
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||
(Address of principal executive offices) | (Zip Code) |
( |
(Registrant’s telephone number, including area code) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||
☒ | Accelerated filer | ☐ | ||
Non-accelerated filer | ☐ | Smaller reporting company | ||
Emerging growth company |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
REVENUE | ||||||||
Net commissions and fees | $ | $ | $ | $ | ||||
Fiduciary investment income | ||||||||
Total revenue | $ | $ | $ | $ | ||||
EXPENSES | ||||||||
Compensation and benefits | ||||||||
General and administrative | ||||||||
Amortization | ||||||||
Depreciation | ||||||||
Change in contingent consideration | ( | ( | ||||||
Total operating expenses | $ | $ | $ | $ | ||||
OPERATING INCOME | $ | $ | $ | $ | ||||
Interest expense, net | ||||||||
Income from equity method investments | ( | ( | ( | ( | ||||
Other non-operating income | ( | ( | ( | ( | ||||
INCOME BEFORE INCOME TAXES | $ | $ | $ | $ | ||||
Income tax expense (benefit) | ( | |||||||
NET INCOME | $ | $ | $ | $ | ||||
Net income attributable to non-controlling interests, net of tax | ||||||||
NET INCOME ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC. | $ | $ | $ | $ | ||||
NET INCOME PER SHARE OF CLASS A COMMON STOCK: | ||||||||
Basic | $ | $ | $ | $ | ||||
Diluted | $ | $ | $ | $ | ||||
WEIGHTED-AVERAGE SHARES OF CLASS A COMMON STOCK OUTSTANDING: | ||||||||
Basic | ||||||||
Diluted | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
NET INCOME | $ | $ | $ | $ | ||||
Net income attributable to non-controlling interests, net of tax | ||||||||
NET INCOME ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC. | $ | $ | $ | $ | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Gain on interest rate cap | ||||||||
Gain on interest rate cap reclassified to earnings | ( | ( | ||||||
Foreign currency translation adjustments | ( | ( | ||||||
Change in share of equity method investments’ other comprehensive income (loss) | ( | ( | ( | |||||
Share of equity method investments’ other comprehensive loss reclassified to earnings | ||||||||
Total other comprehensive income (loss), net of tax | $( | $( | $( | $ | ||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC. | $ | $ | $ | $ | ||||
September 30, 2026 | December 31, 2025 | |||
ASSETS | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | $ | $ | ||
Commissions and fees receivable – net | ||||
Fiduciary cash and receivables | ||||
Prepaid incentives – net | ||||
Other current assets | ||||
Total current assets | $ | $ | ||
NON-CURRENT ASSETS | ||||
Goodwill | ||||
Customer relationships | ||||
Other intangible assets | ||||
Prepaid incentives – net | ||||
Equity method investments | ||||
Property and equipment – net | ||||
Lease right-of-use assets | ||||
Deferred tax assets | ||||
Other non-current assets | ||||
Total non-current assets | $ | $ | ||
TOTAL ASSETS | $ | $ | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
CURRENT LIABILITIES | ||||
Accounts payable and accrued liabilities | $ | $ | ||
Accrued compensation | ||||
Operating lease liabilities | ||||
Tax Receivable Agreement liabilities | ||||
Short-term debt and current portion of long-term debt | ||||
Fiduciary liabilities | ||||
Total current liabilities | $ | $ | ||
NON-CURRENT LIABILITIES | ||||
Accrued compensation | ||||
Operating lease liabilities | ||||
Long-term debt | ||||
Tax Receivable Agreement liabilities | ||||
Deferred tax liabilities | ||||
Other non-current liabilities | ||||
Total non-current liabilities | $ | $ | ||
TOTAL LIABILITIES | $ | $ | ||
STOCKHOLDERS’ EQUITY | ||||
Class A common stock ($ outstanding at September 30, 2026 and December 31, 2025, respectively) | ||||
Class B common stock ($ September 30, 2026; | ||||
Preferred stock ($ December 31, 2025) | ||||
Additional paid-in capital | ||||
Retained earnings | ||||
Accumulated other comprehensive income | ||||
Total stockholders’ equity attributable to Ryan Specialty Holdings, Inc. | $ | $ | ||
Non-controlling interests | ||||
Total stockholders’ equity | $ | $ | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | $ |
Nine Months Ended September 30, | ||||
2026 | 2025 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $ | $ | ||
Adjustments to reconcile net income to cash flows provided by operating activities: | ||||
Income from equity method investments | ( | ( | ||
Amortization | ||||
Depreciation | ||||
Prepaid and deferred compensation expense | ||||
Non-cash equity-based compensation | ||||
Amortization of deferred debt issuance costs | ||||
Amortization of interest rate cap premium | ||||
Deferred income tax expense | ||||
Deferred income tax expense from common control reorganization | ||||
Loss on Tax Receivable Agreement | ||||
Impairment of internally-developed software | ||||
Changes in operating assets and liabilities, net of acquisitions: | ||||
Commissions and fees receivable – net | ( | ( | ||
Accrued interest liability | ( | ( | ||
Other current and non-current assets | ||||
Other current and non-current liabilities | ( | ( | ||
Total cash flows provided by operating activities | $ | $ | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Business combinations – net of cash acquired and cash held in a fiduciary capacity | ( | |||
Capital expenditures | ( | ( | ||
Equity method investment in VSIC | ( | |||
Proceeds from sale of equity method investment in VSIC | ||||
Asset acquisitions | ( | ( | ||
Total cash flows used in investing activities | $( | $( | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Borrowings on Revolving Credit Facility | ||||
