RYAN SPECIALTY HOLDINGS, INC.

Listed Company

RYANCIK 0001849253NYSELarge AcceleratedInsurance Agents, Brokers & ServiceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$3.05B

Net Income

$63.40M

Total Assets

$10.56B

Equity

$648.07M

Shares Out

109.90M

Op. Cash Flow

$643.67M

RYAN$41.95−37.57% · past yearDBEQ Basic

Daily closing prices

Business

Ryan Specialty Holdings, Inc. is an international specialty insurance intermediary that provides wholesale brokerage, binding authority, and underwriting management services to retail brokers, agents, and insurance carriers. The company distributes specialty property, casualty, professional lines, transportation, personal lines, workers' compensation, and employee benefits insurance products, primarily in the excess & surplus lines market. Ryan Specialty operates three reportable specialties—Wholesale Brokerage, Binding Authority, and Underwriting Management—serving over 35,000 retail brokerage firms and 350 insurance carriers across the United States, United Kingdom, Europe, Canada, and other markets.

Summary from 10-K filed 2026-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net commissions and fees	2,995	2,456	2,027	1,712	—
Fiduciary investment income	57	60	51	13	592,000
Total revenue	3,051	2,516	2,078	1,725	1,433
Compensation and benefits	1,803	1,591	1,321	1,129	—
General and administrative	453	352	276	197	139
Amortization	274	158	107	104	108
Depreciation	13	10	9	6	5
Change in contingent consideration	13	−23	5	442,000	3
Total operating expenses	2,557	2,088	1,718	1,436	1,246
OPERATING INCOME	494	428	359	290	187
Interest expense, net	222	158	120	105	—
Income from equity method investments	−21	−18	−9	414,000	759,000
Other non-operating loss (income)	−692,000	15	10	5	45
INCOME BEFORE INCOME TAXES	293	273	238	179	62
Income tax expense	79	43	43	16	5
NET INCOME	214	230	194	163	57
Net income attributable to non-controlling interests, net of tax	151	135	133	102	−9
NET INCOME ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC.	63	95	61	61	66

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	158	540	839	993	387
Commissions and fees receivable net	489	390	294	231	210
Fiduciary cash and receivables	4,299	3,740	3,132	2,612	2,390
Prepaid incentives net	14	9	9	9	8
Other current assets	100	110	62	50	16
Total current assets	5,060	4,789	4,336	3,894	3,011
Goodwill	3,225	2,647	1,646	1,315	1,309
Customer relationships	1,497	1,392	572	457	—
Other intangible assets	120	84	38	29	574
Prepaid incentives net	28	17	15	21	25
Equity method investments	110	71	46	39	45
Property and equipment net	69	50	42	31	15
Lease right-of-use assets	130	133	128	144	—
Deferred tax assets	310	448	384	397	383
Other non-current assets	15	19	39	57	11
Total non-current assets	5,504	4,861	2,912	2,490	2,448
TOTAL ASSETS	10,564	9,650	7,247	6,384	5,459
Accounts payable and accrued liabilities	284	249	136	119	99
Accrued compensation	519	486	420	350	386
Operating lease liabilities	26	22	21	23	19
Short-term debt and current portion of long-term debt	60	52	35	31	23
Fiduciary liabilities	4,299	3,740	3,132	2,612	2,390
Total current liabilities	5,189	4,549	3,744	3,134	2,918
Accrued compensation	70	49	25	10	4
Operating lease liabilities	153	159	154	152	74
Long-term debt	3,291	3,231	1,944	1,952	1,567
Tax Receivable Agreement liabilities	459	436	359	295	—
Deferred tax liabilities	50	40	55,000	562,000	631,000
Other non-current liabilities	98	87	41	22	28
Total non-current liabilities	4,121	4,003	2,523	2,432	1,946
TOTAL LIABILITIES	9,310	8,552	6,268	5,566	4,864
Preferred stock ($0.001 par value; 500,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2025 and 2024)	0	0	0	0	—
Additional paid-in capital	514	506	442	418	349
Retained earnings	120	123	114	54	−7
Accumulated other comprehensive income (loss)	14	−2	3	6	2
Total stockholders equity attributable to Ryan Specialty Holdings, Inc.	648	628	560	478	—
Non-controlling interests	606	471	420	339	—
Total stockholders equity	1,254	1,098	980	818	595
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	10,564	9,650	7,247	6,384	5,459

