# EDGAR Filing Document

**Accession Number:** 0001442145
**File Stem:** 0001437749-25-032073
**Filing Date:** 2025-10
**Character Count:** 171752
**Document Hash:** e7ea58677748ef556a8bcc10cbe1604a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-032073.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001437749-25-032073

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Verisk Analytics, Inc.
- **CENTRAL INDEX KEY:** 0001442145
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 262994223
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34480
- **FILM NUMBER:** 251426836

**BUSINESS ADDRESS:**
- **STREET 1:** 545 WASHINGTON BOULEVARD
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07310-1686
- **BUSINESS PHONE:** 201-469-2000

**MAIL ADDRESS:**
- **STREET 1:** 545 WASHINGTON BOULEVARD
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07310-1686

?xml version='1.0' encoding='ASCII'? vrsk20250930_10q.htm

[**Table of Contents**](#toc)

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM 10-Q**

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☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 30, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from** <u>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**</u> **to** <u>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**</u>

**Commission File Number: 001-34480**

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## VERISK ANALYTICS, INC.
**(Exact name of registrant as specified in its charter)**

------

---

| | |
|:---|:---|
| **Delaware** | **26-2994223** |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |
| **545 Washington Boulevard** |  |
| **Jersey City** |  |
| **NJ** | **07310-1686** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(201) 469-3000**

**(Registrant's telephone number, including area code)**

<u>Securities registered pursuant to Section 12(b) of the Act:</u>

---

| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange where registered</u> |
| <u>Common Stock $.001 par value</u> | <u>VRSK</u> | <u>NASDAQ Global Select Market</u> |

---

------

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.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

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).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

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.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | 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).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

As of October 24, 2025, there were 139,372,570 shares outstanding of the registrant's Common Stock, par value $.001.

------

[**Table of Contents**](#toc)

**Verisk Analytics, Inc.**

**Index to Form 10-Q**

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page Number** |
| **PART I — FINANCIAL INFORMATION** | **PART I — FINANCIAL INFORMATION** |
| [**Item 1. Financial Statements (unaudited)**](#finstatements) |  |
| [Condensed Consolidated Balance Sheets](#parti) | [1](#finstatements) |
| [Condensed Consolidated Statements of Operations](#ops) | [2](#ops) |
| [Condensed Consolidated Statements of Comprehensive Income](#conops) | [3](#conops) |
| [Condensed Consolidated Statements of Changes in Stockholders' Equity](#equity) | [4](#equity) |
| [Condensed Consolidated Statements of Cash Flows](#cf) | [6](#cf) |
| [Notes to Condensed Consolidated Financial Statements](#notes) | [7](#notes) |
| [**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**](#mda) | [27](#mda) |
| [**Item 3. Quantitative and Qualitative Disclosures About Market Risk**](#item3) | [37](#item3) |
| [**Item 4. Controls and Procedures**](#item4) | [37](#item4) |
| **PART II — OTHER INFORMATION** | **PART II — OTHER INFORMATION** |
| [**Item 1. Legal Proceedings**](#item1) | [38](#item1) |
| [**Item 1A. Risk Factors**](#item1a) | [38](#item1a) |
| [**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**](#item2) | [38](#item2) |
| [**Item 3. Defaults Upon Senior Securities**](#itemthree) | [39](#itemthree) |
| [**Item 4. Mine Safety Disclosures**](#itemfour) | [39](#itemfour) |
| [**Item 5. Other Information**](#item5) | [39](#item5) |
| [**Item 6. Exhibits**](#item6) | [39](#item6) |
| [**SIGNATURES**](#signatures) | [41](#signatures) |
| **Exhibit 31.1** |  |
| **Exhibit 31.2** |  |
| **Exhibit 32.1** |  |

---

------

[**Table of Contents**](#toc)

**PART I — FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**VERISK ANALYTICS, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | ***September 30, 2025*** | ***December 31, 2024*** |
|  | **(in millions, except for share and per share data)** | **(in millions, except for share and per share data)** |
| ***ASSETS:*** | ***ASSETS:*** | ***ASSETS:*** |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $2107.9 | $291.2 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net of allowance for doubtful accounts of $33.9 and $22.5, respectively | 436.8 | 434.4 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 85.2 | 72.8 |
| &nbsp;&nbsp;&nbsp; Income taxes receivable | 35.8 | 83.3 |
| &nbsp;&nbsp;&nbsp; Other current assets | 29.4 | 29.9 |
| Total current assets | 2695.1 | 911.6 |
| Noncurrent assets: |  |  |
| &nbsp;&nbsp;&nbsp; Fixed assets, net | 591.0 | 605.9 |
| &nbsp;&nbsp;&nbsp; Operating lease right-of-use assets, net | 143.9 | 156.0 |
| &nbsp;&nbsp;&nbsp; Intangible assets, net | 447.6 | 392.4 |
| &nbsp;&nbsp;&nbsp; Goodwill | 1878.6 | 1726.6 |
| &nbsp;&nbsp;&nbsp; Deferred income tax assets | 36.7 | 34.3 |
| &nbsp;&nbsp;&nbsp; Other noncurrent assets | 449.0 | 437.9 |
| Total assets | $6241.9 | $4264.7 |
| ***LIABILITIES AND STOCKHOLDERS' EQUITY:*** | ***LIABILITIES AND STOCKHOLDERS' EQUITY:*** | ***LIABILITIES AND STOCKHOLDERS' EQUITY:*** |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | $229.2 | $249.8 |
| &nbsp;&nbsp;&nbsp; Short-term debt and current portion of long-term debt | 1488.9 | 514.2 |
| &nbsp;&nbsp;&nbsp; Deferred revenues | 505.0 | 447.2 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities | 26.7 | 26.0 |
| &nbsp;&nbsp;&nbsp; Income taxes payable | 9.2 | 1.7 |
| Total current liabilities | 2259.0 | 1238.9 |
| Noncurrent liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Long-term debt | 3229.2 | 2546.9 |
| &nbsp;&nbsp;&nbsp; Deferred income tax liabilities | 209.8 | 191.6 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities | 144.0 | 158.7 |
| &nbsp;&nbsp;&nbsp; Other noncurrent liabilities | 22.4 | 23.6 |
| Total liabilities | 5864.4 | 4159.7 |
| Commitments and contingencies (Note 16) |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp; Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares issued; 139,370,402 and 140,414,637 shares outstanding, respectively | 0.1 | 0.1 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 3095.8 | 2994.0 |
| &nbsp;&nbsp;&nbsp; Treasury stock, at cost, 404,632,636 and 403,588,401 shares, respectively | (10497.0) | (10062.4) |
| &nbsp;&nbsp;&nbsp; Retained earnings | 7675.9 | 7153.4 |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive income | 101.9 | 15.0 |
| Total Verisk stockholders' equity | 376.7 | 100.1 |
| &nbsp;&nbsp;&nbsp; Noncontrolling interests | 0.8 | 4.9 |
| Total stockholders' equity | 377.5 | 105.0 |
| Total liabilities and stockholders' equity | $6241.9 | $4264.7 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1

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[**Table of Contents**](#toc)

**VERISK ANALYTICS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended September 30,*** | ***Three Months Ended September 30,*** | ***Nine Months Ended September 30,*** | ***Nine Months Ended September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
|  | **(in millions, except for share and per share data)** | **(in millions, except for share and per share data)** | **(in millions, except for share and per share data)** | **(in millions, except for share and per share data)** |
| Revenues | $768.3 | $725.3 | $2293.9 | $2146.1 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of revenues (exclusive of items shown separately below) | 229.5 | 223.4 | 689.8 | 670.6 |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative | 110.6 | 114.0 | 326.0 | 308.4 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization of fixed assets | 64.0 | 58.1 | 197.4 | 174.5 |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets | 18.3 | 18.3 | 50.4 | 55.0 |
| Total operating expenses, net | 422.4 | 413.8 | 1263.6 | 1208.5 |
| Operating income | 345.9 | 311.5 | 1030.3 | 937.6 |
| Other (expense) income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net gain on early extinguishment of debt |  |  |  | 3.6 |
| &nbsp;&nbsp;&nbsp; Investment (loss) gain | (1.6) | 5.9 | 10.1 | 102.4 |
| &nbsp;&nbsp;&nbsp; Interest expense, net | (42.2) | (32.1) | (114.0) | (90.1) |
| Total other (expense) income, net | (43.8) | (26.2) | (103.9) | 15.9 |
| Income before income taxes | 302.1 | 285.3 | 926.4 | 953.5 |
| &nbsp;&nbsp;&nbsp; Provision for income taxes | (76.6) | (65.3) | (215.3) | (206.3) |
| Net income | 225.5 | 220.0 | 711.1 | 747.2 |
| &nbsp;&nbsp;&nbsp; Less: Net loss attributable to noncontrolling interests |  | 0.1 |  | 0.6 |
| Net income attributable to Verisk | $225.5 | $220.1 | $711.1 | $747.8 |
| Basic net income per share attributable to Verisk: | $1.62 | $1.55 | $5.08 | $5.24 |
| Diluted net income per share attributable to Verisk: | $1.61 | $1.54 | $5.06 | $5.22 |
| Weighted-average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | 139509985 | 141778551 | 139874142 | 142594074 |
| &nbsp;&nbsp;&nbsp; Diluted | 139941935 | 142511476 | 140407010 | 143259411 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2

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[**Table of Contents**](#toc)

**VERISK ANALYTICS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended September 30,*** | ***Three Months Ended September 30,*** | ***Nine Months Ended September 30,*** | ***Nine Months Ended September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
|  | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Net income | $225.5 | $220 | $711.1 | $747.2 |
| Other comprehensive (loss) income, net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | (14.9) | 47.1 | 84.4 | 31.4 |
| &nbsp;&nbsp;&nbsp; Pension and postretirement liability adjustment | 1 | 0.8 | 2.8 | 2.5 |
| Total other comprehensive (loss) income | (13.9) | 47.9 | 87.2 | 33.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive income | 211.6 | 267.9 | 798.3 | 781.1 |
| &nbsp;&nbsp;&nbsp; Less: Comprehensive loss (income) attributable to noncontrolling interests | 0.1 | (0.2) | (0.3) | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive income attributable to Verisk | $211.7 | $267.7 | $798 | $780 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3

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[**Table of Contents**](#toc)

**VERISK ANALYTICS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)**

**For The Three Months Ended September 30, 2025 and 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ***Common Stock Issued*** | ***Par Value*** | ***Additional Paid-in Capital*** | ***Treasury Stock*** | ***Retained Earnings*** | ***Accumulated Other Comprehensive Income*** | ***Total Verisk Stockholders' Equity*** | ***Noncontrolling Interests*** | ***Total Stockholders' Equity*** |
|  | **(in millions, except for share data)** | **(in millions, except for share data)** | **(in millions, except for share data)** | **(in millions, except for share data)** | **(in millions, except for share data)** | **(in millions, except for share data)** | **(in millions, except for share data)** | **(in millions, except for share data)** | **(in millions, except for share data)** |
| Balance, July 1, 2025 | 544003038 | $0.1 | $3080.3 | $(10397.6) | $7513.2 | $115.7 | $311.7 | $0.9 | $312.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | *—* |  |  |  | 225.5 |  | 225.5 |  | 225.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive loss | *—* |  |  |  |  | (13.8) | (13.8) | (0.1) | (13.9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in noncontrolling interests | *—* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock dividend <sup>(1)</sup> | *—* |  |  |  | (62.8) |  | (62.8) |  | (62.8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury stock acquired (370,103 shares) | *—* |  |  | (100.1) |  |  | (100.1) |  | (100.1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Excise tax associated with share repurchases | *—* |  |  | (0.4) |  |  | (0.4) |  | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock options exercised (31,049 shares transferred from treasury stock) | *—* |  | 3 | 0.9 |  |  | 3.9 |  | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance share units ("PSU") lapsed | *—* |  |  |  |  |  |  |  |  |
| Restricted stock ("RSAs") lapsed (2,559 shares transferred from treasury stock) | *—* |  | (0.1) | 0.1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense | *—* |  | 12.1 |  |  |  | 12.1 |  | 12.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net share settlement from RSAs and PSUs (1,671 shares withheld for tax settlement) | *—* |  | (0.5) |  |  |  | (0.5) |  | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other stock issuances (6,063 shares transferred from treasury stock) | *—* |  | 1 | 0.1 |  |  | 1.1 |  | 1.1 |
| Balance, September 30, 2025 | 544003038 | $0.1 | $3095.8 | $(10497.0) | $7675.9 | $101.9 | $376.7 | $0.8 | $377.5 |
| Balance, July 1, 2024 | 544003038 | $0.1 | $2942.8 | $(9389.2) | $6833.3 | $43.3 | $430.3 | $5 | $435.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | *—* |  |  |  | 220.1 |  | 220.1 | (0.1) | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income | *—* |  |  |  |  | 47.6 | 47.6 | 0.2 | 47.8 |
| Investment in noncontrolling interests | *—* |  |  |  |  | 0.1 | 0.1 |  | 0.1 |
| Common stock dividend <sup>(1)</sup> | *—* |  |  |  | (55.3) |  | (55.3) |  | (55.3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury stock acquired (1,371,626 shares) | *—* |  | 22.5 | (422.7) |  |  | (400.2) |  | (400.2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury stock shares repurchased not yet settled | *—* |  | (60.0) | 60 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Excise tax associated with share repurchases | *—* |  |  | (2.8) |  |  | (2.8) |  | (2.8) |
| Stock options exercised (300,026 shares transferred from treasury stock) | *—* |  | 40.3 | 7.3 |  |  | 47.6 |  | 47.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restricted stock ("RSAs") lapsed (2,089 shares transferred from treasury stock) | *—* |  | (0.1) | 0.1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense | *—* |  | 11.6 |  |  |  | 11.6 |  | 11.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net share settlement from RSAs (1,652 shares withheld for tax settlement) | *—* |  | (0.4) |  |  |  | (0.4) |  | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other stock issuances (5,642 shares transferred from treasury stock) | *—* |  | 1 |  |  |  | 1 |  | 1 |
| Balance, September 30, 2024 | 544003038 | $0.1 | $2957.7 | $(9747.3) | $6998.1 | $91 | $299.6 | $5.1 | $304.7 |

