v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
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,
2026
2025
2026
2025
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
Compensation-related expense1
494,946
453,414
956,778
850,842
General and administrative expense2
94,797
93,350
196,162
185,587
Other segment items3
60,517
45,557
101,257
92,241
Depreciation and amortization
68,520
72,556
137,922
140,180
Change in contingent consideration
17,551
(759)
44,845
(14,801)
Interest income
(1,653)
(1,482)
(2,799)
(4,585)
Interest expense
58,302
59,816
113,181
117,427
Income from equity method investments
(7,039)
(5,156)
(12,570)
(10,093)
Other non-operating loss (income)
(25)
143
(736)
(234)
Income tax expense
22,350
13,026
28,858
68,456
Net income
$108,381
$124,705
$148,978
$120,316
1 Compensation-related expense includes salaries, commissions, bonus compensation, benefits, payroll taxes, and
contractor costs, and excludes acquisition and restructuring related expenses and equity-based compensation.
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 acquisition and restructuring related expenses and equity-based compensation.
Geographic Information
Revenue is primarily recognized based on the country in which the services are performed. The following table illustrates
the geographic regions for the Company’s revenue:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
United States
$852,082
$801,491
$1,594,680
$1,450,588
Foreign
64,565
53,679
117,196
94,748
Total revenue
$916,647
$855,170
$1,711,876
$1,545,336
The Company did not have material revenue from operations in any individual foreign country for the three and six months
ended June 30, 2026 or 2025. 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.