Verisk Analytics (VRSK) 10-K risk factor changes: FY2025 vs FY2024

For the fiscal year ended December 31, [removed: 2024][added: 2025]

As of June 30, [removed: 2024,] [added: 2025,] the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was [removed: $37,477,230,712] [added: $42,587,525,686] based on the closing price reported on the NASDAQ Global Select Market on such date.

As of February [removed: 21, 2025,] [added: 13, 2026,] there were [removed: 140,276,165] [added: 137,941,888] shares outstanding of the registrant's Common Stock, par value $.001.

Certain information required by Part III of this annual report on Form 10-K is incorporated by reference to our definitive Proxy Statement for our [removed: 2024] [added: 2026] Annual Meeting of [removed: Stockholders,] [added: Shareholders,] which will be filed with the Securities and Exchange Commission not later than 120 days after December 31, [removed: 2024.][added: 2025.]

| | Item 7A. | [Quantitative and Qualitative Disclosures About Market Risk](#i7a) | [removed: [44](#i7a)] [added: [42](#i7a)] |

| | Item 8. | [Consolidated Financial Statements and Supplementary Data](#i8) | [removed: [44](#i8)] [added: [42](#i8)] |

| | | [Consolidated Balance Sheets](#cbs) | [removed: [53](#cbs)] [added: [51](#cbs)] |

| | | [Consolidated Statements of Operations](#cso) | [removed: [54](#cso)] [added: [52](#cso)] |

| | | [Consolidated Statements of Comprehensive Income](#cci) | [removed: [55](#cci)] [added: [53](#cci)] |

| | | [Consolidated Statements of Changes in Stockholders' Equity](#csse) | [removed: [56](#csse)] [added: [54](#csse)] |

| | | [Consolidated Statements of Cash Flows](#ccf) | [removed: [57](#ccf)] [added: [55](#ccf)] |

| | | [Notes to Consolidated Financial Statements](#notes) | [removed: [59](#notes)] [added: [57](#notes)] |

| | Item 9. | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i9) | [removed: [44](#i9)] [added: [42](#i9)] |

| | Item 9A. | [Controls and Procedures](#i9a) | [removed: [45](#i9a)] [added: [43](#i9a)] |

| | Item 9B. | [Other Information](#i9b) | [removed: [48](#i9b)] [added: [46](#i9b)] |

| | Item 9C | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i9c) | [added: [46](#i9b)] |

| | Item 10. | [Directors, Executive Officers and Corporate Governance](#i10) | [removed: [48](#i10)] [added: [46](#i10)] |

| | Item 11. | [Executive Compensation](#i11) | [removed: [48](#i11)] [added: [46](#i11)] |

| | Item 12. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i12) | [removed: [48](#i12)] [added: [46](#i12)] |

| | Item 13. | [Certain Relationships and Related Transactions and Director Independence](#i13) | [removed: [48](#i13)] [added: [46](#i13)] |

| | Item 14. | [Principal Accounting Fees and Services](#i14) | [removed: [48](#i14)] [added: [46](#i14)] |

| | Item 15. | [Exhibits and Financial Statement Schedule](#i15) | [removed: [49](#i15)] [added: [47](#i15)] |

| | Item 16. | [Form 10-K Summary](#i16) | [removed: [49](#i16)] [added: [47](#i16)] |

| | | [EXHIBIT INDEX](#exind) | [removed: [97](#exind)] [added: [94](#exind)] |

| | | [SIGNATURES](#sigs) | [removed: [100](#sigs)] [added: [97](#sigs)] |

Verisk Analytics, Inc. [removed: ("Verisk")] [added: ("Verisk" or the "Company")] has made statements under the captions “Business,” “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and in other sections of this annual report on Form 10-K that are forward-looking statements.

In [removed: 2024,] [added: 2025,] our clients included all of the top 100 property and casualty ("P&C") insurance providers in the U.S. for the lines of P&C services we offer.

