Verisk Analytics, Inc 10-Q for FY2026 Q2
Verisk Analytics, Inc. (VRSK)
About this 10-Q
Verisk Analytics, Inc filed this 10-Q on July 29, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).
Headline figures
Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.
- Revenue
- $806.3M
- up 4.4% from $772.6M a year earlier
- Net income
- $228.6M
- down 9.8% from net income of $253.3M a year earlier
- Diluted EPS
- $1.75
- down 3.3% from $1.81 a year earlier
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
| | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number:
VERISK ANALYTICS, INC.
(Exact name of registrant as specified in its charter)
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| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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| (Address of principal executive offices) | (Zip Code) |
(
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange where registered |
| | | |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | ☒ | Accelerated filer | ☐ | |||
| Non-accelerated filer | ☐ | Smaller reporting company | | |||
| Emerging growth company | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of July 24, 2026, there were
Index to Form 10-Q
Table of Contents
| Page Number |
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| PART I — FINANCIAL INFORMATION |
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| 1 | |
| 2 | |
| 3 | |
| Condensed Consolidated Statements of Changes in Stockholders’ (Deficit) Equity |
4 |
| 6 | |
| 7 | |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
23 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk |
32 |
| 32 | |
| PART II — OTHER INFORMATION |
|
| 33 | |
| 33 | |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
33 |
| 34 | |
| 34 | |
| 34 | |
| 34 | |
| 36 | |
| Exhibit 31.1 |
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| Exhibit 31.2 |
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| Exhibit 32.1 |
|
PART I — FINANCIAL INFORMATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| June 30, 2026 | December 31, 2025 | |||||||
| (in millions, except for share and per share data) | ||||||||
| ASSETS: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Accounts receivable, net of allowance for doubtful accounts of $ and $, respectively | ||||||||
| Prepaid expenses | ||||||||
| Income taxes receivable | ||||||||
| Other current assets | ||||||||
| Total current assets | ||||||||
| Noncurrent assets: | ||||||||
| Fixed assets, net | ||||||||
| Operating lease right-of-use assets, net | ||||||||
| Intangible assets, net | ||||||||
| Goodwill | ||||||||
| Deferred income tax assets | ||||||||
| Other noncurrent assets | ||||||||
| Total assets | $ | $ | ||||||
| LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | $ | $ | ||||||
| Short-term debt and current portion of long-term debt | ||||||||
| Deferred revenues | ||||||||
| Operating lease liabilities | ||||||||
| Income taxes payable | ||||||||
| Total current liabilities | ||||||||
| Noncurrent liabilities: | ||||||||
| Long-term debt | ||||||||
| Deferred income tax liabilities | ||||||||
| Operating lease liabilities | ||||||||
| Other noncurrent liabilities | ||||||||
| Total liabilities | ||||||||
| Commitments and contingencies (Note 12) | ||||||||
| Stockholders’ (deficit) equity: | ||||||||
| Common stock, $ par value; shares authorized; shares issued; and shares outstanding, respectively | ||||||||
| Additional paid-in capital | ||||||||
| Treasury stock, at cost, and shares, respectively | ( | ) | ( | ) | ||||
| Retained earnings | ||||||||
| Accumulated other comprehensive income | ||||||||
| Total Verisk stockholders' (deficit) equity | ( | ) | ||||||
| Noncontrolling interests | ||||||||
| Total stockholders’ (deficit) equity | ( | ) | ||||||
| Total liabilities and stockholders’ (deficit) equity | $ | $ | ||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
| Three Months Ended June 30, |
Six Months Ended June 30, |
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| 2026 |
2025 |
2026 |
2025 |
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| (in millions, except for share and per share data) |
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| Revenues |
$ | $ | $ | $ | ||||||||||||
| Operating expenses: |
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| Cost of revenues (exclusive of items shown separately below) |
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| Selling, general and administrative |
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| Depreciation and amortization of fixed assets |
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| Amortization of intangible assets |
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| Total operating expenses, net |
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| Operating income |
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| Other expense: |
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| Investment (loss) gain |
( |
) | ( |
) | ||||||||||||
| Interest expense, net |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Total other expense, net |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Income before income taxes |
||||||||||||||||
| Provision for income taxes |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Net income |
$ | $ | $ | $ | ||||||||||||
| Basic net income per share attributable to Verisk: |
$ | $ | $ | $ | ||||||||||||
| Diluted net income per share attributable to Verisk: |
$ | $ | $ | $ | ||||||||||||
| Weighted-average shares outstanding: |
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| Basic |
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| Diluted |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
| Three Months Ended June 30, |
Six Months Ended June 30, |
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| 2026 |
2025 |
2026 |
2025 |
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| (in millions) |
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| Net income |
$ | $ | $ | $ | ||||||||||||
| Other comprehensive (loss) income, net of tax: |
||||||||||||||||
| Foreign currency translation adjustment |
( |
) | ( |
) | ||||||||||||
| Pension and postretirement liability adjustment |
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| Total other comprehensive (loss) income |
( |
) | ( |
) | ||||||||||||
| Comprehensive income |
||||||||||||||||
| Less: Comprehensive income attributable to noncontrolling interests |
( |
) | ( |
) | ( |
) | ||||||||||
| Comprehensive income attributable to Verisk |
$ | $ | $ | $ | ||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ (DEFICIT) EQUITY (UNAUDITED)
For The Three Months Ended June 30, 2026 and 2025
| Common Stock Issued | Par Value | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total Verisk Stockholders' (Deficit) Equity | Noncontrolling Interests | Total Stockholders’ (Deficit) Equity | ||||||||||||||||||||||||||||
| (in millions, except for share data) | ||||||||||||||||||||||||||||||||||||
| Balance, April 1, 2026 | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||||||||||||||
| Net income | — | |||||||||||||||||||||||||||||||||||
| Other comprehensive (loss) income | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Investment in noncontrolling interests | — | ( | ) | |||||||||||||||||||||||||||||||||
| Common stock dividend (1) | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Treasury stock acquired ( shares) | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Treasury stock shares repurchased not yet settled | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Net excise tax associated with share repurchases | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Stock options exercised ( shares transferred from treasury stock) | — | |||||||||||||||||||||||||||||||||||
| Restricted stock ("RSAs") lapsed ( shares transferred from treasury stock) | — | ( | ) | |||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | |||||||||||||||||||||||||||||||||||
| Net share settlement from RSAs ( shares withheld for tax settlement) | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Other stock issuances ( shares transferred from treasury stock) | — | |||||||||||||||||||||||||||||||||||
| Balance, June 30, 2026 | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||||||||||||||
| Balance, April 1, 2025 | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
| Net income | — | |||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | |||||||||||||||||||||||||||||||||||
| Investment in noncontrolling interests | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Common stock dividend (1) | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Treasury stock acquired ( shares) | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Net excise tax associated with share repurchases | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Stock options exercised ( shares transferred from treasury stock) | — | |||||||||||||||||||||||||||||||||||
| Performance share units ("PSUs") lapsed ( shares issued from treasury stock) | — | ( | ) | |||||||||||||||||||||||||||||||||
| RSAs lapsed ( shares transferred from treasury stock) | — | ( | ) | |||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | |||||||||||||||||||||||||||||||||||
| Net share settlement from RSAs and PSUs ( shares withheld for tax settlement) | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Other stock issuances ( shares transferred from treasury stock) | — | |||||||||||||||||||||||||||||||||||
| Balance, June 30, 2025 | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
_______________
(1) Refer to Note 7. Stockholders' (Deficit) Equity for discussion related to quarterly cash dividends declared per share.
The accompanying notes are an integral part of these condensed consolidated financial statements.
VERISK ANALYTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ (DEFICIT) EQUITY (UNAUDITED)
For The Six Months Ended June 30, 2026 and 2025
| Common Stock Issued | Par Value | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total Verisk Stockholders' Equity (Deficit) | Noncontrolling Interests | Total Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||||||
| (in millions, except for share data) | ||||||||||||||||||||||||||||||||||||
| Balance, January 1, 2026 | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
| Net income | — | |||||||||||||||||||||||||||||||||||
| Other comprehensive (loss) income | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Investment in noncontrolling interests | — | ( | ) | |||||||||||||||||||||||||||||||||
| Common stock dividend (1) | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Treasury stock acquired ( shares) | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Treasury stock shares repurchased not yet settled | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Net excise tax associated with share repurchases | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Stock options exercised ( shares transferred from treasury stock) | — | |||||||||||||||||||||||||||||||||||
| PSUs lapsed ( shares transferred from treasury stock) | — | ( | ) | |||||||||||||||||||||||||||||||||
| RSAs lapsed ( shares transferred from treasury stock) | — | ( | ) | |||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | |||||||||||||||||||||||||||||||||||
| Net share settlement from RSAs and PSUs ( shares withheld for tax settlement) | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Other stock issuances ( shares transferred from treasury stock) | — | |||||||||||||||||||||||||||||||||||
| Balance, June 30, 2026 | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||||||||||||||
| Balance, January 1, 2025 | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
| Net income | — | |||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | |||||||||||||||||||||||||||||||||||
| Investment in noncontrolling interests | — | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||
| Common stock dividend (1) | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Treasury stock acquired ( shares) | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Net excise tax associated with share repurchases | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Stock options exercised ( shares transferred from treasury stock) | — | |||||||||||||||||||||||||||||||||||
| PSUs lapsed ( shares transferred from treasury stock) | — | ( | ) | |||||||||||||||||||||||||||||||||
| RSAs lapsed ( shares transferred from treasury stock) | — | ( | ) | |||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | |||||||||||||||||||||||||||||||||||
| Net share settlement from RSAs and PSUs ( shares withheld for tax settlement) | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
| Other stock issuances ( shares transferred from treasury stock) | — | |||||||||||||||||||||||||||||||||||
| Balance, June 30, 2025 | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
_______________
(1) Refer to Note 7. Stockholders' (Deficit) Equity for discussion related to quarterly cash dividends declared per share.
