Jun 2026 (Q2 FY26) — Jul 30, 2026
Ryan Specialty Holdings, Inc. Q2 FY26 — Strong Performance Amidst Challenging Market Conditions
Read the full callRyan Specialty Holdings (RYAN) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Ryan Specialty Holdings earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 917 | +7.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 19.7 | −2.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 42.3 | −18.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
10 of 12 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 adjusted EBITDAC margin | low 30s (percent) | Mar 2026 | Adjusted EBITDAC margin was 35.7%, compared to 36.1% in the prior year period. | Achieved |
| Full-year adjusted EBITDAC margin | flat to moderately down vs. prior year | Dec 2025 | we are now guiding to a full year adjusted EBITDAC margins that will be down approximately 50 basis points to 100 basis points year-over-year. | Revised Up |
| Full-year adjusted effective tax rate | similar to 26% | Dec 2025 | Our adjusted effective tax rate was approximately 26%, and we expect a similar rate for the remainder of 2026. | On Track |
2 of RYAN SPECIALTY HOLDINGS, INC.'s 23 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 20 more targets are in the full ledger.
Claimed
- Total revenue grew 7.2% to $917 million.
- Organic revenue growth of 6.7% in Q2 FY26.
- Adjusted EBITDAC grew 6% to $327 million.
- Adjusted earnings per share grew 12.1% to $0.74.
- Repurchased 8.1 million shares for $260 million, with an additional $300 million authorization.
- Wholesale brokerage property book declined only modestly, better than expectations, notably in June.
- Casualty had a very strong quarter, driven by construction and data center activity.
- Underwriting management delivered excellent performance across transactional liability, transportation, international specialty, casualty, and reinsurance.
- Transactional liability delivered exceptional results, topping expectations, supported by a more constructive global M&A environment.
Qualified
- Adjusted EBITDAC margin declined 40 basis points to 35.7%.
- Property pricing in many CAT-exposed and large accounts declined materially (as much as 25% to 35%).
- Casualty competition picking up in certain pockets beyond small commercial and middle markets.
- Continued headwinds in builder's risk businesses.
- Binding authority specialty saw heightened competition and softer growth, with new facilities competing aggressively.
- Full-year adjusted EBITDAC margins now guided to be down approximately 50 to 100 basis points year-over-year.
Price
$40.77 +0.05% · +$0.02
Performance −22.9% 1Y
1Y: $52.88 on 17 Oct 2025 → $40.77. High $58.38 (1 Dec 2025), low $29.39 (6 May 2026).
- Previous close
- $40.75
- 52-week range
- $29.39 – $58.38
- One year
- −22.39%
Overview
- Symbol
- RYAN
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
10 of 12 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 adjusted EBITDAC margin | low 30s (percent) | Mar 2026 | Adjusted EBITDAC margin was 35.7%, compared to 36.1% in the prior year period. | Achieved |
| Full-year adjusted EBITDAC margin | flat to moderately down vs. prior year | Dec 2025 | we are now guiding to a full year adjusted EBITDAC margins that will be down approximately 50 basis points to 100 basis points year-over-year. | Revised Up |
| Full-year adjusted effective tax rate | similar to 26% | Dec 2025 | Our adjusted effective tax rate was approximately 26%, and we expect a similar rate for the remainder of 2026. | On Track |
Claimed
- Total revenue grew 7.2% to $917 million.
- Organic revenue growth of 6.7% in Q2 FY26.
- Adjusted EBITDAC grew 6% to $327 million.
- Adjusted earnings per share grew 12.1% to $0.74.
- Repurchased 8.1 million shares for $260 million, with an additional $300 million authorization.
- Wholesale brokerage property book declined only modestly, better than expectations, notably in June.
- Casualty had a very strong quarter, driven by construction and data center activity.
- Underwriting management delivered excellent performance across transactional liability, transportation, international specialty, casualty, and reinsurance.
- Transactional liability delivered exceptional results, topping expectations, supported by a more constructive global M&A environment.
Qualified
- Adjusted EBITDAC margin declined 40 basis points to 35.7%.
- Property pricing in many CAT-exposed and large accounts declined materially (as much as 25% to 35%).
- Casualty competition picking up in certain pockets beyond small commercial and middle markets.
- Continued headwinds in builder's risk businesses.
- Binding authority specialty saw heightened competition and softer growth, with new facilities competing aggressively.
- Full-year adjusted EBITDAC margins now guided to be down approximately 50 to 100 basis points year-over-year.
