RYAN SPECIALTY HOLDINGS, INC.

For the period ended Dec 31, 2025. Filed Feb 13, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

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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Contents

Consolidated Statements of Income for the years ended , and

Consolidated Statements of Income

(In thousands, except share and per share data)

	Year Ended December 31,
	2025	2024	2023
REVENUE
Net commissions and fees	$2,994,582	$2,455,671	$2,026,596
Fiduciary investment income	56,544	60,039	50,953
Total revenue	$3,051,126	$2,515,710	$2,077,549
EXPENSES
Compensation and benefits	1,803,397	1,591,077	1,321,029
General and administrative	453,452	352,050	276,181
Amortization	274,426	157,845	106,799
Depreciation	13,089	9,785	9,038
Change in contingent consideration	13,122	(22,859)	5,421
Total operating expenses	$2,557,486	$2,087,898	$1,718,468
OPERATING INCOME	$493,640	$427,812	$359,081
Interest expense, net	222,384	158,448	119,507
Income from equity method investments	(21,236)	(18,231)	(8,731)
Other non-operating loss (income)	(692)	15,041	10,380
INCOME BEFORE INCOME TAXES	$293,184	$272,554	$237,925
Income tax expense	79,027	42,641	43,445
NET INCOME	$214,157	$229,913	$194,480
Net income attributable to non-controlling interests, net of tax	150,758	135,248	133,443
NET INCOME ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC.	$63,399	$94,665	$61,037
NET INCOME PER SHARE OF CLASS A COMMON STOCK:
Basic	$0.50	$0.78	$0.53
Diluted	$0.47	$0.71	$0.52
WEIGHTED-AVERAGE SHARES OF CLASS A COMMON STOCK OUTSTANDING:
Basic	127,266,889	120,781,234	114,359,968
Diluted	138,246,414	132,891,487	125,745,139

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.