RYAN SPECIALTY HOLDINGS, INC.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), RYAN SPECIALTY HOLDINGS, INC. reported revenue of $3.1B (+21.3% year on year) and net income of $214.2M (-6.9% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net commissions and fees | $3.0B | $2.5B | $2.0B | $1.7B |
| Fiduciary investment income | $56.5M | $60.0M | $51.0M | $13.3M |
| Total revenue | $3.1B | $2.5B | $2.1B | $1.7B |
| Compensation and benefits | $1.8B | $1.6B | $1.3B | $1.1B |
| General and administrative | $453.5M | $352.1M | $276.2M | $197.0M |
| Amortization | $274.4M | $157.8M | $106.8M | $103.6M |
| Depreciation | $13.1M | $9.8M | $9.0M | $5.7M |
| Change in contingent consideration | $13.1M | ($22.9M) | $5.4M | $442.0K |
| Total operating expenses | $2.6B | $2.1B | $1.7B | $1.4B |
| OPERATING INCOME | $493.6M | $427.8M | $359.1M | $289.5M |
| Interest expense, net | $222.4M | $158.4M | $119.5M | $104.8M |
| Income from equity method investments | ($21.2M) | ($18.2M) | ($8.7M) | $414.0K |
| Other non-operating loss (income) | ($692.0K) | $15.0M | $10.4M | $5.1M |
| INCOME BEFORE INCOME TAXES | $293.2M | $272.6M | $237.9M | $179.2M |
| Income tax expense | $79.0M | $42.6M | $43.4M | $15.9M |
| NET INCOME | $214.2M | $229.9M | $194.5M | $163.3M |
| Net income attributable to non-controlling interests, net of tax | $150.8M | $135.2M | $133.4M | $102.2M |
| NET INCOME ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC. | $63.4M | $94.7M | $61.0M | $61.1M |
| Basic (in USD per share) | $0.50 | $0.78 | $0.53 | $0.57 |
| Diluted (in USD per share) | $0.47 | $0.71 | $0.52 | $0.52 |
| Basic (in shares) | 127.3M | 120.8M | 114.4M | 108.6M |
| Diluted (in shares) | 138.2M | 132.9M | 125.7M | 265.8M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Net commissions and fees | $902.7M | $782.9M | $739.6M | $840.9M |
| Fiduciary investment income | $13.9M | $12.3M | $15.0M | $14.3M |
| Total revenue | $916.6M | $795.2M | $754.6M | $855.2M |
| Compensation and benefits | $531.6M | $495.2M | $440.4M | $485.3M |
| General and administrative | $118.6M | $108.8M | $117.6M | $107.0M |
| Amortization | $64.4M | $65.3M | $70.2M | $69.7M |
| Depreciation | $4.1M | $4.1M | $3.6M | $2.9M |
| Change in contingent consideration | $17.6M | $27.3M | $12.0M | ($759.0K) |
| Total operating expenses | $736.3M | $700.6M | $643.8M | $664.1M |
| OPERATING INCOME | $180.3M | $94.6M | $110.8M | $191.1M |
| Interest expense, net | $56.6M | $53.7M | $56.3M | $58.3M |
| Income from equity method investments | ($7.0M) | ($5.5M) | ($5.0M) | ($5.2M) |
| Other non-operating loss (income) | ($25.0K) | ($711.0K) | ($402.0K) | $143.0K |
| INCOME BEFORE INCOME TAXES | $130.7M | $47.1M | $59.8M | $137.7M |
| Income tax expense | $22.4M | $6.5M | ($2.8M) | $13.0M |
| NET INCOME | $108.4M | $40.6M | $62.6M | $124.7M |
| Net income attributable to non-controlling interests, net of tax | $66.1M | $23.0M | $31.5M | $72.7M |
| NET INCOME ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC. | $42.3M | $17.6M | $31.1M | $52.0M |
| Basic (in dollars per share) | $0.34 | $0.14 | $0.24 | $0.41 |
| Diluted (in dollars per share) | $0.33 | $0.13 | $0.20 | $0.38 |
| Basic (in shares) | 125.3M | 129.4M | 127.9M | 126.5M |
