RYAN on NYSE

RYAN SPECIALTY HOLDINGS, INC.

Our core value proposition to retail insurance brokers and carriers is delivering best-in-class intellectual capital.5 From its latest annual report

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Last updated Oct 19, 2026.

Overview

$3.0BRevenue, fiscal 20253
$63.4MNet income, fiscal 20253

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  • TickerRYAN on NYSE2
  • IndustryInsurance Agents, Brokers & Service2
  • HeadquartersChicago, United States2
  • Incorporated inDE4
  • Business address155 North Wacker Drive, Suite 4000, Chicago, Il 606064
  • Filer categoryLarge accelerated filer4
  • Legal formCorporation2
  • LEI549300K52N7QBO3PYY452
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 47594902

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Our core value proposition to retail insurance brokers and carriers is delivering best-in-class intellectual capital.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

16.5%Operating margin3
2.1%Net margin3
21.9%Revenue growth, 20253
9.8%Return on equity3
5.08×Debt to equity3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Wholesale Brokerage brought in 53% of the revenue RYAN SPECIALTY HOLDINGS, INC. broke down this way in fiscal 2025.

  1. Wholesale Brokerage$1.6B353%up 7% from 2024
  2. Underwriting Management$1.0B334%up 58% from 2024
  3. Binding Authorities$370.2M312%up 16% from 2024
Products and services by year
Products and services202320242025
Wholesale Brokerage$1.3B$1.5B$1.6B
Underwriting Management$431.6M$646.2M$1.0B
Binding Authorities$276.0M$320.4M$370.2M

Regions

United States brought in 94% of the revenue RYAN SPECIALTY HOLDINGS, INC. broke down this way in fiscal 2025.

  1. United States$2.9B394%up 20% from 2024
  2. Outside the United States$186.9M36%up 51% from 2024
Regions by year
Regions202320242025
United States$2.0B$2.4B$2.9B
Outside the United States$55.0M$123.7M$186.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs95¢$2.9B
  • Income tax3¢$79.0M
  • Profit2¢$63.4M

Out of $3.0B in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid9¢$61.0M
  • Kept or used elsewhere91¢$582.7M

Out of $643.7M of cash from operations.3

Financial statements

Revenue67893$3.0B in 2025+291% since 2019
0$1.0B$2.0B$3.0B2019: $765.1M$765.1M20192020: $1.0B$1.0B2020+33%2021: $1.4B$1.4B2021+41%2022: $1.7B$1.7B2022+19%2023: $2.0B$2.0B2023+18%2024: $2.5B$2.5B2024+21%2025: $3.0B$3.0B2025+22%
Operating income67893$493.6M in 2025+389% since 2019
0$200.0M$400.0M$600.0M2019: $101.0M$101.0M20192020: $158.5M$158.5M2020+57%2021: $186.6M$186.6M2021+18%2022: $289.5M$289.5M2022+55%2023: $359.1M$359.1M2023+24%2024: $427.8M$427.8M2024+19%2025: $493.6M$493.6M2025+15%
Net income67893$63.4M in 2025−1% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $64.2M$64.2M20192020: $68.1M$68.1M2020+6%2021: $65.9M$65.9M2021−3%2022: $61.1M$61.1M2022−7%2023: $61.0M$61.0M2023−0%2024: $94.7M$94.7M2024+55%2025: $63.4M$63.4M2025−33%

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Net commissions and fees$3.0B$2.5B$2.0B
Fiduciary investment income$56.5M$60.0M$51.0M
Total revenue$3.1B$2.5B$2.1B
Compensation and benefits$1.8B$1.6B$1.3B
General and administrative$453.5M$352.1M$276.2M
Amortization$274.4M$157.8M$106.8M
Depreciation$13.1M$9.8M$9.0M
Change in contingent consideration$13.1M-$22.9M$5.4M
Total operating expenses$2.6B$2.1B$1.7B
OPERATING INCOME$493.6M$427.8M$359.1M
Interest expense, net$222.4M$158.4M$119.5M
Income from equity method investments-$21.2M-$18.2M-$8.7M
Other non-operating loss (income)-$692.0K$15.0M$10.4M
INCOME BEFORE INCOME TAXES$293.2M$272.6M$237.9M
Income tax expense$79.0M$42.6M$43.4M
NET INCOME$214.2M$229.9M$194.5M
Net income attributable to non-controlling interests, net of tax$150.8M$135.2M$133.4M
NET INCOME ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC.$63.4M$94.7M$61.0M

