10-Q · April 29, 2026
Verisk Analytics reported Q1 2026 revenues of $782.6 million, representing a 3.9% increase from the prior year and slightly above consensus estimates of $773 million. Diluted EPS at $1.73 marginally missed expectations…
Earnings analysis · 10-Q
VRSK earnings analysis
Filed July 29, 2026 · Our reading of the company's report
The latest report
Verisk delivered Q2 revenue of $806.3 million, up 4.3% year over year and approximately 3.0% sequentially from $783 million in Q1, while gross margin improved to 71.1%. Operating margin was broadly stable sequentially…
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Verisk delivered Q2 revenue of $806.3 million, up 4.3% year over year and approximately 3.0% sequentially from $783 million in Q1, while gross margin improved to 71.1%. Operating margin was broadly stable sequentially at 45.1%, but down about 80 basis points year over year, and GAAP EPS of $1.75 was down from $1.81 a year ago despite being up from $1.73 in Q1. Stronger operating cash flow and continued growth in Claims were offset by legal costs, sharply higher interest expense, a higher tax rate, and a substantial reduction in cash after accelerated share repurchases.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.75
What stood out
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Organic-like Insurance revenue grew 5.9%
Q2 revenue increased $33.7 million, or 4.3%, to $806.3 million. Excluding the net $10.8 million revenue impact of acquisitions and the VMS disposition, Insurance revenue grew $44.5 million, or 5.9%.
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Both core revenue categories expanded
Claims revenue grew 6.3% to $237.2 million, led by anti-fraud analytics and property-and-restoration solutions; underwriting revenue increased 3.5% to $569.1 million.
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Gross margin expanded year over year
Cost of revenues rose only 1.7% to $233.4 million, versus 4.3% revenue growth. This produced an implied gross margin of 71.1%, up from approximately 70.3% a year earlier.
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Operating income still grew despite SG&A
Operating income rose $9.4 million, or 2.7%, to $363.7 million. Operating margin was 45.1%, versus approximately 45.9% in the prior-year quarter, as SG&A increased 20.8% to $128.6 million.
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Cash generation accelerated sharply
Operating cash flow increased $121.5 million, or 49.7%, to $366.0 million. Free cash flow was $297.9 million, supported by higher operating profit and vendor and cash-tax payment timing.
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Large shareholder-return program
The company repurchased $1.827 billion of stock in the first six months of 2026 and paid $130.9 million in dividends. It retained $800.0 million of authorization at June 30, 2026.
What to watch
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GAAP earnings and net margin declined
GAAP net income fell $24.7 million, or 9.8%, to $228.6 million, and diluted EPS declined $0.06 to $1.75. Net-income margin contracted to 28.4% from 32.8%.
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EBITDA margin compressed 350 basis points
EBITDA declined 2.0% to $436.8 million and EBITDA margin compressed 350 basis points to 54.2%, primarily due to higher AccuLynx-related legal fees.
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Interest and tax burdens increased
Net interest expense rose $17.3 million, or 48.7%, to $52.8 million, driven by 2031 and 2036 senior notes and the Term Loan Facility. The effective tax rate also increased to 24.6% from 22.7%.
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Buybacks reduced liquidity and retained leverage
Cash, cash equivalents, and available-for-sale securities fell to $552.2 million at June 30, 2026 from $2.179 billion at December 31, 2025, following $1.827 billion of six-month share repurchases. Total debt remained substantial at $4.500 billion, including $250.0 million outstanding on the term loan.
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No formal risk-factor update; legal-cost pressure
Risk-factor disclosure itself did not change: Item 1A states there was no material change from the 2025 10-K. However, the filing reports $16.3 million of acquisition, disposition, and AccuLynx-related SG&A costs in Q2, evidencing transaction-related expense pressure.
Management's outlook
The 10-Q MD&A does not provide quantitative full-year guidance; quantitative outlook was deferred to the separately issued earnings materials.
Earlier filings 4
10-K · February 18, 2026
Verisk positions itself as a data-and-analytics moat for the P&C insurance ecosystem, emphasizing proprietary data assets, embedded subscription solutions and scale to drive product innovation. The 2025 filing…
10-K · February 26, 2025
Verisk Analytics reported strong growth in 2024 with total revenue reaching approximately $2.9 billion, an increase of about 7.4% from the previous year. The company also noted improvements in its operating efficiency…
10-Q · October 30, 2024
Verisk reported Q3 revenue of $725.3 million, up $47.7 million (+7.0%) versus $677.6 million in Q3 2023, with operating income rising to $311.5 million (from $281.1) and diluted EPS from continuing operations of $1.54…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.