v3.26.3
Segment Reporting
 9 Months Ended
Sep. 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
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Net commissions and fees
$775,081
$739,552
$2,460,712
$2,256,537
Fiduciary investment income
14,882
15,025
41,127
43,376
Total revenue
$789,963
$754,577
$2,501,839
$2,299,913
Compensation-related expense1
443,373
417,217
1,400,151
1,268,059
General and administrative expense2
102,144
101,827
298,306
287,414
Other segment items3
45,668
38,979
146,925
131,220
Depreciation and amortization
68,608
73,795
206,530
213,975
Change in contingent consideration
(10,658)
11,968
34,187
(2,833)
Interest income
(1,381)
(1,749)
(4,180)
(6,334)
Interest expense
58,645
58,093
171,826
175,520
Income from equity method investments
(11,840)
(4,957)
(24,410)
(15,050)
Other non-operating income
(784)
(402)
(1,520)
(636)
Income tax expense (benefit)
8,140
(2,797)
36,998
65,659
Net income
$88,048
$62,603
$237,026
$182,919
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
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
United States
$743,302
$717,400
$2,337,982
$2,167,988
Foreign
46,661
37,177
163,857
131,925
Total revenue
$789,963
$754,577
$2,501,839
$2,299,913
The Company did not have material revenue from operations in any individual foreign country for the three and nine
months ended September 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.