Verisk Reports Second-Quarter 2025 Financial Results
Verisk (NASDAQ:VRSK) reported strong Q2 2025 financial results with revenue reaching $773 million, up 7.8% year-over-year. The company achieved adjusted EBITDA of $445 million, representing an 11.9% increase, while diluted adjusted EPS grew 8.0% to $1.88.
Verisk made significant strategic moves, including the completed acquisition of SuranceBay for $163 million and a definitive agreement to acquire AccuLynx for $2.35 billion. The company raised its full-year 2025 guidance, projecting total revenue of $3.09-3.13 billion and adjusted EBITDA of $1.70-1.74 billion.
Both key business segments showed strong performance, with Underwriting revenues up 8.3% and Claims revenues growing 6.6% in Q2. The company maintained shareholder returns through a $0.45 quarterly dividend and completed a $100 million Accelerated Share Repurchase program.
Verisk (NASDAQ:VRSK) ha riportato solidi risultati finanziari nel secondo trimestre 2025, con ricavi che hanno raggiunto 773 milioni di dollari, in aumento del 7,8% rispetto all'anno precedente. L'azienda ha registrato un EBITDA rettificato di 445 milioni di dollari, con un incremento dell'11,9%, mentre l'utile diluito rettificato per azione è cresciuto dell'8,0%, attestandosi a 1,88 dollari.
Verisk ha compiuto importanti mosse strategiche, tra cui la completata acquisizione di SuranceBay per 163 milioni di dollari e un accordo definitivo per acquisire AccuLynx per 2,35 miliardi di dollari. La società ha rivisto al rialzo le previsioni per l'intero 2025, prevedendo ricavi totali tra 3,09 e 3,13 miliardi di dollari e un EBITDA rettificato tra 1,70 e 1,74 miliardi di dollari.
Entrambi i principali segmenti di business hanno mostrato una forte performance, con i ricavi del settore Underwriting in crescita dell'8,3% e quelli del settore Claims in aumento del 6,6% nel secondo trimestre. L'azienda ha mantenuto i ritorni per gli azionisti attraverso un dividendo trimestrale di 0,45 dollari e ha completato un programma di riacquisto accelerato di azioni per 100 milioni di dollari.
Verisk (NASDAQ:VRSK) reportó sólidos resultados financieros en el segundo trimestre de 2025, con ingresos que alcanzaron los 773 millones de dólares, un aumento del 7,8% interanual. La compañía logró un EBITDA ajustado de 445 millones de dólares, lo que representa un incremento del 11,9%, mientras que las ganancias diluidas ajustadas por acción crecieron un 8,0%, alcanzando los 1,88 dólares.
Verisk realizó movimientos estratégicos significativos, incluyendo la adquisición completada de SuranceBay por 163 millones de dólares y un acuerdo definitivo para adquirir AccuLynx por 2,35 mil millones de dólares. La empresa elevó sus previsiones para todo el año 2025, proyectando ingresos totales entre 3,09 y 3,13 mil millones de dólares y un EBITDA ajustado entre 1,70 y 1,74 mil millones de dólares.
Ambos segmentos clave del negocio mostraron un fuerte desempeño, con ingresos de Underwriting aumentando un 8,3% y los ingresos de Claims creciendo un 6,6% en el segundo trimestre. La compañía mantuvo los retornos para los accionistas mediante un dividendo trimestral de 0,45 dólares y completó un programa acelerado de recompra de acciones por 100 millones de dólares.
Verisk (NASDAQ:VRSK)는 2025년 2분기 강력한 재무 실적을 보고했으며, 매출은 전년 대비 7.8% 증가한 7억 7,300만 달러에 달했습니다. 회사는 조정 EBITDA가 4억 4,500만 달러로 11.9% 증가했고, 희석 조정 주당순이익(EPS)은 8.0% 증가한 1.88달러를 기록했습니다.
Verisk는 1억 6,300만 달러에 SuranceBay 인수 완료와 23억 5,000만 달러에 AccuLynx 인수를 위한 확정 계약 체결 등 중요한 전략적 조치를 취했습니다. 회사는 2025년 연간 가이던스를 상향 조정하여 총 매출을 30억 9천만 달러에서 31억 3천만 달러, 조정 EBITDA를 17억에서 17억 4천만 달러로 예상했습니다.
주요 사업 부문 모두 강한 실적을 보였으며, 2분기에는 인수 심사(Underwriting) 매출이 8.3% 증가하고 클레임(Claims) 매출이 6.6% 성장했습니다. 회사는 분기별 0.45달러 배당금을 유지하고, 1억 달러 규모의 가속 주식 재매입 프로그램을 완료했습니다.
Verisk (NASDAQ:VRSK) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec un chiffre d'affaires atteignant 773 millions de dollars, en hausse de 7,8 % sur un an. La société a réalisé un EBITDA ajusté de 445 millions de dollars, soit une augmentation de 11,9 %, tandis que le BPA ajusté dilué a progressé de 8,0 % pour atteindre 1,88 dollar.