---

_______________

<sup>(1)</sup> Refer to [Note 11](#note11). Stockholders' Equity for discussion related to quarterly cash dividends declared per share

The accompanying notes are an integral part of these condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4

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[**Table of Contents**](#toc)

**VERISK ANALYTICS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)**

**For The Nine Months Ended September 30, 2025 and 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ***Common Stock Issued*** | ***Par Value*** | ***Additional Paid-in Capital*** | ***Treasury Stock*** | ***Retained Earnings*** | ***Accumulated Other Comprehensive Income*** | ***Total Verisk Stockholders' Equity*** | ***Noncontrolling Interests*** | ***Total Stockholders' Equity*** |
|  | **(in millions, except for share data)** | **(in millions, except for share data)** | **(in millions, except for share data)** | **(in millions, except for share data)** | **(in millions, except for share data)** | **(in millions, except for share data)** | **(in millions, except for share data)** | **(in millions, except for share data)** | **(in millions, except for share data)** |
| Balance, January 1, 2025 | 544003038 | $0.1 | $2994.0 | $(10062.4) | $7153.4 | $15.0 | $100.1 | $4.9 | $105.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | *—* |  |  |  | 711.1 |  | 711.1 |  | 711.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income | *—* |  |  |  |  | 86.9 | 86.9 | 0.3 | 87.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in noncontrolling interests | *—* |  | (0.7) |  |  |  | (0.7) | (4.4) | (5.1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock dividend <sup>(1)</sup> | *—* |  |  |  | (188.6) |  | (188.6) |  | (188.6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury stock acquired (1,577,262 shares) | *—* |  | 45.0 | (445.2) |  |  | (400.2) |  | (400.2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Excise tax associated with share repurchases | *—* |  |  | (2.9) |  |  | (2.9) |  | (2.9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock options exercised (380,952 shares transferred from treasury stock) | *—* |  | 41.8 | 9.7 |  |  | 51.5 |  | 51.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSUs lapsed (63,469 shares transferred from treasury stock) | *—* |  | (1.6) | 1.6 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RSAs lapsed (71,202 shares transferred from treasury stock) | *—* |  | (1.8) | 1.8 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense | *—* |  | 41.8 |  |  |  | 41.8 |  | 41.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net share settlement from RSAs and PSUs (91,272 shares withheld for tax settlement) | *—* |  | (26.0) |  |  |  | (26.0) |  | (26.0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other stock issuances (17,404 shares transferred from treasury stock) | *—* |  | 3.3 | 0.4 |  |  | 3.7 |  | 3.7 |
| Balance, September 30, 2025 | 544003038 | $0.1 | $3095.8 | $(10497.0) | $7675.9 | $101.9 | $376.7 | $0.8 | $377.5 |
| Balance, January 1, 2024 | 544003038 | $0.1 | $2872.3 | $(9037.5) | $6416.9 | $58.2 | $310.0 | $12.2 | $322.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | *—* |  |  |  | 747.8 |  | 747.8 | (0.6) | 747.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income | *—* |  |  |  |  | 32.1 | 32.1 | 1.1 | 33.2 |
| Investment in noncontrolling interests | *—* |  | (7.0) |  |  | 0.7 | (6.3) | (7.6) | (13.9) |
| Common stock dividend <sup>(1)</sup> | *—* |  |  |  | (166.6) |  | (166.6) |  | (166.6) |
| Treasury stock acquired (2,895,946 shares) | *—* |  | 37.5 | (787.9) |  |  | (750.4) |  | (750.4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury stock shares repurchased not yet settled | *—* |  | (60.0) | 60.0 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Excise tax associated with share repurchases | *—* |  |  | (4.8) |  |  | (4.8) |  | (4.8) |
| Stock options exercised (873,272 shares transferred from treasury stock) | *—* |  | 90.1 | 20.4 |  |  | 110.5 |  | 110.5 |
| PSUs lapsed (27,819 shares transferred from treasury stock) | *—* |  | (0.6) | 0.6 |  |  |  |  |  |
| RSAs lapsed (65,351 shares transferred from treasury stock) | *—* |  | (1.5) | 1.5 |  |  |  |  |  |
| Stock-based compensation expense | *—* |  | 37.2 |  |  |  | 37.2 |  | 37.2 |
| Net share settlement from RSAs (54,629 shares withheld for tax settlement) | *—* |  | (13.0) |  |  |  | (13.0) |  | (13.0) |
| Other stock issuances (17,520 shares transferred from treasury stock) | *—* |  | 2.7 | 0.4 |  |  | 3.1 |  | 3.1 |
| Balance, September 30, 2024 | 544003038 | $0.1 | $2957.7 | $(9747.3) | $6998.1 | $91.0 | $299.6 | $5.1 | $304.7 |

---

_______________

<sup>(1)</sup> Refer to [Note 11](#note11). Stockholders' Equity for discussion related to quarterly cash dividends declared per share

The accompanying notes are an integral part of these condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5

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**VERISK ANALYTICS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended September 30,*** | ***Three Months Ended September 30,*** | ***Nine Months Ended September 30,*** | ***Nine Months Ended September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
|  | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Cash flows from operating activities: |  |  |  |  |
| Net income | $225.5 | $220 | $711.1 | $747.2 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization of fixed assets | 64 | 58.1 | 197.4 | 174.5 |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets | 18.3 | 18.3 | 50.4 | 55 |
| &nbsp;&nbsp;&nbsp; Amortization of debt issuance costs and original issue discount, net of original issue premium | 0.9 | 0.9 | 2.3 | 2.2 |
| &nbsp;&nbsp;&nbsp; Provision for doubtful accounts | 2.5 | 4.3 | 13.9 | 11.2 |
| &nbsp;&nbsp;&nbsp; Net gain on early extinguishment of debt |  |  |  | (3.6) |
| &nbsp;&nbsp;&nbsp; Impairment of cost-based investments |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp; Stock-based compensation expense | 12.1 | 11.6 | 41.8 | 37.2 |
| &nbsp;&nbsp;&nbsp; Net gain upon settlement of investment in non-public companies |  |  |  | (98.3) |
| &nbsp;&nbsp;&nbsp; Deferred income taxes | 29.9 | (8.2) | 10.6 | (26.0) |
| &nbsp;&nbsp;&nbsp; Loss on disposal of fixed assets |  | 7.5 |  | 7.7 |
| &nbsp;&nbsp;&nbsp; Gain on lease modification |  | (1.9) |  | (1.9) |
| &nbsp;&nbsp;&nbsp; Acquisition related liability adjustment |  |  | (1.6) |  |
| &nbsp;&nbsp;&nbsp; Other operating | 2.9 |  | (8.3) |  |
| Changes in assets and liabilities, net of effects from acquisitions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable | 173.1 | 31.6 | (6.6) | (120.2) |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | (8.4) | 7.9 | (5.3) | 33.1 |
| &nbsp;&nbsp;&nbsp; Operating lease right-of-use assets, net | 6.6 | 9.5 | 18 | 23.2 |
| &nbsp;&nbsp;&nbsp; Income taxes | (5.0) | (3.5) | 55.5 | 13.8 |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | 54.5 | 32.9 | (14.6) | (66.1) |
| &nbsp;&nbsp;&nbsp; Deferred revenues | (165.3) | (75.7) | 52.8 | 122.2 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities | (8.3) | (14.9) | (20.4) | (26.7) |
| &nbsp;&nbsp;&nbsp; Other liabilities | 0.2 | (2.2) | (4.3) | 3.1 |
| Net cash provided by operating activities | 403.5 | 296.2 | 1092.7 | 888.6 |
| Cash flows from investing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Acquisitions and purchase of additional controlling interest, net of cash acquired of $4.6, $0.0, $4.9, and $1.8, respectively | (160.4) |  | (184.8) | (23.4) |
| &nbsp;&nbsp;&nbsp; Investments in non-public companies | (4.0) | (0.9) | (8.5) | (0.4) |
| &nbsp;&nbsp;&nbsp; Proceeds received upon settlement of investment in non-public companies |  |  |  | 112.1 |
| &nbsp;&nbsp;&nbsp; Capital expenditures | (67.4) | (55.5) | (176.9) | (168.5) |
| &nbsp;&nbsp;&nbsp; Escrow (funding) release associated with acquisitions | (2.7) | 3.8 | (2.7) | 3.8 |
| Net cash used in investing activities | (234.5) | (52.6) | (372.9) | (76.4) |
| Cash flows from financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from issuance of long-term debt, net of original discount |  |  | 698.3 | 590.2 |
| &nbsp;&nbsp;&nbsp; Proceeds from the issuance of short-term debt | 1497.9 |  | 1497.9 |  |
| &nbsp;&nbsp;&nbsp; Payment of debt issuance costs | (19.2) |  | (25.4) | (5.6) |
| &nbsp;&nbsp;&nbsp; Repayment of current portion of long-term debt |  |  | (500.0) |  |
| &nbsp;&nbsp;&nbsp; Payment on early extinguishment of debt |  |  |  | (396.4) |
| &nbsp;&nbsp;&nbsp; Repurchases of common stock | (100.1) | (340.0) | (400.2) | (690.0) |
| &nbsp;&nbsp;&nbsp; Share repurchases not yet settled |  | (60.0) |  | (60.0) |
| &nbsp;&nbsp;&nbsp; Payment of contingent liability related to acquisition |  |  |  | (8.5) |
| &nbsp;&nbsp;&nbsp; Payment of excise tax |  |  | (7.6) |  |
| &nbsp;&nbsp;&nbsp; Proceeds from stock options exercised | 3.7 | 47.4 | 51.3 | 110.6 |
| &nbsp;&nbsp;&nbsp; Net share settlement of taxes from restricted stock and performance share awards | (0.5) | (0.4) | (26.0) | (13.0) |
| &nbsp;&nbsp;&nbsp; Dividends paid | (62.6) | (55.3) | (188.6) | (166.6) |
| &nbsp;&nbsp;&nbsp; Other financing activities, net | (13.9) | (13.0) | (20.1) | (18.9) |
| Net cash provided by (used in) financing activities | 1305.3 | (421.3) | 1079.6 | (658.2) |
| &nbsp;&nbsp;&nbsp; Effect of exchange rate changes | 4.9 | 3.6 | 17.3 | 1.3 |
| Net increase (decrease) in cash and cash equivalents | 1479.2 | (174.1) | 1816.7 | 155.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents, beginning of period | 628.7 | 632.1 | 291.2 | 302.7 |
| Cash and cash equivalents, end of period | $2107.9 | $458 | $2107.9 | $458 |
| Supplemental disclosures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Income taxes paid | $51.7 | $77 | $149 | $218.4 |
| &nbsp;&nbsp;&nbsp; Interest paid | $24.9 | $7.9 | $84.8 | $63 |
| Noncash investing and financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Deferred tax liability established on date of acquisition | $— | $— | $2.5 | $1.4 |
| &nbsp;&nbsp;&nbsp; Finance lease additions | $2.2 | $5.9 | $4 | $28.4 |
| &nbsp;&nbsp;&nbsp; Operating lease additions (terminations), net | $2.2 | $(9.5) | $3.8 | $(5.7) |
| &nbsp;&nbsp;&nbsp; Fixed assets included in accounts payable and accrued liabilities | $0.1 | $— | $0.2 | $— |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6

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**VERISK ANALYTICS, INC.**

**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, extreme 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 these accounting principles 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 stock options and performance share units granted, and assets and liabilities for pension and postretirement benefits. Actual results *may* ultimately differ from those estimates.

Our condensed consolidated financial statements as of *September 30, 2025* and for the *three* and *nine* months ended *September 30, 2025* and *2024*, 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 *nine* months ended *September 30, 2025* 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 *nine* months ended *September 30, 2025* 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, 2024*. 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 Taxes (Topic *740*) In *December 2023,* the FASB issued Accounting Standards Update ("ASU") *No. 2023*-*09,* Improvements to Income Tax Disclosures ("ASU *No. 2023*-*09"*) | The amendments within ASU *No. 2023*-*09* address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This Update also includes certain other amendments to improve the effectiveness of income tax disclosures | The ASU's amendments are effective for public business entities for fiscal years beginning after *December 15, 2024.* Early adoption is permitted. | We plan to adopt ASU *2023*-*09* within our *December 31, 2025* financial statements. The adoption of this guidance is *not* expected to have a material impact on our condensed consolidated financial statements. |
| Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic *220*-*40*) In *November 2024,* the FASB issued Accounting Standards Update ("ASU") *No. 2024*-*03,* Disaggregation of Income Statement Expenses ("ASU *No. 2024*-*03"*) | The amendments in ASU *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,* and interim period reporting beginning in fiscal *2028* on a prospective basis. | We are currently evaluating the impact that the adoption of this standard will have on its condensed consolidated financial statements. |
| Intangibles - Goodwill and Other - Internal Use Software (Subtopic *350*-*40*) In *September 2025,* the FASB issued Accounting Standards Update ("ASU") *No. 2025*-*06,* Targeted Improvements to the Accounting for Internal-Use Software ("ASU *No. 2024*-*03"*) | ASU *2025*-*06* modernizes the accounting for internal-use software under ASC *350*-*40* by aligning it with current development practices, especially agile and iterative methods. It clarifies when to begin capitalizing costs, improves operability across different development approaches, and enhances disclosure requirements. | This update is effective for interim and annual periods beginning after *December 15, 2027,* with early adoption permitted. | We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *7*

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***3.* Revenues:**

Disaggregated revenues by type of service and by country are provided below for the *three* and *nine* months ended *September 30, 2025* and *2024*. *No* individual customer or country outside of the U.S. accounted for *10%* or more of our consolidated revenues for the *three* and *nine* months ended *September 30, 2025* or *2024*.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended September 30,*** | ***Three Months Ended September 30,*** | ***Nine Months Ended September 30,*** | ***Nine Months Ended September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Insurance: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Underwriting | $542.1 | $506.9 | $1623.7 | $1512.8 |
| &nbsp;&nbsp;&nbsp; Claims | 226.2 | 218.4 | 670.2 | 633.3 |
| Total revenues | $768.3 | $725.3 | $2293.9 | $2146.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended September 30,*** | ***Three Months Ended September 30,*** | ***Nine Months Ended September 30,*** | ***Nine Months Ended September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; United States | $631.9 | $604.1 | $1880.9 | $1778.8 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 63.7 | 53.3 | 186.8 | 156.2 |
| &nbsp;&nbsp;&nbsp; Other countries | 72.7 | 67.9 | 226.2 | 211.1 |
| Total revenues | $768.3 | $725.3 | $2293.9 | $2146.1 |

---

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 *September 30, 2025* and *December 31, 2024*, we had no contract assets. 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 *September 30, 2025* and *December 31, 2024*, 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 $507.0 million and $451.1 million, respectively. Contract liabilities, which are current and noncurrent, are included in "Deferred revenues" and "Other noncurrent liabilities" in our condensed consolidated balance sheets, as of *September 30, 2025* and *December 31, 2024*.

