────────
● Executed a $100 million Accelerated Share Repurchase program.
JERSEY CITY, N.J., November 5, 2026 — Verisk (Nasdaq: VRSK), a leading strategic
data analytics and technology provider to the global insurance industry, today
announced results for the thirdquarter ended September 30, 2026. The earnings
release is available on the company’s Investor Relations website at
investor.verisk.com.
Lee Shavel, President and CEO, Verisk:
"Our strong third-quarter results underscore the resilience of our subscription-
based business model and the mission-critical role Verisk plays in the insurance
ecosystem. We are executing with discipline against our strategic priorities by
deepening client partnerships, accelerating AI-powered innovation at scale, and
expanding the network effects that connect participants and enhance value across
the insurance value chain. These investments strengthen our market position,
deliver meaningful value to our clients, and support sustainable growth and
long-term value creation for our shareholders."
Elizabeth Mann, CFO, Verisk:
"I'm pleased to share that Verisk delivered third-quarter financial results that
returned to levels in line with our annual Investor Day targets and reflect the
continued sequential acceleration in growth we previously articulated. In third-
quarter 2026, OCC revenue increased 7.4% with strong subscription growth of 8.2%
and transactional growth of 3.2%. Organic constant currency adjusted EBITDA
increased 7.5%, marking another quarter of healthy margin expansion. This all
culminated in 14.0% diluted adjusted EPS growth, reflecting the operational
growth combined with the impact of our continued focus on share buybacks to
return capital to shareholders. As we close out the year, we continue to expect
that 2026 will be another year of performance in line with our Investor Day
targets and maintain our annual guidance for this year."
Financial Highlights
Summary of Results (GAAP and Non-GAAP)
($ in millions, except per share amounts)
Note: Adjusted EBITDA, diluted adjusted EPS, and free cash flow are non-GAAP
measures.
T… N…
M… M…
E… S… % E… … %
2… 3… 2… C… 2… … 2… C…
──────────────────────────────────────────────────────────────────────────────
… $ 8… $ 7… 5… % $ … $ … … %
… 2… 2… (… ) … … … )
…
… 4… 4… 7… … … …
…
…
…
… 1… 1… 5… … … …
…
…
…
… 1… 1… 1… … … …
…
…
… 2… % 2… % 0… … % … % …
…
…
…
… 2… 4… (… ) … … … )
…
…
…
…
… 2… 3… (… ) … … … )
…
…
… 0… 0… 1… … … …
…
1
Revenue
($ in millions)
Note: OCC revenue growth is a non-GAAP measure. See “Non-GAAP Reconciliations”
on pages 12-13 for a reconciliation to the nearest GAAP measure.
Three
Months
Ended
September
30, 2026 2025 % Change Reported OCC
──────────────────────────────────────────────────────────────────────────────
Underwr… $ 568 $ 542 4.8 % 7.7 %
Claims 241 226 6.6 6.7
Insuran… $ 809 $ 768 5.3 7.4
Nine
Months
Ended
Septemb…
30, 2026 2025 % Change Reported OCC
──────────────────────────────────────────────────────────────────────────────
Underwr… $ 1,689 $ 1,624 4.0 % 6.2 %
Claims 709 670 5.8 5.4
Insuran… $ 2,398 $ 2,294 4.5 6.0
Underwriting revenues increased 4.8% in the quarter and 7.7% on an OCC
basis, primarily due to an annual increase in prices derived from
● continued enhancements to the models and content of the solutions within
our forms, rules and loss cost services, as well as selling expanded
solutions to new and existing customers within catastrophe and risk
solutions.
Claims revenues increased 6.6% in the quarter and 6.7% on an OCC basis,
● primarily due to strong price realization and adoption of new innovations
in anti-fraud analytics, as well as growth in property and restoration
solutions.
