Financial Analysis

12. Commitments and Contingencies: We are a party to legal proceedings, investigations, examinations, subpoenas, third party requests, government requests, regulatory proceedings and other claims with respect to a variety of matters in the ordinary course of business, including the matters described below (collectively, Ongoing Matters). With respect to Ongoing Matters, we are unable, at the present time, to determine the ultimate resolution of or provide a reasonable estimate of the range of possible loss attributable to Ongoing Matters or the impact these matters may have on our results of operations, financial position, or cash flows. Although we believe we have strong defenses and have appealed adverse rulings to us, we could in the future incur judgments or enter into settlements of claims that could have a material adverse effect on our results of operations, financial position, or cash flows. Telematics Litigation As of April 19, 2024, various Plaintiffs filed a total of twenty separate putative class action lawsuits, sixteen against General Motors LLC (GM), OnStar LLC (OnStar), LexisNexis Risk Solutions, Inc. (LexisNexis) and Verisk Analytics Inc. in the United States District Courts for the Northern District of Georgia, the Eastern District of Michigan, Central District of California, District of New Jersey, Southern District of New York, Northern District of Alabama, Northern District of Illinois and District of South Carolina, and four against Hyundai Motor America …

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"6. Debt: The following table presents short-term and long-term debt by issuance: Issuance Date Maturity Date June 30, 2026 December 31, 2025 Short-term debt and current portion of long-term debt: Term loan facility, net of debt issuance costs of $ 0.6 2/18/2026 2/19/2027 $ 249.4 $ Syndicated revolving credit facility Various Various Senior notes: 4.500 % senior notes, less unamortized discount and debt issuance costs of $ 0.0 8/21/2025 8/15/2030 750.0 5.125 % senior notes, less unamortized discount and debt issuance costs of $ 0.0 8/21/2025 2/15/2036 750.0 Finance lease liabilities Various Various 8.3 8.9 Short-term debt and current portion of long-term debt 257.7 1,508.9 Long-term debt: Senior notes: 4.125 % senior notes, inclusive of unamortized premium, and net of unamortized discount and debt issuance costs of $ 4.1 and $ 4.8 , respectively 3/6/2019 3/15/2029 604.1 604.8 4.450 % senior notes, less unamortized discount and debt issuance costs of $( 4.0 ) and $ 0.0 , respectively 2/26/2026 3/15/2031 496.0 5.750 % senior notes, less unamortized discount and debt issuance costs of $( 6.5 ) and $( 7.0 ), respectively 3/3/2023 4/1/2033 493.5 493.0 5.250 % senior notes, less unamortized discount and debt issuance costs of $( 12.0 ) and $( 12.7 ), respectively 6/5/2024 6/5/2034 588.0 587.3 5.250 % senior notes, less unamortized discount and debt issuance costs of $( 6.9 ) and $( 7.3 ), respectively 3/11/2025 3/15/2035 693.1 692.7 5.125 % senior notes, less unamortized discount a …

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Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Insurance: Underwriting $ 569.1 $ 549.6 $ 1,121.2 $ 1,081.6 Claims 237.2 223.0 467.7 444.0 Total revenues $ 806.3 $ 772.6 $ 1,588.9 $ 1,525.6 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues: United States $ 651.3 $ 627.5 $ 1,289.7 $ 1,249.0 United Kingdom 66.3 63.1 131.7 123.1 Other countries 88.7 82.0 167.5 153.5 Total revenues $ 806.3 $ 772.6 $ 1,588.9 $ 1,525.6