We believe that Verisk is uniquely positioned with a series of competitive [removed: advantages] [added: differentiators] including:

- _Long-standing Industry Relationships_ – Our early beginnings as an insurance rating bureau have established us as a trusted partner for the [removed: industry] [added: industry,] as well as a source of insights for our clients; and

- _Scale to Drive Broad Distribution of Innovation_ – Our scale [removed: advantage] enables us to innovate on behalf of the insurance industry and deliver solutions that strive to solve our clients’ biggest challenges.

In addition, we are working on building leadership positions in adjacent [removed: markets] [added: spaces,] including life insurance, [removed: marketing,] specialty business solutions, and resilience and sustainability.

- Drive Operating Efficiency and Profitability. Our subscription business [removed: model] [added: model,] as well as our ability to build solutions that serve the insurance industry at [removed: large] [added: large,] helps drive core operating leverage.

We seek to balance this with high return on capital investment [removed: into] [added: in] the business to continue to drive growth and profitability; and

On May 23, 2008, in contemplation of our initial public offering ("IPO"), ISO formed [removed: Verisk Analytics, Inc. ("Verisk"),] [added: Verisk,] a Delaware corporation, to be the holding company for our business.

[removed: See] [added: Refer to] [Note [removed: 11](#FN_11_-_Businesses_Held_for_Sale_and_Disposition).][added: 11](#FN_11_-_Businesses_Held_for_Sale_and_Disposition)[.](#FN_11_-_Businesses_Held_for_Sale_and_Disposition) Dispositions and Discontinued Operations for further discussion.]

[added: Refer to [Note 11](#FN_11_-_Businesses_Held_for_Sale_and_Disposition)[.](#FN_11_-_Businesses_Held_for_Sale_and_Disposition)] Dispositions and Discontinued [removed: Operation] [added: Operations] for further discussion.

We [removed: now] operate in one segment, Insurance, which primarily serves our P&C insurance customers across most personal and commercial lines of business, focusing on the fundamental building blocks of insurance programs, the prediction of loss, the selection and pricing of risk, and compliance with their reporting requirements in each U.S. state in which they operate.

Our customers, acquired over more than 50 years, include most of the P&C insurance providers in the U.S. In recent years, we have expanded our offerings [removed: to serve] [added: into] certain non-U.S. markets and [removed: into] the fields of life insurance and [removed: annuities, as well as insurance marketing.][added: annuities.]

We offer our solutions and services primarily through annual subscriptions or long-term agreements, which are typically prepaid (annually and quarterly) and represented [removed: approximately 81%] [added: over 80%] of our revenues in [removed: 2024.][added: 2025.]

This support spans their product development, [removed: marketing,] new and renewal underwriting, risk selection and segmentation, pricing, and straight through to policy binding and issuance.

We operate in one segment, Insurance.

See [Note 19.](#FN_19_-_Segment_Reporting) of our consolidated financial statements included in this annual report on Form 10-K for further information.

_Catastrophe and Risk Solutions_

We provide data aggregation and reporting services for catastrophe and large loss claims across the industry.

Our platform is recognized as a trusted source for independent loss estimates, covering a broad spectrum of both catastrophe and non-catastrophe events.

Marketing Solutions provides leading marketing solutions for customers in both insurance and non-insurance industries.

On December 31, 2025, we sold the Verisk Marketing Solutions business to ActiveProspect, Inc. ("ActiveProspect"), backed by Five Elms Capital Management, LLC, for a net cash sale price of $80.0 million.

In addition to property data and solutions, clients can benefit from decision and benchmarking analytics using firmographic, technographic, and business intelligence and proprietary management competency scores, delivered digitally to enable straight through processing.

We also integrated advanced capabilities into insurer workflows through strategic partnerships, offering tools that identify stolen or total-loss vehicles using global marketplace data, monitor social media for inconsistencies with reported injuries, and provide incident footage from traffic intersections automatically matched to claims.

We provide a comprehensive suite of solutions supporting property and casualty insurers across the United Kingdom and Europe.

By integrating advanced technology with extensive industry knowledge, we help insurers streamline processes, enhance automation, ensure compliance, and make faster, more accurate decisions—ultimately benefiting both clients and policyholders.

We advanced our Career Framework by aligning foundational and functional skills to each job function and grade, and by educating employees and managers on how to use these skills to support a consistent approach to career development.

