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

Segment Reporting

v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 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 3, 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:
Year Ended December 31,
2025
2024
2023
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
Compensation-related expense1
1,692,000
1,426,674
1,222,342
General and administrative expense2
392,384
277,813
230,467
Other segment items3
172,465
238,640
144,401
Depreciation and amortization
287,515
167,630
115,837
Change in contingent consideration
13,122
(22,859)
5,421
Interest income
(7,649)
(21,509)
(31,986)
Interest expense
230,033
179,957
151,493
Income from equity method investments
(21,236)
(18,231)
(8,731)
Other non-operating loss (income)
(692)
15,041
10,380
Income tax expense
79,027
42,641
43,445
Net income
$214,157
$229,913
$194,480
1 Compensation-related expense includes salaries, commissions, bonus compensation, benefits, payroll taxes, and
contractor costs, and excludes equity-based compensation expense, and 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 following table illustrates
the geographic regions for the Company’s revenue:
Year Ended December 31,
2025
2024
2023
United States
$2,864,242
$2,391,980
$2,022,579
Foreign
186,884
123,730
54,970
Total revenue
$3,051,126
$2,515,710
$2,077,549
The Company did not have material revenue from operations in any individual foreign country for the years ended
December 31, 2025, 2024, or 2023. 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.