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Leadership

Who has led RYAN SPECIALTY HOLDINGS, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Patrick George Ryan2021–2023
  2. Benjamin Miles Wuller2024–now

Chair

  1. Patrick George Ryan2024–now

President

  1. Benjamin Miles Wuller2024
  2. Jeremiah Rawlins Bickham2025–2026
  3. Brendan Martin Mulshine2026–now
  4. Stephen Patrick Keogh2026–now

Chief financial officer

  1. Janice M. Hamilton2024–now

Chief operating officer

  1. Stephen Patrick Keogh2025–now
2025
Board members and other officers (22)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorTimothy W. Turner named May 30, 2023 to Dec 22, 202342
  • Executive OfficerLisa J. Paschal named May 30, 202343
  • DirectorHenry S. Bienen named May 30, 2023 to Dec 22, 202342
  • DirectorRobert J. Le Blanc named May 30, 2023 to Dec 22, 202342

Former names

  • RYAN SPECIALTY GROUP HOLDINGS, INC.Apr 9, 2021 to May 18, 20224
  • MAVERICK SPECIALTY, INC.Mar 15, 2021 to Apr 23, 20214

Timeline

  1. Nov 7, 2024New chief executive Benjamin Miles Wuller becomes CEO14
  2. Jul 21, 2021New chief executive Patrick George Ryan becomes CEO15
  3. Dec 2, 2009Founded RYAN SPECIALTY HOLDINGS, INC. is founded2

Filings

466 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 56 major events, 210 insider forms, 21 large holders, 2 private raises, 157 other. The latest 20:

  1. Sep 9, 20264 EDGAR
  2. Sep 8, 2026144 EDGAR
  3. Aug 18, 20264 EDGAR
  4. Aug 14, 20264 EDGAR
  5. Aug 13, 2026144 EDGAR
  6. Aug 12, 20264 EDGAR
  7. Aug 7, 20268-K EDGAR
  8. Aug 7, 2026SCHEDULE 13G/A EDGAR
  9. Aug 6, 20264 EDGAR
  10. Aug 6, 20264 EDGAR
  11. Aug 6, 20264 EDGAR
  12. Jul 31, 202610-Q EDGAR
  13. Jul 30, 20268-K EDGAR
  14. Jul 24, 20264 EDGAR
  15. Jun 15, 20264 EDGAR
  16. Jun 11, 20264 EDGAR
  17. Jun 8, 20264 EDGAR
  18. Jun 4, 20264 EDGAR
  19. Jun 4, 20264 EDGAR
  20. Jun 1, 20264 EDGAR