Repayments on Revolving Credit Facility | ( | ( | ||
Debt issuance costs paid | ( | |||
Repayment of term debt | ( | ( | ||
Receipt of contingently returnable consideration | ||||
Payment of contingent consideration | ( | ( | ||
Tax distributions to non-controlling LLC Unitholders | ( | ( | ||
Receipt of taxes related to net share settlement of equity awards | ||||
Taxes paid related to net share settlement of equity awards | ( | ( | ||
Class A common stock dividends and Dividend Equivalents paid | ( | ( | ||
Distributions and Declared Distributions paid to non-controlling LLC Unitholders | ( | ( | ||
Repurchases of Class A common stock | ( | |||
Payments related to Ryan Re preferred units | ( | |||
Net change in fiduciary liabilities | ||||
Total cash flows provided by (used in) financing activities | $( | $ | ||
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | ( | |||
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY | $ | $( | ||
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY —Beginning balance | ||||
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY —Ending balance | $ | $ | ||
Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | ||||
Cash and cash equivalents | $ | $ | ||
Cash and cash equivalents held in a fiduciary capacity | ||||
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | $ | $ | ||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Non-controlling Interests | Total Stockholders’ Equity | ||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
Balance at December 31, 2025 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Net income | — | — | — | — | — | — | ||||||||||||
Issuance of common stock | — | — | — | — | — | — | — | — | ||||||||||
Exchange of LLC equity for common stock | — | ( | ( | — | — | ( | ||||||||||||
Cash and common stock clawbacks related to vested equity awards | ( | — | — | — | ( | — | — | ( | ||||||||||
Repurchase and retirement of common stock | ( | ( | — | — | ( | — | — | ( | ( | |||||||||
Class A common stock dividends and Dividend Equivalents | — | — | — | — | — | ( | — | — | ( | |||||||||
Distributions and Declared Distributions to non- controlling LLC Unitholders | — | — | — | — | — | — | — | ( | ( | |||||||||
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes | — | — | — | — | ( | — | — | ( | ( | |||||||||
Distributions declared for non-controlling interest holders’ tax | — | — | — | — | — | — | — | ( | ( | |||||||||
Change in share of equity method investments’ other comprehensive income | — | — | — | — | — | — | ||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | ( | ( | ( | |||||||||
Equity-based compensation | — | — | — | — | — | — | ( | |||||||||||
Balance at March 31, 2026 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Net income | — | — | — | — | — | — | ||||||||||||
Issuance of common stock | — | — | — | — | — | — | — | |||||||||||
Exchange of LLC equity for common stock | — | ( | — | — | — | ( | ||||||||||||
Common stock clawbacks related to vested equity awards | ( | — | — | — | ( | — | — | — | ( | |||||||||
Repurchase and retirement of common stock | ( | ( | — | — | ( | — | — | ( | ( | |||||||||
Equity awards withheld for settlement of employee tax obligations | — | — | — | — | ( | — | — | — | ( | |||||||||
Class A common stock dividends and Dividend Equivalents | — | — | — | — | — | ( | — | — | ( | |||||||||
Distributions and Declared Distributions to non- controlling LLC Unitholders | — | — | — | — | — | — | — | ( | ( | |||||||||
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes | — | — | — | — | ( | — | — | — | ( | |||||||||
Distributions declared for non-controlling interest holders’ tax | — | — | — | — | — | — | — | ( | ( | |||||||||
Change in share of equity method investments’ other comprehensive loss | — | — | — | — | — | — | ( | ( | ( | |||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | ( | ( | ( | |||||||||
Equity-based compensation | — | — | — | — | — | — | ||||||||||||
Balance at June 30, 2026 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Non-controlling Interests | Total Stockholders’ Equity | ||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
Balance at June 30, 2026 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Net income | — | — | — | — | — | — | ||||||||||||
Issuance of common stock | — | ( | — | — | — | |||||||||||||
Exchange of LLC equity for common stock | ( | ( | — | — | ( | |||||||||||||
Common stock clawbacks related to vested equity awards | ( | — | — | — | ( | — | — | — | ( | |||||||||
Repurchase and retirement of common stock | ( | ( | — | — | ( | — | — | ( | ( | |||||||||
Equity awards withheld for settlement of employee tax obligations | — | — | — | — | — | — | — | ( | ( | |||||||||
Class A common stock dividends and Dividend Equivalents | — | — | — | — | — | ( | — | — | ( | |||||||||
Distributions and Declared Distributions to non- controlling LLC Unitholders | — | — | — | — | — | — | — | ( | ( | |||||||||
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes | — | — | — | — | ( | — | — | — | ( | |||||||||
Distributions declared for non-controlling interest holders’ tax | — | — | — | — | — | — | — | ( | ( | |||||||||
Change in share of equity method investments’ other comprehensive loss | — | — | — | — | — | — | ( | ( | ( | |||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | ||||||||||||
Equity-based compensation | — | — | — | — | — | — | ||||||||||||
Balance at September 30, 2026 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests | Total Stockholders’ Equity | ||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
