- Total Revenue grew 7.2% year-over-year to $916.6 million -
- Organic Revenue Growth Rate* of 6.7% year-over-year -
- Net Income of $108.4 million, or $0.33 per diluted share -
- Adjusted EBITDAC* grew 6.0% year-over-year to $326.9 million -
- Adjusted Net Income increased 7.6% year-over-year to $198.7 million -
- Adjusted Diluted Earnings Per Share grew 12.1% or $0.74 per diluted share -
- Returned approximately $284.5 million to shareholders, including $260.0 million of share repurchases, and $24.5 million of dividends and distributions -
CHICAGO--(BUSINESS WIRE)--July 30, 2026--
Ryan Specialty Holdings, Inc. (NYSE: RYAN) ("Ryan Specialty" or the "Company"), a leading international specialty insurance firm, today announced results for the second quarter ended June 30, 2026.
Second Quarter 2026 Highlights
-- Revenue grew 7.2% year-over-year to $916.6 million, compared to $855.2
million in the prior-year period
-- Organic Revenue Growth Rate* was 6.7% for the quarter, compared to 7.1%
in the prior-year period
-- Net Income decreased 13.1% year-over-year to $108.4 million, compared
to $124.7 million in the prior-year period. Diluted Earnings Per Share
was $0.33
-- Adjusted EBITDAC* increased 6.0% to $326.9 million, compared to $308.4
million in the prior-year period
-- Adjusted EBITDAC Margin* of 35.7%, compared to 36.1% in the prior-year
period
-- Adjusted Net Income* increased 7.6% to $198.7 million, compared to
$184.7 million in the prior-year period
-- Adjusted Diluted Earnings Per Share* increased 12.1% to $0.74, compared
to $0.66 in the prior-year period
-- Returned approximately $284.5 million to shareholders through $260.0
million of Class A common stock repurchases, representing 8.1 million
shares, and $24.5 million in dividends and distributions
"We are proud of our excellent second quarter performance, especially given the very challenging environment, as we continue to deliver for our clients and carrier trading partners," said Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty. "We grew total revenue 7.2%, driven primarily by organic growth of 6.7%. We grew Adjusted EBITDAC by 6.0% and Adjusted Diluted EPS by 12.1%. These results speak to the exceptional efforts of our brokers and underwriters, and to the differentiated, scalable platform we've built - one we believe is exceedingly difficult to replicate. Our consistent ability to anticipate specialty insurance needs and deliver unique, innovative solutions has positioned us with one of the broadest and most diverse product portfolios in the industry, spanning wholesale brokerage, delegated authority, reinsurance, benefits and alternative capital solutions.
We also continued to return capital to shareholders through our dividend, repurchasing shares worth $260 million during the quarter, and expanding our repurchase authorization by an additional $300 million. As we move through the back half of the year, we remain confident that our platform, our talent, and our culture will continue to fuel durable, industry-leading growth, attractive margins, and further enhance our position as a leader in specialty insurance for years to come."
"It was another standout quarter for Ryan Specialty as we continued to focus on delivering for our clients," added Timothy W. Turner, Chief Executive Officer of Ryan Specialty. "Positioned at the top of both specialty distribution and underwriting, the platform we've built over the past 16 years enables us to anticipate, identify, and meet the most pressing needs of our clients, even in the most challenging environments. Propelled by incredible talent and deep client and carrier relationships, and enhanced by our ongoing investments in technology, AI, and data that will extend our moat, we are confident these advantages will continue to compound, driving durable, long-term value for our shareholders."
Summary of Second Quarter 2026 Results
Three Months Ended Six Months Ended
June 30, Change June 30, Change
-------------------------- -------------------- ------------------------------ --------------------
(in thousands,
except percentages
and per share
data) 2026 2025 $ % 2026 2025 $ %
------- ------- --------- --------- --------- --------- --------- ---------
GAAP financial
measures
Total revenue $916,647 $855,170 $ 61,477 7.2% $1,711,876 $1,545,336 $166,540 10.8%
Net commissions
and fees 902,728 840,857 61,871 7.4 1,685,631 1,516,985 168,646 11.1
Compensation
and benefits 531,617 485,272 46,345 9.6 1,026,793 915,561 111,232 12.1
General and
administrative 118,643 107,049 11,594 10.8 227,404 213,109 14,295 6.7
Total operating
expenses 736,331 664,118 72,213 10.9 1,436,964 1,254,049 182,915 14.6
Operating
income 180,316 191,052 (10,736) (5.6) 274,912 291,287 (16,375) (5.6)
Net income 108,381 124,705 (16,324) (13.1) 148,978 120,316 28,662 23.8
Net income
attributable
to Ryan
Specialty
Holdings,
Inc. 42,315 51,976 (9,661) (18.6) 59,961 24,334 35,627 146.4
Compensation
and benefits
expense ratio
(1) 58.0% 56.7% 60.0% 59.2%
General and
administrative
expense ratio
(2) 12.9% 12.5% 13.3% 13.8%
Net income
margin (3) 11.8% 14.6% 8.7% 7.8%
Earnings per
share (4) $ 0.34 $ 0.41 $ 0.47 $ 0.19
Diluted
earnings per
share (4) $ 0.33 $ 0.38 $ 0.45 $ 0.18
Non-GAAP financial
measures*
Organic revenue
growth rate 6.7% 7.1% 8.9% 9.6%
Adjusted
compensation
and benefits
expense $494,946 $453,414 $ 41,532 9.2% $ 956,778 $ 850,842 $105,936 12.5%
Adjusted
compensation
and benefits
expense ratio 54.0% 53.0% 55.9% 55.1%
Adjusted
general and
administrative
expense $ 94,797 $ 93,350 $ 1,447 1.6% $ 196,162 $ 185,587 $ 10,575 5.7%
Adjusted
general and
administrative
expense ratio 10.3% 10.9% 11.5% 12.0%
Adjusted
EBITDAC $326,904 $308,406 $ 18,498 6.0% $ 558,937 $ 508,907 $ 50,030 9.8%
Adjusted
EBITDAC
margin 35.7% 36.1% 32.7% 32.9%
Adjusted net
income $198,731 $184,682 $ 14,049 7.6% $ 329,460 $ 292,521 $ 36,939 12.6%
Adjusted net
income margin 21.7% 21.6% 19.2% 18.9%
Adjusted
diluted
earnings per
share $ 0.74 $ 0.66 $ 0.08 12.1% $ 1.22 $ 1.05 $ 0.17 16.2%
* For a definition and a reconciliation of Organic revenue growth rate,
Adjusted compensation and benefits expense, Adjusted compensation and
benefits ratio, Adjusted general and administrative expense, Adjusted
general and administrative expense ratio, Adjusted EBITDAC, Adjusted
EBITDAC margin, Adjusted net income, Adjusted net income margin, and
Adjusted diluted earnings per share to the most directly comparable
GAAP measure, see "Non-GAAP Financial Measures and Key Performance
Indicators" below.