Net Income, Adjusted EBITDA and Adjusted EBITDA Margin
($ in millions)
Note: Adjusted EBITDA is a non-GAAP measure. Margin is calculated as a
percentage of revenues. See “Non-GAAP Reconciliations” on pages 12-13 for a
reconciliation to the nearest GAAP measure.
Th…
Mo…
En… Sep… %
20… 30, 20… Rep… Ch… 2026 Ma… 2025
──────────────────────────────────────────────────────────────────────────────
N… $ 219 $ 226 (2… )% 27… % 29… %
i…
Ni…
Mo…
En… Sep… %
20… 30, 20… Rep… Ch… 2026 Ma… 2025
──────────────────────────────────────────────────────────────────────────────
N… $ 682 $ 711 (4… )% 28… % 31… %
i…
Net income was $219 million, a decrease of 2.8% in the quarter. The
● decrease in net income was mainly driven by losses related to cost-based
investments and higher net interest expense, partially offset by
operating leverage on the revenue growth and cost discipline.
T…
M…
E… S… %
2… 3… 2… R… C… OCC 20… M… 20…
──────────────────────────────────────────────────────────────────────────────
… $ 4… $ 4… 7… % 7… % 5… % 5… %
…
N…
M…
E… S… %
2… 3… 2… R… C… OCC 20… M… 20…
──────────────────────────────────────────────────────────────────────────────
… $ 1… $ 1… 5… % 6… % 5… % 5… %
…
● Adjusted EBITDA increased 7.5% in the quarter on an OCC basis, primarily
due to revenue growth and continued cost discipline.
2
Diluted EPS
Note: Diluted adjusted EPS is a non-GAAP measure. See “Non-GAAP Reconciliations”
on pages 12-13 for a reconciliation to the nearest GAAP measure.
Th… Ni…
Mo… Mo…
En… Se… % En… S… %
20… 30, 20… Ch… 20… 3… 20… Ch…
──────────────────────────────────────────────────────────────────────────────
D…
E…
a… $ 1.… $ 1.… 5… % $ 5… $ 5… 2… %
to
V…
D…
a… $ 1.… $ 1.… 1… % $ 5… $ 5… 7… %
E…
Diluted EPS and diluted adjusted EPS increased 5.6% and 14.0% in the
● quarter, respectively, both reflecting strong operational performance and
a lower average share count, partially offset by higher net interest
expense and a higher effective tax rate.
($ in millions)
Note: Free cash flow is a non-GAAP measure.
T… …
M… …
E… S… % … S… %
2… 3… 2… C… … 3… … …
──────────────────────────────────────────────────────────────────────────────
…
…
… $ 2… $ 4… … )% $ 1… $ 1… (… …
…
…
…
… (… ) (… ) … ) (… ) (… ) 1…
…
…
… $ 2… $ 3… … ) $ 8… $ 9… (… )
…
● Net cash provided by operating activities decreased 33.8% in the quarter,
while free cash flow decreased 40.5% in the quarter.
The decrease in net cash provided by operating activities and free cash
● flow for the quarter was primarily due to higher cash tax payments,
increased interest payments, as well as unfavorable working capital
movements related to the timing of cash collections.
On September 30, 2026, we paid a cash dividend of 50 cents per share on
common stock issued and outstanding to the holders of record as of
● September 15, 2026.
──────────────────────────────────────────────────────────────────────────────
During the third quarter of 2026, we executed a $100.0 million
accelerated share repurchase program in addition to completing the final
● settlement of our previously announced accelerated share repurchase
programs. We received 2.0 million shares at an average price, less a
discount, of $181.76. As of September 30, 2026, we had $700.0 million
remaining under our share repurchase authorization.
During the first nine months of 2026, we funded aggregated share
repurchases of $1.9 billion, and received a delivery of approximately
● 10.5 million shares at an average price, less a discount, of $185.46 per
share. These repurchases reflect our continued commitment to returning
capital to shareholders while maintaining flexibility to invest in the
growth of our business.