Balance at December 31, 2024 | $ | $ | $ | $ | $( | $ | $ | |||||||||||
Net income (loss) | — | — | — | — | — | ( | — | ( | ||||||||||
Issuance of common stock | — | — | — | — | — | — | — | — | ||||||||||
Exchange of LLC equity for common stock | ( | — | — | — | ( | |||||||||||||
Class A common stock dividends and Dividend Equivalents | — | — | — | — | — | ( | — | — | ( | |||||||||
Distributions and Declared Distributions to non- controlling LLC Unitholders | — | — | — | — | — | — | — | ( | ( | |||||||||
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes | — | — | — | — | ( | — | — | ( | ||||||||||
Distributions declared for non-controlling interest holders’ tax | — | — | — | — | — | — | — | ( | ( | |||||||||
Change in share of equity method investment’s other comprehensive loss | — | — | — | — | — | — | ( | ( | ( | |||||||||
Loss on interest rate cap, net | — | — | — | — | — | — | ( | ( | ( | |||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | ||||||||||||
Equity-based compensation | — | — | — | — | — | — | ( | |||||||||||
Balance at March 31, 2025 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Net income | — | — | — | — | — | — | ||||||||||||
Issuance of common stock | — | — | — | — | — | — | — | |||||||||||
Exchange of LLC equity for common stock | ( | ( | — | — | ( | |||||||||||||
Forfeiture of common stock | ( | — | — | — | — | — | — | — | — | |||||||||
Equity awards withheld for settlement of employee tax obligations | — | — | — | — | ( | — | — | ( | ( | |||||||||
Class A common stock dividends and Dividend Equivalents | — | — | — | — | — | ( | — | — | ( | |||||||||
Distributions and Declared Distributions to non- controlling LLC Unitholders | — | — | — | — | — | — | — | ( | ( | |||||||||
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes | — | — | — | — | — | — | — | |||||||||||
Distributions declared for non-controlling interest holders’ tax | — | — | — | — | — | — | — | ( | ( | |||||||||
Change in share of equity method investments’ other comprehensive income | — | — | — | — | — | — | ||||||||||||
Loss on interest rate cap, net | — | — | — | — | — | — | ( | ( | ( | |||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | ||||||||||||
Equity-based compensation | — | — | — | — | — | — | ||||||||||||
Balance at June 30, 2025 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests | Total Stockholders’ Equity | ||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
Balance at June 30, 2025 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Net income | — | — | — | — | — | — | ||||||||||||
Issuance of common stock | — | — | ||||||||||||||||
Forfeiture and retirement of common stock | ( | — | — | — | ( | — | — | ( | ||||||||||
Exchange of LLC equity for common stock | ( | ( | — | — | ( | |||||||||||||
Equity awards withheld for settlement of employee tax obligations | — | — | — | — | — | — | — | ( | ( | |||||||||
Class A common stock dividends and Dividend Equivalents | — | — | — | — | — | ( | — | — | ( | |||||||||
Distributions and Declared Distributions to non- controlling LLC Unitholders | — | — | — | — | — | — | — | ( | ( | |||||||||
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes | — | — | — | — | ( | — | — | — | ( | |||||||||
Distributions declared for non-controlling interest holders’ tax | — | — | — | — | — | — | — | ( | ( | |||||||||
Change in share of equity method investment’s other comprehensive income | — | — | — | — | — | — | ||||||||||||
Loss on interest rate cap, net | — | — | — | — | — | — | ( | ( | ( | |||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | ( | ( | ( | |||||||||
Equity-based compensation | — | — | — | — | — | — | ||||||||||||
Balance at September 30, 2025 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Wholesale Brokerage | $ | $ | $ | $ | ||||
Binding Authority | ||||||||
Underwriting Management | ||||||||
Total Net commissions and fees | $ | $ | $ | $ | ||||
Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | |||
Total revenue | $ | $ | ||
Net income |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Change in contingent consideration | $( | $ | $ | $( | ||||
Interest expense, net | ||||||||
Total | $( | $ | $ | $ | ||||
Three Months Ended September 30, 2026 | Nine Months Ended September 30, 2026 | |||
Business platform optimization | $ | $ | ||
Compensation and benefits | ||||
Total | $ | $ |
Business Platform Optimization | Compensation and Benefits | Total | ||||
Balance at January 1, 2026 | $ | $ | $ | |||
Charges | ||||||
Payments | ( | ( | ( | |||
Non-cash adjustments | ( | ( | ||||
Balance at September 30, 2026 | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Balance at beginning of period | $ | $ | $ | $ | ||||
Write-offs | ( | ( | ( | ( | ||||
Increase in provision | ||||||||
Balance at end of period | $ | $ | $ | $ | ||||
September 30, 2026 | December 31, 2025 | |||
Prepaid expenses | $ | $ | ||
Other current receivables | ||||
Total Other current assets | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
2026 | 2025 | 2026 | 2025 | ||||||
Lease costs | |||||||||
Operating lease costs | $ | $ | $ | $ | |||||
Short-term lease costs | |||||||||
Operating lease costs | |||||||||
Sublease income | ( | ( | ( | ( | |||||
Lease costs – net | $ | $ | $ | $ | |||||
Cash paid for amounts included in the measurement of lease liabilities | |||||||||
Operating cash flows used for operating leases | $ | $ | |||||||
Non-cash related activities | |||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | |||||||||
