RYAN SPECIALTY HOLDINGS, INC.

RYAN 10-K · FY 2025
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RYAN FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 2,994,582 2,455,671 +21.9%
Show Product Lines breakouts
Binding Authority 370,155 320,379 +15.5%
Underwriting Management 1,024,000 646,215 +58.5%
Wholesale Brokerage 1,600,427 1,489,077 +7.5%
Show Business Segments breakouts
Operating And Reporting Segment 2,994,582 2,455,671 +21.9%
Show Related Party Transaction breakouts
Claims Management Agreement with Velocity Specialty Insurance Company · Related Party 0.3 — —
Ryan Re Services Agreements · Related Party 1.6 1.5 +6.7%
Investment Income Net 56,544 60,039 -5.8%
Show Business Segments breakouts
Operating And Reporting Segment 56,544 60,039 -5.8%
Revenue 3,051,126 2,515,710 +21.3%
Show Business Segments breakouts
Operating And Reporting Segment 3,051,126 2,515,710 +21.3%
Show Geography breakouts
Non Us 186,884 123,730 +51.0%
US 2,864,242 2,391,980 +19.7%
Compensation Expense Excluding Cost Of Good And Service Sold 1,803,397 1,591,077 +13.3%
General & Administrative 453,452 352,050 +28.8%
Show Business Segments breakouts
Operating And Reporting Segment 392,384 277,813 +41.2%
Adjustment For Amortization 274,426 157,845 +73.9%
Depreciation 13,089 9,785 +33.8%
Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1 13,122 -22,859 +157.4%
Show Business Segments breakouts
Operating And Reporting Segment 13,122 -22,859 +157.4%
Operating Expenses 2,557,486 2,087,898 +22.5%
Operating Income 493,640 427,812 +15.4%
Interest Income Expense Nonoperating Net 222,384 158,448 +40.4%
Income Loss From Equity Method Investments -21,236 -18,231 -16.5%
Show Business Segments breakouts
Operating And Reporting Segment -21,236 -18,231 -16.5%
Other Non-Operating Income (Expense) -692 15,041 -104.6%
Show Business Segments breakouts
Operating And Reporting Segment -692 15,041 -104.6%
Income Before Taxes 293,184 272,554 +7.6%
Income Tax Expense (Benefit) 79,027 42,641 +85.3%
Show Business Segments breakouts
Operating And Reporting Segment 79,027 42,641 +85.3%
Net Income 214,157 229,913 -6.9%
Show Equity Components breakouts
Noncontrolling Interest 150,758 135,248 +11.5%
Retained Earnings 63,399 94,665 -33.0%
Net Income Loss Attributable To Noncontrolling Interest 150,758 135,248 +11.5%
Net Income 63,399 94,665 -33.0%
Show Statement Class Of Stock breakouts
Common Class A 63,399 94,665 -33.0%
EPS (Basic) (FY) — — —
Show Statement Class Of Stock breakouts
Common Class A 0.5 0.78 -35.9%
EPS (Diluted) (FY) — — —
Show Statement Class Of Stock breakouts
Common Class A 0.47 0.71 -33.8%
Wtd Avg Shares (Basic) (FY) — — —
Show Statement Class Of Stock breakouts
Common Class A 127,266,889 120,781,234 +5.4%
Wtd Avg Shares (Diluted) (FY) — — —
Show Statement Class Of Stock breakouts
Common Class A 138,246,414 132,891,487 +4.0%
Interest Expense (FY) — — —
Show Business Segments breakouts
Operating And Reporting Segment 230,033 179,957 +27.8%
Comprehensive Income 79,040 89,793 -12.0%
Other Comprehensive Income 15,641 -4,872 +421.0%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax 3,879 5,613 -30.9%
Net Income Loss Available To Common Stockholders Basic 63,399 94,665 -33.0%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash Equivalents At Carrying Value 158,322 540,203 -70.7%
Receivables Net Current 488,951 389,758 +25.4%
Fiduciary Cash And Receivables 4,298,920 3,739,727 +15.0%
Prepaid Expense Current 13,550 9,219 +47.0%
Other Assets Current 100,437 109,951 -8.7%