(1) Compensation and benefits expense ratio is defined as Compensation and
benefits divided by Total revenue.
(2) General and administrative expense ratio is defined as General and
administrative expense divided by Total revenue.
(3) Net income margin is defined as Net income divided by Total revenue.
(4) See "Note 10, Earnings Per Share" of the unaudited quarterly
consolidated financial statements
Second Quarter 2026 Review*
Total revenue for the second quarter of 2026 was $916.6 million, an increase of 7.2% compared to $855.2 million in the prior-year period. This increase was primarily due to continued organic revenue growth of 6.7%, driven by new client wins, strong renewal retention, and expanded relationships with existing clients, coupled with continued flow into the specialty and E&S markets, and modest amounts of revenue from acquisitions completed within the trailing twelve months ended June 30, 2026. We experienced growth across the majority of our casualty lines, offset by a moderate decline in our property portfolio.
Total operating expenses for the second quarter of 2026 were $736.3 million, a 10.9% increase compared to $664.1 million in the prior-year period. This increase was primarily due to higher Compensation and benefits expenses resulting from growth in headcount and revenue and an increase in Restructuring and related expense due to the Empower Program, partially offset by a decrease in Acquisition related long-term incentive compensation related to the decline in acquisition activity compared to the prior period. General and administrative expense also increased compared to the prior-year period due to an increase in costs directly linked to revenue growth and an increase in Restructuring and related expense due to the Empower Program, partially offset by lower Acquisition-related expenses. Change in contingent consideration also increased compared to the prior-year period.
Net income for the second quarter of 2026 decreased 13.1% to $108.4 million, compared to $124.7 million in the prior-year period, primarily driven by an increase in Total operating expenses and a higher Income tax expense, partially offset by strong revenue growth.
Adjusted EBITDAC grew 6.0% to $326.9 million from $308.4 million in the prior-year period. Adjusted EBITDAC margin for the quarter was 35.7%, compared to 36.1% in the prior-year period. The increase in Adjusted EBITDAC was driven primarily by strong revenue growth, partially offset by higher Adjusted compensation and benefits expense and Adjusted general and administrative expense.
Adjusted net income for the second quarter of 2026 increased 7.6% to $198.7 million, compared to $184.7 million in the prior-year period. Adjusted net income margin was 21.7%, compared to 21.6% in the prior-year period. Adjusted diluted earnings per share for the second quarter of 2026 increased 12.1% to $0.74, compared to $0.66 in the prior-year period.
* For the definition of each of the non-GAAP measures referred to above, as
well as a reconciliation of such non-GAAP measures to their most directly
comparable GAAP measures, see "Non-GAAP Financial Measures and Key
Performance Indicators" below.
Second Quarter 2026 Net Commissions and Fees by Specialty and Revenue by Type
Growth in Net commissions and fees in all specialties was primarily driven by solid organic growth.
Three Months Ended June 30,
--------------------------------------
(in thousands,
except % of % of
percentages) 2026 total 2025 total Change
------- -------- ------- -------- -----------------
Wholesale
Brokerage $498,802 55.3% $477,165 56.7% $21,637 4.5%
Binding
Authority 100,170 11.1 94,524 11.2 5,646 6.0
Underwriting
Management 303,756 33.6 269,168 32.1 34,588 12.8
------- ------- ------ ----
Total Net
commissions
and fees $902,728 $840,857 $61,871 7.4%
======= ======= ====== ====
Six Months Ended June 30,
------------------------------------------
(in thousands,
except % of % of
percentages) 2026 total 2025 total Change
--------- -------- --------- -------- ------------------
Wholesale
Brokerage $ 876,598 52.0% $ 837,953 55.2% $ 38,645 4.6%
Binding
Authority 210,170 12.5 196,474 13.0 13,696 7.0
Underwriting
Management 598,863 35.5 482,558 31.8 116,305 24.1
--------- --------- ------- ----
Total Net
commissions
and fees $1,685,631 $1,516,985 $168,646 11.1%
========= ========= ======= ====
The following tables sets forth our revenue by type of commission and fees:
Three Months Ended June 30,
--------------------------------------
(in thousands,
except % of % of
percentages) 2026 total 2025 total Change
------- -------- ------- -------- ------------------
Net commissions
and policy
fees $852,385 94.4% $787,074 93.6% $65,311 8.3%
Supplemental
and contingent
commissions 32,168 3.6 35,630 4.2 (3,462) (9.7)
Loss mitigation
and other
fees 18,175 2.0 18,153 2.2 22 0.1
------- ------- ------ ----
Total Net
commissions
and fees $902,728 $840,857 $61,871 7.4%
======= ======= ====== ====
Six Months Ended June 30,
------------------------------------------
(in thousands,
except % of % of
percentages) 2026 total 2025 total Change
--------- -------- --------- -------- ------------------
Net commissions
and policy
fees $1,569,937 93.1% $1,411,040 93.0% $158,897 11.3%
Supplemental
and contingent
commissions 81,285 4.8 73,403 4.8 7,882 10.7
Loss mitigation
and other
fees 34,409 2.1 32,542 2.2 1,867 5.7
--------- --------- ------- ----
Total Net
commissions
and fees $1,685,631 $1,516,985 $168,646 11.1%
========= ========= ======= ====
Liquidity and Financial Condition
As of June 30, 2026, the Company had Cash and cash equivalents of $140.1 million and outstanding debt principal of $3.6 billion.