Amortization of right-of-use assets for operating leases | |||||||||
Weighted-average discount rate (percent) | |||||||||
Operating leases | |||||||||
Weighted-average remaining lease term (years) | |||||||||
Operating leases | |||||||||
September 30, 2026 | December 31, 2025 | |||
Term debt | ||||
payments, Adjusted Term SOFR + | $ | $ | ||
Senior secured notes | ||||
mature February 1, 2030 | ||||
mature August 1, 2032 | ||||
Revolving debt | ||||
SOFR + up to July 30, 2029 | ||||
Premium financing notes | ||||
Commercial notes, periodic interest and principal payments, expire March 15, 2027 | ||||
Commercial notes, periodic interest and principal payments, expire May 15, 2027 | ||||
Commercial notes, periodic interest and principal payments, expire June 15, 2027 | ||||
Commercial notes, periodic interest and principal payments, expire June 21, 2027 | ||||
Commercial notes, periodic interest and principal payments, expired May 1, 2026 | ||||
Commercial notes, periodic interest and principal payments, expired June 1, 2026 | ||||
Commercial notes, periodic interest and principal payments, expired June 21, 2026 | ||||
Total debt | $ | $ | ||
Less: Short-term debt and current portion of long-term debt | ( | ( | ||
Long-term debt | $ | $ |
Nine Months Ended September 30, 2026 | |||||||||
IPO RSUs | Incentive RSUs | ||||||||
Restricted Stock Units | Weighted Average Grant Date Fair Value | Restricted Stock Units | Weighted Average Grant Date Fair Value | ||||||
Unvested at beginning of period | $ | $ | |||||||
Granted | |||||||||
Vested | ( | ( | |||||||
Forfeited | ( | ( | |||||||
Unvested at end of period | $ | $ | |||||||
Nine Months Ended September 30, 2026 | |||||||||
Reload Options1 | Staking Options1 | Incentive Options | Incentive Options Weighted Average Exercise Price | ||||||
Outstanding at beginning of period | $ | ||||||||
Granted | |||||||||
Exercised | ( | ( | ( | ||||||
Forfeited or expired | ( | ( | |||||||
Outstanding at end of period | $ | ||||||||
Incentive Options | ||
Volatility | ||
Time to maturity (years) | ||
Risk-free rate | ||
Dividend yield | ||
Fair value per option | $ |
Aggregate intrinsic value ($ in thousands): | ||
Reload Options outstanding and exercisable | $ | |
Staking Options outstanding | ||
Staking Options exercisable | ||
Incentive Options outstanding | ||
Incentive Options exercisable | ||
Weighted-average remaining contractual term (in years): | ||
Reload Options outstanding and exercisable | ||
Staking Options outstanding | ||
Staking Options exercisable | ||
Incentive Options outstanding | ||
Incentive Options exercisable |
Nine Months Ended September 30, 2026 | |||||||||
IPO RLUs | Incentive RLUs | ||||||||
Restricted LLC Units | Weighted Average Grant Date Fair Value | Restricted LLC Units | Weighted Average Grant Date Fair Value | ||||||
Unvested at beginning of period | $ | $ | |||||||
Granted | |||||||||
Vested | ( | ( | |||||||
Forfeited | ( | ||||||||
Unvested at end of period | $ | $ | |||||||
Nine Months Ended September 30, 2026 | |||||||||
Reload Class C Incentive Units | Staking Class C Incentive Units | Class C Incentive Units | Class C Incentive Units Weighted Average Participation Threshold | ||||||
Unvested at beginning of period | $ | ||||||||
Granted | |||||||||
Vested | ( | ( | ( | ||||||
Forfeited | ( | ||||||||
Unvested at end of period | $ | ||||||||
Nine Months Ended September 30, 2026 | |||||||||
PSUs | PLUs | ||||||||
Performance Stock Units | Weighted Average Grant Date Fair Value | Performance LLC Units | Weighted Average Grant Date Fair Value | ||||||
Unvested at beginning of period | $ | $ | |||||||
Granted | |||||||||
Vested | |||||||||
Forfeited | ( | ( | |||||||
Unvested at end of period | $ | $ | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
IPO awards | ||||||||
IPO RSUs and Staking Options | $ | $ | $ | $ | ||||
IPO RLUs and Staking Class C Incentive Units | ( | |||||||
Incremental Restricted Stock and Reload Options | ||||||||
Incremental Restricted Common Units and Reload Class C Incentive Units | ||||||||
Pre-IPO incentive awards | ||||||||
Restricted Stock | ||||||||
Restricted Common Units | ||||||||
Post-IPO incentive awards | ||||||||
Incentive RSUs | ||||||||
Incentive RLUs | ||||||||
Incentive Options | ||||||||
Class C Incentive Units | ||||||||
PSUs | ( | ( | ( | |||||
PLUs | ( | ( | ||||||
Other expense | ||||||||
Director Stock Grants | ||||||||
Total equity-based compensation expense | $ | $ | $ | $ | ||||
Amount | Weighted Average Remaining Expense Period (Years) | |||
IPO RSUs | $ | |||
Incentive RSUs | ||||
Incentive Options | ||||
PSUs | ||||
IPO RLUs | ||||
Incentive RLUs | ||||
Staking Class C Incentive Units | ||||
Class C Incentive Units | ||||
Total unrecognized equity-based compensation expense | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Net income | $ | $ | $ | $ | ||||
Less: Net income attributable to non-controlling interests | ||||||||
Net income attributable to Ryan Specialty Holdings, Inc. | $ | $ | $ | $ | ||||
Numerator: | ||||||||
Net income attributable to Class A common shareholders – basic | $ | $ | $ | $ | ||||
Add: Income attributed to dilutive shares | ||||||||
Net income attributable to Class A common shareholders – diluted | $ | $ | $ | $ | ||||
Denominator: | ||||||||
Weighted-average shares of Class A common stock outstanding – basic | ||||||||
Add: Dilutive shares | ||||||||
Weighted-average shares of Class A common stock outstanding – diluted | ||||||||
Earnings per share | ||||||||
Earnings per share of Class A common stock – basic | $ | $ | $ | $ | ||||