The full ledger
Open RYAN SPECIALTY HOLDINGS, INC.’s full ledger
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Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Ryan Specialty Q1 FY26 — Strong Start Amidst Volatile Market, AI Investments, and Strategic Diversification
Read the full callEvery analysed call
Ryan Specialty Holdings earnings calls (RYAN)
Financials
What the filings say
Net profit, year on year: −19% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 605 | 664 | 690 | 855 | 755 | 751 | 795 | 917 |
| Operating profit | 81 | 109 | 100 | 191 | 111 | 92 | 95 | 180 |
| Operating margin | 13.5% | 16.5% | 14.5% | 22.3% | 14.7% | 12.2% | 11.9% | 19.7% |
| Profit before tax | 20 | 69 | 51 | 138 | 60 | 45 | 47 | 131 |
| Tax rate | −45.5% | 38.4% | 108.6% | 9.5% | −4.7% | 30.0% | 13.8% | 17.1% |
| Net profit | 18 | 14 | -28 | 52 | 31 | 8 | 18 | 42 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Reserves | — | -346 | -7 | 54 | 114 | 123 | 120 |
| Total liabilities | — | 4,219 | 4,864 | 5,566 | 6,268 | 8,552 | 9,310 |
| Fixed assets | — | 17 | 15 | 31 | 42 | 50 | 69 |
| Total assets | — | 4,529 | 5,459 | 6,384 | 7,247 | 9,650 | 10,564 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | 150 | 135 | 273 | 336 | 477 | 515 | 644 |
| Cash from investing | -148 | -769 | -458 | -22 | -476 | -1,756 | -834 |
| Cash from financing | 62 | 1,125 | 429 | 315 | -13 | 1,167 | 78 |
| Net cash flow | 64 | 494 | 244 | 628 | -11 | -76 | -96 |
| Capital expenditure | -8 | -18 | -353 | -23 | -30 | -47 | -71 |
| Free cash flow | 141 | 118 | -79 | 313 | 447 | 468 | 573 |
RYAN revenue by segment
| Segment | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|
| Reporting | 100% | 100% | 100% | 100% | 100% | 100% | +7.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 93% ↓ 1 pt
- Non Us 7% ↑ 1 pt
As RYAN cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
38 filings between Dec 5, 2025 and Sep 8, 2026.
Open market
decisions to buy or sellPurchases
$5.60M
9 purchases by 6 insiders
Sales
$234.59M
4 sales by 4 insiders
Compensation
not trading decisions- 10
- Award — granted as compensation
- 3
- Option exercise — converted options into shares
- 2
- Tax withheld — shares kept back by the company to cover tax
Also filed: 6 gifts, 2 conversions, 2 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| ONEX CORP | — | $225.94M | Dec 5, 2025 |
| TURNER TIMOTHY WILLIAM | — | $6.95M | Dec 12, 2025 |
| RYAN PATRICK G | $3.90M | — | Jun 5, 2026 |
| MULSHINE BRENDAN MARTIN | — | $1.62M | Sep 8, 2026 |
| RYAN PATRICK G JR | $1.03M | — | Feb 23, 2026 |
| ROGERS JOHN W JR | $263.7K | — | Jun 10, 2026 |
| Hamilton Janice M | $200.3K | — | Jun 3, 2026 |
| Kuczinski Anthony J | $105.0K | — | Jun 12, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 8, 2026 | MULSHINE BRENDAN MARTIN Co-President and CRO | Sale | 40,000 | $1.62M |
| Sep 4, 2026 | MULSHINE BRENDAN MARTIN Co-President and CRO | Conversion | 40,000 | $0 |
| Sep 4, 2026 | MULSHINE BRENDAN MARTIN Co-President and CRO | Conversion | 40,000 | $0 |
| Aug 14, 2026 | CORTEZI NICHOLAS DOMINIC Director | Other | 1,841,019 | $0 |
| Aug 14, 2026 | CORTEZI NICHOLAS DOMINIC Director | Other | 313,116 | $0 |
| Aug 13, 2026 | Conklin Michael EVP & CHRO | Sale | 2,043 | $86.3K |
| Aug 10, 2026 | Bienen Henry S Director | Gift | 3,000 | $0 |