| Diluted (in shares) | 131.3M | 137.3M | 273.5M | 274.1M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $158.3M | $540.2M | $838.8M | $992.7M |
| Commissions and fees receivable – net | $489.0M | $389.8M | $294.2M | $231.4M |
| Fiduciary cash and receivables | $4.3B | $3.7B | $3.1B | $2.6B |
| Prepaid incentives – net | $13.6M | $9.2M | $8.7M | $8.6M |
| Other current assets | $100.4M | $110.0M | $62.2M | $49.7M |
| Total current assets | $5.1B | $4.8B | $4.3B | $3.9B |
| Goodwill | $3.2B | $2.6B | $1.6B | $1.3B |
| Customer relationships | $1.5B | $1.4B | $572.4M | — |
| Other intangible assets | $119.6M | $83.7M | $38.3M | $486.4M |
| Prepaid incentives – net | $27.8M | $17.4M | $15.1M | $20.8M |
| Equity method investments | $110.0M | $70.9M | $46.1M | $38.5M |
| Property and equipment – net | $69.5M | $50.2M | $42.4M | $31.3M |
| Lease right-of-use assets | $130.5M | $133.3M | $127.7M | $143.9M |
| Deferred tax assets | $310.1M | $448.3M | $383.8M | $396.8M |
| Other non-current assets | $14.6M | $18.6M | $39.3M | $57.0M |
| Total non-current assets | $5.5B | $4.9B | $2.9B | $2.5B |
| TOTAL ASSETS | $10.6B | $9.6B | $7.2B | $6.4B |
| Accounts payable and accrued liabilities | $284.4M | $249.2M | $136.3M | $119.0M |
| Accrued compensation | $519.3M | $486.3M | $419.6M | $350.4M |
| Operating lease liabilities | $26.0M | $22.1M | $21.4M | $22.7M |
| Short-term debt and current portion of long-term debt | $60.2M | $51.7M | $35.4M | $30.6M |
| Fiduciary liabilities | $4.3B | $3.7B | $3.1B | $2.6B |
| Total current liabilities | $5.2B | $4.5B | $3.7B | $3.1B |
| Accrued compensation | $70.1M | $49.4M | $24.9M | $10.0M |
| Operating lease liabilities | $153.1M | $159.2M | $154.5M | $151.9M |
| Long-term debt | $3.3B | $3.2B | $1.9B | $2.0B |
| Tax Receivable Agreement liabilities | $459.0M | $436.3M | $358.9M | $295.3M |
| Deferred tax liabilities | $49.8M | $39.9M | — | $562.0K |
| Other non-current liabilities | $97.9M | $86.6M | $41.2M | $21.8M |
| Total non-current liabilities | $4.1B | $4.0B | $2.5B | $2.4B |
| TOTAL LIABILITIES | $9.3B | $8.6B | $6.3B | $5.6B |
| Common stock | $265.0K | $261.0K | $261.0K | $259.0K |
| 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 | — |
| Additional paid-in capital | $513.6M | $506.3M | $442.0M | $418.1M |
| Retained earnings | $120.4M | $122.9M | $114.4M | $54.0M |
| Accumulated other comprehensive income (loss) | $13.8M | ($1.8M) | $3.1M | $6.0M |
| Total stockholders’ equity attributable to Ryan Specialty Holdings, Inc. | $648.1M | $627.7M | $559.8M | $478.4M |
| Non-controlling interests | $606.0M | $470.6M | $419.9M | $339.4M |
| Total stockholders’ equity | $1.3B | $1.1B | $979.6M | — |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $10.6B | $9.6B | $7.2B | $6.4B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $140.1M | $154.7M | $153.5M | $172.6M |
| Commissions and fees receivable – net | $697.6M | $565.3M | $439.8M | $528.6M |
| Fiduciary cash and receivables | $5.7B | $4.8B | $3.7B | $4.5B |
| Prepaid incentives – net | $15.6M | $15.3M | $10.1M | $9.7M |
| Other current assets | $79.8M | $79.3M | $96.4M | $80.7M |
| Total current assets | $6.6B | $5.6B | $4.4B | $5.3B |
| Goodwill | $3.2B | $3.2B | $3.1B | $3.1B |
