Every 10-Q that Ryan Specialty Holdings, Inc. (RYAN) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow RYAN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full RYAN filings page.
Ryan Specialty Holdings reported higher revenue but mixed profitability for the quarter and six months ended June 30, 2026. Total revenue for the quarter rose to $916.647 million from $855.170 million, driven by net commissions and fees across Wholesale Brokerage, Binding Authority, and Underwriting Management. Quarterly net income declined to $108.381 million from $124.705 million, and net income attributable to Ryan Specialty fell to $42.315 million, with diluted EPS at $0.33 versus $0.38 a year earlier.
For the first half of 2026, revenue increased to $1.711 billion from $1.545 billion, and net income attributable to Ryan Specialty rose to $59.961 million from $24.334 million, lifting diluted EPS to $0.45. Operating cash flows were $125.618 million, down from $210.760 million. Total assets reached $11.967 billion, supported by large fiduciary balances, while total debt increased to $3.633 billion, including a $1.7 billion term loan, $1.6 billion of senior secured notes, and higher revolving borrowings.
The company repurchased and retired 9.1 million Class A shares for $300.2 million and paid $0.13 per share in quarterly dividends on Class A stock. A multi‑year Empower restructuring program is underway, with expected total costs of $160.0 million through 2028 and anticipated annual savings of about $80.0 million in 2029; related expenses of $37.9 million, including a $12.0 million software impairment, were recognized in the first half of 2026.
Ryan Specialty Holdings reported solid growth for the quarter ended March 31, 2026. Total revenue rose to $795.2 million, driven mainly by net commissions and fees of $782.9 million, up from $676.1 million a year earlier. Net income was $40.6 million, compared with a net loss of $4.4 million in the prior-year quarter, and diluted earnings per Class A share improved to $0.13 from a loss of $0.22.
The company remains highly leveraged, with total debt of about $3.57 billion and significant use of its $1.4 billion revolving credit facility. It launched the Empower restructuring program, expecting total costs of $160 million through 2028 and projected annual savings of about $80 million in 2029. During the quarter, Ryan Specialty repurchased 982,073 Class A shares for roughly $40 million and paid a regular quarterly cash dividend of $0.13 per Class A share.
Ryan Specialty Holdings reported stronger Q3 results for the quarter ended September 30, 2025. Total revenue rose to $ 754,577 from $ 604,694, driven by higher net commissions and fees of $ 739,552. Operating income increased to $ 110,791 as the company scaled despite higher compensation and benefits and general and administrative expenses. Net income attributable to Ryan Specialty Holdings, Inc. improved to $ 31,085, and diluted EPS was $ 0.20 versus $ 0.09 a year ago.
For the first nine months, revenue reached $ 2,299,913, with operating income of $ 402,078. Net income attributable to the company was $ 55,419 and diluted EPS was $ 0.41. Cash flows from operating activities were $ 380,421, while investing cash flows reflected business combinations of $ ( 636,925 ). The balance sheet showed cash and cash equivalents of $ 153,485, long-term debt of $ 3,349,380, and total stockholders’ equity of $ 1,231,871. Shares outstanding were 263,810,660 as of October 27, 2025, including 128,776,025 Class A and 135,034,635 Class B.
RYAN Q2-25 (10-Q) highlights:
- Total revenue rose 23% YoY to $855.2 M, driven by Wholesale Brokerage +7%, Binding Authority +17% and an 73% surge in Underwriting Management.
- Operating income grew 16% to $191.1 M; operating margin slipped 120 bp to 22.3% as compensation and amortization outpaced top-line growth.
- Net income attributable to RYAN increased 11% to $52.0 M; diluted EPS up to $0.38 (vs $0.37).
- Six-month view: revenue +24% to $1.55 B, but EPS fell 63% to $0.18 on sharply higher amortization (+130%) and interest expense (+86%).
- Interest expense climbed to $58.3 M in the quarter, reflecting higher borrowings; long-term debt now $3.41 B (+6% YTD).
- Cash & equivalents fell to $172.6 M (-68% YTD) after $565 M cash spent on three acquisitions: Velocity Risk Underwriters, USQRisk Holdings and 360° Underwriting. Goodwill rose to $3.09 B.
- Operating cash flow improved 37% to $210.8 M; however free cash flow was negative due to acquisition spend.
- Shares outstanding: 128.0 M Class A, 135.7 M Class B as of 7/28/25.
Key takeaways: Strong organic and acquisitive growth continues, but leverage, amortization charges and TRA obligations are weighing on net earnings and liquidity.