For the twelve months ended Sep 30, 2026, Ryan Specialty Holdings Inc. reported $3.25B of revenue and $193.64M of net income.
RYAN revenue was $789.96M in fiscal Q3 2026 (ended Sep 30, 2026), up 4.7% from a year earlier and down 13.8% from the prior quarter. For the full fiscal 2025 it was $3.05B, up 21.3% from fiscal 2024. Compound annual growth was +24.5% over 5 years. It rose in each of the last 6 fiscal years. Fiscal 2025 is the highest of the 7 fiscal years on file.
RYAN net income was $36.68M in fiscal Q3 2026 (ended Sep 30, 2026), up 18.0% from a year earlier and down 66.2% from the prior quarter. For the full fiscal 2025 it was $63.40M, down 33.0% from fiscal 2024. Compound annual growth was -1.4% over 5 years. It rose in 2 of the last 6 fiscal years.
RYAN free cash flow was $181.31M in fiscal Q3 2026 (ended Sep 30, 2026), up 8.4% from a year earlier and down 37.8% from the prior quarter. For the full fiscal 2025 it was $640.65M, up 24.4% from fiscal 2024. Compound annual growth was +37.5% over 5 years. It rose in each of the last 3 fiscal years. Fiscal 2025 is the highest of the 7 fiscal years on file.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $3.05B | $2.52B | $2.08B | $1.73B | $1.43B | $1.02B | $765.11M |
| Selling, general and admin | $453.45M | $352.05M | $276.18M | $196.97M | $138.96M | $107.38M | $118.18M |
| Operating income | $493.64M | $427.81M | $359.08M | $289.51M | $186.62M | $158.54M | $101.04M |
| Interest expense | - | - | $119.51M | $104.83M | $79.35M | $47.24M | $35.55M |
| Pre-tax income | $293.18M | $272.55M | $237.93M | $179.19M | $61.56M | $79.47M | $67.98M |
| Income tax | $79.03M | $42.64M | $43.45M | $15.94M | $4.93M | $8.95M | $4.93M |
| Net income | $63.40M | $94.67M | $61.04M | $61.05M | $65.87M | $68.10M | $64.17M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $158.32M | $1.68B | $838.79M | $1.77B | $1.14B | $895.70M | $402.16M |
| Receivables | $488.95M | $389.76M | $294.19M | $231.42M | $210.25M | $177.70M | - |
| Current assets | $5.06B | $4.79B | $4.34B | $3.89B | $3.01B | $2.49B | - |
| Goodwill | $3.23B | $2.65B | $1.65B | $1.31B | $1.31B | $1.22B | $528.51M |
| Total assets | $10.56B | $9.65B | $7.25B | $6.38B | $5.46B | $4.53B | - |
| Current liabilities | $5.19B | $4.55B | $3.74B | $3.13B | $2.92B | $2.48B | - |
| Short-term debt | $60.19M | $51.73M | $35.38M | $30.59M | $23.47M | $19.16M | - |
| Long-term debt | $3.29B | $3.23B | $1.94B | $1.95B | $1.57B | $1.57B | - |
| Total debt | $3.35B | $3.28B | $1.98B | $1.98B | $1.59B | $1.59B | - |
| Total liabilities | $9.31B | $8.55B | $6.27B | $5.57B | $4.86B | $4.22B | - |
| Shareholders' equity | $648.07M | $1.10B | $979.64M | $817.81M | $594.78M | - | - |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $643.67M | $514.87M | $477.20M | $335.51M | $273.49M | $135.39M | $149.51M |
| Capital expenditures | $3.01M | $0 | $0 | $7.71M | $343.16M | $5.24M | $100.0K |
| Free cash flow | $640.65M | $514.87M | $477.20M | $327.80M | -$69.67M | $130.16M | $149.41M |
