01—Abstract
Summary
Summary of the 10-Q filed October 29, 2025. Cited figures are marked; the original filing is the authoritative source.
Verisk Analytics, Inc. reported third-quarter 2025 revenues of $768.3 milliona, up from $725.3 million a year earlier, with net income of $225.5 million versus $220.0 million.
Revenue for the nine months ended September 30, 2025 was $2,293.9 millionb, up from $2,146.1 million, while nine-month net income declined to $711.1 million from $747.2 million. The prior-year period included a $102.4 million investment gain and a $3.6 million gain on debt extinguishment, which explain much of the nine-month decline. Management attributes revenue growth mainly to underwriting price increases and expanded solutions, and reports EBITDA of $426.6 million for the quarter (a non-GAAP measure, with a 55.5% margin).
Cash flow and balance sheet activity were significant this quarter. Operating cash flow was $1,092.7 millionc for the nine months, up from $888.6 million. Cash and cash equivalents rose to $2,107.9 million at September 30, 2025, largely because of new borrowings: the company issued $750.0 million of 4.500% senior notes due 2030 and $750.0 million of 5.125% senior notes due 2036 in August, plus a $750.0 million Term Credit Agreement and a revolving facility increased to $1,250.0 million.
Total debt reached $4,718.1 million, and short-term debt rose to $1,488.9 milliond because the 2030 and 2036 notes are classified as current under a special mandatory redemption clause. The pending acquisition of ExactLogix, Inc. (AccuLynx) for $2.35 billion in cash, agreed July 29, 2025, is the key forward-looking item. On October 22, 2025, the company and AccuLynx each received a Second Request from the U.S. Federal Trade Commission.
If the deal does not close by January 5, 2026 (or a later agreed date), the 2030 and 2036 notes must be redeemed at 101% of principal. The filing also describes ongoing litigation, including telematics class actions, a commercial dispute, and Daniel's Law litigation, for which the company states it cannot reasonably estimate liability.
02—Key points
Key Highlights
- Q3 2025 revenues of $768.3 million, up from $725.3 million; net income of $225.5 million, up from $220.0 million.
- Nine-month net income of $711.1 million, down from $747.2 million, mainly because the prior year included a $102.4 million investment gain and a $3.6 million debt extinguishment gain.
- Operating cash flow of $1,092.7 million for the nine months, up from $888.6 million.
- Cash and cash equivalents of $2,107.9 million at September 30, 2025, versus $291.2 million at December 31, 2024, largely from August debt issuances.
- Total debt of $4,718.1 million, including $4,750.0 million aggregate principal of senior notes outstanding.
- Pending $2.35 billion cash acquisition of ExactLogix, Inc. (AccuLynx); the FTC issued a Second Request on October 22, 2025.
- Quarterly EBITDA of $426.6 million, with a 55.5% margin; the company declared a $0.45 per share quarterly cash dividend.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, Verisk Analytics kept $0.29.
- Revenue$768.3M100.0%
- Cost of revenue−$229.5M29.9%
- Gross profit$538.8M70.1%
- Operating costs−$192.9M25.1%
- Operating income$345.9M45.0%
- Interest, other & tax−$120.4M15.7%
- Net income$225.5M29.4%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 29, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $768.30M$725.30M | +5.9% |
| Cost of Revenue | $229.50M$223.40M | +2.7% |
| Gross Profit | $538.80M$501.90M | +7.4% |
| SG&A Expenses | $110.60M$114.00M | −3.0% |
| Operating Expenses | $422.40M$413.80M | +2.1% |
| Operating Income | $345.90M$311.50M | +11.0% |
| Net Income | $225.50M$220.10M | +2.5% |
| EPS (Basic) | $1.62$1.55 | +4.5% |
| EPS (Diluted) | $1.61$1.54 | +4.5% |
| Shares Outstanding (Basic) | 139.51M141.78M | −1.6% |
| Shares Outstanding (Diluted) | 139.94M142.51M | −1.8% |
05—Questions
Frequently Asked Questions
How did Verisk's revenue and profitability perform in the third quarter of 2025?
Revenues were $768.3 million, up from $725.3 million, and net income was $225.5 million, up from $220.0 million. Underwriting revenue rose $35.2 million, and claims revenue rose $7.8 million. Diluted EPS was $1.61 versus $1.54. Higher interest expense of $42.2 million, compared with $32.1 million, partly offset operating gains.
Why did nine-month net income decline year over year?
Nine-month net income was $711.1 million versus $747.2 million. The filing attributes the decline primarily to net gains realized in the prior year from settling retained interests in the 2016 healthcare and 2022 specialized markets sales, and a 2024 gain on early extinguishment of debt, partly offset by higher operating income and foreign currency impacts.
What is the status of the AccuLynx acquisition and how is it being financed?
Verisk agreed on July 29, 2025 to acquire ExactLogix, Inc. (AccuLynx) for $2.35 billion in cash. The company intends to use proceeds from the 2030 and 2036 senior notes and a $750.0 million Term Loan Facility. On October 22, 2025, both parties received an FTC Second Request. If the deal is not completed by January 5, 2026, or a later mutually agreed date, the 2030 and 2036 notes must be redeemed at 101% of principal plus accrued interest.
How did the company's debt and liquidity change in 2025?
Total debt rose to $4,718.1 million from $3,061.1 million. In 2025 the company issued $700.0 million of 2035 notes, $750.0 million of 2030 notes and $750.0 million of 2036 notes, and repaid $500.0 million of 2025 notes. The revolving credit facility capacity increased to $1,250.0 million and matures August 15, 2030, and available revolver capacity was $1,245.5 million at September 30, 2025.
What share repurchase and dividend activity occurred?
Repurchases of common stock totaled $400.2 million for the nine months ended September 30, 2025, and dividends paid totaled $188.6 million. The company had $1,191.5 million available under its repurchase authorization at quarter-end. Shares outstanding were 139,370,402 at September 30, 2025, versus 140,414,637 at December 31, 2024.
06—Continue