In addition, with the roll-out of a new talent and workforce management platform in 2025, employees can view skills connected to their current roles, explore skills for other roles, and identify targeted development opportunities – all in a shared technology platform.

These enhancements reflect our commitment to building a shared language for development.

Looking ahead to 2026, we will continue to help employees understand the skills model and how to use it for skill assessment, feedback, and targeted development.

The foundation of our performance management approach is built on three core principles: feedback, coaching, and continuous conversations.

This structure builds alignment, connection, and engagement.

Across all programs, participant feedback is exceptionally strong, averaging 4.7 out of 5 stars.

In 2025, we launched our Executive Leadership Lab, rounding out our leadership offering with a six-month intensive experience for our most senior learners.

This program develops Verisk’s rising executive leaders through virtual and immersive in-person sessions, blending off-site experiences, industry experts, external speakers, executive coaching, and hands-on activities centered on three key skills: strategic thinking, invention, and talent multiplication.

We also developed and launched Insight City, an immersive learning solution designed to help employees navigate our businesses, culture, and ways of working.

Insight City gives employees an engaging way to explore our history, solutions, and customers through interactive moments and real-world scenarios.

This initiative responds to a growing appetite for modern, experiential learning and reinforces our commitment to equipping employees with the knowledge they need to thrive at Verisk.

Lastly, in 2025, we significantly expanded leadership development through our enterprise coaching offering, partnering with a global roster of International Coaching Federation-certified coaches.

Nominated employees participate in this experience by selecting a coach, setting development goals, and engaging in personalized coaching journeys, with unlimited one-on-one sessions.

Participants in the program leveraged one-on-one coaching sessions to drive performance and build lasting leadership capabilities.

Our employee engagement score for 2025 is 80%, improving by 2% points since 2024.

| | • | changes in regulation |

| | • | insourcing by insurers of the services or analytics we currently provide. |

Evolved AI-based ecosystems and workflow automation developed by our customers or generic datasets enhanced by AI could compete more effectively with our products or solutions.

Contracts with governments are also subject to a number of issues, such as shutdowns, funding changes, policy and other government concerns that may impact the terms or performance of a contract.

As of December 31, 2025, we had 405,605,329 shares of treasury stock.

On February 19, 2025, our Board of Directors approved an additional share repurchase authorization of up to $1.0 billion.

As of December 31, 2025, after giving effect to share repurchases made under both current and prior authorizations, we had $967.5 million available to repurchase shares.

| October 1, 2025 through October 31, 2025 | | | — | | | | $ | — | | | | | — | | | $ | 1,191.5 | |

| November 1, 2025 through November 30, 2025 | | | 463,920 | | | | $ | 218.10 | | | | | 463,920 | | | $ | 1,090.3 | |

| December 1, 2025 through December 31, 2025 | | | 558,704 | | | | $ | 219.72 | | | | | 558,704 | | | $ | 967.5 | |

| | | | 1,022,624 | | (1) | | $ | 218.99 | | (1) | | | 1,022,624 | | | | | |

(1) In fourth quarter 2025, we repurchased $223.8 million of our common stock through an enhanced open market repurchase program, and received 1,022,624 shares at an average price per share of $218.99

(2) Subsequent to December 31, 2025, our Board of Directors also approved an increase to the share repurchase authorization to $2.5 billion in total, inclusive of the remaining authorization amount.

We also divested our specialized markets and financial services businesses in March 2022 and April 2022, respectively.

Our business aims to build upon our competitive advantages and capitalizing on our scale and position within the industry.

Our operating segments have historically been Insurance, Energy and Specialized Markets, and Financial Services.

On March 11, 2022 and April 8, 2022, we sold 3E Company Environmental, Ecological and Engineering ("3E"), our environmental health and safety business, which represented the “specialized markets” in our Energy and Specialized Markets segment, and our Financial Services segment, respectively.

We assessed the sale of 3E and Financial Services segment per the guidance in ASC 205-20, _Discontinued Operations_ ("ASC 205-20"), and determined that the transactions did not qualify as a discontinued operation because they did not, quantitatively or qualitatively, represent a strategic shift that has or will have a major effect on our operations and financial results.

