Verisk Analytics, Inc.

Verisk Analytics sells data, models and software to insurers. Customers use its services to price policies, assess catastrophe risk, handle claims and detect fraud. Its shares trade on Nasdaq as VRSK.

Subscriptions supplied 84% of third-quarter 2026 revenue. Contracts are generally paid quarterly or annually in advance, so cash collections can move differently from revenue. The rest of the business includes transaction fees and advisory services.

Quarterly results

Quarterly results. Dollars in millions, except adjusted earnings per share. Q2 ends June 30; Q3 ends September 30.

Measure	Q3 2025	Q2 2026	Q3 2026
Revenue	$768.3	$806.3	$809.0
Operating profit	$345.9	$363.7	$365.3
Net income	$225.5	$228.6	$219.2
Adjusted net income	$240.9	$259.3	$253.8
Adjusted EPS	$1.72	$1.98	$1.96
Operating cash flow	$403.5	$366.0	$267.2
Free cash flow	$336.1	$297.9	$200.0

Adjusted net income removes items such as intangible-asset amortization, acquisition fees and certain investment gains and losses, with their tax effects. Adjusted EPS divides that profit by the average diluted share count. Free cash flow is operating cash flow less capital spending.

The third-quarter 2026 share count averaged 129.2 million, down from 139.9 million a year earlier. Our analysis of Verisk's per-share profit gain calculates how much of the increase came from the smaller share count.

Growth and the 2026 outlook

Third-quarter revenue growth excluding currency movements and recent acquisitions and disposals was 7.4%, up from 5.8% in the second quarter. Subscription growth reached 8.2%, while transactional revenue rose 3.2% on the same basis.

Management attributed the stronger subscription business to pricing, renewals and customers adopting additional services. Some extra transactional revenue from service work and usage above contracted levels is not expected to repeat in the fourth quarter. Quieter weather has also reduced repair and restoration work for contractor and adjuster customers.

Management's full-year 2026 guidance, unchanged from July 29 to November 5. Dollars in millions, except adjusted EPS.

Measure	2026 range
Revenue	$3,190 to $3,240
Adjusted EBITDA	$1,790 to $1,830
Adjusted EPS	$7.45 to $7.75
Capital spending	$260 to $280

Adjusted EBITDA removes interest, taxes, depreciation, amortization and specified acquisition, investment and other items. Management expects 2026 results toward the middle of its guidance ranges, given longer sales cycles and continued pressure on weather-related work.

Cash, repurchases and debt

Free cash flow for the first nine months of 2026 was $824.3 million, compared with $915.8 million a year earlier. Higher interest payments and a tax refund received in the prior year affected that comparison. In the third quarter, higher cash tax payments and the timing of collections also weighed on cash generation. Management reported strain among some contractor and adjuster clients, including a small number of bankruptcies.

Verisk spent $1.93 billion on share repurchases and $195 million on dividends in the first nine months. Its remaining repurchase authorization was $700 million at September 30. The third quarter's repurchase cash outlay was $100.1 million; shares delivered in July also included final settlements of repurchases funded earlier in the year.

Cash ended September at $556.8 million, against $551.4 million at June 30 and $2.18 billion at the end of 2025. The year-to-date cash movement includes a $1.515 billion January redemption of notes originally issued for the AccuLynx acquisition.

Debt principal, excluding finance leases, was $4.50 billion at September 30. This included a $250 million term loan due in February 2027. The revolving credit facility had about $1.245 billion of available capacity after letters of credit. Verisk reported debt at 2.5 times trailing adjusted EBITDA, within its target range of two to three times.

Completed and pending acquisitions

In July 2026, Verisk completed the purchase of McKenzie Intelligence Services, a geospatial catastrophe and event-response business, for $25.6 million net of cash acquired. Verisk Marketing Solutions was sold at the end of 2025, affecting reported year-over-year revenue comparisons.

Verisk agreed to acquire AccuLynx in July 2025 and tried to terminate the agreement that December. The Delaware Court of Chancery ordered it to proceed under the agreement, and the Delaware Supreme Court affirmed that judgment on October 23, 2026. The transaction remains subject to closing conditions and Federal Trade Commission review.