Verisk a pris d'importantes mesures stratégiques, notamment l'acquisition finalisée de SuranceBay pour 163 millions de dollars et un accord définitif pour acquérir AccuLynx pour 2,35 milliards de dollars. La société a relevé ses prévisions pour l'ensemble de l'année 2025, projetant un chiffre d'affaires total compris entre 3,09 et 3,13 milliards de dollars et un EBITDA ajusté entre 1,70 et 1,74 milliard de dollars.
Les deux segments clés de l'entreprise ont affiché de solides performances, avec des revenus de souscription en hausse de 8,3 % et des revenus des sinistres en croissance de 6,6 % au deuxième trimestre. La société a maintenu les rendements pour les actionnaires grâce à un dividende trimestriel de 0,45 dollar et a mené à bien un programme de rachat d'actions accéléré de 100 millions de dollars.
Verisk (NASDAQ:VRSK) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Umsatz von 773 Millionen US-Dollar, was einem Anstieg von 7,8 % gegenüber dem Vorjahr entspricht. Das Unternehmen erzielte ein bereinigtes EBITDA von 445 Millionen US-Dollar, was einem Anstieg von 11,9 % entspricht, während das verwässerte bereinigte Ergebnis je Aktie um 8,0 % auf 1,88 US-Dollar wuchs.
Verisk tätigte bedeutende strategische Schritte, darunter die abgeschlossene Übernahme von SuranceBay für 163 Millionen US-Dollar sowie eine verbindliche Vereinbarung zur Übernahme von AccuLynx für 2,35 Milliarden US-Dollar. Das Unternehmen hob seine Prognose für das Gesamtjahr 2025 an und erwartet einen Gesamtumsatz von 3,09 bis 3,13 Milliarden US-Dollar sowie ein bereinigtes EBITDA von 1,70 bis 1,74 Milliarden US-Dollar.
Beide wichtigen Geschäftsbereiche zeigten eine starke Leistung, mit einem Umsatzanstieg im Bereich Underwriting um 8,3 % und einem Wachstum der Claims-Erlöse um 6,6 % im zweiten Quartal. Das Unternehmen setzte die Aktionärsrenditen mit einer vierteljährlichen Dividende von 0,45 US-Dollar fort und schloss ein 100-Millionen-Dollar-Programm zum beschleunigten Aktienrückkauf ab.
- Revenue growth of 7.8% to $773 million in Q2 2025
- Adjusted EBITDA increased 11.9% to $445 million with improved margin of 57.6%
- Strategic acquisitions: SuranceBay ($163M) and pending AccuLynx ($2.35B)
- Raised full-year 2025 revenue guidance to $3.09-3.13 billion
- Strong free cash flow growth of 22.6% to $188.7 million
- Continued shareholder returns through dividends and $100M share repurchase
- Net income decreased 17.7% to $253 million due to prior year gains
- Diluted GAAP EPS declined 15.8% to $1.81
- Interest expense guidance increased to $190-210M from $145-165M
- Significant cash outlay for acquisitions may impact financial flexibility
Insights
Verisk posts solid 7.9% OCC revenue growth with margin expansion, while announcing strategic acquisitions totaling over $2.5 billion.
Verisk delivered robust second-quarter results with revenue reaching
The company's profitability metrics show impressive operational leverage. Adjusted EBITDA rose
While net income declined
What's particularly noteworthy is Verisk's aggressive expansion strategy through two significant acquisitions: SuranceBay for
Management's confidence is reflected in their raised full-year guidance, with revenue now expected between
The
Verisk's strategic evolution from utility to data analytics specialist to integrated technology network appears to be paying dividends, with the company successfully balancing organic growth, margin expansion, strategic acquisitions, and shareholder returns.
- Second quarter revenue of
$773 million , up7.8% , and up7.9% on an organic constant currency (OCC) basis. - Net income of
$253 million , down17.7% due to gains recognized in the prior year. - Adjusted EBITDA, a non-GAAP measure, of
$445 million , up11.9% , and up9.7% on an OCC basis. - Diluted GAAP earnings per share of
$1.81 , down15.8% . - Diluted adjusted EPS, a non-GAAP measure, of
$1.88 , up8.0% . - Acquired SuranceBay on July 17, 2025 for
$163 million . - Signed a definitive agreement to acquire AccuLynx for
$2.35 billion .
JERSEY CITY, N.J., July 30, 2025 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, today announced results for the second quarter ended June 30, 2025. The earnings release is available on the company’s Investor Relations website at investor.verisk.com.
Lee Shavel, President and CEO, Verisk:
“Verisk delivered another strong quarter of broad-based growth in the second quarter and we are raising our revenue and adjusted EBITDA outlook for the full year 2025. Our operational focus over the past three years has delivered value for our clients and consistent financial results for our investors. We've also demonstrated the continued evolution of our business from industry utility to data analytics specialist to integrated technology network serving the global insurance industry. And now with our acquisition of SuranceBay and pending acquisition of AccuLynx, we will leverage our strengths to extend and expand the capabilities of these successful businesses to enhance value for the industry and Verisk."
Elizabeth Mann, CFO, Verisk:
“Verisk delivered continued strong operating momentum in the second quarter, underscored by
Financial Highlights
Summary of Results (GAAP and Non-GAAP) from Continuing Operations
(in millions, except per share amounts)
Note: Adjusted EBITDA, diluted adjusted EPS, and free cash flow are non-GAAP measures.