The accompanying notes are an integral part of these condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| (in millions) | ||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net income | $ | $ | $ | $ | ||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
| Depreciation and amortization of fixed assets | ||||||||||||||||
| Amortization of intangible assets | ||||||||||||||||
| Amortization of debt issuance costs and original issue discount, net of original issue premium | ||||||||||||||||
| Provision for credit losses | ||||||||||||||||
| Stock-based compensation expense | ||||||||||||||||
| Loss on equity-method investments, net | ||||||||||||||||
| Deferred income taxes | ( | ) | ( | ) | ||||||||||||
| Acquisition related liability adjustment | ( | ) | ( | ) | ( | ) | ||||||||||
| Other operating | ( | ) | ( | ) | ( | ) | ||||||||||
| Changes in assets and liabilities, net of effects from acquisitions: | ||||||||||||||||
| Accounts receivable | ( | ) | ( | ) | ||||||||||||
| Prepaid expenses and other assets | ( | ) | ( | ) | ||||||||||||
| Operating lease right-of-use assets, net | ||||||||||||||||
| Income taxes | ( | ) | ( | ) | ( | ) | ||||||||||
| Accounts payable and accrued liabilities | ( | ) | ( | ) | ( | ) | ||||||||||
| Deferred revenues | ( | ) | ||||||||||||||
| Operating lease liabilities | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Other liabilities | ( | ) | ( | ) | ( | ) | ||||||||||
| Net cash provided by operating activities | ||||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||
| Acquisitions and purchase of additional controlling interest, net of cash acquired of $, $, $, and $, respectively | ( | ) | ( | ) | ||||||||||||
| Investments in non-public companies, net | ( | ) | ( | ) | ( | ) | ||||||||||
| Capital expenditures | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Escrow release associated with acquisitions | ||||||||||||||||
| Net cash used in investing activities | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Cash flows from financing activities: | ||||||||||||||||
| Proceeds from issuance of long-term debt, net of original discount | ||||||||||||||||
| Proceeds from Syndicated Revolving Credit Facility | ||||||||||||||||
| Repayment of Syndicated Revolving Credit Facility | ( | ) | ||||||||||||||
| Proceeds from Term Loan Facility | ||||||||||||||||
| Repayment of Term Loan Facility | ( | ) | ||||||||||||||
| Repayment of short-term debt, inclusive of special mandatory redemption fee | ( | ) | ( | ) | ( | ) | ||||||||||
| Payment of debt issuance costs | ( | ) | ( | ) | ( | ) | ||||||||||
| Repurchases of common stock | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Common stock repurchases not yet settled | ( | ) | ( | ) | ||||||||||||
| Payment of excise tax | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Proceeds from stock options exercised | ||||||||||||||||
| Net share settlement of taxes from RSAs and PSUs | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Dividends paid | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Other financing activities, net | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net cash used in financing activities | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Effect of exchange rate changes | ( | ) | ( | ) | ||||||||||||
| Net increase (decrease) in cash and cash equivalents | ( | ) | ( | ) | ||||||||||||
| Cash and cash equivalents, beginning of period | ||||||||||||||||
| Cash and cash equivalents, end of period | $ | $ | $ | $ | ||||||||||||
| Supplemental disclosures: | ||||||||||||||||
| Income taxes paid | $ | $ | $ | $ | ||||||||||||
| Interest paid | $ | $ | $ | $ | ||||||||||||
| Noncash investing and financing activities: | ||||||||||||||||
| Finance lease additions | $ | $ | $ | $ | ||||||||||||
| Operating lease additions (terminations), net | $ | $ | $ | ( | ) | $ | ||||||||||
| Deferred tax liability established on date of acquisition | $ | $ | $ | $ | ||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Amounts in millions, except for share and per share data, unless otherwise stated)
1. Organization:
Verisk Analytics, Inc. (the "Company") is a strategic data analytics and technology partner to the global insurance industry. We empower clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, catastrophic events, sustainability, and political issues. Through advanced data analytics, software, scientific research, and deep industry knowledge, we help build global resilience for individuals, communities, and businesses. We trade under the ticker symbol "VRSK" on the Nasdaq Global Select Market.
2. Basis of Presentation and Summary of Significant Accounting Policies:
Our accompanying unaudited condensed consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the U.S. ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include acquisition purchase price allocations, the fair value of goodwill and intangibles, the realization of deferred tax assets and liabilities, acquisition-related liabilities, fair value of stock-based compensation for equity awards granted, and assets and liabilities for pension and postretirement benefits. Actual results may ultimately differ from those estimates.
Goodwill and intangible assets with indefinite lives are subject to impairment testing annually as of June 30, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. In evaluating goodwill for impairment, we may first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The qualitative assessment includes a review of macroeconomic conditions, industry and market considerations, internal cost factors, and our overall financial and share price performance, among other factors. If we do not perform a qualitative assessment, or if we determine based on the qualitative assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we perform a quantitative impairment test by comparing the estimated fair value of the reporting unit with its carrying amount. If the carrying amount of a reporting unit's goodwill exceeds the fair value of that goodwill, an impairment loss is recognized.
As of June 30, 2026, we performed a quantitative impairment test for each of our reporting units as part of our periodic impairment assessment. Based on the results of the quantitative impairment tests, the fair values of all reporting units exceeded their respective carrying amounts. Accordingly, we did not recognize any impairment charges related to goodwill or indefinite-lived intangible assets.
Our condensed consolidated financial statements as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025, in the opinion of management, include all adjustments, consisting of normal recurring items, to present fairly our financial position, results of operations, and cash flows. Our operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year. Our condensed consolidated financial statements and related notes as of and for the three and six months ended June 30, 2026 have been prepared on the same basis as and should be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2025. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules of the SEC. We believe the disclosures made are adequate to keep the information presented from being misleading.
Recent Accounting Pronouncements
| Accounting Standard | Description | Effective Date | Effect on Consolidated Financial Statements or Other Significant Matters |
| Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Disaggregation of Income Statement Expenses ("ASU No. 2024-03"). | The amendments in ASU No. 2024-03 require additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. | The ASU is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2027, with early adoption permitted. Prospective application is required and retrospective application is permitted. | We are currently evaluating the impact that the adoption of this standard will have on our disclosures. |
| Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): In September 2025, the FASB issued Accounting Standards Update No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software ("ASU No. 2025-06"). | The amendments in ASU No. 2025-06 make targeted improvements to Subtopic 350-40 to increase the operability of the recognition guidance considering different methods of software development. | The ASU's amendments are effective for interim and annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Prospective, modified, or retrospective application is permitted. | The adoption of this standard is not expected to have a material impact on our consolidated financial statements. |
| Codification Improvements: In December 2025, the FASB issued Accounting Standards Update No. 2025-12, Codification Improvements ("ASU No. 2025-12"). | The amendments in ASU No. 2025-12 provide updates for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. | The ASU's amendments are effective for interim and annual reporting periods beginning after December 15, 2026. Early adoption is permitted. Prospective and retrospective application are permitted. | The adoption of this standard is not expected to have a material impact on our consolidated financial statements. |
Disaggregated revenues by type of service and by country are provided below for the three and six months ended June 30, 2026 and 2025. No individual customer or country outside of the U.S. accounted for 10.0% or more of our consolidated revenues for the three and six months ended June 30, 2026 or 2025.