| Customer relationships | $1.4B | $1.4B | $1.5B | $1.5B |
| Other intangible assets | $127.1M | $127.1M | $111.0M | $101.7M |
| Prepaid incentives – net | $28.0M | $29.7M | $16.8M | $15.0M |
| Equity method investments | $121.7M | $116.4M | $101.8M | $96.0M |
| Property and equipment – net | $64.6M | $66.1M | $69.8M | $66.5M |
| Lease right-of-use assets | $126.9M | $125.8M | $134.5M | $134.3M |
| Deferred tax assets | $256.6M | $305.6M | $318.1M | $311.4M |
| Other non-current assets | $10.1M | $11.3M | $14.2M | $15.5M |
| Total non-current assets | $5.3B | $5.4B | $5.4B | $5.4B |
| TOTAL ASSETS | $12.0B | $11.0B | $9.9B | $10.6B |
| Accounts payable and accrued liabilities | $340.8M | $341.7M | $257.5M | $195.7M |
| Accrued compensation | $484.5M | $257.3M | $360.6M | $452.8M |
| Operating lease liabilities | $27.9M | $27.2M | $24.6M | $23.4M |
| Tax Receivable Agreement liabilities | $30.3M | $30.0M | $25.3M | $25.0M |
| Short-term debt and current portion of long-term debt | $62.5M | $35.4M | $41.8M | $61.7M |
| Fiduciary liabilities | $5.7B | $4.8B | $3.7B | $4.5B |
| Total current liabilities | $6.7B | $5.5B | $4.5B | $5.2B |
| Accrued compensation | $82.7M | $81.4M | $75.9M | $66.7M |
| Operating lease liabilities | $146.5M | $146.2M | $159.3M | $157.4M |
| Long-term debt | $3.6B | $3.5B | $3.3B | $3.4B |
| Tax Receivable Agreement liabilities | $433.3M | $430.8M | $447.9M | $436.1M |
| Deferred tax liabilities | $45.6M | $47.4M | $37.7M | $41.3M |
| Other non-current liabilities | $16.1M | $97.0M | $92.9M | $98.3M |
| Total non-current liabilities | $4.3B | $4.3B | $4.2B | $4.2B |
| TOTAL LIABILITIES | $11.0B | $9.8B | $8.6B | $9.4B |
| Common stock | $255.0K | $263.0K | $264.0K | $262.0K |
| Preferred stock ($0.001 par value; 500,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2026 and December 31, 2025) | 0 | 0 | 0 | 0 |
| Additional paid-in capital | $355.8M | $506.0M | $490.3M | $479.1M |
| Retained earnings | $145.3M | $120.5M | $128.8M | $115.4M |
| Accumulated other comprehensive income | $8.1M | $9.4M | $11.1M | $15.4M |
| Total stockholders’ equity attributable to Ryan Specialty Holdings, Inc. | $509.4M | $636.2M | $630.5M | $610.1M |
| Non-controlling interests | $506.7M | $582.9M | $601.4M | $572.1M |
| Total stockholders’ equity | $1.0B | $1.2B | $1.2B | $1.2B |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $12.0B | $11.0B | $9.9B | $10.6B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $214.2M | $229.9M | $194.5M | $163.3M |
| Income from equity method investments | ($21.2M) | ($18.2M) | ($8.7M) | — |
| Amortization | $274.4M | $157.8M | $106.8M | $103.6M |
| Depreciation | $13.1M | $9.8M | $9.0M | $5.7M |
| Prepaid and deferred compensation expense | $38.8M | $30.8M | $12.2M | $28.8M |
| Non-cash equity-based compensation | $69.5M | $79.0M | $69.7M | $77.5M |
| Amortization of debt issuance costs | $9.6M | $23.9M | — | — |
| Amortization of interest rate cap premium | $7.0M | $7.0M | $7.0M | $4.6M |
| Deferred income tax expense | $26.0M | $16.8M | $7.1M | $9.0M |
| Deferred income tax expense from common control reorganizations | $48.6M | $9.5M | $18.4M | — |
| Loss (gain) on Tax Receivable Agreement | $1.1M | ($2.1M) | $11.2M | $5.6M |
