Name: RYAN SPECIALTY HOLDINGS, INC. Earnings Per Share Disclosure
Creator: RYAN SPECIALTY HOLDINGS, INC.
License: https://creativecommons.org/publicdomain/mark/1.0/

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income attributable to Ryan Specialty Holdings, Inc. by the weighted-

average number of shares of Class A common stock outstanding during the period. Diluted earnings per share is computed

giving effect to potentially dilutive shares, including LLC equity awards and the non-controlling interests’ LLC Common

Units that are exchangeable into Class A common stock. As shares of Class B common stock do not share in earnings and

are not participating securities, they are not included in the Company’s calculation. A reconciliation of the numerator and

denominator used in the calculation of basic and diluted earnings per share of Class A common stock is as follows:


	Year Ended December 31,
	2025	2024	2023
Net income	$214,157	$229,913	$194,480
Less: Net income attributable to non-controlling interests	150,758	135,248	133,443
Net income attributable to Ryan Specialty Holdings, Inc.	$63,399	$94,665	$61,037
Numerator:
Net income attributable to Class A common shareholders	$63,399	$94,665	$61,037
Add (less): Income attributed to substantively vested RSUs	—	—	(10)
Net income attributable to Class A common shareholders – basic	$63,399	$94,665	$61,027
Add: Income attributed to dilutive shares	926	255	4,185
Net income attributable to Class A common shareholders – diluted	$64,325	$94,920	$65,212
Denominator:
Weighted-average shares of Class A common stock outstanding – basic	127,266,889	120,781,234	114,359,968
Add: Dilutive shares	10,979,525	12,110,253	11,385,171
Weighted-average shares of Class A common stock outstanding – diluted	138,246,414	132,891,487	125,745,139
Earnings per share
Earnings per share of Class A common stock – basic	$0.50	$0.78	$0.53
Earnings per share of Class A common stock – diluted	$0.47	$0.71	$0.52

The following numbers of shares were excluded from the calculation of diluted earnings per share because the effect of

including such potentially dilutive shares would have been antidilutive:


	Year Ended December 31,
	2025	2024	2023
Conversion of non-controlling interest LLC Common Units1	135,429,254	138,979,885	142,383,621
Conversion of vested Class C Incentive Units1	—	—	76,397
Class C Incentive Units	—	—	495,822

1 Weighted-average units outstanding during the period.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

RYAN SPECIALTY HOLDINGS, INC. Earnings Per Share Disclosure

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