Revenue growth accelerated to 7.2% in 2026Q2, but the combined ratio deteriorated sharply to 129.3% from 81.9% in the prior quarter, reflecting a loss ratio of 104.4% and strained underwriting profitability.
Ryan Specialty Holdings, Inc. (RYAN) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Revenue | 3.22B | 3.05B | 2.52B | 2.08B | 1.73B | 1.43B | 1.02B | 765.11M |
| Revenue Growth % | 14.36% | 21.28% | 21.09% | 20.42% | 20.41% | 40.71% | 33.09% | - |
| Medical Costs & Claims | 1.5B | 287.51M | 0 | 0 | 0 | 0 | 0 | 0 |
| Medical Cost Ratio % | 46.49% | 9.42% | 0% | 0% | 0% | 0% | 0% | 0% |
| Gross Profit | 1.72B | 2.76B | 2.52B | 2.08B | 1.73B | 1.43B | 1.02B | 765.11M |
| Gross Margin % | 53.51% | 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 | 1.56B | 2.14B | 2.24B | 1.84B | 1.55B | 1.37B | 938.81M | 697.13M |
| OpEx / Revenue % | 48.34% | 70.08% | 89.17% | 88.55% | 89.61% | 95.7% | 92.2% | 91.11% |
| Depreciation & Amortization | 147.34M | 287.51M | 167.63M | 115.84M | 109.29M | 112.68M | 67.5M | 53.1M |
| Combined Ratio % | 94.83% | 79.51% | 89.17% | 88.55% | 89.61% | 95.7% | 92.2% | 91.11% |
| Operating Income | 565.45M | 625.23M | 272.55M | 237.93M | 179.19M | 61.56M | 79.47M | 67.98M |
| Operating Margin % | 17.57% | 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 | 712.78M | 912.75M | 440.18M | 353.76M | 288.48M | 174.25M | 146.97M | 121.08M |
| EBITDA Margin % | 22.15% | 29.92% | 17.5% | 17.03% | 16.72% | 12.16% | 14.43% | 15.83% |
| Interest Expense | 219.92M | 222.38M | 158.45M | 119.51M | 104.83M | 79.35M | 47.24M | 35.55M |
| Non-Operating Income | 74.28M | 109.66M | -158.45M | -119.51M | -104.83M | -79.35M | -47.24M | -35.55M |
| Pretax Income | 282.25M | 293.18M | 272.55M | 237.93M | 179.19M | 61.56M | 79.47M | 67.98M |
| Pretax Margin % | 8.77% | 9.61% | 10.83% | 11.45% | 10.39% | 4.3% | 7.8% | 8.89% |
| Income Tax | 39.43M | 79.03M | 42.64M | 43.45M | 15.94M | 4.93M | 8.95M | 4.93M |
| Effective Tax Rate % | 13.97% | 26.95% | 15.64% | 18.26% | 8.89% | 8.01% | 11.27% | 7.25% |
| Net Income | 188.04M | 63.4M | 94.67M | 61.04M | 61.05M | 65.87M | 68.1M | 64.17M |
| Net Margin % | 5.84% | 2.08% | 3.76% | 2.94% | 3.54% | 4.6% | 6.69% | 8.39% |
| Net Income Growth % | 237.74% | -33.03% | 55.09% | -0.02% | -7.32% | -3.28% | 6.14% | - |
| EPS (Diluted) | - | 0.47 | 0.71 | 0.52 | 0.52 | -0.07 | 0.64 | 0.60 |
| EPS Growth % | 398.39% | -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 | 0 | 278.51M | 274.84M | 125.75M | 265.75M | 105.73M | 106.49M | 106.49M |
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.
Key Metrics
Top Statement Risk
Volatile loss ratio and reserve adequacy
Metrics are mathematically derived from official filings.
Premium Growth Accelerates Despite Volatility
Ryan Specialty's revenue grew 7.2% in 2026Q2, following a 15.2% increase in 2026Q1, indicating sustained momentum in specialty lines, as per recent financial statements.
The consistent double-digit growth in prior quarters (2025Q3: 24.8%, 2025Q2: 23.0%) suggests a robust pricing environment and strong demand for specialty insurance products. However, the deceleration to 7.2% in 2026Q2 may signal a cooling in the hard market cycle, warranting monitoring of rate adequacy.
Underwriting Profitability Deteriorates Sharply
The combined ratio spiked to 129.3% in 2026Q2, up from 81.9% in 2026Q1, driven by a loss ratio of 104.4%, as reported in the latest quarterly data.
This dramatic swing indicates severe underwriting losses in the quarter, likely due to adverse loss development or catastrophe events. The prior quarter's combined ratio of 81.9% was unusually favorable, suggesting volatility rather than a stable trend. Investors should assess whether this reflects a one-off event or a systemic issue in loss reserving.
Reserve Releases Mask Underlying Volatility
In 2026Q1, the loss ratio was just 8.7%, implying significant favorable reserve development, but 2026Q2's 104.4% loss ratio suggests prior releases may have been insufficient, based on reported figures.
The extreme fluctuation in loss ratios across quarters (8.7% to 104.4%) indicates that reserve estimates are highly uncertain. The 2026Q2 spike may reflect a correction of overly optimistic prior-year reserves, which could signal that earnings in earlier periods were inflated. This warrants a deeper review of reserve adequacy and the potential for further adverse development.
Investment Income Not a Profit Driver
Investment income data is unavailable for all quarters, but given the company's focus on underwriting, it likely contributes minimally to overall earnings, as per the provided financial statements.
The absence of reported investment income suggests that Ryan Specialty's profitability is heavily dependent on underwriting performance. With the combined ratio exceeding 100% in 2026Q2, the company may need to rely on investment returns to offset underwriting losses, but the lack of data makes it difficult to assess the sustainability of this buffer.
Expense Ratio Shows Operating Efficiency
The expense ratio, implied by the combined ratio minus loss ratio, was approximately 24.9% in 2026Q2, consistent with prior quarters, indicating stable cost management, as per the latest financials.
Despite revenue growth, the expense ratio has remained relatively stable around 25%, suggesting that the company is achieving operating leverage. However, the sharp rise in the combined ratio in 2026Q2 is entirely attributable to the loss ratio, not expense creep, which may indicate that underwriting discipline is the primary concern.
Earnings Quality Questioned by Loss Volatility
The 2026Q2 net income of $108.4M appears strong, but the 104.4% loss ratio and 129.3% combined ratio suggest underwriting losses that may be masked by other income, based on reported data.
The positive net income in 2026Q2 despite a combined ratio above 100% implies that non-underwriting items (e.g., fee income, investment gains) are offsetting underwriting losses. This raises questions about the sustainability of earnings if underwriting performance does not improve. The extreme quarterly swings in loss ratios also suggest that reported earnings may be subject to significant volatility, making it difficult for investors to rely on quarterly results as a predictor of future performance.