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization	274	158	107	104	—
Prepaid and deferred compensation expense	39	31	12	29	46
Non-cash equity-based compensation	69	79	70	77	68
Amortization of debt issuance costs	10	24	12	12	—
Amortization of interest rate cap premium	7	7	7	5	0
Deferred income tax expense	26	17	7	9	−1
Deferred income tax expense from common control reorganizations	49	10	18	0	0
Loss (gain) on Tax Receivable Agreement	1	−2	11	6	0
Commissions and fees receivable net	−58	−22	−44	−20	−30
Accrued interest liability	9	20	934,000	8	760,000
Other current and non-current assets	1	−21	6	−19	—
Other current and non-current liabilities	10	−7	75	−43	—
Total cash flows provided by operating activities	644	515	477	336	273
Business combinations net of cash acquired and cash held in a fiduciary capacity	−746	−1,709	−447	0	—
Capital expenditures	−68	−47	−30	−15	−10
Equity method investment in VSIC	−17	0	0	—	—
Asset acquisitions	−3	0	0	−8	−343
Repayments of prepaid incentives	0	0	228,000	337,000	4
Total cash flows used in investing activities	−834	−1,756	−476	−22	−458
Proceeds from Senior Secured Notes	0	1,187	0	394	0
Borrowings on Revolving Credit Facility	1,333	1,250	0	0	0
Repayments on Revolving Credit Facility	−1,262	−1,250	0	0	0
Debt issuance costs paid	−3	−26	0	−2	−2
Proceeds from term debt	0	108	0	0	0
Repayment of term debt	−17	−8	−17	−17	−17
Receipt of contingently returnable consideration	2	0	0	—	—
Payment of contingent consideration	−29	0	−4	−6	−4
Tax distributions to non-controlling LLC Unitholders	−64	−83	−72	−40	—
Receipt of taxes related to net share settlement of equity awards	36	28	8	7	0
Taxes paid related to net share settlement of equity awards	−37	−27	−9	−7	0
Payment of Tax Receivable Agreement liabilities	−25	−22	−16	−8	0
Class A common stock dividends and Dividend Equivalents paid	−62	−80	0	0	—
Distributions and Declared Distributions paid to non-controlling LLC Unitholders	−27	−22	0	—	—
Payments related to Ryan Re preferred units	−4	−2	0	—	—
Net change in fiduciary liabilities	238	114	97	17	147
Total cash flows provided by (used in) financing activities	78	1,167	−13	315	429
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	16	−2	584,000	−126,000	−883,000
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY	−96	−76	−11	628	244

Filings

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Frequently asked questions

What is RYAN SPECIALTY HOLDINGS, INC.'s CIK number?

RYAN SPECIALTY HOLDINGS, INC.'s SEC CIK number is 0001849253 (1849253). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find RYAN SPECIALTY HOLDINGS, INC.'s SEC filings?

All of RYAN SPECIALTY HOLDINGS, INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did RYAN SPECIALTY HOLDINGS, INC. last report earnings?

RYAN SPECIALTY HOLDINGS, INC. (RYAN) most recently filed an earnings 8-K with the SEC on Apr 30, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001849253-26-000022). This is RYAN SPECIALTY HOLDINGS, INC.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is RYAN SPECIALTY HOLDINGS, INC.'s most recent earnings 8-K?

RYAN SPECIALTY HOLDINGS, INC.'s latest earnings 8-K (Item 2.02) was filed Apr 30, 2026 under accession 0001849253-26-000022. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

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