Ryan Specialty Holdings, Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 12 February 2026: press release. Guidance figures: 4 new. The quarter’s numbers.

Key takeaways

Quarterly revenue rose 13.2%: Total revenue was $751.2 million, up 13.2% from $663.5 million a year earlier. Source
Organic growth was 6.6%: Organic revenue growth was 6.6% in the quarter, against 11.0% in the prior-year quarter. Source
Net income fell 26.6%: Net income was $31.2 million, down 26.6% from $42.6 million in the prior-year quarter. Source
Underwriting Management grew fastest: Underwriting Management net commissions and fees were $268.3 million in the quarter, up 34.2%, or 36.4% of the total. Source
Casualty grew while property declined: Management reported growth across most casualty lines in the quarter, while property lines declined. Source
Adjusted EBITDAC margin was 29.6%: Adjusted EBITDAC margin was 29.6% in the quarter, against 32.6% in the prior-year quarter. Source
Industry headwinds cited for 2025: Management described 2025 as a year that came despite significant industry headwinds. Source
Fifteenth year of double-digit growth: Management said 2025 marked the 15th consecutive year of double-digit organic revenue growth. Source

“Overall, 2025 was a strong year for Ryan Specialty, particularly considering the significant headwinds the industry faced,”
Patrick G. Ryan, Founder and Executive Chairman

Guidance

Area	Period	Figure	Against last quarter
Adjusted EBITDAC margin Source	full year 2026	flat to moderately down	New
Empower Program one-time charges Source	2026 through 2028	approximately $160 million cumulative	New
Empower Program annual savings Source	2029	approximately $80 million	New
Share repurchases Source	not stated	$300 million	New

What changed from last quarter

New guidance: Full-year 2026 organic revenue growth guidance initiated at high single digits. Source
New guidance: Full-year 2026 Adjusted EBITDAC margin guidance initiated at flat to moderately down versus the prior year. Source
New: Empower Program: a three-year restructuring starting in Q1 2026 to streamline brokerage, binding and underwriting operations. Source
New: Board authorized a $300 million share repurchase program. Source
New: Five acquisitions closed in 2025, which the company said will add over $125 million in annualized revenue. Source

Results and growth drivers

Quarterly revenue rose 13.2%: Total revenue was $751.2 million, up 13.2% from $663.5 million a year earlier. Source
Organic growth was 6.6%: Organic revenue growth was 6.6% in the quarter, against 11.0% in the prior-year quarter. Source
Full-year revenue rose 21.3%: Full-year total revenue rose 21.3%, with organic growth of 10.1% and M&A adding 10% to the top line. Source
Net income fell 26.6%: Net income was $31.2 million, down 26.6% from $42.6 million in the prior-year quarter. Source
Adjusted EBITDAC rose 2.9%: Adjusted EBITDAC rose 2.9% to $222.3 million from $216.0 million a year earlier. Source
Diluted EPS was $0.06: Diluted EPS was $0.06 against $0.10 a year earlier; adjusted diluted EPS was $0.45, flat year over year. Source

Segments and specialties

Underwriting Management grew fastest: Underwriting Management net commissions and fees were $268.3 million in the quarter, up 34.2%, or 36.4% of the total. Source
Wholesale Brokerage grew 2.9%: Wholesale Brokerage net commissions and fees were $385.7 million, up 2.9%, falling to 52.3% of the total from 57.7%. Source
Binding Authority grew 12.6%: Binding Authority net commissions and fees were $84.0 million in the quarter, up 12.6% from $74.6 million. Source
Growth broad across specialties: The company reported that growth in all specialties was primarily driven by organic growth. Source

“Ryan Specialty once again led from the front in 2025.”
Timothy W. Turner, Chief Executive Officer

Products, lines and customers

Casualty grew while property declined: Management reported growth across most casualty lines in the quarter, while property lines declined. Source
New clients and E&S expansion: Organic growth came from new client wins, expanded relationships with existing clients and continued expansion of the E&S market. Source
Contingent commissions rose 52.4%: Supplemental and contingent commissions were $46.1 million in the quarter, up from $30.2 million a year earlier. Source
Policy fees rose 11.9%: Net commissions and policy fees were $675.6 million in the quarter, up 11.9%, or 91.5% of net commissions and fees. Source

Costs, margins and expenses

Adjusted EBITDAC margin was 29.6%: Adjusted EBITDAC margin was 29.6% in the quarter, against 32.6% in the prior-year quarter. Source
Compensation rose with headcount: Compensation and benefits rose $37.2 million, or 9.1%, reflecting higher compensation from headcount and revenue growth. Source
G&A rose on technology spending: General and administrative expense rose 17.4% to $122.8 million, with professional services and IT charges tied to technology and data work. Source
Adjusted G&A ratio rose to 14.0%: Adjusted general and administrative expense ratio was 14.0%, against 11.8% a year earlier. Source
Contingent consideration swung to expense: Change in contingent consideration was a $16.0 million expense, against a $23.7 million benefit a year earlier. Source
Amortization rose year over year: Amortization was $69.6 million in the quarter and $274.4 million for the year, against $60.1 million and $157.8 million. Source

Demand and market conditions

Industry headwinds cited for 2025: Management described 2025 as a year that came despite significant industry headwinds. Source
Off to a start in 2026: Management said the company is off to a start in 2026 and expects industry-leading organic growth for years to come. Source

Capital, cash and shareholder returns

Year-end cash was $158.3 million: Cash and cash equivalents were $158.3 million at December 31, 2025, against $540.2 million a year earlier, with $3.4 billion of debt principal. Source
Operating cash flow rose: Operating cash flow for 2025 was $643.7 million, against $514.9 million in 2024. Source
Business combinations used $746.5 million: Business combinations used $746.5 million of cash in 2025, against $1,708.7 million in 2024. Source
Capital expenditures rose: Capital expenditures were $68.0 million in 2025, against $47.0 million in 2024. Source
Quarterly dividend raised 8.3%: Board declared a regular quarterly dividend of $0.13 per share, an increase of 8.3%. Source
Shareholder and unit holder returns: Regular dividends and distributions to stockholders and LLC unit holders were $22.2 million in the quarter and $88.1 million for the year. Source

Strategy, people and leadership

Fifteenth year of double-digit growth: Management said 2025 marked the 15th consecutive year of double-digit organic revenue growth. Source
Seventh year of 20% revenue growth: Management said 2025 was the seventh consecutive year of total revenue growth of 20% or more. Source
Talent added through hiring and deals: Management said the company added top-tier talent through hiring and acquisitions, expanded market share and launched new products. Source
Investment in tools and operations: Management said it plans to invest in the business, optimize operations and give staff the most advanced tools. Source
Delegated authority investments made: Management said it made substantial investments in delegated authority specialties over the past few years. Source