The following is a summary of the change in contract liabilities from *December 31, 2024* through *September 30, 2025*:

---

| | |
|:---|:---|
| Contract liabilities at December 31, 2024 | $451.1 |
| &nbsp;&nbsp;&nbsp; Additions to contract liabilities | 2347.5 |
| &nbsp;&nbsp;&nbsp; Total revenues | (2293.9) |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | 2.3 |
| Contract liabilities at September 30, 2025 | $507.0 |

---

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 99% and 98%of the balance at *September 30, 2025* and *December 31, 2024*, respectively.

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 *September 30, 2025* and *December 31, 2024*, we had deferred commissions of $80.4 million and $78.5 million, respectively, which have been included in "Prepaid expenses" and "Other noncurrent assets" in our accompanying condensed consolidated balance sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *8*

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***4.* Investments and Fair Value Measurements:**

We have certain assets and liabilities that are reported at fair value in our accompanying condensed consolidated balance sheets. To increase consistency and comparability of assets and liabilities recorded at fair value, 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. ASC *820*-*10* requires disclosures detailing the extent to which companies measure assets and liabilities at fair value, the methods and assumptions used to measure fair value, and the effect of fair value measurements on earnings. In accordance with ASC *820*-*10,* we applied the following fair value hierarchy:

---

| | |
|:---|:---|
| 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. Our investments in registered investment companies, which are Level *1* assets measured at fair value on a recurring basis, was $0.7 million and $1.2 million as of *September 30, 2025* and *December 31, 2024*, respectively. Our investments in registered investment companies are valued using quoted prices in active markets multiplied by the number of shares owned and were included in "Other current assets" in our accompanying condensed consolidated balance sheets.

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 *September 30, 2025* and *December 31, 2024*, respectively:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | ***Fair Value*** | ***Carrying*** | ***Estimated*** | ***Carrying*** | ***Estimated*** |
|  | ***Hierarchy*** | ***Value*** | ***Fair Value*** | ***Value*** | ***Fair Value*** |
| Financial instruments not carried at fair value: |  |  |  |  |  |
| Senior notes (Note 9) | *Level 2* | $4700.7 | $4683.6 | $3021.0 | $2866.5 |

---

As of *September 30, 2025* and *December 31, 2024*, we had securities without readily determinable market values of $201.3 million and $195.3 million, respectively, which were accounted for at cost. We do *not* have the ability to exercise significant influence over the investees' operating and financial policies and do *not* hold investments in common stock or in-substance common stock in such entities. As of *September 30, 2025* and *December 31, 2024*, we also had investments in private companies of $29.8 million and $27.0 million, respectively, accounted for in accordance with ASC *323*-*10*-*25*, *The Equity Method of Accounting for Investments in Common Stock* ("ASC *323*-*10*-*25*"), as equity method investments. All such investments were included in "Other noncurrent assets" in our accompanying condensed consolidated balance sheets. For the *three* and *nine* months ended *September 30, 2025*, there was no provision for credit losses related to these investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *9*

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***5.* Leases:**

We have operating and finance leases for corporate offices, data centers, and certain equipment that are accounted for under ASC *842, Leases* ("ASC *842"*).

The following table presents the consolidated lease cost and cash paid for amounts included in the measurement of lease liabilities for finance and operating leases for the *three* and *nine* months ended *September 30, 2025* and *2024*, respectively:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended September 30,*** | ***Three Months Ended September 30,*** | ***Nine Months Ended September 30,*** | ***Nine Months Ended September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Lease cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating lease cost <sup>(1)</sup> | $7.6 | $8.3 | $22.7 | $25.0 |
| &nbsp;&nbsp;&nbsp; Sublease income | (1.4) | (1.1) | (3.1) | (3.2) |
| Finance lease costs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation of finance lease assets <sup>(2)</sup> | 5.5 | 5.0 | 15.7 | 14.3 |
| &nbsp;&nbsp;&nbsp; Interest on finance lease liabilities <sup>(3)</sup> | 0.4 | 0.5 | 1.5 | 1.7 |
| Total lease cost | $12.1 | $12.7 | $36.8 | $37.8 |
| Other information: |  |  |  |  |
| Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating cash outflows from operating leases | $(9.4) | $(9.0) | $(25.3) | $(25.6) |
| &nbsp;&nbsp;&nbsp; Operating cash outflows from finance leases | $(0.4) | $(0.5) | $(1.5) | $(1.7) |
| &nbsp;&nbsp;&nbsp; Financing cash outflows from finance leases | $(13.9) | $(13.0) | $(20.1) | $(18.9) |

---

&nbsp;&nbsp;&nbsp;&nbsp;_______________

<sup>(*1*)</sup> Included in "Cost of revenues" and "Selling, general and administrative" expenses in our accompanying condensed consolidated statements of operations

<sup>(*2*)</sup> Included in "Depreciation and amortization of fixed assets" in our accompanying condensed consolidated statements of operations

<sup>(*3*)</sup> Included in "Interest expense" in our accompanying condensed consolidated statements of operations

The following table presents weighted-average remaining lease terms and weighted-average discount rates for the consolidated finance and operating leases as of *September 30, 2025* and *2024*, respectively:

---

| | | |
|:---|:---|:---|
|  | **September 30,**  | **September 30,**  |
|  | **2025** | **2024** |
| Weighted-average remaining lease term - operating leases (in years) | 6.3 | 7.2 |
| Weighted-average remaining lease term - finance leases (in years) | 2.7 | 3.3 |
| Weighted-average discount rate - operating leases | 3.8% | 4.1% |
| Weighted-average discount rate - finance leases | 4.1% | 4.2% |

---

Our right-of-use ("ROU") assets and lease liabilities for finance leases were $34.2 million and $25.1 million, respectively, as of *September 30, 2025*. Our ROU assets and lease liabilities for finance leases were $47.7 million and $41.4 million, respectively, as of *December 31, 2024*. Our ROU assets for finance leases were included in "Fixed assets, net" in our accompanying condensed consolidated balance sheets. Our lease liabilities for finance leases were included in the "Short-term debt and current portion of long-term debt" and "Long-term debt" in our accompanying condensed consolidated balance sheets (see [Note *9*](#note9). Debt).

Maturities of lease liabilities for the remainder of *2025* and the years through *2030* and thereafter are as follows:

---

| | | |
|:---|:---|:---|
|  | ***September 30, 2025*** | ***September 30, 2025*** |
| **Years Ending** | ***Operating Leases*** | ***Finance Leases*** |
| &nbsp;&nbsp;&nbsp; 2025 | $8.6 | $4.2 |
| &nbsp;&nbsp;&nbsp; 2026 | 32.4 | 11.2 |
| &nbsp;&nbsp;&nbsp; 2027 | 31.8 | 8.9 |
| &nbsp;&nbsp;&nbsp; 2028 | 30.5 | 4.6 |
| &nbsp;&nbsp;&nbsp; 2029 | 29.1 | 0.1 |
| &nbsp;&nbsp;&nbsp; 2030 and thereafter | 62.1 |  |
| Total lease payments | 194.5 | 29.0 |
| &nbsp;&nbsp;&nbsp; Less: amount representing interest | (23.8) | (3.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Present value of total lease payments | $170.7 | $25.1 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *10*

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***6.* Acquisitions:**

***2025* Acquisitions***

On *July 17, 2025,* we completed the acquisition of SuranceBay, LLC ("SuranceBay"), a leading provider of producer licensing, onboarding, appointment and compliance solutions for the life and annuity industry for $163.1 million in cash This acquisition underscores our commitment to streamlining and automating the process of buying and selling insurance, and to supporting a robust life and annuity ecosystem with solutions that enhance workflows among carriers, general agencies, insurance agencies and consumers.

On *April 2, 2025,* we completed the acquisition of 100 percent of the stock of Nasdaq subsidiary Simplitium Limited ("Simplitium"), for a cash purchase price of $19.7 million. The acquisition will provide Verisk clients with access to *300*+ *third*-party models, providing unique, niche views of risk across the globe. The acquisition will further our expansion in Europe and our goal of helping insurers and claims service providers leverage more holistic data and technology tools to enhance the claims experience.

The preliminary purchase price allocation of the *2025* acquisitions resulted in the following:

---

| | | | |
|:---|:---|:---|:---|
|  | ***SuranceBay*** | ***Simplitium*** | ***Total*** |
| Cash and cash equivalents | $4.6 | $0.3 | $4.9 |
| Accounts receivable | 1.6 | 3.4 | 5 |
| Prepaid assets |  | 0.6 | 0.6 |
| Other current assets | 2.7 |  | 2.7 |
| Intangible assets | 80.6 | 9.8 | 90.4 |
| Goodwill | 81.2 | 11.9 | 93.1 |
| &nbsp;&nbsp;&nbsp; Total assets acquired | 170.7 | 26 | 196.7 |
| Accounts payable and accrued liabilities | 0.3 | 0.7 | 1 |
| Deferred revenues |  | 2.7 | 2.7 |
| Income tax payable |  | 0.1 | 0.1 |
| Deferred income tax liability |  | 2.5 | 2.5 |
| Other Liabilities | 2.7 |  | 2.7 |
| &nbsp;&nbsp;&nbsp; Total liabilities assumed | 3 | 6 | 9 |
| &nbsp;&nbsp;&nbsp; Net assets acquired | 167.7 | 20 | 187.7 |
| Less: cash acquired | 4.6 | 0.3 | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash purchase price | $163.1 | $19.7 | $182.8 |

---

The preliminary amounts assigned to intangible assets by type for the *2025* acquisitions are summarized in the table below:

---

| | | |
|:---|:---|:---|
|  | ***Weighted Average Useful Life (in years)*** | ***Total*** |
| Technology-based | 8 | $36.7 |
| Marketing-related | 5 | 0.9 |
| Customer-related | 13 | 52.8 |
| Total intangible assets |  | $90.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The preliminary allocations of the purchase price for the *2025* acquisition with less than a year of ownership are subject to revisions as additional information is obtained about the facts and circumstances that existed as of each acquisition date. The revisions *may* have a significant impact on our condensed consolidated financial statements. The allocations of the purchase price will be finalized once all the information that was known as of the acquisition date is obtained and analyzed, but *not* to exceed *one* year from the acquisition date. The primary areas of the purchase price allocation that are *not* yet finalized relate to income and non-income taxes, deferred revenues, the valuation of intangible assets acquired, and residual goodwill. The goodwill associated with our acquisition includes the acquired assembled workforce, the value associated with the opportunity to leverage the work force to continue to develop the technology and content assets, as well as our ability to grow through adding additional customer relationships or new solutions in the future. Of the $93.1 million in goodwill associated with our acquisitions, $11.9 million is *not* deductible for tax purposes. The preliminary amounts assigned to intangible assets by type for these acquisitions were based upon our valuation model and historical experiences with entities with similar business characteristics.

For the *three* and *nine* months ended *September 30, 2025* and *2 024,* we incurred transaction costs of $3.9 million and $0.2 million, and $4.8 million and $0.3 million, respectively. The transaction costs were included within "Selling, general and administrative" expenses in our accompanying condensed consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *11*

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Supplemental information on an unaudited pro forma basis is presented below as if the acquisition of SuranceBay occurred at the beginning of fiscal year *2024.* The pro forma information for the *three* and *nine* months ended *September 30, 2025* and *2024* presented below is based on estimates and assumptions, which we believe to be reasonable but *not* necessarily indicative of the consolidated financial position or results of operations in future period or the results that actually would have been realized had this acquisition been completed at the beginning of fiscal year *2024.* The unaudited pro forma information does *not* give effect to any anticipated cost savings, operating efficiencies, or other synergies that *may* be associated with the acquisition, or any estimated costs that have been or will be incurred by us to integrate the assets and operations of SuranceBay.

SuranceBay contributed revenues and net income of $4.1 million and $1.6 million for the *three* and *nine* months ended *September 30, 2025*.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended September 30,*** | ***Three Months Ended September 30,*** | ***Nine Months Ended September 30,*** | ***Nine Months Ended September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Pro forma revenues | $769.0 | $729.7 | $2304.7 | $2159.0 |
| Pro forma net income | 225.9 | 220.7 | 713.7 | 749.5 |
| Pro forma basic income per share | 1.62 | 1.56 | 5.10 | 5.26 |
| Pro forma diluted income per share | 1.61 | 1.55 | 5.08 | 5.23 |

---

***Acquisition Escrows and Related Liabilities***

Pursuant to the related acquisition agreements, we have funded various escrow accounts to satisfy pre-acquisition indemnity and tax claims arising subsequent to the applicable acquisition dates. At *September 30, 2025* and *December 31, 2024,* the current portion of the escrows amounted to $2.7 million and $0.0 million, respectively. There were no noncurrent portions of the escrows. The current portion of the escrows have been included in "Other current assets" in our accompanying condensed consolidated balance sheets.