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Insurance: | ||||||||||||||||
| Underwriting | $ | $ | $ | $ | ||||||||||||
| Claims | ||||||||||||||||
| Total revenues | $ | $ | $ | $ | ||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues: | ||||||||||||||||
| United States | $ | $ | $ | $ | ||||||||||||
| United Kingdom | ||||||||||||||||
| Other countries | ||||||||||||||||
| Total revenues | $ | $ | $ | $ | ||||||||||||
Contract assets are defined as an entity's right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. As of June 30, 2026 and December 31, 2025, we had
Contract liabilities are defined as an entity's obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer. As of June 30, 2026 and December 31, 2025, we had contract liabilities that primarily related to unsatisfied performance obligations to provide customers with the right to use and update the online content over the remaining contract term of $
The following is a summary of the change in contract liabilities from December 31, 2025 through June 30, 2026:
| Contract liabilities at December 31, 2025 | $ | |||
| Additions to contract liabilities | ||||
| Total revenues | ( | ) | ||
| Foreign currency translation adjustment | ( | ) | ||
| Contract liabilities at June 30, 2026 | $ |
Our most significant remaining performance obligations relate to providing customers with the right to use and update the online content over the remaining contract term. Our disclosure of the timing for satisfying the performance obligation is based on the requirements of contracts with customers. However, from time to time, these contracts may be subject to modifications, impacting the timing of satisfying the performance obligations. These performance obligations, which are expected to be satisfied within one year, comprised approximately
We recognize an asset for incremental costs of obtaining a contract with a customer if we expect the benefits of those costs to be longer than one year. As of June 30, 2026 and December 31, 2025, we had deferred commissions of $
4. Investments and Fair Value Measurements:
Certain assets and liabilities are reported at fair value in our accompanying condensed consolidated balance sheets. Such assets and liabilities include amounts for both financial and non-financial instruments. ASC 820-10, Fair Value Measurements, established a three-level fair value hierarchy to prioritize the inputs to valuation techniques used to measure fair value, as follows:
| Level 1 - Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments. |
| Level 2 - Assets or liabilities valued based on observable market data for similar instruments. |
| Level 3 - Assets or liabilities for which significant valuation assumptions are not readily observable in the market; instruments valued based on the best available data, some of which are internally-developed, and considers risk premiums that market participants would require. |
The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and short-term debt approximate their carrying amounts, because of the short-term nature of these instruments and are classified as Level 1. Our investments in registered investment companies, which are Level 1 assets measured at fair value on a recurring basis, were $
We elected not to carry our long-term debt at fair value. The carrying value of the long-term debt represents amortized cost, inclusive of unamortized premium, and net of unamortized discount and debt issuance costs. We assess the fair value of these financial instruments based on an estimate of interest rates available to us for financial instruments with similar features, our current credit rating, and spreads applicable to us. The following table summarizes the carrying value and estimated fair value of these financial instruments as of June 30, 2026 and December 31, 2025, respectively:
| June 30, 2026 | December 31, 2025 | ||||||||||||||||
| Fair Value | Carrying | Estimated | Carrying | Estimated | |||||||||||||
| Hierarchy | Value | Fair Value | Value | Fair Value | |||||||||||||
| Financial instruments not carried at fair value: | |||||||||||||||||
| Senior notes (Note 6) | Level 2 | $ | $ | $ | $ | ||||||||||||
As of June 30, 2026 and December 31, 2025, we had securities without readily determinable market values of $
5. Income Taxes:
Our effective tax rates for the three and six months ended June 30, 2026 was
The following table presents short-term and long-term debt by issuance:
| Issuance Date | Maturity Date | June 30, 2026 | December 31, 2025 | |||||||
| Short-term debt and current portion of long-term debt: | ||||||||||
| Term loan facility, net of debt issuance costs of $ | 2/18/2026 | 2/19/2027 | $ | $ | ||||||
| Syndicated revolving credit facility | Various | Various | ||||||||
| Senior notes: | ||||||||||
| % senior notes, less unamortized discount and debt issuance costs of $ | 8/21/2025 | 8/15/2030 | ||||||||
| % senior notes, less unamortized discount and debt issuance costs of $ | 8/21/2025 | 2/15/2036 | ||||||||
| Finance lease liabilities | Various | Various | ||||||||
| Short-term debt and current portion of long-term debt | ||||||||||
| Long-term debt: | ||||||||||
| Senior notes: | ||||||||||
| % senior notes, inclusive of unamortized premium, and net of unamortized discount and debt issuance costs of $ and $, respectively | 3/6/2019 | 3/15/2029 | ||||||||
| % senior notes, less unamortized discount and debt issuance costs of $() and $, respectively | 2/26/2026 | 3/15/2031 | ||||||||
| % senior notes, less unamortized discount and debt issuance costs of $() and $(), respectively | 3/3/2023 | 4/1/2033 | ||||||||
| % senior notes, less unamortized discount and debt issuance costs of $() and $(), respectively | 6/5/2024 | 6/5/2034 | ||||||||
| % senior notes, less unamortized discount and debt issuance costs of $() and $(), respectively | 3/11/2025 | 3/15/2035 | ||||||||
| % senior notes, less unamortized discount and debt issuance costs of $() and $, respectively | 2/26/2026 | 3/15/2036 | ||||||||
| % senior notes, less unamortized discount and debt issuance costs of $() and $(), respectively | 5/15/2015 | 6/15/2045 | ||||||||
| % senior notes, less unamortized discount and debt issuance costs of $() and $(), respectively | 5/13/2020 | 5/15/2050 | ||||||||
| Finance lease liabilities | Various | Various | ||||||||
| Syndicated revolving credit facility debt issuance costs | Various | Various | ( | ) | ( | ) | ||||
| Long-term debt | ||||||||||
| Total debt | $ | $ | ||||||||
Senior Notes
As of June 30, 2026 and December 31, 2025, we had senior notes with an aggregate principal amount of $
On February 26, 2026, we completed the issuances of $
Special Mandatory Redemption
On July 29, 2025, we entered into a definitive agreement to acquire ExactLogix, Inc. ("AccuLynx"). The indenture governing the $
Credit Facility
We have a Syndicated Revolving Credit Facility with a borrowing capacity of $
Term Loan Facility
On February 18, 2026, we entered into a term loan credit agreement with Wells Fargo Bank, National Association. The Term Loan Facility provides for a 364-day senior unsecured delayed draw term loan facility in an aggregate committed principal amount of $
7. Stockholders’ (Deficit) Equity:
We have
We have
On February 13, 2026 and April 27, 2026, our Board approved a cash dividend of $
Share Repurchase Program
In February 2026, we entered into accelerated share repurchase ("ASR") agreements (the "February ASR Agreements") to repurchase shares of our common stock for an aggregate purchase price of $
In June 2026, we entered into additional ASR agreements (the "June ASR Agreements") to repurchase shares of our common stock for an aggregate purchase price of $
On February 13, 2026, our Board approved an increase to the share repurchase program authorization to $
During the six months ended June 30, 2026 and 2025, we recorded total excise tax of $
Treasury Stock
As of June 30, 2026, our treasury stock consisted of
Earnings Per Share
Basic EPS is computed by dividing net income attributable to Verisk by the weighted average number of common shares outstanding during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding, using the treasury stock method, if the dilutive potential common shares, including vested and nonvested stock options, nonvested restricted stock awards, nonvested restricted stock units, nonvested performance share units ("PSU"), and nonvested deferred stock units, had been issued.
The following is a presentation of the numerators and denominators of the basic and diluted EPS computations for the three and six months ended June 30, 2026 and 2025:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Numerator used in basic and diluted EPS: | ||||||||||||||||
| Net income | $ | $ | $ | $ | ||||||||||||
| Denominator: | ||||||||||||||||
| Weighted average number of common shares used in basic EPS | ||||||||||||||||
| Effect of dilutive shares: | ||||||||||||||||
| Potential common shares issuable from stock options and stock-based awards | ||||||||||||||||
| Weighted average number of common shares and dilutive potential common shares used in diluted EPS | ||||||||||||||||
The potential shares of common stock that were excluded from diluted EPS were
Accumulated Other Comprehensive Income
The following is a summary of accumulated other comprehensive income as of June 30, 2026 and December 31, 2025:
| June 30, 2026 | December 31, 2025 | |||||||
| Foreign currency translation adjustment, net of tax | $ | $ | ||||||
| Pension and postretirement adjustment, net of tax | ( | ) | ( | ) | ||||
| Accumulated other comprehensive income | $ | $ | ||||||
The before-tax and after-tax amounts of other comprehensive (loss) income for the three and six months ended June 30, 2026 and 2025 are summarized below:
| Before Tax | Tax (Expense) Benefit | After Tax | ||||||||||
| For the Three Months Ended June 30, 2026 | ||||||||||||
| Foreign currency translation adjustment attributable to Verisk | $ | ( | ) | $ | $ | ( | ) | |||||
| Foreign currency translation adjustment attributable to noncontrolling interests | ||||||||||||
| Foreign currency translation adjustment | ( | ) | ( | ) | ||||||||
| Pension and postretirement adjustment before reclassifications | ( | ) | ||||||||||
| Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (1) | ( | ) | ( | ) | ||||||||
| Pension and postretirement adjustment | ( | ) | ||||||||||
| Total other comprehensive loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
| For the Three Months Ended June 30, 2025 | ||||||||||||
| Foreign currency translation adjustment | $ | $ | $ | |||||||||
| Pension and postretirement adjustment before reclassifications | ( | ) | ||||||||||
| Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (1) | ( | ) | ( | ) | ||||||||
| Pension and postretirement adjustment | ( | ) | ||||||||||
| Total other comprehensive income | $ | $ | ( | ) | $ | |||||||
| Before Tax | Tax (Expense) Benefit | After Tax | ||||||||||
| For the Six Months Ended June 30, 2026 | ||||||||||||
| Foreign currency translation adjustment attributable to Verisk | $ | ( | ) | $ | $ | ( | ) | |||||
| Foreign currency translation adjustment attributable to noncontrolling interests | ||||||||||||
| Foreign currency translation adjustment | ( | ) | ( | ) | ||||||||
| Pension and postretirement adjustment before reclassifications | ( | ) | ||||||||||
| Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (1) | ( | ) | ( | ) | ||||||||
| Pension and postretirement adjustment | ( | ) | ||||||||||
| Total other comprehensive income | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
| For the Six Months Ended June 30, 2025 | ||||||||||||
| Foreign currency translation adjustment attributable to Verisk | $ | $ | $ | |||||||||
| Foreign currency translation adjustment attributable to noncontrolling interests | ||||||||||||
| Foreign currency translation adjustment | ||||||||||||
| Pension and postretirement adjustment before reclassifications | ( | ) | ||||||||||
| Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (1) | ( | ) | ( | ) | ||||||||
| Pension and postretirement adjustment | ( | ) | ||||||||||
| Total other comprehensive loss | $ | $ | ( | ) | $ | |||||||
| (1) | These accumulated other comprehensive loss components, before tax, are included under "Cost of revenues" and "Selling, general and administrative" in our accompanying condensed consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (see Note 9. Pension and Postretirement Benefits for additional details). |
All of our outstanding stock options, restricted stock awards, deferred stock units, and PSUs are covered under our Verisk Analytics Inc. Equity Incentive Plan ("2021 Incentive Plan"). Awards under our 2021 Incentive Plan may include one or more of the following types: (i) stock options (both nonqualified and incentive stock options), (ii) stock appreciation rights, (iii) restricted stock, (iv) restricted stock units, (v) performance awards, (vi) other share-based awards, and (vii) cash. Employees, non-employee directors, and consultants are eligible for awards under our 2021 Incentive Plan. We transferred common stock under these plans from our treasury shares. As of June 30, 2026, there were
In January 2026, we granted
A summary of the status of the stock options, restricted stock, and PSUs awarded under our 2021 Incentive Plan as of June 30, 2026 and December 31, 2025 and changes during the interim period are presented below:
| Stock Option | Restricted Stock | PSU | |||||||||||||||||||||||||||
| Number of Options | Weighted Average Exercise Price | Aggregate Intrinsic Value | Number of Shares | Weighted Average Grant Date Fair Value Per Share | Number of Shares | Weighted Average Grant Date Fair Value Per Share | |||||||||||||||||||||||
| Outstanding at December 31, 2025 | $ | $ | $ | $ | |||||||||||||||||||||||||
| Granted | $ | $ | $ | ||||||||||||||||||||||||||
| Dividend reinvestment | N/A | ||||||||||||||||||||||||||||
| Exercised or lapsed | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||||||
| Canceled, expired or forfeited | ( | ) | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||||||
| Outstanding at June 30, 2026 | $ | $ | $ | $ | |||||||||||||||||||||||||
| Exercisable at June 30, 2026 | $ | $ | |||||||||||||||||||||||||||
| Exercisable at December 31, 2025 | $ | $ | |||||||||||||||||||||||||||
| Nonvested at June 30, 2026 | |||||||||||||||||||||||||||||
| Expected to vest at June 30, 2026 | (1) | ||||||||||||||||||||||||||||
| (1) | Includes estimated performance achievement |
The fair value of the stock options granted was estimated using a Black-Scholes valuation model that uses the weighted average assumptions noted in the following table for the six months ended June 30:
| 2026 | 2025 | |||||||
| Option pricing model | Black-Scholes | Black-Scholes | ||||||
| Weighted average grant price | $ | $ | ||||||
| Expected volatility | | % | | % | ||||
| Risk-free interest rate | | % | | % | ||||
| Expected term in years | | | ||||||
| Dividend yield | | % | | % | ||||
| Weighted average grant date fair value per stock option | $ | $ | ||||||
The expected term for the stock options granted was estimated based on studies of historical experience and projected exercise behavior. However, for certain awards granted, for which no historical exercise pattern exists, the expected term was estimated using the simplified method. The risk-free interest rate is based on the yield of U.S. Treasury zero coupon securities with a maturity equal to the expected term of the equity award. The volatility factor is calculated using historical daily closing prices over the most recent period commensurate with the expected term of the stock option awards. The expected dividend yield was based on our expected annual dividend rate on the date of grant.