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||
| Revenues | $ | 773 | $ | 717 | 7.8 | % | 1,526 | 1,421 | 7.4 | % | ||||||||||||||
| Net income | 253 | 308 | (17.7 | ) | 486 | 527 | (7.9 | ) | ||||||||||||||||
| Adjusted EBITDA | 445 | 397 | 11.9 | 861 | 778 | 10.7 | ||||||||||||||||||
| Diluted EPS attributable to Verisk | 1.81 | 2.15 | (15.8 | ) | 3.45 | 3.67 | (6.0 | ) | ||||||||||||||||
| Diluted adjusted EPS | 1.88 | 1.74 | 8.0 | 3.62 | 3.36 | 7.7 | ||||||||||||||||||
| Net cash provided by operating activities | 245 | 212 | 15.5 | 689 | 592 | 16.3 | ||||||||||||||||||
| Free cash flow | 189 | 154 | 22.6 | 580 | 479 | 20.9 | ||||||||||||||||||
| Dividends per share | 0.45 | 0.39 | 15.4 | 0.90 | 0.78 | 15.4 | ||||||||||||||||||
Revenue
($ in millions)
Note: OCC revenue growth is a non-GAAP measure. See “Non-GAAP Reconciliations” below for a reconciliation to the nearest GAAP measure.
*Beginning with the first quarter of 2025, an immaterial component of our Insurance segment was transferred from Claims to Underwriting in calculating the OCC change percentage. The transfer has no impact on the OCC growth rates for our Insurance segment.
| Three Months Ended | ||||||||||||||||
| June 30, | % Change | |||||||||||||||
| 2025 | 2024 | Reported | OCC* | |||||||||||||
| Underwriting | $ | 550 | $ | 508 | 8.3 | % | 7.7 | % | ||||||||
| Claims | 223 | 209 | 6.6 | 8.3 | ||||||||||||
| Insurance | $ | 773 | $ | 717 | 7.8 | 7.9 | ||||||||||
| Six Months Ended | ||||||||||||||||
| June 30, | % Change | |||||||||||||||
| 2025 | 2024 | Reported | OCC* | |||||||||||||
| Underwriting | $ | 1,082 | $ | 1,006 | 7.5 | % | 7.4 | % | ||||||||
| Claims | 444 | 415 | 7.0 | 9.0 | ||||||||||||
| Insurance | $ | 1,526 | $ | 1,421 | 7.4 | 7.9 | ||||||||||
- Underwriting revenues increased
8.3% in the quarter and7.7% on an OCC basis, primarily due to our forms, rules and loss cost services and extreme event solutions. Specialty business and life solutions also contributed to the growth. On December 2, 2024, we sold Atmospheric and Environmental Research ("AER"), which was a business within Underwriting. AER is included in our revenue from disposition. - Claims revenues grew
6.6% in the quarter and8.3% on an OCC basis, primarily due to growth in our property estimating solutions and anti-fraud 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” below for a reconciliation to the nearest GAAP measure.
- Net income was
$253 million , a decrease of17.7% in the quarter. The decrease in net income was primarily the result of net gains in the prior year period related to sales of our healthcare and specialized market businesses and the early extinguishment of debt.
| Three Months Ended | ||||||||||||||||||||||||
| June 30, | % Change | Margin | ||||||||||||||||||||||
| 2025 | 2024 | Reported | OCC | 2025 | 2024 | |||||||||||||||||||
| Adjusted EBITDA | $ | 445 | $ | 397 | 11.9 | % | 9.7 | % | 57.6 | % | 55.4 | % | ||||||||||||
| Six Months Ended | ||||||||||||||||||||||||
| June 30, | % Change | Margin | ||||||||||||||||||||||
| 2025 | 2024 | Reported | OCC | 2025 | 2024 | |||||||||||||||||||
| Adjusted EBITDA | $ | 861 | $ | 778 | 10.7 | % | 9.6 | % | 56.5 | % | 54.8 | % | ||||||||||||
- Adjusted EBITDA increased
9.7% on an OCC basis, primarily due to operating leverage on the solid revenue growth and cost discipline.
Diluted Earnings Per Share
Note: Adjusted earnings per share is a non-GAAP measure. See “Non-GAAP Reconciliations” below for a reconciliation to the nearest GAAP measure.
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||
| Diluted EPS attributable to Verisk | $ | 1.81 | $ | 2.15 | (15.8 | )% | $ | 3.45 | $ | 3.67 | (6.0 | )% | ||||||||||||
| Diluted adjusted EPS | $ | 1.88 | $ | 1.74 | 8.0 | % | $ | 3.62 | $ | 3.36 | 7.7 | % | ||||||||||||
- The decrease in diluted EPS of
15.8% was primarily the result of net gains in the prior year period related to sales of our healthcare and specialized market businesses and the early extinguishment of debt. - Diluted adjusted EPS increased
8.0% , reflecting strong operational performance and a lower average share count, partially offset by higher interest expense and depreciation expense.