As of *September 30, 2025*, the acquisition of SuranceBay and Morning Data Limited ("Morning Data") included an acquisition-related contingent payment, for which the sellers of these acquisitions could receive additional payments by achieving the specific predetermined revenue, EBITDA margin, and/or cash EBITDA earn-out targets for exceptional performance. We believe that the liabilities recorded as of *September 30, 2025* and *December 31, 2024* reflect the best estimate of acquisition-related contingent payments. There was no associated current portion of the contingent payments as of *September 30, 2025* and *December 31, 2024*. The associated noncurrent portion of acquisition-related contingent payments was $0.6 million and $2.2 million as of *September 30, 2025* and *December 31, 2024*, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *12*

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***7.* Goodwill and Intangible Assets:**

The following is a summary of the change in goodwill from *December 31, 2024* through *September 30, 2025*:

---

| | |
|:---|:---|
|  | ***Insurance*** |
| **Goodwill at December 31, 2024** | $1726.6 |
| &nbsp;&nbsp;&nbsp; Purchase accounting reclassifications | 0.1 |
| &nbsp;&nbsp;&nbsp; Acquisitions | 93.1 |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | 58.8 |
| **Goodwill at September 30, 2025** | $1878.6 |

---

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. When evaluating goodwill for impairment, we *may* decide to *first* perform a qualitative assessment, or "Step Zero" impairment test, to determine whether it is more likely than *not* that impairment has occurred. The qualitative assessment includes a review of macroeconomic conditions, industry and market considerations, internal cost factors, and our own overall financial and share price performance, among other factors. If we do *not* perform a qualitative assessment, or if we determine that it is more likely than *not* that the carrying amounts of our reporting units exceeds their fair value, we perform a quantitative assessment and calculate the estimated fair value of the respective reporting unit. 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, 2025,* we completed our step *zero* impairment test at the reporting unit level and determined it was *not* more likely than *not* that the carrying values of our reporting units exceeded their fair values. We did *not* recognize any additional impairment charges related to our goodwill and indefinite-lived intangible assets. During the *three* months ended *September 30, 2025*, we continued to monitor these reporting units for events that would trigger an interim impairment test; we did not identify such events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairments to long lived assets for the *three* and *nine* months ended *September 30, 2025* and *2024* were $0.0 million and $7.6 million, respectively. During *August 2024,* we early vacated *two* floors at our Jersey City, New Jersey, corporate headquarters. As a result, we assessed the related long-lived assets at the site for impairment and recognized $7.6 million of impairment charges, primarily related to the write-off of the remaining balance of leasehold improvements.

Our intangible assets and related accumulated amortization consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Weighted Average Useful Life (in years)*** | ***Cost*** | ***Accumulated Amortization*** | ***Net*** |
| **September 30, 2025** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Technology-based | 8 | $411.3 | $(310.5) | $100.8 |
| &nbsp;&nbsp;&nbsp; Marketing-related | 6 | 40.1 | (37.8) | 2.3 |
| &nbsp;&nbsp;&nbsp; Contract-based | 6 | 5.0 | (5.0) |  |
| &nbsp;&nbsp;&nbsp; Customer-related | 13 | 599.6 | (259.3) | 340.3 |
| &nbsp;&nbsp;&nbsp; Database-based | 8 | 15.5 | (11.3) | 4.2 |
| Total intangible assets |  | $1071.5 | $(623.9) | $447.6 |
| **December 31, 2024** |  |  |  |  |
| Technology-based | 8 | $364.9 | $(285.3) | $79.6 |
| Marketing-related | 6 | 37.8 | (35.5) | 2.3 |
| Contract-based | 6 | 5.0 | (5.0) |  |
| Customer-related | 13 | 529.1 | (224.0) | 305.1 |
| Database-based | 8 | 15.1 | (9.7) | 5.4 |
| Total intangible assets |  | $951.9 | $(559.5) | $392.4 |

---

Amortization expense related to intangible assets for the *three* months ended *September 30, 2025* and *2024* was $18.3 million and $18.3 million, respectively. Amortization expense related to the intangible assets for *nine* months ended *September 30, 2025* and *2024* was $50.4 million and $55.0 million, respectively. Estimated amortization expense for the remainder of *2025* and the years through *2030* and thereafter for intangible assets subject to amortization is as follows:

---

| | |
|:---|:---|
| **Years Ending** | ***Amount*** |
| &nbsp;&nbsp;&nbsp; 2025 | $18.1 |
| &nbsp;&nbsp;&nbsp; 2026 | 71.1 |
| &nbsp;&nbsp;&nbsp; 2027 | 62.6 |
| &nbsp;&nbsp;&nbsp; 2028 | 55.4 |
| &nbsp;&nbsp;&nbsp; 2029 | 50.4 |
| &nbsp;&nbsp;&nbsp; 2030 and thereafter | 190.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $447.6 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *13*

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***8.* Income Taxes:**

Our effective tax rate for the *three* and *nine* months ended *September 30, 2025* was 25.3% and 23.2% compared to the effective tax rate for the *three* and *nine* months ended *September 30, 2024* of 22.9% and 21.6%, respectively. The increase in the effective tax rate was primarily due to a nonrecurring tax benefit recognized in the prior period, as well as 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.

The One Big Beautiful Bill Act ("OBBBA") was signed into law on *July 4, 2025.* The OBBBA contains several changes to U.S. federal tax law, including expensing of U.S. research and experimental costs and makes permanent several provisions from the *2017* Tax Cuts and Jobs Act. The changes introduced in the OBBBA are *not* expected to have a material impact on our results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *14*

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***9.* Debt:**

The following table presents short-term and long-term debt by issuance as of *September 30, 2025* and *December 31, 2024*:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Issuance Date*** | ***Maturity Date*** | ***2025*** | ***2024*** |
| Short-term debt and current portion of long-term debt: |  |  |  |  |
| *Term Loan Facility* | *Term Loan Facility* | *Term Loan Facility* | $— | $— |
| Credit Facilities: |  |  |  |  |
| Syndicated revolving credit facility | *Various* | *Various* |  |  |
| &nbsp;&nbsp;&nbsp; Senior notes: |  |  |  |  |
| 4.500% senior notes, less unamortized discount and debt issuance costs of $(6.2) | *8/8/2025* | 8/15/2030<sup>(2)</sup> | 743.8 |  |
| 5.125% senior notes, less unamortized discount and debt issuance costs of $(8.1) | *8/8/2025* | 2/15/2036<sup>(2)</sup> | 741.9 |  |
| 4.000% senior notes, less unamortized discount and debt issuance costs of $0.0 and $(*0.3*), respectively | *5/15/2015* | *6/15/2025* |  | 499.7 |
| Finance lease liabilities <sup>(1)</sup> | *Various* | *Various* | 9.0 | 14.5 |
| *Term loan facility debt issuance costs* | *Term loan facility debt issuance costs* | *Term loan facility debt issuance costs* | (5.8) |  |
| *Short-term debt and current portion of long-term debt* | *Short-term debt and current portion of long-term debt* | *Short-term debt and current portion of long-term debt* | 1488.9 | 514.2 |
| Long-term debt: |  |  |  |  |
| Senior notes: |  |  |  |  |
| 3.625% senior notes, less unamortized discount and debt issuance costs of $(8.9) and $(9.2), respectively | *5/13/2020* | *5/15/2050* | 491.1 | 490.8 |
| 4.125% senior notes, inclusive of unamortized premium, and net of unamortized discount and debt issuance costs, of $5.2 and $6.3, respectively | *3/6/2019* | *3/15/2029* | 605.2 | 606.3 |
| 5.250% senior notes, less unamortized discount and debt issuance costs of $(13.1) and $(14.2), respectively | *6/5/2024* | *6/5/2034* | 586.9 | 585.8 |
| 5.250% senior notes, less unamortized discount and debt issuance costs of $(7.5) | *3/11/2025* | *3/15/2035* | 692.5 |  |
| 5.500% senior notes, less unamortized discount and debt issuance costs of $(3.5) and $(3.7), respectively | *5/15/2015* | *6/15/2045* | 346.5 | 346.3 |
| 5.750% senior notes, less unamortized discount and debt issuance costs of $(7.2) and $(7.9), respectively | *3/3/2023* | *4/1/2033* | 492.8 | 492.1 |
| Finance lease liabilities <sup>(1)</sup> | *Various* | *Various* | 16.1 | 26.9 |
| Syndicated revolving credit facility debt issuance costs | *Various* | *Various* | (1.9) | (1.3) |
| *Long-term debt* | *Long-term debt* | *Long-term debt* | 3229.2 | 2546.9 |
| *Total debt* | *Total debt* | *Total debt* | $4718.1 | $3061.1 |

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_______________

<sup>(*1*)</sup> Refer to [Note *5*](#note5). Leases

<sup>(*2*)</sup> Refer to below for details on the classification of the *2030* Senior and *2036* Senior Notes.

*Senior Notes*

As of *September 30, 2025* and *December 31, 2024*, we had senior notes with an aggregate principal amount of $4,750.0 million and $3,050.0 million outstanding, respectively, and were in compliance with our financial and other covenants.

On *March 11, 2025,* we completed an issuance of $700.0 million aggregate principal amount of 5.250% senior notes due *2035* (the *"2035* Senior Notes"). The *2035* Senior Notes will mature on *March 15, 2035* and accrue interest at a fixed rate of 5.250% per annum. Interest is payable semiannually on *March 15* and *September 15* of each year, beginning *September 15, 2025.* The *2035* Senior Notes were issued at a discount of $1.7 million and we incurred debt issuance costs of $6.2 million. The original issuance discount and debt issuance costs were recorded in "Long-term debt" in the accompanying condensed consolidated balance sheets and these costs will be amortized to "Interest expense" in the accompanying consolidated statements of operations over the life of the *2035* Senior Notes. In *April 2025,* we used a portion of the net proceeds of this offering to repay our 4.000% Senior Notes due *2025* (the *"2025* Senior Notes"), which had an aggregate principal amount of $500.0 million. We intend to use the remaining net proceeds for general corporate purposes. The indenture governing the *2035* 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.

On *August 21, 2025,* we completed an issuance of $750.0 million aggregate principal amount of 4.500% senior notes due *2030* (the *"2030* Senior Notes") and $750.0 million aggregate principal amount of 5.125% senior notes due *2036* (the *"2036* Senior Notes"). The *2030* Senior Notes will bear interest at a fixed rate of 4.500% per annum and mature on *August 15, 2030.* The *2036* Senior Notes will bear interest at a fixed rate of 5.125% per annum and mature on *February 15, 2036.* We will pay interest on each series of notes on *February 15* and *August 15* of each year, beginning on *February 15, 2026.* The *2030* Senior Notes were issued at a discount of $0.4 million and we incurred debt issuance costs of $6.0 million. The *2036* Senior Notes were issued at a discount of $1.7 million and we incurred debt issuance costs of $6.4 million. The original issuance discount and debt issuance costs were recorded in "Short-term debt and current portion of long-term debt" in the accompanying condensed consolidated balance sheets and these costs will be amortized to "Interest expense" in the accompanying consolidated statements of operations over the life of the *2030* and *2036* Senior Notes. We intend to use the net proceeds of these offerings to finance the purchase price for the acquisition of AccuLynx and to pay related fees and expenses.

On *July 29, 2025,* we entered into a definitive agreement to acquire ExactLogix, Inc. ("AccuLynx") for $2.35 billion in cash. In the event the acquisition of AccuLynx is *not* completed by *January 5, 2026,* or by a later date mutually agreed upon by us and AccuLynx (referred to as the "special mandatory redemption end date"), we will notify the trustee of the senior notes that we will *no* longer pursue the acquisition. As a result, we will be required to redeem the entire aggregate principal amount of the *2030* Senior Notes and the *2036* Senior Notes. The redemption price would be equal to *101* percent of the total principal amount of the notes, plus any accrued and unpaid interest up to, but *not* including the special mandatory redemption end date. Due to the special mandatory redemption clause within the agreement, the *2030* and *2036* Senior notes are classified as current portion of long-term debt within "Short-term debt and current portion of long-term debt" in the accompanying condensed consolidated balance sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *15*

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*Credit Facilities*

We had a syndicated revolving credit facility ("Syndicated Revolving Credit Facility") with a borrowing capacity of $1,000.0 million with Bank of America N.A., HSBC Bank USA, N.A., JP Morgan Chase Bank, N.A., Wells Fargo Bank, National Association, Citibank, N.A., Morgan Stanley Bank, N.A., TD Bank, N.A., Goldman Sachs Bank USA, and the Northern Trust Company with a maturity date of *April 5, 2028.* On *August 15, 2025,* we entered into the Third Amended and Restated Credit Agreement (the "Amendment and Restatement") to the Syndicated Revolving Credit Facility with Bank of America, N.A. as administrative agent. The Amendment and Restatement increased our borrowing capacity to $1,250.0 million and extends the maturity date in respect to the Syndicated Revolving Credit Facility to *August 15, 2030.* Interest on borrowings under the Amendment and Restatement is payable at an interest rate of SOFR plus 100.0 to 162.5 basis points, depending upon our public debt rating. A commitment fee on any unused commitment is payable periodically and *may* range from 8.0 to 17.5 basis points based upon our public debt rating. The Syndicated Revolving Credit Facility, as amended and restated by the Amendment and Restatement, also contains certain financial and other covenants that, among other things, impose certain restrictions on indebtedness, liens, dispositions fundamental changes, and use of proceeds. The financial covenants require that, at the end of any fiscal quarter, we have a consolidated interest coverage ratio of more than 3.00 to *1.00,* we have a consolidated funded debt leverage ratio of less 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. 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"). In connection with the Amendment and Restatement, we incurred additional debt issuance costs of $1.0 million, which will be amortized to 'Interest expense' within the accompanying consolidated statements of operations over the remaining life of the Syndicated Revolving Credit Facility. As of *September 30, 2025*, we were in compliance with all financial and other debt covenants under our Syndicated Revolving Credit Facility. As of *September 30, 2025* and *December 31, 2024*, the available capacity under the Syndicated Revolving Credit Facility was $1,245.5 million and $995.4 million, which takes into account outstanding letters of credit of $4.5 million and $4.6 million, respectively.