Intrinsic value for stock options is calculated based on the exercise price of the underlying awards and the adjusted closing price of our common stock as of the reporting date. Excess tax benefits from stock-based compensation were recorded as income tax benefit in our condensed consolidated statements of operations. This tax benefit is calculated as the excess of the intrinsic value of options exercised and restricted stock lapsed in excess of compensation recognized for financial reporting purposes. The weighted average remaining contractual terms were
As of June 30, 2026, there was $
Our U.K. Sharesave Plan offers qualifying employees in the United Kingdom the opportunity to own shares of our common stock. Employees who elect to participate are granted stock options, of which the exercise price is equal to the average of the closing price on the five trading days immediately preceding the plan invitation date discounted by
Our ESPP offers eligible employees the opportunity to purchase shares of our common stock at a discount of its fair market value at the time of purchase. During the six months ended June 30, 2026 and 2025, we issued
9. Pension and Postretirement Benefits:
We maintain a frozen qualified defined benefit pension plan for certain employees through membership in our Pension Plan for Insurance Organizations (the "Pension Plan"), a multiple-employer trust. We also apply a cash balance formula to determine future benefits. Under the cash balance formula, each participant has an account, which is credited annually based on the interest earned on the previous year-end cash balance. We also have a frozen non-qualified supplemental cash balance plan ("SERP") for certain employees. The SERP is funded from our general assets. During the first quarter of 2026 and as of December 31, 2025, the investment guidelines on our Pension Plan assets targeted an investment allocation of
The components of net periodic (benefit) cost for the three and six months ended June 30, 2026 and 2025 are summarized below:
| Pension Plan and SERP |
Postretirement Plan |
|||||||||||||||
| For the Three Months Ended June 30, |
||||||||||||||||
| 2026 |
2025 |
2026 |
2025 |
|||||||||||||
| Interest cost |
$ | $ | $ | $ | ||||||||||||
| Expected return on plan assets |
( |
) | ( |
) | ||||||||||||
| Amortization of prior service cost |
||||||||||||||||
| Amortization of net actuarial loss |
||||||||||||||||
| Net periodic (benefit) cost |
$ | ( |
) | $ | ( |
) | $ | $ | ||||||||
| Employer contributions/(reimbursement), net |
$ | $ | $ | $ | ( |
) | ||||||||||
| Pension Plan and SERP |
Postretirement Plan |
|||||||||||||||
| For the Six Months Ended June 30, |
||||||||||||||||
| 2026 |
2025 |
2026 |
2025 |
|||||||||||||
| Interest cost |
$ | $ | $ | $ | ||||||||||||
| Expected return on plan assets |
( |
) | ( |
) | ( |
) | ||||||||||
| Amortization of prior service cost |
||||||||||||||||
| Amortization of net actuarial loss |
||||||||||||||||
| Net periodic (benefit) cost |
$ | ( |
) | $ | ( |
) | $ | $ | ||||||||
| Employer contributions/(reimbursement), net |
$ | $ | $ | $ | ( |
) | ||||||||||
Operating segments are components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. Our President and CEO is identified as the CODM.
Based on our business strategy along with the verticals we currently service, we have determined that we have operating segment and reportable segment, Insurance. The CODM uses EBITDA and consolidated net income to set budgets, evaluate margins, review actual results and in deciding whether to reinvest profits into the business, pursue acquisitions, pay dividends and/or engage in other capital management transactions. Consolidated net income is the U.S. GAAP measure of segment profit that is regularly reviewed by the CODM to allocate resources and assess performance. The CODM does not regularly review or manage any significant expenses on a standalone basis, as such expenses are not separately identifiable or material at the segment level. For the three and six months ended June 30, 2026, please refer to our accompanying condensed consolidated statements of operations for information regarding revenues, expenses, and the measure of profit and loss, which is net income. The CODM regularly reviews the consolidated statements of operations. See Note 3. Revenues for information on disaggregated revenues by type of service and by country.
Long-lived assets by country are provided below:
| June 30, 2026 |
December 31, 2025 |
|||||||
| Long-lived assets: |
||||||||
| U.S. |
$ | $ | ||||||
| U.K. |
||||||||
| Other countries |
||||||||
| Total long-lived assets |
$ | $ | ||||||
11. Related Parties:
We consider our stockholders that own more than 5.0% of the outstanding stock within the class to be related parties as defined within ASC 850, Related Party Disclosures. For the six months ended June 30, 2026 and 2025, we had material transactions with related parties owning more than 5.0% of the entire class of stock.
12. Commitments and Contingencies:
We are a party to legal proceedings, investigations, examinations, subpoenas, third party requests, government requests, regulatory proceedings and other claims with respect to a variety of matters in the ordinary course of business, including the matters described below (collectively, “Ongoing Matters”). With respect to Ongoing Matters, we are unable, at the present time, to determine the ultimate resolution of or provide a reasonable estimate of the range of possible loss attributable to Ongoing Matters or the impact these matters may have on our results of operations, financial position, or cash flows. Although we believe we have strong defenses and have appealed adverse rulings to us, we could in the future incur judgments or enter into settlements of claims that could have a material adverse effect on our results of operations, financial position, or cash flows.
Telematics Litigation
As of April 19, 2024, various Plaintiffs filed a total of twenty separate putative class action lawsuits, sixteen against General Motors LLC (“GM”), OnStar LLC (“OnStar”), LexisNexis Risk Solutions, Inc. (“LexisNexis”) and Verisk Analytics Inc. in the United States District Courts for the Northern District of Georgia, the Eastern District of Michigan, Central District of California, District of New Jersey, Southern District of New York, Northern District of Alabama, Northern District of Illinois and District of South Carolina, and four against Hyundai Motor America (“Hyundai”) and Verisk in the Central District of California and District of New Jersey, all of which have been dismissed to date. The Complaints generally allege that the auto manufacturer Defendants collected consumers’ driver behavior data through vehicle software, transmitted it to LexisNexis and Verisk, and that LexisNexis and Verisk shared the data with auto insurance companies, without the individuals’ knowledge or consent. Plaintiffs seek certification of both nationwide classes of individuals and subclasses of various state residents who had their vehicle driving data collected by Defendants and shared with a third party without their consent. The Plaintiffs also seek actual, statutory and punitive damages, injunctive relief, as well as reasonable attorneys’ fees and other costs. On June 7, the Judicial Panel on Multidistrict Litigation transferred all GM-related lawsuits to the U.S. District Court for the Northern District of Georgia (In Re: Consumer Vehicle Driving Data Tracking Litigation, MDL Case No. 1:24-md-03115-TWT). The matters pending against Verisk in the MDL were voluntarily dismissed on December 13, 2024, and a new putative class action, Adam Dinitz, et al. v. Verisk Analytics, Inc. (“Dinitz”), was filed in the District of New Jersey federal court, Case No. 24-11157, to include those dismissed matters and additional named Plaintiffs. Dinitz was transferred to the Northern District of Georgia to be part of the consolidated MDL. A related amended Master Consolidated class action Complaint was also filed in the MDL on December 13, 2024. Defendants filed their motions to dismiss Plaintiffs' claims on April 14, 2025. On October 2, 2025, several Plaintiffs brought a lawsuit alleging similar claims against GM, OnStar, LexisNexis, and Verisk in the matter, McBride, et al v. General Motors, et al., in the U.S. District Court, Southern District of California, Case No. 3:25-cv-02619-AJB-MMP. On October 10, 2025, those Plaintiffs filed a Notice of Potential Tag Along, seeking a transfer of their lawsuit to the MDL proceeding. The transfer Order was finalized on October 28, 2025. On April 22, 2026, Defendants’ motions to dismiss were granted in part and denied in part. On May 20, 2026, Verisk filed a motion for partial reconsideration of the Court’s ruling on Defendants’ motions to dismiss. Verisk also joined GM and OnStar’s motions for partial reconsideration and clarification in connection with the Court’s decision on Defendants’ motions to dismiss. Discovery has commenced and is ongoing. At this time, it is not possible to reasonably estimate the liability related to these and other associated matters, as they are still in their early stages.
Indemnification Claim
In December 2023, we received a Notice of Indemnification claim from the current owner of our former healthcare data analytics subsidiary, which was divested in 2016, relating to an ongoing tax investigation by the Nepalese tax authorities. Pursuant to the 2016 sale agreement, we are subject to indemnification obligations with respect to certain pre-closing tax liabilities of the divested entity. At this time, it is not possible to reasonably estimate the liability related to this matter.
Commercial Litigation
We are a party to contractual disputes that involve alleged breaches of contract or disagreements regarding performance or interpretation. While we dispute the allegations in these matters and intend to defend our position vigorously, the ultimate outcome of such disputes is inherently uncertain. The resolution of one or more of these matters could, individually or in the aggregate, result in liabilities, damages, settlement costs, or other losses that may be material to our consolidated financial position.
