Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Income

v3.25.4
Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 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
Class A Common Stock      
EXPENSES      
NET INCOME ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC. $ 63,399 $ 94,665 $ 61,037
Earnings per share      
Basic (in USD per share) $ 0.50 $ 0.78 $ 0.53
Diluted (in USD per share) $ 0.47 $ 0.71 $ 0.52
WEIGHTED-AVERAGE SHARES OF CLASS A COMMON STOCK OUTSTANDING:      
Basic (in shares) 127,266,889 120,781,234 114,359,968
Diluted (in shares) 138,246,414 132,891,487 125,745,139