Capital Return
In the second quarter, the Company returned approximately $284.5 million to shareholders through $260.0 million of Class A common stock repurchases, representing 8.1 million shares, and $24.5 million in dividends and distributions. As of June 30, 2026, the Company had $300.0 million of remaining authorization under its share repurchase program.
Additionally, on July 30, 2026, the Company's board of directors declared a quarterly dividend of $0.13 per share on the outstanding Class A common stock. The quarterly dividend will be payable on August 25, 2026, to stockholders of record as of the close of business on August 11, 2026. A portion of the dividend, $0.06 per share, will be funded by free cash flow from Ryan Specialty, LLC and will be paid to all holders of the Company's Class A common stock and the holders of the LLC Common Units (as defined below).
Full Year 2026 Guidance*
The Company is maintaining its full year 2026 guidance for Organic Revenue Growth Rate and updating its full year 2026 guidance for Adjusted EBITDAC Margin as follows:
-- We are guiding to an Organic Revenue Growth Rate in the mid-single
digits for 2026
-- We are guiding to an Adjusted EBITDAC Margin that is down 50 - 100
basis points for 2026, as compared to the prior year
* For a definition of Organic revenue growth rate and Adjusted EBITDAC
margin, see "Non-GAAP Financial Measures and Key Performance Indicators"
below.
Conference Call Information
Ryan Specialty will hold a conference call to discuss the financial results at 4:45pm Eastern Time on July 30, 2026. Interested parties may access the conference call through the live webcast, which can be accessed at https://ryan-specialty-q2-2026-earnings-call.open-exchange.net/registration or by visiting the Company's Investor Relations website. Please join the live webcast at least 10 minutes prior to the scheduled start time.
A webcast replay of the call will be available on the Company's website at ryanspecialty.com in its Investors section for one year following the call.
About Ryan Specialty
Founded in 2010, Ryan Specialty (NYSE: RYAN) is a service provider of specialty products and solutions for insurance brokers, agents, and carriers. Ryan Specialty provides distribution, underwriting, product development, administration, and risk management services by acting as a wholesale broker and a managing underwriter with delegated authority from insurance carriers. Our mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents, and carriers. Learn more at ryanspecialty.com.
Forward-Looking Statements
All statements in this release and in the corresponding earnings call that are not historical are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties. For example, all statements the Company makes relating to its estimated and projected costs, expenditures, cash flows, growth rates and financial results, its plans, anticipated amount and timing of cost savings relating to the restructuring plan, or its plans and objectives for future operations, growth initiatives, or strategies and the statements under the caption "Full Year 2026 Outlook" are forward-looking statements. Words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely" and variations of such words and similar expressions are intended to identify such forward-looking statements. All forward-looking statements are subject to risks and uncertainties, known and unknown, that may cause actual results to differ materially from those that the Company expected. Specific factors that could cause such a difference include, but are not limited to, those disclosed previously in the Company's filings with the Securities and Exchange Commission ("SEC").
For more detail on the risk factors that may affect the Company's results, see the section entitled "Risk Factors" in our most recent annual report on Form 10-K filed with the SEC, and in other documents filed with, or furnished to, the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Given these factors, as well as other variables that may affect the Company's operating results, you are cautioned not to place undue reliance on these forward-looking statements, not to assume that past financial performance will be a reliable indicator of future performance, and not to use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release and on the related earnings call relate only to events as of the date hereof. The Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events, changes in assumptions, or otherwise.
Non-GAAP Financial Measures and Key Performance Indicators
In assessing the performance of the Company's business, non-GAAP financial measures are used that are derived from the Company's consolidated financial information, but which are not presented in the Company's consolidated financial statements prepared in accordance with GAAP. The Company considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax positions, depreciation, amortization, and certain other items that the Company believes are not representative of its core business. The Company uses the following non-GAAP measures for business planning purposes, in measuring performance relative to that of its competitors, to help investors to understand the nature of the Company's growth, and to enable investors to evaluate the run-rate performance of the Company. Non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, the consolidated financial statements prepared and presented in accordance with GAAP. The footnotes to the reconciliation tables below should be read in conjunction with the unaudited consolidated quarterly financial statements in the Company's Quarterly Report on form 10-Q filed with the SEC. Industry peers may provide similar supplemental information but may not define similarly-named metrics in the same way and may not make identical adjustments.
Organic revenue growth rate: Organic revenue growth rate represents the percentage change in Net commissions and fees, as compared to the same period for the prior year, adjusted to eliminate revenue attributable to acquisitions for the first twelve months of ownership, revenue attributable to sold businesses for the subsequent twelve months after the sale, and other items such as contingent commissions and the impact of changes in foreign exchange rates.
Adjusted compensation and benefits expense: Adjusted compensation and benefits expense is defined as Compensation and benefits expense adjusted to reflect items such as (i) equity-based compensation, (ii) acquisition and restructuring related compensation expenses, and (iii) other exceptional or non-recurring compensation expenses, as applicable. The most directly comparable GAAP financial metric is Compensation and benefits expense.
Adjusted general and administrative expense: Adjusted general and administrative expense is defined as General and administrative expense adjusted to reflect items such as (i) acquisition and restructuring related general and administrative expenses, and (ii) other exceptional or non-recurring general and administrative expenses, as applicable. The most directly comparable GAAP financial metric is General and administrative expense.
Adjusted compensation and benefits expense ratio: Adjusted compensation and benefits expense ratio is defined as the Adjusted compensation and benefits expense as a percentage of Total revenue. The most directly comparable GAAP financial metric is Compensation and benefits expense ratio.
Adjusted general and administrative expense ratio: Adjusted general and administrative expense ratio is defined as the Adjusted general and administrative expense as a percentage of Total revenue. The most directly comparable GAAP financial metric is General and administrative expense ratio.
