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Wall Street expects a year-over-year decline in earnings on higher revenues when Ryan Specialty Group (RYAN - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on July 30, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis insurance company is expected to post quarterly earnings of $0.61 per share in its upcoming report, which represents a year-over-year change of -7.6%.

Revenues are expected to be $873.71 million, up 2.2% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.78% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Ryan Specialty?For Ryan Specialty, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Ryan Specialty will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Ryan Specialty would post earnings of $0.43 per share when it actually produced earnings of $0.47, delivering a surprise of +9.30%.

Over the last four quarters, the company has beaten consensus EPS estimates just once.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Ryan Specialty doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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CHICAGO--(BUSINESS WIRE)--Ryan Specialty Underwriting Managers (“RSUM”), the underwriting management division of Ryan Specialty (NYSE: RYAN), is pleased to announce the completion of a series of Lloyd’s of London consortium stamps that will attach to its global syndicated P&C delegated underwriting portfolio. The consortium stamps are supported by six leading Lloyd’s syndicates and will take a combined 15% share on all classes, lines and geographies (except for a partial share of Velocity Risk Underwriters, RSUM’s critical CAT managing general underwriter). The consortium stamps will begin joining facilities at their natural renewals starting August 1st.

Miles Wuller, CEO of RSUM, commented, “We are proud of both the continued interest in our portfolio and our ability to transform our diverse, highly curated, well-performing family of businesses into an accessible specialty insurance asset. Moreover, we are pleased to contribute broad-based data and structural efficiency to the specialty marketplace.

“I would like to highlight the forward-looking investment Ardonagh has made in Axiiem, its technology-enabled digital exchange, which will serve as the facilitation agent for the structure,” Miles added. “We appreciate Lloyd’s constructive support throughout the process, helping bring together market-leading expertise and capacity. Additionally, we would like to thank Markel for their cornerstone support, and all the new and existing syndicate stakeholders that brought this transaction to life.”

About Ryan Specialty Underwriting Managers

Ryan Specialty Underwriting Managers is an industry leader in delegated authority underwriting services. Our family of managing general underwriters and national programs have the expertise and authority to design, underwrite, bind, and administer a diverse portfolio of risks. Our value proposition originates with our 1500+ industry professionals who are empowered by centralized technical support and policy lifecycle administration, coupled with a broad distribution network of retail and wholesale brokers. We have been diligently servicing our valued clients and trading partners since our establishment in 2010 and now have operations in North America, the UK, Europe, the Middle East and Asia Pacific. To learn more, please visit rsum.com.

More News From Ryan Specialty

Back to Newsroom

Anthony J. Kuczinski, a member of the Board of Directors of Ryan Specialty Holdings (RYAN +8.15%), reported the purchase of 3,000 shares of Common Stock in multiple open-market transactions on June 11 and June 12, 2026, according to the SEC Form 4 filing.

Transaction summaryMetricValueShares traded3,000Transaction value~$105KPost-transaction shares (direct)13,072Post-transaction value (direct ownership)~$466KTransaction value based on SEC Form 4 weighted average purchase price ($34.99); post-transaction value based on June 12, 2026 market close.

Key questionsWhat is the magnitude of this transaction relative to Kuczinski's prior activity?
This purchase of 3,000 shares is the largest single transaction by share count for Kuczinski over the past two years, significantly exceeding the previous purchase of 300 shares in May of 2025.How does this acquisition affect current direct ownership?
The transaction increased direct Common Stock holdings by 29.79%, bringing the post-trade total to 13,072 shares.Was the transaction executed at a discount or premium to recent market prices?
The weighted average purchase price was $34.99 per share, which is less than the June 12, 2026 closing price of $35.64, following a -46.93% one-year total decline in the stock as of the transaction date.What does the transaction imply about available capacity and ongoing accumulation?
With no shares sold in the past year and overall direct holdings rising, the activity signals ongoing accumulation capacity, supported by a direct and unleveraged position without derivative mechanics.Company overviewMetricValueMarket capitalization$10.3 billionRevenue (TTM)$3.16 billionNet income (TTM)$108.69 million1-year price change-46.93%* 1-year price change calculated using June 12, 2026 as the reference date.

Company snapshotRyan Specialty Holdings offers specialized insurance products and solutions, including wholesale brokerage, underwriting, product development, administration, and risk management services.It operates as a wholesale broker and managing underwriter, generating revenue through distribution and underwriting fees from insurance brokers, agents, and carriers.The company serves insurance intermediaries and carriers seeking tailored risk solutions in the specialty insurance market.Ryan Specialty Holdings is a leading provider of specialty insurance solutions with a focus on wholesale brokerage and managing underwriting services. The company leverages its scale and expertise to deliver comprehensive products and risk management to insurance intermediaries and carriers. Its business model emphasizes fee-based revenue streams and strategic positioning within the specialty insurance sector.

What this transaction means for investorsDirector Anthony Kuczinski’s June 11 and 12 purchase of Ryan Specialty Holdings stock suggests he has a bullish outlook towards the company. This is reinforced by the substantial size of his buy, which increased holdings nearly 30%.

It seems Kuczinski was capitalizing on the the fall in Ryan Specialty shares, which hit a 52-week low $29.28 in May. The drop was due to the company lowering its 2026 guidance from year-over-year organic revenue growth in the high single digits to the mid-single digits. The insurance industry is seeing softness, which contributed to the lower forecast.

That said, Ryan Specialty’s 2026 is off to a strong start. Revenue in the first quarter rose 15% year over year to $795.2 million, while net income came in at $40.6 million, a dramatic reversal from the $4.4 million net loss in the prior year.

Ryan Specialty’s success and its share price drop may have been catalysts for Kuczinski’s buy. Moreover, the stock’s price-to-sales ratio of 1.7 is near a low point for the past year, indicating its valuation is at an appealing level, and suggesting now is a good time to buy.

Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

- Total Revenue grew 15.2% year-over-year to $795.2 million -

- Organic Revenue Growth Rate* of 11.8% year-over-year -

- Net Income of $40.6 million, or $0.13 per diluted share -

- Adjusted EBITDAC* grew 15.7% year-over-year to $232.0 million -

- Adjusted Net Income increased 21.2% year-over-year to $130.7 million -

- Adjusted Diluted Earnings Per Share grew 20.5% or $0.47 per diluted share -

- Returned approximately $64.8 million to shareholders, including $40.0 million of share repurchases, and $24.8 million of dividends and distributions -

CHICAGO--(BUSINESS WIRE)--Ryan Specialty Holdings, Inc. (NYSE: RYAN) (“Ryan Specialty” or the “Company”), a leading international specialty insurance firm, today announced results for the first quarter ended March 31, 2026.

First Quarter 2026 Highlights

Revenue grew 15.2% year-over-year to $795.2 million, compared to $690.2 million in the prior-year period Organic Revenue Growth Rate* was 11.8% for the quarter, compared to 12.9% in the prior-year period Net Income increased year-over-year to $40.6 million, compared to a loss of $(4.4) million in the prior-year period. Diluted Earnings Per Share was $0.13 Adjusted EBITDAC* increased 15.7% to $232.0 million, compared to $200.5 million in the prior-year period Adjusted EBITDAC Margin* of 29.2%, compared to 29.1% in the prior-year period Adjusted Net Income* increased 21.2% to $130.7 million, compared to $107.8 million in the prior-year period Adjusted Diluted Earnings Per Share* increased 20.5% to $0.47, compared to $0.39 in the prior-year period Returned approximately $64.8 million to shareholders through $40.0 million of Class A common stock repurchases, representing 1.0 million shares, and $24.8 million of dividends and distributions “It was a strong start to 2026 for Ryan Specialty in the face of continued and increasing industry headwinds,” said Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty. “We grew total revenue 15%, driven by organic growth of 11.8% and contributions from M&A. We grew Adjusted EBITDAC by 15.7% and Adjusted Diluted EPS by 20.5%. Our performance this quarter speaks to the dedication of our team, their ability to succeed in challenging times, and the diversified enterprise we have purposefully built over the years. Through one of the most efficient and effective insurance distribution platforms in the word, we are delivering innovative solutions for our clients - brokers, agents, and carriers, that are difficult to replicate elsewhere. While we expect the environment to remain considerably challenging in the near term, we are confident that our continued investment in the platform, paired with our ability to innovate alongside our clients and capital trading partners, will further strengthen our position as a leader in specialty insurance.”

