Ryan Specialty Holdings, Inc. (RYAN) Income Statement
RYAN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsRYAN revenue and net income
Where RYAN's revenue goes
2025Each bar shows an amount and its share of revenue. RYAN kept 2.1% of revenue as net income.
RYAN profit margins
RYAN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +21.3% | +20.9% | +24.5% | — |
| Gross profit | +9.9% | +17.0% | +22.1% | — |
| Operating income | +129.4% | +51.7% | +51.1% | — |
| Net income | −33.0% | +1.3% | −1.4% | — |
| EPS (diluted) | +10.1% | +19.7% | +25.2% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
RYAN quarterly EPS vs estimates
Ryan Specialty beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.49).
RYAN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $3.05B | $2.52B | $2.08B | $1.73B | $1.43B | $1.02B | $765.1M |
| Cost of revenue | $287.5M | $1.51B | $1.30B | $1.11B | $943.3M | $658.2M | $487.1M |
| Gross profit | $2.76B | $2.52B | $2.08B | $1.73B | $1.43B | $1.02B | $765.1M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $453.5M | $1.94B | $1.64B | $1.33B | $1.13B | $793.5M | $612.6M |
| Total operating expenses | $2.14B | $2.24B | $1.84B | $1.55B | $1.37B | $938.8M | $697.1M |
| Operating income | $625.2M | $272.6M | $237.9M | $179.2M | $61.6M | $79.5M | $68.0M |
| Interest expense | $222.4M | $158.4M | $119.5M | $104.8M | $79.4M | $47.2M | $35.5M |
| Income before taxes | $293.2M | $272.6M | $237.9M | $179.2M | $61.6M | $79.5M | $68.0M |
| Income taxes | $79.0M | $42.6M | $43.4M | $15.9M | $4.9M | $9.0M | $4.9M |
| Net income | $63.4M | $94.7M | $61.0M | $61.1M | $65.9M | $68.1M | $64.2M |
| EBITDA | $803.1M | $598.6M | $473.3M | $393.3M | $253.6M | $194.2M | $156.6M |
| EPS (diluted) | $1.97 | $1.79 | $1.38 | $1.15 | $1.09 | $0.64 | — |
| Gross margin | 90.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | 20.5% | 10.8% | 11.5% | 10.4% | 4.3% | 7.8% | 8.9% |
| Net margin | 2.1% | 3.8% | 2.9% | 3.5% | 4.6% | 6.7% | 8.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $916.6M | $795.2M | $751.2M | $754.6M | $855.2M | $690.2M | $663.5M | $604.7M | $695.4M | $552.0M | $532.9M | $501.9M |
| Cost of revenue | $68.5M | $69.4M | $73.5M | $395.6M | $485.3M | $430.3M | $387.9M | $377.2M | $406.2M | $339.5M | $327.7M | $329.2M |
| Gross profit | $848.1M | $725.8M | $677.7M | $359.0M | $855.2M | $690.2M | $663.5M | $604.7M | $695.4M | $552.0M | $532.9M | $501.9M |
| Sales, general & admin | $227.4M | $108.8M | $122.8M | $117.6M | $592.3M | $536.3M | $514.8M | $481.9M | $497.0M | $449.4M | $405.3M | $398.5M |
| Total operating expenses | $632.7M | $581.7M | $542.8M | $203.4M | $717.4M | $639.1M | $594.5M | $585.0M | $558.7M | $504.9M | $473.7M | $461.4M |
| Operating income | $215.4M | $144.1M | $134.9M | $155.6M | $137.7M | $51.0M | $69.0M | $19.7M | $136.7M | $47.1M | $59.2M | $40.5M |
| Interest expense | $56.6M | $53.7M | $53.2M | $56.3M | $58.3M | $54.5M | $48.5M | $49.4M | $31.1M | $29.4M | $29.7M | $31.5M |
| Income before taxes | $130.7M | $47.1M | $44.6M | $59.8M | $137.7M | $51.0M | $69.0M | $19.7M | $136.7M | $47.1M | $59.2M | $40.5M |
| Income taxes | $22.4M | $6.5M | $13.4M | −$2.8M | $13.0M | $55.4M | $26.5M | −$9.0M | $18.7M | $6.4M | $673,000 | $24.8M |
| Net income | $108.4M | $40.6M | $8.0M | $31.1M | $52.0M | −$27.6M | $13.8M | $17.6M | $46.8M | $16.5M | $22.8M | −$5.0M |
| EBITDA | $255.9M | $170.2M | $171.3M | $192.3M | $268.6M | $173.2M | $180.7M | $110.7M | $200.7M | $106.6M | $119.0M | $103.8M |
| EPS (diluted) | $0.74 | $0.47 | $0.45 | $0.47 | $0.66 | $0.39 | $0.45 | $0.41 | $0.58 | $0.35 | $0.35 | $0.32 |
| Gross margin | 92.5% | 91.3% | 90.2% | 47.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | 23.5% | 18.1% | 18.0% | 20.6% | 16.1% | 7.4% | 10.4% | 3.3% | 19.7% | 8.5% | 11.1% | 8.1% |
| Net margin | 11.8% | 5.1% | 1.1% | 4.1% | 6.1% | −4.0% | 2.1% | 2.9% | 6.7% | 3.0% | 4.3% | −1.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in RYAN's financial statements (latest annual report filed February 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
RYAN financial results
In fiscal year 2025 (ended December 31, 2025), Ryan Specialty reported revenue of $3.1 billion, up 21.3% from the year before. It had net income of $63.4 million (down 33.0%), a net profit margin of 2.1%. Diluted earnings per share came to $1.97. Over five years revenue grew at an average rate of 24.5% a year.
See the RYAN stock overview for the latest quote and news, or the RYAN chart for price history and technical indicators.
RYAN income statement FAQ
What is Ryan Specialty's annual revenue?
Ryan Specialty reported total revenue of $3.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 21.3% from $2.5 billion the previous year.
Is Ryan Specialty profitable?
Yes. Ryan Specialty reported net income of $63.4 million in fiscal 2025, a net profit margin of 2.1%; its operating margin was 20.5%.
What is Ryan Specialty's gross margin?
Ryan Specialty's gross margin was 90.6% in fiscal 2025: for every $100 of revenue, Ryan Specialty kept $91 after the direct cost of its products and services.
How fast is Ryan Specialty growing?
Revenue grew 24.5% a year on average over the last five fiscal years, from $1.0 billion to $3.1 billion.
What are Ryan Specialty's earnings per share?
Ryan Specialty earned $1.97 per diluted share in fiscal 2025, compared with $1.79 a year earlier.
When will Ryan Specialty report its next earnings?
Ryan Specialty is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does Ryan Specialty's fiscal year end?
Ryan Specialty's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 13, 2026.