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"8. Equity Compensation Plans: All of our outstanding stock options, restricted stock awards, deferred stock units, and PSUs are covered under our Verisk Analytics Inc. Equity Incentive Plan ( ""2021 Incentive Plan""). Awards under our 2021 Incentive Plan may include one or more of the following types: (i) stock options (both nonqualified and incentive stock options), (ii) stock appreciation rights, (iii) restricted stock, (iv) restricted stock units, (v) performance awards, (vi) other share-based awards, and (vii) cash. Employees, non-employee directors, and consultants are eligible for awards under our 2021 Incentive Plan. We transferred common stock under these plans from our treasury shares. As of June 30, 2026 , there were 11,235,308 shares of common stock reserved and available for future issuance under our 2021 Incentive Plan. Cash received from stock option exercises for the six months ended June 30, 2026 and 2025 was $16.2 million and $47.6 million, respectively. In January 2026, we granted 282,414 non-qualified stock options, 169,187 shares of restricted stock, and 62,662 PSUs to key employees. The non-qualified stock options have an exercise price equal to the adjusted closing price of our common stock on the grant date, a graded service vesting period of four years, and 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 and subject to a graded service vesting period of fo …

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"4. Investments and Fair Value Measurements: Certain assets and liabilities are reported at fair value in our accompanying condensed consolidated balance sheets. Such assets and liabilities include amounts for both financial and non-financial instruments. ASC 820 - 10, Fair Value Measurements , established a three -level fair value hierarchy to prioritize the inputs to valuation techniques used to measure fair value, as follows: Level 1 - Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments. Level 2 - Assets or liabilities valued based on observable market data for similar instruments. Level 3 - Assets or liabilities for which significant valuation assumptions are not readily observable in the market; instruments valued based on the best available data, some of which are internally-developed, and considers risk premiums that market participants would require. The fair values of cash and cash equivalents, accounts receivable, accou nts payable and accrued liabilities, and short-term debt approximate their carrying amounts, because of the short-term nature of these instruments and are classified as Level 1. Our investments in registered investment companies, which are Level 1 assets measured at fair value on a recurring basis, were $0.8 million and $0.7 million, as of June 30, 2026 and December 31, 2025 , respectively. Our investments in registered investment companies are valued using quoted prices in active ma …

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5. Income Taxes: Our effective tax rates for the three and six months ended June 30, 2026 was 24.6% and 24.4%, respectively, compared to the effective tax rates for the three and six months ended June 30, 2025 of 22.7% and 22.2%, respectively . The increase in the effective tax rate was primarily due to lower tax benefits from equity compensation in the current period versus the prior period. The difference between statutory tax rates and our effective tax rate is primarily due to state and local taxes, partially offset by tax benefits attributable to equity compensation.

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"Recent Accounting Pronouncements Accounting Standard Description Effective Date Effect on Consolidated Financial Statements or Other Significant Matters Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220 - 40 ): In November 2024, the FASB issued Accounting Standards Update No. 2024 - 03, Disaggregation of Income Statement Expenses (""ASU No. 2024 - 03"" ). The amendments in ASU No. 2024 - 03 require additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. The ASU is effective for the Companys Annual Report on Form 10 -K for the year ended December 31, 2027, with early adoption permitted. Prospective application is required and retrospective application is permitted. We are currently evaluating the impact that the adoption of this standard will have on our disclosures. IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350 - 40 ): In September 2025, the FASB issued Accounting Standards Update No. 2025 - 06, Targeted Improvements to the Accounting for Internal-Use Software (""ASU No. 2025 - 06"" ). The amendments in ASU No. 2025 - 06 make targeted improvements to Subtopic 350 - 40 to increase the operability of the recognition guidance considering different methods of software development. The ASU's amendments are effective for interim and annual reporting periods beginning afte …

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"9. Pension and Postretirement Benefits: We maintain a frozen qualified defined benefit pension plan for certain employees through membership in our Pension Plan for Insurance Organizations (the ""Pension Plan""), a multiple-employer trust. We also apply a cash balance formula to determine future benefits. Under the cash balance formula, each participant has an account, which is credited annually based on the interest earned on the previous year-end cash balance. We also have a frozen non-qualified supplemental cash balance plan (""SERP"") for certain employees. The SERP is funded from our general assets. During the first quarter of 2026 and as of December 31, 2025, the investment guidelines on our Pension Plan assets targeted an investment allocation of 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 six months ended June 30, 2026 and 2025 are summarized below: Pension Plan and SERP Postretirement Plan For the Three Months Ended June 30, 2026 2025 2026 2025 Interest cost $ 3.8 $ 3.8 $ $ Expected return on plan assets (7.3 ) (6.3 ) Amortization of prior service cost 0.2 Amortization of net actuarial …

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11. Related Parties: We consider our stockholders that own more than 5.0% of the outstanding stock within the class to be related parties as defined within ASC 850, Related Party Disclosures . For the six months ended June 30, 2026 and 2025 , we had no material transactions with related parties owning more than 5.0% of the entire class of stock.