Earnings per share of Class A common stock – diluted | $ | $ | $ | $ | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Conversion of non-controlling interest LLC Common Units1 | ||||||||
Incentive RSUs | ||||||||
Incentive Options | ||||||||
Class C Incentive Units | ||||||||
Income Statement Caption | Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | |||
Interest rate cap premium amortization | Interest expense, net | $( | $( | ||
Amounts reclassified out of other comprehensive income related to the interest rate cap | Interest expense, net | ||||
Total impact of derivatives designated as hedging instruments | $ | $ | |||
September 30, 2026 | December 31, 2025 | |||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||
Assets | ||||||||||||
Contingently returnable consideration | $ | $ | $ | $ | $ | $ | ||||||
Liabilities | ||||||||||||
Contingent consideration | ||||||||||||
Total assets and liabilities measured at fair value | $ | $ | $ | $ | $ | $ | ||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Assets | ||||||||
Balance at beginning of period | $ | $ | $ | $ | ||||
Total gains (losses) included in earnings | ( | ( | ( | |||||
Foreign currency translation adjustments included in OCI | ( | ( | ||||||
Settlements | ( | ( | ||||||
Balance at end of period | $ | $ | $ | $ | ||||
Liabilities | ||||||||
Balance at beginning of period | $ | $ | $ | $ | ||||
Newly established liabilities due to acquisitions | ||||||||
Total (gains) losses included in earnings | ( | |||||||
Foreign currency translation adjustments included in OCI | ( | ( | ||||||
Settlements | ( | ( | ( | |||||
Acquisition measurement period adjustments | ( | |||||||
Balance at end of period | $ | $ | $ | $ | ||||
Exchange Tax Attributes | Pre-IPO M&A Tax Attributes | TRA Payment Tax Attributes | TRA Liabilities | |||||
Balance at December 31, 2025 | $ | $ | $ | $ | ||||
Exchange of LLC Common Units | ||||||||
Accrued interest | ||||||||
Balance at September 30, 2026 | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Gain on interest rate cap | $ | $( | $ | $( | ||||
Gain on interest rate cap reclassified to earnings | ||||||||
Foreign currency translation adjustments | ( | ( | ||||||
Change in share of equity method investments’ other comprehensive income (loss) | ( | |||||||
Share of equity method investments’ other comprehensive loss reclassified to earnings | ( | ( | ||||||
Foreign Currency Translation Adjustments | Change in EMI Other Comprehensive Income (Loss)1 | Total | ||||
Balance at December 31, 2025 | $ | $ | $ | |||
Other comprehensive income (loss) before reclassifications | ( | ( | ||||
Amounts reclassified to earnings | ||||||
Other comprehensive income (loss) | $( | $ | $( | |||
Less: Non-controlling interests | ( | ( | ||||
Balance at March 31, 2026 | $ | $ | $ | |||
Other comprehensive loss before reclassifications | ( | ( | ( | |||
Amounts reclassified to earnings | ||||||
Other comprehensive loss | $( | $( | $( | |||
Less: Non-controlling interests | ( | ( | ( | |||
Balance at June 30, 2026 | $ | $( | $ | |||
Other comprehensive income (loss) before reclassifications | ( | ( | ||||
Amounts reclassified to earnings | ||||||
Other comprehensive income (loss) | $ | $( | $( | |||
Less: Non-controlling interests | ( | ( | ||||
Balance at September 30, 2026 | $ | $( | $ |
Gain on Interest Rate Cap | Foreign Currency Translation Adjustments | Change in EMI Other Comprehensive Income (Loss)1 | Total | |||||
Balance at December 31, 2024 | $ | $( | $( | $( | ||||
Other comprehensive income (loss) before reclassifications | ( | |||||||
Amounts reclassified to earnings | ( | ( | ||||||
Other comprehensive income (loss) | $( | $ | $( | $ | ||||
Less: Non-controlling interests | ( | ( | ||||||
Balance at March 31, 2025 | $ | $ | $( | $ | ||||
Other comprehensive income before reclassifications | ||||||||
Amounts reclassified to earnings | ( | ( | ||||||
Other comprehensive income (loss) | $( | $ | $ | $ | ||||
Less: Non-controlling interests | ( | |||||||
Balance at June 30, 2025 | $ | $ | $( | $ | ||||
Other comprehensive income (loss) before reclassifications | ( | ( | ||||||
Amounts reclassified to earnings | ( | ( | ||||||
Other comprehensive income (loss) | $( | $( | $ | $( | ||||
Less: Non-controlling interests | ( | ( | ( | |||||
Balance at September 30, 2025 | $( | $ | $( | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Net commissions and fees | $ | $ | $ | $ | ||||
Fiduciary investment income | ||||||||
Total revenue | $ | $ | $ | $ | ||||
Compensation-related expense1 | ||||||||
General and administrative expense2 | ||||||||
Other segment items3 | ||||||||
Depreciation and amortization | ||||||||
Change in contingent consideration | ( | ( | ||||||
Interest income | ( | ( | ( | ( | ||||
Interest expense | ||||||||
Income from equity method investments | ( | ( | ( | ( | ||||
Other non-operating income | ( | ( | ( | ( | ||||
Income tax expense (benefit) | ( | |||||||
Net income | $ | $ | $ | $ | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
United States | $ | $ | $ | $ | ||||
Foreign | ||||||||
Total revenue | $ | $ | $ | $ | ||||
Nine Months Ended September 30, | ||||
2026 | 2025 | |||
Cash paid (received) for: | ||||
Interest, net1 | $ | $ | ||
Income taxes, net of refunds | ( | |||
Non-cash investing and financing activities: | ||||
Non-controlling interest holders’ tax distributions declared but unpaid | $ | $ | ||
Tax Receivable Agreement liabilities | ||||
Excise tax payable on net share repurchases | ||||
Dividend Equivalents and Declared Distributions liabilities | ||||
