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.
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Consolidated Statements of Cash Flows for the years ended
Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $214,157 | $229,913 | $194,480 |
| Adjustments to reconcile net income to cash flows provided by operating activities: | |||
| Income from equity method investments | (21,236) | (18,231) | (8,731) |
| Amortization | 274,426 | 157,845 | 106,799 |
| Depreciation | 13,089 | 9,785 | 9,038 |
| Prepaid and deferred compensation expense | 38,779 | 30,834 | 12,192 |
| Non-cash equity-based compensation | 69,451 | 78,995 | 69,743 |
| Amortization of deferred debt issuance costs | 9,567 | 23,930 | 12,172 |
| Amortization of interest rate cap premium | 6,955 | 6,955 | 6,955 |
| Deferred income tax expense | 26,047 | 16,798 | 7,134 |
| Deferred income tax expense from common control reorganizations | 48,597 | 9,519 | 18,356 |
| Loss (gain) on Tax Receivable Agreement | 1,112 | (2,099) | 11,170 |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Commissions and fees receivable – net | (57,559) | (22,007) | (44,185) |
| Accrued interest liability | 9,362 | 20,337 | 934 |
| Other current and non-current assets | 1,255 | (20,668) | 5,773 |
| Other current and non-current liabilities | 9,665 | (7,038) | 75,373 |
| Total cash flows provided by operating activities | $643,667 | $514,868 | $477,203 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Business combinations – net of cash acquired and cash held in a fiduciary capacity | (746,485) | (1,708,737) | (446,682) |
| Capital expenditures | (67,953) | (47,001) | (29,776) |
| Equity method investment in VSIC | (16,561) | — | — |
| Asset acquisitions | (3,014) | — | — |
| Repayments of prepaid incentives | — | — | 228 |
| Total cash flows used in investing activities | $(834,013) | $(1,755,738) | $(476,230) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from Senior Secured Notes | — | 1,187,400 | — |
| Borrowings on Revolving Credit Facility | 1,333,328 | 1,250,000 | — |
| Repayments on Revolving Credit Facility | (1,261,928) | (1,250,000) | — |
| Debt issuance costs paid | (2,889) | (25,536) | — |
| Proceeds from term debt | — | 107,625 | — |
| Repayment of term debt | (17,000) | (8,250) | (16,500) |
| Receipt of contingently returnable consideration | 1,927 | — | — |
| Payment of contingent consideration | (29,252) | — | (4,477) |
| Tax distributions to non-controlling LLC Unitholders | (64,126) | (82,702) | (71,674) |
| Receipt of taxes related to net share settlement of equity awards | 35,900 | 27,930 | 7,811 |
| Taxes paid related to net share settlement of equity awards | (37,045) | (27,460) | (8,785) |
| Payment of Tax Receivable Agreement liabilities | (25,169) | (21,578) | (16,206) |
| 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 liabilities | 237,616 | 114,003 | 97,221 |
| Total cash flows provided by (used in) financing activities | $78,116 | $1,166,857 | $(12,610) |
| Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | 15,895 | (1,514) | 584 |
| NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY | $(96,335) | $(75,527) | $(11,053) |
| CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance | 1,680,805 | 1,756,332 | 1,767,385 |
| CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance | $1,584,470 | $1,680,805 | $1,756,332 |
| Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | |||
| Cash and cash equivalents | $158,322 | $540,203 | $838,790 |
| Cash and cash equivalents held in a fiduciary capacity | 1,426,148 | 1,140,602 | 917,542 |
| Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | $1,584,470 | $1,680,805 | $1,756,332 |
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