3
Full Year 2026 Outlook
The company's financial outlook for 2026 remains unchanged and is as follows:
Full Year 2026 Guidance
($ in millions, except
per share amounts)
Low High
──────────────────────────────────────────────────────────────────────────────
Total revenue $ 3,190 $ 3,240
Adjusted EBITDA $ 1,790 $ 1,830
Adjusted EBITDA 56.0 % 56.5 %
margin
Diluted adjusted EPS $ 7.45 $ 7.75
Tax rate 23.0 % 26.0 %
Capital expenditures $ 260 $ 280
Fixed asset
depreciation & $ 270 $ 290
amortization
Intangible $ 60 $ 60
amortization
Interest expense $ 190 $ 200
Dividend per share $ 2.00 $ 2.00
Subsequent Events
On November 2, 2026, our Board of Directors approved a cash dividend of 50 cents
per share of common stock issued and outstanding, payable on December 31, 2026,
to holders of record as of December 15, 2026.
4
Conference Call
Our management team will host a live audio webcast to discuss the financial
results and business highlightson Thursday, November 5, 2026, at 8:30 a.m. EST
(5:30 a.m. PST, 1:30 p.m. GMT). All interested parties are invited to listen to
the live event via webcast on our investor website at. The discussion will also
be available through dial-in number 1-833-461-5787 for U.S./Canada participants
or 1-585-542-9983 for International participants using Conference ID #213648581.
A replay of the webcast will be available for up to 1 year on our investor
website.
About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology
partner to the global insurance industry. It empowers clients to strengthen
operating efficiency, improve underwriting and claims outcomes, combat fraud and
make informed decisions about global risks, including climate change,
catastrophic events, sustainability and political issues. Through advanced data
analytics, software, scientific research and deep industry knowledge, Verisk
helps build global resilience for individuals, communities and businesses. With
teams across more than 20 countries, Verisk consistently earns certification by
Great Place to Work.
Verisk is traded on the Nasdaq exchange and is a part of the S&P 500 Index.
For more information, please visit .
Contact:
Investor Relations
Stacey Brodbar
Head of Investor Relations
Verisk
201-469-4327
Media
Alberto Canal
Verisk Public Relations
201-469-2618
5
Forward-Looking Statements
This release contains forward-looking statements, including those related to our
Full Year 2026 Outlook and financial guidance. These statements relate to future
events or to future financial performance and involve known and unknown risks,
uncertainties, and other factors that may cause our actual results, levels of
activity, performance, or achievements to be materially different from any
future results, levels of activity, performance, or achievements expressed or
implied by these forward-looking statements. This includes, but is not limited
to, our expectation and ability to pay a cash dividend on our common stock in
the future, subject to the determination by our Board of Directors and based on
an evaluation of our earnings, financial condition and requirements, business
conditions, capital allocation determinations, and other factors, risks, and
uncertainties. In some cases, you can identify forward-looking statements by the
use of words such as “may,” “could,” “expect,” “intend,” “plan,” “target,”
“seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or
“continue” or the negative of these terms or other comparable terminology. You
should not place undue reliance on forward-looking statements, because they
involve known and unknown risks, uncertainties, and other factors that are, in
some cases, beyond our control and that could materially affect actual results,
levels of activity, performance or achievements.
Other factors that could materially affect actual results, levels of activity,
performance, or achievements can be found in our quarterly reports on Form 10-Q,
annual reports on Form 10-K, and current reports on Form 8-K filed with the
Securities and Exchange Commission. If any of these risks or uncertainties
materialize or if our underlying assumptions prove to be incorrect, actual
results may vary significantly from what we projected. Any forward-looking
statement in this release reflects our current views with respect to future
events and is subject to these and other risks, uncertainties, and assumptions
relating to our operations, results of operations, growth strategy, and
liquidity. We assume no obligation to publicly update or revise these forward-
looking statements for any reason, whether as a result of new information,
future events, or otherwise except as required by law.