Coming up, as management said on 12 February 2026

Empower Program runs to 2028: Actions under the restructuring program are expected to be completed by end-2028, starting in Q1 2026. Source
Dividend payable March 10: The $0.13 regular quarterly dividend is payable March 10, 2026, to holders of record on February 24, 2026. Source
Repurchases added to capital toolkit: Management said repurchases were added to its capital allocation toolkit to support shareholder returns. Source

Figures management reported

Figure	Reported
Investment income Source	$13.2 million in Q4 2025; $56.5 million for FY 2025 (fiduciary investment income)

Risks management discussed

External: Management said the company is building a diversified platform to operate through transitioning markets. Source
Demand: Property lines declined in the quarter, partly offsetting casualty growth. Source
Financial: Management cited higher operating expenses and higher interest expense, net, as drivers of the net income decline. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Consolidated Statements of Cash Flows (Unaudited)

Forward-looking statements notice

Summary of Fourth Quarter and Full Year 2025 Results Fourth Quarter 2025 Review* Fourth Quarter 2025 and Full Year Net Commissions and Fees by Specialty and Revenue by Type Liquidity and Financial Condition Forward-Looking Statements Adjusted compensation and benefits expense: Adjusted compensation and benefits expense is defined as costs for each addback, refer to the Adjusted compensation and benefits expense and Adjusted general and Contacts: Consolidated Statements of Income (Unaudited) Consolidated Balance Sheets (Unaudited) Reconciliation of Organic Revenue Growth Rate Reconciliation of Adjusted Compensation and Benefits Expense to Compensation and Benefits Expense Reconciliation of Adjusted EBITDAC to Net Income Reconciliation of Adjusted Net Income to Net Income Reconciliation of Adjusted Diluted Earnings per Share to Diluted Earnings per Share Year Ended December 31,(in thousands)20252024CASH FLOWS FROM OPERATING ACTIVITIESNet income$214,157$229,913Adjustments to reconcile net income to cash flows provided by operating activities:Income from equity method investments(21,236)(18,231)Amortization274,426157,845Depreciation13,0899,785Prepaid and deferred compensation expense38,77930,834Non-cash equity-based compensation69,45178,995Amortization of deferred debt issuance costs9,56723,930Amortization of interest rate cap premium6,9556,955Deferred income tax expense26,04716,798Deferred income tax expense from common control reorganizations48,5979,519Loss (gain) on Tax Receivable Agreement1,112(2,099)Changes in operating assets and liabilities, net of acquisitions:Commissions and fees receivable - net(57,559)(22,007)Accrued interest liability9,36220,337Other current and non-current assets1,255(20,668)Other current and non-current liabilities9,665(7,038)Total cash flows provided by operating activities$643,667$514,868CASH FLOWS FROM INVESTING ACTIVITIESBusiness combinations - net of cash acquired and cash held in a fiduciary capacity(746,485)(1,708,737)Capital expenditures(67,953)(47,001)Equity method investment in VSIC(16,561) - Asset acquisitions(3,014) - Total cash flows used in investing activities$(834,013)$(1,755,738)CASH FLOWS FROM FINANCING ACTIVITIESProceeds from Senior Secured Notes - 1,187,400Borrowings on Revolving Credit Facility1,333,3281,250,000Repayments on Revolving Credit Facility(1,261,928)(1,250,000)Debt issuance costs paid(2,889)(25,536)Proceeds from term debt - 107,625Repayment of term debt(17,000)(8,250)Receipt of contingently returnable consideration1,927 - Payment of contingent consideration(29,252) - Tax distributions to non-controlling LLC Unitholders(64,126)(82,702)Receipt of taxes related to net share settlement of equity awards35,90027,930Taxes paid related to net share settlement of equity awards(37,045)(27,460)Payment of Tax Receivable Agreement liabilities(25,169)(21,578)Class A common stock dividends and Dividend Equivalents paid(62,339)(80,236)Distributions and Declared Distributions paid to non-controlling LLC Unitholders(27,174)(22,209)Payments related to Ryan Re preferred units(3,733)(2,130)Net change in fiduciary liabilities237,616114,003Total cash flows provided by financing activities$78,116$1,166,857Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity15,895(1,514)NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY$(96,335)$(75,527)CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY - Beginning balance1,680,8051,756,332CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY - Ending balance$1,584,470$1,680,805Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacityCash and cash equivalents$158,322$540,203Cash and cash equivalents held in a fiduciary capacity1,426,1481,140,602Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity$1,584,470$1,680,805 administrative expense tables above. The most directly comparable GAAP financial metric to Adjusted Compensation and benefits expense adjusted to reflect items such as (i) equity-based compensation, (ii) Reconciliation of Credit Adjusted EBITDAC to Net Income Three Months EndedDecember 31,Change Year EndedDecember 31,Change (in thousands, except percentages and per share data)20252024$% 20252024$% GAAP financial measuresTotal revenue$751,213$663,529$87,68413.2%$3,051,126$2,515,710$535,41621.3%Net commissions and fees738,045649,40788,63813.62,994,5822,455,671538,91121.9Compensation and benefits447,402410,25237,1509.11,803,3971,591,077212,32013.3General and administrative122,754104,53218,22217.4453,452352,050101,40228.8Total operating expenses659,651554,211105,44019.02,557,4862,087,898469,58822.5Operating income91,562109,318(17,756)(16.2)493,640427,81265,82815.4Net income31,23842,555(11,317)(26.6)214,157229,913(15,756)(6.9)Net income attributable to Ryan Specialty Holdings, Inc.7,98013,754(5,774)(42.0)63,39994,665(31,266)(33.0)Compensation and benefits expense ratio (1)59.6%61.8%59.1%63.2%General and administrative expense ratio (2)16.3%15.8%14.9%14.0%Net income margin (3)4.2%6.4%7.0%9.1%Earnings per share (4)$0.06$0.11$0.50$0.78Diluted earnings per share (4)$0.06$0.10$0.47$0.71Non-GAAP financial measures*Organic revenue growth rate6.6%11.0%10.1%12.8%Adjusted compensation and benefits expense$423,941$369,250$54,69114.8%$1,692,000$1,426,674$265,32618.6%Adjusted compensation and benefits expense ratio56.4%55.6%55.5%56.7%Adjusted general and administrative expense$104,970$78,230$26,74034.2%$392,384$277,813$114,57141.2%Adjusted general and administrative expense ratio14.0%11.8%12.9%11.0%Adjusted EBITDAC$222,302$216,049$6,2532.9%$966,742$811,223$155,51919.2%Adjusted EBITDAC margin29.6%32.6%31.7%32.2%Adjusted net income$123,994$123,317$6770.5%$548,219$493,521$54,69811.1%Adjusted net income margin16.5%18.6%18.0%19.6%Adjusted diluted earnings per share$0.45$0.45$ - - %$1.96$1.79$0.179.5% Total revenue for the fourth quarter of 2025 was $751.2 million, an increase of 13.2% compared to $663.5 Growth in Net commissions and fees in all specialties was primarily driven by solid organic growth. As of December 31, 2025, the Company had Cash and cash equivalents of $158.3 million and outstanding debt All statements in this release and in the corresponding earnings call that are not historical are “forward- Investor RelationsNicholas MezickVP, Investor RelationsRyan SpecialtyIR@ryanspecialty.comPhone: (312) 784-6152Media RelationsAlice Phillips ToppingSVP, Chief Marketing & Communications OfficerRyan SpecialtyAlice.Topping@ryanspecialty.comPhone: (312) 635-5976 Three Months EndedDecember 31,Year EndedDecember 31,(in thousands, except percentages and