Revenue growth remains robust at 15.2% as of 2026Q1, though underwriting profitability is tempered by a combined ratio that fluctuates significantly, reaching 88.1% in the most recent quarter.
| Revenue | 3.16B | 3.05B | 2.52B | 2.08B | 1.73B | 1.43B | 1.02B | 765.11M |
| Revenue Growth % | 18.93% | 21.28% | 21.09% | 20.42% | 20.41% | 40.71% | 33.09% | - |
| Medical Costs & Claims | 964.31M | 287.51M | 0 | 0 | 0 | 0 | 0 | 0 |
| Medical Cost Ratio % | 30.55% | 9.42% | 0% | 0% | 0% | 0% | 0% | 0% |
| Gross Profit | 2.19B | 2.76B | 2.52B | 2.08B | 1.73B | 1.43B | 1.02B | 765.11M |
| Gross Margin % | 69.45% | 90.58% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 9.85% | 21.09% | 20.42% | 20.41% | 40.71% | 33.09% | - |
| Operating Expenses | 1.67B | 2.14B | 2.24B | 1.84B | 1.55B | 1.37B | 938.81M | 697.13M |
| OpEx / Revenue % | 52.88% | 70.08% | 89.17% | 88.55% | 89.61% | 95.7% | 92.2% | 91.11% |
| Depreciation & Amortization | 219.89M | 287.51M | 167.63M | 115.84M | 109.29M | 112.68M | 67.5M | 53.1M |
| Combined Ratio % | 83.43% | 79.51% | 89.17% | 88.55% | 89.61% | 95.7% | 92.2% | 91.11% |
| Operating Income | 522.87M | 625.23M | 272.55M | 237.93M | 179.19M | 61.56M | 79.47M | 67.98M |
| Operating Margin % | 16.57% | 20.49% | 10.83% | 11.45% | 10.39% | 4.3% | 7.8% | 8.89% |
| Operating Income Growth % | - | 129.4% | 14.55% | 32.78% | 191.07% | -22.53% | 16.89% | - |
| EBITDA | 742.76M | 912.75M | 440.18M | 353.76M | 288.48M | 174.25M | 146.97M | 121.08M |
| EBITDA Margin % | 23.53% | 29.92% | 17.5% | 17.03% | 16.72% | 12.16% | 14.43% | 15.83% |
| Interest Expense | 221.61M | 222.38M | 158.45M | 119.51M | 104.83M | 79.35M | 47.24M | 35.55M |
| Non-Operating Income | 15.94M | 109.66M | -158.45M | -119.51M | -104.83M | -79.35M | -47.24M | -35.55M |
| Pretax Income | 289.25M | 293.18M | 272.55M | 237.93M | 179.19M | 61.56M | 79.47M | 67.98M |
| Pretax Margin % | 9.16% | 9.61% | 10.83% | 11.45% | 10.39% | 4.3% | 7.8% | 8.89% |
| Income Tax | 30.11M | 79.03M | 42.64M | 43.45M | 15.94M | 4.93M | 8.95M | 4.93M |
| Effective Tax Rate % | 10.41% | 26.95% | 15.64% | 18.26% | 8.89% | 8.01% | 11.27% | 7.25% |
| Net Income | 131.64M | 63.4M | 94.67M | 61.04M | 61.05M | 65.87M | 68.1M | 64.17M |
| Net Margin % | 4.17% | 2.08% | 3.76% | 2.94% | 3.54% | 4.6% | 6.69% | 8.39% |
| Net Income Growth % | 160.73% | -33.03% | 55.09% | -0.02% | -7.32% | -3.28% | 6.14% | - |
| EPS (Diluted) | 1.02 | 0.47 | 0.71 | 0.52 | 0.52 | -0.07 | 0.64 | 0.60 |
| EPS Growth % | 551.28% | -33.8% | 36.54% | 0% | 842.86% | -110.94% | 6.67% | - |
| EPS (Basic) | - | 0.50 | 0.78 | 0.57 | 0.56 | -0.07 | 0.64 | 0.60 |
| Diluted Shares Outstanding | 129.6M | 278.51M | 274.84M | 125.75M | 265.75M | 105.73M | 106.49M | 106.49M |
Acquisition integration and talent costs
As reported in recent financial statements, Ryan Specialty achieved a 15.2% revenue growth in 2026Q1, reflecting the firm's ability to capture complex risks migrating to the E&S market despite the inherent lumpiness observed in quarterly top-line performance across the previous ten-quarter period.
The consistent double-digit revenue expansion suggests that the firm's wholesale-only model remains a potent vehicle for capturing market share from standard carriers. Investors should monitor whether this growth trajectory can be maintained without excessive reliance on inorganic expansion, as the current pace of revenue increases appears to be heavily supported by the ongoing hardening of commercial property markets.
Based on the 2026Q1 combined ratio of 88.1%, Ryan Specialty demonstrates a clear underwriting profit, yet the volatility in loss ratios—ranging from 9.8% to 62.3% over recent quarters—suggests that operational margins remain sensitive to the specific mix of delegated authority business.
While a combined ratio below 100% indicates effective underwriting discipline, the significant fluctuations in the loss ratio warrant further investigation into the underlying risk quality of the MGU portfolio. The firm's ability to maintain these margins may be challenged if competitive pressures force higher revenue-sharing agreements with top-tier producers.
According to the provided income statement data, Ryan Specialty's operating income has shown significant variance, with 2026Q1 operating income of $94.6M reflecting the high variable cost structure inherent in a business model that relies heavily on specialized human capital and acquisition-related overhead.
The firm's operating margin appears to be under pressure from the costs associated with integrating acquired boutique MGUs and maintaining a national technology platform. Analysts should consider whether the current compensation structure provides sufficient operating leverage or if the 'war for talent' will continue to act as a drag on bottom-line profitability.
Financial filings reveal a net margin of 2.08% in the most recent period, which, when contrasted with the robust top-line growth, suggests that non-cash charges and acquisition-related expenses may be masking the true cash-generative capacity of the underlying brokerage operations.
The discrepancy between strong revenue growth and thin net income warrants a cautious interpretation of GAAP earnings, as the firm's aggressive roll-up strategy likely necessitates significant amortization of intangible assets. Investors should focus on adjusted metrics to determine if the core business is generating sufficient cash flow to support its current valuation and debt obligations.
Quick answers to the most common questions about buying RYAN stock.
For fiscal year 2025, Ryan Specialty Holdings, Inc. (RYAN) reported total revenue of $3.05B. This represents a 298.8% increase compared to $765.1M in 2019.
Ryan Specialty Holdings, Inc. (RYAN) is profitable, generating $63.4M in net income for the fiscal year ending 2025 with a net profit margin of 2.1%.
Ryan Specialty Holdings, Inc. (RYAN) reported an operating income of $625.2M, resulting in an operating profit margin of 20.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Ryan Specialty Holdings, Inc. (RYAN) generated $2.76B in gross profit for the year, representing a gross profit margin of 90.6%. This demonstrates the company's core pricing power and production efficiency.