“I am proud of our team's tireless execution during the quarter as we continue to win business and increase market share in a very competitive environment,” added Timothy W. Turner, Chief Executive Officer of Ryan Specialty. “Along with our strong performance, we are continuing to invest broadly in our technology, AI, and data capabilities to ensure we are providing our clients with the expertise and advocacy they expect to solve their most complex insurance needs. We remain focused on controlling what we can control given the challenging environment. We are enhancing our competitive advantage and continuing to build and expand a platform that is designed to endure across market cycles.”

Summary of First Quarter 2026 Results

Three Months Ended
March 31,

Change

(in thousands, except percentages and per share data)

2026

2025

$

%

GAAP financial measures

Total revenue

$

795,229

$

690,166

$

105,063

15.2

%

Net commissions and fees

782,903

676,128

106,775

15.8

Compensation and benefits

495,176

430,289

64,887

15.1

General and administrative

108,761

106,060

2,701

2.5

Total operating expenses

700,633

589,931

110,702

18.8

Operating income

94,596

100,235

(5,639

)

(5.6

)

Net income (loss)

40,597

(4,389

)

44,986

NM

Net income (loss) attributable to Ryan Specialty Holdings, Inc.

17,646

(27,642

)

45,288

NM

Compensation and benefits expense ratio (1)

62.3

%

62.3

%

General and administrative expense ratio (2)

13.7

%

15.4

%

Net income (loss) margin (3)

5.1

%

(0.6

%)

Earnings (loss) per share (4)

$

0.14

$

(0.22

)

Diluted earnings (loss) per share (4)

$

0.13

$

(0.22

)

Non-GAAP financial measures*

Organic revenue growth rate

11.8

%

12.9

%

Adjusted compensation and benefits expense

$

461,832

$

397,428

$

64,404

16.2

%

Adjusted compensation and benefits expense ratio

58.1

%

57.6

%

Adjusted general and administrative expense

$

101,365

$

92,237

$

9,128

9.9

%

Adjusted general and administrative expense ratio

12.7

%

13.4

%

Adjusted EBITDAC

$

232,033

$

200,501

$

31,532

15.7

%

Adjusted EBITDAC margin

29.2

%

29.1

%

Adjusted net income

$

130,728

$

107,839

$

22,889

21.2

%

Adjusted net income margin

16.4

%

15.6

%

Adjusted diluted earnings per share

$

0.47

$

0.39

$

0.08

20.5

%

*

For a definition and a reconciliation of Organic revenue growth rate, Adjusted compensation and benefits expense, Adjusted compensation and benefits ratio, Adjusted general and administrative expense, Adjusted general and administrative expense ratio, Adjusted EBITDAC, Adjusted EBITDAC margin, Adjusted net income, Adjusted net income margin, and Adjusted diluted earnings per share to the most directly comparable GAAP measure, see “Non-GAAP Financial Measures and Key Performance Indicators” below.

(1)

Compensation and benefits expense ratio is defined as Compensation and benefits divided by Total revenue.

(2)

General and administrative expense ratio is defined as General and administrative expense divided by Total revenue.

(3)

Net income margin is defined as Net income divided by Total revenue.

(4)

See “Note 10, Earnings (Loss) Per Share” of the unaudited quarterly consolidated financial statements.

First Quarter 2026 Review*

Total revenue for the first quarter of 2026 was $795.2 million, an increase of 15.2% compared to $690.2 million in the prior-year period. This increase was primarily due to continued organic revenue growth of 11.8%, driven by new client wins and expanded relationships with existing clients, coupled with continued expansion of the specialty and E&S markets, revenue from acquisitions completed within the trailing twelve months ended March 31, 2026, and growth in contingent commissions. We experienced growth across the majority of our casualty lines, offset by a moderate decline in our property portfolio.

Total operating expenses for the first quarter of 2026 were $700.6 million, an 18.8% increase compared to $589.9 million in the prior-year period. This increase was primarily due to higher Compensation and benefits expenses resulting from growth in headcount and revenue and an increase in Restructuring and related expense due to the Empower Program initiated in the first quarter of 2026. General and administrative expense also increased compared to the prior-year period due to an increase in professional services and IT charges, as well as costs directly linked to revenue growth, recruiter fees, higher expenses to accommodate both organic and inorganic revenue growth, and an increase in Restructuring and related expense due to the Empower Program, partially offset by lower Acquisition-related expenses.

Net income for the first quarter of 2026 increased to $40.6 million, compared to a loss of $(4.4) million in the prior-year period. The increase was due to strong revenue growth and lower Income tax expense, partially offset by higher Total operating expenses compared to the prior-year period.

Adjusted EBITDAC grew 15.7% to $232.0 million from $200.5 million in the prior-year period. Adjusted EBITDAC margin for the quarter was 29.2%, compared to 29.1% in the prior-year period. The increase in Adjusted EBITDAC was driven primarily by strong revenue growth, partially offset by higher Adjusted compensation and benefits expense, as well as higher Adjusted general and administrative expense.

Adjusted net income for the first quarter of 2026 increased 21.2% to $130.7 million, compared to $107.8 million in the prior-year period. Adjusted net income margin was 16.4%, compared to 15.6% in the prior-year period. Adjusted diluted earnings per share for the first quarter of 2026 increased 20.5% to $0.47, compared to $0.39 in the prior-year period.

First Quarter 2026 Net Commissions and Fees by Specialty and Revenue by Type

Growth in Net commissions and fees in all specialties was primarily driven by strong organic growth.

Three Months Ended March 31,

(in thousands, except percentages)

2026

% of

total

2025

% of

total

Change

Wholesale Brokerage

$

377,796

48.3

%

$

360,788

53.4

%

$

17,008

4.7

%

Binding Authority

110,000

14.0

101,950

15.1

8,050

7.9

Underwriting Management

295,107

37.7

213,390

31.5

81,717

38.3

Total Net commissions and fees

$

782,903

$

676,128

$

106,775

15.8

%

The following tables sets forth our revenue by type of commission and fees:

Three Months Ended March 31,

(in thousands, except percentages)

2026

% of

total

2025

% of

total

Change

Net commissions and policy fees

$

717,553

91.7

%

$

623,966

92.3

%

$

93,587

15.0

%

Supplemental and contingent commissions

49,117

6.3

37,773

5.6

11,344

30.0

Loss mitigation and other fees

16,233

2.0

14,389

2.1

1,844

12.8

Total Net commissions and fees

$

782,903

$

676,128

$

106,775

15.8

%

Liquidity and Financial Condition

As of March 31, 2026, the Company had Cash and cash equivalents of $154.7 million and outstanding debt principal of $3.6 billion.

Capital Return

In the first quarter, the Company returned approximately $64.8 million to shareholders through $40.0 million of Class A common stock repurchases, representing 1.0 million shares, and $24.8 million of dividends and distributions. As of March 31, 2026, the Company had $260.0 million of remaining authorization under its share repurchase program.

