Verisk
Verisk is a leading data, analytics, and technology provider serving clients in the insurance ecosystem.
10-K, Feb 18, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001437749-26-004452 · filed Feb 18, 2026
Business
How does Verisk make money?
Insurance is 100.0% of revenue.
Source and method
Revenue by segments, FY2024.
annual report FY2024 · 0001437749-25-005160 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($2.9B).
- Insurance: $2.9B · 100.0%
- Financial Services: $0.00 · 0.0%
What is left of every $100?
Of every $100 in revenue, $30 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $3.1B
- Gross profit: $2.1B
- Operating income: $1.3B
- Net income: $908M
- Free cash flow: $1.2B
Where do customers sit?
82.1% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
10-K · 0001437749-26-004452 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“Using advanced technologies to collect and analyze billions of records, we draw on unique data assets, insurance industry knowledge, and technological expertise to provide valuable solutions that are integrated into client workflows.”
“We offer predictive analytics and decision support solutions to clients in rating, underwriting, claims, catastrophe, weather risk, and many other fields.”
“In the United States (“U.S.”) and around the world, we help clients protect individuals, communities, and businesses.”
Item 1 · Business · 10-K · 0001437749-26-004452 · filed Feb 18, 2026
Where did the growth actually come from?
Insurance drove 100% of Verisk’s growth.
Verisk redrew its segments in FY2023.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. Breaks: segments redrawn between FY2022 and FY2023. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
2 reasons in the company’s own words.
Revenue +7%
“Revenues were $3,072.7 million for the year ended December 31, 2025 compared to $2,881.7 million for the year ended December 31, 2024, an increase of $191.0 million or 6.6%.”
Item 7 · MD&A · 10-K · 0001437749-26-004452 · filed Feb 18, 2026
Number check (revenue): stated $3.1B matches the stored value ($3.1B, ±10%)
Revenue: $3.1B FY2025 · +6.6% vs FY2024 · KPIs
Position (in the company’s words)
“We are a recognized leader in the U.S. for industry-standard insurance programs that help P&C insurers define coverages and issue policies.”
Item 1 · Business · 10-K · 0001437749-26-004452 · filed Feb 18, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
2 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 6.6% to $3.1B.
Revenue grew 3.9% YoY to $783M.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 39.6%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
43.7% operating margin, up from 43.5%.
69.9% gross margin, up from 68.7%.
Operating income grew 7.2% to $1.3B.
Net income fell 5.2% to $908M.
R&D grew 16% to $40.9M.
SG&A grew 12% to $458M.
EPS diluted fell 3.4% to $6.48.
45.0% operating margin, up from 43.8%.
69.8% gross margin, up from 69.3%.
Operating income grew 6.7% YoY to $352M.
Net income grew 0.8% YoY to $234M.
SG&A grew 0.6% YoY to $110M.
EPS diluted grew 4.8% YoY to $1.73.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $39 of every $100 as free cash.
Operating cash flow grew 26% to $1.4B.
Capex grew 9.0% to $244M.
Buybacks fell 38% to $624M.
Dividends grew 13% to $251M.
Stock-based compensation grew 13% to $54.2M.
Free cash flow fell 17% YoY to $326M.
Operating cash flow fell 12% YoY to $390M.
Capex grew 19% YoY to $64.0M.
Buybacks grew 724% YoY to $1.4B.
Dividends grew 4.0% YoY to $65.5M.
Stock-based compensation grew 18% YoY to $18.4M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$2.2B cash vs $4.7B debt.
Total debt grew 55% to $4.7B.
Interest expense grew 37% to $171M.
Total assets grew 45% to $6.2B.
Equity grew 209% to $309M.
Cash fell 53% YoY to $524M.
Total debt grew 19% YoY to $4.5B.
Interest expense grew 19% YoY to $43.2M.
Total assets fell 10% YoY to $4.6B.
Equity: −$1.2B in FY2026 Q1.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Verisk depend on?
No customer above the disclosure threshold.
Risks
What could go wrong?
4 of 34 risk factors, one per theme.
Supply chain and manufacturing
“The demand for our solutions may be impacted by domestic and international factors that are beyond our control, including macroeconomic, political and market conditions, global supply chain disruption, the availability of short-term and long-term funding and capital, the level and volatility of interest rates, currency exchange rates, and inflation.”
Item 1A · Risk Factors · 10-K · 0001437749-26-004452 · filed Feb 18, 2026
Competition
“Markets in which we operate or which we believe may provide growth opportunities for us are highly competitive, and are expected to remain highly competitive.”
Item 1A · Risk Factors · 10-K · 0001437749-26-004452 · filed Feb 18, 2026
Security, defects and outages
“If we are unable to develop successful new solutions or if we experience defects, failures and delays associated with the introduction of new solutions, our business could suffer serious harm.”
Item 1A · Risk Factors · 10-K · 0001437749-26-004452 · filed Feb 18, 2026
Acquisitions
“Acquisitions, other strategic relationships and dispositions of our business, and related integration and separation risks, could result in operating difficulties and other harmful consequences, and we may not be successful in achieving the anticipated benefits of such transactions.”
Item 1A · Risk Factors · 10-K · 0001437749-26-004452 · filed Feb 18, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
BlackRock, Inc. holds 7.8%.
BlackRock, Inc.7.8%
13G/A · as of Jun 30, 2025 · filed Jul 16, 2025
Vanguard Capital Management LLC7.53%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
3 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.8.0%
10.3M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC6.7%
8.6M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC4.9%
6.3M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Alliancebernstein L.P.4.7%
6.0M shares · 13F filed Aug 14, 2026 · share of 13F-reported
State Street Corp4.5%
5.8M shares · 13F filed Aug 7, 2026 · share of 13F-reported
959 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
6 purchases · 21 sales · $7.0M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 37 SEC metrics, FY2016–FY2025
Income statement 11
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| Discontinued operations | not reported | |||||||||
| Gross profit calc. | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 10
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | not reported | not reported | ||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Short-term debt (balance sheet line) | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 7
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | ||||||||||
| Capex | ||||||||||
| Dividends | not reported | |||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| NCI income | not reported | not reported | not reported | |||||||
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Short-term borrowings / commercial paper | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values