Adjusted EBITDAC: Adjusted EBITDAC is defined as Net income before Interest expense, net, Income tax expense, Depreciation, Amortization, and Change in contingent consideration, adjusted to reflect items such as (i) equity-based compensation, (ii) acquisition-related expenses, and (iii) other exceptional or non-recurring items, as applicable. Acquisition-related expense includes one-time diligence, transaction-related, and integration costs. Acquisition-related long-term incentive compensation arises from long-term incentive plans associated with acquisitions. These plans require service requirements, and in some cases performance targets, to be met in order to be earned. Restructuring and related expense consists of compensation and benefits, contractors, professional services, and license fees related to the Empower Program, which was initiated at the beginning of 2026. Restructuring expense within general and administrative expense includes costs relating to professional services, technology and data initiatives, license fees, and third-party contractors, as well as non-cash expenses associated with the impairment of internally-developed software. Compensation and benefits restructuring costs include severance as well as employment costs for services rendered between the notification and termination dates and other termination payments. The compensation and benefits expense includes severance as well as employment costs related to services rendered between the notification and termination dates and other termination payments. Amortization and expense is composed of charges related to discontinued prepaid incentive programs. For the three months ended June 30, 2026, Other non-operating loss (income) consisted of $0.1 million of sublease income, $0.1 million of proceeds from the sale of a small non-subscription workers compensation book of business, $0.1 million of forfeitures of vested equity awards, and de minimis seller reimbursement of acquisition-related retention incentives offset by $0.4 million of TRA contractual interest and related charges. For the three months ended June 30, 2025, Other non-operating loss (income) consisted of $0.4 million of TRA contractual interest and related charges offset by $0.2 million of sublease income. For the six months ended June 30, 2026, Other non-operating loss (income) consisted of $0.6 million of forfeitures of vested equity awards, $0.3 million of sublease income, $0.1 million of proceeds from the sale of a small non-subscription workers compensation book of business, and $0.1 million of seller reimbursement of acquisition-related retention incentives offset by $0.4 million of TRA contractual interest and related charges. For the six months ended June 30, 2025, Other non-operating loss (income) consisted of $0.3 million of seller reimbursement of acquisition-related retention incentives and $0.3 million of sublease income offset by $0.4 million of TRA contractual interest and related charges. Equity-based compensation reflects non-cash equity-based expense. IPO related expenses consist of compensation-related expense primarily related to the expense for new awards issued at IPO, as well as expense related to the revaluation of existing equity awards at IPO.
Adjusted EBITDAC margin: Adjusted EBITDAC margin is defined as Adjusted EBITDAC as a percentage of Total revenue. The most directly comparable GAAP financial metric is Net income margin.
Adjusted net income: Adjusted net income is defined as tax-effected earnings before amortization and certain items of income and expense, gains and losses, equity-based compensation, acquisition related long-term incentive compensation, acquisition-related expenses, costs associated with our IPO, and certain exceptional or non-recurring items. The Company will be subject to United States federal income taxes, in addition to state, local, and foreign taxes, with respect to its allocable share of any net taxable income of Ryan Specialty, LLC (together with its parent New Ryan Specialty, LLC and their subsidiaries, the "LLC"). For comparability purposes, this calculation incorporates the impact of federal and state statutory tax rates on 100% of the Company's adjusted pre-tax income as if the Company owned 100% of Ryan Specialty, LLC. The most directly comparable GAAP financial metric is Net income.
Adjusted net income margin: Adjusted net income margin is defined as Adjusted net income as a percentage of Total revenue. The most directly comparable GAAP financial metric is Net income margin.
Adjusted diluted earnings per share: Adjusted diluted earnings per share is defined as Adjusted net income divided by diluted shares outstanding after adjusting for the effect if 100% of the outstanding LLC Common Units ("LLC Common Units"), together with the shares of Class B common stock, vested Class C Incentive Units, vested but unexercised Options, and unvested equity awards were exchanged into shares of Class A common stock as if 100% of unvested equity awards were vested. The most directly comparable GAAP financial metric is Diluted earnings per share.
Credit Adjusted EBITDAC: Credit Adjusted EBITDAC is defined as Adjusted EBITDAC as further adjusted without duplication for: acquired EBITDAC from the beginning of the applicable twelve month reference period through the acquisition close date, certain annualized run rate expected cost savings and initiatives, and certain other adjustments as permitted in calculating leverage ratios under our debt agreements. The Company presents Credit Adjusted EBITDAC as an additional measure of liquidity and leverage. The calculation of Credit Adjusted EBITDAC pursuant to our debt agreements permits certain estimates and assumptions that may differ from actual results.
The summary unaudited consolidated financial data presented for the twelve months ended June 30, 2026, was derived by adding the consolidated financial data of the Company for the twelve months ended December 31, 2025, to the consolidated financial data of the Company for the six months ended June 30, 2026, and subtracting the consolidated financial data of the Company for the six months ended June 30, 2025. The summary unaudited consolidated financial data for the twelve months ended June 30, 2026, has been prepared for illustrative purposes only and is not necessarily representative of our results of operations for any future period or our financial condition at any future date.
The reconciliation of the above non-GAAP measures to each of their most directly comparable GAAP financial measure is set forth in the reconciliation table accompanying this release.
With respect to the Organic revenue growth rate and Adjusted EBITDAC margin outlook presented in the "Full Year 2026 Outlook" section of this press release, the Company is unable to provide a comparable outlook for, or a reconciliation to, Total revenue growth rate or Net income margin because it cannot provide a meaningful or accurate calculation or estimation of certain reconciling items without unreasonable effort. Its inability to do so is due to the inherent difficulty in forecasting the timing of items that have not yet occurred and quantifying certain amounts that are necessary for such reconciliation, including variations in effective tax rate, expenses to be incurred for acquisition activities, and other one-time or exceptional items.