per share data)2025202420252024RevenueNet commissions and fees$738,045$649,407$2,994,582$2,455,671Fiduciary investment income13,16814,12256,54460,039Total revenue$751,213$663,529$3,051,126$2,515,710ExpensesCompensation and benefits447,402410,2521,803,3971,591,077General and administrative122,754104,532453,452352,050Amortization69,58560,134274,426157,845Depreciation3,9552,96513,0899,785Change in contingent consideration15,955(23,672)13,122(22,859)Total operating expenses$659,651$554,211$2,557,486$2,087,898Operating income$91,562$109,318$493,640$427,812Interest expense, net53,19848,532222,384158,448Income from equity method investments(6,186)(4,721)(21,236)(18,231)Other non-operating loss (income)(56)(3,534)(692)15,041Income before income taxes$44,606$69,041$293,184$272,554Income tax expense13,36826,48679,02742,641Net income$31,238$42,555$214,157$229,913GAAP financial measuresTotal revenue$751,213$663,529$3,051,126$2,515,710Net commissions and fees738,045649,4072,994,5822,455,671Compensation and benefits447,402410,2521,803,3971,591,077General and administrative122,754104,532453,452352,050Net income31,23842,555214,157229,913Compensation and benefits expense ratio (1)59.6%61.8%59.1%63.2%General and administrative expense ratio (2)16.3%15.8%14.9%14.0%Net income margin (3)4.2%6.4%7.0%9.1%Earnings per share (4)$0.06$0.11$0.50$0.78Diluted earnings per share (4)$0.06$0.10$0.47$0.71 (in thousands, except share and per share data)December 31, 2025December 31, 2024ASSETSCURRENT ASSETSCash and cash equivalents$158,322$540,203Commissions and fees receivable - net488,951389,758Fiduciary cash and receivables4,298,9203,739,727Prepaid incentives - net13,5509,219Other current assets100,437109,951Total current assets$5,060,180$4,788,858NON-CURRENT ASSETSGoodwill3,225,0212,646,676Customer relationships1,496,8851,392,048Other intangible assets119,62183,674Prepaid incentives - net27,84917,442Equity method investments109,98270,877Property and equipment - net69,46150,209Lease right-of-use assets130,480133,256Deferred tax assets310,138448,289Other non-current assets14,55418,589Total non-current assets$5,503,991$4,861,060TOTAL ASSETS$10,564,171$9,649,918LIABILITIES AND STOCKHOLDERS’ EQUITYCURRENT LIABILITIESAccounts payable and accrued liabilities$284,403$249,200Accrued compensation519,251486,322Operating lease liabilities25,98722,107Short-term debt and current portion of long-term debt60,18751,732Fiduciary liabilities4,298,9203,739,727Total current liabilities$5,188,748$4,549,088NON-CURRENT LIABILITIESAccrued compensation70,09649,362Operating lease liabilities153,089159,231Long-term debt3,291,4623,231,128Tax Receivable Agreement liabilities458,997436,296Deferred tax liabilities49,83439,922Other non-current liabilities97,89486,606Total non-current liabilities$4,121,372$4,002,545TOTAL LIABILITIES$9,310,120$8,551,633STOCKHOLDERS’ EQUITYClass A common stock ($0.001 par value; 1,000,000,000 shares authorized, 129,603,426 and 125,411,089 shares issued and outstanding at December 31, 2025 and 2024, respectively)130125Class B common stock ($0.001 par value; 1,000,000,000 shares authorized, 134,508,885 and 136,456,313 shares issued and outstanding at December 31, 2025 and 2024, respectively)135136Class X common stock ($0.001 par value; 0 shares authorized, issued, and outstanding at December 31, 2025; 10,000,000 shares authorized, 640,784 shares issued, and 0 outstanding at December 31, 2024) - - Preferred stock ($0.001 par value; 500,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2025 and 2024) - - Additional paid-in capital513,610506,258Retained earnings120,353122,939Accumulated other comprehensive income (loss)13,845(1,796)Total stockholders’ equity attributable to Ryan Specialty Holdings, Inc.$648,073$627,662Non-controlling interests605,978470,623Total stockholders’ equity$1,254,051$1,098,285TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$10,564,171$9,649,918 Three Months EndedDecember 31,Year EndedDecember 31,(in thousands, except percentages)2025202420252024Current period Net commissions and fees revenue$738,045$649,407$2,994,582$2,455,671Less: Current period contingent commissions(39,385)(28,434)(121,549)(73,175)Less: Revenue attributable to sold businesses(7) - (361) - Net Commissions and fees revenue excluding contingent commissions$698,653$620,973$2,872,672$2,382,496Prior period Net commissions and fees revenue$649,407$518,718$2,455,671$2,026,596Less: Prior period contingent commissions(28,434)(8,404)(73,175)(39,028)Less: Revenue attributable to sold businesses(394) - (1,941) - Prior period Net commissions and fees revenue excluding contingent commissions$620,579$510,314$2,380,555$1,987,568Change in Net commissions and fees revenue excluding contingent commissions$78,074$110,659$492,117$394,928Less: Mergers and acquisitions Net commissions and fees revenue excluding contingent commissions(34,666)(54,282)(246,914)(141,972)Impact of change in foreign exchange rates(2,228)(272)(4,863)(791)Organic revenue growth (Non-GAAP)$41,180$56,105$240,340$252,165Net commissions and fees revenue growth rate (GAAP)13.6 %25.2 %21.9 %21.2 %Less: Impact of contingent commissions (1)(1.0)(3.5)(1.2)(1.3)Net commissions and fees revenue excluding contingent commissions growth rate (2)12.6 %21.7 %20.7 %19.9 %Less: Mergers and acquisitions Net commissions and fees revenue excluding contingent commissions (3)(5.6)(10.6)(10.4)(7.1)Impact of change in foreign exchange rates (4)(0.4)(0.1)(0.2)0.0Organic Revenue Growth Rate (Non-GAAP)6.6 %11.0 %10.1 %12.8 % Three Months EndedDecember 31,Year EndedDecember 31,(in thousands, except percentages)2025202420252024Total Revenue$751,213$663,529$3,051,126$2,515,710Compensation and benefits expense$447,402$410,252$1,803,397$1,591,077Acquisition-related expense(2,487)(10,202)(11,033)(15,373)Acquisition related long-term incentive compensation(1,466)(7,907)(26,581)(24,946)Restructuring and related expense - (4,253) - (39,929)Amortization and expense related to discontinued prepaid incentives(1,045)(1,309)(4,332)(5,160)Equity-based compensation (1)(12,810)(12,382)(49,664)(52,038)IPO related expenses(5,653)(4,949)(19,787)(26,957)Adjusted compensation and benefits expense (2)$423,941$369,250$1,692,000$1,426,674Compensation and benefits expense ratio59.6%61.8%59.1%63.2%Adjusted compensation and benefits expense ratio56.4%55.6%55.5%56.7% Three Months EndedDecember 31,Year EndedDecember 31,(in thousands, except percentages)2025202420252024Total Revenue$751,213$663,529$3,051,126$2,515,710Net Income$31,238$42,555$214,157$229,913Interest expense, net53,19848,532222,384158,448Income tax expense13,36826,48679,02742,641Depreciation3,9552,96513,0899,785Amortization69,58560,134274,426157,845Change in contingent consideration (1)15,955(23,672)13,122(22,859)EBITDAC$187,299$157,000$816,205$575,773Acquisition-related expense20,27128,89272,10169,842Acquisition related long-term incentive compensation1,4667,90726,58124,946Restructuring and related expense - 11,865 - 59,697Amortization and expense related to discontinued prepaid incentives1,0451,3094,3325,160Other non-operating loss (income)(56)(3,534)(692)15,041Equity-based compensation12,81012,38249,66452,038IPO related expenses5,6534,94919,78726,957Income from equity method investments(6,186)(4,721)(21,236)(18,231)Adjusted EBITDAC (2)$222,302$216,049$966,742$811,223Net Income Margin4.2%6.4%7.0%9.1%Adjusted EBITDAC Margin29.6%32.6%31.7%32.2% Three Months EndedDecember 31,Year EndedDecember 31,(in thousands, except percentages)2025202420252024Total Revenue$751,213$663,529$3,051,126$2,515,710Net Income$31,238$42,555$214,157$229,913Income tax expense13,36826,48679,02742,641Amortization69,58560,134274,426157,845Amortization