On October 28, 2022, we also entered into an equity purchase agreement to sell Wood Mackenzie, Inc. and Verisk New UK Holdco LP (together with their respective subsidiaries, our “Energy business”).

The transaction closed on February 1, 2023.

The Energy business qualified as held for sale in the fourth quarter of 2022 and was classified as a discontinued operation per the guidance in ASC 205-20, as we determined that this transaction represents a strategic shift that has or will have a major effect on our operations and financial results.

Accordingly, all results of the Energy business have been removed from continuing operations and presented as discontinued operations in our consolidated statements of operations and assets and liabilities held for sale for all periods presented.

Results of our Energy business are reported as a discontinued operation for the year ended December 31, 2022 and for all prior periods presented.

_Extreme Event Solutions_

Up until the sale of Atmospheric and Environmental Research (“AER”) on December 2, 2024, we helped businesses and governments better anticipate and monitor risks in Earth’s natural environment.

We prepared certain agencies and companies to anticipate, manage, react to, and profit from climate- and weather-related risk.

We served our customers by providing advanced research, development, and analysis delivered in reports, data streams, and software solutions.

Through recent acquisitions, we extended our data and workflow capabilities to help the global insurance industry drive improvement in customer acquisition, growth, and retention.

Marketing and advertising spend for insurers goes well beyond $10 billion and has continued to increase year over year.

We possess unique and proven data sets that help the insurance industry more precisely segment, target, and optimize advertising and marketing spend.

Solutions include compliant, real-time decisioning, profitability, and risk assessment (pre-quote and pre-underwriting) for inbound consumer interactions.

We also power ongoing enrichment of prospective and current customer insights for the highest probability of retention and increased share of wallet (policy bundling) as well as full coverage of U.S. households and consumers to drive prospect marketing and advertising strategies.

Verisk Marketing Solutions brings a unique insurance-focused, specialized offering that covers insurance carriers’ holistic marketing data needs.

A claims adjuster or investigation professional can use our comprehensive case management system to manage claim investigations.

We continue to expand our claim product offerings to international markets through internal innovations and acquisitions in both the United Kingdom and Continental Europe.

Our solutions aim to enable greater certainty, lower indemnity, more automation, and quicker speed to settlement for our personal lines insurance customers.

Energy and Specialized Markets Segment

Up until the sale of our Energy business on February 1, 2023, we were a leading provider of data analytics across the natural resources value chain including the global energy, chemicals, metals and mining, and power and renewables sectors.

We delivered analysis and advice on assets, companies, governments, and markets based on proprietary near real time data as well as historic information.

This enabled us to offer a comprehensive and integrated analysis of relevant commodities to our customers.

We provided research and consulting services focusing on supporting customer capital allocation decisions, asset valuation and benchmarking, commodity markets, and corporate analysis.

We offered consultancy in the areas of business environment, business improvement, business strategies, commercial advisory, and transaction support.

Before the sale of our specialized markets on March 11, 2022, we offered a comprehensive suite of data and information services that enable improved compliance with global environmental health and safety ("EH&S") requirements related to the safe manufacturing, distribution, transportation, usage, and disposal of chemicals and products.

From the supply chain or solutions life cycle, we delivered a program specific to the EH&S compliance information and management needs of our customers.

Our full-solutions life cycle and cross-supply chain approach provided a single, integrated solution for managing customers' EH&S capabilities, which resulted in improved processes and reduced cost, risk, and liability.

Financial Services

Before the sale of Financials Services Segment on April 8, 2022, we maintained the largest bank account consortia to provide competitive benchmarking, decisioning algorithms, business intelligence, and customized analytic services to financial institutions, payment networks and processors, alternative lenders, regulators, and merchants enabling better strategy, marketing, and risk decisions.

We delivered unique solutions and services to an expanding customer base that valued the comprehensiveness of our data and solutions as well as our full wallet-spend view of a consumer.

Complementing this, we leveraged our partnerships with processors and credit bureaus not only to augment the richness of our data but also to provide expanded solutions across the broad span of consumer banking and retail solutions.

Businesses that we acquire may introduce us to additional competitors.

Laptops are encrypted, and media leaving our premises and sent to third-party storage facilities are also encrypted.

We further developed a Career Framework, to provide clarity on jobs across all of our businesses and functions.

This enables employees to envision their next career steps and explore career pathways and development opportunities within the company.

| Verisk Analytics, Inc. Consolidated Financial Statements as of December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] and for the Years Ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022.] [added: 2023.] | |

| [Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)](#report) | [removed: [51](#report)] [added: [49](#report)] |

| [Consolidated Balance Sheets](#cbs) | [removed: [53](#cbs)] [added: [51](#cbs)] |

| [Consolidated Statements of Operations](#cso) | [removed: [54](#cso)] [added: [52](#cso)] |

| [Consolidated Statements of Comprehensive Income](#cci) | [removed: [55](#cci)] [added: [53](#cci)] |

| [Consolidated Statements of Changes in Stockholders' Equity](#csse) | [removed: [56](#csse)] [added: [54](#csse)] |

| [Consolidated Statements of Cash Flows](#ccf) | [removed: [57](#ccf)] [added: [55](#ccf)] |

| [Notes to Consolidated Financial Statements](#notes) | [removed: [59](#notes)] [added: [57](#notes)] |

| [Schedule II, Valuation and Qualifying Accounts and Reserves](#schedule2) | [removed: [96](#schedule2)] [added: [93](#schedule2)] |

We have audited the accompanying consolidated balance sheets of Verisk Analytics, Inc. and subsidiaries (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive income, stockholders' equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in _Internal Control_ — _Integrated Framework (2013)_ issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 26, 2025,] [added: 18, 2026,] expressed an unqualified opinion on the Company's internal control over financial reporting.

Fixed Assets - Capitalization of [added: Internal] Software Development Costs - Refer to Notes 2 and 9 to the financial statements

Internal software development costs capitalized as of December 31, [removed: 2024] [added: 2025] was [removed: $1,334.8] [added: $1,558.1] million and the related accumulated amortization was [removed: $837.4] [added: $1,052.2] million.

| | ● | We selected a sample of internal software development costs. For the selected samples, we performed testing to evaluate whether the costs met the capitalization criteria under the relevant accounting standards, including inspecting supporting documentation such as timesheets, invoices, project [removed: plans,] [added: capitalization forms,] and conducting inquiries with project managers. | |

| | ● | We evaluated any indicators of project [removed: delays] [added: delays, cancellations,] or [removed: cancellations] [added: other impairment indicators] by reviewing project status reports, conducting inquiries with project managers, and evaluating the impact of any identified indicators on the capitalization of costs and the determination of the [removed: in service] [added: in-service] date. | |

As of December 31, [removed: 2024] [added: 2025] and [removed: 2023][added: 2024]

| | | [added: _2025_ | | | |] _2024_ | | | | _2023_ | | |

| Cash and cash equivalents | | $ | [removed: 291.2] [added: 2,178.2] | | | $ | [removed: 302.7] [added: 291.2] | |

| Accounts receivable, net | | | [removed: 434.4] [added: 422.2] | | | | [removed: 334.2] [added: 434.4] | |

| Prepaid expenses | | | [removed: 72.8] [added: 86.4] | | | | [removed: 84.5] [added: 72.8] | |

| Income taxes receivable | | | [removed: 83.3] [added: 48.6] | | | | [removed: 23.5] [added: 83.3] | |

| Other current assets | | | [removed: 29.9] [added: 30.0] | | | | [removed: 65.2] [added: 29.9] | |

| Total current assets | | | [removed: 911.6] [added: 2,765.4] | | | | [removed: 810.1] [added: 911.6] | |

| Fixed assets, net | | | [removed: 605.9] [added: 582.8] | | | | [removed: 604.9] [added: 605.9] | |

| Operating lease right-of-use assets, net | | | [removed: 156.0] [added: 138.9] | | | | [removed: 191.7] [added: 156.0] | |

| Intangible assets, net | | | [removed: 392.4] [added: 346.6] | | | | [removed: 471.7] [added: 392.4] | |

| Goodwill | | | [removed: 1,726.6] [added: 1,878.2] | | | | [removed: 1,760.8] [added: 1,726.6] | |

| Deferred income tax assets | | | [removed: 34.3] [added: 36.6] | | | | [removed: 30.8] [added: 34.3] | |

| Other noncurrent assets | | | [removed: 437.9] [added: 447.0] | | | | [removed: 496.1] [added: 437.9] | |

| Total assets | | $ | [removed: 4,264.7] [added: 6,195.5] | | | $ | [removed: 4,366.1] [added: 4,264.7] | |

| Accounts payable and accrued liabilities | | $ | [removed: 249.8] [added: 319.1] | | | $ | [removed: 340.8] [added: 249.8] | |

| Short-term debt and current portion of long-term debt | | | [removed: 514.2] [added: 1,508.9] | | | | [removed: 14.5] [added: 514.2] | |

| Deferred revenues | | | [removed: 447.2] [added: 444.2] | | | | [removed: 375.1] [added: 447.2] | |

| Operating lease liabilities | | | [removed: 26.0] [added: 26.3] | | | | [removed: 33.1] [added: 26.0] | |

| Income taxes payable | | | [removed: 1.7] [added: 1.8] | | | | [removed: 7.9] [added: 1.7] | |

| Total current liabilities | | | [removed: 1,238.9] [added: 2,300.3] | | | | [removed: 771.4] [added: 1,238.9] | |

| Long-term debt | | | [removed: 2,546.9] [added: 3,228.3] | | | | [removed: 2,852.2] [added: 2,546.9] | |

| Deferred income tax liabilities | | | [removed: 191.6] [added: 193.4] | | | | [removed: 210.1] [added: 191.6] | |

| Operating lease liabilities | | | [removed: 158.7] [added: 136.9] | | | | [removed: 195.6] [added: 158.7] | |

February 18, 2026

| | | _2025_ | | | | _2024_ | | |

| Loss on sale of assets, net | | | 18.4 | | | | 12.1 | | | | \- | |

For The Years Ended December 31, 2025, 2024, and 2023

| Other comprehensive income | | | _\-_ | | | | \- | | | | \- | | | | \- | | | | | | | | 92.0 | | | | 92.0 | | | | 0.3 | | | | 92.3 | |

| Investment in noncontrolling interests | | | _\-_ | | | | \- | | | | (0.7 | ) | | | \- | | | | \- | | | | \- | | | | (0.7 | ) | | | (4.4 | ) | | | (5.1 | ) |

| Treasury stock acquired (2,599,886 shares) | | | _\-_ | | | | \- | | | | 45.0 | | | | (669.2 | ) | | | \- | | | | \- | | | | (624.2 | ) | | | \- | | | | (624.2 | ) |

| Excise tax associated with share repurchases | | | _\-_ | | | | \- | | | | \- | | | | (5.0 | ) | | | \- | | | | \- | | | | (5.0 | ) | | | \- | | | | (5.0 | ) |

| Other stock issuances (23,574 shares reissued from treasury stock) | | | _\-_ | | | | \- | | | | 4.2 | | | | 0.6 | | | | \- | | | | \- | | | | 4.8 | | | | \- | | | | 4.8 | |

| Balance as of December 31, 2025 | | | 544,003,038 | | | $ | 0.1 | | | $ | 3,113.2 | | | $ | (10,721.8 | ) | | $ | 7,810.5 | | | $ | 107.0 | | | $ | 309.0 | | | $ | 0.8 | | | $ | 309.8 | |

For The Years Ended December 31, 2025, 2024, and 2023

| Net income | | $ | 908.3 | | | $ | 957.5 | | | $ | 614.4 | |

| Other operating | | | (11.7 | ) | | | — | | | | — | |

For The Years Ended December 31, 2025, 2024, and 2023

_57_

_58_

We determine the grant date fair value of ROIC-based PSUs based on the closing price of our common stock on the grant date.