| Commissions and fees receivable – net | ($57.6M) | ($22.0M) | ($44.2M) | ($20.4M) |
| Accrued interest liability | $9.4M | $20.3M | $934.0K | $7.8M |
| Other current and non-current assets | $1.3M | ($20.7M) | — | — |
| Other current and non-current liabilities | $9.7M | ($7.0M) | — | — |
| Total cash flows provided by operating activities | $643.7M | $514.9M | $477.2M | $335.5M |
| Business combinations – net of cash acquired and cash held in a fiduciary capacity | ($746.5M) | ($1.7B) | — | — |
| Capital expenditures | ($68.0M) | ($47.0M) | ($29.8M) | ($15.0M) |
| Equity method investment in VSIC | ($16.6M) | — | — | — |
| Asset acquisitions | ($3.0M) | $0 | $0 | ($7.7M) |
| Repayments of prepaid incentives | $0 | $0 | $228.0K | — |
| Total cash flows used in investing activities | ($834.0M) | ($1.8B) | ($476.2M) | ($22.4M) |
| Proceeds from Senior Secured Notes | $0 | $1.2B | $0 | $394.0M |
| Borrowings on Revolving Credit Facility | $1.3B | $1.3B | — | $0 |
| Repayments on Revolving Credit Facility | ($1.3B) | ($1.3B) | — | $0 |
| Debt issuance costs paid | ($2.9M) | ($25.5M) | $0 | ($2.4M) |
| Proceeds from term debt | $0 | $107.6M | — | $0 |
| Repayment of term debt | ($17.0M) | ($8.3M) | ($16.5M) | ($16.5M) |
| Receipt of contingently returnable consideration | $1.9M | — | — | — |
| Payment of contingent consideration | ($29.3M) | $0 | ($4.5M) | ($6.2M) |
| Tax distributions to non-controlling LLC Unitholders | ($64.1M) | ($82.7M) | — | — |
| Receipt of taxes related to net share settlement of equity awards | 35.9M | 27.9M | 7.8M | 7.2M |
| Taxes paid related to net share settlement of equity awards | ($37.0M) | ($27.5M) | ($8.8M) | ($7.2M) |
| Payment of Tax Receivable Agreement liabilities | ($25.2M) | ($21.6M) | ($16.2M) | ($8.3M) |
| Class A common stock dividends and Dividend Equivalents paid | ($62.3M) | ($80.2M) | — | — |
| Distributions and Declared Distributions paid to non-controlling LLC Unitholders | ($27.2M) | — | — | — |
| Payments related to Ryan Re preferred units | ($3.7M) | — | — | — |
| Net change in fiduciary liabilities | $237.6M | $114.0M | $97.2M | $17.4M |
| Total cash flows provided by (used in) financing activities | $78.1M | $1.2B | ($12.6M) | $314.8M |
| Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | $15.9M | ($1.5M) | $584.0K | ($126.0K) |
| NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY | ($96.3M) | ($75.5M) | ($11.1M) | $627.7M |
| CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance | $1.7B | $1.8B | $838.8M | $992.7M |
| CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance | $1.6B | $1.7B | $1.8B | — |
| Cash and cash equivalents | $158.3M | $540.2M | $1.8B | $1.1B |
| Cash and cash equivalents held in a fiduciary capacity | $1.4B | $1.1B | $917.5M | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $149.0M | $40.6M | $182.9M | $120.3M |
| Income from equity method investments | ($12.6M) | ($5.5M) | ($15.1M) | ($10.1M) |
| Amortization | $129.7M | $65.3M | $204.8M | $134.7M |
| Depreciation | $8.2M | $4.1M | $9.1M | $5.5M |
| Prepaid and deferred compensation expense | $18.4M | $13.7M | $33.6M | $23.4M |
| Non-cash equity-based compensation | $38.7M | $17.4M | $51.0M | $39.8M |
| Amortization of deferred debt issuance costs | $4.9M | $2.4M | $7.2M | $4.8M |