| Investing cash flow | -$834.01M | -$1.76B | -$476.23M | -$22.42M | -$457.94M | -$768.51M | -$148.00M |
| Financing cash flow | $78.12M | $1.17B | -$12.61M | $314.76M | $429.28M | $1.13B | $62.27M |
| Dividends paid | $61.00M | $80.24M | $0 | $0 | - | - | - |
| Stock-based compensation | $69.45M | $79.00M | $69.74M | $77.48M | $67.53M | $10.80M | $8.15M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 21.3% | 21.1% | 20.4% | 20.4% | 40.7% | 33.1% | - |
| Net income growth, YoY | -33.0% | 55.1% | -0.0% | -7.3% | -3.3% | 6.1% | - |
| Operating margin | 16.2% | 17.0% | 17.3% | 16.8% | 13.0% | 15.6% | 13.2% |
| Net margin | 2.1% | 3.8% | 2.9% | 3.5% | 4.6% | 6.7% | 8.4% |
| Free cash flow margin | 21.0% | 20.5% | 23.0% | 19.0% | -4.9% | 12.8% | 19.5% |
| Return on equity | 9.8% | 8.6% | 6.2% | 7.5% | 11.1% | - | - |
| Return on assets | 0.6% | 1.0% | 0.8% | 1.0% | 1.2% | 1.5% | - |
| Current ratio | 0.98 | 1.05 | 1.16 | 1.24 | 1.03 | 1.00 | - |
| Debt to equity | 5.17 | 2.99 | 2.02 | 2.42 | 2.67 | - | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $789.96M | $916.65M | $795.23M | $751.21M | $754.58M | $855.17M | $690.17M | $663.53M | $604.69M | $695.44M | $552.05M | $532.86M |
| Selling, general and admin | $106.98M | $118.64M | $108.76M | $122.75M | $117.59M | $107.05M | $106.06M | $104.53M | $88.68M | $82.97M | $75.87M | $73.59M |
| Operating income | $140.83M | $180.32M | $94.60M | $91.56M | $110.79M | $191.05M | $100.23M | $109.32M | $81.48M | $164.37M | $72.65M | $96.34M |
| Interest expense | - | - | - | - | - | - | - | - | - | $31.13M | $29.40M | $29.67M |
| Pre-tax income | $96.19M | $130.73M | $47.10M | $44.61M | $59.81M | $137.73M | $51.04M | $69.04M | $19.68M | $136.73M | $47.10M | $59.18M |
| Income tax | $8.14M | $22.35M | $6.51M | $13.37M | -$2.80M | $13.03M | $55.43M | $26.49M | -$8.96M | $18.69M | $6.43M | $673.0K |
| Net income | $36.68M | $108.38M | $40.60M | $7.98M | $31.09M | $124.70M | -$4.39M | $13.75M | $17.59M | $118.04M | $40.68M | $22.85M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $168.81M | $140.12M | $154.65M | $158.32M | $153.49M | $172.59M | $203.55M | $1.68B | $235.20M | $612.44M | $665.42M | $838.79M |
| Receivables | $576.11M | $697.56M | $565.26M | $488.95M | $439.80M | $528.56M | $432.48M | $389.76M | $334.64M | $384.41M | $299.16M | $294.19M |
| Current assets | $5.79B | $6.64B | $5.58B | $5.06B | $4.45B | $5.27B | $4.61B | $4.79B | $4.02B | $5.12B | $4.22B | $4.34B |
| Goodwill | $3.22B | $3.22B | $3.22B | $3.23B | $3.13B | $3.09B | $3.02B | $2.65B | $2.34B | $1.81B | $1.65B | $1.65B |
| Total assets | $11.04B | $11.97B | $11.01B | $10.56B | $9.85B | $10.63B | $9.89B | $9.65B | $8.48B | $8.27B | $7.12B | $7.25B |
| Current liabilities | $5.75B | $6.66B | $5.46B | $5.19B | $4.46B | $5.23B | $4.40B | $4.55B | $3.97B | $4.70B | $3.68B | $3.74B |
| Short-term debt | $42.43M | $62.47M | $35.36M | $60.19M | $41.81M | $61.69M | $36.21M | $51.73M | $33.32M | $32.98M | $39.37M | $35.38M |