We have provided certain non-GAAP financial information as supplemental
information regarding our operating results. These measures are not in
accordance with, or an alternative for, U.S. GAAP and may be different from non-
GAAP measures reported by other companies. We believe that our presentation of
non-GAAP measures provides useful information to management and investors
regarding certain financial and business trends relating to our financial
condition and results of operations. In addition, our management uses these
measures for reviewing our financial results, for budgeting and planning
purposes, and for evaluating the performance of senior management.
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Expenses:EBITDA represents GAAP net
income adjusted for (i) depreciation and amortization of fixed assets; (ii)
amortization of intangible assets; (iii) interest expense, net; and (iv)
provision for income taxes. Adjusted EBITDA represents EBITDA adjusted for
acquisition-related adjustments (earn-outs), gain/loss from dispositions (which
includes businesses held for sale), adjustments of cost-based investments, net
adjustments from equity-method investments, net gain upon settlement of
investment in non-public companies, and nonrecurring gain/loss. Adjusted EBITDA
expenses represent adjusted EBITDA net of revenues. We believe these measures
are useful and meaningful because they help us allocate resources, make business
decisions, allow for greater transparency regarding our operating performance,
and facilitate period-to-period comparison.
Adjusted Net Income and Diluted Adjusted EPS:Adjusted net income represents GAAP
net income adjusted for (i) amortization of intangible assets, net of tax; (ii)
acquisition-related adjustments (earn-outs), net of tax; (iii) gain/loss from
dispositions (which includes businesses held for sale), net of tax; (iv)
adjustments of cost-based investments, net of tax; (v) net adjustments from
equity-method investments, net of tax; (vi) net gain upon settlement of
investment in non-public companies, net of tax; and (vii) nonrecurring
gain/loss, net of tax. Diluted adjusted EPS represents adjusted net income
divided by weighted-average diluted shares. We believe these measures are useful
and meaningful because they allow evaluation of the after-tax profitability of
our results excluding the after-tax effect of acquisition-related costs and
nonrecurring items.
Free Cash Flow:Free cash flow represents net cash provided by operating
activities determined in accordance with GAAP minus payments for capital
expenditures. We believe free cash flow is an important measure of the recurring
cash generated by our operations that may be available to repay debt
obligations, repurchase our stock, invest in future growth through new business
development activities, or make acquisitions.
Organic:Organic is defined as operating results excluding the effect of recent
acquisitions and dispositions (which include businesses held for sale), and
nonrecurring gain/loss associated with cost-based and equity-method investments
that have occurred over the past year. An acquisition is included as organic at
the beginning of the calendar quarter that occurs subsequent to the one-year
anniversary of the acquisition date. Once an acquisition is included in its
current-period organic base, its comparable prior-year-period operating results
are also included to calculate organic growth. A disposition (which includes a
business held for sale) is excluded from organic at the beginning of the
calendar quarter in which the disposition occurs (or when a business meets the
held-for-sale criteria under U.S. GAAP). Once a disposition is excluded from its
current-period organic base, its comparable prior-year-period operating results
are also excluded to calculate organic growth. We believe the organic
presentation enables investors to assess the growth of the business without the
impact of recent acquisitions for which there is no prior-year comparison and
the impact of recent dispositions, for which results are removed from all prior
periods presented to allow for comparability.
6
Organic Constant Currency (OCC) Growth Rate:Our operating results, such as, but
not limited to, revenue and adjusted EBITDA, reported in U.S. dollars are
affected by foreign currency exchange rate fluctuations because the underlying
foreign currencies in which we transact changes in value over time compared with
the U.S. dollar. Accordingly, we present certain constant currency financial
information to assess how we performed excluding the impact of foreign currency
exchange rate fluctuations. We calculate constant currency by translating
comparable prior-year-period results at the currency exchange rates used in the
current period. We believe organic constant currency is a useful and meaningful
measure to enhance investors’ understanding of the continuing operating
performance of our business and to facilitate the comparison of period-to-period
performance because it excludes the impact of foreign exchange rate movements,
acquisitions, and dispositions.