Cash Flow and Capital Return
($ in millions)
Note: Free cash flow is a non-GAAP measure. See “Non-GAAP Reconciliations” below for a reconciliation to the nearest GAAP measure.
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||
| Net cash provided by operating activities | $ | 244.5 | $ | 211.7 | 15.5 | % | $ | 689.2 | $ | 592.4 | 16.3 | % | ||||||||||||
| Capital expenditures | (55.8 | ) | (57.8 | ) | (3.5 | ) | (109.5 | ) | (113.0 | ) | (3.1 | ) | ||||||||||||
| Free cash flow | $ | 188.7 | $ | 153.9 | 22.6 | $ | 579.7 | $ | 479.4 | 20.9 | ||||||||||||||
- Net cash provided by operating activities grew
15.5% in the quarter, while free cash flow increased22.6% . - Free cash flow growth was driven by an increase in operating profit and partially offset by the timing of certain cash payments throughout the quarter.
- On June 30, 2025, we paid a cash dividend of 45 cents per share of common stock issued and outstanding to the holders of record as of June 13, 2025.
- On July 23, 2025, our Board of Directors approved a cash dividend of 45 cents per share of common stock issued and outstanding. The dividend is payable on September 30, 2025, to holders of record as of September 15, 2025.
- During the second quarter, we completed a
$100 million Accelerated Share Repurchase program, resulting in the repurchase of 0.3 million shares, at an average price, less a discount, of$309.58 . As of June 30, 2025, we had$1.3 billion remaining under our share repurchase authorization.
Full Year 2025 Outlook
| Metric | Original Guidance | Updated Guidance | ||||||
| Total revenue | ||||||||
| Adjusted EBITDA | ||||||||
| Adjusted EBITDA margin | ||||||||
| Diluted adjusted EPS | ||||||||
| Tax rate | ||||||||
| Capital expenditures | ||||||||
| Fixed asset depreciation & amortization | ||||||||
| Intangible amortization | ||||||||
| Interest expense | ||||||||
| Dividend per share | ||||||||
Subsequent Events
On July 17, 2025, we completed the acquisition of SuranceBay, a leading provider of producer licensing, onboarding, appointment and compliance solutions for the life and annuity industry, for
On July 29, 2025, we entered into a definitive agreement to acquire AccuLynx for
Conference Call
Our management team will host a live audio webcast to discuss the financial results and business highlights on Wednesday, July 30, 2025, at 8:30 a.m. EDT (5:30 a.m. PDT, 12:30 p.m. GMT). All interested parties are invited to listen to the live event via webcast on our investor website at http://investor.verisk.com. The discussion will also be available through dial-in number 800-715-9871 for U.S./Canada participants or 646-307-1963 for international participants.
A replay of the webcast will be available for 30 days on our investor website and through the conference call number 800-770-2030 for U.S./Canada participants or 647-362-9199 for international participants using Conference ID #1730953.
About Verisk
Verisk 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, extreme 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 and fosters an inclusive culture where all team members feel they belong.
Verisk is traded on the Nasdaq exchange and is a part of the S&P 500 Index and the Nasdaq-100 Index.
For more information, please visit www.verisk.com.
Contact:
Investor Relations
Stacey Brodbar
Head of Investor Relations
Verisk
201-469-4327
IR@verisk.com
Media
Alberto Canal
Verisk Public Relations
201-469-2618
Alberto.Canal@verisk.com
Forward-Looking Statements
This release contains forward-looking statements, including those related to our 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.
Notes Regarding the Use of Non-GAAP Financial Measures
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), 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; and (iv) 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.
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 11 for a reconciliation of consolidated adjusted EBITDA and a results summary and a reconciliation of adjusted EBITDA. See page 11 for a reconciliation of adjusted EBITDA margin, a reconciliation of adjusted EBITDA expenses, and a reconciliation of diluted adjusted EPS. See page 13 for a reconciliation of net cash provided by operating activities to free cash flow.
We are not able to provide a reconciliation of projected 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.
Attached Financial Statements
Please refer to the full Form 10-Q filing for the complete financial statements and related notes.