| Long-term debt | $3.63B | $3.57B | $3.53B | $3.29B | $3.35B | $3.41B | $3.65B | $3.23B | $2.65B | $1.94B | $1.94B | $1.94B |
| Total debt | $3.68B | $3.63B | $3.57B | $3.35B | $3.39B | $3.47B | $3.69B | $3.28B | $2.68B | $1.97B | $1.98B | $1.98B |
| Total liabilities | $10.14B | $10.95B | $9.79B | $9.31B | $8.62B | $9.44B | $8.83B | $8.55B | $7.38B | $7.20B | $6.14B | $6.27B |
| Shareholders' equity | $446.71M | $1.02B | $1.22B | $648.07M | $1.23B | $1.18B | $1.06B | $1.10B | $1.10B | $1.07B | $974.75M | $979.64M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $181.31M | $293.03M | -$167.41M | $263.25M | $169.66M | $353.58M | -$142.82M | $259.64M | $100.94M | $270.83M | -$116.54M | $226.87M |
| Capital expenditures | $0 | $1.56M | $0 | $0 | $2.35M | $0 | $664.0K | $0 | $0 | $0 | $0 | - |
| Free cash flow | $181.31M | $291.47M | -$167.41M | $263.25M | $167.31M | $353.58M | -$143.49M | $259.64M | $100.94M | $270.83M | -$116.54M | - |
| Investing cash flow | $1.55M | -$18.72M | -$13.27M | -$126.83M | -$88.20M | -$45.95M | -$573.03M | -$469.30M | -$1.05B | -$229.07M | -$7.63M | -$94.30M |
| Financing cash flow | -$171.06M | $3.96M | $86.28M | $72.80M | -$229.05M | -$102.47M | $336.84M | $541.51M | $553.16M | $82.39M | -$10.20M | $19.35M |
| Dividends paid | $15.70M | $16.50M | $16.70M | $14.18M | $16.32M | $15.44M | $15.07M | $13.73M | $13.48M | $13.00M | $40.02M | $0 |
| Share repurchases | $150.07M | $260.16M | $40.02M | - | $0 | $0 | $0 | - | - | - | - | - |
| Stock-based compensation | $13.23M | $21.39M | $17.35M | $18.46M | $11.19M | $19.93M | $19.87M | $17.33M | $23.46M | $20.89M | $17.31M | $15.61M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 4.7% | 7.2% | 15.2% | 13.2% | 24.8% | 23.0% | 25.0% | 24.5% | 20.5% | 18.8% | 20.6% | 22.5% |
| Net income growth, YoY | 18.0% | -13.1% | - | -42.0% | 76.7% | 5.6% | - | -39.8% | - | 40.8% | 11.6% | 27.7% |
| Operating margin | 17.8% | 19.7% | 11.9% | 12.2% | 14.7% | 22.3% | 14.5% | 16.5% | 13.5% | 23.6% | 13.2% | 18.1% |
| Net margin | 4.6% | 11.8% | 5.1% | 1.1% | 4.1% | 14.6% | -0.6% | 2.1% | 2.9% | 17.0% | 7.4% | 4.3% |
| Free cash flow margin | 23.0% | 31.8% | -21.1% | 35.0% | 22.2% | 41.3% | -20.8% | 39.1% | 16.7% | 38.9% | -21.1% | - |
| Current ratio | 1.01 | 1.00 | 1.02 | 0.98 | 1.00 | 1.01 | 1.05 | 1.05 | 1.01 | 1.09 | 1.15 | 1.16 |
| Debt to equity | 8.23 | 3.58 | 2.93 | 5.17 | 2.75 | 2.94 | 3.49 | 2.99 | 2.43 | 1.84 | 2.03 | 2.02 |
Source: XBRL data Ryan Specialty Holdings Inc. files with the SEC, latest filing dated Oct 30, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| RYAN | $3.25B | +9.8% | $193.64M | 6.0% | $12.01B |
| MRSH | $28.46B | +7.6% | $4.04B | 14.2% | $97.39B |
| AJG | $16.36B | +25.6% | $1.70B | 10.4% | $72.18B |
| AON | $17.68B | +3.8% | $3.93B | 22.2% | $71.03B |
| WTW | $10.27B | +4.8% | $1.56B | 15.2% | $30.33B |
| BRO | $6.91B | +26.1% | $1.22B | 17.7% | $23.92B |
| EQH | $13.05B | +8.7% | $1.50B | 11.5% | $14.38B |
| ERIE | $4.12B | +2.0% | $576.14M | 14.0% | $12.61B |
| FNF | $15.36B | +13.0% | $772.00M | 5.0% | $11.76B |