See page 3 for a reconciliation of net cash provided by operating activities to
free cash flow. See page 12for reconciliations of organic revenues, adjusted
EBITDA, and adjusted EBITDA margin. See page 13 for reconciliations of adjusted
EBITDA expenses and diluted adjusted EPS.
We are not able to provide reconciliations of Full Year 2026 Outlook for
Adjusted EBITDA, Adjusted EBITDA margin, and Diluted adjusted EPS to the most
directly comparable expected GAAP results because of the unreasonable effort and
high unpredictability of estimating certain items that are excluded from non-
GAAP Adjusted EBITDA, Adjusted EBITDA margin, and Diluted adjusted EPS,
including, for example, tax consequences, acquisition-related costs, gain/loss
from dispositions and other non-recurring expenses, the effect of which may be
significant.
Please refer to the Form 10-Q filing for the complete financial statements and
related notes.
7
VERISK ANALYTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of September 30, 2026and December 31, 2025
September 30, December 31,
2026 2025
──────────────────────────────────────────────────────────────────────────────
-in millions,
except for
share and per
share data
ASSETS:
Current
assets:
Cash and cash $ 556.8 $ 2,178.2
equivalents
Accounts
receivable,
net of
allowance
for doubtful 405.3 422.2
accounts of
$38.9 and
$33.2,
respectively
Prepaid 97.2 86.4
expenses
Income taxes 59.4 48.6
receivable
Other current 29.0 30.0
assets
Total current 1,147.7 2,765.4
assets
Noncurrent
assets:
Fixed assets, 616.2 582.8
net
Operating
lease 123.5 138.9
right-of-use
assets, net
Intangible 308.3 346.6
assets, net
Goodwill 1,879.0 1,878.2
Deferred
income tax 36.2 36.6
assets
Other
noncurrent 430.7 447.0
assets
Total assets $ 4,541.6 $ 6,195.5
LIABILITIES
AND
STOCKHOLDERS’
(DEFICIT)
EQUITY:
Current
liabilities:
Accounts
payable and $ 256.9 $ 319.1
accrued
liabilities
Short-term
debt and
current 267.5 1,508.9
portion of
long-term
debt
Deferred 518.5 444.2
revenues
Operating
lease 25.5 26.3
liabilities
Income taxes 5.4 1.8
payable
Total current 1,073.8 2,300.3
liabilities
Noncurrent
liabilities:
Long-term 4,227.8 3,228.3
debt
Deferred
income tax 208.5 193.4
liabilities
Operating
lease 112.0 136.9
liabilities
Other
noncurrent 33.0 26.8
liabilities
Total 5,655.1 5,885.7
liabilities
Commitments
and
contingencies
Stockholders’
(deficit)
equity:
Common stock,
$.001 par
value;
2,000,000,000
shares
authorized;
544,003,038
shares 0.1 0.1
issued;
128,249,862
and
138,397,709
shares
outstanding,
respectively
Additional