The 466 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

135 open-market trades by officers, directors and large owners since October 2021: 27 buys and 108 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 8, 2026MULSHINE BRENDAN MARTINCo-President and CROSale40,000$40.51$1.6MForm 4
Aug 13, 2026Conklin MichaelEVP & CHROSale2,043$42.26$86.3KForm 4
Jun 12, 2026Kuczinski Anthony JDirectorBuy500$35.77$17.9KForm 4
Jun 11, 2026Kuczinski Anthony JDirectorBuy2,500$34.83$87.1KForm 4
Jun 10, 2026ROGERS JOHN W JRDirectorBuy7,500$35.16$263.7KForm 4
Jun 5, 2026RYAN PATRICK GExecutive ChairmanBuy120,000$32.50$3.9MForm 4
Jun 3, 2026Hamilton Janice MChief Financial OfficerBuy6,300$31.79$200.3KForm 4
Jun 3, 2026KATZ MARK STEPHENEVP & General CounselBuy3,215$31.07$99.9KForm 4
Feb 23, 2026RYAN PATRICK G JRDirectorBuy25,500$39.96$1.0MForm 4
Feb 20, 2026RYAN PATRICK G JRDirectorBuy365$41.41$15.1KForm 4
Dec 12, 2025TURNER TIMOTHY WILLIAMChief Executive OfficerSale129,570$53.61$6.9MForm 4
Dec 5, 2025Onex RSG Holdings LPDirectorSale4,145,621$54.50$225.9MForm 4
Sep 12, 2025RYAN PATRICK GExecutive ChairmanBuy276,634$51.84$14.3MForm 4
Sep 2, 2025RYAN PATRICK G JRDirectorBuy100$55.54$5.6KForm 4
Jun 13, 2025KATZ MARK STEPHENEVP & General CounselSale14,377$65.84$946.6KForm 4
Jun 3, 2025BOLGER DAVID PDirectorSale5,000$70.80$354.0KForm 4
May 16, 2025BICKHAM JEREMIAH RAWLINSPresidentSale50,000$70.09$3.5MForm 4
May 12, 2025Kuczinski Anthony JDirectorBuy300$70.37$21.1KForm 4
Apr 1, 2025Conklin MichaelEVP & CHROBuy7,637Form 4
Mar 14, 2025MULSHINE BRENDAN MARTINCo-President and CROSale30,000$69.30$2.1MForm 4

All 135 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Dec 22, 2023Filed a private offering of equity Form D: named in the filing: David P. Bolger, Nicholas L. Cortezi, Henry S. Bienen, Mark S. Katz, Robert J. Le Blanc, Timothy W. Turner Form D
  2. May 30, 2023Filed a private offering of equity Form D: named in the filing: Jeremiah R. Bickham, Lisa J. Paschal, William J. Devers, Robert J. Le Blanc, Michael D. O'Halleran, Mark S. Katz Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.10,494,326$396.3M0.0%−375,499
Vulcan Value Partners, LLC7,912,669$298.8M9.1%+1,317,334
Orbis Allan Gray Ltd6,307,845$238.2M0.8%New
Neuberger Berman Group LLC5,572,840$210.5M0.1%+2,467,296
Vanguard Portfolio Management LLC5,266,873$198.9M0.0%−75,394
Vanguard Capital Management LLC5,218,054$197.0M0.0%+17,262
Fmr LLC5,130,211$193.7M0.0%+4,803,478
State Street Corp3,706,058$139.9M0.0%+72,722
Polar Capital Holdings Plc2,940,000$111.0M0.3%+490,000
Bank Of Montreal /can/2,767,113$104.5M0.0%+479,238
Stephens Investment Management Group LLC2,716,484$102.6M1.1%+292,147
Montrusco Bolton Investments Inc.2,689,031$101.5M1.6%−1,333,475
Independent Franchise Partners LLP2,645,789$99.9M0.7%−175,065
Kayne Anderson Rudnick Investment Management LLC2,343,513$88.5M0.3%−661,939
UBS Group AG2,201,085$83.1M0.0%+1,410,381
Geode Capital Management, LLC2,124,953$80.3M0.0%−145,221
Manufacturers Life Insurance Company, The2,014,407$76.1M0.1%+1,469,153
Morgan Stanley1,682,829$63.5M0.0%−596,030
Norges Bank1,546,443$58.4M0.0%New
Alberta Investment Management Corp1,421,400$53.7M0.3%New
Fenimore Asset Management Inc1,306,606$49.3M1.0%+581,774
Focus Partners Wealth1,272,983$48.1M0.0%−6,969
Sumitomo Mitsui Trust Group, Inc.1,269,410$47.9M0.0%−7,632
Jpmorgan Chase & Co1,155,677$45.4M0.0%+1,006,528
Charles Schwab Investment Management Inc1,202,737$45.4M0.0%+45,775

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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