of deferred debt issuance costs (1)2,4102,0929,56723,930Change in contingent consideration15,955(23,672)13,122(22,859)Acquisition-related expense20,27128,89272,10169,842Acquisition related long-term incentive compensation1,4667,90726,58124,946Restructuring and related expense - 11,865 - 59,697Amortization and expense related to discontinued prepaid incentives1,0451,3094,3325,160Other non-operating loss (income)(56)(3,534)(692)15,041Equity-based compensation12,81012,38249,66452,038IPO related expenses5,6534,94919,78726,957Income from equity method investments(6,186)(4,721)(21,236)(18,231)Adjusted Income before Income Taxes (2)$167,559$166,644$740,836$666,920Adjusted tax expense (3)(43,565)(43,327)(192,617)(173,399)Adjusted Net Income$123,994$123,317$548,219$493,521Net Income Margin4.2%6.4%7.0%9.1%Adjusted Net Income Margin16.5%18.6%18.0%19.6% Three Months EndedDecember 31,Year EndedDecember 31,2025202420252024Earnings per share of Class A common stock - diluted$0.06$0.10$0.47$0.71Less: Net income attributed to dilutive shares and substantively vested RSUs (1) - - (0.01) - Plus: Impact of all LLC Common Units exchanged for Class A shares (2)0.050.060.320.14Plus: Adjustments to Adjusted net income (3)0.340.291.220.97Plus: Dilutive impact of unvested equity awards (4) - - (0.04)(0.03)Adjusted diluted earnings per share$0.45$0.45$1.96$1.79(Share count in '000s)Weighted-average shares of Class A common stock outstanding - diluted138,695137,265138,246132,891Plus: Impact of all LLC Common Units exchanged for Class A shares (2)134,793136,370135,429138,980Plus: Dilutive impact of unvested equity awards (4)5,0183,3585,3544,417Adjusted diluted earnings per share diluted share count278,506276,993279,029276,288 EBITDAC is Net income. acquisition and restructuring related compensation expenses, and (iii) other exceptional or non-recurring “Overall, 2025 was a strong year for Ryan Specialty, particularly considering the significant headwinds the million in the prior-year period. This increase was primarily due to Organic revenue growth of 6.6%, driven by principal of $3.4 billion. looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve compensation expenses, as applicable. The most directly comparable GAAP financial metric is Compensation industry faced,” said Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty. “For the year, we (in thousands)Twelve Months EndedDecember 31, 2025Total Revenue$3,051,126Net Income$214,157Interest expense, net222,384Income tax expense79,027Depreciation13,089Amortization274,426Change in contingent consideration13,122EBITDAC$816,205Acquisition-related expense72,101Acquisition related long-term incentive compensation26,581Amortization and expense related to discontinued prepaid incentives4,332Other non-operating income(692)Equity-based compensation49,664IPO related expenses19,787Income from equity method investments(21,236)Adjusted EBITDAC (1)$966,742Credit adjustments (2)35,455Credit Adjusted EBITDAC$1,002,197 Adjusted EBITDAC margin: Adjusted EBITDAC margin is defined as Adjusted EBITDAC as a percentage of Total Three Months Ended December 31,Period over Period (in thousands, except percentages)2025% oftotal 2024% oftotal Change Wholesale Brokerage$385,68652.3%$374,83757.7%$10,8492.9%Binding Authority84,04511.474,61711.59,42812.6Underwriting Management268,31436.4199,95330.868,36134.2Total Net commissions and fees$738,045$649,407$88,63813.6% new client wins and expanded relationships with existing clients, coupled with continued expansion of the E&S substantial risks and uncertainties. For example, all statements the Company makes relating to its estimated and benefits expense. grew total revenue 21%, supported by organic growth of 10.1% and strong contributions from M&A, which revenue. The most comparable GAAP financial metric to Adjusted EBITDAC margin is Net income margin. Quarterly Dividend market, revenue from acquisitions completed within the trailing twelve months ended December 31, 2025, and projected costs, expenditures, cash flows, growth rates and financial results, its plans, anticipated amount added 10% to our top line. This marked our seventh consecutive year growing total revenue by 20% or more. RYAN SPECIALTY REPORTS FOURTH QUARTER 2025 RESULTS higher contingent commissions, and the impact of foreign exchange rates. We experienced growth across the and timing of cost savings relating to the restructuring plan, or its plans and objectives for future operations, Adjusted general and administrative expense: Adjusted general and administrative expense is defined as In addition, we grew Adjusted EBITDAC by 19.2% and Adjusted Diluted EPS by 9.5%. Along with our strong Adjusted net income: Adjusted net income is defined as tax-effected earnings before amortization and certain On February 12, 2026, the Company’s board of directors (the “Board”) declared and increased the Company’s majority of our casualty lines, offset by a decline across our property portfolio. growth initiatives, or strategies and the statements under the caption “Full Year 2026 Outlook” are forward- General and administrative expense adjusted to reflect items such as (i) acquisition and restructuring related results, we executed our M&A strategy by closing 5 high quality acquisitions, which will add over $125 million - Total Revenue grew 13.2% year-over-year to $751.2 million items of income and expense, gains and losses, equity-based compensation, acquisition related long-term regular quarterly dividend by 8.3% to $0.13 per share on the outstanding Class A common stock. The regular looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” general and administrative expenses, and (ii) other exceptional or non-recurring general and administrative in annualized revenue and further distinguish Ryan Specialty as an industry-leading international insurance incentive compensation, acquisition-related expenses, costs associated with our IPO, and certain exceptional quarterly dividend will be payable on March 10, 2026 to stockholders of record as of the close of business on - Organic Revenue Growth Rate* of 6.6% year-over-year - Total operating expenses for the fourth quarter of 2025 were $659.7 million, a 19.0% increase compared to “may,” “will,” “should,” “can have,” “likely” and variations of such words and similar expressions are intended expenses, as applicable. The most directly comparable GAAP financial metric is General and administrative services firm. We have made substantial investments over the past few years in our delegated authority or non-recurring items. The Company will be subject to United States federal income taxes, in addition to February 24, 2026. A portion of the dividend, $0.06 per share, will be funded by free cash flow from Ryan the prior-year period. This increase was primarily due to higher Compensation and benefits expenses resulting to identify such forward-looking statements. All forward-looking statements are subject to risks and expense. specialties, as we continue to build an intentionally diversified platform, capable of powering through - Net Income of $31.2 million, or $0.06 per diluted share state, local, and foreign taxes, with respect to its allocable share of any net taxable income of Ryan Specialty, Specialty, LLC and will be paid to all holders of the Company’s Class A common stock and the holders of the from higher compensation due to growth in headcount and revenue, partially offset by lower Acquisition- uncertainties, known and unknown, that may cause actual results to differ materially from those that the transitioning markets. As we look ahead, we see clear opportunities to invest in our business, optimize our

