Research · Sep 3, 2026
[VRSK] Verisk Analytics Thesis 2026: Subscription Majority and Margin Leadership Define Quality Moat
Verisk Analytics FY25 revenue $3.07B (+7%); op income $1.37B (+9%); NI $908M; EPS $6.49. Q4 organic constant currency revenue +6.6% / adj EBITDA +8.5%. Subscription revenue 84% of total (+7.7% organic CC); transactional 16% (-6.5% on Property Estimating Solutions + personal lines auto softness). Adj EBITDA margin 56.2% (+150bp YoY). FCF $1.19B (+30%). AccuLinks acquisition terminated Q4; Verisk Marketing Solutions divested. Steve Cotterer joined to lead claims. AI products launched: Exact Expert + Exact AI + ExactGen. FY26 guide: revenue $3.19-$3.24B; adj EBITDA $1.79-$1.83B / 56-56.5% margin; interest expense $190-$200M; capex $260-$280M; tax 23-26%; adj EPS $7.45-$7.75 (+15-19% YoY).