VERISK ANALYTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of June 30, 2025 and December 31, 2024
| June 30, 2025 | December 31, 2024 | |||||||
| (in millions, except for share and per share data) | ||||||||
| ASSETS: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 628.7 | $ | 291.2 | ||||
| Accounts receivable, net of allowance for doubtful accounts of | 612.0 | 434.4 | ||||||
| Prepaid expenses | 78.9 | 72.8 | ||||||
| Income taxes receivable | 29.5 | 83.3 | ||||||
| Other current assets | 28.3 | 29.9 | ||||||
| Total current assets | 1,377.4 | 911.6 | ||||||
| Noncurrent assets: | ||||||||
| Fixed assets, net | 593.1 | 605.9 | ||||||
| Operating lease right-of-use assets, net | 148.8 | 156.0 | ||||||
| Intangible assets, net | 387.9 | 392.4 | ||||||
| Goodwill | 1,809.4 | 1,726.6 | ||||||
| Deferred income tax assets | 37.3 | 34.3 | ||||||
| Other noncurrent assets | 441.0 | 437.9 | ||||||
| Total assets | $ | 4,794.9 | $ | 4,264.7 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | $ | 175.6 | $ | 249.8 | ||||
| Short-term debt and current portion of long-term debt | 17.0 | 514.2 | ||||||
| Deferred revenues | 671.0 | 447.2 | ||||||
| Operating lease liabilities | 27.8 | 26.0 | ||||||
| Income taxes payable | 8.0 | 1.7 | ||||||
| Total current liabilities | 899.4 | 1,238.9 | ||||||
| Noncurrent liabilities: | ||||||||
| Long-term debt | 3,233.2 | 2,546.9 | ||||||
| Deferred income tax liabilities | 180.5 | 191.6 | ||||||
| Operating lease liabilities | 149.8 | 158.7 | ||||||
| Other noncurrent liabilities | 19.4 | 23.6 | ||||||
| Total liabilities | 4,482.3 | 4,159.7 | ||||||
| Commitments and contingencies (Note 16) | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares issued; 139,700,834 and 140,414,637 shares outstanding, respectively | 0.1 | 0.1 | ||||||
| Additional paid-in capital | 3,080.3 | 2,994.0 | ||||||
| Treasury stock, at cost, 404,302,204 and 403,588,401 shares, respectively | (10,397.6 | ) | (10,062.4 | ) | ||||
| Retained earnings | 7,513.2 | 7,153.4 | ||||||
| Accumulated other comprehensive income | 115.7 | 15.0 | ||||||
| Total Verisk stockholders' equity | 311.7 | 100.1 | ||||||
| Noncontrolling interests | 0.9 | 4.9 | ||||||
| Total stockholders’ equity | 312.6 | 105.0 | ||||||
| Total liabilities and stockholders’ equity | $ | 4,794.9 | $ | 4,264.7 | ||||
VERISK ANALYTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the Three and Six Months Ended June 30, 2025 and 2024
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (in millions, except for share and per share data) | ||||||||||||||||
| Revenues | $ | 772.6 | $ | 716.8 | $ | 1,525.6 | $ | 1,420.8 | ||||||||
| Operating expenses: | ||||||||||||||||
| Cost of revenues (exclusive of items shown separately below) | 229.5 | 219.4 | 460.3 | 447.2 | ||||||||||||
| Selling, general and administrative | 106.5 | 101.5 | 215.4 | 194.4 | ||||||||||||
| Depreciation and amortization of fixed assets | 66.0 | 59.0 | 133.4 | 116.4 | ||||||||||||
| Amortization of intangible assets | 16.3 | 18.2 | 32.1 | 36.7 | ||||||||||||
| Total operating expenses, net | 418.3 | 398.1 | 841.2 | 794.7 | ||||||||||||
| Operating income | 354.3 | 318.7 | 684.4 | 626.1 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Net gain on early extinguishment of debt | — | 3.6 | — | 3.6 | ||||||||||||
| Investment gain | 9.1 | 99.8 | 11.7 | 96.5 | ||||||||||||
| Interest expense, net | (35.5 | ) | (29.1 | ) | (71.8 | ) | (58.0 | ) | ||||||||
| Total other (expense) income, net | (26.4 | ) | 74.3 | (60.1 | ) | 42.1 | ||||||||||
| Income before income taxes | 327.9 | 393.0 | 624.3 | 668.2 | ||||||||||||
| Provision for income taxes | (74.6 | ) | (85.2 | ) | (138.7 | ) | (141.0 | ) | ||||||||
| Net income | 253.3 | 307.8 | 485.6 | 527.2 | ||||||||||||
| Less: Net loss attributable to noncontrolling interests | — | 0.3 | — | 0.5 | ||||||||||||
| Net income attributable to Verisk | $ | 253.3 | $ | 308.1 | $ | 485.6 | $ | 527.7 | ||||||||
| Basic net income per share attributable to Verisk: | $ | 1.81 | $ | 2.16 | $ | 3.47 | $ | 3.69 | ||||||||
| Diluted net income per share attributable to Verisk: | $ | 1.81 | $ | 2.15 | $ | 3.45 | $ | 3.67 | ||||||||
| Weighted-average shares outstanding: | ||||||||||||||||
| Basic | 139,818,324 | 142,705,508 | 140,056,221 | 143,001,836 | ||||||||||||
| Diluted | 140,339,539 | 143,293,222 | 140,639,547 | 143,633,378 | ||||||||||||
VERISK ANALYTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Three and Six Months Ended June 30, 2025 and 2024
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (in millions) | ||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net income | $ | 253.3 | $ | 307.8 | $ | 485.6 | $ | 527.2 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
| Depreciation and amortization of fixed assets | 66.0 | 59.0 | 133.4 | 116.4 | ||||||||||||
| Amortization of intangible assets | 16.3 | 18.2 | 32.1 | 36.7 | ||||||||||||
