Ryan Specialty Reports Third Quarter 2026 Results

- Total Revenue grew 4.7% year-over-year to $790.0 million -

- Organic Revenue Growth Rate* of 4.0% year-over-year -

- Net Income of $88.0 million, or $0.29 per diluted share -

- Adjusted EBITDAC* grew 3.8% year-over-year to $244.4 million -

- Adjusted Net Income* increased 4.1% year-over-year to $137.1 million -

- Adjusted Diluted Earnings Per Share* grew 8.5% to $0.51 per diluted share -

- Returned $173.7 million to shareholders, including $150.0 million of share repurchases and $23.7 million of dividends and distributions -

CHICAGO--(BUSINESS WIRE)--Ryan Specialty Holdings, Inc. (NYSE: RYAN) (“Ryan Specialty” or the “Company”), a leading international specialty insurance firm, today announced results for the third quarter ended September 30, 2026.

Third Quarter 2026 Highlights

• Revenue grew 4.7% year-over-year to $790.0 million, compared to $754.6 million in the prior-year period
• Organic Revenue Growth Rate* was 4.0% for the quarter, compared to 15.0% in the prior-year period
• Net Income increased 40.6% year-over-year to $88.0 million, compared to $62.6 million in the prior-year period. Diluted Earnings Per Share was $0.29
• Adjusted EBITDAC* increased 3.8% to $244.4 million, compared to $235.5 million in the prior-year period
• Adjusted EBITDAC Margin* of 30.9%, compared to 31.2% in the prior-year period
• Adjusted Net Income* increased 4.1% to $137.1 million, compared to $131.7 million in the prior-year period
• Adjusted Diluted Earnings Per Share* increased 8.5% to $0.51, compared to $0.47 in the prior-year period
• Returned $173.7 million to shareholders through $150.0 million of Class A common stock repurchases, representing 3.5 million shares, and $23.7 million in dividends and distributions

“We are proud of our third quarter performance, in light of an increasingly challenging market and against our toughest year over year comparison,” said Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty. “We grew total revenue 4.7%, driven by organic growth of 4.0%. We grew Adjusted EBITDAC by 3.8% and Adjusted Diluted EPS by 8.5%. We continued investing back into our business, with our second largest hiring class in late 2025, and displayed disciplined expense management, leading to an Adjusted EBITDAC margin that is down only 30 basis points year to date. We also returned capital to shareholders of over $500 million through dividends, distributions, and share repurchases. These results reflect the strength of our brokers and underwriters, and of the durable, scalable platform we have strategically built. We are confident our team will continue to perform throughout this cycle and emerge even stronger.”

“Our team delivered in the face of one of the most challenging markets we have ever seen, retaining high levels of existing business, winning significant new business, and building our pipelines,” added Timothy W. Turner, Chief Executive Officer of Ryan Specialty. “We continue to deliver for our clients through our differentiated talent, deep specialty expertise, and independence. We are investing in talent, technology, AI, and data that will widen our moat. We remain focused on controlling what we can control. We are well-positioned to keep winning and to create long-term value for our shareholders.”

Summary of Third Quarter 2026 Results

Third Quarter 2026 Review*

Total revenue for the third quarter of 2026 was $790.0 million, an increase of 4.7% compared to $754.6 million in the prior-year period. This increase was primarily due to continued organic revenue growth of 4.0%, driven by new client wins, strong renewal retention, and expanded relationships with existing clients, coupled with continued flow into the specialty and E&S markets, and modest amounts of revenue from acquisitions completed within the trailing twelve months ended September 30, 2026. We experienced growth across the majority of our casualty lines, offset by a moderate decline in our property portfolio.

Total operating expenses for the third quarter of 2026 were $649.1 million, a 0.8% increase compared to $643.8 million in the prior-year period. This increase was primarily due to higher Compensation and benefits expenses resulting from growth in revenue and an increase in Restructuring and related expense due to the Empower Program, partially offset by a decrease in Acquisition-related expenses. General and administrative expense decreased compared to the prior-year period due to a decrease in Acquisition-related expenses, partially offset by an increase in Restructuring and related expense due to the Empower Program. Change in contingent consideration also decreased compared to the prior-year period.

Net income for the third quarter of 2026 increased 40.6% to $88.0 million, compared to $62.6 million in the prior-year period, primarily driven by solid revenue growth and relatively flat Total operating expenses, partially offset by a higher Income tax expense.

Adjusted EBITDAC grew 3.8% to $244.4 million from $235.5 million in the prior-year period. Adjusted EBITDAC margin for the quarter was 30.9%, compared to 31.2% in the prior-year period. The increase in Adjusted EBITDAC was driven primarily by solid revenue growth, partially offset by higher Adjusted compensation and benefits expense.