Additionally, on April 30, 2026, the Company’s board of directors declared a quarterly dividend of $0.13 per share on the outstanding Class A common stock. The quarterly dividend will be payable on May 26, 2026, to stockholders of record as of the close of business on May 12, 2026. A portion of the dividend, $0.06 per share, will be funded by free cash flow from Ryan Specialty, LLC and will be paid to all holders of the Company’s Class A common stock and the holders of the LLC Common Units (as defined below).

Full Year 2026 Guidance*

The Company is updating its full year 2026 guidance for Organic Revenue Growth Rate and Adjusted EBITDAC Margin as follows:

We are guiding to an Organic Revenue Growth Rate in the mid-single digits for 2026 We are guiding to an Adjusted EBITDAC Margin that is down 100 - 150 basis points for 2026, as compared to the prior year Executive Chairman Stock Option Program

On April 30, 2026, the Company announced a special, one-time stock option grant program, funded entirely by Executive Chairman, Patrick G. Ryan, through the Ryan Stock Option Trust. The program is designed to be net neutral to the Company's outstanding share count and is intended to support employee alignment. Please refer to the Company's 8-K filed with the SEC for more information.

Conference Call Information

Ryan Specialty will hold a conference call to discuss the financial results at 4:45pm Eastern Time on April 30, 2026. Interested parties may access the conference call through the live webcast, which can be accessed at https://ryan-specialty-q1-2026-earnings-call.open-exchange.net/registration or by visiting the Company’s Investor Relations website. Please join the live webcast at least 10 minutes prior to the scheduled start time.

A webcast replay of the call will be available on the Company’s website at ryanspecialty.com in its Investors section for one year following the call.

About Ryan Specialty

Founded in 2010, Ryan Specialty (NYSE: RYAN) is a service provider of specialty products and solutions for insurance brokers, agents, and carriers. Ryan Specialty provides distribution, underwriting, product development, administration, and risk management services by acting as a wholesale broker and a managing underwriter with delegated authority from insurance carriers. Our mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents, and carriers. Learn more at ryanspecialty.com.

Forward-Looking Statements

All statements in this release and in the corresponding earnings call that are not historical are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties. For example, all statements the Company makes relating to its estimated and projected costs, expenditures, cash flows, growth rates and financial results, its plans, anticipated amount and timing of cost savings relating to the restructuring plan, or its plans and objectives for future operations, growth initiatives, or strategies and the statements under the caption “Full Year 2026 Outlook” are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and variations of such words and similar expressions are intended to identify such forward-looking statements. All forward-looking statements are subject to risks and uncertainties, known and unknown, that may cause actual results to differ materially from those that the Company expected. Specific factors that could cause such a difference include, but are not limited to, those disclosed previously in the Company’s filings with the Securities and Exchange Commission (“SEC”).

For more detail on the risk factors that may affect the Company’s results, see the section entitled “Risk Factors” in our most recent annual report on Form 10-K filed with the SEC, and in other documents filed with, or furnished to, the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Given these factors, as well as other variables that may affect the Company’s operating results, you are cautioned not to place undue reliance on these forward-looking statements, not to assume that past financial performance will be a reliable indicator of future performance, and not to use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release and on the related earnings call relate only to events as of the date hereof. The Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events, changes in assumptions, or otherwise.

Non-GAAP Financial Measures and Key Performance Indicators

In assessing the performance of the Company’s business, non-GAAP financial measures are used that are derived from the Company’s consolidated financial information, but which are not presented in the Company’s consolidated financial statements prepared in accordance with GAAP. The Company considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax positions, depreciation, amortization, and certain other items that the Company believes are not representative of its core business. The Company uses the following non-GAAP measures for business planning purposes, in measuring performance relative to that of its competitors, to help investors to understand the nature of the Company’s growth, and to enable investors to evaluate the run-rate performance of the Company. Non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, the consolidated financial statements prepared and presented in accordance with GAAP. The footnotes to the reconciliation tables below should be read in conjunction with the unaudited consolidated quarterly financial statements in the Company’s Quarterly Report on form 10-Q filed with the SEC. Industry peers may provide similar supplemental information but may not define similarly-named metrics in the same way and may not make identical adjustments.

Organic revenue growth rate: Organic revenue growth rate represents the percentage change in Net commissions and fees, as compared to the same period for the prior year, adjusted to eliminate revenue attributable to acquisitions for the first twelve months of ownership, revenue attributable to sold businesses for the subsequent twelve months after the sale, and other items such as contingent commissions and the impact of changes in foreign exchange rates.

Adjusted compensation and benefits expense: Adjusted compensation and benefits expense is defined as Compensation and benefits expense adjusted to reflect items such as (i) equity-based compensation, (ii) acquisition and restructuring related compensation expenses, and (iii) other exceptional or non-recurring compensation expenses, as applicable. The most directly comparable GAAP financial metric is Compensation and benefits expense.

Adjusted general and administrative expense: Adjusted general and administrative expense is defined as General and administrative expense adjusted to reflect items such as (i) acquisition and restructuring related general and administrative expenses, and (ii) other exceptional or non-recurring general and administrative expenses, as applicable. The most directly comparable GAAP financial metric is General and administrative expense.

Adjusted compensation and benefits expense ratio: Adjusted compensation and benefits expense ratio is defined as the Adjusted compensation and benefits expense as a percentage of Total revenue. The most directly comparable GAAP financial metric is Compensation and benefits expense ratio.

Adjusted general and administrative expense ratio: Adjusted general and administrative expense ratio is defined as the Adjusted general and administrative expense as a percentage of Total revenue. The most directly comparable GAAP financial metric is General and administrative expense ratio.

Adjusted EBITDAC: Adjusted EBITDAC is defined as Net income before Interest expense, net, Income tax expense, Depreciation, Amortization, and Change in contingent consideration, adjusted to reflect items such as (i) equity-based compensation, (ii) acquisition-related expenses, and (iii) other exceptional or non-recurring items, as applicable. Acquisition-related expense includes one-time diligence, transaction-related, and integration costs. Acquisition-related long-term incentive compensation arises from long-term incentive plans associated with acquisitions. These plans require service requirements, and in some cases performance targets, to be met in order to be earned. Restructuring and related expense consists of compensation and benefits, contractors, professional services, and license fees related to the Empower Program, which was initiated at the beginning of 2026. The compensation and benefits expense includes severance as well as employment costs related to services rendered between the notification and termination dates and other termination payments. Amortization and expense is composed of charges related to discontinued prepaid incentive programs. For the three months ended March 31, 2026, Other non-operating income consisted of $0.5 million of forfeitures of vested equity awards, $0.1 million of seller reimbursement of acquisition-related retention incentives, and $0.1 million of sublease income. For the three months ended March 31, 2025, Other non-operating income consisted of $0.3 million of seller reimbursement of acquisition-related retention incentives and $0.1 million of sublease income. Equity-based compensation reflects non-cash equity-based expense. IPO related expenses consist of compensation-related expense primarily related to the expense for new awards issued at IPO, as well as expense related to the revaluation of existing equity awards at IPO.

Adjusted EBITDAC margin: Adjusted EBITDAC margin is defined as Adjusted EBITDAC as a percentage of Total revenue. The most directly comparable GAAP financial metric is Net income margin.