Adjusted EBITDAC* grew 2.9% year-over-year to $222.3 million - LLC (together with its parent New Ryan Specialty, LLC and their subsidiaries, the “LLC”). For comparability LLC Common Units (as defined below). related expenses, lower Acquisition-related long-term incentive compensation, and lower Restructuring and Adjusted compensation and benefits expense ratio: Adjusted compensation and benefits expense ratio is Company expected. Specific factors that could cause such a difference include, but are not limited to, those operations, and equip our team with the most advanced tools to more efficiently deliver for our clients. purposes, this calculation incorporates the impact of federal and state statutory tax rates on 100% of the related expenses due to the completion of the ACCELERATE 2025 program at the end of 2024. General and defined as the Adjusted compensation and benefits expense as a percentage of Total revenue. The most disclosed previously in the Company’s filings with the Securities and Exchange Commission (“SEC”). Year Ended December 31,Period over Period(in thousands, except percentages)2025% oftotal2024% oftotalChangeWholesale Brokerage$1,600,42753.4%$1,489,07760.7%$111,3507.5%Binding Authority370,15512.4320,37913.049,77615.5Underwriting Management1,024,00034.2646,21526.3377,78558.5Total Net commissions and fees$2,994,582$2,455,671$538,91121.9% - Adjusted Net Income increased 0.5% year-over-year to $124.0 million - Empower Program Company’s adjusted pre-tax income as if the Company owned 100% of Ryan Specialty, LLC. The most directly administrative expense also increased compared to the prior-year period due to an increase in professional directly comparable GAAP financial metric is Compensation and benefits expense ratio. Reflective of our confidence in the near and long-term outlook of our business, the Board has authorized a
Adjusted Diluted Earnings Per Share was $0.45 per diluted share - comparable GAAP financial metric is Net income. services and IT charges associated with ongoing technology and data initiatives, as well as costs directly linked For more detail on the risk factors that may affect the Company’s results, see the section entitled ‘‘Risk $300 million share repurchase program. We believe adding repurchases to our capital allocation toolkit is In the first quarter of 2026 we are initiating a three-year restructuring program that will streamline our Adjusted general and administrative expense ratio: Adjusted general and administrative expense ratio is to revenue growth, recruiter fees, and higher expenses to accommodate both organic and inorganic revenue Factors’’ in our most recent annual report on Form 10-K filed with the SEC, and in other documents filed with, aligned with our goal of enhanced shareholder returns over the near and long term.” - Company Announces $300 million Share Repurchase Authorization brokerage, binding, and underwriting operations, optimize our scale, accelerate our data and technology Adjusted net income margin: Adjusted net income margin is defined as Adjusted net income as a percentage defined as the Adjusted general and administrative expense as a percentage of Total revenue. The most growth, partially offset by lower Restructuring and related expenses due to the completion of the ACCELERATE or furnished to, the SEC. Should one or more of these risks or uncertainties materialize, or should underlying strategies, and enhance efficiencies across all of our specialties. The program is estimated to result in of Total revenue. The most directly comparable GAAP financial metric is Net income margin. directly comparable GAAP financial metric is General and administrative expense ratio. “Ryan Specialty once again led from the front in 2025. We marked our 15th consecutive year of double-digit 2025 program at the end of 2024. Change in contingent consideration also increased compared to the prior assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such February 12, 2026 | CHICAGO, IL - Ryan Specialty Holdings, Inc. (NYSE: RYAN) (“Ryan Specialty” or the approximately $160 million of cumulative one-time charges through 2028, and we expect it to generate organic revenue growth, added top-tier talent through hiring and acquisitions, expanded our market share, period. forward-looking statements. Given these factors, as well as other variables that may affect the Company’s “Company”), a leading international specialty insurance firm, today announced results for the fourth quarter annual savings of approximately $80 million in 2029. Actions taken under the Empower Program are expected Adjusted diluted earnings per share: Adjusted diluted earnings per share is defined as Adjusted net income Adjusted EBITDAC: We define Adjusted EBITDAC as Net income before Interest expense, net, Income tax launched new innovative products and solutions, and produced exceptional results in the face of a rapidly operating results, you are cautioned not to place undue reliance on these forward-looking statements, not to ended December 31, 2025. to be completed by the end of 2028. (1)For the year ended December 31, 2025, $5.8 million of expense was reversed associated with certain executive divided by diluted shares outstanding after adjusting for the effect if 100% of the outstanding LLC Common expense, Depreciation, Amortization, and Change in contingent consideration, adjusted to reflect items such evolving insurance and macroeconomic environment,” added Timothy W. Turner, Chief Executive Officer of Net income for the fourth quarter of 2025 decreased 26.6% to $31.2 million, compared to $42.6 million in the assume that past financial performance will be a reliable indicator of future performance, and not to use performance-based awards on account of it becoming unlikely the performance targets would be achieved. For the Units (“LLC Common Units”), together with the shares of Class B common stock, vested Class C Incentive Units, Ryan Specialty. “We are off to a strong start in 2026, and believe we will continue to deliver industry-leading as (i) equity-based compensation, (ii) acquisition and restructuring related expenses, and (iii) other exceptional prior-year period. The decrease was due to higher Total operating expenses and higher Interest expense, net, historical trends to anticipate results or trends in future periods. The forward-looking statements included in Fourth Quarter 2025 Highlights The following tables sets forth our revenue by type of commission and fees: Full Year 2026 Outlook* year ended December 31, 2024, Equity-based compensation included $4.6 million of expense associated with the vested but unexercised Options, and unvested equity awards were exchanged into shares of Class A common organic growth for years to come.” or non-recurring items, as applicable. partially