Adjusted net income for the third quarter of 2026 increased 4.1% to $137.1 million, compared to $131.7 million in the prior-year period. Adjusted net income margin was 17.4%, compared to 17.5% in the prior-year period. Adjusted diluted earnings per share for the third quarter of 2026 increased 8.5% to $0.51, compared to $0.47 in the prior-year period.

Third Quarter 2026 Net Commissions and Fees by Specialty and Revenue by Type

Growth in Net commissions and fees in all specialties was primarily driven by solid organic growth.

The following tables set forth our revenue by type of commissions and fees:

Liquidity and Financial Condition

As of September 30, 2026, the Company had Cash and cash equivalents of $168.8 million and outstanding debt principal of $3.7 billion.

Capital Return

In the third quarter, the Company returned approximately $173.7 million to shareholders through $150.0 million of Class A common stock repurchases, representing 3.5 million shares, and $23.7 million in dividends and distributions. As of September 30, 2026, the Company had $150.0 million of remaining authorization under its share repurchase program.

Additionally, on October 29, 2026, the Company’s board of directors declared a quarterly dividend of $0.13 per share on the outstanding Class A common stock. The quarterly dividend will be payable on November 24, 2026, to stockholders of record as of the close of business on November 10, 2026. A portion of the dividend, $0.06 per share, will be funded by free cash flow from Ryan Specialty, LLC and will be paid to all holders of the Company’s Class A common stock and the holders of the LLC Common Units (as defined below).

Full Year 2026 Guidance*

The Company is maintaining its full year 2026 guidance for Organic Revenue Growth Rate and updating its Adjusted EBITDAC Margin as follows:

• We are guiding to an Organic Revenue Growth Rate in the mid-single digits for 2026
• We are guiding to an Adjusted EBITDAC Margin that is down modestly for 2026, as compared to the prior year

* For a definition of Organic revenue growth rate and Adjusted EBITDAC margin, see “Non-GAAP Financial Measures and Key Performance Indicators” below.

Conference Call Information

Ryan Specialty will hold a conference call to discuss the financial results at 4:45pm Eastern Time on October 29, 2026. Interested parties may access the conference call through the live webcast, which can be accessed at https://ryan-specialty-q3-2026-earnings-call.open-exchange.net/registration or by visiting the Company’s Investor Relations website. Please join the live webcast at least 10 minutes prior to the scheduled start time.

A webcast replay of the call will be available on the Company’s website at ryanspecialty.com in its Investors section for one year following the call.

About Ryan Specialty

Founded in 2010, Ryan Specialty (NYSE: RYAN) is a service provider of specialty products and solutions for insurance brokers, agents, and carriers. Ryan Specialty provides distribution, underwriting, product development, administration, and risk management services by acting as a wholesale broker and a managing underwriter with delegated authority from insurance carriers. Our mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents, and carriers. Learn more at ryanspecialty.com.

Forward-Looking Statements

All statements in this release and in the corresponding earnings call that are not historical are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties. For example, all statements the Company makes relating to its estimated and projected costs, expenditures, cash flows, growth rates and financial results, its plans, anticipated amount and timing of cost savings relating to the restructuring plan, or its plans and objectives for future operations, growth initiatives, or strategies, and the statements under the caption “Full Year 2026 Guidance” are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and variations of such words and similar expressions are intended to identify such forward-looking statements. All forward-looking statements are subject to risks and uncertainties, known and unknown, that may cause actual results to differ materially from those that the Company expected. Specific factors that could cause such a difference include, but are not limited to, those disclosed previously in the Company’s filings with the Securities and Exchange Commission (“SEC”).

For more detail on the risk factors that may affect the Company’s results, see the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC, and in other documents filed with, or furnished to, the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Given these factors, as well as other variables that may affect the Company’s operating results, you are cautioned not to place undue reliance on these forward-looking statements, not to assume that past financial performance will be a reliable indicator of future performance, and not to use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release and on the related earnings call relate only to events as of the date hereof. The Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events, changes in assumptions, or otherwise.

Non-GAAP Financial Measures and Key Performance Indicators

In assessing the performance of the Company’s business, non-GAAP financial measures are used that are derived from the Company’s consolidated financial information, but which are not presented in the Company’s consolidated financial statements prepared in accordance with GAAP. The Company considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax positions, depreciation, amortization, and certain other items that the Company believes are not representative of its core business. The Company uses the following non-GAAP measures for business planning purposes, in measuring performance relative to that of its competitors, to help investors to understand the nature of the Company’s growth, and to enable investors to evaluate the run-rate performance of the Company. Non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, the consolidated financial statements prepared and presented in accordance with GAAP. The footnotes to the reconciliation tables below should be read in conjunction with the unaudited consolidated quarterly financial statements in the Company’s Quarterly Report on Form 10-Q filed with the SEC. Industry peers may provide similar supplemental information but may not define similarly-named metrics in the same way and may not make identical adjustments.

