01—Abstract
Summary
Summary of the 10-K filed February 26, 2025. Cited figures are marked; the original filing is the authoritative source.
Verisk Analytics, Inc. reported full-year 2024 revenues of $2,881.7 milliona, up from $2,681.4 million in 2023, an increase of $200.3 million or 7.5%.
Underwriting revenue rose 7.0% to $2,024.3 millionb and claims revenue rose 8.7% to $857.4 million. Net income attributable to Verisk was $958.2 million, compared with $614.6 million in 2023, and EBITDA was $1,659.1 million, a 57.6% EBITDA margin versus 53.1% a year earlier. The 2023 result was weighed down by a $154.0 million loss from discontinued operations, tied to the sale of the Energy business, and by a $38.2 million litigation reserve; the 2024 results also include a $95.7 million investment gain.
Capital deployment was significant in 2024. The company repurchased $1,005.0 millionc of common stock, paid dividends of $221.3 million, and issued $600.0 million of 5.25% senior notes due 2034 to partly fund a tender for $400.0 million of its 2025 notes. Total debt was $3,050.0 million in senior notes at year-end, against cash and cash equivalents of $291.2 million.
Management reports $591.5 milliond remaining under its repurchase program, and in February 2025 the Board approved a $0.45 quarterly dividend and an additional $1.0 billion repurchase authorization. The filing describes the company as a data, analytics and technology provider serving the insurance industry, with about 70% of 2024 revenue from U.S. P&C primary insurers.
Management highlights the trend of elevated catastrophe losses, the 2024 hurricane season, and the ongoing modernization of its core solutions, including the "Reimagine" program and cloud migration. Risk disclosures include a telematics-related putative class action litigation that is still at an early stage and cannot be reasonably estimated.
02—Key points
Key Highlights
- Revenue of $2,881.7 million, up 7.5% from $2,681.4 million in 2023; underwriting revenue up 7.0% and claims revenue up 8.7%
- Net income attributable to Verisk of $958.2 million, versus $614.6 million in 2023; EBITDA of $1,659.1 million with a 57.6% EBITDA margin (53.1% in 2023)
- Repurchased $1,005.0 million of common stock in 2024 and paid $221.3 million in dividends; $591.5 million remained available under the repurchase program at year-end
- Issued $600.0 million of 5.25% senior notes due 2034 and tendered $400.0 million of 2025 senior notes, leaving total senior notes of $3,050.0 million
- Operating cash flow of $1,144.0 million, up from $1,060.7 million; capital expenditures of $223.9 million
- Approximately 70% of 2024 revenue derived from U.S. P&C primary insurers, a concentration risk highlighted in the filing
- Subsequent to year-end, the Board approved a $0.45 per share quarterly dividend and an additional $1.0 billion share repurchase authorization
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2024, Verisk Analytics kept $0.33.
- Revenue$2.88B100.0%
- Cost of revenue−$901.1M31.3%
- Gross profit$1.98B68.7%
- Operating costs−$726.7M25.2%
- Operating income$1.25B43.5%
- Interest, other & tax−$295.7M10.3%
- Net income$958.2M33.3%
Where FY2024 revenue went
$2.88B- Net income: $958.2M, 33% of revenue
- Cost of revenue: $901.1M, 31% of revenue
- SG&A: $408.7M, 14% of revenue
- R&D: $35.3M, 1.2% of revenue
- Other operating costs: $282.7M, 9.8% of revenue
- Interest, other & tax: $295.7M, 10% of revenue
Kept 33% as net incomeR&D $35.3M · 1.2%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 26, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $2.88B$2.68B | +7.5% |
| Cost of Revenue | $901.10M$876.50M | +2.8% |
| Gross Profit | $1.98B$1.80B | +9.7% |
| R&D Expenses | $35.30M$36.80M | −4.1% |
| SG&A Expenses | $408.70M$391.80M | +4.3% |
| Operating Expenses | $1.63B$1.55B | +5.0% |
| Operating Income | $1.25B$1.13B | +10.8% |
| Net Income | $958.20M$614.60M | +55.9% |
| EPS (Basic) | $6.74$4.19 | +60.9% |
| EPS (Diluted) | $6.71$4.17 | +60.9% |
| Shares Outstanding (Basic) | 142.15M146.62M | −3.0% |
| Shares Outstanding (Diluted) | 142.84M147.34M | −3.1% |
05—Questions
Frequently Asked Questions
How did Verisk perform financially in 2024?
Revenues rose 7.5% to $2,881.7 million, and net income attributable to Verisk increased to $958.2 million from $614.6 million. EBITDA was $1,659.1 million, a 57.6% margin, compared with $1,424.1 million and a 53.1% margin in 2023. The 2024 results also include a $95.7 million investment gain and a $12.1 million loss on the sale of AER.
How is Verisk returning capital to shareholders?
In 2024 Verisk repurchased $1,005.0 million of common stock and paid $221.3 million in dividends. Dividends were $0.39 per share quarterly during 2024. At year-end $591.5 million remained under the repurchase program, and in February 2025 the Board approved a $0.45 per share dividend and an additional $1.0 billion repurchase authorization.
What is Verisk's debt position?
Total senior notes were $3,050.0 million at December 31, 2024, up from $2,850.0 million a year earlier. The company issued $600.0 million of 5.25% senior notes due 2034 and tendered $400.0 million of its 2025 notes. The $1,000 million Syndicated Revolving Credit Facility had $995.4 million of available capacity at year-end.
What are the main risks facing Verisk according to the filing?
The filing highlights reliance on U.S. P&C primary insurers, which generated about 70% of 2024 revenue; competition; dependence on third-party data sources; cybersecurity and privacy exposure; and the impact of generative AI on products. It also cites regulatory developments and litigation, including a telematics-related putative class action that is at an early stage and cannot be reasonably estimated.
What did the filing say about catastrophe losses and industry trends?
Management said insurance losses in the latest five years were more than 1.75 times those of 2015-2019, and that 2024 brought significant catastrophic impacts, including Hurricanes Helene, Milton and Beryl. The 2024 Atlantic hurricane season was the second most expensive on record. Verisk noted these trends can influence customers' appetite for its catastrophe modeling and claims solutions.
06—Continue