Quarterly report [Sections 13 or 15(d)]

Segment Reporting

v3.25.3
Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Segment Information
Ryan Specialty is organized as a single operating and reporting segment. The Company’s chief operating decision maker
(“CODM”) is its Chief Executive Officer. The Company has identified its single operating segment utilizing a management
approach that aligns with the manner in which the CODM utilizes the Company’s consolidated financial information for
resource allocation and performance evaluation. Refer to Note 1, Basis of Presentation, for a description of the Company’s
products and services and to Note 2, Revenue from Contracts with Customers, for the disaggregation of revenue by
Specialty.
The CODM utilizes consolidated net income as the primary metric to monitor budget versus actual results, assess the
performance of the business, and make decisions regarding resource allocation. The following table provides information
about the Company’s revenue and includes a reconciliation to net income:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Net commissions and fees
$739,552
$588,129
$2,256,537
$1,806,264
Fiduciary investment income
15,025
16,565
43,376
45,917
Total revenue
$754,577
$604,694
$2,299,913
$1,852,181
Compensation-related expense1
417,217
343,442
1,268,059
1,057,424
General and administrative expense2
101,827
70,991
287,414
199,583
Other segment items3
38,979
67,500
131,220
171,336
Depreciation and amortization
73,795
41,649
213,975
104,531
Change in contingent consideration
11,968
(365)
(2,833)
813
Interest income
(1,749)
(5,620)
(6,334)
(19,007)
Interest expense
58,093
55,008
175,520
128,923
Income from equity method investments
(4,957)
(4,182)
(15,050)
(13,510)
Other non-operating loss (income)
(402)
16,590
(636)
18,575
Income tax expense (benefit)
(2,797)
(8,962)
65,659
16,155
Net income
$62,603
$28,643
$182,919
$187,358
1 Compensation-related expense includes salaries, commissions, bonus compensation, benefits, payroll taxes, and
contractor costs, and excludes equity-based compensation expense, acquisition, and restructuring related expenses.
2 General and administrative expense includes travel and entertainment, professional services, occupancy, IT related costs,
and other operating costs, and excludes acquisition and restructuring related expenses.
3 Other segment items include equity-based compensation expense, and acquisition and restructuring related compensation
and general and administrative expenses.
Geographic Information
Revenue is primarily recognized based on the country in which the services are performed. The below table illustrates the
geographic regions for the Company’s revenue:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
United States
$717,400
$575,875
$2,167,988
$1,777,581
Foreign
37,177
28,819
131,925
74,600
Total revenue
$754,577
$604,694
$2,299,913
$1,852,181
The Company did not have material revenue from operations in any individual foreign country for the three and nine
months ended September 30, 2025 or 2024. Asset information is not presented to the CODM. Substantially all of the
Company’s tangible long-lived assets are located in the United States; therefore, geographic information for long-lived
assets is not presented.