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"3. Revenues: Disaggregated revenues by type of service and by country are provided below for the three and six months ended June 30, 2026 and 2025 . No individual customer or country outside of the U.S. accounted for 10.0% or more of our consolidated revenues for the three and six months ended June 30, 2026 or 2025 . Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Insurance: Underwriting $ 569.1 $ 549.6 $ 1,121.2 $ 1,081.6 Claims 237.2 223.0 467.7 444.0 Total revenues $ 806.3 $ 772.6 $ 1,588.9 $ 1,525.6 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues: United States $ 651.3 $ 627.5 $ 1,289.7 $ 1,249.0 United Kingdom 66.3 63.1 131.7 123.1 Other countries 88.7 82.0 167.5 153.5 Total revenues $ 806.3 $ 772.6 $ 1,588.9 $ 1,525.6 Contract assets are defined as an entity's right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. As of June 30, 2026 and December 31, 2025 , we had 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 June 30, 2026 a nd December 31, 2025 , we had contract liabilities that primarily related to unsatisfied performance obligations to provide customers with the right to use and update the online co …

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1 0. Segment Reporting: Operating segments are components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and in assessing performance. Our President and CEO is identified as the CODM. Based on our business strategy along with the verticals we currently service, we have determined that we have 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 U.S. GAAP measure of segment profit that is regularly reviewed by the CODM to allocate resources and assess performance. The CODM does not regularly review or manage any significant expenses on a standalone basis, as such expenses are not separately identifiable or material at the segment level. For the three and six months ended June 30, 2026 , please refer to our accompanying condensed consolidated statements of operations for information regarding revenues, expenses, and the measure of profit and loss, which is net income. The CODM regularly reviews the consolidated statements of operations. See Note 3. Revenues for information on disaggregated revenues by type of service and by country. Long-lived assets by …

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"2. Basis of Presentation and Summary of Significant Accounting Policies: Our accompanying unaudited condensed consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the U.S. (""U.S. GAAP""). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include acquisition purchase price allocations, the fair value of goodwill and intangibles, the realization of deferred tax assets and liabilities, acquisition-related liabilities, fair value of stock-based compensation for equity awards granted, and assets and liabilities for pension and postretirement benefits. Actual results may ultimately differ from those estimates. Goodwill and intangible assets with indefinite lives are subject to impairment testing annually as of June 30, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. In evaluating goodwill for impairment, we may first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The qualitative assessment includes a review of macroeconomic condition …

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"7. Stockholders (Deficit) Equity: We have 2,000,000,000 shares of authorized commo n stock as of June 30, 2026 and December 31, 2025 . Our common shares have rights to any dividend declared by our Board of Directors (""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 June 30, 2026 and December 31, 2025 , the adjusted closing price of our common stock was $179.53 and $223.69 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 June 30, 2026 and December 31, 2025 . On February 13, 2026 and April 27, 2026, our Board approved a cash dividend of $0.50 per share of common stock issued and outstanding to the holders of record as of March 13, 2026 and June 15, 2026, respectively. Cash dividends of $130.9 million and $126.0 million were paid during the six months ended June 30, 2026 and 2025 , respectively, and recorded as a reduction to retained earnings. Share Repurchase Program In February 2026, we entered into accelerated share repurchase (""ASR"") agreements (the ""February ASR Agreements"") to repurchase shares of our common stock for an aggregate purchase price of $1.5 billion with HSBC Bank USA, National Association and Wells Fargo Bank, Nati …

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13. Subsequent Events: On July 27, 2026, our Board of Directors approved a cash dividend of $0.50 per share of common stock issued and outstanding, payable on September 30, 2026, to holders of record as of September 15, 2026.

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