Adjusted net income: Adjusted net income is defined as tax-effected earnings before amortization and certain items of income and expense, gains and losses, equity-based compensation, acquisition related long-term incentive compensation, acquisition-related expenses, costs associated with our IPO, and certain exceptional or non-recurring items. The Company will be subject to United States federal income taxes, in addition to state, local, and foreign taxes, with respect to its allocable share of any net taxable income of Ryan Specialty, LLC (together with its parent New Ryan Specialty, LLC and their subsidiaries, the “LLC”). For comparability purposes, this calculation incorporates the impact of federal and state statutory tax rates on 100% of the Company’s adjusted pre-tax income as if the Company owned 100% of Ryan Specialty, LLC. The most directly comparable GAAP financial metric is Net income.

Adjusted net income margin: Adjusted net income margin is defined as Adjusted net income as a percentage of Total revenue. The most directly comparable GAAP financial metric is Net income margin.

Adjusted diluted earnings per share: Adjusted diluted earnings per share is defined as Adjusted net income divided by diluted shares outstanding after adjusting for the effect if 100% of the outstanding LLC Common Units (“LLC Common Units”), together with the shares of Class B common stock, vested Class C Incentive Units, vested but unexercised Options, and unvested equity awards were exchanged into shares of Class A common stock as if 100% of unvested equity awards were vested. The most directly comparable GAAP financial metric is Diluted earnings per share.

Credit Adjusted EBITDAC: Credit Adjusted EBITDAC is defined as Adjusted EBITDAC as further adjusted without duplication for: acquired EBITDAC from the beginning of the applicable twelve month reference period through the acquisition close date, certain annualized run rate expected cost savings and initiatives, and certain other adjustments as permitted in calculating leverage ratios under our debt agreements. The Company presents Credit Adjusted EBITDAC as an additional measure of liquidity and leverage. The calculation of Credit Adjusted EBITDAC pursuant to our debt agreements permits certain estimates and assumptions that may differ from actual results.

The summary unaudited consolidated financial data presented for the twelve months ended March 31, 2026, was derived by adding the consolidated financial data of the Company for the twelve months ended December 31, 2025, to the consolidated financial data of the Company for the three months ended March 31, 2026, and subtracting the consolidated financial data of the Company for the three months ended March 31, 2025. The summary unaudited consolidated financial data for the twelve months ended March 31, 2026, has been prepared for illustrative purposes only and is not necessarily representative of our results of operations for any future period or our financial condition at any future date.

The reconciliation of the above non-GAAP measures to each of their most directly comparable GAAP financial measure is set forth in the reconciliation table accompanying this release.

With respect to the Organic revenue growth rate and Adjusted EBITDAC margin outlook presented in the “Full Year 2026 Outlook” section of this press release, the Company is unable to provide a comparable outlook for, or a reconciliation to, Total revenue growth rate or Net income margin because it cannot provide a meaningful or accurate calculation or estimation of certain reconciling items without unreasonable effort. Its inability to do so is due to the inherent difficulty in forecasting the timing of items that have not yet occurred and quantifying certain amounts that are necessary for such reconciliation, including variations in effective tax rate, expenses to be incurred for acquisition activities, and other one-time or exceptional items.

Consolidated Statements of Income (Unaudited)

Three Months Ended
March 31,

(in thousands, except percentages and per share data)

2026

2025

Revenue

Net commissions and fees

$

782,903

$

676,128

Fiduciary investment income

12,326

14,038

Total revenue

$

795,229

$

690,166

Expenses

Compensation and benefits

495,176

430,289

General and administrative

108,761

106,060

Amortization

65,340

64,985

Depreciation

4,062

2,639

Change in contingent consideration

27,294

(14,042

)

Total operating expenses

$

700,633

$

589,931

Operating income

$

94,596

$

100,235

Interest expense, net

53,733

54,508

Income from equity method investments

(5,531

)

(4,937

)

Other non-operating income

(711

)

(377

)

Income before income taxes

$

47,105

$

51,041

Income tax expense

6,508

55,430

Net income (loss)

$

40,597

$

(4,389

)

GAAP financial measures

Total revenue

$

795,229

$

690,166

Net commissions and fees

782,903

676,128

Compensation and benefits

495,176

430,289

General and administrative

108,761

106,060

Net income (loss)

40,597

(4,389

)

Compensation and benefits expense ratio (1)

62.3

%

62.3

%

General and administrative expense ratio (2)

13.7

%

15.4

%

Net income (loss) margin (3)

5.1

%

(0.6

%)

Earnings (loss) per share (4)

$

0.14

$

(0.22

)

Diluted earnings (loss) per share (4)

$

0.13

$

(0.22

)

Non-GAAP Financial Measures (Unaudited)

Three Months Ended
March 31,

(in thousands, except percentages and per share data)

2026

2025

Non-GAAP financial measures*

Organic revenue growth rate

11.8

%

12.9

%

Adjusted compensation and benefits expense

$

461,832

$

397,428

Adjusted compensation and benefits expense ratio

58.1

%

57.6

%

Adjusted general and administrative expense

$

101,365

$

92,237

Adjusted general and administrative expense ratio

12.7

%

13.4

%

Adjusted EBITDAC

$

232,033

$

200,501

Adjusted EBITDAC margin

29.2

%

29.1

%

Adjusted net income

$

130,728

$

107,839

Adjusted net income margin

16.4

%

15.6

%

Adjusted diluted earnings per share

$

0.47

$

0.39

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)

March 31, 2026

December 31, 2025

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

154,650

$

158,322

Commissions and fees receivable – net

565,259

488,951

Fiduciary cash and receivables

4,764,338

4,298,920

Prepaid incentives – net

15,326

13,550

Other current assets

79,255

100,437

Total current assets

$

5,578,828

$

5,060,180

NON-CURRENT ASSETS

Goodwill

3,217,450

3,225,021

Customer relationships

1,433,397

1,496,885

Other intangible assets

127,052

119,621

Prepaid incentives – net

29,718

27,849

Equity method investments

116,431

109,982

Property and equipment – net

66,138

69,461

Lease right-of-use assets

125,802

130,480

Deferred tax assets

305,565

310,138

Other non-current assets

11,257

14,554

Total non-current assets

$

5,432,810

$

5,503,991

TOTAL ASSETS

$

11,011,638

$

10,564,171

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable and accrued liabilities

$

341,742

$

284,403

Accrued compensation

257,275

519,251

Operating lease liabilities

27,189

25,987

Tax Receivable Agreement liabilities

30,047

—

Short-term debt and current portion of long-term debt

35,364

60,187

Fiduciary liabilities

4,764,338

4,298,920

Total current liabilities

$

5,455,955

$

5,188,748

NON-CURRENT LIABILITIES

Accrued compensation

81,362

70,096

Operating lease liabilities

146,200

153,089

Long-term debt

3,533,913

3,291,462

Tax Receivable Agreement liabilities

430,797

458,997

Deferred tax liabilities

47,354

49,834

Other non-current liabilities

97,003

97,894

Total non-current liabilities

$

4,336,629

$

4,121,372

TOTAL LIABILITIES

$

9,792,584

$

9,310,120

STOCKHOLDERS’ EQUITY

Class A common stock ($0.001 par value; 1,000,000,000 shares authorized, 128,867,457 and 129,603,426 shares issued and outstanding at March 31, 2026, and December 31, 2025, respectively)

129

130

Class B common stock ($0.001 par value; 984,748,069 shares authorized and 134,351,649 shares issued and outstanding at March 31, 2026; 1,000,000,000 shares authorized and 134,508,885 shares issued and outstanding at December 31, 2025)

134

135

Preferred stock ($0.001 par value; 500,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2026, and December 31, 2025)

—

—

Additional paid-in capital

506,021

513,610

Retained earnings

120,528

120,353

Accumulated other comprehensive income

9,390

13,845

Total stockholders’ equity attributable to Ryan Specialty Holdings, Inc.