Contingent consideration liabilities | ||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||
(in thousands, except percentages and per share data) | 2026 | 2025 | $ | % | 2026 | 2025 | $ | % | ||||||||
Revenue | ||||||||||||||||
Net commissions and fees | $775,081 | $739,552 | $35,529 | 4.8 % | $2,460,712 | $2,256,537 | $204,175 | 9.0 % | ||||||||
Fiduciary investment income | 14,882 | 15,025 | (143) | (1.0) | 41,127 | 43,376 | (2,249) | (5.2) | ||||||||
Total revenue | $789,963 | $754,577 | $35,386 | 4.7 % | $2,501,839 | $2,299,913 | $201,926 | 8.8 % | ||||||||
Expenses | ||||||||||||||||
Compensation and benefits | 484,208 | 440,434 | 43,774 | 9.9 | 1,511,001 | 1,355,995 | 155,006 | 11.4 | ||||||||
General and administrative | 106,977 | 117,589 | (10,612) | (9.0) | 334,381 | 330,698 | 3,683 | 1.1 | ||||||||
Amortization | 64,278 | 70,188 | (5,910) | (8.4) | 194,005 | 204,841 | (10,836) | (5.3) | ||||||||
Depreciation | 4,330 | 3,607 | 723 | 20.0 | 12,525 | 9,134 | 3,391 | 37.1 | ||||||||
Change in contingent consideration | (10,658) | 11,968 | (22,626) | NM | 34,187 | (2,833) | 37,020 | NM | ||||||||
Total operating expenses | $649,135 | $643,786 | $5,349 | 0.8 % | $2,086,099 | $1,897,835 | $188,264 | 9.9 % | ||||||||
Operating income | $140,828 | $110,791 | $30,037 | 27.1 % | $415,740 | $402,078 | $13,662 | 3.4 % | ||||||||
Interest expense, net | 57,264 | 56,344 | 920 | 1.6 | 167,646 | 169,186 | (1,540) | (0.9) | ||||||||
Income from equity method investments | (11,840) | (4,957) | (6,883) | NM | (24,410) | (15,050) | (9,360) | 62.2 | ||||||||
Other non-operating income | (784) | (402) | (382) | 95.0 | (1,520) | (636) | (884) | NM | ||||||||
Income before income taxes | $96,188 | $59,806 | $36,382 | 60.8 % | $274,024 | $248,578 | $25,446 | 10.2 % | ||||||||
Income tax expense (benefit) | 8,140 | (2,797) | 10,937 | NM | 36,998 | 65,659 | (28,661) | (43.7) | ||||||||
Net income | $88,048 | $62,603 | $25,445 | 40.6 % | $237,026 | $182,919 | $54,107 | 29.6 % | ||||||||
GAAP financial measures | ||||||||||||||||
Total revenue | $789,963 | $754,577 | $35,386 | 4.7 % | $2,501,839 | $2,299,913 | $201,926 | 8.8 % | ||||||||
Net commissions and fees | 775,081 | 739,552 | 35,529 | 4.8 | 2,460,712 | 2,256,537 | 204,175 | 9.0 | ||||||||
Compensation and benefits | 484,208 | 440,434 | 43,774 | 9.9 | 1,511,001 | 1,355,995 | 155,006 | 11.4 | ||||||||
General and administrative | 106,977 | 117,589 | (10,612) | (9.0) | 334,381 | 330,698 | 3,683 | 1.1 | ||||||||
Net income | 88,048 | 62,603 | 25,445 | 40.6 | 237,026 | 182,919 | 54,107 | 29.6 | ||||||||
Compensation and benefits expense ratio (1) | 61.3 % | 58.4 % | 60.4 % | 59.0 % | ||||||||||||
General and administrative expense ratio (2) | 13.5 % | 15.6 % | 13.4 % | 14.4 % | ||||||||||||
Net income margin (3) | 11.1 % | 8.3 % | 9.5 % | 8.0 % | ||||||||||||
Earnings per share (4) | $0.30 | $0.24 | $0.77 | $0.44 | ||||||||||||
Diluted earnings per share (4) | $0.29 | $0.20 | $0.74 | $0.41 | ||||||||||||
Non-GAAP financial measures* | ||||||||||||||||
Organic revenue growth rate | 4.0 % | 15.0 % | 7.3 % | 11.4 % | ||||||||||||
Adjusted compensation and benefits expense | $443,373 | $417,217 | $26,156 | 6.3% | $1,400,151 | $1,268,059 | $132,092 | 10.4% | ||||||||
Adjusted compensation and benefits expense ratio | 56.1 % | 55.3 % | 56.0 % | 55.1 % | ||||||||||||
Adjusted general and administrative expense | $102,144 | $101,827 | $317 | 0.3% | $298,306 | $287,414 | $10,892 | 3.8% | ||||||||
Adjusted general and administrative expense ratio | 12.9 % | 13.5 % | 11.9 % | 12.5 % | ||||||||||||
Adjusted EBITDAC | $244,446 | $235,533 | $8,913 | 3.8% | $803,383 | $744,440 | $58,943 | 7.9% | ||||||||
Adjusted EBITDAC margin | 30.9 % | 31.2 % | 32.1 % | 32.4 % | ||||||||||||
Adjusted net income | $137,121 | $131,704 | $5,417 | 4.1% | $466,581 | $424,225 | $42,356 | 10.0% | ||||||||
Adjusted net income margin | 17.4 % | 17.5 % | 18.6 % | 18.4 % | ||||||||||||
Adjusted diluted earnings per share | $0.51 | $0.47 | $0.04 | 8.5% | $1.75 | $1.52 | $0.23 | 15.1% | ||||||||
Three Months Ended September 30, | ||||||||||||
(in thousands, except percentages) | 2026 | % of total | 2025 | % of total | Change | |||||||
Wholesale Brokerage | $394,283 | 50.9 % | $376,788 | 50.9 % | $17,495 | 4.6 % | ||||||
Binding Authority | 93,012 | 12.0 | 89,636 | 12.1 | 3,376 | 3.8 | ||||||
Underwriting Management | 287,786 | 37.1 | 273,128 | 37.0 | 14,658 | 5.4 | ||||||
Total Net commissions and fees | $775,081 | $739,552 | $35,529 | 4.8 % | ||||||||
Three Months Ended September 30, | ||||||||||||
(in thousands, except percentages) | 2026 | % of total | 2025 | % of total | Change | |||||||
Net commissions and policy fees | $725,761 | 93.6 % | $672,942 | 91.0 % | $52,819 | 7.8 % | ||||||
Supplemental and contingent commissions | 33,781 | 4.4 | 29,782 | 4.0 | 3,999 | 13.4 | ||||||
Loss mitigation and other fees | 15,539 | 2.0 | 36,828 | 5.0 | (21,289) | (57.8) | ||||||
Total Net commissions and fees | $775,081 | $739,552 | $35,529 | 4.8 % | ||||||||
Nine Months Ended September 30, | ||||||||||||
(in thousands, except percentages) | 2026 | % of total | 2025 | % of total | Change | |||||||
Wholesale Brokerage | $1,270,881 | 51.7 % | $1,214,741 | 53.8 % | $56,140 | 4.6 % | ||||||
Binding Authority | 303,182 | 12.3 | 286,110 | 12.7 | 17,072 | 6.0 | ||||||
Underwriting Management | 886,649 | 36.0 | 755,686 | 33.5 | 130,963 | 17.3 | ||||||
Total Net commissions and fees | $2,460,712 | $2,256,537 | $204,175 | 9.0 % | ||||||||
Nine Months Ended September 30, | ||||||||||||