| Amortization of interest rate cap premium | $0 | $0 | $5.2M | $3.5M |
| Deferred income tax expense | $20.3M | $3.1M | $11.5M | $9.5M |
| Deferred income tax expense from common control reorganization | $0 | $0 | $48.0M | $48.0M |
| Loss on Tax Receivable Agreement | $380.0K | — | $783.0K | $356.0K |
| Impairment of internally-developed software | $12.0M | — | — | — |
| Commissions and fees receivable – net | ($210.4M) | ($77.8M) | ($6.4M) | ($98.4M) |
| Accrued interest liability | $358.0K | ($21.5M) | ($12.5M) | $9.8M |
| Other current and non-current assets | $21.4M | $18.5M | $19.5M | $36.6M |
| Other current and non-current liabilities | ($54.6M) | ($227.7M) | ($159.3M) | ($117.0M) |
| Total cash flows provided by operating activities | $125.6M | ($167.4M) | $380.4M | $210.8M |
| Business combinations – net of cash acquired and cash held in a fiduciary capacity | $0 | $0 | ($636.9M) | ($565.1M) |
| Capital expenditures | ($30.4M) | ($13.3M) | ($50.7M) | ($36.5M) |
| Equity method investment in VSIC | $0 | — | ($16.6M) | ($16.6M) |
| Asset acquisitions | ($1.6M) | $0 | ($3.0M) | ($664.0K) |
| Total cash flows used in investing activities | ($32.0M) | ($13.3M) | ($707.2M) | ($619.0M) |
| Borrowings on Revolving Credit Facility | $895.6M | $524.9M | $1.1B | $680.5M |
| Repayments on Revolving Credit Facility | ($610.9M) | ($279.4M) | ($990.9M) | ($492.8M) |
| Debt issuance costs paid | $0 | $0 | ($2.9M) | ($2.9M) |
| Repayment of term debt | ($8.5M) | ($4.3M) | ($12.8M) | ($8.5M) |
| Receipt of contingently returnable consideration | $3.1M | $3.1M | $1.9M | $1.9M |
| Payment of contingent consideration | ($22.0M) | ($17.0K) | ($29.3M) | ($29.3M) |
| Tax distributions to non-controlling LLC Unitholders | ($18.0M) | ($1.3M) | ($45.7M) | ($34.8M) |
| Receipt of taxes related to net share settlement of equity awards | 7.6M | 1.7M | 35.2M | 12.8M |
| Taxes paid related to net share settlement of equity awards | ($7.3M) | ($1.5M) | ($36.1M) | ($14.7M) |
| Class A common stock dividends and Dividend Equivalents paid | ($33.7M) | ($16.8M) | ($46.8M) | ($30.5M) |
| Distributions and Declared Distributions paid to non-controlling LLC Unitholders | ($16.2M) | ($8.1M) | ($20.4M) | ($13.6M) |
| Repurchases of Class A common stock | ($300.2M) | ($40.0M) | — | — |
| Payments related to Ryan Re preferred units | $0 | $0 | — | — |
| Net change in fiduciary liabilities | $200.6M | ($92.2M) | $38.3M | $166.3M |
| Total cash flows provided by financing activities | $90.3M | $86.3M | $5.3M | $234.4M |
| Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | ($5.5M) | ($5.2M) | $14.5M | $11.8M |
| NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY | $178.4M | ($99.6M) | ($306.9M) | ($162.0M) |
| CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance | $1.6B | $1.6B | $1.7B | $1.7B |
| CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance | $1.8B | $1.5B | $1.4B | $1.5B |
| Cash and cash equivalents | $140.1M | $154.7M | $153.5M | $172.6M |
| Cash and cash equivalents held in a fiduciary capacity | $1.6B | $1.3B | $1.2B | $1.3B |
| Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | $1.8B | $1.5B | $1.4B | $1.5B |
RYAN SPECIALTY HOLDINGS, INC. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.