offset by strong revenue growth and lower Income tax expense. this press release and on the related earnings call relate only to events as of the date hereof. The Company removal of equity transfer restrictions for an executive officer of the Company. See “Note 10, Equity-Based stock as if 100% of unvested equity awards were vested. The most directly comparable GAAP financial metric (1)Adjustment removes the impact of Net income attributed to dilutive awards and substantively vested RSUs to Acquisition-related expense includes one-time diligence, transaction-related, and integration costs. For the •Revenue grew 13.2% year-over-year to $751.2 million, compared to $663.5 million in the prior-year period does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking Three Months Ended December 31,Period over Period (in thousands, except percentages)2025% oftotal 2024% oftotal Change Net commissions and policy fees$675,61491.5%$603,60392.9%$72,01111.9%Supplemental and contingent commissions46,0526.230,2244.715,82852.4Loss mitigation and other fees16,3792.215,5802.47995.1Total Net commissions and fees$738,045$649,407$88,63813.6% The Company is initiating its full year 2026 outlook for Organic Revenue Growth Rate and Adjusted EBITDAC Compensation” of the audited financial statements for additional discussion on equity-based compensation. arrive at Net income attributable to Ryan Specialty Holdings, Inc. For the three months ended December 31, 2025 is Diluted earnings per share. year ended December 31, 2024, Acquisition-related expense included a $4.5 million charge related to a deal- Adjusted EBITDAC for the fourth quarter of 2025 grew 2.9% to $222.3 million from $216.0 million in the priorstatement after the date of this release, whether as a result of new information, future events, changes in Margin as follows:
Organic Revenue Growth Rate* was 6.6% for the quarter, compared to 11.0% in the prior-year period and 2024, this removes $0.2 million and $0.2 million of Net income, respectively, on 138.7 million and 137.3 contingent foreign exchange forward contract associated with the Castel acquisition. The remaining charges in year period. Adjusted EBITDAC margin for the quarter was 29.6%, compared to 32.6% in the prior-year period. assumptions, or otherwise. (2)Adjustments made to Compensation and benefits expense are described in the definition of Adjusted EBITDAC in million Weighted-average shares of Class A common stock outstanding - diluted, respectively. For the twelve Credit Adjusted EBITDAC: Credit Adjusted EBITDAC is defined as Adjusted EBITDAC as further adjusted without periods presented represent typical one-time diligence, transaction-related, and integration costs. Acquisition- The increase in Adjusted EBITDAC was driven primarily by strong revenue growth, partially offset by higher •Net Income decreased 26.6% year-over-year to $31.2 million, compared to $42.6 million in the prior-year “Non-GAAP Financial Measures and Key Performance Indicators”. •We are guiding to an Organic Revenue Growth Rate in the high single digits for 2026 months ended December 31, 2025 and 2024, this removes $0.9 million and $0.3 million of Net income, duplication for: acquired EBITDAC from the beginning of the applicable twelve month reference period related long-term incentive compensation arises from long-term incentive plans associated with acquisitions. Adjusted compensation and benefits expense, as well as higher Adjusted general and administrative expense. period. Diluted Earnings per Share was $0.06 Non-GAAP Financial Measures and Key Performance Indicators respectively, on 138.2 million and 132.9 million Weighted-average shares of Class A common stock outstanding through the acquisition close date, certain annualized run rate expected cost savings and initiatives, and These plans require service requirements, and in some cases performance targets, to be achieved in order to (1)Adjustments made to Net income are described in the definition of Adjusted EBITDAC in “Non-GAAP Financial
We are guiding to an Adjusted EBITDAC Margin of flat to moderately down for 2026, as compared to diluted, respectively. See “Note 11, Earnings Per Share” of the annual consolidated financial statements.
Adjusted EBITDAC* increased 2.9% to $222.3 million, compared to $216.0 million in the prior-year period be earned. Restructuring and related expense for the three months and year ended December 31, 2024, certain other adjustments as permitted in calculating leverage ratios under our debt agreements. The Measures and Key Performance Indicators”. Adjusted net income for the fourth quarter of 2025 increased 0.5% to $124.0 million, compared $123.3 million In assessing the performance of the Company’s business, non-GAAP financial measures are used that are the prior year period (1)In the fourth quarter of 2024, Change in contingent consideration included a $25.5 million decrease in valuation of (1)Interest expense, net includes amortization of deferred debt issuance costs. consisted of compensation and benefits, occupancy, contractors, professional services, and license fees Reconciliation of Adjusted General and Administrative Expense to General and Administrative Expense (2)For comparability purposes, this calculation incorporates the Net income that would be distributable if all LLC Company presents Credit Adjusted EBITDAC as an additional measure of liquidity and leverage. The calculation in the prior-year period. Adjusted net income margin for the fourth quarter of 2025 was 16.5%, compared to •Adjusted EBITDAC Margin* of 29.6%, compared to 32.6% in the prior-year period derived from the Company’s consolidated financial information, but which are not presented in the Company’s the US Assure contingent consideration as a result of increased loss ratios impacting projected profit commissions. (2)Adjustments made to Adjusted EBITDAC represent (without duplication) additional adjustments permitted under related to the ACCELERATE 2025 program, which concluded at the end of 2024. The compensation and (2)Adjustments made to Net income are described in the definition of Adjusted EBITDAC in “Non-GAAP Financial Common Units (together with shares of Class B common stock) and vested Class C Incentive units were exchanged of Credit Adjusted EBITDAC pursuant to our debt agreements permits certain estimates and assumptions that 18.6% in the prior-year period. Adjusted diluted earnings per share for the fourth quarter of 2025 remained consolidated financial statements prepared in accordance with GAAP. The Company considers these non- *For a definition of Organic revenue growth rate and Adjusted EBITDAC margin, see “Non-GAAP Financial Measures and