(in thousands, except percentages) | 2026 | % of total | 2025 | % of total | Change | |||||||
Net commissions and policy fees | $2,295,699 | 93.3 % | $2,083,983 | 92.4 % | $211,716 | 10.2 % | ||||||
Supplemental and contingent commissions | 115,066 | 4.7 | 103,185 | 4.6 | 11,881 | 11.5 | ||||||
Loss mitigation and other fees | 49,947 | 2.0 | 69,369 | 3.0 | (19,422) | (28.0) | ||||||
Total Net commissions and fees | $2,460,712 | $2,256,537 | $204,175 | 9.0 % | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
(in thousands, except percentages) | 2026 | 2025 | 2026 | 2025 | |||
Current period Net commissions and fees revenue | $775,081 | $739,552 | $2,460,712 | $2,256,537 | |||
Less: Current period contingent commissions | (29,107) | (24,310) | (95,629) | (82,164) | |||
Less: Revenue attributable to sold businesses | (55) | (65) | (147) | (354) | |||
Net commissions and fees revenue excluding contingent commissions | $745,919 | $715,177 | $2,364,936 | $2,174,019 | |||
Prior period Net commissions and fees revenue | $739,552 | $588,129 | $2,256,537 | $1,806,264 | |||
Less: Prior year contingent commissions | (24,310) | (14,842) | (82,164) | (44,741) | |||
Less: Revenue attributable to sold businesses | (1,161) | (427) | (2,343) | (1,548) | |||
Prior period Net commissions and fees revenue excluding contingent commissions | $714,081 | $572,860 | $2,172,030 | $1,759,975 | |||
Change in Net commissions and fees revenue excluding contingent commissions | $31,838 | $142,317 | $192,906 | $414,044 | |||
Less: Mergers and acquisitions Net commissions and fees revenue excluding contingent commissions | (3,574) | (55,650) | (30,249) | (212,249) | |||
Impact of change in foreign exchange rates | 219 | (923) | (3,878) | (1,324) | |||
Organic revenue growth (Non-GAAP) | $28,483 | $85,744 | $158,779 | $200,471 | |||
Net commissions and fees revenue growth rate (GAAP) | 4.8 % | 25.7 % | 9.0 % | 24.9 % | |||
Less: Impact of contingent commissions (1) | (0.3) | (0.9) | (0.1) | (1.4) | |||
Net commissions and fees revenue excluding contingent commissions growth rate (2) | 4.5 % | 24.8 % | 8.9 % | 23.5 % | |||
Less: Mergers and acquisitions Net commissions and fees revenue excluding contingent commissions (3) | (0.5) | (9.7) | (1.4) | (12.0) | |||
Impact of change in foreign exchange rates (4) | — | (0.1) | (0.2) | (0.1) | |||
Organic Revenue Growth Rate (Non-GAAP) | 4.0 % | 15.0 % | 7.3 % | 11.4 % | |||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
(in thousands, except percentages) | 2026 | 2025 | 2026 | 2025 | ||||
Total revenue | $789,963 | $754,577 | $2,501,839 | $2,299,913 | ||||
Compensation and benefits expense | $484,208 | $440,434 | $1,511,001 | $1,355,995 | ||||
Acquisition-related expense | (625) | (3,583) | (5,885) | (8,546) | ||||
Acquisition related long-term incentive compensation | (6,791) | (7,463) | (17,185) | (25,115) | ||||
Restructuring and related expense | (19,528) | — | (33,627) | — | ||||
Amortization and expense related to discontinued prepaid incentives | (663) | (981) | (2,185) | (3,287) | ||||
Equity-based compensation (1) | (13,105) | (7,432) | (45,825) | (36,854) | ||||
IPO related expenses | (123) | (3,758) | (6,143) | (14,134) | ||||
Adjusted compensation and benefits expense (2) | $443,373 | $417,217 | $1,400,151 | $1,268,059 | ||||
Compensation and benefits expense ratio | 61.3 % | 58.4 % | 60.4 % | 59.0 % | ||||
Adjusted compensation and benefits expense ratio | 56.1 % | 55.3 % | 56.0 % | 55.1 % | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
(in thousands, except percentages) | 2026 | 2025 | 2026 | 2025 | ||||
Total revenue | $789,963 | $754,577 | $2,501,839 | $2,299,913 | ||||
General and administrative expense | $106,977 | $117,589 | $334,381 | $330,698 | ||||
Acquisition-related expense | (509) | (15,762) | (6,553) | (43,284) | ||||
Restructuring and related expense | (4,324) | — | (29,522) | — | ||||
Adjusted general and administrative expense (1) | $102,144 | $101,827 | $298,306 | $287,414 | ||||
General and administrative expense ratio | 13.5 % | 15.6 % | 13.4 % | 14.4 % | ||||
Adjusted general and administrative expense ratio | 12.9 % | 13.5 % | 11.9 % | 12.5 % | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
(in thousands, except percentages) | 2026 | 2025 | 2026 | 2025 | ||||
Total revenue | $789,963 | $754,577 | $2,501,839 | $2,299,913 | ||||
Net income | $88,048 | $62,603 | $237,026 | $182,919 | ||||
Interest expense, net | 57,264 | 56,344 | 167,646 | 169,186 | ||||
Income tax expense (benefit) | 8,140 | (2,797) | 36,998 | 65,659 | ||||
Depreciation | 4,330 | 3,607 | 12,525 | 9,134 | ||||
Amortization | 64,278 | 70,188 | 194,005 | 204,841 | ||||
Change in contingent consideration (1) | (10,658) | 11,968 | 34,187 | (2,833) | ||||
EBITDAC | $211,402 | $201,913 | $682,387 | $628,906 | ||||
Acquisition-related expense | 1,134 | 19,345 | 12,439 | 51,830 | ||||
Acquisition related long-term incentive compensation | 6,791 | 7,463 | 17,185 | 25,115 | ||||
Restructuring and related expense | 23,852 | — | 63,149 | — | ||||
Amortization and expense related to discontinued prepaid incentives | 663 | 981 | 2,185 | 3,287 | ||||
Other non-operating income | (784) | (402) | (1,520) | (636) | ||||
Equity-based compensation | 13,105 | 7,432 | 45,825 | 36,854 | ||||
IPO related expenses | 123 | 3,758 | 6,143 | 14,134 | ||||
Income from equity method investments | (11,840) | (4,957) | (24,410) | (15,050) | ||||
Adjusted EBITDAC | $244,446 | $235,533 | $803,383 | $744,440 | ||||
Net income margin | 11.1 % | 8.3 % | 9.5 % | 8.0 % | ||||