| _Intangibles - Goodwill and Other - Internal Use Software (Subtopic _350_\-_40_) In _September 2025,_ the FASB issued Accounting Standards Update ("ASU") _No._ _2025_\-_06,_ Targeted Improvements to the Accounting for Internal-Use Software ("ASU _No._ _2024_\-_03"_)_ | ASU _2025_\-_06_ modernizes the accounting for internal-use software under ASC _350_\-_40_ by aligning it with current development practices, especially agile and iterative methods. It clarifies when to begin capitalizing costs, improves operability across different development approaches, and enhances disclosure requirements. | The ASU is effective for interim and annual periods beginning after _December 15, 2027,_ with early adoption permitted. | We are currently evaluating the impact that the adoption that this standard will have on our consolidated financial statements. |

| | | _2025_ | | | | _2024_ | | |

| | | _2025_ | | | | _2024_ | | | | _2023_ | | |

| Revenue | | | (3,072.7 | ) |

Our investments in registered investment companies are valued using quoted prices in active markets multiplied by the number of shares owned and were included in "Other current assets" in our accompanying consolidated balance sheets.

| | | | __2025__ | | | | | | | | __2024__ | | | | | | |

| | | _2025_ | | | | _2024_ | | |

| | | _2025_ | | | | _2024_ | | |

| 2026 | | $ | 32.4 | | | $ | 12.7 | |

| 2027 | | | 32.0 | | | | 9.6 | |

| 2029 | | | 29.0 | | | | \- | |

| 2030 | | | 27.2 | | | | \- | |

| 2031 and thereafter | | | 34.4 | | | | \- | |

| December 31, 2025 | | | | | | | | | | | | | | |

| Purchased software | | 3 | | | 59.8 | | | | (57.4 | ) | | | 2.4 | |

| Software development costs | | _3_ | | | 1,558.1 | | | | (1,052.2 | ) | | | 505.9 | |

| Leased equipment | | 3 - 4 | | | 128.3 | | | | (98.6 | ) | | | 29.7 | |

| Total fixed assets | | | | $ | 2,010.4 | | | $ | (1,427.6 | ) | | $ | 582.8 | |

_Merger Agreement Termination_

On _July 29, 2025,_ we entered into a definitive agreement to acquire ExactLogix, Inc. ("AccuLynx") for $2.35 billion in cash.

AccuLynx is the leading SaaS platform providing end-to-end business management workflow for residential property contractors with expertise in roofing.

On _December 26, 2025,_ we delivered a notice to terminate our definitive agreement to acquire AccuLynx following the notification by the U.S. Federal Trade Commission that it had _not_ completed its review of the transaction by the _December 26, 2025_ termination date set forth in the agreement.

__2025_ Acquisitions_

February 26, 2025

| Balance as of January 1, 2022 | | | 544,003,038 | | | $ | 0.1 | | | $ | 2,608.7 | | | $ | (4,638.1 | ) | | $ | 5,240.4 | | | $ | (394.6 | ) | | $ | 2,816.5 | | | $ | 26.0 | | | $ | 2,842.5 | |

| Net income | | | _\-_ | | | | \- | | | | \- | | | | \- | | | | 953.9 | | | | \- | | | | 953.9 | | | | 0.4 | | | | 954.3 | |

| Other comprehensive loss | | | _\-_ | | | | \- | | | | \- | | | | \- | | | | \- | | | | (335.5 | ) | | | (335.5 | ) | | | (1.4 | ) | | | (336.9 | ) |

| Investment in noncontrolling interests | | | _\-_ | | | | \- | | | | (0.5 | ) | | | \- | | | | \- | | | | (1.1 | ) | | | (1.6 | ) | | | (6.6 | ) | | | (8.2 | ) |

| Treasury stock acquired (8,600,963 shares) | | | _\-_ | | | | \- | | | | \- | | | | (1,662.5 | ) | | | \- | | | | \- | | | | (1,662.5 | ) | | | \- | | | | (1,662.5 | ) |

| Other stock issuances (43,241 shares transferred from treasury stock) | | | _\-_ | | | | \- | | | | 4.7 | | | | 0.7 | | | | \- | | | | \- | | | | 5.4 | | | | \- | | | | 5.4 | |

| Proceeds from issuance of short-term debt with original maturities less than three months | | | — | | | | — | | | | 400.0 | |

| Repayment of short-term debt with original maturities greater than three months | | | — | | | | (125.0 | ) | | | — | |

| Treasury stock repurchased not yet settled | | | (45.0 | ) | | | (37.5 | ) | | | — | |

| Supplemental disclosures: | | | | | | | | | | | | |

VERISK ANALYTICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Such costs are capitalized in the application development stage in accordance with ASC _350_\-_40,_ _Internal-use Software_ ("ASC _350_\-_40"_).

