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

Consolidated Balance Sheets

v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 158,322 $ 540,203
Commissions and fees receivable – net 488,951 389,758
Fiduciary cash and receivables 4,298,920 3,739,727
Prepaid incentives – net 13,550 9,219
Other current assets 100,437 109,951
Total current assets 5,060,180 4,788,858
NON-CURRENT ASSETS    
Goodwill 3,225,021 2,646,676
Customer relationships 1,496,885 1,392,048
Other intangible assets 119,621 83,674
Prepaid incentives – net 27,849 17,442
Equity method investments 109,982 70,877
Property and equipment – net 69,461 50,209
Lease right-of-use assets 130,480 133,256
Deferred tax assets 310,138 448,289
Other non-current assets 14,554 18,589
Total non-current assets 5,503,991 4,861,060
TOTAL ASSETS 10,564,171 9,649,918
CURRENT LIABILITIES    
Accounts payable and accrued liabilities 284,403 249,200
Accrued compensation 519,251 486,322
Operating lease liabilities 25,987 22,107
Short-term debt and current portion of long-term debt 60,187 51,732
Fiduciary liabilities 4,298,920 3,739,727
Total current liabilities 5,188,748 4,549,088
NON-CURRENT LIABILITIES    
Accrued compensation 70,096 49,362
Operating lease liabilities 153,089 159,231
Long-term debt 3,291,462 3,231,128
Tax Receivable Agreement liabilities 458,997 436,296
Deferred tax liabilities 49,834 39,922
Other non-current liabilities 97,894 86,606
Total non-current liabilities 4,121,372 4,002,545
TOTAL LIABILITIES 9,310,120 8,551,633
STOCKHOLDER'S EQUITY    
Preferred stock ($0.001 par value; 500,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2025 and 2024) 0 0
Additional paid-in capital 513,610 506,258
Retained earnings 120,353 122,939
Accumulated other comprehensive income (loss) 13,845 (1,796)
Total stockholders’ equity attributable to Ryan Specialty Holdings, Inc. 648,073 627,662
Non-controlling interests 605,978 470,623
Total stockholders’ equity 1,254,051 1,098,285
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 10,564,171 9,649,918
Class A Common Stock    
STOCKHOLDER'S EQUITY    
Common stock 130 125
Class B Common Stock    
STOCKHOLDER'S EQUITY    
Common stock 135 136
Common Class X    
STOCKHOLDER'S EQUITY    
Common stock $ 0 $ 0