Verisk Analytics: Progressive Improvement; 2Q26 Results In-line with 2026 Guidance Reaffirmed

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Verisk Analytics: Progressive Improvement; 2Q26 Results In-line with 2026 Guidance Reaffirmed

ent highlighted Q3 1.72 1.92 2.10

that expenses tend to build through the year, placing Q2 as typically the Q4 1.82 2.02 2.27

strongest margin quarter. We view that near-term, this setup may put more FY 7.16 7.73 8.71

pressure on the subscription engine and on management’s ability to hold the

Style Exposure

full year 2026 margin guide as expenses build through the year. Consistent

with that setup, management guided to less upside in 3Q26 and more of an

acceleration in 4Q26 on an o/cc basis. Separately, the federal government work

stoppage has been lifted entering 3Q26, for a one-year term, which removes a

discrete 1H26 headwind. Finally, guidance still contemplates an average

hurricane season for 2H26, but management flagged that a slower start to the

hurricane season could create a bit of downside risk to transactional revenues

if storm activity remains light.

• AI is monetizing first through trust and distribution: As information

services investors remain focused on data rights and governance in an AI-

enabled world, Verisk has leaned into distribution, highlighting the launch of

two MCP connectors with Claude in May. This launch supports Verisk’s

regulatory-grade data and analytics into underwriting and claims workflows,

with data retrieved only within the client session and not used for model

training. Management also pointed to accelerating adoption of embedded AI

in claims workflows, with the number of XactAI (launched 4Q25) users up

~10x since March to almost 7k licensees on the platform, which we view as

evidence that AI can drive higher product engagement and support price

realization. The nuance is that near term MCP monetization is included in the