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

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

A reconciliation of the numerator and

denominator used in the calculation of basic and diluted earnings per share of Class A common stock is as follows:


	Year Ended December 31,
	2025	2024	2023
Net income	$214,157	$229,913	$194,480
Less: Net income attributable to non-controlling interests	150,758	135,248	133,443
Net income attributable to Ryan Specialty Holdings, Inc.	$63,399	$94,665	$61,037
Numerator:
Net income attributable to Class A common shareholders	$63,399	$94,665	$61,037
Add (less): Income attributed to substantively vested RSUs	—	—	(10)
Net income attributable to Class A common shareholders – basic	$63,399	$94,665	$61,027
Add: Income attributed to dilutive shares	926	255	4,185
Net income attributable to Class A common shareholders – diluted	$64,325	$94,920	$65,212
Denominator:
Weighted-average shares of Class A common stock outstanding – basic	127,266,889	120,781,234	114,359,968
Add: Dilutive shares	10,979,525	12,110,253	11,385,171
Weighted-average shares of Class A common stock outstanding – diluted	138,246,414	132,891,487	125,745,139
Earnings per share
Earnings per share of Class A common stock – basic	$0.50	$0.78	$0.53
Earnings per share of Class A common stock – diluted	$0.47	$0.71	$0.52

The following numbers of shares were excluded from the calculation of diluted earnings per share because the effect of

including such potentially dilutive shares would have been antidilutive:


	Year Ended December 31,
	2025	2024	2023
Conversion of non-controlling interest LLC Common Units1	135,429,254	138,979,885	142,383,621
Conversion of vested Class C Incentive Units1	—	—	76,397
Class C Incentive Units	—	—	495,822

1 Weighted-average units outstanding during the period.