paid-in 3,165.6 3,113.2
capital
Treasury
stock, at
cost,
415,753,176 (12,657.7 ) (10,721.8 )
and
405,605,329
shares,
respectively
Retained 8,297.5 7,810.5
earnings
Accumulated
other 81.0 107.0
comprehensive
income
Total Verisk
stockholders' (1,113.5 ) 309.0
(deficit)
equity
Noncontrolli… — 0.8
interests
Total
stockholders’ (1,113.5 ) 309.8
(deficit)
equity
Total
liabilities
and $ 4,541.6 $ 6,195.5
stockholders’
(deficit)
equity
8
VERISK ANALYTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)
For the Three and Nine Months Ended September 30, 2026 and 2025
Three
Mont…
Ended
Sept…
30,
2026
(in
mill…
exce…
for Nine
share Mon…
and End…
per Sep…
share 30,
data) 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Rev… $ 809.0 $ 768.3 $ 2,39… $ 2,2…
Ope…
exp…
Cost
of
rev…
(ex…
of 242.0 229.5 712.0 689…
ite…
sho…
sep…
bel…
Sel…
gen… 117.8 110.6 355.9 326…
and
adm…
Dep…
and
amo… 69.5 64.0 205.7 197…
of
fix…
ass…
Amo…
of 14.4 18.3 43.1 50.4
int…
ass…
Tot…
ope… 443.7 422.4 1,31… 1,2…
exp…
net
Ope… 365.3 345.9 1,08… 1,0…
inc…
Oth…
exp…
Inv…
(lo… (17.5 ) (1.6 ) (25.5 ) 10.1
gain
Int…
exp… (53.0 ) (42.2 ) (149… ) (11… )
net
Tot…
oth… (70.5 ) (43.8 ) (174… ) (10… )
exp…
net
Inc…
bef… 294.8 302.1 906.7 926…
inc…
tax…
Pro…
for (75.6 ) (76.6 ) (224… ) (21… )
inc…
tax…
Net $ 219.2 $ 225.5 $ 682.0 $ 711…
inc…
Bas…
net
inc…
per $ 1.70 $ 1.62 $ 5.18 $ 5.08
sha…
att…
to
Ver…
Dil…
net
inc…
per $ 1.70 $ 1.61 $ 5.18 $ 5.06
sha…
att…
to
Ver…
Wei…
sha…
out…
Bas… 129,… 139,… 131,… 139…
Dil… 129,… 139,… 131,… 140…
9
VERISK ANALYTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Three and Nine Months Ended September 30, 2026 and 2025
Three
Mont…
Ended Nine
Cash Sept… Mon…
flo… 30, End…
from 2026 Sep…
ope… (in 30,
act… mill… 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 219.2 $ 225.5 $ 682.0 $ 711…
inc…
Adj…
to
rec…
net
inc…
to
net
cash
pro…
by
ope…
act…
Dep…
and
amo… 69.5 64.0 205.7 197…
of
fix…
ass…
Amo…
of 14.4 18.3 43.1 50.4
int…
ass…
Amo…
of
debt
iss…
cos…
and
ori… 1.1 0.9 3.0 2.3
iss…
dis…
net
of
ori…
iss…
pre…
Pro…
for 7.2 2.5 15.2 13.9
cre…
los…
Sto…
com… 14.5 12.1 47.6 41.8
exp…
Loss
on 16.7 — 16.7 —
cos…
inv…
Loss
on
equ… 0.2 — 6.7 —
inv…
net
Def…
inc… 3.4 29.9 13.1 10.6
tax…
Acq…
lia… — — 0.8 (1.6 )
adj…
Oth… (0.2 ) 2.9 (0.1 ) (8.3 )
ope…
Cha…
in
ass…
and
lia…
net
of
eff…
from
acq…
Acc… (12.4 ) 173.1 0.4 (6.6 )
rec…
Pre…
exp…
and (3.7 ) (8.4 ) (15.4 ) (5.3 )
oth…
ass…
Ope…
lea…
rig… 5.9 6.6 13.5 18.0
ass…
net
Inc… (2.9 ) (5.0 ) (7.0 ) 55.5
tax…
Acc…
pay…
and (1.5 ) 54.5 (59.0 ) (14… )
acc…
lia…
Def… (57.5 ) (165… ) 73.2 52.8
rev…