Consolidated Statements of Income (Unaudited)
Three Months Ended June
30, Six Months Ended June 30,
-------------------------- ------------------------------
(in thousands,
except percentages
and per share
data) 2026 2025 2026 2025
------- ------- --------- ---------
Revenue
Net commissions
and fees $902,728 $840,857 $1,685,631 $1,516,985
Fiduciary
investment
income 13,919 14,313 26,245 28,351
------- ------- --------- ---------
Total
revenue $916,647 $855,170 $1,711,876 $1,545,336
------- ------- --------- ---------
Expenses
Compensation
and benefits 531,617 485,272 1,026,793 915,561
General and
administrative 118,643 107,049 227,404 213,109
Amortization 64,387 69,668 129,727 134,653
Depreciation 4,133 2,888 8,195 5,527
Change in
contingent
consideration 17,551 (759) 44,845 (14,801)
------- ------- --------- ---------
Total
operating
expenses $736,331 $664,118 $1,436,964 $1,254,049
------- ------- --------- ---------
Operating income $180,316 $191,052 $ 274,912 $ 291,287
------- ------- --------- ---------
Interest
expense, net 56,649 58,334 110,382 112,842
Income from
equity method
investments (7,039) (5,156) (12,570) (10,093)
Other
non-operating
loss (income) (25) 143 (736) (234)
------- ------- --------- ---------
Income before
income taxes $130,731 $137,731 $ 177,836 $ 188,772
Income tax
expense 22,350 13,026 28,858 68,456
------- ------- --------- ---------
Net income $108,381 $124,705 $ 148,978 $ 120,316
GAAP financial
measures
Total revenue $916,647 $855,170 $1,711,876 $1,545,336
Net commissions
and fees 902,728 840,857 1,685,631 1,516,985
Compensation
and benefits 531,617 485,272 1,026,793 915,561
General and
administrative 118,643 107,049 227,404 213,109
Net income 108,381 124,705 148,978 120,316
Compensation
and benefits
expense ratio
(1) 58.0% 56.7% 60.0% 59.2%
General and
administrative
expense ratio
(2) 12.9% 12.5% 13.3% 13.8%
Net income
margin (3) 11.8% 14.6% 8.7% 7.8%
Earnings per
share (4) $ 0.34 $ 0.41 $ 0.47 $ 0.19
Diluted
earnings per
share (4) $ 0.33 $ 0.38 $ 0.45 $ 0.18
Non-GAAP Financial Measures (Unaudited)
Three Months Ended June
30, Six Months Ended June 30,
-------------------------- --------------------------
(in thousands,
except percentages
and per share
data) 2026 2025 2026 2025
------- ------- ------- -------
Non-GAAP financial
measures*
Organic revenue
growth rate 6.7% 7.1% 8.9% 9.6%
Adjusted
compensation
and benefits
expense $494,946 $453,414 $956,778 $850,842
Adjusted
compensation
and benefits
expense ratio 54.0% 53.0% 55.9% 55.1%
Adjusted
general and
administrative
expense $ 94,797 $ 93,350 $196,162 $185,587
Adjusted
general and
administrative
expense ratio 10.3% 10.9% 11.5% 12.0%
Adjusted
EBITDAC $326,904 $308,406 $558,937 $508,907
Adjusted
EBITDAC
margin 35.7% 36.1% 32.7% 32.9%
Adjusted net
income $198,731 $184,682 $329,460 $292,521
Adjusted net
income margin 21.7% 21.6% 19.2% 18.9%
Adjusted
diluted
earnings per
share $ 0.74 $ 0.66 $ 1.22 $ 1.05
Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per
share data) June 30, 2026 December 31, 2025
--------------- -------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 140,119 $ 158,322
Commissions and fees receivable
-- net 697,564 488,951
Fiduciary cash and receivables 5,709,568 4,298,920
Prepaid incentives -- net 15,560 13,550
Other current assets 79,758 100,437
----------- ---------------
Total current assets $ 6,642,569 $ 5,060,180
NON-CURRENT ASSETS
Goodwill 3,215,684 3,225,021
Customer relationships 1,373,379 1,496,885
Other intangible assets 127,132 119,621
Prepaid incentives -- net 27,968 27,849
Equity method investments 121,680 109,982
Property and equipment -- net 64,554 69,461
Lease right-of-use assets 126,931 130,480
Deferred tax assets 256,595 310,138
Other non-current assets 10,143 14,554
----------- ---------------
Total non-current assets $ 5,324,066 $ 5,503,991
----------- ---------------
TOTAL ASSETS $ 11,966,635 $ 10,564,171
=========== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued
liabilities $ 340,815 $ 284,403
Accrued compensation 484,505 519,251
Operating lease liabilities 27,906 25,987
Tax Receivable Agreement
liabilities 30,343 --
Short-term debt and current
portion of long-term debt 62,466 60,187
Fiduciary liabilities 5,709,568 4,298,920
----------- ---------------
Total current liabilities $ 6,655,603 $ 5,188,748
NON-CURRENT LIABILITIES
Accrued compensation 82,658 70,096
Operating lease liabilities 146,505 153,089
Long-term debt 3,570,689 3,291,462
Tax Receivable Agreement
liabilities 433,317 458,997
Deferred tax liabilities 45,624 49,834
Other non-current liabilities 16,094 97,894
----------- ---------------
Total non-current liabilities $ 4,294,887 $ 4,121,372
----------- ---------------
TOTAL LIABILITIES $ 10,950,490 $ 9,310,120
----------- ---------------
STOCKHOLDERS' EQUITY
Class A common stock ($0.001 par
value; 1,000,000,000 shares
authorized, 121,430,732 and
129,603,426 shares issued and
outstanding at June 30, 2026 and
December 31, 2025,
respectively) 121 130
Class B common stock ($0.001 par
value; 984,502,112 shares
authorized and 134,111,822
shares issued and outstanding at
June 30, 2026; 1,000,000,000
shares authorized and
134,508,885 shares issued and
outstanding at December 31,
2025) 134 135
Preferred stock ($0.001 par
value; 500,000,000 shares
authorized, 0 shares issued and
outstanding at June 30, 2026, and
December 31, 2025) -- --
Additional paid-in capital 355,762 513,610
Retained earnings 145,333 120,353
Accumulated other comprehensive
income 8,064 13,845
----------- ---------------
Total stockholders' equity
attributable to Ryan
Specialty Holdings, Inc. $ 509,414 $ 648,073
----------- ---------------
Non-controlling interests 506,731 605,978
----------- ---------------
Total stockholders' equity $ 1,016,145 $ 1,254,051
----------- ---------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 11,966,635 $ 10,564,171
=========== ===============
Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended
June 30,
------------------------
(in thousands) 2026 2025
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 148,978 $ 120,316
