10-K · February 21, 2025
Ryan Specialty (RYAN) reports strong top-line and margin expansion driven by continued demand in the E&S market and M&A-enabled scale. Revenue for the year ended December 31, 2024 was $2,484.0 million (sum of quarterly…
Earnings analysis · 10-Q
RYAN earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
Ryan Specialty reported strong Q1 2026 performance, with revenue of $795.2 million, surpassing expectations, and net income transforming from a loss of $4.4 million to a profit of $40.6 million. However, while adjusted…
Read full summary
Ryan Specialty reported strong Q1 2026 performance, with revenue of $795.2 million, surpassing expectations, and net income transforming from a loss of $4.4 million to a profit of $40.6 million. However, while adjusted EPS was robust at $0.47, it reflects growth against a backdrop of increased costs and management's cautious outlook amidst margin pressures.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.47
- Segment
- Wholesale Brokerage
- Segment
- Binding Authority
- Segment
- Underwriting Management
What stood out
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Revenue Growth
Total revenue rose 15.2% YoY to $795.2 million, exceeding the estimate of $776.5 million.
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Positive EPS Surprise
Earnings per share (EPS) reported at $0.47, above the consensus of $0.43, with a 9.3% surprise.
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Strong Segment Growth in Underwriting Management
Underwriting Management revenue increased 38.3% YoY, contributing $295.1 million in Q1.
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Net Income Turnaround
Net income improved significantly from a loss of $4.4 million in Q1 2025 to a profit of $40.6 million.
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Improved Adjusted Metrics
Adjusted diluted EPS of $0.47 reflects a 20.5% improvement YoY.
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Cost Control Measures
Management indicated a plan under the Empower Program aiming for $80 million in annual savings by 2029.
What to watch
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Rising Operating Costs
Compensation and benefits expenses increased by 15.1%, totaling $495.2 million.
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Margin Pressure
Forecast of a decline in adjusted EBITDAC margin by 100-150 basis points amid rising operational costs.
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Legal and Regulatory Challenges
Continued navigations of potential litigation claims could affect financial performance.
Management's outlook
Management anticipates mid-single-digit organic growth for 2026, with continued margin pressure.
Earlier filings 4
10-Q · October 31, 2024
Ryan Specialty reported total revenue of $604,694 thousand for the quarter ended September 30, 2024, up 20.5% year-over-year from $501,938 thousand, with operating income rising to $81,477 thousand. GAAP diluted EPS…
10-Q · August 2, 2024
Ryan Specialty reported Q2 revenue of $695,441,000, up from $585,149,000 in Q2 2023, with operating income of $164,368,000 and diluted EPS of $0.37 (vs. $0.26 a year earlier). Operating and gross margins expanded…
10-K · February 28, 2024
Ryan Specialty positions itself as a scale-focused wholesale distributor concentrated in the E&S market, highlighting technology (RT Connector), high producer retention, and M&A to drive growth. The 10-K reports a 20.4%…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.