$

636,202

$

648,073

Non-controlling interests

582,852

605,978

Total stockholders’ equity

$

1,219,054

$

1,254,051

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

11,011,638

$

10,564,171

Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended
March 31,

(in thousands)

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)

$

40,597

$

(4,389

)

Adjustments to reconcile net income (loss) to cash flows provided by operating activities:

Income from equity method investments

(5,531

)

(4,937

)

Amortization

65,340

64,985

Depreciation

4,062

2,639

Prepaid and deferred compensation expense

13,700

10,799

Non-cash equity-based compensation

17,351

19,873

Amortization of deferred debt issuance costs

2,422

2,374

Amortization of interest rate cap premium

—

1,739

Deferred income tax expense

3,142

2,720

Deferred income tax expense from common control reorganization

—

48,115

Changes in operating assets and liabilities, net of acquisitions:

Commissions and fees receivable – net

(77,800

)

(17,088

)

Accrued interest liability

(21,470

)

(11,801

)

Other current and non-current assets

18,524

41,130

Other current and non-current liabilities

(227,748

)

(298,984

)

Total cash flows used in operating activities

$

(167,411

)

$

(142,825

)

CASH FLOWS FROM INVESTING ACTIVITIES

Business combinations – net of cash acquired and cash held in a fiduciary capacity

—

(555,641

)

Capital expenditures

(13,265

)

(16,730

)

Asset acquisitions

—

(664

)

Total cash flows used in investing activities

$

(13,265

)

$

(573,035

)

CASH FLOWS FROM FINANCING ACTIVITIES

Borrowings on Revolving Credit Facility

524,942

574,056

Repayments on Revolving Credit Facility

(279,375

)

(150,000

)

Debt issuance costs paid

—

(1,548

)

Repayment of term debt

(4,250

)

(4,250

)

Receipt of contingently returnable consideration

3,140

1,927

Payment of contingent consideration

(17

)

(25,150

)

Tax distributions to non-controlling LLC Unitholders

(1,294

)

—

Receipt of taxes related to net share settlement of equity awards

1,714

1,569

Taxes paid related to net share settlement of equity awards

(1,496

)

(1,700

)

Class A common stock dividends and Dividend Equivalents paid

(16,795

)

(15,074

)

Distributions and Declared Distributions paid to non-controlling LLC Unitholders

(8,071

)

(6,796

)

Repurchases of Class A common stock

(40,019

)

—

Payments related to Ryan Re preferred units

—

(85

)

Net change in fiduciary liabilities

(92,194

)

(36,109

)

Total cash flows provided by financing activities

$

86,285

$

336,840

Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity

(5,191

)

10,081

NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY

$

(99,582

)

$

(368,939

)

CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance

1,584,470

1,680,805

CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance

$

1,484,888

$

1,311,866

Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity

Cash and cash equivalents

$

154,650

$

203,549

Cash and cash equivalents held in a fiduciary capacity

1,330,238

1,108,317

Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity

$

1,484,888

$

1,311,866

Reconciliation of Organic Revenue Growth Rate

Three Months Ended
March 31,

(in thousands, except percentages)

2026

2025

Current period Net commissions and fees revenue

$

782,903

$

676,128

Less: Current period contingent commissions

(42,373

)

(30,463

)

Less: Revenue attributable to sold businesses

(13

)

(146

)

Net commissions and fees revenue excluding contingent commissions

$

740,517

$

645,519

Prior period Net commissions and fees revenue

$

676,128

$

537,887

Less: Prior year contingent commissions

(30,463

)

(24,503

)

Less: Revenue attributable to sold businesses

(657

)

(539

)

Prior period Net commissions and fees revenue excluding contingent commissions

$

645,008

$

512,845

Change in Net commissions and fees revenue excluding contingent commissions

$

95,509

$

132,674

Less: Mergers and acquisitions Net commissions and fees revenue excluding contingent commissions

(15,246

)

(67,155

)

Impact of change in foreign exchange rates

(3,863

)

430

Organic revenue growth (Non-GAAP)

$

76,400

$

65,949

Net commissions and fees revenue growth rate (GAAP)

15.8

%

25.7

%

Less: Impact of contingent commissions (1)

(1.0

)

0.2

Net commissions and fees revenue excluding contingent commissions growth rate (2)

14.8

%

25.9

%

Less: Mergers and acquisitions Net commissions and fees revenue excluding contingent commissions (3)

(2.4

)

(13.1

)

Impact of change in foreign exchange rates (4)

(0.6

)

0.1

Organic Revenue Growth Rate (Non-GAAP)

11.8

%

12.9

%

(1)

Calculated by subtracting Net commissions and fees revenue growth rate from net commissions and fees revenue excluding contingent commissions growth rate and revenue from sold businesses.

(2)

Calculated by dividing the change in Total net commissions & fees revenue excluding contingent commissions by prior year net commissions and fees excluding contingent commissions and revenue from sold businesses.

(3)

Calculated by taking the mergers and acquisitions net commissions and fees revenue excluding contingent commissions, representing the first 12 months of net commissions and fees revenue generated from acquisitions, divided by prior period net commissions and fees revenue excluding contingent commissions and revenue from sold businesses.

(4)

Calculated by taking the change in foreign exchange rates divided by prior period net commissions and fees revenue excluding contingent commissions and revenue from sold businesses.

Reconciliation of Adjusted Compensation and Benefits Expense to Compensation and Benefits Expense

Three Months Ended
March 31,

(in thousands, except percentages)

2026

2025

Total revenue

$

795,229

$

690,166

Compensation and benefits expense

$

495,176

$

430,289

Acquisition-related expense

(3,411

)

(3,479

)

Acquisition related long-term incentive compensation

(9,287

)

(8,331

)

Restructuring and related expense

(2,465

)

—

Amortization and expense related to discontinued prepaid incentives

(830

)

(1,178

)

Equity-based compensation

(14,309

)

(14,569

)

Initial public offering related expense

(3,042

)

(5,304

)

Adjusted compensation and benefits expense (1)

$

461,832

$

397,428

Compensation and benefits expense ratio

62.3

%

62.3

%

Adjusted compensation and benefits expense ratio

58.1

%

57.6

%

Reconciliation of Adjusted General and Administrative Expense to General and Administrative Expense

Three Months Ended
March 31,

(in thousands, except percentages)

2026

2025

Total revenue

$

795,229

$

690,166

General and administrative expense

$

108,761

$

106,060

Acquisition-related expense

(3,990

)

(13,823

)

Restructuring and related expense

(3,406

)

—

Adjusted general and administrative expense (1)

$

101,365

$

92,237

General and administrative expense ratio

13.7

%

15.4

%

Adjusted general and administrative expense ratio

12.7

%

13.4

%

Reconciliation of Adjusted EBITDAC to Net Income

Three Months Ended
March 31,

(in thousands, except percentages)

2026

2025

Total revenue

$

795,229

$

690,166

Net income (loss)

$

40,597

$

(4,389

)

Interest expense, net

53,733

54,508

Income tax expense

6,508

55,430

Depreciation

4,062

2,639

Amortization

65,340

64,985

Change in contingent consideration (1)

27,294

(14,042

)

EBITDAC

$

197,534

$

159,131

Acquisition-related expense

7,402

17,302

Acquisition related long-term incentive compensation

9,287

8,331

Restructuring and related expense

5,871

—

Amortization and expense related to discontinued prepaid incentives

830

1,178

Other non-operating income

(711

)

(377

)

Equity-based compensation

14,309

14,569

IPO related expenses

3,042

5,304

Income from equity method investments

(5,531

)

(4,937

)