Adjustments to reconcile net income
to cash flows provided by operating
activities:
Income from equity method
investments (12,570) (10,093)
Amortization 129,727 134,653
Depreciation 8,195 5,527
Prepaid and deferred compensation
expense 18,358 23,418
Non-cash equity-based compensation 38,740 39,798
Amortization of deferred debt
issuance costs 4,856 4,760
Amortization of interest rate cap
premium -- 3,477
Deferred income tax expense 20,285 9,502
Deferred income tax expense from
common control reorganization -- 47,978
Loss on Tax Receivable Agreement 380 356
Impairment of internally-developed
software 11,982 --
Changes in operating assets and
liabilities, net of acquisitions:
Commissions and fees receivable
-- net (210,425) (98,353)
Accrued interest liability 358 9,771
Other current and non-current
assets 21,402 36,646
Other current and non-current
liabilities (54,648) (116,996)
--------- ---------
Total cash flows provided by operating
activities $ 125,618 $ 210,760
CASH FLOWS FROM INVESTING ACTIVITIES
Business combinations -- net of cash
acquired and cash held in a
fiduciary capacity -- (565,133)
Capital expenditures (30,432) (36,546)
Equity method investment in VSIC -- (16,637)
Asset acquisitions (1,556) (664)
--------- ---------
Total cash flows used in investing
activities $ (31,988) $ (618,980)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on Revolving Credit
Facility 895,574 680,536
Repayments on Revolving Credit
Facility (610,882) (492,788)
Debt issuance costs paid -- (2,889)
Repayment of term debt (8,500) (8,500)
Receipt of contingently returnable
consideration 3,140 1,927
Payment of contingent consideration (21,960) (29,252)
Tax distributions to non-controlling
LLC Unitholders (17,953) (34,814)
Receipt of taxes related to net share
settlement of equity awards 7,589 12,791
Taxes paid related to net share
settlement of equity awards (7,322) (14,688)
Class A common stock dividends and
Dividend Equivalents paid (33,741) (30,510)
Distributions and Declared
Distributions paid to
non-controlling LLC Unitholders (16,153) (13,580)
Repurchases of Class A common stock (300,182) --
Payments related to Ryan Re preferred
units -- (167)
Net change in fiduciary liabilities 200,640 166,304
--------- ---------
Total cash flows provided by financing
activities $ 90,250 $ 234,370
Effect of changes in foreign exchange
rates on cash, cash equivalents, and
cash and cash equivalents held in a
fiduciary capacity (5,465) 11,807
--------- ---------
NET CHANGE IN CASH, CASH EQUIVALENTS,
AND CASH AND CASH EQUIVALENTS HELD IN A
FIDUCIARY CAPACITY $ 178,415 $ (162,043)
CASH, CASH EQUIVALENTS, AND CASH AND
CASH EQUIVALENTS HELD IN A FIDUCIARY
CAPACITY--Beginning balance 1,584,470 1,680,805
--------- ---------
CASH, CASH EQUIVALENTS, AND CASH AND
CASH EQUIVALENTS HELD IN A FIDUCIARY
CAPACITY--Ending balance $1,762,885 $1,518,762
========= =========
Reconciliation of cash, cash
equivalents, and cash and cash
equivalents held in a fiduciary
capacity
Cash and cash equivalents $ 140,119 $ 172,589
Cash and cash equivalents held in a
fiduciary capacity 1,622,766 1,346,173
--------- ---------
Total cash, cash equivalents, and cash
and cash equivalents held in a
fiduciary capacity $1,762,885 $1,518,762
========= =========
Reconciliation of Organic Revenue Growth Rate
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- ------------------------------
(in thousands,
except
percentages) 2026 2025 2026 2025
------- ------- --------- ---------
Current period
Net
commissions
and fees
revenue $902,728 $840,857 $1,685,631 $1,516,985
Less: Current
period
contingent
commissions (24,149) (27,392) (66,522) (57,854)
Less: Revenue
attributable
to sold
businesses (79) (144) (92) (290)
------- ------- --------- ---------
Net commissions
and fees
revenue
excluding
contingent
commissions $878,500 $813,321 $1,619,017 $1,458,841
Prior period
Net
commissions
and fees
revenue $840,857 $680,248 $1,516,985 $1,218,135
Less: Prior
year
contingent
commissions (27,392) (5,396) (57,854) (29,899)
Less: Revenue
attributable
to sold
businesses (524) (581) (1,181) (1,120)
------- ------- --------- ---------
Prior period
Net
commissions
and fees
revenue
excluding
contingent
commissions $812,941 $674,270 $1,457,950 $1,187,116
Change in Net
commissions
and fees
revenue
excluding
contingent
commissions $ 65,559 $139,051 $ 161,067 $ 271,725
Less: Mergers
and
acquisitions
Net
commissions
and fees
revenue
excluding
contingent
commissions (11,430) (89,419) (26,675) (156,597)
Impact of
change in
foreign
exchange
rates (389) (1,203) (4,238) (952)
------- ------- --------- ---------
Organic revenue
growth
(Non-GAAP) $ 53,740 $ 48,429 $ 130,154 $ 114,176
Net commissions
and fees
revenue growth
rate (GAAP) 7.4% 23.6% 11.1% 24.5%
Less: Impact of
contingent
commissions
(1) 0.7 (3.0) (0.1) (1.6)
------- ------- --------- ---------
Net commissions
and fees
revenue
excluding
contingent
commissions
growth rate
(2) 8.1% 20.6% 11.0% 22.9%
Less: Mergers
and
acquisitions
Net
commissions
and fees
revenue
excluding
contingent
commissions
(3) (1.4) (13.3) (1.8) (13.2)
Impact of
change in
foreign
exchange rates
(4) -- (0.2) (0.3) (0.1)
------- ------- --------- ---------
Organic Revenue
Growth Rate
(Non-GAAP) 6.7% 7.1% 8.9% 9.6%
======= ======= ========= =========
(1) Calculated by subtracting Net commissions and fees revenue growth rate
from net commissions and fees revenue excluding contingent commissions
growth rate and revenue from sold businesses.
(2) Calculated by dividing the change in Total net commissions & fees
revenue excluding contingent commissions by prior year net commissions
and fees excluding contingent commissions and revenue from sold
businesses.
(3) Calculated by taking the mergers and acquisitions net commissions and
fees revenue excluding contingent commissions, representing the first
12 months of net commissions and fees revenue generated from
acquisitions, divided by prior period net commissions and fees revenue
excluding contingent commissions and revenue from sold businesses.