Ope…
lea… (6.6 ) (8.3 ) (21.6 ) (20… )
lia…
Oth… (0.1 ) 0.2 5.7 (4.3 )
lia…
Net
cash
pro… 267.2 403.5 1,02… 1,0…
by
ope…
act…
Cash
flo…
from
inv…
act…
Acq…
and
pur…
of
add…
con…
int…
net
of (25.6 ) (160… ) (25.6 ) (18… )
cash
acq…
of
$3.…
$4.…
$3.…
and
$4.…
res…
Pro…
(in…
in 0.6 (4.0 ) (0.3 ) (8.5 )
non…
com…
net
Cap… (67.2 ) (67.4 ) (199… ) (17… )
exp…
Esc…
(fu…
rel… — (2.7 ) 0.5 (2.7 )
ass…
with
acq…
Net
cash
used (92.2 ) (234… ) (224… ) (37… )
in
inv…
act…
10
Cash
flo…
from
fin…
act…
Pro…
from
iss…
of
lon…
deb…
net
of
ori…
dis…
Pro…
from
iss…
of
sho…
debt
Pro…
from
Syn…
Rev…
Cre…
Fac…
Rep…
of
Syn…
Rev…
Cre…
Fac…
Pro…
from
Term
Loan
Fac…
Rep…
of
Term
Loan
Fac…
Rep…
of
sho…
deb…
inc…
of
spe…
man…
red…
fee
Pay…
of
debt
iss…
cos…
Rep…
of
com…
sto…
Pay…
of
exc…
tax
Pro…
from
sto…
opt…
exe…
Net
sha…
set…
of
tax…
from
res…
sto…
and
per…
sha…
awa…
Div…
paid
Oth…
fin…
act…
net
Net
cash
(us…
in)
pro…
by
fin…
act…
Eff…
of
exc…
rate
cha…
Net
inc…
(de…
in
cash
and — — 999… 698.3
cash — 1,4… — 1,49…
equ… — — 750… —
Cash — — (75… —
and — — 500… —
cash — — (25… —
equ… — — (1,… (500…
beg… — (19… (9.2 ) (25.4
of (100… (10… (1,… ) (400…
per… — — (5.0 ) (7.6
Cash 10.9 3.7 27.1 ) 51.3
and Three (1.0 (0.5 (15… ) (26.0
cash Mont… (64.1 (62… (19… ) (188… )
equ… Ended (14.9 ) (13… Nine (25… ) (20.1 )
end Sept… (169… ) 1,3… ) Mont… (2,… ) 1,07… )
of 30, (0.4 ) 4.9 ) Ended (4.2 ) 17.3 )
per… 2026 5.4 ) 1,4… ) Sept… (1,… ) 1,81… )
Sup… (in 551.4 ) 628… ) 30, 2,1… ) 291.2 )
dis… mill… 556.8 ) 2025 2,1… ) 2026 556… ) 2025 2,10… )
──────────────────────────────────────────────────────────────────────────────
Inc…
tax… $ 70.9 $ 51.7 $ 214… $ 149.0
paid
Int… $ 75.2 $ 24.9 $ 187… $ 84.8
paid
Non…
inv…
and
fin…
act…
Fin…
lea… $ 35.6 $ 2.2 $ 40.3 $ 4.0
add…
Ope…
lea…
add… $ 1.0 $ 2.2 $ (1.9 ) $ 3.8
(te…
net
Def…
tax
lia…
est… $ 2.4 $ — $ 2.4 $ 2.5
on
date
of
acq…
Fix…
ass…
inc…
in
acc… $ — $ 0.1 $ — $ 0.2
pay…
and
acc…
lia…
11
Non-GAAP Reconciliations
Organic Revenues Reconciliation
($ in millions)
Note: Organic revenues are a non-GAAP measure.
Three Nine
Mont… Mont…
Ended Ended
Sept… Sept…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Rev… $ 809.0 $ 768.3 $ 2,39… $ 2,29…
Les…
Rev…
from (7.3 ) (21.4 ) (19.7 ) (55.4 )
acq…
and
dis…
Org… $ 801.7 $ 746.9 $ 2,37… $ 2,23…
rev…
Consolidated EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Organic
Adjusted EBITDA Reconciliation
($ in millions)
Note: EBITDA, adjusted EBITDA, adjusted EBITDA margin, and organic adjusted
EBITDA are non-GAAP measures. Margin is calculated as a percentage of revenues.