Adjusted EBITDAC

$

232,033

$

200,501

Net income (loss) margin

5.1

%

(0.6

)%

Adjusted EBITDAC margin

29.2

%

29.1

%

Reconciliation of Adjusted Net Income to Net Income

Three Months Ended
March 31,

(in thousands, except percentages)

2026

2025

Total revenue

$

795,229

$

690,166

Net income (loss)

$

40,597

$

(4,389

)

Income tax expense

6,508

55,430

Amortization

65,340

64,985

Amortization of deferred debt issuance costs (1)

2,422

2,374

Change in contingent consideration

27,294

(14,042

)

Acquisition-related expense

7,402

17,302

Acquisition related long-term incentive compensation

9,287

8,331

Restructuring and related expense

5,871

—

Amortization and expense related to discontinued prepaid incentives

830

1,178

Other non-operating income

(711

)

(377

)

Equity-based compensation

14,309

14,569

IPO related expenses

3,042

5,304

Income from equity method investments

(5,531

)

(4,937

)

Adjusted income before income taxes (2)

$

176,660

$

145,728

Adjusted income tax expense (3)

(45,932

)

(37,889

)

Adjusted net income

$

130,728

$

107,839

Net income (loss) margin

5.1

%

(0.6

)%

Adjusted net income margin

16.4

%

15.6

%

Reconciliation of Adjusted Diluted Earnings per Share to Diluted Earnings per Share

Three Months Ended
March 31,

2026

2025

Earnings (loss) per share of Class A common stock – diluted

$

0.13

$

(0.22

)

Less: Net income attributed to dilutive shares (1)

—

—

Plus: Impact of all LLC Common Units exchanged for Class A shares (2)

0.02

0.20

Plus: Adjustments to Adjusted net income (3)

0.33

0.43

Plus: Dilutive impact of unvested equity awards (4)

(0.01

)

(0.02

)

Adjusted diluted earnings per share

$

0.47

$

0.39

(Share count in ’000)

Weighted-average shares of Class A common stock outstanding – diluted

137,341

125,420

Plus: Impact of all LLC Common Units exchanged for Class A shares (2)

134,476

136,064

Plus: Dilutive impact of unvested equity awards (4)

6,824

17,783

Adjusted diluted earnings per share diluted share count

278,641

279,267

(1)

Adjustment removes the impact of Net income attributed to dilutive awards to arrive at Net income (loss) attributable to Ryan Specialty Holdings, Inc. For the three months ended March 31, 2026, this removes $0.2 million of Net income on 137.3 million Weighted-average shares of Class A common stock outstanding - diluted, respectively. See “Note 10, Earnings (Loss) Per Share” of the unaudited quarterly consolidated financial statements.

(2)

For comparability purposes, this calculation incorporates the Net income that would be distributable if all LLC Common Units (together with shares of Class B common stock) were exchanged for shares of Class A common stock. For the three months ended March 31, 2026 and 2025, this includes $23.0 million and $23.3 million of Net income, respectively, on 271.8 million and 261.5 million Weighted-average shares of Class A common stock outstanding - diluted, respectively. See “Note 10, Earnings (Loss) Per Share” of the unaudited quarterly consolidated financial statements.

(3)

Adjustments to Adjusted net income are described in the footnotes of the reconciliation of Adjusted net income to Net income (loss) in “Adjusted Net Income and Adjusted Net Income Margin” on 271.8 million and 261.5 million Weighted-average shares of Class A common stock outstanding - diluted for the three months ended March 31, 2026 and 2025, respectively.

(4)

For comparability purposes and to be consistent with the treatment of the adjustments to arrive at Adjusted net income, the dilutive effect of unvested equity awards as well as outstanding vested options and vested Class C Incentive Units is calculated using the treasury stock method as if the weighted-average unrecognized cost associated with the awards was $0 over the period, less any unvested equity awards determined to be dilutive within the Diluted EPS calculation disclosed in “Note 10, Earnings (Loss) Per Share” of the unaudited quarterly consolidated financial statements. For the three months ended March 31, 2026 and 2025, 6.8 million and 17.8 million shares were added to the calculation, respectively.

Reconciliation of Credit Adjusted EBITDAC to Net Income

(in thousands)

Twelve Months Ended

March 31, 2026

Total Revenue

$

3,156,189

Net Income

$

259,143

Interest expense, net

221,609

Income tax expense

30,105

Depreciation

14,512

Amortization

274,781

Change in contingent consideration

54,458

EBITDAC

$

854,608

Acquisition-related expense

62,201

Acquisition related long-term incentive compensation

27,537

Restructuring and related expense

5,871

Amortization and expense related to discontinued prepaid incentives

3,984

Other non-operating income

(1,026

)

Equity-based compensation

49,404

IPO related expenses

17,525

Income from equity method investments

(21,830

)

Adjusted EBITDAC (1)

$

998,274

Credit adjustments (2)

48,387

Credit Adjusted EBITDAC

$

1,046,661

More News From Ryan Specialty Holdings, Inc.

Ryan Specialty Group (RYAN - Free Report) came out with quarterly earnings of $0.47 per share, beating the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +8.67%. A quarter ago, it was expected that this insurance company would post earnings of $0.5 per share when it actually produced earnings of $0.45, delivering a surprise of -10%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Ryan Specialty, which belongs to the Zacks Insurance - Brokerage industry, posted revenues of $795.23 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 3.44%. This compares to year-ago revenues of $690.17 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Ryan Specialty shares have lost about 31.7% since the beginning of the year versus the S&P 500's gain of 4.2%.

What's Next for Ryan Specialty?While Ryan Specialty has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Ryan Specialty was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.73 on $933.98 million in revenues for the coming quarter and $2.24 on $3.36 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Brokerage is currently in the top 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Aon (AON - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 1.

This insurance brokerage is expected to post quarterly earnings of $6.33 per share in its upcoming report, which represents a year-over-year change of +11.6%. The consensus EPS estimate for the quarter has been revised 0.4% lower over the last 30 days to the current level.

Aon's revenues are expected to be $4.96 billion, up 4.9% from the year-ago quarter.

SAN DIEGO, May 04, 2026 (GLOBE NEWSWIRE) -- Johnson Fistel, PLLP is investigating potential claims on behalf of investors of Ryan Specialty Holdings, Inc. (NYSE: RYAN). The investigation focuses on Ryan Specialty’s executive officers and whether investor losses may be recovered under federal securities laws.

What if I purchased Ryan Specialty securities?
If you purchased Ryan Specialty securities and suffered losses on your investment, join our investigation now: Click here to join the investigation.

Or for more information, contact Jim Baker at [email protected] or (619) 814-4471.

There is no cost or obligation to you.

Background of the investigation
On February 12, 2026, Ryan Specialty reported its fourth quarter and full year 2025 financial results. Among other things, the Company disclosed fourth quarter organic revenue growth of 6.6%, compared to 11.0% in the prior-year period, and adjusted EBITDAC margin of 29.6%, compared to 32.6% in the prior-year period.

In addition, Ryan Specialty disclosed that it was guiding to organic revenue growth in the high single digits for 2026 and adjusted EBITDAC margin that would be flat to moderately down compared to the prior year. During the Company’s earnings call, Ryan Specialty further disclosed that the fourth quarter “marked an intensification of some of these property pricing trends” and that, particularly in large accounts, the Company saw “rate decreases of 25% to 35%, which was higher than what we were seeing earlier in the year.”

Following this disclosure, Ryan Specialty’s stock price declined sharply, damaging investors.

In light of this disclosure, Johnson Fistel is investigating whether Ryan Specialty complied with the federal securities laws. If you suffered losses from your investment in Ryan Specialty stock, contact Johnson Fistel.