Show Consolidated Entities breakouts
Parent Company 18.3 15.4 +18.8%
Total Current Assets 5,060,180 4,788,858 +5.7%
Non-Current Assets
Goodwill 3,225,021 2,646,676 +21.9%
Show Business Acquisition breakouts
2025 Acquisitions 536,570 — —
Finite Lived Customer Relationships Net 1,496,885 1,392,048 +7.5%
Intangible Assets Net Excluding Goodwill 119,621 83,674 +43.0%
Prepaid Expense Noncurrent 27,849 17,442 +59.7%
Equity Method Investments 109,982 70,877 +55.2%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Ryan Investment Holdings L L C · Related Party 92.7 70.9 +30.7%
Velocity Specialty Insurance Company 17.3 — —
Property, Plant & Equipment 69,461 50,209 +38.3%
Operating Lease Right-of-Use Assets 130,480 133,256 -2.1%
Deferred Tax Assets 310,138 448,289 -30.8%
Show Consolidated Entities breakouts
Parent Company 309.1 448.1 -31.0%
Other Non-Current Assets 14,554 18,589 -21.7%
Assets Noncurrent 5,503,991 4,861,060 +13.2%
Total Assets 10,564,171 9,649,918 +9.5%
Intangible Assets 1,616,506 1,475,722 +9.5%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 1,496,885 1,392,048 +7.5%
Other Intangible Assets 7,173 7,337 -2.2%
Software Development 112,448 76,337 +47.3%
Current Liabilities
Accounts Payable And Accrued Liabilities Current 284,403 249,200 +14.1%
Accrued Compensation Current 519,251 486,322 +6.8%
Operating Lease Liability Current 25,987 22,107 +17.6%
Debt Current 60,187 51,732 +16.3%
Fiduciary Liabilities 4,298,920 3,739,727 +15.0%
Total Current Liabilities 5,188,748 4,549,088 +14.1%
Non-Current Liabilities
Accrued Compensation Non Current 70,096 49,362 +42.0%
Operating Lease Liabilities 153,089 159,231 -3.9%
Long-Term Debt 3,291,462 3,231,128 +1.9%
Tax Receivable Agreement Liabilities Noncurrent 458,997 436,296 +5.2%
Deferred Tax Liabilities 49,834 39,922 +24.8%
Other Non-Current Liabilities 97,894 86,606 +13.0%
Show Consolidated Entities breakouts
Parent Company 4.3 2.9 +48.3%
Liabilities Noncurrent 4,121,372 4,002,545 +3.0%
Total Liabilities 9,310,120 8,551,633 +8.9%
Long-Term Debt 3,346,276 — —
Show Debt Instrument breakouts
8-year senior secured notes, semi-annual interest payments, 4.38%, mature February 1, 2030 · Senior Notes 402,677 401,676 +0.2%
8-year senior secured notes, semi-annual interest payments, 5.88%, mature August 1, 2032 · Senior Notes 1,209,908 1,198,183 +1.0%
Credit Agreement · Revolving Credit Facility 74,062 1,207 +6036.0%
Credit Agreement · Secured Debt 1,659,629 1,672,532 -0.8%
Other Liabilities
Minority Interest 605,978 470,623 +28.8%
Stockholders' Equity
Common Stock (Q) — — —
Show Statement Class Of Stock breakouts
Common Class A 130 125 +4.0%
Common Class B 135 136 -0.7%
Additional Paid-In Capital 513,610 506,258 +1.5%
Retained Earnings 120,353 122,939 -2.1%
Accumulated Other Comprehensive Income 13,845 -1,796 +870.9%
Total Stockholders' Equity 648,073 627,662 +3.3%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 1,254,051 1,098,285 +14.2%
Show Equity Components breakouts
Accumulated Foreign Currency Adjustment Attributable To Noncontrolling Interest 24,341 -4,922 +594.5%
Accumulated Gain Loss Net Cash Flow Hedge Noncontrolling Interest -5,026 -4,358 -15.3%
Accumulated Other Comprehensive Income 13,845 -1,796 +870.9%
Accumulated Translation Adjustment 13,778 -3,010 +557.7%
Additional Paid In Capital 513,610 506,258 +1.5%
Aoci Attributable To Noncontrolling Interest 19,691 -5,954 +430.7%
Aoci Equity Method Investment Noncontrolling Interest 376 3,326 -88.7%
