v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Segment Information
Ryan Specialty is organized as a single operating and reporting segment. The Company’s chief operating decision maker
(“CODM”) is its Chief Executive Officer. The Company has identified its single operating segment utilizing a management
approach that aligns with the manner in which the CODM utilizes the Company’s consolidated financial information for
resource allocation and performance evaluation. Refer to Note 1, Basis of Presentation, for a description of the Company’s
products and services and to Note 2, Revenue from Contracts with Customers, for the disaggregation of revenue by
Specialty.
The CODM utilizes consolidated net income as the primary metric to monitor budget versus actual results, assess the
performance of the business, and make decisions regarding resource allocation. The following table provides information
about the Company’s revenue and includes a reconciliation to net income:
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Net commissions and fees
$840,857
$680,248
$1,516,985
$1,218,135
Fiduciary investment income
14,313
15,193
28,351
29,352
Total revenue
$855,170
$695,441
$1,545,336
$1,247,487
Compensation-related expense1
453,414
383,960
850,842
713,982
General and administrative expense2
93,350
63,790
185,587
128,592
Other segment items3
45,557
49,266
92,241
103,836
Depreciation and amortization
72,556
32,814
140,180
62,882
Change in contingent consideration
(759)
1,243
(14,801)
1,178
Interest income
(1,482)
(5,392)
(4,585)
(13,387)
Interest expense
59,816
36,520
117,427
73,915
Income from equity method investments
(5,156)
(3,722)
(10,093)
(9,328)
Income tax expense
13,026
18,691
68,456
25,117
Other non-operating loss (income)
143
233
(234)
1,985
Net income
$124,705
$118,038
$120,316
$158,715
1 Compensation-related expense includes salaries, commissions, bonus compensation, benefits, payroll taxes, and
contractor costs, and excludes equity-based compensation expense, acquisition, and restructuring related expenses.
2 General and administrative expense includes travel and entertainment, professional services, occupancy, IT related costs,
and other operating costs, and excludes acquisition and restructuring related expenses.
3 Other segment items include equity-based compensation expense, and acquisition and restructuring related compensation
and general and administrative expenses.
Geographic Information
Revenue is primarily recognized based on the country in which the services are performed. The below table illustrates the
geographic regions for the Company’s revenue:
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
United States
$801,491
$664,541
$1,450,588
$1,201,706
Foreign
53,679
30,900
94,748
45,781
Total revenue
$855,170
$695,441
$1,545,336
$1,247,487
The Company did not have material revenue from operations in any individual foreign country for the three and six months
ended June 30, 2025 or 2024. Asset information is not presented to the CODM. Substantially all of the Company’s tangible
long-lived assets are located in the United States; therefore, geographic information for long-lived assets is not presented.