(4) Calculated by taking the change in foreign exchange rates divided by
prior period net commissions and fees revenue excluding contingent
commissions and revenue from sold businesses.
Reconciliation of Adjusted Compensation and Benefits Expense to Compensation and Benefits Expense
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- ------------------------------
(in thousands,
except percentages) 2026 2025 2026 2025
------- ------- --------- ---------
Total revenue $916,647 $855,170 $1,711,876 $1,545,336
Compensation and
benefits expense $531,617 $485,272 $1,026,793 $ 915,561
Acquisition-related
expense (1,849) (1,484) (5,260) (4,963)
Acquisition related
long-term incentive
compensation (1,107) (9,321) (10,394) (17,652)
Restructuring and
related expense (11,634) -- (14,099) --
Amortization and
expense related to
discontinued
prepaid incentives (692) (1,128) (1,522) (2,306)
Equity-based
compensation (18,411) (14,853) (32,720) (29,422)
Initial public
offering related
expense (2,978) (5,072) (6,020) (10,376)
------- ------- --------- ---------
Adjusted
compensation and
benefits expense
(1) $494,946 $453,414 $ 956,778 $ 850,842
======= ======= ========= =========
Compensation and
benefits expense
ratio 58.0% 56.7% 60.0% 59.2%
Adjusted
compensation and
benefits expense
ratio 54.0% 53.0% 55.9% 55.1%
(1) Adjustments made to Compensation and benefits expense are described in
the definition of Adjusted EBITDAC in "Non-GAAP Financial Measures and
Key Performance Indicators."
Reconciliation of Adjusted General and Administrative Expense to General and Administrative Expense
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- ------------------------------
(in thousands,
except percentages) 2026 2025 2026 2025
------- ------- --------- ---------
Total revenue $916,647 $855,170 $1,711,876 $1,545,336
General and
administrative
expense $118,643 $107,049 $ 227,404 $ 213,109
Acquisition-related
expense (2,054) (13,699) (6,044) (27,522)
Restructuring and
related expense (21,792) -- (25,198) --
------- ------- --------- ---------
Adjusted general and
administrative
expense (1) $ 94,797 $ 93,350 $ 196,162 $ 185,587
======= ======= ========= =========
General and
administrative
expense ratio 12.9% 12.5% 13.3% 13.8%
Adjusted general and
administrative
expense ratio 10.3% 10.9% 11.5% 12.0%
(1) Adjustments made to General and administrative expense are described in
the definition of Adjusted EBITDAC in "Non-GAAP Financial Measures and
Key Performance Indicators."
Reconciliation of Adjusted EBITDAC to Net Income
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- ------------------------------
(in thousands, except
percentages) 2026 2025 2026 2025
------- ------- --------- ---------
Total revenue $916,647 $855,170 $1,711,876 $1,545,336
Net income $108,381 $124,705 $ 148,978 $ 120,316
Interest expense,
net 56,649 58,334 110,382 112,842
Income tax expense 22,350 13,026 28,858 68,456
Depreciation 4,133 2,888 8,195 5,527
Amortization 64,387 69,668 129,727 134,653
Change in contingent
consideration (1) 17,551 (759) 44,845 (14,801)
------- ------- --------- ---------
EBITDAC $273,451 $267,862 $ 470,985 $ 426,993
Acquisition-related
expense 3,903 15,183 11,305 32,485
Acquisition related
long-term incentive
compensation 1,107 9,321 10,394 17,652
Restructuring and
related expense 33,426 -- 39,297 --
Amortization and
expense related to
discontinued
prepaid incentives 692 1,128 1,522 2,306
Other non-operating
loss (income) (25) 143 (736) (234)
Equity-based
compensation 18,411 14,853 32,720 29,422
IPO related expenses 2,978 5,072 6,020 10,376
Income from equity
method investments (7,039) (5,156) (12,570) (10,093)
------- ------- --------- ---------
Adjusted EBITDAC $326,904 $308,406 $ 558,937 $ 508,907
======= ======= ========= =========
Net income margin 11.8% 14.6% 8.7% 7.8%
Adjusted EBITDAC margin 35.7% 36.1% 32.7% 32.9%
(1) For the six months ended June 30, 2025, Change in contingent
consideration included a $20.3 million decrease in valuation of the US
Assure contingent consideration as a result of increased loss ratios
impacting projected profit commissions.
Reconciliation of Adjusted Net Income to Net Income
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- ------------------------------
(in thousands, except
percentages) 2026 2025 2026 2025
------- ------- --------- ---------
Total revenue $916,647 $855,170 $1,711,876 $1,545,336
Net income $108,381 $124,705 $ 148,978 $ 120,316
Income tax expense 22,350 13,026 28,858 68,456
Amortization 64,387 69,668 129,727 134,653
Amortization of
deferred debt
issuance costs (1) 2,434 2,386 4,856 4,760
Change in contingent
consideration 17,551 (759) 44,845 (14,801)
Acquisition-related
expense 3,903 15,183 11,305 32,485
Acquisition related
long-term incentive
compensation 1,107 9,321 10,394 17,652
Restructuring and
related expense 33,426 -- 39,297 --
Amortization and
expense related to
discontinued
prepaid incentives 692 1,128 1,522 2,306
Other non-operating
loss (income) (25) 143 (736) (234)
Equity-based
compensation 18,411 14,853 32,720 29,422
IPO related expenses 2,978 5,072 6,020 10,376
Income from equity
method investments (7,039) (5,156) (12,570) (10,093)
------- ------- --------- ---------
Adjusted income before
income taxes (2) $268,556 $249,570 $ 445,216 $ 395,298
Adjusted income tax
expense (3) (69,825) (64,888) (115,756) (102,777)
------- ------- --------- ---------
Adjusted net income $198,731 $184,682 $ 329,460 $ 292,521
======= ======= ========= =========
Net income margin 11.8% 14.6% 8.7% 7.8%
Adjusted net income
margin 21.7% 21.6% 19.2% 18.9%
(1) Interest expense, net includes amortization of deferred debt issuance
costs.
(2) Adjustments made to Net income are described in the definition of
Adjusted EBITDAC in "Non-GAAP Financial Measures and Key Performance
Indicators."
