01—Abstract
Summary
Summary of the 10-K filed February 18, 2026. Cited figures are marked; the original filing is the authoritative source.
Verisk Analytics, Inc. reported revenues of $3,072.7 milliona for 2025, up from $2,881.7 million in 2024, an increase of $191.0 million or 6.6%.
Underwriting revenue rose $155.6 millionb or 7.7%, and claims revenue rose $35.4 million or 4.1%. Operating income was $1,343.9 million versus $1,253.9 million in 2024, and net income was $908.3 million compared with $957.5 million, reflecting a loss on the sale of Verisk Marketing Solutions, a $15.0 million early-extinguishment loss, and lower investment income. EBITDA was $1,668.9 million, with an EBITDA margin of 54.3% compared with 57.6% a year earlier.
Net cash provided by operating activities rose to $1,436.0 millionc from $1,144.0 million, a 25.5% increase. The company's balance sheet changed materially in 2025. Total debt, excluding finance leases and issuance costs, increased to $4,750.0 million from $3,050.0 million, and cash and cash equivalents reached $2,178.2 million, largely from senior note issuances that were earmarked for the terminated AccuLynx acquisition.
The $1,500.0 milliond of 2030 and 2036 Senior Notes were redeemed in full on January 6, 2026. Share repurchases totaled $624.0 million in 2025, and dividends paid were $251.1 million. Following year-end, the Board approved a $0.50 quarterly dividend per share and raised the repurchase authorization to $2.5 billion in total.
The filing also discloses significant legal exposure. Telematics-related class actions are consolidated in a multidistrict litigation, and AccuLynx has filed counterclaims after Verisk terminated its merger agreement, seeking specific performance or monetary damages.
The company states it cannot reasonably estimate liability for these matters, which are at early stages. Approximately 70% of 2025 revenue came from U.S. P&C primary insurers, a concentration the filing identifies as a key risk.
02—Key points
Key Highlights
- Revenues rose 6.6% to $3,072.7 million in 2025, with underwriting up 7.7% and claims up 4.1%.
- Net income declined to $908.3 million from $957.5 million, while EBITDA margin fell to 54.3% from 57.6%.
- Operating cash flow increased 25.5% to $1,436.0 million.
- Total debt rose to $4,750.0 million from $3,050.0 million, and cash and cash equivalents reached $2,178.2 million at year-end.
- The AccuLynx acquisition was terminated on December 26, 2025, triggering redemption of $1,500.0 million of senior notes and a $33.9 million loss; AccuLynx has since filed counterclaims.
- Share repurchases of $624.0 million and dividends of $251.1 million were returned to shareholders in 2025; the Board later raised the repurchase authorization to $2.5 billion.
- Approximately 70% of 2025 revenue came from U.S. P&C primary insurers, a concentration highlighted as a risk factor.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Verisk Analytics kept $0.30.
- Revenue$3.07B100.0%
- Cost of revenue−$925.5M30.1%
- Gross profit$2.15B69.9%
- Operating costs−$803.3M26.1%
- Operating income$1.34B43.7%
- Interest, other & tax−$435.6M14.2%
- Net income$908.3M29.6%
Where FY2025 revenue went
$3.07B- Cost of revenue: $925.5M, 30% of revenue
- Net income: $908.3M, 30% of revenue
- SG&A: $458.2M, 15% of revenue
- Interest, other & tax: $435.6M, 14% of revenue
- R&D: $40.9M, 1.3% of revenue
- Other operating costs: $304.2M, 9.9% of revenue
Kept 30% as net incomeR&D $40.9M · 1.3%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 18, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $3.07B$2.88B | +6.6% |
| Cost of Revenue | $925.50M$901.10M | +2.7% |
| Gross Profit | $2.15B$1.98B | +8.4% |
| R&D Expenses | $40.90M$35.30M | +15.9% |
| SG&A Expenses | $458.20M$408.70M | +12.1% |
| Operating Expenses | $1.73B$1.63B | +6.2% |
| Operating Income | $1.34B$1.25B | +7.2% |
| Net Income | $908.30M$958.20M | −5.2% |
| EPS (Basic) | $6.50$6.74 | −3.6% |
| EPS (Diluted) | $6.48$6.71 | −3.4% |
| Shares Outstanding (Basic) | 139.67M142.15M | −1.7% |
| Shares Outstanding (Diluted) | 140.08M142.84M | −1.9% |
05—Questions
Frequently Asked Questions
How did Verisk's revenue and profitability perform in 2025?
Revenues were $3,072.7 million, up $191.0 million or 6.6% from $2,881.7 million. Net income was $908.3 million, down from $957.5 million, and EBITDA was $1,668.9 million with a 54.3% margin versus 57.6% in 2024. The filing attributes the margin decline mainly to prior-year investment gains that did not recur and to the 2025 debt redemption premium accrual.
Why did the company's debt increase substantially in 2025?
Total debt, excluding finance leases and issuance costs, rose to $4,750.0 million from $3,050.0 million. The company issued $700.0 million of 5.250% notes due 2035 and $1,500.0 million of 2030 and 2036 notes, which were intended to fund the AccuLynx acquisition. After that deal was terminated, the 2030 and 2036 notes were redeemed in full on January 6, 2026 at 101% of principal.
What happened with the AccuLynx acquisition?
Verisk agreed to acquire ExactLogix, Inc. (AccuLynx) for $2.35 billion in cash in July 2025 and delivered a termination notice on December 26, 2025, after the FTC had not completed its review by the termination date. AccuLynx alleges the termination was ineffective and has filed counterclaims seeking specific performance or monetary damages. Verisk recognized $12.2 million of transaction costs related to the termination.
What are the main legal risks disclosed in the filing?
The company faces telematics-related class actions consolidated in a multidistrict litigation in Georgia, a Daniel's Law privacy suit involving about 19,640 covered persons, a trade secrets suit from JPMorgan Chase, a Nepalese tax indemnification claim, and the AccuLynx dispute. Management states it cannot reasonably estimate the liability for these matters because they are at early stages.
How is the company returning capital to shareholders?
In 2025 Verisk repurchased $624.0 million of common stock and paid $251.1 million in dividends at $0.45 per quarter. On February 13, 2026, the Board approved a $0.50 per share dividend payable March 31, 2026, and increased the share repurchase authorization to $2.5 billion in total, inclusive of the remaining amount. As of December 31, 2025, $967.5 million remained available under the program.
06—Continue