On *August 15, 2025,* we also entered into a $750.0 million Term Credit Agreement (the "Term Loan Facility") with Bank of America N.A. The Term Loan Facility has a maturity date of *August 15, 2028* and carries an interest rate of SOFR plus 100.0 to 162.5 basis points, depending upon our public debt rating. The Term Loan Facility also contains certain financial and other covenants that, among other things, impose certain restrictions on indebtedness, liens, dispositions fundamental changes, and use of proceeds. The financial covenants require that, at the end of any fiscal quarter, we have a consolidated interest rate coverage ratio of less than 3.00 to *1.00,* and a consolidated funded debt leverage ratio of 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. We plan to use the borrowings to finance the purchase price for the acquisition of AccuLynx and to pay related fees and expenses. In connection with the Term Loan Facility, we incurred additional debt issuance costs of $5.8 million, which will be amortized to "Interest expense" within the accompanying condensed consolidated statements of operations over the remaining life of the Term Loan Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *16*

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***10.* Stockholders' Equity:**

We have 2,000,000,000 shares of authorized common stock as of *September 30, 2025* and *December 31, 2024*. Our common shares have rights to any dividend declared by the board of directors (the "Board"), subject to any preferential or other rights of any outstanding preferred stock, and voting rights to elect all current members of the Board. At *September 30, 2025* and *December 31, 2024*, the adjusted closing price of our common stock was $251.51 and $275.43 per share, respectively.

We have 80,000,000 shares of authorized preferred stock, par value $0.001 per share. The preferred shares have preferential rights over the common shares with respect to dividends and net distribution upon liquidation. We did not issue any preferred shares as of *September 30, 2025* and *December 31, 2024*.

On *February 19, 2025, April 30, 2025,* and *July 23, 2025* our Board approved a cash dividend of $0.45 per share of common stock issued and outstanding to the holders of record as of *March 14, 2025, June 13, 2025,* and *September 30, 2025,* respectively. Cash dividends of $188.6 million and $166.6 million were paid during the *nine* months ended *September 30, 2025* and *2024*, respectively, and recorded as a reduction to retained earnings.

*Share Repurchases*

In *November 2024, March 2025 ,* and *May 2025,* we entered into Accelerated Share Repurchase ("ASR") agreements (the *"November 2024* ASR Agreement", *"March 2025* ASR Agreement", and *"May 2025* ASR Agreement", respectively) to repurchase shares of our common stock for an aggregate purchase price of $300.0 million, $200.0 million, and $100.0 million, with Citibank, N.A. for the *November 2024* ASR Agreement and *March 2025* ASR Agreement and Goldman Sachs & Co. LLC for the *May 2025* ASR Agreement. Each ASR agreement is accounted for as a treasury stock transaction and forward stock purchase agreement indexed to our common stock. Upon the payment of the aggregate purchase prices on *November 13, 2024, March 11, 2025,* and *May 20, 2025,* we received initial deliveries of 885,663, 570,470, and 270,399 shares of our common stock, respectively. Upon the final settlements of the *November 2024* ASR Agreement, *March 2025* ASR Agreement, and *May 2025* ASR Agreement in *January 2025, April 2025,* and *June 2025,* we received 189,909, 123,766, and 52,614 additional shares, respectively, as determined based on the volume weighted average share prices of our common stock, less a discount, of $278.92, $288.09, and $309.58 per share during the term of the *November 2024* ASR Agreement, *March 2025* ASR Agreement, and *May 2025* ASR Agreement, respectively. The forward stock purchase agreements are classified as equity instruments under ASC *815*-*40,* *Contracts in Entity's Own Equity* ("ASC *815*-*40 "*) and deemed to have a fair value of *zero* at the respective effective date. The aggregate purchase price was recorded as a reduction to stockholders' equity in our condensed consolidated statements of changes in stockholders' equity for the *nine* months ended *September 30, 2025*.

In *August 2025,* we entered into an additional ASR agreement (the *"August 2025* ASR Agreement") to repurchase shares of our common stock for an aggregate purchase price of $50.0 million with HSBC Bank USA, National Association. Upon the payment of the aggregate purchase price on *August 13, 2025,* we received an initial delivery of 163,462 shares of our common stock. Upon the final settlement of the *August 2025* ASR Agreement in *September 2025,* we received 26,179 additional shares, as determined based on the volume weighted average share price of our common stock, less a discount, of $263.66 per share during the term of the *August 2025* ASR Agreement.

In *July 2025,* we repurchased $50.0 million of our common stock through open market repurchases. Through these open market repurchases, we received 180,462 shares at an average price of $277.07.

We utilized cash received from operations for these repurchases. As of *September 30, 2025*, we had $1,191.5 million (including an additional share repurchase authorization of $1,000.0 million) available on our authorization to repurchase shares. These repurchases for the *nine* months ended *September 30, 2025* resulted in a reduction of outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share ("EPS").

During the *nine* months ended *September 30, 2025* and *2024*, we recorded total excise tax of $2.9 million and $30.0 million, respectively, which has been included within treasury stock, as part of the cost basis of the stock repurchased, and accounts payable and accrued liabilities in our condensed consolidated balance sheet as of *September 30, 2025* and *2024*.

*Treasury Stock*

As of *September 30, 2025*, our treasury stock consisted of 404,632,636 shares of common stock, carried at cost. During the *nine* months ended *September 30, 2025*, we transferred 533,027 shares of common stock from the treasury shares at a weighted average treasury stock price of $25.30 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *17*

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*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 *nine* months ended *September 30, 2025* and *2024*:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended September 30,*** | ***Three Months Ended September 30,*** | ***Nine Months Ended September 30,*** | ***Nine Months Ended September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Numerator used in basic and diluted EPS: |  |  |  |  |
| Net income | $225.5 | $220.0 | $711.1 | $747.2 |
| Less: Net loss attributable to noncontrolling interests |  | 0.1 |  | 0.6 |
| Net income attributable to Verisk | $225.5 | $220.1 | $711.1 | $747.8 |
| Denominator: |  |  |  |  |
| Weighted average number of common shares used in basic EPS | 139509985 | 141778551 | 139874142 | 142594074 |
| Effect of dilutive shares: |  |  |  |  |
| Potential common shares issuable from stock options and stock awards | 431950 | 732925 | 532868 | 665337 |
| Weighted average number of common shares and dilutive potential common shares used in diluted EPS | 139941935 | 142511476 | 140407010 | 143259411 |

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The potential shares of common stock that were excluded from diluted EPS were 21,748 and 202,684 for the *three* months ended *September 30, 2025* and *2024,* and 24,018 and 237,062 for the *nine* months ended *September 30, 2025* and *2024*, respectively, because the effect of including those potential shares was anti-dilutive.

*Accumulated Other Comprehensive Income*

The following is a summary of accumulated other comprehensive income as of *September 30, 2025* and *December 31, 2024*:

---

| | | |
|:---|:---|:---|
|  | ***2025*** | ***2024*** |
| Foreign currency translation adjustment | $174.2 | $90.1 |
| Pension and postretirement adjustment, net of tax | (72.3) | (75.1) |
| Accumulated other comprehensive income | $101.9 | $15.0 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *18*

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The before-tax and after-tax amounts of other comprehensive income (loss) income for the *three* and *nine* months ended *September 30, 2025* and *2024* are summarized below:

---

| | | | |
|:---|:---|:---|:---|
|  | ***Before Tax*** | ***Tax (Expense) Benefit*** | ***After Tax*** |
| **For the Three Months Ended September 30, 2025** |  |  |  |
| Foreign currency translation adjustment attributable to Verisk | $(14.8) | $— | $(14.8) |
| Foreign currency translation adjustment attributable to noncontrolling interests | (0.1) |  | (0.1) |
| Foreign currency translation adjustment | (14.9) |  | (14.9) |
| Pension and postretirement adjustment before reclassifications | 2.4 | $(0.5) | 1.9 |
| Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income <sup>(1)</sup> | (1.2) | 0.3 | (0.9) |
| Pension and postretirement adjustment | 1.2 | (0.2) | 1 |
| Total other comprehensive income | $(13.7) | $(0.2) | $(13.9) |
| **For the Three Months Ended September 30, 2024** |  |  |  |
| Foreign currency translation adjustment attributable to Verisk | $46.9 | $— | $46.9 |
| Foreign currency translation adjustment attributable to noncontrolling interests | 0.2 |  | 0.2 |
| Foreign currency translation adjustment | 47.1 |  | 47.1 |
| Pension and postretirement adjustment before reclassifications | 1.9 | (0.5) | 1.4 |
| Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income <sup>(1)</sup> | (0.9) | 0.3 | (0.6) |
| Pension and postretirement adjustment | 1 | (0.2) | 0.8 |
| Total other comprehensive loss | $48.1 | $(0.2) | $47.9 |

---

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| | | | |
|:---|:---|:---|:---|
|  | ***Before Tax*** | ***Tax (Expense) Benefit*** | ***After Tax*** |
| **For the Nine Months Ended September 30, 2025** |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment attributable to Verisk | $84.1 | $— | $84.1 |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment attributable to noncontrolling interests | 0.3 |  | 0.3 |
| Foreign currency translation adjustment | 84.4 |  | 84.4 |
| &nbsp;&nbsp;&nbsp; Pension and postretirement adjustment before reclassifications | 6.9 | (1.6) | 5.3 |
| &nbsp;&nbsp;&nbsp; Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income <sup>(1)</sup> | (3.4) | 0.9 | (2.5) |
| Pension and postretirement adjustment | 3.5 | (0.7) | 2.8 |
| Total other comprehensive income | $87.9 | $(0.7) | $87.2 |
| **For the Nine Months Ended September 30, 2024** |  |  |  |
| Foreign currency translation adjustment attributable to Verisk | $30.3 | $— | $30.3 |
| Foreign currency translation adjustment attributable to noncontrolling interests | 1.1 |  | 1.1 |
| Foreign currency translation adjustment | 31.4 |  | 31.4 |
| Pension and postretirement adjustment before reclassifications | 6.3 | (1.5) | 4.8 |
| Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income <sup>(1)</sup> | (3.1) | 0.8 | (2.3) |
| Pension and postretirement adjustment | 3.2 | (0.7) | 2.5 |
| Total other comprehensive loss | $34.6 | $(0.7) | $33.9 |

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(*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 *12*](#note13). Pension and Postretirement Benefits for additional details).

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***11.* Equity Compensation Plans:**

All of our outstanding stock options, restricted stock awards, deferred stock units, and PSUs are covered under our *2021* Incentive Plan or our *2013* 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 *September 30, 2025*, there were 12,179,573 shares of common stock reserved and available for future issuance under our *2021* Incentive Plan. Cash received from stock option exercises for the *nine* months ended *September 30, 2025* and *2024* was $51.3 million and $110.6 million, respectively.

We grant equity awards to our key employees. The nonqualified stock options have an exercise price equal to the adjusted closing price of our common stock on the grant date, with a ten-year contractual term. The fair value of the restricted stock is determined using the closing price of our common stock on the grant date. The restricted stock is *not* assignable or transferable until it becomes vested. PSUs vest at the end of a three-year performance period, subject to the recipient's continued service. Each PSU represents the right to receive one share of our common stock and the ultimate realization is based on our achievement of certain market and financial performance criteria and *may* range from 0% to 200% of the recipient's target levels of 100% established on the grant date. The fair value of PSUs based on market conditions is determined on the grant date using the Monte Carlo Simulation model. The fair value of PSUs based on financial performance conditions is determined using the closing price of our common stock on the grant date. We recognize the expense of the equity awards ratably over the vesting period, which could be up to *four* years.

In *January 2025,* we granted 212,590 nonqualified stock options, 125,835 shares of restricted stock, and 46,225 PSUs to key employees. The nonqualified stock options and restricted stock have a graded service vesting period of four years. The PSUs granted consisted of 28,822 PSUs that are based on the achievement of relative total shareholder return as compared to the companies that comprise the S&P *500* index ("TSR-based PSUs") and 17,403 PSUs that are tied to the achievement of certain financial performance conditions, namely incremental return on invested capital ("ROIC-based PSUs"). Each of the TSR-based PSUs and ROIC-based PSUs have a three-year performance period, subject to the recipients' continued service. The grant date fair value of the ROIC-based PSUs is determined using the closing price of our common stock on the grant date. The related performance condition is driven by the incremental return on invested capital based on net operating profit. The ultimate realization of the PSUs *may* range from 0% to 200% of the recipient's target levels established on the grant date.