Data Privacy Litigation
On or about February 8, 2024, Plaintiffs filed a lawsuit, Atlas Data Privacy Corp., et al. v. Verisk Analytics, Inc., et al., in the Superior Court of New Jersey, Middlesex County, Case No. MID-L-000903-24, alleging violations of Daniel’s Law. Atlas claims to be an “assignee” of claims of approximately 19,640 individuals who are “covered persons” under Daniel’s Law, allegedly enacted to provide judicial and law enforcement officers and their family members with the right to prevent disclosure of their personal information and to enforce those rights against uncooperative data brokers. It is alleged that Defendants have violated Daniel’s Law by failing to respond and comply with their written request to Defendants to cease publicly disclosing or re-disclosing their protected information. Plaintiffs seek actual damages in the amount of $
Trade Secrets Litigation
On March 14, 2024, JP Morgan Chase Bank (“JPMC”) filed a lawsuit, JPMorgan Chase Bank, National Association v. Argus Information & Advisory Services Inc., Verisk Analytics, Inc. and Trans Union LLC, in the District of Delaware federal court, Case No. 1:24-cv-00348-SB, alleging that Defendants misappropriated JPMC’s trade secret data in violation of federal and state laws. JPMC seeks lost profits, unjust enrichment, a reasonable royalty, exemplary damages, attorney fees and costs, as well as an injunction against Defendants to enjoin any further improper conduct allegedly stemming from Argus’ data use practices. Following a partial denial of our motion to dismiss the initial complaint, JPMC amended its complaint on September 5, 2025, to add new allegations supporting state law-based trade secrets claims. On October 17, 2026, we filed a motion to dismiss the amended complaint, which remains pending. Fact discovery and witness depositions have been completed. Expert witness discovery is ongoing. At this time, it is not possible to reasonably estimate the possible loss related to this matter, as the case is still in its early stages.
Mergers and Acquisitions Litigation
On July 29, 2025, Verisk Analytics, Inc. and ExactLogix, Inc. (d/b/a “AccuLynx”) signed an Agreement and Plan of Merger for a transaction under which Verisk would acquire AccuLynx. On December 26, 2025, Verisk terminated the Agreement. On that same day, AccuLynx sent a letter to Verisk alleging that the termination was a breach of the Agreement. Thereafter, on January 3, 2026, AccuLynx sent a demand letter seeking Verisk’s compliance with the terms of the Agreement or payment in lieu thereof. Verisk filed a declaratory judgment action on January 7, 2026, in the Delaware Court of Chancery asking the court to determine that Verisk’s termination of the Agreement is valid and effective in accordance with the terms of the Agreement. On January 21, 2026, AccuLynx filed counterclaims alleging that Verisk breached the Merger Agreement. On January 30, 2026, the Delaware Chancery Court granted AccuLynx’s motion to expedite the litigation. Trial was held from June 23 to 26, 2026. Post-trial briefing is ongoing. It is not possible to reasonably estimate the possible loss related to this matter until a final decision is issued by the court.
13. Subsequent Events:
On July 27, 2026, our Board of Directors approved a cash dividend of $
| Management’s Discussion and Analysis of Financial Condition and Results of Operations |
The following discussion should be read in conjunction with our historical financial statements and the related notes included in our annual report on Form 10-K ("2025 10-K") dated and filed with the Securities and Exchange Commission on February 18, 2026. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in or implied by any of the forward-looking statements as a result of various factors, including but not limited to those listed under "Risk Factors" and "Special Note Regarding Forward-Looking Statements" in our 2025 10-K and those listed under Item 1A in Part II of this quarterly report on Form 10-Q.
We are a leading data analytics provider serving clients in the insurance markets. Using advanced technologies to collect and analyze billions of records, we draw on unique data assets and deep domain expertise to provide innovations that may be integrated into client workflows. We offer predictive analytics and decision support solutions to clients in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, and many other fields. In the U.S., and around the world, we help clients protect people, property, and financial assets.
Our clients use our solutions to make better decisions about risk and opportunities with greater efficiency and discipline. We refer to these products and services as “solutions” due to the integration among our services and the flexibility that enables our clients to purchase components or the comprehensive package. These solutions take various forms, including data, statistical models, or tailored analytics, all designed to allow our clients to make more logical decisions. We believe our solutions for analyzing risk positively impact our clients’ revenues and help them better manage their costs.
Executive Summary
Key Performance Metrics
Revenue growth. We use year-over-year revenue growth as a key performance metric. We assess revenue growth based on our ability to generate increased revenue through increased sales to existing customers, sales to new customers, sales of new or expanded solutions to existing and new customers, and strategic acquisitions of new businesses.
We use year-over-year EBITDA growth and EBITDA margin as metrics to measure our performance. EBITDA and EBITDA margin are non-GAAP financial measures. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization of fixed and intangible assets. We calculate EBITDA margin as EBITDA divided by revenues. The respective nearest applicable GAAP financial measures are net income and net income margin. Although EBITDA is a non-GAAP financial measure, EBITDA is frequently used by securities analysts, lenders, and others in their evaluation of companies; EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as a substitute for an analysis of our operating income, net income, or cash flow from operating activities reported under GAAP. Management uses EBITDA and EBITDA margin in conjunction with traditional GAAP operating performance measures as part of its overall assessment company performance. 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 comparisons. Some of these limitations involved in the use of EBITDA are:
• EBITDA does not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments.
• EBITDA does not reflect changes in, or cash requirements for, our working capital needs.
• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized often will have to be replaced in the future and EBITDA does not reflect any cash requirements for such replacements.
• Other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.
EBITDA growth. We use EBITDA growth as a measure of our ability to balance the size of revenue growth with cost management and investing for future growth. EBITDA growth allows for greater transparency regarding our operating performance and facilitate period-to-period comparison.
EBITDA margin. We use EBITDA margin as a performance measure to assess segment performance and scalability of our business. We assess EBITDA margin based on our ability to increase revenues while controlling expense growth.
Revenues
We earn revenues through agreements for hosted subscriptions, advisory/consulting services, and for transactional solutions, recurring and non-recurring. Subscriptions for our solutions are generally paid in advance of rendering services either quarterly or in full upon commencement of the subscription period, which is usually for one year and automatically renewed each year. As a result, the timing of our cash flows generally precedes our recognition of revenues and income and our cash flow from operations tends to be higher in the first quarter as we receive subscription payments. Examples of these arrangements include subscriptions that allow our customers to access our standardized coverage language, our claims fraud database, or our actuarial services throughout the subscription period. In general, we experience minimal revenue seasonality within the business. For the six months ended June 30, 2026 and 2025, approximately 84% and 83% of our insurance revenues were derived from hosted subscriptions through agreements (generally one to five years) for our solutions, respectively.
We also provide advisory/consulting services, which help our customers get more value out of our analytics and their subscriptions. In addition, certain of our solutions are paid for by our customers on a transactional basis, recurring and non-recurring. For example, we have solutions that allow our customers to access property-specific rating and underwriting information to price a policy on a commercial building, or compare a property & casualty insurance or a workers' compensation claim with information in our databases, or use our repair cost estimation solutions on a case-by-case basis. For the six months ended June 30, 2026 and 2025, approximately 16% and 17% of our insurance revenues were derived from providing transactional and advisory/consulting solutions, respectively.
Operating Costs and Expenses
Personnel expenses are the major component of both our cost of revenues and selling, general and administrative expenses. Personnel expenses, which represented approximately 56% of our total operating expenses for both the six months ended June 30, 2026 and 2025, include salaries, benefits, incentive compensation, equity compensation costs, sales commissions, employment taxes, recruiting costs, and outsourced temporary agency costs.
We assign personnel expenses between two categories, cost of revenues and selling, general and administrative expense, based on the actual costs associated with each employee. We categorize employees who maintain our solutions as cost of revenues, and all other personnel, including executive managers, salespeople, marketing, business development, finance, legal, human resources, and administrative services, as selling, general and administrative expenses. A significant portion of our other operating costs, such as facilities and communications, is also either captured within cost of revenues or selling, general and administrative expenses based on the nature of the work being performed.
While we expect to grow our headcount over time to take advantage of our market opportunities, we believe that the economies of scale in our operating model will allow us to grow our personnel expenses at a lower rate than revenues. Historically, our EBITDA margin has improved because we have been able to increase revenues without a proportionate corresponding increase in expenses. However, part of our corporate strategy is to invest in new solutions and new businesses, which may offset margin expansion.
Cost of Revenues. Our cost of revenues consists primarily of personnel expenses. Cost of revenues also includes the expenses associated with the acquisition, disposition and verification of data, the maintenance of our existing solutions, and the development and enhancement of our next-generation solutions. Our cost of revenues excludes depreciation and amortization.
Selling, General and Administrative Expenses. Our selling, general and administrative expenses consist primarily of personnel costs. A portion of the other costs such as facilities, insurance, and communications are also allocated to selling, general and administrative expenses based on the nature of the work being performed by the employee. Our selling, general and administrative expenses exclude depreciation and amortization.
