RYAN SPECIALTY HOLDINGS, INC.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
RYAN$47.20+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets as of
Consolidated Balance Sheets
(In thousands, except share and per share data)
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS | ||
| Cash and cash equivalents | $158,322 | $540,203 |
| Commissions and fees receivable – net | 488,951 | 389,758 |
| Fiduciary cash and receivables | 4,298,920 | 3,739,727 |
| Prepaid incentives – net | 13,550 | 9,219 |
| Other current assets | 100,437 | 109,951 |
| Total current assets | $5,060,180 | $4,788,858 |
| NON-CURRENT ASSETS | ||
| Goodwill | 3,225,021 | 2,646,676 |
| Customer relationships | 1,496,885 | 1,392,048 |
| Other intangible assets | 119,621 | 83,674 |
| Prepaid incentives – net | 27,849 | 17,442 |
| Equity method investments | 109,982 | 70,877 |
| Property and equipment – net | 69,461 | 50,209 |
| Lease right-of-use assets | 130,480 | 133,256 |
| Deferred tax assets | 310,138 | 448,289 |
| Other non-current assets | 14,554 | 18,589 |
| Total non-current assets | $5,503,991 | $4,861,060 |
| TOTAL ASSETS | $10,564,171 | $9,649,918 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| CURRENT LIABILITIES | ||
| Accounts payable and accrued liabilities | $284,403 | $249,200 |
| Accrued compensation | 519,251 | 486,322 |
| Operating lease liabilities | 25,987 | 22,107 |
| Short-term debt and current portion of long-term debt | 60,187 | 51,732 |
| Fiduciary liabilities | 4,298,920 | 3,739,727 |
| Total current liabilities | $5,188,748 | $4,549,088 |
| NON-CURRENT LIABILITIES | ||
| Accrued compensation | 70,096 | 49,362 |
| Operating lease liabilities | 153,089 | 159,231 |
| Long-term debt | 3,291,462 | 3,231,128 |
| Tax Receivable Agreement liabilities | 458,997 | 436,296 |
| Deferred tax liabilities | 49,834 | 39,922 |
| Other non-current liabilities | 97,894 | 86,606 |
| Total non-current liabilities | $4,121,372 | $4,002,545 |
| TOTAL LIABILITIES | $9,310,120 | $8,551,633 |
| STOCKHOLDERS’ EQUITY | ||
| Class 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) | 130 | 125 |
| Class 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) | 135 | 136 |
| Class 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 shares 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 capital | 513,610 | 506,258 |
| Retained earnings | 120,353 | 122,939 |
| Accumulated other comprehensive income (loss) | 13,845 | (1,796) |
| Total stockholders’ equity attributable to Ryan Specialty Holdings, Inc. | $648,073 | $627,662 |
| Non-controlling interests | 605,978 | 470,623 |
| Total stockholders’ equity | $1,254,051 | $1,098,285 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $10,564,171 | $9,649,918 |
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