A summary of the status of the stock options, restricted stock, and PSUs awarded under our *2021* and *2013* Incentive Plans as of *December 31, 2024* and *September 30, 2025* and changes during the interim period are presented below:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Stock Option** | **Stock Option** | **Stock Option** | **Restricted Stock** | **Restricted Stock** | **PSU** | **PSU** |
|  | **Number of Shares** | **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, 2024 | 1910333 | $161.16 | $218.3 | 307541 | $210.62 | 180456 | $205.10 |
| Granted | 217246 | $273.60 |  | 157329 | $278.99 | 46225 | $309.25 |
| Dividend reinvestment |  | $*—* |  |  | $*—* | 720 |  |
| Exercised or lapsed | (380952) | $135.09 | $61.7 | (114518) | $208.83 | (84592) | $167.90 |
| Canceled, expired or forfeited | (29207) | $231.85 |  | (16801) | $234.63 | (7173) | $258.08 |
| Outstanding at September 30, 2025 | 1717420 | $179.96 | $122.9 | 333551 | $242.64 | 135635 | $262.39 |
| Exercisable at September 30, 2025 | 1199545 | $155.89 | $114.7 |  |  |  |  |
| Exercisable at December 31, 2024 | 1345181 | $142.14 | $179.3 |  |  |  |  |
| Nonvested at September 30, 2025 | 517875 |  |  | 333551 |  | 135635 |  |
| Expected to vest at September 30, 2025 | 430179 |  |  | 293798 |  | 153713<sup>*(1)*</sup> |  |

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<sup>(*1*)</sup> Includes estimated performance achievement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *20*

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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 *nine* months ended *September 30, 2025* and *2024*:

---

| | | |
|:---|:---|:---|
|  | ***2025*** | ***2024*** |
| Option pricing model | *Black-Scholes* | *Black-Scholes* |
| Weighted average grant price | $273.60 | $237.10 |
| Expected volatility | 21.99% | 23.51% |
| Risk-free interest rate | 4.35% | 3.89% |
| Expected term in years | 3.5 | 3.7 |
| Dividend yield | 0.62% | 0.66% |
| Weighted average grant date fair value per stock option | $59.21 | $53.45 |

---

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 5.6 years and 4.5 years for the outstanding and exercisable stock options, respectively, as of *September 30, 2025*.

As of *September 30, 2025*, there was $98.5 million of total unrecognized compensation costs, exclusive of the impact of vesting upon retirement eligibility, related to nonvested stock-based compensation arrangements granted under our *2021* and *2013* Incentive Plans. That cost is expected to be recognized over a weighted average period of 2.5 years.

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 5%, and enter into a savings contract, the proceeds of which are then used to exercise the options upon the three-year maturity of the savings contract. During the *nine* months ended *September 30, 2025*, we granted 3,640 stock options under the U.K. Sharesave Plan at a discounted exercise price of $254.10. We did not grant any stock options under this plan for the *nine* months ended *September 30, 2024*. As of *September 30, 2025*, there were 435,859 shares of common stock reserved and available for future issuance under our U.K. Sharesave Plan.

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 *nine* months ended *September 30, 2025* and *2024*, we issued 13,417 and 13,139 shares of common stock at a weighted discounted price of $271.1 and $243.31 for the ESPP, respectively. As of *September 30, 2025*, there were 1,146,878 shares of common stock reserved and available for future issuance under our ESPP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *21*

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***12.* 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 *2025* and as of *December 31, 2024,* the investment guidelines on our Pension Plan assets targeted an investment allocation of 40% to equity securities and 60% to debt securities. We also provide certain healthcare and life insurance benefits to certain qualifying active and retired employees. Our Postretirement Health and Life Insurance Plan (the "Postretirement Plan"), which has been frozen, is contributory, requiring participants to pay a stated percentage of the premium for coverage.

The components of net periodic (benefit) cost for the *three* and *nine* months ended *September 30, 2025* and *2024* are summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Pension Plan and SERP*** | ***Pension Plan and SERP*** | ***Postretirement Plan*** | ***Postretirement Plan*** |
|  | ***For the Three Months Ended September 30,*** | ***For the Three Months Ended September 30,*** | ***For the Three Months Ended September 30,*** | ***For the Three Months Ended September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Interest cost | $3.7 | $3.8 | $0.1 | $— |
| Expected return on plan assets | (6.2) | (6.2) | (0.1) |  |
| Amortization of prior service cost | 0.1 |  |  |  |
| Amortization of net actuarial loss | 0.9 | 0.8 | 0.2 | 0.1 |
| Net periodic (benefit) cost | $(1.5) | $(1.6) | $0.2 | $0.1 |
| Employer contributions, net |  | $0.1 | 0.8 | $0.2 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Pension Plan and SERP*** | ***Pension Plan and SERP*** | ***Postretirement Plan*** | ***Postretirement Plan*** |
|  | ***For the Nine Months Ended September 30,*** | ***For the Nine Months Ended September 30,*** | ***For the Nine Months Ended September 30,*** | ***For the Nine Months Ended September 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Interest cost | $11.2 | $11.4 | $0.2 | $0.1 |
| Expected return on plan assets | (18.7) | (18.8) | (0.2) | (0.1) |
| Amortization of prior service cost | 0.2 | 0.2 |  |  |
| Amortization of net actuarial loss | 2.8 | 2.5 | 0.4 | 0.4 |
| Net periodic (benefit) cost | $(4.5) | $(4.7) | $0.4 | $0.4 |
| Employer contributions/(reimbursement), net | $0.2 | $0.5 | $(1.9) | $0.7 |

---

The expected contributions to the Pension Plan, SERP, and Postretirement Plan for the year ending *December 31, 2025* are consistent with the amounts previously disclosed as of *December 31, 2024*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *22*

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***13.* Segment Reporting:**

ASC *280*-*10, Disclosures About Segments of an Enterprise and Related Information* ("ASC *280*-*10"*), establishes standards for reporting information about operating segments. ASC *280*-*10* requires that a public business enterprise reports financial and descriptive information about its reportable operating segments. 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 as defined by ASC *280*-*10.*

Based on our business strategy along with the verticals we currently service, we have determined that we have one operating segment and one 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 measure of segment profit most consistent with U.S. GAAP that is regularly reviewed by the CODM to allocate resources and assess performance. For the quarter ended *September 30, 2025* and year ended *December 31, 2024* results, please refer to the 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 Statement of Operations. See [Note *3.*](#note3) Revenues for information on disaggregated revenues by type of service and by country.

Long-lived assets by country are provided below:

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| | | |
|:---|:---|:---|
|  | ***September 30, 2025*** | ***December 31, 2024*** |
| Long-lived assets: |  |  |
| &nbsp;&nbsp;&nbsp; U.S. | $2404.7 | $2303.1 |
| &nbsp;&nbsp;&nbsp; U.K. | 655.0 | 589.4 |
| &nbsp;&nbsp;&nbsp; Other countries | 487.1 | 460.6 |
| Total long-lived assets | $3546.8 | $3353.1 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *23*

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***14.* 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 *nine* months ended *September 30, 2025* and *2024*, we had no material transactions with related parties owning more than *5.0%* of the entire class of stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *24*

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***15.* 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's 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 attorney's 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*)*. All discovery proceedings have been stayed. 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. 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, as it is still in its early stages.

*Commercial Litigation*

On *February 12, 2024,* Plaintiffs filed a lawsuit, DDS Striker Holdings LLC and Data Driven Holdings LLC against Verisk Analytics, Inc. and Insurance Service Office, in the Superior Court of Delaware, Case *No. N24C*-*02*-*130* VLM CCLD. Plaintiffs allege claims for breach of contract, breach of the implied covenant of good faith and fair dealing, fraudulent inducement, common law fraud, and civil conspiracy in connection with their inability to meet the post-closing earn-out targets negotiated as part of our acquisition of Data Driven Safety, LLC. Plaintiffs seek rescissory, out-of-pocket and punitive damages, as well as attorney's fees, costs and other expenses. We filed a motion to dismiss Plaintiffs' claims, which was fully briefed as of *June 21, 2024,* and was partially denied on *August 29, 2024.* Discovery is ongoing. At this time, it is *not* possible to reasonably estimate the liability related to this matter, as the case is still in its early stages.

*Data Privacy Litigation*

On or about *February 8, 2023,* 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 $1,000 per violation under the statute, punitive damages, injunctive relief ordering compliance with Daniel's Law, permanent injunctive relief, including the appointment of a qualified independent expert to ensure compliance with Daniel's Law, and reasonable attorney's fees and costs. On *June 21, 2024,* the court issued a "lack of prosecution" warning to Atlas, advising that the case will be dismissed without prejudice if service is *not* effectuated by *August 20, 2024.* The case was dismissed without prejudice on *August 26, 2024.* On *October 11, 2024,* Plaintiffs served Verisk with the Summons and Complaint, indicating their intent to revise the lawsuit. We filed a motion to dismiss, and alternatively, a request to stay the case pending a ruling on constitutionality of Daniel's Law by the *3rd* Circuit in a separate Atlas lawsuit. The New Jersey Attorney General's Office moved to intervene and also sought a stay pending a constitutionality decision by the New Jersey Supreme Court in a separate matter. The court issued an Order staying all discovery until further ordered by the court. At this time, it is *not* possible to reasonably estimate the liability related to this matter, as the case is still in its early stages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *25*

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***16.* Subsequent Events:**

On *July 29, 2025,* we entered into a definitive agreement to acquire AccuLynx for $2.35 billion in cash to augment our network capabilities across the insurance claims and restoration ecosystem. AccuLynx is the leading SaaS platform providing end-to-end business management workflow for residential property contractors with expertise in roofing. On *October 22, 2025,* we and AccuLynx each received a Request for Additional Information and Documentary Material (Second Request) from the U.S. Federal Trade Commission as part of the agency's review of the proposed transaction. Upon the satisfaction of customary closing conditions including regulatory approval, AccuLynx will become part of property estimating solutions within our insurance segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *26*

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| | |
|:---|:---|
| **Item 2.** | **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 ("2024 10-K") dated and filed with the Securities and Exchange Commission on February 26, 2025. 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 2024 Form 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27

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**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 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 nine months ended September 30, 2025 and 2024, approximately 83% and 81% 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 P&C 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 nine months ended September 30, 2025 and 2024, approximately 17% and 19% of our insurance revenues were derived from providing transactional and advisory/consulting solutions, respectively.

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***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% and 57% of our total operating expenses (excluding gains/losses related to dispositions) for the nine months ended September 30, 2025 and 2024, respectively, 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.

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**Condensed Consolidated Results of Operations**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |  | **Nine Months Ended** | **Nine Months Ended** |  |
|  | **September 30,** | **September 30,** | **Percentage** | **September 30,** | **September 30,** | **Percentage** |
|  | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
|  | **(in millions, except for share and per share data)** | **(in millions, except for share and per share data)** | **(in millions, except for share and per share data)** | **(in millions, except for share and per share data)** | **(in millions, except for share and per share data)** | **(in millions, except for share and per share data)** |
| **Statement of income data:** |  |  |  |  |  |  |
| Revenues: |  |  |  |  |  |  |
| Insurance | $768.3 | $725.3 | 5.9% | $2293.9 | $2146.1 | 6.9% |
| Operating expenses: |  |  |  |  |  |  |
| Cost of revenues (exclusive of items shown separately below) | 229.5 | 223.4 | 2.7% | 689.8 | 670.6 | 2.9% |
| Selling, general and administrative | 110.6 | 114.0 | (3.0)% | 326.0 | 308.4 | 5.7% |
| Depreciation and amortization of fixed assets | 64.0 | 58.1 | 10.2% | 197.4 | 174.5 | 13.1% |
| Amortization of intangible assets | 18.3 | 18.3 | —% | 50.4 | 55.0 | (8.4)% |
| Total operating expenses, net | 422.4 | 413.8 | 2.1% | 1263.6 | 1208.5 | 4.6% |
| Operating income | 345.9 | 311.5 | 11.0% | 1030.3 | 937.6 | 9.9% |
| Other income (expense): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net gain on early extinguishment of debt |  |  | —% |  | 3.6 | (100.0)% |
| Investment (loss) gain | (1.6) | 5.9 | (127.1)% | 10.1 | 102.4 | (90.1)% |
| Interest expense, net | (42.2) | (32.1) | 31.5% | (114.0) | (90.1) | 26.5% |
| Total other (expense) income, net | (43.8) | (26.2) | 67.2% | (103.9) | 15.9 | (753.5)% |
| Income before income taxes | 302.1 | 285.3 | 5.9% | 926.4 | 953.5 | (2.8)% |
| Provision for income taxes | (76.6) | (65.3) | 17.3% | (215.3) | (206.3) | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | 225.5 | 220.0 | 2.5% | 711.1 | 747.2 | (4.8)% |
| Less: Net loss attributable to noncontrolling interests |  | 0.1 | (100.0)% |  | 0.6 | (100.0)% |
| Net income attributable to Verisk | $225.5 | $220.1 | 2.5% | $711.1 | $747.8 | (4.9)% |
| Basic net income per share attributable to Verisk: | $1.62 | $1.55 | 4.5% | $5.08 | $5.24 | (3.1)% |
| Diluted net income per share attributable to Verisk: | $1.61 | $1.54 | 4.5% | $5.06 | $5.22 | (3.1)% |
| Cash dividends declared per share <sup>(1)</sup>: | $0.45 | $0.39 | 15.4% | $1.35 | $1.17 | 15.4% |
| Weighted average shares outstanding: |  |  |  |  |  |  |
| Basic | 139509985 | 141778551 | (1.6)% | 139874142 | 142594074 | (1.9)% |
| Diluted | 139941935 | 142511476 | (1.8)% | 140407010 | 143259411 | (2.0)% |
| **The financial operating data below sets forth the information we believe is useful for investors in evaluating our overall financial performance:** |  |  |  |  |  |  |
| **Other data:** |  |  |  |  |  |  |
| EBITDA<sup>(2)</sup> | $426.6 | $393.8 | 8.3% | $1288.2 | $1273.1 | 1.2% |
| **The following is a reconciliation of net income to EBITDA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net income | $225.5 | $220.0 | 2.5% | $711.1 | $747.2 | (4.8)% |
| Depreciation and amortization of fixed assets and intangible assets | 82.3 | 76.4 | 7.7% | 247.8 | 229.5 | 8.0% |
| Interest expense | 42.2 | 32.1 | 31.5% | 114.0 | 90.1 | 26.5% |
| Provision for income taxes | 76.6 | 65.3 | 17.3% | 215.3 | 206.3 | 4.4% |
| EBITDA | $426.6 | $393.8 | 8.3% | $1288.2 | $1273.1 | 1.2% |

---

<sup>(1)</sup> Cash dividends declared per share is calculated by the aggregate cash dividends declared in a fiscal quarter divided by the shares issued and outstanding. See [Note 11](#note11). of our condensed consolidated financial statements included in this interim report on Form 10-Q.