| Amortization of debt issuance costs and original issue discount, net of original issue premium | 0.8 | 0.9 | 1.4 | 1.3 | ||||||||||||
| Provision for doubtful accounts | 6.1 | 3.5 | 11.4 | 6.9 | ||||||||||||
| Net gain on early extinguishment of debt | — | (3.6 | ) | — | (3.6 | ) | ||||||||||
| Impairment of cost-based investments | — | — | — | 1.0 | ||||||||||||
| Stock-based compensation expense | 14.1 | 12.4 | 29.7 | 25.6 | ||||||||||||
| Net gain upon settlement of investment in non-public companies | — | (98.3 | ) | — | (98.3 | ) | ||||||||||
| Deferred income taxes | (9.6 | ) | (9.5 | ) | (19.3 | ) | (17.8 | ) | ||||||||
| Loss on disposal of fixed assets | — | 0.2 | — | 0.2 | ||||||||||||
| Acquisition related liability adjustment | (1.6 | ) | — | (1.6 | ) | — | ||||||||||
| Other operating | (11.2 | ) | — | (11.2 | ) | — | ||||||||||
| Changes in assets and liabilities, net of effects from acquisitions: | ||||||||||||||||
| Accounts receivable | (46.1 | ) | 4.1 | (179.7 | ) | (151.8 | ) | |||||||||
| Prepaid expenses and other assets | (8.0 | ) | 16.4 | 3.1 | 25.2 | |||||||||||
| Operating lease right-of-use assets, net | 5.8 | 7.1 | 11.4 | 13.7 | ||||||||||||
| Income taxes | (80.6 | ) | (40.7 | ) | 60.5 | 17.3 | ||||||||||
| Accounts payable and accrued liabilities | (24.6 | ) | 0.4 | (69.1 | ) | (99.0 | ) | |||||||||
| Deferred revenues | 81.4 | (62.9 | ) | 218.1 | 197.9 | |||||||||||
| Operating lease liabilities | (8.4 | ) | (4.5 | ) | (12.1 | ) | (11.8 | ) | ||||||||
| Other liabilities | (9.2 | ) | 1.2 | (4.5 | ) | 5.3 | ||||||||||
| Net cash provided by operating activities | 244.5 | 211.7 | 689.2 | 592.4 | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||||
| Acquisitions and purchase of additional controlling interest, net of cash acquired of | (20.3 | ) | — | (24.4 | ) | (23.4 | ) | |||||||||
| Investments in non-public companies | (4.5 | ) | 1.8 | (4.5 | ) | 0.5 | ||||||||||
| Proceeds received upon settlement of investment in non-public companies | — | 112.1 | — | 112.1 | ||||||||||||
| Capital expenditures | (55.8 | ) | (57.8 | ) | (109.5 | ) | (113.0 | ) | ||||||||
| Net cash (used in) provided by investing activities | (80.6 | ) | 56.1 | (138.4 | ) | (23.8 | ) | |||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (in millions) | ||||||||||||||||
| Cash flows from financing activities: | ||||||||||||||||
| Proceeds from issuance of long term debt, net of original discount | — | 590.2 | 698.3 | 590.2 | ||||||||||||
| Payment of debt issuance costs | — | (5.6 | ) | (6.2 | ) | (5.6 | ) | |||||||||
| Repayment of current portion of long-term debt | (500.0 | ) | — | (500.0 | ) | — | ||||||||||
| Payment on early extinguishment of debt | — | (396.4 | ) | — | (396.4 | ) | ||||||||||
| Repurchases of common stock | (100.0 | ) | (127.5 | ) | (300.1 | ) | (327.5 | ) | ||||||||
| Share repurchases not yet settled | — | (22.5 | ) | — | (22.5 | ) | ||||||||||
| Payment of contingent liability related to acquisition | — | — | — | (8.5 | ) | |||||||||||
| Payment of excise tax | (7.6 | ) | — | (7.6 | ) | — | ||||||||||
| Proceeds from stock options exercised | 22.9 | 35.0 | 47.6 | 63.2 | ||||||||||||
| Net share settlement of taxes from restricted stock and performance share awards | (7.6 | ) | (0.5 | ) | (25.5 | ) | (12.6 | ) | ||||||||
| Dividends paid | (63.0 | ) | (55.5 | ) | (126.0 | ) | (111.3 | ) | ||||||||
| Other financing activities, net | (3.7 | ) | (3.1 | ) | (6.2 | ) | (5.9 | ) | ||||||||
| Net cash (used in) provided by financing activities | (659.0 | ) | 14.1 | (225.7 | ) | (236.9 | ) | |||||||||
| Effect of exchange rate changes | 11.7 | (2.2 | ) | 12.4 | (2.3 | ) | ||||||||||
| Net (decrease) increase in cash and cash equivalents | (483.4 | ) | 279.7 | 337.5 | 329.4 | |||||||||||
| Cash and cash equivalents, beginning of period | 1,112.1 | 352.4 | 291.2 | 302.7 | ||||||||||||
| Cash and cash equivalents, end of period | $ | 628.7 | $ | 632.1 | $ | 628.7 | $ | 632.1 | ||||||||
| Supplemental disclosures: | ||||||||||||||||
| Income taxes paid | $ | 164.7 | $ | 135.3 | $ | 97.3 | $ | 141.4 | ||||||||
| Interest paid | $ | 49.5 | $ | 46.0 | $ | 59.9 | $ | 55.1 | ||||||||
| Noncash investing and financing activities: | ||||||||||||||||
| Deferred tax liability established on date of acquisition | $ | 2.5 | $ | — | $ | 2.5 | $ | 1.4 | ||||||||
| Finance lease additions | $ | 0.6 | $ | 10.1 | $ | 1.8 | $ | 22.5 | ||||||||
| Operating lease additions, net | $ | 1.0 | $ | 1.1 | $ | 1.6 | $ | 3.8 | ||||||||
| Fixed assets included in accounts payable and accrued liabilities | $ | — | $ | — | $ | 0.1 | $ | — | ||||||||
Non-GAAP Reconciliations
Consolidated EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin Reconciliation, and Organic Adjusted EBITDA Reconciliation from Continuing Operations
(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.