The amounts capitalized primarily relate to internally developed software used to provide services to customers and are included in fixed assets on the Consolidated Balance Sheet.

The lease term for our corporate headquarters ends in _2033_ and includes the options to extend for one 10-year renewal period and two 5-year renewal periods.

Some of our PSUs are tied to the achievement of certain market performance conditions, namely relative total shareholder return as compared to the S&P _500_ index ("TSR-based PSUs").

Our other PSUs are tied to the achievement of certain financial performance conditions, namely incremental return on invested capital ("ROIC-based PSUs").

Estimated forfeiture is ultimately adjusted to actual forfeiture.

| _Segment Reporting (Topic _280_) In _November 2023,_ the FASB issued Accounting Standards Update "ASU" _No._ _2023_\-_07,_ Improvements to Reportable Segment Disclosures ("ASU _No._ _2023_\-_07"_)_ | This update changes the reportable segment disclosure requirements requiring enhanced disclosures about significant segment expenses. Public entities are required to disclose significant segment expenses that are regularly provided to the chief operating decision maker and to disclose how reported measures of segment profit or loss are used in assessing segment performance and allocating resources. | ASU _No._ _2023_\-_07_ is effective for fiscal years beginning after _December 15, 2023,_ and interim periods within fiscal years beginning after _December 15, 2024._ Early adoption is permitted. | We adopted this standard within our _December 31, 2024_ Form _10_\-K. |

| Specialized Markets | | | — | | | | — | | | | 22.4 | |

| Financial Services | | | — | | | | — | | | | 37.6 | |

| Revenue | | | (2,681.4 | ) |

Our investments in registered investment companies have been included in "Other current assets" in our consolidated balance sheets as of _December 31, 2024_ and _2023_.

During the year ended _December_ _31,_ _2024,_ we settled retained interests in non-public companies associated with previously disposed businesses and received proceeds of $112.1 million, resulting in a net gain of $100.6 million.

The net gain was included in "Investment gain (loss)" in our accompanying condensed consolidated statements of operations.

On _August 16, 2024,_ we early vacated two floors within our Jersey City office.

This transaction was accounted for as a lease modification in accordance with ASC _842._ As a result of the lease modification, we reassessed the accounting for the Jersey City lease, resulting in a reduction of ROU assets and lease liabilities of $11.7 million and $13.6 million, respectively, and recognition of a gain of $1.9 million.

Additionally, we recorded an impairment of $7.6 million of the remaining net book value of leasehold improvements.

| 2025 | | $ | 32.8 | | | $ | 22.1 | |

| 2026 | | | 31.1 | | | | 10.7 | |

| 2027 | | | 30.5 | | | | 9.0 | |

| 2029 | | | 28.0 | | | | \- | |

| December 31, 2023 | | | | | | | | | | | | | | |

| Purchased software | | 3 | | | 59.9 | | | | (55.2 | ) | | | 4.7 | |

| Software development costs | | _3_ | | | 1,136.6 | | | | (653.0 | ) | | | 483.6 | |

| Leased equipment | | 3 - 4 | | | 105.1 | | | | (63.8 | ) | | | 41.3 | |

| Total fixed assets | | | | $ | 1,596.6 | | | $ | (991.7 | ) | | $ | 604.9 | |

During _August 2024,_ we early vacated _two_ floors at our Jersey City, New Jersey, corporate headquarters.

As a result, we assessed the related long-lived assets at the site for impairment and recognized $7.6 million of impairment charges, primarily related to the write-off of the remaining net book value of leasehold improvements.