About Johnson Fistel, PLLP | Securities Fraud & Investor Rights
Johnson Fistel, PLLP is a nationally recognized shareholder-rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits and also assists foreign investors who purchased shares on U.S. exchanges. To learn more, visit www.johnsonfistel.com.

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In 2024, Johnson Fistel was ranked among the Top 10 Plaintiff Law Firms by ISS Securities Class Action Services, reflecting the firm’s effectiveness in advocating for investors and recovering approximately $90,725,000 for clients in cases where it served as lead or co-lead counsel.

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Johnson Fistel, PLLP has paid for the dissemination of this promotional communication, and Frank J. Johnson is the attorney responsible for its content.

Contact
Johnson Fistel, PLLP
501 W. Broadway, Suite 800
San Diego, CA 92101
James Baker, Investor Relations – or – Frank J. Johnson, Esq.
(619) 814-4471 | [email protected] | [email protected]

NEW YORK, May 12, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Ryan Specialty Holdings, Inc. (“Ryan” or the “Company”) (NYSE: RYAN).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Ryan and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On February 12, 2026, Ryan reported its fourth quarter and full year 2025 financial results.  Among other things, the Company disclosed fourth quarter organic revenue growth of 6.6%, compared to 11.0% in the prior-year period, and adjusted EBITDAC margin of 29.6%, compared to 32.6% in the prior-year period.  In addition, Ryan disclosed that it was guiding to organic revenue growth in the high single digits for 2026 and adjusted EBITDAC margin that would be flat to moderately down compared to the prior year.  During the Company’s earnings call, Ryan further disclosed that the fourth quarter “marked an intensification of some of these property pricing trends” and that, particularly in large accounts, the Company saw “rate decreases of 25% to 35%, which was higher than what we were seeing earlier in the year.” 

On this news, Ryan’s stock price fell $5.67 per share, or 12.78%, to close at $38.71 per share on February 13, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.  

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

NEW YORK, May 19, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Ryan Specialty Holdings, Inc. (“Ryan” or the “Company”) (NYSE: RYAN). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Ryan and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On February 12, 2026, Ryan reported its fourth quarter and full year 2025 financial results.  Among other things, the Company disclosed fourth quarter organic revenue growth of 6.6%, compared to 11.0% in the prior-year period, and adjusted EBITDAC margin of 29.6%, compared to 32.6% in the prior-year period.  In addition, Ryan disclosed that it was guiding to organic revenue growth in the high single digits for 2026 and adjusted EBITDAC margin that would be flat to moderately down compared to the prior year.  During the Company’s earnings call, Ryan further disclosed that the fourth quarter “marked an intensification of some of these property pricing trends” and that, particularly in large accounts, the Company saw “rate decreases of 25% to 35%, which was higher than what we were seeing earlier in the year.” 

On this news, Ryan’s stock price fell $5.67 per share, or 12.78%, to close at $38.71 per share on February 13, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.  

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

CHICAGO--(BUSINESS WIRE)--Ryan Specialty Holdings, Inc. (NYSE: RYAN) (“Ryan Specialty”), a leading international specialty insurance services firm, today announced that its Board of Directors on May 21, 2026 increased the authorization of its existing share repurchase program for shares of the Company’s Class A common stock by $300 million.

As of May 22, 2026, the Company repurchased $260 million of Class A common stock in the second quarter, exhausting its prior authorization of $300 million. After accounting for the increased authorization, there is $300 million of authorization remaining available under the current program.

“The increased authorization of our share repurchase program reflects the Board’s ongoing confidence in our long-term strategy,” said Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty. “We remain committed to strategically investing for the long-term, organically and inorganically, while also purchasing our shares when we believe it to be the best use of our capital.”

Share repurchases may be made from time to time on the open market, in privately negotiated transactions, using Rule 10b5-1 trading plans, as accelerated share repurchases, or in any other manner that complies with the applicable securities law. The timing of purchases and number of shares repurchased under the program will depend upon a variety of factors including the Company’s stock price, trading volume, working capital or other liquidity requirements, and market conditions. The Company is not obligated to purchase any shares under the program and the program may be suspended or discontinued at any time without notice.

About Ryan Specialty

Founded in 2010, Ryan Specialty is a service provider of specialty products and solutions for insurance brokers, agents and carriers. The firm provides distribution, underwriting, product development, administration and risk management services by acting as a wholesale broker and a managing underwriter with delegated authority from insurance carriers. Ryan Specialty’s mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents and carriers. To learn more, please visit ryanspecialty.com.

Forward-Looking Statements

All statements in this release that are not historical are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties. For example, all statements the Company makes relating to its estimated and projected costs, expenditures, cash flows, growth rates and financial results, its plans, anticipated amount and timing of cost savings relating to the restructuring plan, or its plans and objectives for future operations, growth initiatives, or strategies are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and variations of such words and similar expressions are intended to identify such forward-looking statements. All forward-looking statements are subject to risks and uncertainties, known and unknown, that may cause actual results to differ materially from those that the Company expected. Specific factors that could cause such a difference include, but are not limited to, those disclosed previously in the Company’s filings with the Securities and Exchange Commission (“SEC”).

For more detail on the risk factors that may affect the Company’s results, see the section entitled “Risk Factors” in our most recent annual report on Form 10-K filed with the SEC, and in other documents filed with, or furnished to, the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Given these factors, as well as other variables that may affect the Company’s operating results, you are cautioned not to place undue reliance on these forward-looking statements, not to assume that past financial performance will be a reliable indicator of future performance, and not to use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release relate only to events as of the date hereof. The Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events, changes in assumptions, or otherwise.

Guardian Point Capital increased its stake in Ryan Specialty Holdings (RYAN +3.41%) by 75,000 shares in the first quarter, an estimated $3.20 million trade based on quarterly average pricing, according to a May 15, 2026, SEC filing.

What happenedAccording to an SEC filing dated May 15, 2026, Guardian Point Capital added 75,000 shares of Ryan Specialty Holdings (RYAN +3.41%), bringing its total position to 575,000 shares. The estimated transaction value is approximately $3.20 million based on the mean unadjusted closing price for the quarter. The quarter-end value of the stake decreased by $6.41 million, reflecting both added shares and stock price changes.

What else to knowTop holdings after the filing:NYSE: APO: $55.71 million (23.0% of AUM)NASDAQ: GOOGL: $28.69 million (11.8% of AUM)NYSEMKT: SGOL: $26.77 million (11.0% of AUM)NASDAQ: AMZN: $26.03 million (10.7% of AUM)NYSE: ONTO: $22.56 million (9.3% of AUM)As of May 14, 2026, Ryan Specialty shares were priced at $31.20, down 55% over the past year and underperforming the S&P 500, which is up 28% in the same period.Company OverviewMetricValueRevenue (TTM)$3.16 billionNet Income (TTM)$108.69 millionDividend Yield1.6%Price (as of market close 2026-05-14)$31.20Company SnapshotRyan Specialty Holdings offers specialty insurance products and solutions, including distribution, underwriting, product development, administration, and risk management services.The firm operates as a wholesale broker and managing underwriter.It serves insurance brokers, agents, and carriers seeking specialized insurance solutions and risk management expertise.Ryan Specialty Holdings, Inc. provides specialty insurance products and services, with a focus on delivering tailored solutions to the insurance distribution market.

What this transaction means for investorsGuardian Point Capital seems to lean toward high-quality compounders and alternative asset managers, with top positions including Apollo, Alphabet, Amazon, and gold ETF SGOL.

That’s interesting given that despite the stock's rough 12 months, Ryan Specialty delivered a strong first quarter. Revenue climbed 15.2% year over year to $795.2 million, while organic revenue growth reached 11.8%. Adjusted EBITDAC increased 15.7% to $232 million, and adjusted earnings per share rose 20.5% to $0.47. The company also swung to a $40.6 million profit from a loss a year earlier.