Organic revenue growth rate: Organic revenue growth rate represents the percentage change in Net commissions and fees, as compared to the same period for the prior year, adjusted to eliminate revenue attributable to acquisitions for the first twelve months of ownership, revenue attributable to sold businesses for the subsequent twelve months after the sale, and other items such as contingent commissions and the impact of changes in foreign exchange rates.

Adjusted compensation and benefits expense: Adjusted compensation and benefits expense is defined as Compensation and benefits expense adjusted to reflect items such as (i) equity-based compensation, (ii) acquisition and restructuring related compensation expenses, and (iii) other exceptional or non-recurring compensation expenses, as applicable. The most directly comparable GAAP financial metric is Compensation and benefits expense.

Adjusted general and administrative expense: Adjusted general and administrative expense is defined as General and administrative expense adjusted to reflect items such as (i) acquisition and restructuring related general and administrative expenses, and (ii) other exceptional or non-recurring general and administrative expenses, as applicable. The most directly comparable GAAP financial metric is General and administrative expense.

Adjusted compensation and benefits expense ratio: Adjusted compensation and benefits expense ratio is defined as the Adjusted compensation and benefits expense as a percentage of Total revenue. The most directly comparable GAAP financial metric is Compensation and benefits expense ratio.

Adjusted general and administrative expense ratio: Adjusted general and administrative expense ratio is defined as the Adjusted general and administrative expense as a percentage of Total revenue. The most directly comparable GAAP financial metric is General and administrative expense ratio.

Adjusted EBITDAC: Adjusted EBITDAC is defined as Net income before Interest expense, net, Income tax expense, Depreciation, Amortization, and Change in contingent consideration, adjusted to reflect items such as (i) equity-based compensation, (ii) acquisition-related expenses, and (iii) other exceptional or non-recurring items, as applicable. Acquisition-related expense includes one-time diligence, transaction-related, and integration costs. Acquisition related long-term incentive compensation arises from long-term incentive plans associated with acquisitions. These plans require service requirements, and in some cases performance targets, to be met in order to be earned. Restructuring and related expense consists of compensation and benefits, contractors, professional services, and license fees related to the Empower Program, which was initiated at the beginning of 2026. Restructuring expense within general and administrative expense includes costs relating to professional services, technology and data initiatives, license fees, and third-party contractors, as well as non-cash expenses associated with the impairment of internally-developed software. Compensation and benefits restructuring costs include severance as well as employment costs for services rendered between the notification and termination dates and other termination payments. Amortization and expense is composed of charges related to discontinued prepaid incentive programs. For the three months ended September 30, 2026, Other non-operating income consisted of $1.0 million of proceeds from the sales of a small non-subscription workers compensation book of business and a small MGU, $0.1 million of sublease income, and $0.1 million of forfeitures of vested equity awards offset by $0.5 million of TRA contractual interest and related charges. For the three months ended September 30, 2025, Other non-operating income consisted of $0.3 million of forfeitures of vested equity awards, $0.2 million of seller reimbursement of acquisition-related retention incentives, and $0.2 million of sublease income offset by $0.4 million of TRA contractual interest and related charges. For the nine months ended September 30, 2026, Other non-operating income consisted of $1.1 million of proceeds from the sales of a small non-subscription workers compensation book of business and a small MGU, $0.7 million of forfeitures of vested equity awards, $0.4 million of sublease income, and $0.1 million of seller reimbursement of acquisition-related retention incentives offset by $0.8 million of TRA contractual interest and related charges. For the nine months ended September 30, 2025, Other non-operating income consisted of $0.6 million of seller reimbursement of acquisition-related retention incentives, $0.4 million of sublease income, and $0.3 million of forfeitures of vested equity awards offset by $0.8 million of TRA contractual interest and related charges. Equity-based compensation reflects non-cash equity-based expense. IPO related expenses consist of compensation-related expense primarily related to the expense for new awards issued at IPO as well as expense related to the revaluation of existing equity awards at IPO.

Adjusted EBITDAC margin: Adjusted EBITDAC margin is defined as Adjusted EBITDAC as a percentage of Total revenue. The most directly comparable GAAP financial metric is Net income margin.

Adjusted net income: Adjusted net income is defined as tax-effected earnings before amortization and certain items of income and expense, gains and losses, equity-based compensation, acquisition related long-term incentive compensation, acquisition-related expenses, costs associated with our IPO, and certain exceptional or non-recurring items.

Investor Relations
Nicholas Mezick
VP, Investor Relations
Ryan Specialty
IR@ryanspecialty.com
Phone: (312) 784-6152

Media Relations
Alice Phillips Topping
SVP, Chief Marketing & Communications Officer
Ryan Specialty
Alice.Topping@ryanspecialty.com
Phone: (312) 635-5976