Condensed Consolidated Results of Operations
| Three Months Ended |
Six Months Ended |
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| June 30, |
Percentage |
June 30, |
Percentage |
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| 2026 |
2025 |
Change |
2026 |
2025 |
Change |
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| (in millions, except for share and per share data) |
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| Statement of operations data: |
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| Total revenues |
$ | 806.3 | $ | 772.6 | 4.3 | % | $ | 1,588.9 | $ | 1,525.6 | 4.1 | % | ||||||||||||
| Operating expenses: |
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| Cost of revenues (exclusive of items shown separately below) |
233.4 | 229.5 | 1.7 | % | 470.0 | 460.3 | 2.1 | % | ||||||||||||||||
| Selling, general and administrative |
128.6 | 106.5 | 20.8 | % | 238.1 | 215.4 | 10.5 | % | ||||||||||||||||
| Depreciation and amortization of fixed assets |
66.3 | 66.0 | 0.5 | % | 136.2 | 133.4 | 2.1 | % | ||||||||||||||||
| Amortization of intangible assets |
14.3 | 16.3 | (12.3 | )% | 28.7 | 32.1 | (10.6 | )% | ||||||||||||||||
| Total operating expenses, net |
442.6 | 418.3 | 5.8 | % | 873.0 | 841.2 | 3.8 | % | ||||||||||||||||
| Operating income |
363.7 | 354.3 | 2.7 | % | 715.9 | 684.4 | 4.6 | % | ||||||||||||||||
| Other expense: |
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| Investment (loss) gain |
(7.5 | ) | 9.1 | (182.4 | )% | (8.0 | ) | 11.7 | (168.4 | )% | ||||||||||||||
| Interest expense, net |
(52.8 | ) | (35.5 | ) | 48.7 | % | (96.0 | ) | (71.8 | ) | 33.7 | % | ||||||||||||
| Total other expense, net |
(60.3 | ) | (26.4 | ) | 128.4 | % | (104.0 | ) | (60.1 | ) | 73.0 | % | ||||||||||||
| Income before income taxes |
303.4 | 327.9 | (7.5 | )% | 611.9 | 624.3 | (2.0 | )% | ||||||||||||||||
| Provision for income taxes |
(74.8 | ) | (74.6 | ) | 0.3 | % | (149.1 | ) | (138.7 | ) | 7.5 | % | ||||||||||||
| Net income |
$ | 228.6 | $ | 253.3 | (9.8 | )% | $ | 462.8 | $ | 485.6 | (4.7 | )% | ||||||||||||
| Basic net income per share attributable to Verisk |
$ | 1.75 | $ | 1.81 | (3.3 | )% | $ | 3.48 | $ | 3.47 | 0.3 | % | ||||||||||||
| Diluted net income per share attributable to Verisk |
$ | 1.75 | $ | 1.81 | (3.3 | )% | $ | 3.48 | $ | 3.45 | 0.9 | % | ||||||||||||
| Cash dividends declared per share |
$ | 0.50 | $ | 0.45 | 11.1 | % | $ | 1.00 | $ | 0.90 | 11.1 | % | ||||||||||||
| Weighted average shares outstanding: |
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| Basic |
130,762,236 | 139,818,324 | (6.5 | )% | 132,891,314 | 140,056,221 | (5.1 | )% | ||||||||||||||||
| Diluted |
130,850,538 | 140,339,539 | (6.8 | )% | 133,036,554 | 140,639,547 | (5.4 | )% | ||||||||||||||||
| The financial operating data below sets forth the information we believe is useful for investors in evaluating our overall financial performance: |
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| Other data: |
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| EBITDA(1) |
$ | 436.8 | $ | 445.7 | (2.0 | )% | $ | 872.8 | $ | 861.6 | 1.3 | % | ||||||||||||
| The following is a reconciliation of net income to EBITDA: |
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| Net income |
$ | 228.6 | $ | 253.3 | (9.8 | )% | $ | 462.8 | $ | 485.6 | (4.7 | )% | ||||||||||||
| Depreciation and amortization of fixed assets and intangible assets |
80.6 | 82.3 | (2.1 | )% | 164.9 | 165.5 | (0.4 | )% | ||||||||||||||||
| Interest expense, net |
52.8 | 35.5 | 48.7 | % | 96.0 | 71.8 | 33.7 | % | ||||||||||||||||
| Provision for income taxes |
74.8 | 74.6 | 0.3 | % | 149.1 | 138.7 | 7.5 | % | ||||||||||||||||
| EBITDA |
$ | 436.8 | $ | 445.7 | (2.0 | )% | $ | 872.8 | $ | 861.6 | 1.3 | % | ||||||||||||
| EBITDA Margin |
54.2 | % | 57.7 | % | 54.9 | % | 56.5 | % | ||||||||||||||||
| (1) | EBITDA is a financial measure that management uses to evaluate the performance of our business. "EBITDA" is defined as net income before interest expense, provision for income taxes, and depreciation and amortization of fixed and intangible assets.
Although EBITDA is a non-GAAP financial measure, EBITDA is frequently used by securities analysts, lenders, and others in their evaluation of companies. Management uses EBITDA in conjunction with GAAP operating performance measures as part of its overall assessment of company performance. EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as a substitute for an analysis of our operating income, net income, or cash flows from operating activities reported under GAAP. Some of these limitations are: |
| • |
EBITDA does not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; |
| • |
EBITDA does not reflect changes in, or cash requirements for, our working capital needs; |
| • |
Although depreciation and amortization are noncash charges, the assets being depreciated and amortized often will have to be replaced in the future and EBITDA does not reflect any cash requirements for such replacements; and |
| • |
Other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure. |
Consolidated Results of Operations
Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
Revenues
Revenues were $806.3 million for the three months ended June 30, 2026, compared to $772.6 million for the three months ended June 30, 2025, an increase of $33.7 million or 4.3 %. Our underwriting revenue increased $19.5 million or 3.5%. Our claims revenue increased $14.2 million or 6.3 %.
Our revenue by category for the periods presented is set forth below:
| Three Months Ended June 30, |
Percentage change excluding |
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| 2026 |
2025 |
Percentage change |
recent acquisition/disposition |
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| (in millions) |
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| Underwriting |
$ | 569.1 | $ | 549.6 | 3.5 | % | 5.7 | % | ||||||||
| Claims |
237.2 | 223.0 | 6.3 | % | 6.3 | % | ||||||||||
| Total Insurance |
$ | 806.3 | $ | 772.6 | 4.3 | % | 5.9 | % | ||||||||
Our acquisition (SuranceBay within the underwriting category of the Insurance segment) and disposition (Verisk Marketing Solutions ("VMS") within the underwriting category of our Insurance segment) resulted in a net decrease in revenue of $10.8 million, while the remaining Insurance revenues increased $44.5 million or 5.9%. Our underwriting revenue increased $30.3 million or 5.7%, primarily due to an annual increase in prices derived from continued enhancements to the models and content of the solutions within our forms, rules and loss cost services, as well as selling expanded solutions to new and existing customers within catastrophe and risk solutions. Our claims revenue increased $14.2 million or 6.3%, primarily due to anti-fraud analytics and property and restoration solutions.
Cost of Revenues
Cost of revenues was $233.4 million for the three months ended June 30, 2026 compared to $229.5 million for the three months ended June 30, 2025, an increase of $3.9 million or 1.7%. Our recent acquisition and disposition accounted for a net decrease of $5.5 million in cost of revenues. The remaining increase of $9.4 million or 4.2% was primarily due to increases in salaries and employee benefits, data, and information technology expenses, partially offset by a reduction in provision for credit losses.
Selling, General and Administrative Expenses
Selling, general and administrative expenses were $128.6 million for the three months ended June 30, 2026 compared to $106.5 million for the three months ended June 30, 2025, an increase of $22.1 million or 20.8%. Our recent acquisition, disposition, and AccuLynx related costs accounted for a net increase of $16.3 million in selling, general, and administrative expenses. The remaining increase of $5.8 million or 5.7% was primarily due to an increase in professional consulting fees, and salaries and employee benefits, partially offset by a reduction in rent expense.
Depreciation and Amortization of Fixed Assets
Depreciation and amortization of fixed assets were $66.3 million for the three months ended June 30, 2026 compared to $66.0 million for the three months ended June 30, 2025, an increase of $0.3 million or 0.5%.
Amortization of Intangible Assets
Amortization of intangible assets was $14.3 million and $16.3 million for the six months ended June 30, 2026 and 2025, respectively, a decrease of $2.0 million or 12.3%. The decrease was primarily due to the disposition of VMS and certain intangible assets becoming fully amortized, partially offset by an increase in amortization expense associated with our 2025 acquisitions.
Investment (Loss) Gain
Investment loss was $7.5 million for the three months ended June 30, 2026 compared to a gain of $9.1 million for the three months ended June 30, 2025, a change of $16.6 million. The loss for the three months ended June 30, 2026 was primarily driven by $6.5 million of loss from equity method investments, while the gain in the prior year period was primarily due to the effects of foreign currency fluctuations.
Interest Expense, net
Interest expense, net was $52.8 million for the three months ended June 30, 2026 compared to $35.5 million for the three months ended June 30, 2025, an increase of $17.3 million or 48.7%. The increase was primarily driven by higher interest expense related to the issuance of our 2031 and 2036 Senior Notes in February 2026, interest incurred on our Term Loan Facility, and lower interest income compared to the prior-year period.
Provision for Income Taxes
The provision for income taxes was $74.8 million and the effective tax rate was 24.6% for the three months ended June 30, 2026, compared to $74.6 million and 22.7% for the three months ended June 30, 2025, respectively. The increase in the effective tax rate was primarily due to lower tax benefits from equity compensation in the current period versus the prior period. The difference between statutory tax rates and our effective tax rate is primarily due to state and local taxes, partially offset by tax benefits attributable to equity compensation.
Net Income Margin
Net income was $228.6 million for the three months ended June 30, 2026 compared to $253.3 million for the three months ended June 30, 2025, a decrease of $24.7 million or 9.8%. The net income margin was 28.4% for the three months ended June 30, 2026 compared to 32.8% for the three months ended June 30, 2025. The decrease in net income margin was primarily driven by the increases in our effective tax rate and net interest expense, as well as the AccuLynx-related legal fees discussed above.
EBITDA Margin [1]
EBITDA was $436.8 million for the three months ended June 30, 2026 compared to $445.7 million for the three months ended June 30, 2025. The EBITDA margin for our consolidated results was 54.2% for the three months ended June 30, 2026 compared to 57.7% for the three months ended June 30, 2025. The decrease in EBITDA margin was primarily attributable to higher legal fees incurred in connection with the AccuLynx transaction, partially offset by revenue growth and continued cost discipline across our business.
[1] Note: Consolidated EBITDA margin, a non-GAAP measure, is calculated as a percentage of consolidated revenue. A reconciliation from net income to EBITDA is presented on page 25.
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Revenues
Revenues were $1,588.9 million for the six months ended June 30, 2026, compared to $1,525.6 million for the six months ended June 30, 2025, an increase of $63.3 million or 4.1%. Our underwriting revenue increased $39.6 million or 3.7% Our claims revenue increased $23.7 million or 5.3%.
