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

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

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.

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: