--- title: "Ryan Specialty | 10-Q: FY2026 Q1 Revenue: USD 795.23 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/284955062.md" datetime: "2026-05-02T04:04:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284955062.md) - [en](https://longbridge.com/en/news/284955062.md) - [zh-HK](https://longbridge.com/zh-HK/news/284955062.md) --- # Ryan Specialty | 10-Q: FY2026 Q1 Revenue: USD 795.23 M Revenue: As of FY2026 Q1, the actual value is USD 795.23 M. EPS: As of FY2026 Q1, the actual value is USD 0.13. EBIT: As of FY2026 Q1, the actual value is USD 148.33 M. ### Segment Revenue Ryan Specialty Holdings, Inc. operates as a single operating and reporting segment but disaggregates revenue by Specialty for the three months ended March 31, 2026, and 2025. - #### Wholesale Brokerage Net commissions and fees for Wholesale Brokerage increased to $377,796 thousand in 2026 from $360,788 thousand in 2025, representing a 4.7% increase, primarily due to organic growth and contributions from the JM Wilson acquisition. - #### Binding Authority Net commissions and fees for Binding Authority increased to $110,000 thousand in 2026 from $101,950 thousand in 2025, a 7.9% increase, mainly driven by organic growth, increased contingent commissions, and contributions from the JM Wilson acquisition. - #### Underwriting Management Net commissions and fees for Underwriting Management grew to $295,107 thousand in 2026 from $213,390 thousand in 2025, a 38.3% increase, attributable to strong organic growth, recent acquisitions, and higher contingent commissions. - #### Total Net Commissions and Fees Total Net commissions and fees increased by $106,775 thousand, or 15.8%, from $676,128 thousand in 2025 to $782,903 thousand in 2026. ### Operational Metrics (Three Months Ended March 31) - #### Total Revenue Total Revenue increased by $105,063 thousand (15.2%) from $690,166 thousand in 2025 to $795,229 thousand in 2026, driven by 11.0% organic revenue growth in Net commissions and fees, 2.3% from contingent commissions and foreign exchange rates, and 2.1% from acquisitions, partially offset by a - $1,712 thousand decrease in fiduciary investment income due to lower interest rates. - #### Net Income (Loss) Net Income improved significantly from a loss of - $4,389 thousand in 2025 to an income of $40,597 thousand in 2026. - #### Operating Income Operating Income decreased by - $5,639 thousand (-5.6%) from $100,235 thousand in 2025 to $94,596 thousand in 2026. - #### Compensation and Benefits Compensation and Benefits increased by $64,887 thousand (15.1%) from $430,289 thousand in 2025 to $495,176 thousand in 2026, mainly due to the addition of 588 employees, business growth, and a $2,500 thousand increase in restructuring expenses, with the expense ratio remaining consistent at 62.3% in both periods. - #### General and Administrative Expense General and Administrative Expense increased by $2,701 thousand (2.5%) from $106,060 thousand in 2025 to $108,761 thousand in 2026, primarily due to an $8,000 thousand increase in IT charges and $3,400 thousand in restructuring expenses, partially offset by a - $9,800 thousand decline in acquisition-related expenses, while the expense ratio decreased from 15.4% to 13.7%. - #### Amortization Amortization increased slightly by $355 thousand (0.5%) from $64,985 thousand in 2025 to $65,340 thousand in 2026, mainly due to amortization of intangible assets from recent acquisitions. - #### Depreciation Depreciation increased by $1,423 thousand (53.9%) from $2,639 thousand in 2025 to $4,062 thousand in 2026. - #### Change in Contingent Consideration The Change in Contingent Consideration shifted from a gain of - $14,042 thousand in 2025 to an expense of $27,294 thousand in 2026. - #### Interest Expense, Net Interest Expense, Net decreased by - $775 thousand (-1.4%) from $54,508 thousand in 2025 to $53,733 thousand in 2026, driven by a decrease in interest rates. - #### Income Tax Expense Income Tax Expense decreased significantly by - $48,922 thousand (-88.3%) from $55,430 thousand in 2025 to $6,508 thousand in 2026, primarily due to a - $48,100 thousand non-cash deferred income tax expense from a common control reorganization in 2025. ### Cash Flow - #### Cash Flows Used in Operating Activities Cash Flows Used in Operating Activities increased to - $167,411 thousand in 2026 from - $142,825 thousand in 2025, primarily due to an increase in Commissions and fees receivable – net of $60,700 thousand and a decrease in deferred income tax expense from common control reorganizations. - #### Cash Flows Used in Investing Activities Cash Flows Used in Investing Activities decreased significantly to - $13,265 thousand in 2026 from - $573,035 thousand in 2025, mainly due to a reduction in business combinations, with capital expenditures being the primary activity in 2026. - #### Cash Flows Provided by Financing Activities Cash Flows Provided by Financing Activities decreased to $86,285 thousand in 2026 from $336,840 thousand in 2025, driven by net borrowings on the Revolving Credit Facility, offset by a net change in fiduciary liabilities, Class A common stock repurchases, and Class A common stock dividends. ### Unique Metrics - #### Organic Revenue Growth Rate The Organic Revenue Growth Rate was 11.8% in 2026, compared to 12.9% in 2025. - #### Adjusted EBITDAC Adjusted EBITDAC increased by $31,532 thousand (15.7%) from $200,501 thousand in 2025 to $232,033 thousand in 2026, with the Adjusted EBITDAC margin increasing from 29.1% to 29.2%. - #### Adjusted Net Income Adjusted Net Income increased by $22,889 thousand (21.2%) from $107,839 thousand in 2025 to $130,728 thousand in 2026, with the Adjusted net income margin increasing from 15.6% to 16.4%. - #### Adjusted Diluted Earnings Per Share Adjusted Diluted Earnings Per Share increased by $0.08 (20.5%) from $0.39 in 2025 to $0.47 in 2026. ### Future Outlook and Strategy Ryan Specialty Holdings, Inc. initiated the three-year Empower Program in Q1 2026, aiming to streamline operations and enhance efficiencies with an estimated cumulative cost of $160 million through 2028 and projected annual savings of approximately $80 million in 2029. The company continues to pursue strategic acquisitions, deepen relationships with retail broker trading partners, and build its Delegated Authority business, while prioritizing investments in talent, technology, and product innovation. Additionally, Ryan Specialty Holdings, Inc. approved a share repurchase program of up to $300 million of its outstanding Class A common stock and declared a quarterly cash dividend of $0.13 per share. ### Related Stocks - [RYAN.US](https://longbridge.com/en/quote/RYAN.US.md) ## Related News & Research - [Ryan Specialty Holdings, Inc. 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