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||||||
| Total | Margin | Total | Margin | Total | Margin | Total | Margin | |||||||||||||||||||||||||
| Net income | $ | 253.3 | 32.8 | % | $ | 307.8 | 42.9 | % | $ | 485.6 | 31.8 | % | $ | 527.2 | 37.1 | % | ||||||||||||||||
| Depreciation and amortization of fixed assets | 66.0 | 8.5 | 59.0 | 8.2 | 133.4 | 8.8 | 116.4 | 8.2 | ||||||||||||||||||||||||
| Amortization of intangible assets | 16.3 | 2.1 | 18.2 | 2.6 | 32.1 | 2.1 | 36.7 | 2.6 | ||||||||||||||||||||||||
| Interest expense, net | 35.5 | 4.6 | 29.1 | 4.1 | 71.8 | 4.7 | 58.0 | 4.1 | ||||||||||||||||||||||||
| Provision for income taxes | 74.6 | 9.7 | 85.2 | 11.9 | 138.7 | 9.1 | 141.0 | 9.9 | ||||||||||||||||||||||||
| EBITDA | 445.7 | 57.7 | 499.3 | 69.7 | 861.6 | 56.5 | 879.3 | 61.9 | ||||||||||||||||||||||||
| Acquisition-related earn-outs | (0.9 | ) | (0.1 | ) | — | — | (0.2 | ) | — | — | — | |||||||||||||||||||||
| Impairment of cost-based investments | — | — | — | — | — | — | 1.0 | 0.1 | ||||||||||||||||||||||||
| Nonoperational foreign currency loss on internal loan transaction | — | — | — | — | — | — | 4.2 | 0.3 | ||||||||||||||||||||||||
| Litigation reserve, net of recovery | — | — | — | — | — | — | (4.7 | ) | (0.3 | ) | ||||||||||||||||||||||
| Net gain upon settlement of investment in non-public companies | — | — | (98.3 | ) | (13.8 | ) | — | — | (98.3 | ) | (6.9 | ) | ||||||||||||||||||||
| Net gain on early extinguishment of debt | — | — | (3.6 | ) | (0.5 | ) | — | — | (3.6 | ) | (0.3 | ) | ||||||||||||||||||||
| Adjusted EBITDA | 444.8 | 57.6 | 397.4 | 55.4 | 861.4 | 56.5 | 777.9 | 54.8 | ||||||||||||||||||||||||
| Less: Adjusted EBITDA from acquisition and disposition | (0.1 | ) | — | 0.6 | (0.2 | ) | ||||||||||||||||||||||||||
| Organic adjusted EBITDA | $ | 444.7 | 57.6 | $ | 397.4 | 55.8 | $ | 862.0 | 56.6 | $ | 777.7 | 55.1 | ||||||||||||||||||||
Results Summary, EBITDA and Adjusted EBITDA Reconciliation
(in millions)
Note: Organic revenues, EBITDA, adjusted EBITDA, and organic adjusted EBITDA are non-GAAP measures.
| Three Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Revenues | $ | 772.6 | $ | 716.8 | ||||
| Less: Revenues from acquisition and disposition | (0.8 | ) | (4.6 | ) | ||||
| Organic revenues | $ | 771.8 | $ | 712.2 | ||||
| EBITDA | $ | 445.7 | $ | 499.3 | ||||
| Acquisition-related earn-outs | (0.9 | ) | — | |||||
| Net gain upon settlement of investment in non-public companies | — | (98.3 | ) | |||||
| Net gain on early extinguishment of debt | — | (3.6 | ) | |||||
| Adjusted EBITDA | 444.8 | 397.4 | ||||||
| Less: Adjusted EBITDA from acquisition and disposition | (0.1 | ) | — | |||||
| Organic adjusted EBITDA | $ | 444.7 | $ | 397.4 | ||||
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Revenues | $ | 1,525.6 | $ | 1,420.8 | ||||
| Less: Revenues from acquisitions and dispositions | (1.6 | ) | (10.0 | ) | ||||
| Organic revenues | $ | 1,524.0 | $ | 1,410.8 | ||||
| EBITDA | $ | 861.6 | $ | 879.3 | ||||
| Acquisition-related earn-outs | (0.2 | ) | — | |||||
| Impairment of cost-based investments | — | 1.0 | ||||||
| Nonoperational foreign currency loss on internal loan transaction | — | 4.2 | ||||||
| Litigation reserve, net of recovery | — | (4.7 | ) | |||||
| Net gain upon settlement of investment in non-public companies | — | (98.3 | ) | |||||
| Net gain on early extinguishment of debt | — | (3.6 | ) | |||||
| Adjusted EBITDA | 861.4 | 777.9 | ||||||
| Less: Adjusted EBITDA from acquisition and disposition | 0.6 | (0.2 | ) | |||||
| Organic adjusted EBITDA | $ | 862.0 | $ | 777.7 | ||||
Consolidated Adjusted EBITDA Expense Reconciliation
(in millions)
Note: Adjusted EBITDA expenses are a non-GAAP measure.
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Operating expenses | $ | 418.3 | $ | 398.1 | $ | 841.2 | $ | 794.7 | ||||||||
| Less: Depreciation and amortization of fixed assets | (66.0 | ) | (59.0 | ) | (133.4 | ) | (116.4 | ) | ||||||||
| Less: Amortization of intangible assets | (16.3 | ) | (18.2 | ) | (32.1 | ) | (36.7 | ) | ||||||||
| Less: Investment gain | (9.1 | ) | (99.8 | ) | (11.7 | ) | (96.5 | ) | ||||||||
| Plus: Acquisition-related earn-outs | 0.9 | — | 0.2 | — | ||||||||||||
| Less: Impairment of cost-based investments | — | — | — | (1.0 | ) | |||||||||||
| Less: Nonoperational foreign currency loss on internal loan transaction | — | — | — | (4.2 | ) | |||||||||||
| Plus: Litigation reserve, net of recovery | — | — | — | 4.7 | ||||||||||||
| Plus: Net gain upon settlement of investment in non-public companies | — | 98.3 | — | 98.3 | ||||||||||||
| Adjusted EBITDA expenses | $ | 327.8 | $ | 319.4 | $ | 664.2 | $ | 642.9 | ||||||||
Diluted Adjusted EPS Reconciliation
(in millions, except per share amounts)
Note: Diluted adjusted EPS is a non-GAAP measure.
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income | $ | 253.3 | $ | 307.8 | $ | 485.6 | $ | 527.2 | ||||||||
| Plus: Amortization of intangibles | 16.3 | 18.2 | 32.1 | 36.7 | ||||||||||||
| Less: Income tax effect on amortization of intangibles | (4.2 | ) | (4.7 | ) | (8.3 | ) | (9.5 | ) | ||||||||
| Less: Acquisition-related earn-outs | (0.9 | ) | — | (0.2 | ) | — | ||||||||||
| Less: Income tax effect on acquisition-related earn-outs | (0.1 | ) | — | (0.3 | ) | — | ||||||||||
| Plus: Nonoperational foreign currency loss on internal loan transaction | — | — | — | 4.2 | ||||||||||||
| Less: Income tax effect on nonoperational foreign currency loss on internal loan transaction | — | — | — | (1.0 | ) | |||||||||||
| Plus: Impairment of cost-based investments | — | — | — | 1.0 | ||||||||||||
| Less: Income tax effect on impairment of cost-based investments | — | — | — | (0.3 | ) | |||||||||||
| Less: Litigation reserve, net of recovery | — | — | — | (4.7 | ) | |||||||||||
| Plus: Income tax effect on litigation reserve, net of recovery | — | — | — | 1.7 | ||||||||||||
| Less: Net gain upon settlement of investment in non-public companies | — | (98.3 | ) | — | (98.3 | ) | ||||||||||
| Plus: Income tax effect on net gain upon settlement of investment in non-public companies | — | 28.5 | — | 28.5 | ||||||||||||
| Less: Net gain on early extinguishment of debt | — | (3.6 | ) | — | (3.6 | ) | ||||||||||
| Plus: Income tax effect on net gain on early extinguishment of debt | — | 0.9 | — | 0.9 | ||||||||||||
| Adjusted net income | $ | 264.4 | $ | 248.8 | $ | 508.9 | $ | 482.8 | ||||||||
| Diluted EPS attributable to Verisk | $ | 1.81 | $ | 2.15 | $ | 3.45 | $ | 3.67 | ||||||||
| Diluted adjusted EPS | $ | 1.88 | $ | 1.74 | $ | 3.62 | $ | 3.36 | ||||||||
| Weighted-average diluted shares outstanding | 140.3 | 143.3 | 140.6 | 143.6 | ||||||||||||
Free Cash Flow Reconciliation
(in millions)
Note: Free cash flow is a non-GAAP measure.
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||
| Net cash provided by operating activities | $ | 244.5 | $ | 211.7 | 15.5 | % | $ | 689.2 | $ | 592.4 | 16.3 | % | ||||||||||||
| Capital expenditures | (55.8 | ) | (57.8 | ) | (3.5 | ) | (109.5 | ) | (113.0 | ) | (3.1 | ) | ||||||||||||
| Free cash flow | $ | 188.7 | $ | 153.9 | 22.6 | $ | 579.7 | $ | 479.4 | 20.9 | ||||||||||||||
Investor Relations Stacey Brodbar Head of Investor Relations Verisk 201-469-4327 IR@verisk.com Media Alberto Canal Verisk Public Relations 201-469-2618 Alberto.Canal@verisk.com
FAQ
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