Adjusted Net Income* increased 0.5% to $124.0 million, compared to $123.3 million in the prior-year our debt agreements. Measures and Key Performance Indicators”. for shares of Class A common stock. For the three months ended December 31, 2025 and 2024, this includes benefits expense included severance as well as employment costs related to services rendered between the Three Months EndedDecember 31,Year EndedDecember 31,(in thousands, except percentages)2025202420252024Total Revenue$751,213$663,529$3,051,126$2,515,710General and administrative expense$122,754$104,532$453,452$352,050Acquisition-related expense(17,784)(18,690)(61,068)(54,469)Restructuring and related expense - (7,612) - (19,768)Adjusted general and administrative expense (1)$104,970$78,230$392,384$277,813General and administrative expense ratio16.3%15.8%14.9%14.0%Adjusted general and administrative expense ratio14.0%11.8%12.9%11.0% may differ from actual results. flat at $0.45, compared to $0.45 in the prior-year period. Key Performance Indicators” below. GAAP financial measures to be useful metrics for management and investors to facilitate operating (2)Adjustments made to Net income are described in the definition of Adjusted EBITDAC in “Non-GAAP Financial period $23.3 million and $28.8 million of Net income, respectively, on 273.5 million and 273.6 million Weighted-average notification and termination dates and other termination payments. Amortization and expense is composed of Measures and Key Performance Indicators”. (3)The Company is subject to United States federal income taxes, in addition to state, local, and foreign taxes, with performance comparisons from period to period by excluding potential differences caused by variations in Year Ended December 31,Period over Period(in thousands, except percentages)2025% oftotal2024% oftotalChangeNet commissions and policy fees$2,759,59792.1%$2,310,38494.1%$449,21319.4%Supplemental and contingent commissions149,2375.088,8423.660,39568.0Loss mitigation and other fees85,7482.956,4452.329,30351.9Total Net commissions and fees$2,994,582$2,455,671$538,91121.9% shares of Class A common stock outstanding - diluted, respectively. For the twelve months ended December 31, Non-GAAP Financial Measures (Unaudited) charges related to discontinued prepaid incentive programs. For the three months ended December 31, 2025, The reconciliation of the above non-GAAP measures to each of their most directly comparable GAAP financial Conference Call Information *For the definition of each of the non-GAAP measures referred to above, as well as a reconciliation of such non-GAAP •Adjusted Diluted Earnings per Share* remained flat at $0.45, compared to the prior-year period respect to our allocable share of any net taxable income of the LLC. For the three and twelve months ended capital structures, tax positions, depreciation, amortization, and certain other items that the Company 2025 and 2024, this includes $150.8 million and $135.2 million of Net income, respectively, on 273.7 million and Other non-operating loss (income) consisted of $0.2 million of sublease income, $0.1 million of seller measures to their most directly comparable GAAP measures, see “Non-GAAP Financial Measures and Key December 31, 2025 and 2024, this calculation of adjusted income tax expense is based on a federal statutory rate measure is set forth in the reconciliation table accompanying this release. believes are not representative of its core business. The Company uses the following non-GAAP measures for 271.9 million Weighted-average shares of Class A common stock outstanding - diluted, respectively. See “Note 11, •Capital return to stockholders and LLC unit holders was $22.2 million of regular dividends and distributions Three Months EndedDecember 31,Year EndedDecember 31,(in thousands, except percentages and per share data)2025202420252024Non-GAAP financial measures*Organic revenue growth rate6.6%11.0%10.1%12.8%Adjusted compensation and benefits expense$423,941$369,250$1,692,000$1,426,674Adjusted compensation and benefits expense ratio56.4%55.6%55.5%56.7%Adjusted general and administrative expense$104,970$78,230$392,384$277,813Adjusted general and administrative expense ratio14.0%11.8%12.9%11.0%Adjusted EBITDAC$222,302$216,049$966,742$811,223Adjusted EBITDAC margin29.6%32.6%31.7%32.2%Adjusted net income$123,994$123,317$548,219$493,521Adjusted net income margin16.5%18.6%18.0%19.6%Adjusted diluted earnings per share$0.45$0.45$1.96$1.79 reimbursement of acquisition-related retention incentives, and $0.1 million of forfeitures of vested equity Performance Indicators” below. of 21% and a combined state income tax rate net of federal benefits of 5.00% on 100% of our adjusted income Ryan Specialty will hold a conference call to discuss the financial results at 5:00pm Eastern Time on (1)Calculated by subtracting Net commissions and fees revenue growth rate from net commissions and fees revenue business planning purposes, in measuring performance relative to that of its competitors, to help investors to Earnings Per Share” of the annual consolidated financial statements. awards offset by $0.3 million of TRA contractual interest and related expenses. For the three months ended before income taxes as if the Company owned 100% of the LLC. With respect to the Organic revenue growth rate and Adjusted EBITDAC margin outlook presented in the “Full February 12, 2026. Interested parties may access the conference call through the live webcast, which can be excluding contingent commissions growth rate and revenue from sold businesses. understand the nature of the Company’s growth, and to enable investors to evaluate the run-rate Full Year 2025 Highlights December 31, 2024, Other non-operating loss (income) was composed of $3.2 million of income related to a (3)Adjustments to Adjusted net income are described in the footnotes of the reconciliation of Adjusted net income to Year 2026 Outlook” section of this press release, the Company is unable to provide a comparable outlook for, accessed at https://ryan-specialty-q4-2025-earnings-call.open-exchange.net/registration or by visiting the performance of the Company. Non-GAAP financial measures should be viewed as supplementing, and not as (2)Calculated by dividing the change in Total net commissions & fees revenue excluding contingent commissions by *For a definition and a reconciliation of Organic revenue growth rate, Adjusted compensation and benefits expense, decrease in our blended state tax rates and foreign tax credit impact on the TRA remeasurement, and $0.1 Net income in “Adjusted Net Income and Adjusted Net Income Margin” on 273.5 million and 273.6 million or a reconciliation to, Total revenue growth rate or Net income margin because it cannot provide a meaningful Company’s Investor Relations website. Please join the live webcast at least 10 minutes prior to the scheduled an alternative or substitute for, the consolidated