<sup>(2)</sup> EBITDA is a financial measure that management uses to evaluate the performance of our segments. "EBITDA" is defined as net income before interest expense, provision for income taxes, and depreciation and amortization of fixed and intangible assets. See [Note 14](#note14). of our condensed consolidated financial statements included in this quarterly report on Form 10-Q. 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 flows from operating activities reported under GAAP. Management uses EBITDA in conjunction with GAAP operating performance measures as part of its overall assessment of company performance. 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.

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**Consolidated Results of Operations**

***Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024***

*Revenues*

Revenues were $768.3 million for the three months ended September 30, 2025, compared to $725.3 million for the three months ended September 30, 2024, an increase of $43.0 million or 5.9%. Our underwriting revenue increased $35.2 million or 6.9%. Our claims revenue increased $7.8 million or 3.6%.

Our revenue by category for the periods presented is set forth below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** |  | **Percentage change excluding** |
|  | **2025** | **2024** | **Percentage change** | **recent acquisitions/disposition** |
|  | (in millions) | (in millions) |  |  |
| Underwriting | $542.1 | $506.9 | 6.9% | 6.9% |
| Claims | 226.2 | 218.4 | 3.6% | 3.6% |
| Total Insurance | $768.3 | $725.3 | 5.9% | 5.9% |

---

Our recent acquisitions (Simplitium and SuranceBay within the underwriting category of the Insurance segment) and disposition (Atmospheric and Environmental Research ("AER") within the underwriting category of our Insurance segment) resulted in a net increase in revenue of $0.5 million, while the remaining Insurance revenues increased $42.5 million or 5.9%. Our underwriting revenue increased $34.7 million or 6.9%, 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 extreme event solutions. In addition, specialty business and life solutions contributed to the growth. Our claims revenue increased $7.8 million or 3.6%, primarily due to growth in anti-fraud solutions.

*Cost of Revenues*

Cost of revenues was $229.5 million for the three months ended September 30, 2025 compared to $223.4 million for the three months ended September 30, 2024, an increase of $6.1 million or 2.7%. Our recent acquisitions and disposition accounted for a net decrease of $2.0 million in cost of revenues. The remaining increase of $8.1 million or 3.6% was primarily due to information technology expenses of $3.9 million, salaries and employee benefits of $3.4 million, data costs of $1.4 million, and other operating costs of $1.3 million, partially offset by a reduction in bad debt expense of $1.7 million and rent expense of $0.2 million.

*Selling, General and Administrative Expenses*

Selling, general and administrative expenses were $110.6 million for the three months ended September 30, 2025 compared to $114.0 million for the three months ended September 30, 2024, a decrease of $3.4 million or 3.0%. Our recent acquisitions and disposition accounted for a net increase of $3.4 million in selling, general, and administrative expenses. The remaining decrease of $6.8 million or 6.1% was primarily due to a net loss on disposal of fixed assets of $7.1 million in the prior year, insurance expense of $1.9 million, rent expense of $1.5 million, and professional consulting fees of $1.5 million, partially offset by information technology expense of $2.3 million, salaries and employee benefits of $1.6 million, and other operating costs of $1.3 million.

*Depreciation and Amortization of Fixed Assets*

Depreciation and amortization of fixed assets were $64.0 million for the three months ended September 30, 2025 compared to $58.1 million for the three months ended September 30, 2024, an increase of $5.9 million or 10.2%. 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 $18.3 million for the three months ended September 30, 2025 and 2024.

*Investment (Loss) Gain*

Investment loss was $1.6 million for the three months ended September 30, 2025 compared to a gain of $5.9 million for the three months ended September 30, 2024, a decrease of $7.5 million. The loss was primarily due to the impact of foreign currencies.

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*Interest Expense, net*

Interest expense, net was $42.2 million for the three months ended September 30, 2025 compared to $32.1 million for the three months ended September 30, 2024, an increase of $10.1 million or 31.5%. The increase was primarily driven by interest expense related to the issuance of our 2030, 2035, and 2036 Senior Notes, partially offset by the repayment of our 2025 Senior Notes and higher interest income for the three months ended September 30, 2025.

*Provision for Income Taxes*

The provision for income taxes was $76.6 million and the effective tax rate was 25.3% for the three months ended September 30, 2025, compared to $65.3 million and 22.9% for the three months ended September 30, 2024. The increase in the effective tax rate was primarily due to a nonrecurring tax benefit recognized in the prior period, as well as 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 $225.5 million for the three months ended September 30, 2025 compared to $220.0 million for the three months ended September 30, 2024, an increase of $5.5 million or 2.5%. The net income margin was 29.4% for the three months ended September 30, 2025 compared to 30.3% for the three months ended September 30, 2024. The decrease in net income margin was primarily driven by higher interest expense related to the issuance of our 2030, 2035 and 2035 Senior Notes, the impact of foreign currencies, and lower tax benefits from equity compensation in the current period versus the prior period.

*EBITDA Margin <sup>[1]</sup>*

EBITDA was $426.6 million for the three months ended September 30, 2025 compared to $393.8 million for the three months ended September 30, 2024. The EBITDA margin for our consolidated results was 55.5% for the three months ended September 30, 2025 compared to 54.3% for the three months ended September 30, 2024. The increase in EBITDA margin was mainly driven by revenue growth and cost discipline.

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**Consolidated Results of Operations**

***Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024***

*Revenues*

Revenues were $2,293.9 million for the nine months ended September 30, 2025, compared to $2,146.1 million for the nine months ended September 30, 2024, an increase of $147.8 million or 6.9%. Our underwriting revenue increased $110.9 million or 7.3%. Our claims revenue increased $36.9 million or 5.8%.

Our revenue by category for the periods presented is set forth below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |  | **Percentage change excluding** |
|  | **2025** | **2024** | **Percentage change** | **recent acquisitions/disposition** |
|  | (in millions) | (in millions) |  |  |
| Underwriting | $1623.7 | $1512.8 | 7.3% | 7.9% |
| Claims | 670.2 | 633.3 | 5.8% | 5.8% |
| Total Insurance | $2293.9 | $2146.1 | 6.9% | 7.3% |

---

Our recent acquisitions (Rocket within the claims category, Simplitium and SuranceBay within the underwriting category of the Insurance segment) and disposition (AER within the underwriting category of our Insurance segment) resulted in a net decrease in revenue of $7.8 million, while the remaining Insurance revenues increased $155.6 million or 7.3%. Our underwriting revenue increased $119.0 million or 7.9%, 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 extreme event solutions and specialty business solutions. Our claims revenue increased $36.6 million or 5.8%, primarily due to solid growth in anti-fraud solutions and property estimating solutions.

*Cost of Revenues*

Cost of revenues was $689.8 million for the nine months ended September 30, 2025 compared to $670.6 million for the nine months ended September 30, 2024, an increase of $19.2 million or 2.9%. Our recent acquisitions and disposition accounted for a decrease of $8.3 million in cost of revenues. The remaining increase of $27.5 million or 4.2% was primarily due to salaries and employee benefits of $15.5 million, information technology expenses of $9.4 million, bad debt expense of $3.3 million, and data costs of $1.4 million, partially offset by a reduction in professional consulting fees of $1.5 million, rent expense of $0.5 million, and other operating costs of $0.1 million.

*Selling, General and Administrative Expenses*

Selling, general and administrative expenses were $326.0 million for the nine months ended September 30, 2025 compared to $308.4 million for the nine months ended September 30, 2024, an increase of $17.6 million or 5.7%. Our recent acquisitions and disposition accounted for an increase of $2.0 million in selling, general, and administrative expenses. The remaining increase of $15.6 million or 5.1% was primarily due to salaries and employee benefits of $12.7 million, professional consulting fees of $4.8 million, information technology expense of $4.2 million, travel expenses of $1.3 million, rent expense of $0.3 million, and other operating costs of $1.5 million, partially offset by a net loss on disposal of fixed assets of $7.1 million in the prior year, and reduction in insurance expense of $2.1 million.

*Depreciation and Amortization of Fixed Assets*

Depreciation and amortization of fixed assets were $197.4 million for the nine months ended September 30, 2025 compared to $174.5 million for the nine months ended September 30, 2024, an increase of $22.9 million or 13.1%. 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 $50.4 million for the nine months ended September 30, 2025 compared to $55.0 million for the nine months ended September 30, 2024, a decrease of $4.6 million or 8.4%. The decrease was primarily due to intangible assets that were fully amortized, partially offset by the amortization of intangible assets related to our recent acquisitions of $2.5 million.

*Net Gain on Early Extinguishment of Debt*

Net gain on early extinguishment of debt was $3.6 million for the nine months ended September 30, 2024 due to a cash tender offer of $400.0 million aggregate principal amount of our 2025 Senior Notes that was completed on June 7, 2024.

*Investment Gain*

Investment gain was $10.1 million for the nine months ended September 30, 2025 compared to $102.4 million for the nine months ended September 30, 2024, a decrease of $92.3 million. The decrease was primarily due to the net gains realized in the prior year associated with the settlement of retained interests related to the prior sales of our healthcare business in 2016 and our specialized markets business in 2022, partially offset by the impact of foreign currencies associated with transactions in the normal course of business.

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*Interest Expense, net*

Interest expense, net was $114.0 million for the nine months ended September 30, 2025 compared to $90.1 million for the nine months ended September 30, 2024, an increase of $23.9 million or 26.5%. The increase was primarily driven by interest expense related to the issuance of our 2030, 2035, and 2036 Senior Notes, partially offset by the repayment of our 2025 Senior Notes and increased interest income for the nine months ended September 30, 2025.

*Provision for Income Taxes*

The provision for income taxes was $215.3 million and the effective tax rate was 23.2% for the nine months ended September 30, 2025, compared to $206.3 million and 21.6% for the nine months ended September 30, 2024. The increase in the effective tax rate was primarily due to a nonrecurring tax benefit recognized in the prior period, as well as 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 $711.1 million for the nine months ended September 30, 2025 compared to $747.2 million for the nine months ended September 30, 2024, a decrease of $36.1 million or 4.8%.The net income margin was 31.0% for the nine months ended September 30, 2025 compared to 34.8% for the nine months ended September 30, 2024. The decrease in net income margin was primarily driven by net gains realized in the prior year associated with the settlement of retained interests related to the prior sales of our healthcare business in 2016 and our specialized markets business in 2022, and a net gain on the early extinguishment of debt in the prior year, partially offset by the impact of foreign currencies associated with transactions in the normal course of business.

*EBITDA Margin <sup>[1]</sup>*

EBITDA was $1,288.2 million for the nine months ended September 30, 2025 compared to $1,273.1 million for the nine months ended September 30, 2024. The EBITDA margin for our consolidated results was 56.2% for the nine months ended September 30, 2025 compared to 59.3% for the nine months ended September 30, 2024. The decrease in EBITDA margin was primarily driven by net gains realized in the prior year associated with the settlement of retained interests related to the prior sales of our healthcare business in 2016 and our specialized markets business in 2022, and a net gain on the early extinguishment of debt in the prior year, partially offset by the impact of foreign currencies associated with transactions in the normal course of 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 in the table below.*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **Total** | **Total** | **Total** | **Total** |
| Net income | $225.5 | $220.0 | $711.1 | $747.2 |
| Depreciation and amortization of fixed assets | 64.0 | 58.1 | 197.4 | 174.5 |
| Amortization of intangible assets | 18.3 | 18.3 | 50.4 | 55.0 |
| Interest expense | 42.2 | 32.1 | 114.0 | 90.1 |
| Provision for income taxes | 76.6 | 65.3 | 215.3 | 206.3 |
| EBITDA | $426.6 | $393.8 | $1288.2 | $1273.1 |
| Revenue | $768.3 | $725.3 | $2293.9 | $2146.1 |
| EBITDA Margin | 55.5% | 54.3% | 56.2% | 59.3% |

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**Liquidity and Capital Resources**

As of September 30, 2025 and December 31, 2024, we had cash and cash equivalents and available-for-sale securities totaling $2,108.7 million and $292.5 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 September 30, 2025 and December 31, 2024, a vast majority of our domestic cash and cash equivalents is with TD Bank, N.A., JPMorgan Chase N.A., and Northern Trust. 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 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 nine months ended September 30, 2025 and 2024, we repurchased $400.2 million and $750.0 million (inclusive of $60.0 million in treasury stock then not yet settled), respectively, of our common stock. The repurchase of our common stock was funded using cash from operations. For the nine months ended September 30, 2025 and 2024, we also paid dividends of $188.6 million and $166.6 million, respectively.

**Financing and Financing Capacity**

We had total debt, excluding finance lease liabilities, unamortized discounts and premium, and debt issuance costs of $4,750 million and $3,050.0 million at September 30, 2025 and December 31, 2024, respectively, and we were in compliance with our financial and other covenants. The debt at September 30, 2025, primarily consists of senior notes issued in 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 9.](#note9) for additional information on our financing activities.

