- Third quarter revenue of $768 million, up 5.9%, and up 5.5% on an organic constant currency (OCC) basis.
- Net income of $226 million, up 2.5% as strong operating performance were partially offset by higher net interest expense in the current year and investment gain in the prior year.
- Adjusted EBITDA, a non-GAAP measure, of $429 million, up 7.2%, and up 8.8% on an OCC basis.
- Diluted GAAP earnings per share of $1.61, up 4.5%.
- Diluted adjusted EPS, a non-GAAP measure, of $1.72, up 3.0%.
- Pending AccuLynx acquisition subject to a Second Request from the FTC as part of the agency’s review of the proposed transaction.
Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, today announced results for the third quarter ended September 30, 2025. The earnings release is available on the company’s Investor Relations website at investor.verisk.com.
Lee Shavel, President and CEO, Verisk:
“I am pleased to share that Verisk is on track to deliver another year in line with our long-term growth targets. Our continued strategic engagement across the industry is opening new opportunities to partner with our clients and expanding our client base to new ecosystem participants. Through our C-suite engagements, we continue to hear support for us to provide more data and integrate that data more deeply into systems and the industry ecosystem generally for efficiency.”
Elizabeth Mann, CFO, Verisk:
“In the third quarter 2025, Verisk organic constant currency revenue grew 5.5%. We did experience temporary factors including a historically low level of severe weather events which negatively impacted growth by approximately 1%. Through ongoing cost discipline, we delivered strong operating leverage, translating to 8.8% OCC adjusted EBITDA growth and 40% free cash flow growth demonstrating the strong cash flow generation potential of our business model. We continue to have great confidence in our ability to deliver results in line with our long-term growth targets for this year, for 2026 and beyond.”
Financial Highlights
Summary of Results (GAAP and Non-GAAP) from Continuing Operations
(in millions, except per share amounts)
Note: Adjusted EBITDA, diluted adjusted EPS, and free cash flow are non-GAAP measures.
Revenue
($ in millions)
Note: OCC revenue growth is a non-GAAP measure. See “Non-GAAP Reconciliations” below for a reconciliation to the nearest GAAP measure.
*Beginning with the first quarter of 2025, an immaterial component of our Insurance segment was transferred from Claims to Underwriting in calculating the OCC change percentage. The transfer has no impact on the OCC growth rates for our Insurance segment.
- Underwriting revenues increased 6.9% in the quarter and 5.8% on an OCC basis, primarily due to our forms, rules and loss cost services and extreme event solutions. Life solutions and specialty business also contributed to the growth. On December 2, 2024, we sold Atmospheric and Environmental Research (“AER”), which was a business within Underwriting. AER is included in our revenue from disposition.
- Claims revenues grew 3.6% in the quarter and 5.0% on an OCC basis, primarily due to anti-fraud solutions and casualty solutions. Our growth was negatively impacted by a historically low level of severe weather activity in the quarter.
Net Income, Adjusted EBITDA and Adjusted EBITDA Margin
($ in millions)
Note: Adjusted EBITDA is a non-GAAP measure. Margin is calculated as a percentage of revenues. See “Non-GAAP Reconciliations” below for a reconciliation to the nearest GAAP measure.
- Net income was $226 million, an increase of 2.5% in the quarter. The increase in net income was mainly driven by revenue growth and cost discipline, partially offset by an increase in interest expense and a nonrecurring tax benefit recognized in the prior period, as well as lower tax benefits from equity compensation in the current period versus the prior period.
- Adjusted EBITDA increased 9.7% on an OCC basis, primarily due to operating leverage on the solid revenue growth and cost discipline.
Diluted Earnings Per Share
Note: Adjusted earnings per share is a non-GAAP measure. See “Non-GAAP Reconciliations” below for a reconciliation to the nearest GAAP measure.
- Adjusted EBITDA increased 8.8% on an OCC basis, primarily due to operating leverage based on revenue growth and cost discipline.
Diluted Earnings Per Share
Note: Adjusted earnings per share is a non-GAAP measure. See “Non-GAAP Reconciliations” below for a reconciliation to the nearest GAAP measure.
- The increase in diluted EPS of 4.5% was primarily the result of solid operational performance and a lower average share count, partially offset by increased net interest and depreciation expenses and a higher year over year tax rate. The tax rate was impacted by a lower tax benefit from equity compensation in the current period and a one-time tax benefit in the prior year period.
- Diluted adjusted EPS increased 3.0%, reflecting solid operational performance and a lower average share count, partially offset by increased net interest and depreciation expenses and a higher year over year tax rate. The tax rate was impacted by a lower tax benefit from equity compensation in the current period and a one-time tax benefit in the prior year period.
Cash Flow and Capital Return
($ in millions)
Note: Free cash flow is a non-GAAP measure. See “Non-GAAP Reconciliations” below for a reconciliation to the nearest GAAP measure.
- Net cash provided by operating activities grew 36.2% in the quarter, while free cash flow increased 39.6%.
- Free cash flow growth was driven by an increase in operating profit, the timing of cash receipts and lower cash tax payments, partially offset by an increase in interest payments.
- On September 30, 2025, we paid a cash dividend of 45 cents per share of common stock issued and outstanding to the holders of record as of September 15, 2025.
- On October 22, 2025, our Board of Directors approved a cash dividend of 45 cents per share of common stock issued and outstanding. The dividend is payable on December 31, 2025, to holders of record as of December 15, 2025.
- In the third quarter, we repurchased 0.4 million shares for $100.0 million, including a $50.0 million Accelerated Share Repurchase program, at an average price, less a discount, of $271.31. As of September 30, 2025, we had $1.2 billion remaining under our share repurchase authorization.
Full Year 2025 Outlook
(1) Included $40-50M revenue contribution from acquisitions
Subsequent Events
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.
Conference Call
A replay of the webcast will be available for 30 days on our investor website and through the conference call number 800-770-2030 for U.S./Canada participants or 647-362-9199 for international participants using Conference ID #1730953.
About Verisk
Verisk is a leading strategic data analytics and technology partner to the global insurance industry. It empowers 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, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong.
Verisk is traded on the Nasdaq exchange and is a part of the S&P 500 Index and the Nasdaq-100 Index.
For more information, please visit www.verisk.com.
Source: Verisk Earnings Report
