RYAN SPECIALTY HOLDINGS, INC.
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 31, 2025
RYAN$47.20+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income (Unaudited)
(In thousands, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| REVENUE | ||||
| Net commissions and fees | $739,552 | $588,129 | $2,256,537 | $1,806,264 |
| Fiduciary investment income | 15,025 | 16,565 | 43,376 | 45,917 |
| Total revenue | $754,577 | $604,694 | $2,299,913 | $1,852,181 |
| EXPENSES | ||||
| Compensation and benefits | 440,434 | 393,249 | 1,355,995 | 1,180,825 |
| General and administrative | 117,589 | 88,684 | 330,698 | 247,518 |
| Amortization | 70,188 | 39,182 | 204,841 | 97,711 |
| Depreciation | 3,607 | 2,467 | 9,134 | 6,820 |
| Change in contingent consideration | 11,968 | (365) | (2,833) | 813 |
| Total operating expenses | $643,786 | $523,217 | $1,897,835 | $1,533,687 |
| OPERATING INCOME | $110,791 | $81,477 | $402,078 | $318,494 |
| Interest expense, net | 56,344 | 49,388 | 169,186 | 109,916 |
| Income from equity method investments | (4,957) | (4,182) | (15,050) | (13,510) |
| Other non-operating loss (income) | (402) | 16,590 | (636) | 18,575 |
| INCOME BEFORE INCOME TAXES | $59,806 | $19,681 | $248,578 | $203,513 |
| Income tax expense (benefit) | (2,797) | (8,962) | 65,659 | 16,155 |
| NET INCOME | $62,603 | $28,643 | $182,919 | $187,358 |
| Net income attributable to non-controlling interests, net of tax | 31,518 | 11,054 | 127,500 | 106,447 |
| NET INCOME ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC. | $31,085 | $17,589 | $55,419 | $80,911 |
| NET INCOME PER SHARE OF CLASS A COMMON STOCK: | ||||
| Basic | $0.24 | $0.15 | $0.44 | $0.67 |
| Diluted | $0.20 | $0.09 | $0.41 | $0.59 |
| WEIGHTED-AVERAGE SHARES OF CLASS A COMMON STOCK OUTSTANDING: | ||||
| Basic | 127,940,211 | 121,915,952 | 126,623,069 | 119,383,234 |
| Diluted | 273,461,634 | 272,686,269 | 138,089,880 | 271,283,392 |
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