We had a syndicated revolving credit facility ("Syndicated Revolving Credit Facility") with a borrowing capacity of $1,000.0 million with Bank of America N.A., HSBC Bank USA, N.A., JP Morgan Chase Bank, N.A., Wells Fargo Bank, National Association, Citibank, N.A., Morgan Stanley Bank, N.A., TD Bank, N.A., Goldman Sachs Bank USA, and the Northern Trust Company with a maturity date of April 5, 2028. On August 15, 2025, we entered into the Third Amended and Restated Credit Agreement (the "Amendment and Restatement") to the Syndicated Revolving Credit Facility with Bank of America, N.A. as administrative agent. The Amendment and Restatement increased our borrowing capacity to $1,250.0 million and extends the maturity date to August 15, 2030. Interest on borrowings under the Amendment and Restatement is payable at an interest rate of SOFR plus 100.0 to 162.5 basis points, depending upon our public debt rating. A commitment fee on any unused commitment is payable periodically and may range from 8.0 to 17.5 basis points based upon our public debt rating. The Syndicated Revolving Credit Facility, as amended and restated by the Amendment and Restatement, also contains certain financial and other covenants that, among other things, impose certain restrictions on indebtedness, liens, dispositions fundamental changes, and use of proceeds. The financial covenants require that, at the end of any fiscal quarter, we have a consolidated interest coverage ratio of more than 3.00 to 1.00, we have a consolidated funded debt leverage ratio of less 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. 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"). In connection with the Amendment and Restatement, we incurred additional debt issuance costs of $1.0 million, which will be amortized to 'Interest expense' within the accompanying consolidated statements of operations over the remaining life of the Syndicated Revolving Credit Facility. As of September 30, 2025, we were in compliance with all financial and other debt covenants under our Syndicated Revolving Credit Facility. As of September 30, 2025 and December 31, 2024, the available capacity under the Syndicated Revolving Credit Facility was $1,245.5 million and $995.4 million, which takes into account outstanding letters of credit of $4.5 million and $4.6 million, respectively.

On August 15, 2025, we also entered into a $750.0 million Term Credit Agreement (the "Term Loan Facility") with Bank of America N.A. The Term Loan Facility has a maturity date of August 15, 2028 and carries an interest rate of SOFR plus 100.0 to 162.5 basis points, depending upon our public debt rating. The Term Loan Facility also contains certain financial and other covenants that, among other things, impose certain restrictions on indebtedness, liens, dispositions fundamental changes, and use of proceeds.. The financial covenants require that, at the end of any fiscal quarter, we have a consolidated interest rate coverage ratio of less than 3.00 to 1.00. we have a consolidated funded debt leverage ratio of 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. We plan to use the borrowings to finance the purchase price for the acquisition of AccuLynx and to pay related fees and expenses. In connection with the Term Loan Facility, we incurred additional debt issuances costs of $5.8 million, which will be amortized to "Interest expense" within the accompanying consolidated statements of operations over the remaining life of the Term Loan Facility.

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***Cash Flow***

The following table summarizes our cash flow data:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | | **Nine Months Ended** | **Nine Months Ended** |  |
|  | **September 30,** | **September 30,** | | **September 30,** | **September 30,** |  |
|  | **2025** | **2024** | **Percentage change** | **2025** | **2024** | **Percentage change** |
|  | (in millions) | (in millions) | | (in millions) | (in millions) |  |
| Net cash provided by operating activities | $403.5 | $296.2 | 36.2% | $1092.7 | $888.6 | 23.0% |
| Net cash used in investing activities | $(234.5) | $(52.6) | 345.8% | $(372.9) | $(76.4) | 388.1% |
| Net cash provided by (used in) financing activities | $1305.3 | $(421.3) | N/A | $1079.6 | $(658.2) | N/A |

---

*Operating Activities*

Net cash provided by operating activities was $403.5 million for the three months ended September 30, 2025, compared to $296.2 million for the three months ended September 30, 2024, an increase of $107.3 million or 36.2%. The increase in operating cash flow was due to an increase in operating profits, the timing of cash receipts, and lower cash tax payments, partially offset by an increase interest payments.

Net cash provided by operating activities was $1,092.7 million for the nine months ended September 30, 2025, compared to $888.6 million for the nine months ended September 30, 2024, an increase of $204.1 million or 23.0%. The increase in operating cash flow was due to an increase in operating profits, the timing of cash receipts, and lower cash tax payments, partially offset by an increase interest payments.

*Investing Activities*

Net cash used in investing activities of $234.5 million for the three months ended September 30, 2025 was primarily related to acquisitions of $160.4 million, capital expenditures of $67.4 million, investments in non-public companies of $4.0 million, and escrow funding associated with acquisitions of $2.7 million. Net cash used in investing activities of $52.6 million for the three months ended September 30, 2024 was primarily related to capital expenditures of $55.5 million, and investments in non-public companies of $0.9 million, partially offset by an escrow release associated with acquisitions of $3.8 million.

Net cash used in investing activities of $372.9 million for the nine months ended September 30, 2025 was primarily related to to acquisitions of $184.8 million, capital expenditures of $176.9 million, investments in non-public companies of $8.5 million, and escrow funding associated with acquisitions of $2.7 million. Net cash used in investing activities of $76.4 million for the nine months ended September 30, 2024 was primarily related to capital expenditures of $168.5 million, and acquisitions and a purchase of an additional controlling interest totaling $23.4 million, partially offset by proceeds received upon settlement of our retained interests related to the prior sales of our healthcare business in 2016 and our specialized markets business in 2022 of $112.1 million, and an escrow release associated with acquisitions of $3.8 million.

 *Financing Activities*

Net cash provided by financing activities of $1,305.3 million for the three months ended September 30, 2025 was primarily driven by the proceeds from the issuance of short-term debt of $1,497.9 million, and proceeds from stock options exercised of $3.7 million, partially offset by repurchases of common stock of $100.1 million, dividends paid of $62.6 million, the payment of debt issuance costs of $19.2 million, and other financing activities of $13.9 million. Net cash used in financing activities of $421.3 million for the three months ended September 30, 2024 was primarily driven by the funding of a $400.0 million accelerated share repurchase program and dividends paid of $55.3 million, partially offset by proceeds from stock options exercised of $47.4 million.

Net cash provided by financing activities of $1,079.6 million for the nine months ended September 30, 2025 was primarily driven by the was primarily driven by the proceeds from the issuance of short-term debt of $1,497.9 million, proceeds from the issuance of long-term debt of $698.3 million, and proceeds from stock options exercised of $51.3 million, partially offset by repayment of our 2025 senior note of $500.0 million, repurchases of common stock of $400.2 million, dividends paid of $188.6 million, the net share settlement of taxes from restricted stock and performance share awards of $26.0 million, payment of debt issuance costs of $25.4 million, payment of excise tax of $7.6 million, and other financing activities of $20.1 million. Net cash used in financing activities of $658.2 million for the nine months ended September 30, 2024 was primarily driven by the funding of $750.0 million of accelerated share repurchase programs, the payment on the early extinguishment of debt of $396.4 million, and dividends paid of $166.6 million, partially offset by proceeds from the issuance of long-term debt, net of original discount, of $590.2 million, and proceeds from stock options exercised of $110.6 million.

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**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 annual report on Form 10-K and filed with the Securities and Exchange Commission on February 26, 2025.

**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 accounting principles generally accepted in the U.S. The preparation of these financial statements requires management to make estimates and judgments that affect reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the dates of the financial statements and revenue 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 acquisition purchase price allocations, revenue recognition, goodwill and intangible assets, pension and other postretirement benefits, stock-based compensation, income taxes, and allowance for doubtful accounts. 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 annual report on Form 10-K dated and filed with the Securities and Exchange Commission on February 26, 2025. Since the date of our annual report on Form 10-K, there have been no material changes to our critical accounting policies and estimates other than the items noted below.

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| | |
|:---|:---|
| **Item 3.** | **Quantitative and Qualitative Disclosures About Market Risk** |

---

Market risks at September 30, 2025 have not materially changed from those discussed under Item 7A in our annual report on Form 10-K dated and filed with the Securities and Exchange Commission on February 26, 2025.

---

| | |
|:---|:---|
| **Item 4.** | **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 September 30, 2025, our disclosure controls and procedures were effective at the reasonable assurance level.

**Changes in Internal Control over Financial Reporting**

During the nine months ended September 30, 2025, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37

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**PART II — OTHER INFORMATION**

---

| | |
|:---|:---|
| **Item 1.** | **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 15.](#note16) to our condensed consolidated financial statements for the nine months ended September 30, 2025 for a description of our significant current legal proceedings, which is incorporated by reference herein.

---

| | |
|:---|:---|
| **Item 1A.** | **Risk Factors** |

---

There has been no material change in the information provided under the heading "Risk Factors" in our annual report on Form 10-K dated and filed with the Securities and Exchange Commission on February 26, 2025, as supplemented by the information provided under the heading "Risk Factors" in our Form 10-Q for the quarter ended September 30, 2025.

---

| | |
|:---|:---|
| **Item 2.** | **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 19, 2025, our Board of Directors approved an additional share repurchase authorization of up to $1.0 billion. As of September 30, 2025, we had $1,191.5 million available to repurchase shares. Our share repurchases for the quarter ended September 30, 2025 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** |
|  |  |  |  |  | **(in millions)** |
| July 1, 2025 through July 31, 2025 | 180462 | (1) | $277.07 | 180462 | $1241.5 |
| August 1, 2025 through August 31, 2025 | 163462 | (2) | $263.66 | 163462 | $1191.5 |
| September 1, 2025 through September 30, 2025 | 26179 | (2) | $263.66 | 26179 | $1191.5 |
|  | 370103 |  |  | 370103 |  |

---

(1) In July 2025, we repurchased $50.0 million of our common stock through open market repurchases. Through these open market repurchases, we received 180,462 shares at an average price of $277.07.

(2) In August 2025, we entered into an ASR agreement to repurchase shares of our common stock for an aggregate purchase price of $50.0 million with HSBC Bank USA, National Association This ASR agreement is accounted for as a treasury stock transaction and a forward stock purchase agreement indexed to our common stock. Upon the payment of the aggregate purchase price on August 13, 2025, we received an initial delivery of 163,462 shares of our common stock. Upon the final settlement of the this ASR agreement in September 2025, we received 26,179 additional shares, as determined based on the volume weighted average share price of our common stock, less a discount, of $263.66 per share during the term of this ASR agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38

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| | |
|:---|:---|
| **Item 3.** | **Defaults Upon Senior Securities** |

---

None.

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| | |
|:---|:---|
| **Item 4.** | **Mine Safety Disclosures** |

---

None.

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| | |
|:---|:---|
| **Item *5.*** | **Other Information** |

---

**Rule *10b5*-*1* and Non-Rule *10b5*-*1* Trading Arrangements**

During the fiscal quarter ended *September 30, 2025*, 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):

● Bruce Hansen, Independent Chair of the Board of Directors, adopted a new trading plan on *August 5, 2025 (*with the *first* trade under the new plan scheduled for a date on or after *January 7, 2026).* The trading plan will be effective until *June 30, 2026* to sell 4,671 shares of common stock.

There were no "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 *September 30, 2025* 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.

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| | |
|:---|:---|
| **Item 6.** | **Exhibits** |

---

See Exhibit Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| <u>**Exhibit**</u><br> <u>**Number**</u> | <u>**Description**</u> |
| 2.1 | [Agreement and Plan of Merger, dated as of July 29, 2025, by and among Verisk Analytics, Inc., Lenny Merger Sub, Inc., ExactLogix, Inc. and the Equityholders' Representative, incorporated herein by reference to the Company's Current Report on Form 8-K dated July 30, 2035.](http://www.sec.gov/Archives/edgar/data/1442145/000095010325009565/dp232275_ex0201.htm) |
| 4.1 | [Sixth Supplemental Indenture, dated August 21, 2025, between Verisk Analytics, Inc. and Computershare Trust Company, N.A. as successor to Wells Fargo Bank, N.A., as Trustee, incorporate herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K dated August 21, 2025.](http://www.sec.gov/Archives/edgar/data/1442145/000119312525185078/d98949dex41.htm) |
| 10.1 | [Term Credit Agreement, dated as of August 15, 2025, among Verisk Analytics, Inc., the lenders party thereto, and Bank of America, N.A., as administrative agent, incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated August 21, 2025.](http://www.sec.gov/Archives/edgar/data/1442145/000119312525185078/d98949dex101.htm) |
| 10.2 | [Third Amended and Restated Credit Agreement, dated as of August 15, 2025, among Verisk Analytics, Inc., the borrowing subsidiaries from time to time party thereto, the lenders party thereto, and Bank of America, N.A., as administrative agent, swing line lender and an L/C issuer, incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K dated August 21, 2025.](http://www.sec.gov/Archives/edgar/data/1442145/000119312525185078/d98949dex102.htm) |
| 31.1 | [Certification of the Chief Executive Officer of Verisk Analytics, Inc. pursuant to Rule 13a-14 under the Securities Exchange Act of 1934.\*](ex_856084.htm) |
| 31.2 | [Certification of the Chief Financial Officer of Verisk Analytics, Inc. pursuant to Rule 13a-14 under the Securities Exchange Act of 1934.\*](ex_856085.htm) |
| 32.1 | [Certification of the Chief Executive Officer and Chief Financial Officer of Verisk Analytics, Inc. pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of Sarbanes-Oxley Act of 2002.\*](ex_856086.htm) |
| 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.\* |
| 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40

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**SIGNATURES**

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.** | **Verisk Analytics, Inc.** |
|  | **(Registrant)** | **(Registrant)** |
| Date: October 29, 2025 | By: | /s/ Elizabeth D. Mann |
|  |  | Elizabeth D. Mann |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer and Duly Authorized Officer) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41

## Exhibit 31.1

**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: October 29, 2025 | /s/ Lee M. Shavel |
|  | Lee M. Shavel |
|  | Chief Executive Officer |

---

## Exhibit 31.2

**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: October 29, 2025 | /s/ Elizabeth D. Mann |
|  | Elizabeth D. Mann |
|  | Chief Financial Officer |

---

## Exhibit 32.1

**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 September 30, 2025, 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 |
| Lee M. Shavel |
| Chief Executive Officer |

---

---

| |
|:---|
| /s/ Elizabeth D. Mann |
| Elizabeth D. Mann |
| Chief Financial Officer |

---

Date: October 29, 2025