| Jul 22, 2026 | Hamilton Janice M Chief Financial Officer | Option exercise | 5,821 | — |
| Jul 22, 2026 | Hamilton Janice M Chief Financial Officer | Tax withheld | 1,706 | $69.8K |
| Jun 12, 2026 | Kuczinski Anthony J Director | Purchase | 500 | $17.9K |
| Jun 11, 2026 | Kuczinski Anthony J Director | Purchase | 2,500 | $87.1K |
| Jun 10, 2026 | ROGERS JOHN W JR Director | Purchase | 7,500 | $263.7K |
| Jun 5, 2026 | RYAN PATRICK G Executive Chairman | Purchase | 120,000 | $3.90M |
| Jun 3, 2026 | KATZ MARK STEPHEN EVP & General Counsel | Purchase | 3,215 | $99.9K |
| Jun 3, 2026 | Hamilton Janice M Chief Financial Officer | Purchase | 6,300 | $200.3K |
| May 29, 2026 | Bienen Henry S Director | Gift | 2,700 | $0 |
| May 28, 2026 | Bienen Henry S Director | Gift | 5,757 | $0 |
| May 28, 2026 | Bienen Henry S Director | Gift | 5,757 | $0 |
| Apr 28, 2026 | Kuczinski Anthony J Director | Award | 5,757 | $0 |
| Apr 28, 2026 | CORTEZI NICHOLAS DOMINIC Director | Award | 5,757 | $0 |
| Apr 28, 2026 | ROGERS JOHN W JR Director | Award | 5,757 | $0 |
| Apr 28, 2026 | Cornelli Francesca Director | Award | 5,757 | $0 |
| Apr 28, 2026 | Bienen Henry S Director | Award | 5,757 | $0 |
| Apr 28, 2026 | BUNGERT MICHAEL G Director | Award | 4,615 | $0 |
| Apr 28, 2026 | BOLGER DAVID P Director | Award | 5,757 | $0 |
| Apr 28, 2026 | RYAN PATRICK G JR Director | Award | 5,757 | $0 |
| Apr 28, 2026 | OHALLERAN MICHAEL D Director | Award | 5,757 | $0 |
| Apr 28, 2026 | COLLINS MICHELLE L Director | Award | 5,757 | $0 |
| Apr 1, 2026 | Conklin Michael EVP & CHRO | Option exercise | 7,637 | — |
| Apr 1, 2026 | Conklin Michael EVP & CHRO | Tax withheld | 2,176 | $73.4K |
| Feb 23, 2026 | RYAN PATRICK G JR Director | Purchase | 1,500 | $60.3K |
| Feb 23, 2026 | RYAN PATRICK G JR Director | Purchase | 24,000 | $958.6K |
| Feb 20, 2026 | RYAN PATRICK G JR Director | Purchase | 365 | $15.1K |
| Dec 12, 2025 | TURNER TIMOTHY WILLIAM Chief Executive Officer | Sale | 129,570 | $6.95M |
| Dec 11, 2025 | TURNER TIMOTHY WILLIAM Chief Executive Officer | Option exercise | 129,964 | — |
| Dec 10, 2025 | RYAN PATRICK G Executive Chairman | Gift | 2,100 | $0 |
| Dec 10, 2025 | RYAN PATRICK G JR Director | Gift | 2,100 | $0 |
| Dec 5, 2025 | ONEX CORP Director | Sale | 4,145,621 | $225.94M |
| Sep 12, 2025 | RYAN PATRICK G Executive Chairman | Purchase | 276,634 | $14.34M |
| Sep 2, 2025 | RYAN PATRICK G JR Director | Purchase | 100 | $5.6K |
| Aug 26, 2025 | RYAN PATRICK G JR Director | Code L | 5 | $299 |
| Jul 22, 2025 | Hamilton Janice M Chief Financial Officer | Tax withheld | 2,312 | $150.9K |
| Jul 22, 2025 | Hamilton Janice M Chief Financial Officer | Option exercise | 5,821 | — |
| Jun 13, 2025 | KATZ MARK STEPHEN EVP & General Counsel | Option exercise 10b5-1 plan | 14,377 | — |
| Jun 13, 2025 | KATZ MARK STEPHEN EVP & General Counsel | Sale 10b5-1 plan | 14,377 | $946.6K |
| Jun 13, 2025 | Bienen Henry S Director | Gift | 900 | $0 |
| Jun 12, 2025 | Bienen Henry S Director | Gift | 1,161 | $0 |
| Jun 12, 2025 | Bienen Henry S Director | Gift | 1,162 | $0 |
| Jun 12, 2025 | Bienen Henry S Director | Gift | 2,323 | $0 |
| Jun 3, 2025 | BOLGER DAVID P Director | Gift | 5,000 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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