financial statements prepared and presented in accordance •Revenue grew 21.3% year-over-year to $3,051.1 million, compared to $2,515.7 million in the prior year prior year net commissions and fees excluding contingent commissions and revenue from sold businesses. Adjusted compensation and benefits ratio, Adjusted general and administrative expense, Adjusted general and million of sublease income offset by $0.2 million of TRA contractual interest and related expense. For the year Weighted-average shares of Class A common stock outstanding - diluted for the three months ended December 31, or accurate calculation or estimation of certain reconciling items without unreasonable effort. Its inability to start time. with GAAP. The footnotes to the reconciliation tables below should be read in conjunction with the audited administrative expense ratio, Adjusted EBITDAC, Adjusted EBITDAC margin, Adjusted net income, Adjusted net income 2025 and 2024, respectively, and on 273.7 million and 271.9 million Weighted-average shares of Class A common ended December 31, 2025, Other non-operating loss (income) consisted of $0.6 million of seller (3)Calculated by taking the mergers and acquisitions net commissions and fees revenue excluding contingent •Organic Revenue Growth Rate* was 10.1% for the year, compared to 12.8% in the prior year do so is due to the inherent difficulty in forecasting the timing of items that have not yet occurred and consolidated annual financial statements in the Company’s Annual Report on form 10-K filed with the SEC. margin, and Adjusted diluted earnings per share to the most directly comparable GAAP measure, see “Non-GAAP stock outstanding- diluted for the twelve months ended December 31, 2025 and 2024, respectively. reimbursement of acquisition-related retention incentives, $0.6 million of sublease income, and $0.4 million of commissions, representing the first 12 months of net commissions and fees revenue generated from acquisitions, A webcast replay of the call will be available on the Company’s website at ryanspecialty.com in its Investors quantifying certain amounts that are necessary for such reconciliation, including variations in effective tax Financial Measures and Key Performance Indicators” below. Industry peers may provide similar supplemental information but may not define similarly-named metrics in •Net Income decreased 6.9% year-over-year to $214.2 million, compared to $229.9 million in the prior year. forfeitures of vested equity awards offset by $1.1 million of TRA contractual interest and related charges. For divided by prior period net commissions and fees revenue excluding contingent commissions and revenue from (4)For comparability purposes and to be consistent with the treatment of the adjustments to arrive at Adjusted net section for one year following the call. rate, expenses to be incurred for acquisition activities, and other one-time or exceptional items. the same way and may not make identical adjustments. Diluted Earnings per Share was $0.47 the year ended December 31, 2024, Other non-operating loss consisted of $18.1 million of expense related to sold businesses. income, the dilutive effect of unvested equity awards is calculated using the treasury stock method as if the (1)Compensation and benefits expense ratio is defined as Compensation and benefits divided by Total revenue. Term Loan modifications and $1.3 million of TRA contractual interest and related charges offset by $3.4 million weighted-average unrecognized cost associated with the awards was $0 over the period, less any unvested equity
Adjusted EBITDAC* increased 19.2% to $966.7 million, compared to $811.2 million in the prior year About Ryan Specialty (1)Adjustments made to General and administrative expense are described in the definition of Adjusted EBITDAC in (4)Calculated by taking the change in foreign exchange rates divided by prior period net commissions and fees Organic revenue growth rate: Organic revenue growth rate represents the percentage change in Net of income related to a decrease in our blended state tax rates and foreign tax credit impact on the TRA (2)General and administrative expense ratio is defined as General and administrative expense divided by Total awards determined to be dilutive within the Diluted EPS calculation disclosed in “Note 11, Earnings Per Share” of “Non-GAAP Financial Measures and Key Performance Indicators”. revenue excluding contingent commissions and revenue from sold businesses. commissions and fees, as compared to the same period for the prior year, adjusted to eliminate revenue •Adjusted EBITDAC Margin* of 31.7%, compared to 32.2% in the prior year remeasurement and $0.5 million of sublease income. Equity-based compensation reflects non-cash equity- revenue. the annual consolidated financial statements. For the three months ended December 31, 2025 and 2024, 5.0 Founded in 2010, Ryan Specialty (NYSE: RYAN) is a service provider of specialty products and solutions for attributable to acquisitions for the first twelve months of ownership, revenue attributable to sold businesses based expense. IPO related expenses include compensation-related expense primarily related to the expense million and 3.4 million shares were added to the calculation, respectively. For the twelve months ended (3)Net income margin is defined as Net income divided by Total revenue. •Adjusted Net Income* increased 11.1% to $548.2 million, compared to $493.5 million in the prior year insurance brokers, agents, and carriers. Ryan Specialty provides distribution, underwriting, product for the subsequent twelve months after the sale, and other items such as contingent commissions and the for new awards issued at IPO as well as expense related to the revaluation of existing equity awards at IPO. December 31, 2025 and 2024, 5.4 million and 4.4 million shares were added to the calculation, respectively. development, administration, and risk management services by acting as a wholesale broker and a managing (4)See “Note 11, Earnings Per Share” of the annual consolidated financial statements.
Adjusted Diluted Earnings per Share* increased 9.5% to $1.96, compared to $1.79 in the prior year impact of changes in foreign exchange rates. underwriter with delegated authority from insurance carriers. Our mission is to provide industry-leading Total revenue less Adjusted compensation and benefits expense and Adjusted general and administrative
Capital return to stockholders and LLC unit holders was $88.1 million of regular dividends and distributions innovative specialty insurance solutions for insurance brokers, agents, and carriers. Learn more at expense is equivalent to Adjusted EBITDAC. For a breakout of compensation and general and administrative ryanspecialty.com. 2 3 4 5 6 7 8 9 10 11 12 14 15 16 17 18 19