Management acknowledged a tougher insurance market but sounded confident about continuing to gain share. Founder Patrick Ryan pointed to the firm's "diversified enterprise," while CEO Tim Turner highlighted ongoing investments in technology, AI, and data capabilities designed to strengthen its competitive position.

So far, double-digit organic growth suggests Ryan Specialty can keep winning business even as industry conditions become more challenging, and Guard Point's purchase signals it sees the recent stock weakness as an opportunity rather than a warning sign.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Amazon. The Motley Fool has a disclosure policy.

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Performance Assessment (assessment) of PA-1 (Exceptional) to Ryan Specialty (Singapore) Pte. Limited (Singapore). The outlook assigned to the assessment is stable. Concurrently, AM Best has affirmed the assessment of PA-1 (Exceptional) of the eight existing affiliates of Ryan Specialty Underwriting Managers (RSUM) (Chicago, IL). The outlook of the assessment is stable.

The assessment reflects RSUM’s exceptional underwriting capabilities, exceptional governance and internal controls, excellent financial condition, exceptional organizational talent and exceptional depth and breadth of relationships.

In AM Best’s view, the nine affiliated companies, which include 40 managing general underwriters (MGUs), operate within a unified governance and systems framework and are considered strategically and financially integral to RSUM’s ability to deliver specialty insurance products in the United States and internationally.

AM Best considers RSUM’s underwriting performance to be exceptional. The delegated underwriting authority enterprise (DUAE) entities within RSUM operate one of the largest underwriting platforms in the specialty insurance market, underwriting more than 300 specialized insurance products across a broad spectrum of risk classes and geographies. Niche expertise within the MGUs is supported by centralized underwriting, actuarial and catastrophe modeling teams, enabling RSUM to effectively serve complex and underserved market segments at scale. The organization benefits from robust capital access, an extensive broker network and no channel conflict with retail brokers. RSUM’s ongoing investment in technology, data analytics and infrastructure further enhances operational efficiency and underwriting effectiveness.

RSUM’s exceptional governance and internal controls promote underwriting discipline, transparency, regulatory and contractual compliance and sustained profitability. The organization aligns incentives based on profitable underwriting performance through contingent commissions and performance-based compensation. Through Geneva Re, a strategic joint venture with Nationwide Mutual Insurance Company, Ryan Specialty Holdings, Inc. (Ryan Specialty) [NYSE: RYAN], the ultimate parent of RSUM, co-invested in reinsuring the risks its MGUs underwrite to establish ongoing strategic risk participation in its underwriting results, enhancing carrier alignment and bolstering the long-term sustainability of its programs. In 2025, Ryan Specialty further strengthened its interest alignment through its investment in Velocity Specialty Insurance Company and the launch of a collateralized reinsurance vehicle, Ryan Alternative Capital Re. RSUM continues to execute a disciplined mergers and acquisition strategy and rigorously evaluates potential acquisition targets that are a cultural fit, strategic and accretive. Utilizing a standardized integration framework, RSUM effectively integrates acquired entities into its established governance, corporate oversight, compliance and operational structures.

RSUM’s excellent financial condition is supported by a balanced growth strategy with consistently strong profitability underpinned by robust organic growth and the integration of strategic acquisitions that enhance scale, capabilities, product offerings and geographic reach. In 2025, RSUM recorded another year of strong growth in terms of gross premiums and revenue. Ryan Specialty is publicly traded, which enhances access to capital and ensures greater scrutiny through market and regulatory oversight. Ryan Specialty strategically utilizes external debt along with cash from operations to fund its acquisition-led expansion, while maintaining leverage ratios within target ranges and generating strong operating cash flows that support its debt servicing obligations and ongoing investment in growth initiatives. Ryan Specialty has established a strong track record of acquisition execution and integration, as evidenced by the organization’s successful incorporation of more than 60 acquisitions since its inception.

RSUM’s exceptional organizational talent is supported by a seasoned senior leadership team with extensive industry knowledge and specialized underwriting talent embedded across individual MGUs. The organization offers employee equity opportunities and training and development programs designed to foster long-term talent retention across all levels. Strategic acquisitions have been instrumental in strengthening RSUM’s human capital, substantially expanding the organization’s talent pool and expertise across specialized product lines and geographic markets. Merger and acquisition execution and integration are deeply ingrained in RSUM’s culture, supported by an executive team and board with significant experience in overseeing value-accretive transactions.

RSUM’s exceptional relationship network positions the organization as a valued underwriting trading partner. RSUM leverages a broad network of more than 35,000 wholesale and retail broker companies, supporting high-volume deal flow across markets. RSUM’s diverse mix of specialty products effectively meets a wide range of broker and client needs, as the organization expands its footprint domestically and internationally. RSUM maintains long-term relationships with its top capacity providers, ensuring sustained underwriting capacity, program continuity and market stability.

The assessment of PA-1 (Exceptional) has been affirmed with a stable outlook for the following affiliates of RSUM:

RSG Underwriting Managers, LLC RSG Specialty, LLC Ryan Re Underwriting Managers, LLC Freberg Environmental, LLC US Assure Insurance Services of Florida, LLC Ryan Specialty Europe GmbH Velocity Risk Underwriters Ryan Specialty Underwriting Managers International Limited AM Best has withdrawn the assessment of PA-1 (Exceptional) of the following affiliates of RSUM:

Ryan Specialty International Limited Ryan Specialty Netherlands B.V. Ryan Specialty Nordics AB As part of a legal entity restructuring, the international entity organizational structure was consolidated in 2025. Ryan Specialty Netherlands B.V. and Ryan Specialty Nordics AB were converted into branches of Ryan Specialty Europe GmbH, while Ryan Specialty International Limited will be dissolved in due course as its underlying business was transferred to the main U.K. entity, Ryan Specialty Underwriting Managers International Limited. At the time of the withdrawal, these assessments had a stable outlook. AM Best’s policy is for a final assessment opinion in conjunction with a withdrawal. However, as these entities will no longer be legal entities, a final assessment could not be produced.

This press release relates to Preliminary Credit Assessments that have been published on AM Best’s website. For all assessment information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual assessments referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating and Assessment opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Ryan Specialty Holdings, Inc. (“Ryan” or “the Company”) (NYSE: RYAN) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Ryan reported its Q4 and full year 2025 financial results on February 12, 2026. The Company’s organic revenue growth was sharply lower than in the prior-year period, and EBITDAC margin also fell. The Company said that the fourth quarter "marked an intensification of some of these property pricing trends" and that the Company saw "rate decreases of 25% to 35%, which was higher than what we were seeing earlier in the year." Based on this news, shares of Ryan fell by almost 12.8% on the next day.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

RYAN Investors Have Opportunity to Join Ryan Specialty Holdings, Inc. Fraud Investigation with the Schall Law Firm PR Newswire

LOS ANGELES, June 8, 2026

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Ryan Specialty Holdings, Inc. ("Ryan" or "the Company") (NYSE: RYAN) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Ryan reported its Q4 and full year 2025 financial results on February 12, 2026. The Company's organic revenue growth was sharply lower than in the prior-year period, and EBITDAC margin also fell. The Company said that the fourth quarter "marked an intensification of some of these property pricing trends" and that the Company saw "rate decreases of 25% to 35%, which was higher than what we were seeing earlier in the year." Based on this news, shares of Ryan fell by almost 12.8% on the next day.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

The Schall Law Firm
Brian Schall, Esq.
310-301-3335
[email protected]

www.schallfirm.com

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SOURCE The Schall Law Firm