10-Q · May 1, 2026
Ryan Specialty reported strong Q1 2026 performance, with revenue of $795.2 million, surpassing expectations, and net income transforming from a loss of $4.4 million to a profit of $40.6 million. However, while adjusted…
Earnings analysis · 10-Q
RYAN earnings analysis
Filed October 30, 2026 · Our reading of the company's report
The latest report
Ryan Specialty delivered Q3 revenue of $789.96 million, up 4.7% year over year but down sequentially from $903 million, while adjusted diluted EPS of $0.51 exceeded consensus by $0.02. The company maintained its…
Read full summary
Ryan Specialty delivered Q3 revenue of $789.96 million, up 4.7% year over year but down sequentially from $903 million, while adjusted diluted EPS of $0.51 exceeded consensus by $0.02. The company maintained its mid-single-digit 2026 organic revenue growth outlook but expects adjusted EBITDAC margin to decline modestly year over year. Balance-sheet positives include $168.811 million of corporate cash and $1.605469 billion of fiduciary cash, offset by $1.6703 billion of floating-rate Term Loan debt and ongoing interest-rate sensitivity.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.51
What stood out
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Revenue Grew Year Over Year
Q3 revenue was $789.96 million, up 4.7% year over year but down from $903 million in Q2 2026. Revenue was approximately $1.83 million below the $791.786 million consensus estimate.
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Adjusted EPS Beat Estimates
Adjusted diluted EPS was $0.51 versus $0.33 in Q2 2026 and $0.20 in Q3 2025, exceeding the $0.49 consensus estimate by $0.02.
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International Diversification
Approximately 7% of nine-month revenue was generated in the United Kingdom, Europe, Canada and Singapore, while management described foreign-currency exposure as immaterial.
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Substantial Cash and Fiduciary Balances
The company held $168.811 million of cash and cash equivalents and $1.605469 billion of fiduciary cash and cash equivalents as of September 30, 2026.
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Continued Share Repurchases
The company repurchased 3,546,901 Class A shares during Q3 at an average price of $42.29, leaving approximately $150.000 million available under the repurchase program.
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Controls Remained Effective
Disclosure controls and procedures were concluded effective at the reasonable assurance level as of September 30, 2026, with no material changes in internal control during the quarter.
What to watch
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Floating-Rate Debt Exposure
The company had $1.6703 billion of floating-rate Term Loan principal outstanding as of September 30, 2026. A hypothetical 100-basis-point increase in short-term rates would reduce net income by approximately $1.040 million based on the filing’s sensitivity analysis.
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Margin Pressure Persists
Adjusted EBITDAC margin was 30.9% in Q3 and is expected to be down modestly for the full year versus the prior year, indicating continued profitability pressure despite $0.51 of adjusted diluted EPS.
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Capital Allocation and Leverage
The company repurchased 3,546,901 shares in Q3 and reduced remaining authorization to $150.000 million, which represents a material use of capital while the company had $1.6703 billion of Term Loan principal outstanding.
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No Formal Risk-Factor Changes
No material changes were reported to the risk factors in the 2025 Form 10-K. The filing nevertheless identifies $1.605469 billion of fiduciary cash holdings subject to counterparty credit and investment-value risk.
Management's outlook
Management maintained its mid-single-digit 2026 organic revenue growth outlook and expects full-year adjusted EBITDAC margin to be down modestly versus the prior year. No numeric revenue or EPS guidance was provided in the 10-Q.
Earlier filings 4
10-K · February 21, 2025
Ryan Specialty (RYAN) reports strong top-line and margin expansion driven by continued demand in the E&S market and M&A-enabled scale. Revenue for the year ended December 31, 2024 was $2,484.0 million (sum of quarterly…
10-Q · October 31, 2024
Ryan Specialty reported total revenue of $604,694 thousand for the quarter ended September 30, 2024, up 20.5% year-over-year from $501,938 thousand, with operating income rising to $81,477 thousand. GAAP diluted EPS…
10-Q · August 2, 2024
Ryan Specialty reported Q2 revenue of $695,441,000, up from $585,149,000 in Q2 2023, with operating income of $164,368,000 and diluted EPS of $0.37 (vs. $0.26 a year earlier). Operating and gross margins expanded…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.