SEGMENT REPORTING

Segment Information

Ryan Specialty is organized as a single operating and reporting segment. The Company’s chief operating decision maker

(“CODM”) is its Chief Executive Officer. The Company has identified its single operating segment utilizing a management

approach that aligns with the manner in which the CODM utilizes the Company’s consolidated financial information for

resource allocation and performance evaluation. Refer to Note 1, Basis of Presentation, for a description of the Company’s

products and services and to Note 3, Revenue from Contracts with Customers, for the disaggregation of revenue by

Specialty.

The CODM utilizes consolidated net income as the primary metric to monitor budget versus actual results, assess the

performance of the business, and make decisions regarding resource allocation. The following table provides information

about the Company’s revenue and includes a reconciliation to net income:


	Year Ended December 31,
	2025	2024	2023
Net commissions and fees	$2,994,582	$2,455,671	$2,026,596
Fiduciary investment income	56,544	60,039	50,953
Total revenue	$3,051,126	$2,515,710	$2,077,549

Compensation-related expense1	1,692,000	1,426,674	1,222,342
General and administrative expense2	392,384	277,813	230,467
Other segment items3	172,465	238,640	144,401

Depreciation and amortization	287,515	167,630	115,837
Change in contingent consideration	13,122	(22,859)	5,421
Interest income	(7,649)	(21,509)	(31,986)
Interest expense	230,033	179,957	151,493
Income from equity method investments	(21,236)	(18,231)	(8,731)
Other non-operating loss (income)	(692)	15,041	10,380
Income tax expense	79,027	42,641	43,445
Net income	$214,157	$229,913	$194,480

1 Compensation-related expense includes salaries, commissions, bonus compensation, benefits, payroll taxes, and

contractor costs, and excludes equity-based compensation expense, and acquisition and restructuring related expenses.

2 General and administrative expense includes travel and entertainment, professional services, occupancy, IT related costs,

and other operating costs, and excludes acquisition and restructuring related expenses.

3 Other segment items include equity-based compensation expense, and acquisition and restructuring related compensation

and general and administrative expenses.

Geographic Information

Revenue is primarily recognized based on the country in which the services are performed. The following table illustrates

the geographic regions for the Company’s revenue:


	Year Ended December 31,
	2025	2024	2023
United States	$2,864,242	$2,391,980	$2,022,579
Foreign	186,884	123,730	54,970
Total revenue	$3,051,126	$2,515,710	$2,077,549

The Company did not have material revenue from operations in any individual foreign country for the years ended

December 31, 2025, 2024, or 2023. Asset information is not presented to the CODM. Substantially all of the Company’s

tangible long-lived assets are located in the United States; therefore, geographic information for long-lived assets is not

presented.

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

RYAN SPECIALTY HOLDINGS, INC. Segments Disclosure

About Segments Disclosures

Other Available Disclosures