Our revenue by category for the periods presented is set forth below:
| Six Months Ended June 30, |
Percentage change excluding |
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| 2026 |
2025 |
Percentage change |
recent acquisitions/disposition |
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| (in millions) |
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| Underwriting |
$ | 1,121.2 | $ | 1,081.6 | 3.7 | % | 5.9 | % | ||||||||
| Claims |
467.7 | 444.0 | 5.3 | % | 5.3 | % | ||||||||||
| Total Insurance |
$ | 1,588.9 | $ | 1,525.6 | 4.1 | % | 5.7 | % | ||||||||
Our acquisitions (Simplitium and SuranceBay within the underwriting category of the Insurance segment) and disposition (VMS) within the underwriting category of our Insurance segment) resulted in a net decrease in revenue of $21.7 million, while the remaining Insurance revenues increased $85.0 million or 5.7%. Our underwriting revenue increased $61.4 million or 5.9%, primarily due to an annual increase in prices derived from continued enhancements to the models and content of the solutions within our forms, rules and loss cost services, as well as selling expanded solutions to new and existing customers within catastrophe and risk solutions. Our claims revenue increased $23.6 million or 5.3%, primarily due to our anti-fraud analytics and property and restoration solutions.
Cost of Revenues
Cost of revenues was $470.0 million for the six months ended June 30, 2026 compared to $460.3 million for the six months ended June 30, 2025, an increase of $9.7 million or 2.1%. Our recent acquisitions and disposition accounted for a net decrease of $11.2 million in cost of revenues. The remaining increase of $20.9 million or 4.7% was primarily due to increases in salaries and employee benefits, and information technology expense, partially offset by a reduction in the provision for credit losses.
Selling, General and Administrative Expenses
Selling, general and administrative expenses were $238.1 million for the six months ended June 30, 2026 compared to $215.4 million for the six months ended June 30, 2025, an increase of $22.7 million or 10.5%. Our recent acquisitions, disposition, and AccuLynx related costs accounted for a net increase of $13.4 million in selling, general, and administrative expenses. The remaining increase of $9.3 million or 4.5% was primarily due to higher salaries and employee benefit expenses, and professional consulting fees.
Depreciation and Amortization of Fixed Assets
Depreciation and amortization of fixed assets were $136.2 million for the six months ended June 30, 2026 compared to $133.4 million for the six months ended June 30, 2025, an increase of $2.8 million or 2.1%. The increase was primarily due to internally developed software projects that were completed and placed into service.
Amortization of Intangible Assets
Amortization of intangible assets was $28.7 million and $32.1 million for the six months ended June 30, 2026 and 2025, respectively, a decrease of $3.4 million or 10.6%. The decrease was primarily due to the disposition of VMS and certain intangible assets becoming fully amortized, partially offset by an increase in amortization expense associated with our 2025 acquisitions.
Investment (Loss) Gain
Investment loss was $8.0 million for the six months ended June 30, 2026 compared to a gain of $11.7 million for the six months ended June 30, 2025, a change of $19.7 million. The loss for the six months ended June 30, 2026 was primarily driven by $6.5 million of losses from equity method investments, while the gain in the prior year period was primarily due to the effects of foreign currency fluctuations.
Interest Expense, net
Interest expense, net was $96.0 million for the six months ended June 30, 2026 compared to $71.8 million for the six months ended June 30, 2025, an increase of $24.2 million or 33.7%. The increase was primarily driven by higher interest expense related to the issuance of our 2031 and 2036 Senior Notes in February 2026, interest incurred on our Term Loan Facility, accelerated interest payments associated with the special mandatory redemption of the 4.500% 2030 Senior Notes and 5.125% 2036 Senior Notes, and lower interest income compared to the prior-year period.
Provision for Income Taxes
The provision for income taxes was $149.1 million and the effective tax rate was 24.4% for the six months ended June 30, 2026, compared to $138.7 million and 22.2% for the six months ended June 30, 2025, respectively. The increase in the effective tax rate was primarily due to lower tax benefits from equity compensation in the current period versus the prior period. The difference between statutory tax rates and our effective tax rate is primarily due to state and local taxes, partially offset by tax benefits attributable to equity compensation.
Net Income Margin
Net income was $462.8 million for the six months ended June 30, 2026 compared to $485.6 million for the six months ended June 30, 2025, a decrease of $22.8 million or 4.7%. The net income margin was 29.1% for the six months ended June 30, 2026 compared to 31.8% for the six months ended June 30, 2025. The decrease in net income margin was primarily driven by the increases in our effective tax rate and net interest expense, as well as the AccuLynx-related legal fees discussed above.
EBITDA Margin [1]
EBITDA was $872.8 million for the six months ended June 30, 2026 compared to $861.6 million for the six months ended June 30, 2025. The EBITDA margin for our consolidated results was 54.9% for the six months ended June 30, 2026 compared to 56.5% for the six months ended June 30, 2025. The decrease in EBITDA margin was primarily attributable to higher legal fees incurred in connection with the AccuLynx transaction, partially offset by revenue growth and continued cost discipline across our business.
[1] Note: Consolidated EBITDA margin, a non-GAAP measure, is calculated as a percentage of consolidated revenue. A reconciliation from net income to EBITDA is presented on page 25.
Liquidity and Capital Resources
As of June 30, 2026 and December 31, 2025, we had cash and cash equivalents and available-for-sale securities totaling $552.2 million and $2,178.9 million, respectively. We maintain our cash and cash equivalents in higher credit quality financial institutions in order to limit the amount of credit exposure. As of June 30, 2026 and December 31, 2025, a vast majority of our domestic cash and cash equivalents is with TD Bank, N.A. and JPMorgan Chase N.A.. Subscriptions for our solutions are billed and generally paid in advance of rendering services either quarterly or in full upon commencement of the subscription period, which is usually for one year. Subscriptions are automatically renewed at the beginning of each calendar year. We have historically generated significant cash flows from operations. As a result of this factor, as well as the availability of funds under our Syndicated Revolving Credit Facility, we expect that we will have sufficient cash to meet our working capital and capital expenditure needs and to fuel our future growth plans.
We have historically managed the business with a working capital deficit due to the fact that, as described above, we offer our solutions and services primarily through annual subscriptions or long-term contracts, which are generally prepaid quarterly or annually in advance of the services being rendered. When cash is received for prepayment of invoices, we record an asset (cash and cash equivalents) on our balance sheet with the offset recorded as a current liability (deferred revenues). This current liability is deferred revenue that does not require a direct cash outflow since our customers have prepaid and are obligated to purchase the services. In most businesses, growth in revenue typically leads to an increase in the accounts receivable balance causing a use of cash as a company grows. Unlike these businesses, our cash position is favorably affected by revenue growth, which results in a source of cash due to our customers prepaying for most of our services.
We have also historically used a portion of our cash for repurchases of our common stock from our stockholders. During the six months ended June 30, 2026 and 2025, we repurchased $1,827.0 million (inclusive of $255.1 million in treasury stock not yet settled) and $300.1 million, respectively, of our common stock. The repurchase of our common stock was funded using cash from operations and proceeds from our Syndicated Revolving Credit Facility and Term Loan Facility. For the six months ended June 30, 2026 and 2025, we also paid dividends of $130.9 million and $126.0 million, respectively.
Financing and Financing Capacity
We had total debt, excluding finance lease liabilities, unamortized discounts and premium, and debt issuance costs of $4,500.0 million and $4,750.0 million at June 30, 2026 and December 31, 2025, respectively, and we were in compliance with our financial and other covenants. The debt at June 30, 2026, primarily consists of senior notes issued in 2026, 2025, 2024, 2023, 2020, 2019, and 2015. Interest on the senior notes is payable semi-annually each year. The unamortized discount and debt issuance costs were recorded as "Short-term debt and current portion of long-term debt" and "Long-term debt" in the accompanying consolidated balance sheets, and will be amortized to "Interest expense" in the accompanying consolidated statements of operations within this Form 10-Q over the life of the respective senior notes. The indenture governing the senior notes restricts our ability to, among other things, create certain liens, enter into sale/leaseback transactions, and consolidate with, sell, lease, convey, or otherwise transfer all or substantially all of our assets, or merge with or into, any other person or entity. We have made, and may from time to time in the future make, optional repayments on our debt obligations, which may include repurchases or exchanges of our outstanding notes, depending on various factors, such as market conditions. Any such repurchases may be effected through privately negotiated transactions, market transactions, tender offers, redemptions or otherwise. See Note 6. for additional information on our financing activities.
We have a syndicated revolving credit facility ("Syndicated Revolving Credit Facility") with a borrowing capacity of $1,250.0 million with Bank of America N.A., HSBC Bank USA, N.A., The Toronto-Dominion Bank, N.A., Wells Fargo Bank, National Association, JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., and The Northern Trust Company. The Syndicated Revolving Credit Facility may be used for general corporate purposes, including working capital needs and capital expenditures, acquisitions, dividend payments, and the share repurchase program (the "Repurchase Program"). As of June 30, 2026, we were in compliance with all financial and other debt covenants under our Syndicated Revolving Credit Facility. During the first quarter, we drew $750.0 million under our Syndicated Revolving Credit Facility for share repurchases under the accelerated share repurchase agreements, general corporate purposes, and to pay related fees and expenses, and subsequently repaid the full amount prior to the end of the first quarter. As of June 30, 2026 and December 31, 2025, the available capacity under the Syndicated Revolving Credit Facility was $1,245.1 million and $1,245.4 million, which takes into account outstanding letters of credit of $4.9 million and $4.6 million, respectively.
On February 18, 2026, we entered into a term loan credit agreement (the “Term Loan Facility”) with Wells Fargo Bank, National Association. The Term Loan Facility provides for a 364-day senior unsecured delayed draw term loan facility in an aggregate committed principal amount of $500.0 million and carries an interest rate of SOFR plus 95 basis points or a base rate. The financial covenants require that, at the end of any fiscal quarter, we have a consolidated interest rate coverage ratio of not less than 3.00 to 1.00, and a maximum consolidated funded debt leverage ratio of not greater than 3.75 to 1.00. At our election, the maximum consolidated funded debt leverage ratio could be permitted to increase to 4.50 to 1.00 (no more than once) and to 4.25 to 1.00 (no more than once) in connection with the closing of a permitted acquisition. Proceeds of the Term Loan Facility, together with the $750.0 million borrowed under the Company's existing Syndicated Revolving Credit Facility, were used to finance share repurchases under the accelerated share repurchase agreements, to fund general corporate purposes, and to pay related fees and expenses. As of June 30, 2026, we had $250.0 million outstanding under the Term Loan Facility.