… … … …
… … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ …
… … … …
… … … …
… … … …
… … … …
… … … …
— … — —
… … … …
— — … —
… — … —
— — … —
— ) … — ) …
… … … …
) ) ) )
$ … $ … $ … $ …
12
Consolidated Adjusted EBITDA Expense Reconciliation
($ in millions)
Note: Adjusted EBITDA expenses are a non-GAAP measure.
Three Nine
Mont… Mon…
Ended Sept… End… Sept…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Ope… $ 443.7 $ 422.4 $ 1,31… $ 1,2…
exp…
Les…
Dep…
and
amo… (69.5 ) (64.0 ) (205… ) (19… )
of
fix…
ass…
Les…
Amo…
of (14.4 ) (18.3 ) (43.1 ) (50… )
int…
ass…
Plu…
Inv… 17.5 1.6 25.5 (10… )
loss
(ga…
Plu…
Acq… — (0.7 ) (0.6 ) (0.5 )
ear…
net
Les…
Acq… (10.4 ) (3.9 ) (29.6 ) (3.9 )
fees
Les…
Lit… — — (2.0 ) —
res…
Les…
Adj…
of (16.7 ) — (16.7 ) —
cos…
inv…
Les…
Net
adj… (0.2 ) — (6.7 ) —
from
equ…
inv…
Plu…
Net
gain
upon
set… — 2.1 — 2.1
of
inv…
in
non…
com…
Adj…
EBI… $ 350.0 $ 339.2 $ 1,03… $ 1,0…
exp…
Adjusted Net Income and Diluted Adjusted EPS Reconciliation
($ in millions, except per share amounts)
Note: Diluted adjusted EPS is a non-GAAP measure.
Three Nine
Mont… Mon…
Ended Sept… End… Sept…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 219.2 $ 225.5 $ 682.0 $ 711…
inc…
Plu…
Amo… 14.4 18.3 43.1 50.4
of
int…
Les…
Inc…
tax
eff… (3.7 ) (4.7 ) (11.2 ) (13… )
on
amo…
of
int…
Plu…
Acq… — 0.7 0.6 0.5
ear…
net
Les…
Inc…
tax
eff… — (0.1 ) (0.1 ) (0.4 )
on
acq…
ear…
net
Plu…
Acq… 10.4 3.9 29.6 3.9
fees
Les…
Inc…
tax
eff… (2.6 ) (1.0 ) (7.4 ) (1.0 )
on
acq…
fees
Plu…
Lit… — — 2.0 —
res…
Les…
Inc…
tax
eff… — — (0.5 ) —
on
lit…
res…
Plu…
Adj…
of 16.7 — 16.7 —
cos…
inv…
Les…
Inc…
tax
eff…
on (0.7 ) — (0.7 ) —
adj…
of
cos…
inv…
Plu…
Net
adj… 0.2 — 6.7 —
from
equ…
inv…
Les…
Inc…
tax
eff…
on (0.1 ) — (1.7 ) —
net
adj…
from
equ…
inv…
Les…
Net
gain
upon
set… — (2.1 ) — (2.1 )
of
inv…
in
non…
com…
Plu…
Inc…
tax
eff…
on
net
gain — 0.4 — 0.4
upon
set…
of
inv…
in
non…
com…
Adj…
net $ 253.8 $ 240.9 $ 759.1 $ 749…
inc…
Dil…
EPS
att… $ 1.70 $ 1.61 $ 5.18 $ 5.06
to
Ver…
Dil…
adj… $ 1.96 $ 1.72 $ 5.76 $ 5.34
EPS
Wei…
dil… 129.2 139.9 131.8 140…
sha…
out…
13