01—Abstract
Summary
Summary of the 10-Q filed April 29, 2026. Cited figures are marked; the original filing is the authoritative source.
Verisk Analytics, Inc. reported first-quarter 2026 revenues of $782.6 milliona, up from $753.0 million, with operating income of $352.2 million versus $330.1 million and net income of $234.2 million versus $232.3 million.
Diluted EPS was $1.73b compared with $1.65 a year earlier. EBITDA was $436.0 million, and the EBITDA margin was 55.7% compared with 55.2%. Underwriting revenue rose 3.8% to $552.1 million and claims revenue rose 4.3% to $230.5 million.
Interest expense, net increased to $43.2 millionc from $36.3 million, and the effective tax rate rose to 24.1% from 21.6%. Capital allocation dominated the quarter. Verisk repurchased $1,626.9 million of common stock, including $225.1 million not yet settled, funded by operations and borrowings under its revolving credit facility and a new $500.0 million term loan.
Total debt, excluding finance leases and discounts, was $4,500.0 milliond at March 31, 2026, compared with $4,750.0 million at December 31, 2025. Cash and cash equivalents fell to $524.5 million from $2,178.2 million, and total stockholders' deficit was $(1,166.9) million compared with positive equity of $309.8 million at year-end. The company also redeemed $1,500.0 million of senior notes issued in connection with the terminated AccuLynx acquisition.
The filing lists several pending matters, including telematics class action litigation, a Daniel's Law data privacy case, a trade secrets suit with JPMorgan Chase, and a Delaware Chancery action with AccuLynx scheduled for trial in June 2026, for which the company states it cannot reasonably estimate liability. The Board approved a $0.50 per share quarterly dividend payable June 30, 2026.
02—Key points
Key Highlights
- Revenues rose 3.9% to $782.6 million, with underwriting up 3.8% to $552.1 million and claims up 4.3% to $230.5 million.
- Net income was $234.2 million, up 0.8%, and diluted EPS was $1.73 versus $1.65; the net income margin fell to 29.9% from 30.8%.
- EBITDA was $436.0 million, with an EBITDA margin of 55.7% versus 55.2% a year earlier.
- Share repurchases totaled $1,626.9 million including unsettled amounts, including a $1.5 billion February accelerated share repurchase program; the $1.0 billion remains available under the $2.5 billion authorization.
- Stockholders' deficit reached $(1,166.9) million at March 31, 2026, versus $309.8 million positive equity at December 31, 2025.
- Total debt declined to $4,500.0 million from $4,750.0 million after issuing $1.0 billion of 2031 and 2036 senior notes and redeeming $1.5 billion of AccuLynx-related notes.
- Interest expense, net rose to $43.2 million from $36.3 million, and the effective tax rate increased to 24.1% from 21.6%.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q1 FY2026, Verisk Analytics kept $0.30.
- Revenue$782.6M100.0%
- Cost of revenue−$236.6M30.2%
- Gross profit$546.0M69.8%
- Operating costs−$193.8M24.8%
- Operating income$352.2M45.0%
- Interest, other & tax−$118.0M15.1%
- Net income$234.2M29.9%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed April 29, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $782.60M$753.00M | +3.9% |
| Cost of Revenue | $236.60M$230.80M | +2.5% |
| Gross Profit | $546.00M$522.20M | +4.6% |
| SG&A Expenses | $109.50M$108.90M | +0.6% |
| Operating Expenses | $430.40M$422.90M | +1.8% |
| Operating Income | $352.20M$330.10M | +6.7% |
| Net Income | $234.20M$232.30M | +0.8% |
| EPS (Basic) | $1.73$1.66 | +4.2% |
| EPS (Diluted) | $1.73$1.65 | +4.8% |
| Shares Outstanding (Basic) | 135.02M140.29M | −3.8% |
| Shares Outstanding (Diluted) | 135.22M140.94M | −4.1% |
05—Questions
Frequently Asked Questions
Why did Verisk's stockholders' equity turn negative?
Treasury stock purchases of $1,401.8 million in cash, plus $225.1 million of unsettled repurchases and $13.6 million of excise tax, were recorded as reductions to equity. Together with $65.0 million of dividends declared, these exceeded net income and other equity changes, leaving total stockholders' deficit of $(1,166.9) million at March 31, 2026.
How much cash did Verisk have available and how did it change?
Cash and cash equivalents were $524.5 million at March 31, 2026, down from $2,178.2 million at December 31, 2025. The filing shows net cash used in financing activities of $1,977.9 million, mainly for share repurchases and debt repayment, and the revolving credit facility had $1,245.2 million of available capacity.
What drove the increase in interest expense?
Interest expense, net increased to $43.2 million from $36.3 million, primarily due to interest on the 2031 and 2036 senior notes issued in February 2026 and accelerated interest tied to the special mandatory redemption of the 4.500% 2030 and 5.125% 2036 senior notes, partially offset by higher interest income.
What litigation risks does the filing highlight?
The filing describes telematics class actions involving General Motors, OnStar, LexisNexis and Verisk, a Daniel's Law privacy suit, a JPMorgan Chase trade secrets lawsuit, and a Delaware Chancery action with AccuLynx that is set for trial from June 23 to 26, 2026. The company states it is not possible to reasonably estimate the liability for these matters.
What dividend and repurchase plans were announced after quarter end?
On April 27, 2026, the Board approved a cash dividend of $0.50 per share payable June 30, 2026 to holders of record as of June 15, 2026. The filing also states that the February accelerated share repurchase agreements are expected to settle in the third quarter of 2026, with a possible additional share delivery or payment depending on final settlement terms.
06—Continue