Cash Flow
The following table summarizes our cash flow data:
| Three Months Ended |
Six Months Ended |
|||||||||||||||||||||||
| June 30, |
June 30, |
|||||||||||||||||||||||
| 2026 |
2025 |
Percentage change |
2026 |
2025 |
Percentage change |
|||||||||||||||||||
| (in millions) |
(in millions) |
|||||||||||||||||||||||
| Net cash provided by operating activities |
$ | 366.0 | $ | 244.5 | 49.7 | % | $ | 756.4 | $ | 689.2 | 9.8 | % | ||||||||||||
| Net cash used in investing activities |
$ | (68.1 | ) | $ | (80.6 | ) | (15.5 | )% | $ | (132.5 | ) | $ | (138.4 | ) | (4.3 | )% | ||||||||
| Net cash used in financing activities |
$ | (269.0 | ) | $ | (659.0 | ) | (59.2 | )% | $ | (2,246.9 | ) | $ | (225.7 | ) | 895.5 | % | ||||||||
Operating Activities
Net cash provided by operating activities was $366.0 million for the three months ended June 30, 2026, compared to $244.5 million for the three months ended June 30, 2025, an increase of $121.5 million, or 49.7%. The increase in operating cash flow was primarily due to an increase in operating profit and the timing of certain vendor and cash tax payments.
Net cash provided by operating activities was $756.4 million for the six months ended June 30, 2026, compared to $689.2 million for the six months ended June 30, 2025, an increase of $67.2 million, or 9.8%. The increase in operating cash flow was primarily due to an increase in operating profit and an improvement in working capital, offset by higher cash tax payments, due to a tax refund received in the first quarter of the prior year that did not recur in the current year, and higher interest payments due to the issuance of senior notes in the second quarter of the prior year.
Investing Activities
Net cash used in investing activities was $68.1 million for the three months ended June 30, 2026, compared to $80.6 million for the three months ended June 30, 2025, a decrease of $12.5 million, or 15.5%. The decrease in investing cash outflows was primarily due to an acquisition and purchase of an additional controlling interest totaling $20.3 million and investments in non-public companies of $4.5 million in the prior year, partially offset by an increase of $12.3 million in capital expenditures.
Net cash used in investing activities was $132.5 million for the six months ended June 30, 2026, compared to $138.4 million for the six months ended June 30, 2025, a decrease of $5.9 million, or 4.3%. The decrease in investing cash outflows was primarily due to an acquisition and purchase of an additional controlling interest totaling $24.4 million in the prior year and lower investments in non-public companies compared to the prior year, partially offset by an increase of $22.6 million in capital expenditures.
Net cash used in financing activities was $269.0 million for the three months ended June 30, 2026, compared to $659.0 million for the three months ended June 30, 2025, a decrease of $390.0 million, or 59.2%. The decrease in financing cash outflows was primarily due to a repayment of debt of $500.0 million in the prior year, partially offset by an increase of $100.1 million of common stock repurchases (inclusive of treasury stock not yet settled) compared to prior year.
Net cash used in financing activities was $2,246.9 million for the six months ended June 30, 2026, compared to $225.7 million for the six months ended June 30, 2025, an increase of $2,021.2 million, or 895.5%. The increase in financing cash outflows was primarily due to an increase of $1,526.9 million of common stock repurchases (inclusive of treasury stock not yet settled). Additionally, there was a net repayment of debt of $266.0 million in the six months ended June 30, 2026, compared to net debt proceeds of $198.3 million in the six months ended June 30, 2025.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements.
Contractual Obligations
There have been no material changes to our contractual obligations outside the ordinary course of our business from those reported in our 2025 10-K.
Critical Accounting Estimates
Our management’s discussion and analysis of financial condition and results of operations are based on our condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and on other assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, including those related to stock-based compensation, internally developed software, goodwill and intangible assets, pension and other postretirement benefits, and income taxes. Actual results may differ from these assumptions or conditions. Some of the judgments that management makes in applying its accounting estimates in these areas are discussed under the heading "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our 2025 10-K. Since the date of our annual report on our 2025 10-K, there have been no material changes to our critical accounting policies and estimates.
| Quantitative and Qualitative Disclosures About Market Risk |
Market risks at June 30, 2026 have not materially changed from those discussed under Item 7A in our 2025 10-K dated and filed with the Securities and Exchange Commission on February 18, 2026.
| Controls and Procedures |
Disclosure Controls and Procedures
We are required to maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives at the reasonable assurance level.
Our management, with the participation of the Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this quarterly report on Form 10-Q. Based upon the foregoing assessments, our Chief Executive Officer and Chief Financial Officer have concluded that, as of June 30, 2026, our disclosure controls and procedures were effective at the reasonable assurance level.
Changes in Internal Control over Financial Reporting
During the three months ended June 30, 2026 there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
| Legal Proceedings |
We are party to legal proceedings with respect to a variety of matters in the ordinary course of business. See Part I Item 1. Note 12. Commitments and Contingencies, to our condensed consolidated financial statements for the six months ended June 30, 2026 for a description of our significant current legal proceedings.
| Risk Factors |
There has been no material change in the information provided under the heading “Risk Factors” in our annual report on our 2025 10-K.
| Unregistered Sales of Equity Securities and Use of Proceeds |
Recent Sales of Unregistered Securities
We did not have any unregistered sales of equity securities during the period covered by this report.
Issuer Purchases of Equity Securities
Under the Repurchase Program, we may repurchase stock in the market or as otherwise determined by us. These authorizations have no expiration dates and may be suspended or terminated at any time. On February 13, 2026, our Board of Directors approved to increase the total share repurchase authorization to $2.5 billion, inclusive of the then remaining authorization. As of June 30, 2026, we had $800.0 million in remaining authorization available to repurchase shares. Our share repurchases for the quarter ended June 30, 2026 are set forth below:
| Period |
Total Number of Shares Purchased |
Average Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs |
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| (in millions) |
||||||||||||||||
| April 1, 2026 through April 30, 2026 |
— | $ | — | — | $ | 1,000.0 | ||||||||||
| May 1, 2026 through May 31, 2026 |
— | $ | — | — | $ | 1,000.0 | ||||||||||
| June 1, 2026 through June 30, 2026 |
949,190 | (1) |
$ | 179.10 | 949,190 | $ | 800.0 | |||||||||
| 949,190 | 949,190 | |||||||||||||||
| (1) | In June 2026, we entered into the June ASR Agreements to repurchase shares of our common stock for an aggregate purchase price of $200.0 million with HSBC Bank USA and Wells Fargo Bank, National Association. Upon the payment of the aggregate purchase price on June 3, 2026, we received an initial delivery of 949,190 shares of our common stock at an initial price of $179.10, representing approximately 85 percent of the aggregate purchase price. The total number of shares purchased pursuant to the June ASR Agreements will be based on the volume-weighted average prices of our common stock on specified dates during the term of the June ASR Agreements, less a discount, and subject to adjustments pursuant to the terms and conditions of the June ASR Agreements. The June ASR Agreements were finalized and settled in July 2026, at which time all rights and obligations under the agreements were satisfied in accordance with their terms. |
| Defaults Upon Senior Securities |
None.
| Mine Safety Disclosures |
None.
| Other Information |
Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements
During the fiscal quarter ended June 30, 2026, the following Section 16 officers and directors adopted, modified or terminated a “Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K of the Exchange Act):
| ● | , , a new trading plan on (with the first trade under the new plan scheduled for a date on or after September 4, 2026). The trading plan will be effective until to sell up to |
There were “non-Rule 10b5-1 trading arrangements” (as defined in Item 408 of Regulation S-K of the Exchange Act) adopted, modified or terminated during the fiscal quarter ended June 30, 2026 by Section 16 officers and directors. Each of the Rule 10b5-1 trading arrangements is in accordance with our Insider Trading Policy and actual sale transactions made pursuant to such trading arrangements will be disclosed publicly in Section 16 filings with the SEC in accordance with applicable securities laws, rules and regulations.
| Exhibits |
See Exhibit Index.
| Exhibit Number |
Description |
|
| 31.1 |
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| 31.2 |
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| 32.1 |
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| 101.INS |
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.* |
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| 101.SCH |
Inline XBRL Taxonomy Extension Schema.* |
|
| 101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase.* |
|
| 101.DEF |
Inline XBRL Taxonomy Definition Linkbase.* |
|
| 101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase.* |
|
| 101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase.* |
|
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).* |
| * |
Filed herewith. |
| ** | Furnished and not filed herewith. |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Verisk Analytics, Inc. |
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| (Registrant) |
|||
| Date: July 29, 2026 |
By: |
/s/ Elizabeth D. Mann |
|
| Elizabeth D. Mann |
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| Chief Financial Officer |
|||
| (Principal Financial Officer and Duly Authorized Officer) |
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Exhibit 31.1
CERTIFICATION
I, Lee M. Shavel, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Verisk Analytics, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: July 29, 2026 |
/s/ Lee M. Shavel |
|
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Lee M. Shavel |
|
|
Chief Executive Officer |
Exhibit 31.2
CERTIFICATION
I, Elizabeth D. Mann, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Verisk Analytics, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: July 29, 2026 |
/s/ Elizabeth D. Mann |
|
|
Elizabeth D. Mann |
|
|
Chief Financial Officer |
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
The certification set forth below is being submitted in connection with the quarterly report on Form 10-Q of Verisk Analytics, Inc. for the period ended June 30, 2026, as filed with the Securities and Exchange Commission (the “Report”), for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code.
Lee M. Shavel, our Chief Executive Officer, and Elizabeth D. Mann, our Chief Financial Officer, each certifies that to the best of his or her knowledge:
1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and
2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of our operations.
|
|
/s/ Lee M. Shavel |
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|
Lee M. Shavel |
|
|
Chief Executive Officer |
|
|
|
|
|
/s/ Elizabeth D. Mann |
|
|
Elizabeth D. Mann |
|
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Chief Financial Officer |
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Date: July 29, 2026