Adjusted EBITDAC margin | 30.9 % | 31.2 % | 32.1 % | 32.4 % | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
(in thousands, except percentages) | 2026 | 2025 | 2026 | 2025 | ||||
Total revenue | $789,963 | $754,577 | $2,501,839 | $2,299,913 | ||||
Net income | $88,048 | $62,603 | $237,026 | $182,919 | ||||
Income tax expense (benefit) | 8,140 | (2,797) | 36,998 | 65,659 | ||||
Amortization | 64,278 | 70,188 | 194,005 | 204,841 | ||||
Amortization of deferred debt issuance costs (1) | 2,447 | 2,397 | 7,303 | 7,157 | ||||
Change in contingent consideration | (10,658) | 11,968 | 34,187 | (2,833) | ||||
Acquisition-related expense | 1,134 | 19,345 | 12,439 | 51,830 | ||||
Acquisition related long-term incentive compensation | 6,791 | 7,463 | 17,185 | 25,115 | ||||
Restructuring and related expense | 23,852 | — | 63,149 | — | ||||
Amortization and expense related to discontinued prepaid incentives | 663 | 981 | 2,185 | 3,287 | ||||
Other non-operating income | (784) | (402) | (1,520) | (636) | ||||
Equity-based compensation | 13,105 | 7,432 | 45,825 | 36,854 | ||||
IPO related expenses | 123 | 3,758 | 6,143 | 14,134 | ||||
Income from equity method investments | (11,840) | (4,957) | (24,410) | (15,050) | ||||
Adjusted income before income taxes (2) | $185,299 | $177,979 | $630,515 | $573,277 | ||||
Adjusted income tax expense (3) | (48,178) | (46,275) | (163,934) | (149,052) | ||||
Adjusted net income | $137,121 | $131,704 | $466,581 | $424,225 | ||||
Net income margin | 11.1 % | 8.3 % | 9.5 % | 8.0 % | ||||
Adjusted net income margin | 17.4 % | 17.5 % | 18.6 % | 18.4 % | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Earnings per share of Class A common stock – diluted | $0.29 | $0.20 | $0.74 | $0.41 | ||||
Less: Net income attributed to dilutive shares (1) | (0.15) | (0.09) | (0.01) | (0.01) | ||||
Plus: Impact of all LLC Common Units exchanged for Class A shares (2) | 0.20 | 0.12 | 0.16 | 0.27 | ||||
Plus: Adjustments to Adjusted net income (3) | 0.18 | 0.25 | 0.86 | 0.88 | ||||
Plus: Dilutive impact of unvested equity awards (4) | (0.01) | (0.01) | — | (0.03) | ||||
Adjusted diluted earnings per share | $0.51 | $0.47 | $1.75 | $1.52 | ||||
(Share count in ’000) | ||||||||
Weighted-average shares of Class A common stock outstanding – diluted | 262,162 | 273,462 | 132,485 | 138,090 | ||||
Plus: Impact of all LLC Common Units exchanged for Class A shares (2) | — | — | 133,980 | 135,644 | ||||
Plus: Dilutive impact of unvested equity awards (4) | 4,172 | 5,526 | (393) | 5,407 | ||||
Adjusted diluted earnings per share diluted share count | 266,334 | 278,988 | 266,072 | 279,141 | ||||
(in thousands) | Exchange Tax Attributes | Pre-IPO M&A Tax Attributes | TRA Payment Tax Attributes | TRA Liabilities | ||||
Balance at December 31, 2025 | $271,979 | $77,349 | $109,669 | $458,997 | ||||
Exchange of LLC Common Units | 17,825 | 1,810 | 5,622 | 25,257 | ||||
Accrued interest | — | — | 834 | 834 | ||||
Balance at September 30, 2026 | $289,804 | $79,159 | $116,125 | $485,088 |
Long-term Incentive Compensation Agreements | ||
(in thousands) | September 30, 2026 | |
Current accrued compensation | $8,982 | |
Non-current accrued compensation | 21,476 | |
Total liability | $30,458 | |
Projected future expense | 26,697 | |
Total projected future cash outflows | $57,155 | |
Projected Future Cash Outflows | ||
(in thousands) | ||
2026 | $10,124 | |
2027 | 8,747 | |
2028 | 28,812 | |
2029 | 1,801 | |
Thereafter | $7,671 | |
Contingent Consideration | ||
(in thousands) | September 30, 2026 | |
Current accounts payable and accrued liabilities | $88,525 | |
Other non-current liabilities | 10,931 | |
Total liability | $99,456 | |
Projected future expense | 4,096 | |
Total projected future cash outflows | $103,552 | |
Projected Future Cash Outflows | ||
(in thousands) | ||
2026 | $808 | |
2027 | 93,290 | |
2028 | 6,013 | |
2029 | 3,049 | |
Thereafter | $392 | |
(in thousands) | Balance at September 30, 2026 | 100 BPS Increase | 100 BPS Decrease | |||
Cash and cash equivalents | $168,811 | $(1,688) | $1,688 | |||
Term Loan principal outstanding (1) | 1,670,300 | 16,703 | (16,703) | |||
Net exposure to Interest expense, net | $15,015 | $(15,015) | ||||
Cash and cash equivalents held in a fiduciary capacity | $1,605,469 | $16,055 | $(16,055) | |||
Net exposure to Fiduciary investment income | $16,055 | $(16,055) | ||||
Impact to Net income | $1,040 | $(1,040) |
Period | Total Number of Shares Purchased | Average Price Paid per Share 1 | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs 2 | ||||
7/1/26 - 7/31/26 | 1,119,175 | $42.89 | 1,119,175 | $252,000,194 | ||||
8/1/26 - 8/31/26 | 1,171,562 | 44.39 | 1,171,562 | 200,000,052 | ||||
9/1/26 - 9/30/26 | 1,256,164 | 39.80 | 1,256,164 | 150,000,072 | ||||
TOTAL | 3,546,901 | $42.29 | 3,546,901 |
Exhibit Number | Description | |
3.1 | ||
3.2 | ||
4.1 | ||
4.2 | ||
4.3 | ||
4.4 | ||
4.5 | ||
4.6 | ||
10.1 | ||
10.2 | ||
10.3 | ||
10.4 | ||
10.5 | ||
10.6 | ||
10.7 | ||
10.8 | ||
10.9 |
10.10 | ||
10.11 | ||
10.12 | ||
10.13 | ||
10.14 | ||
10.15 | ||
10.16 | ||
10.17 | ||
10.18 | ||
10.19 | ||
10.20 | ||
10.21 | ||
10.22 | ||
10.23 | ||
10.24 | ||
10.25 | ||
10.26 | ||
19.1 | ||
31.1 | ||
31.2 | ||
32.1* | ||
32.2* | ||
97.1 | ||
101.INS | Inline XBRL (Extensible Business Reporting Language) Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents | |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
RYAN SPECIALTY HOLDINGS, INC. (Registrant) | ||
Date: October 30, 2026 | By: | /s/ Janice M. Hamilton |
Janice M. Hamilton | ||
Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | ||