Quarterly report [Sections 13 or 15(d)]

Segment Reporting

v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
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 2, Revenue from Contracts with Customers, for the disaggregation of revenue by
Specialty.
The CODM utilizes consolidated net income (loss) 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 (loss):
Three Months Ended March 31,
2026
2025
Net commissions and fees
$782,903
$676,128
Fiduciary investment income
12,326
14,038
Total revenue
$795,229
$690,166
Compensation-related expense1
461,832
397,428
General and administrative expense2
101,365
92,237
Other segment items3
40,740
46,684
Depreciation and amortization
69,402
67,624
Change in contingent consideration
27,294
(14,042)
Interest income
(1,146)
(3,103)
Interest expense
54,879
57,611
Income from equity method investments
(5,531)
(4,937)
Other non-operating income
(711)
(377)
Income tax expense
6,508
55,430
Net income (loss)
$40,597
$(4,389)
1 Compensation-related expense includes salaries, commissions, bonus compensation, benefits, payroll taxes, and
contractor costs, and excludes acquisition and restructuring related expenses and equity-based compensation.
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 acquisition and restructuring related expenses and equity-based compensation.
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:
Three Months Ended March 31,
2026
2025
United States
$742,598
$649,097
Foreign
52,631
41,069
Total revenue
$795,229
$690,166
The Company did not have material revenue from operations in any individual foreign country for the three months ended
March 31, 2026 or 2025. 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.