$RYAN

RYAN SPECIALTY HOLDINGS, INC.

CIK:0001849253|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE
Net commissions and fees	$ 902,728	$ 840,857	$ 1,685,631	$ 1,516,985
Fiduciary investment income	13,919	14,313	26,245	28,351
Total revenue	916,647	855,170	1,711,876	1,545,336
EXPENSES
Compensation and benefits	531,617	485,272	1,026,793	915,561
General and administrative	118,643	107,049	227,404	213,109
Amortization	64,387	69,668	129,727	134,653
Depreciation	4,133	2,888	8,195	5,527
Change in contingent consideration	17,551	(759)	44,845	(14,801)
Total operating expenses	736,331	664,118	1,436,964	1,254,049
OPERATING INCOME	180,316	191,052	274,912	291,287
Interest expense, net	56,649	58,334	110,382	112,842
Income from equity method investments	(7,039)	(5,156)	(12,570)	(10,093)
Other non-operating loss (income)	(25)	143	(736)	(234)
INCOME BEFORE INCOME TAXES	130,731	137,731	177,836	188,772
Income tax expense	22,350	13,026	28,858	68,456
NET INCOME	108,381	124,705	148,978	120,316
Net income attributable to non-controlling interests, net of tax	66,066	72,729	89,017	95,982
NET INCOME ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC.	$ 42,315	$ 51,976	$ 59,961	$ 24,334
Class A Common Stock
NET INCOME PER SHARE OF CLASS A COMMON STOCK:
Basic (in dollars per share)	$ 0.34	$ 0.41	$ 0.47	$ 0.19
Diluted (in dollars per share)	$ 0.33	$ 0.38	$ 0.45	$ 0.18
WEIGHTED-AVERAGE SHARES OF CLASS A COMMON STOCK OUTSTANDING:
Basic (in shares)	125,272,674	126,481,643	127,312,923	125,953,583
Diluted (in shares)	131,325,657	274,144,981	134,322,105	138,166,545

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 148,978	$ 120,316
Adjustments to reconcile net income to cash flows provided by operating activities:
Income from equity method investments	(12,570)	(10,093)
Amortization	129,727	134,653
Depreciation	8,195	5,527
Prepaid and deferred compensation expense	18,358	23,418
Non-cash equity-based compensation	38,740	39,798
Amortization of deferred debt issuance costs	4,856	4,760
Amortization of interest rate cap premium	0	3,477
Deferred income tax expense	20,285	9,502
Deferred income tax expense from common control reorganization	0	47,978
Loss on Tax Receivable Agreement	380	356
Impairment of internally-developed software	11,982	0
Changes in operating assets and liabilities, net of acquisitions:
Commissions and fees receivable – net	(210,425)	(98,353)
Accrued interest liability	358	9,771
Other current and non-current assets	21,402	36,646
Other current and non-current liabilities	(54,648)	(116,996)
Total cash flows provided by operating activities	125,618	210,760
CASH FLOWS FROM INVESTING ACTIVITIES
Business combinations – net of cash acquired and cash held in a fiduciary capacity	0	(565,133)
Capital expenditures	(30,432)	(36,546)
Equity method investment in VSIC	0	(16,637)
Asset acquisitions	(1,556)	(664)
Total cash flows used in investing activities	(31,988)	(618,980)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on Revolving Credit Facility	895,574	680,536
Repayments on Revolving Credit Facility	(610,882)	(492,788)
Debt issuance costs paid	0	(2,889)
Repayment of term debt	(8,500)	(8,500)
Receipt of contingently returnable consideration	3,140	1,927
Payment of contingent consideration	(21,960)	(29,252)
Tax distributions to non-controlling LLC Unitholders	(17,953)	(34,814)
Receipt of taxes related to net share settlement of equity awards	7,589	12,791
Taxes paid related to net share settlement of equity awards	(7,322)	(14,688)
Class A common stock dividends and Dividend Equivalents paid	(33,741)	(30,510)
Distributions and Declared Distributions paid to non-controlling LLC Unitholders	(16,153)	(13,580)
Repurchases of Class A common stock	(300,182)	0
Payments related to Ryan Re preferred units	0	(167)
Net change in fiduciary liabilities	200,640	166,304
Total cash flows provided by financing activities	90,250	234,370
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	(5,465)	11,807
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY	178,415	(162,043)
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance	1,584,470	1,680,805
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance	1,762,885	1,518,762
Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity
Cash and cash equivalents	140,119	172,589
Cash and cash equivalents held in a fiduciary capacity	1,622,766	1,346,173
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	$ 1,762,885	$ 1,518,762

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 140,119	$ 158,322
Commissions and fees receivable – net	697,564	488,951
Fiduciary cash and receivables	5,709,568	4,298,920
Prepaid incentives – net	15,560	13,550
Other current assets	79,758	100,437
Total current assets	6,642,569	5,060,180
NON-CURRENT ASSETS
Goodwill	3,215,684	3,225,021
Customer relationships	1,373,379	1,496,885
Other intangible assets	127,132	119,621
Prepaid incentives – net	27,968	27,849
Equity method investments	121,680	109,982
Property and equipment – net	64,554	69,461
Lease right-of-use assets	126,931	130,480
Deferred tax assets	256,595	310,138
Other non-current assets	10,143	14,554
Total non-current assets	5,324,066	5,503,991
TOTAL ASSETS	11,966,635	10,564,171
CURRENT LIABILITIES
Accounts payable and accrued liabilities	340,815	284,403
Accrued compensation	484,505	519,251
Operating lease liabilities	27,906	25,987
Tax Receivable Agreement liabilities	30,343	0
Short-term debt and current portion of long-term debt	62,466	60,187
Fiduciary liabilities	5,709,568	4,298,920
Total current liabilities	6,655,603	5,188,748
NON-CURRENT LIABILITIES
Accrued compensation	82,658	70,096
Operating lease liabilities	146,505	153,089
Long-term debt	3,570,689	3,291,462
Tax Receivable Agreement liabilities	433,317	458,997
Deferred tax liabilities	45,624	49,834
Other non-current liabilities	16,094	97,894
Total non-current liabilities	4,294,887	4,121,372
TOTAL LIABILITIES	10,950,490	9,310,120
STOCKHOLDERS’ EQUITY
Preferred stock ($0.001 par value; 500,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2026 and December 31, 2025)	0	0
Additional paid-in capital	355,762	513,610
Retained earnings	145,333	120,353
Accumulated other comprehensive income	8,064	13,845
Total stockholders’ equity attributable to Ryan Specialty Holdings, Inc.	509,414	648,073
Non-controlling interests	506,731	605,978
Total stockholders’ equity	1,016,145	1,254,051
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	11,966,635	10,564,171
Class A Common Stock
STOCKHOLDERS’ EQUITY
Common stock	121	130
Class B Common Stock
STOCKHOLDERS’ EQUITY
Common stock	$ 134	$ 135