Ryan Specialty Group Holdings Inc
NYSE: RYAN · FINANCIAL SERVICES · INSURANCE - SPECIALTY
Updated 2026-06-05
Ryan Specialty Group Holdings Inc (RYAN) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $765.11M | $1.02B | $1.43B | $1.73B | $2.08B | $2.52B | $3.05B |
| Revenue growth (YoY) | — | +33.1% | +40.7% | +20.4% | +20.4% | +21.1% | +21.3% |
| Cost of revenue | $487.11M | $658.21M | $943.28M | $1.11B | $1.30B | $1.51B | $287.51M |
| Gross profit | $765.11M | $1.02B | $1.43B | $1.73B | $2.08B | $2.52B | $2.76B |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 90.6% |
| R&D | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | $612.57M | $793.54M | $1.13B | $1.33B | $1.60B | $1.94B | $453.45M |
| Operating income | $67.98M | $79.47M | $61.56M | $179.19M | $237.93M | $272.55M | $625.23M |
| Operating margin | 8.9% | 7.8% | 4.3% | 10.4% | 11.5% | 10.8% | 20.5% |
| EBITDA | $156.63M | $194.21M | $253.60M | $393.31M | $473.27M | $598.63M | $803.08M |
| EBITDA margin | 20.5% | 19.1% | 17.7% | 22.8% | 22.8% | 23.8% | 26.3% |
| EBIT | $103.53M | $126.71M | $140.92M | $284.02M | $357.43M | $431.00M | $515.57M |
| Interest expense | $35.55M | $47.24M | $79.35M | $104.83M | $119.51M | $158.45M | $222.38M |
| Income tax | $4.93M | $8.95M | $4.93M | $15.94M | $43.45M | $42.64M | $79.03M |
| Effective tax rate | 7.1% | 11.6% | 7.0% | 20.7% | 41.6% | 31.1% | 55.5% |
| Net income | $64.17M | $68.10M | $65.87M | $61.05M | $61.04M | $94.67M | $63.40M |
| Net income growth (YoY) | — | +6.1% | -3.3% | -7.3% | -0.0% | +55.1% | -33.0% |
| Profit margin | 8.4% | 6.7% | 4.6% | 3.5% | 2.9% | 3.8% | 2.1% |
Frequently asked questions
What is Ryan Specialty Group Holdings Inc's revenue?
Ryan Specialty Group Holdings Inc's trailing twelve-month revenue is $3.10B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is RYAN?
In its most recent fiscal year, RYAN ran a gross margin of 90.58%, an operating margin of 20.49%, and a net margin of 2.08%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does RYAN generate?
RYAN produced $575.71M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is RYAN's balance sheet healthy?
RYAN holds $158.32M in cash and equivalents against $3.29B in long-term debt, on $648.07M of shareholder equity. That debt is best read against the cash flow the business throws off each year.