Ryan Specialty Holdings, Inc. income statement
In fiscal 2025, Ryan Specialty Holdings, Inc. reported revenue of $3.05bn, up 21.3% on the year before, operating income of $494m (a 16.2% margin) and net income of $63.4m. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 765 | 1,018 | 1,433 | 1,725 | 2,078 | 2,516 | 3,051 | 3,253 |
| General and administrative | 118 | 107 | 139 | 197 | 276 | 352 | 453 | 457 |
| Operating income | 101 | 159 | 187 | 290 | 359 | 428 | 494 | 507 |
| Interest expense | 36 | 47 | 79 | 105 | 120 | — | — | — |
| Income before tax | 68 | 79 | 62 | 179 | 238 | 273 | 293 | 319 |
| Income tax | 5 | 9 | 5 | 16 | 43 | 43 | 79 | 50 |
| Net income | 64 | 68 | 66 | 61 | 61 | 95 | 63 | 105 |
| EBITDA | 106 | 162 | 191 | 295 | 368 | 438 | 507 | 524 |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 664 | 690 | 855 | 755 | 751 | 795 | 917 | 790 |
| General and administrative | 105 | 106 | 107 | 118 | 123 | 109 | 119 | 107 |
| Operating income | 109 | 100 | 191 | 111 | 92 | 95 | 180 | 141 |
| Income before tax | 69 | 51 | 138 | 60 | 45 | 47 | 131 | 96 |
| Income tax | 26 | 55 | 13 | −3 | 13 | 7 | 22 | 8 |
| Net income | 14 | −28 | 52 | 31 | 8 | 18 | 42 | 37 |
| EBITDA | 112 | 103 | 194 | 114 | 96 | 99 | 184 | 145 |
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