Aoci Equity Method Investment Parent 67 -221 +130.3%
Common Stock · Common Class A 130 125 +4.0%
Common Stock · Common Class B 135 136 -0.7%
Noncontrolling Interest 605,978 470,623 +28.8%
Retained Earnings 120,353 122,939 -2.1%
Total Liabilities & Equity 10,564,171 9,649,918 +9.5%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Other Amortization Of Deferred Charges 274,426 157,845 +73.9%
Prepaid And Deferred Compensation Expense 38,779 30,834 +25.8%
Stock-Based Compensation 69,451 78,995 -12.1%
Amortization of Financing Costs 9,567 23,930 -60.0%
Amortization Of Interest Rate Cap Premium 6,955 6,955 0.0%
Deferred Income Taxes 26,047 16,798 +55.1%
Other Noncash Income Tax Expense 48,597 9,519 +410.5%
Show Business Acquisition breakouts
Velocity 48.9 — —
Show Income Tax Authority breakouts
Domestic Country 39.3 7.1 +453.5%
State And Local Jurisdiction 9.3 2.4 +287.5%
Gain Loss On Tax Receivable Agreement 1,112 -2,099 +153.0%
Increase Decrease In Receivables -57,559 -22,007 -161.5%
Increase Decrease In Interest Payable Net 9,362 20,337 -54.0%
Increase Decrease In Other Operating Assets 1,255 -20,668 +106.1%
Increase Decrease In Other Operating Liabilities 9,665 -7,038 +237.3%
Net Cash from Operations 643,667 514,868 +25.0%
Depreciation & Amortization (FY) — — —
Show Business Segments breakouts
Operating And Reporting Segment 287,515 167,630 +71.5%
Investing Activities
Payments To Acquire Businesses Net Of Cash Acquired -746,485 -1,708,737 +56.3%
Payments For Capital Improvements -67,953 -47,001 -44.6%
Payments To Acquire Equity Method Investments -16,561 — —
Payments To Acquire Productive Assets -3,014 — —
Net Cash from Investing -834,013 -1,755,738 +52.5%
Financing Activities
Proceeds From Long Term Lines Of Credit 1,333,328 1,250,000 +6.7%
Show Debt Instrument breakouts
Credit Agreement · Revolving Credit Facility 73.2 — —
Repayments Of Long Term Lines Of Credit -1,261,928 -1,250,000 -1.0%
Debt Issuance Costs -2,889 -25,536 +88.7%
Repayments Of Other Long Term Debt -17,000 -8,250 -106.1%
Proceeds From Contingently Returnable Consideration 1,927 — —
Payment For Contingent Consideration Liability Financing Activities -29,252 — —
Tax Distributions To Non Controlling L L C Unitholders -64,126 -82,702 +22.5%
Receipt Of Taxes Related To Net Share Settlement Of Equity Awards 35,900 27,930 +28.5%
Tax Withholding for Share Compensation -37,045 -27,460 -34.9%
Payment Of Tax Receivable Agreement Liabilities -25,169 -21,578 -16.6%
Payments Of Dividends Common Stock -62,339 -80,236 +22.3%
Payments To Noncontrolling Interests Including Declared Distributions -27,174 -22,209 -22.4%
Payments For Distribution Accrued Return And Return Of Capital -3,733 -2,130 -75.3%
Show Schedule Of Shares Subject To Mandatory Redemption By Settlement Terms breakouts
Mandatorily Redeemable Preferred Stock -3.7 — —
Net Change In Fiduciary Liabilities 237,616 114,003 +108.4%
Net Cash from Financing 78,116 1,166,857 -93.3%
Supplemental
Cash & Cash Equivalents 158,322 540,203 -70.7%
Show Consolidated Entities breakouts
Parent Company 22.5 27.2 -17.3%
Funds Held For Clients 1,426,148 1,140,602 +25.0%
Income Taxes Paid 14,344 27,331 -47.5%
Interest Paid 196,041 136,953 +43.1%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 15,895 -1,514 +1149.9%
Net Change in Cash -96,335 -75,527 -27.6%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,584,470 1,680,805 -5.7%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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