(3) The Company is subject to United States federal income taxes, in
addition to state, local, and foreign taxes, with respect to our
allocable share of any net taxable income of the LLC. For the three and
six months ended June 30, 2026 and 2025, this calculation of adjusted
income tax expense is based on a federal statutory rate of 21% and a
combined state income tax rate net of federal benefits of 5.00% on 100%
of our adjusted income before income taxes as if the Company owned 100%
of the LLC.
Reconciliation of Adjusted Diluted Earnings per Share to Diluted Earnings per Share
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- ----------------------
2026 2025 2026 2025
------- ------- ------- -------
Earnings per
share of Class A
common stock --
diluted $ 0.33 $ 0.38 $ 0.45 $ 0.18
Less: Net income
attributed to
dilutive shares
(1) (0.01) (0.19) -- --
Plus: Impact of
all LLC Common
Units exchanged
for Class A
shares (2) 0.09 0.26 0.10 0.26
Plus: Adjustments
to Adjusted net
income (3) 0.34 0.22 0.68 0.63
Plus: Dilutive
impact of
unvested equity
awards (4) (0.01) (0.01) (0.01) (0.02)
------- ------- ------- -------
Adjusted diluted
earnings per
share $ 0.74 $ 0.66 $ 1.22 $ 1.05
(Share count in
'000)
Weighted-average
shares of Class
A common stock
outstanding --
diluted 131,326 274,145 134,322 138,167
Plus: Impact of
all LLC Common
Units exchanged
for Class A
shares (2) 134,190 -- 134,332 135,804
Plus: Dilutive
impact of
unvested equity
awards (4) 3,867 5,275 1,426 5,422
------- ------- ------- -------
Adjusted diluted
earnings per
share diluted
share count 269,383 279,420 270,080 279,393
(1) Adjustment removes the impact of Net income attributed to dilutive
awards to arrive at Net income attributable to Ryan Specialty Holdings,
Inc. For the three months ended June 30, 2026 and 2025, this removes
$0.5 million and $52.4 million of Net income, respectively, on 131.3
million and 274.1 million Weighted-average shares of Class A common
stock outstanding - diluted, respectively. For the six months ended
June 30, 2026 and 2025, this removes $0.5 million and $1.1 million of
Net income, respectively, on 134.3 million and 138.2 million
Weighted-average shares of Class A common stock outstanding - diluted,
respectively. See "Note 10, Earnings Per Share" of the unaudited
quarterly consolidated financial statements.
(2) For comparability purposes, this calculation incorporates the Net
income that would be distributable if all LLC Common Units (together
with shares of Class B common stock) were exchanged for shares of Class
A common stock. For the three months ended June 30, 2026 and 2025, this
includes $66.1 million and $72.7 million of Net income, respectively,
on 265.5 million and 274.1 million Weighted-average shares of Class A
common stock outstanding - diluted, respectively. For the three months
ended June 30, 2025, 135.5 million weighted-average outstanding LLC
Common Units were considered dilutive and included in the 274.1 million
Weighted-average shares of Class A common stock outstanding - diluted
within Diluted EPS. For the six months ended June 30, 2026 and 2025,
this includes $89.0 million and $96.0 million of Net income,
respectively, on 268.7 million and 274.0 million Weighted-average
shares of Class A common stock outstanding - diluted, respectively. See
"Note 10, Earnings Per Share" of the unaudited quarterly consolidated
financial statements.
(3) Adjustments to Adjusted net income are described in the footnotes of
the reconciliation of Adjusted net income to Net income in "Adjusted
Net Income and Adjusted Net Income Margin" on 265.5 million and 274.1
million Weighted-average shares of Class A common stock outstanding -
diluted for the three months ended June 30, 2026 and 2025,
respectively, and 268.7 million and 274.0 million Weighted-average
shares of Class A common stock outstanding - diluted for the six months
ended June 30, 2026 and 2025, respectively.
(4) For comparability purposes and to be consistent with the treatment of
the adjustments to arrive at Adjusted net income, the dilutive effect
of 100% of the outstanding LLC Common Units (together with shares of
Class B common stock), vested Class C Incentive Units, vested but
unexercised options, and unvested equity awards calculated using the
treasury stock method as if the weighted-average unrecognized cost
associated with the awards was $0 over the period, less any unvested
equity awards determined to be dilutive within the Diluted EPS
calculation disclosed in "Note 10, Earnings Per Share" of the unaudited
quarterly consolidated financial statements. For the three months ended
June 30, 2026 and 2025, 3.9 million and 5.3 million shares were added
to the calculation, respectively. For the six months ended June 30,
2026 and 2025, 1.4 million and 5.4 million shares were added to the
calculation, respectively.
Reconciliation of Credit Adjusted EBITDAC to Net Income
Twelve Months Ended
(in thousands) June 30, 2026
---------------------
Total Revenue $ 3,217,666
Net Income $ 242,819
Interest expense, net 219,924
Income tax expense 39,429
Depreciation 15,757
Amortization 269,500
Change in contingent consideration 72,768
----------------
EBITDAC $ 860,197
Acquisition-related expense 50,921
Acquisition related long-term incentive
compensation 19,323
Restructuring and related expense 39,297
Amortization and expense related to discontinued
prepaid incentives 3,548
Other non-operating loss (income) (1,194)
Equity-based compensation 52,962
IPO related expenses 15,431
Income from equity method investments (23,713)
----------------
Adjusted EBITDAC (1) $ 1,016,772
----------------
Credit adjustments (2) 60,565
----------------
Credit Adjusted EBITDAC $ 1,077,337
----------------
(1) Adjustments made to Net income are described in the definition of
Adjusted EBITDAC in "Non-GAAP Financial Measures and Key Performance
Indicators".
(2) Adjustments made to Adjusted EBITDAC represent (without duplication)
additional adjustments permitted under our debt agreements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260730473290/en/
CONTACT: Investor Relations
Nicholas Mezick
VP, Investor Relations
Ryan Specialty
IR@ryanspecialty.com
Phone: (312) 784-6152
Media Relations
Alice Phillips Topping
SVP, Chief Marketing & Communications Officer
Ryan Specialty
Alice.Topping@ryanspecialty.com
Phone: (312) 635-5976