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Ryan Specialty Group
Ryan Specialty Group (RYAN) investor relations material
Ryan Specialty Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved $3.1 billion in total revenue for 2025, representing 21.3% year-over-year growth with 10.1% organic growth and significant M&A contributions.
Fifteenth consecutive year of double-digit organic revenue growth, maintaining leading positions as the 2nd largest U.S. P&C wholesale broker and largest delegated underwriter by premium volume.
Launched Project Empower, a three-year restructuring program targeting $80 million in annual savings by 2029, with $160 million in one-time charges through 2028.
Authorized a $300 million share repurchase program and increased the regular quarterly dividend by 8% to $0.13 per share.
Completed five acquisitions in 2025, expected to add over $125 million in annualized revenue.
Financial highlights
Revenue grew from $2.52 billion in 2024 to $3.05 billion in 2025; Q4 2025 revenue was $751.2 million, up 13.2% year-over-year with 6.6% organic growth.
Full-year adjusted EBITDAC rose 19.2% to $967 million, with a margin of 31.7%; Adjusted Diluted EPS increased 9.5% to $1.96.
Net income for 2025 was $214 million, with Q4 net income down 26.6% year-over-year to $31.2 million due to higher expenses.
Adjusted net income for 2025 rose 11.1% to $548.2 million; Q4 adjusted EBITDAC margin declined to 29.6% from 32.6%.
Adjusted effective tax rate was 26% for both Q4 and full year.
Outlook and guidance
2026 organic revenue growth rate is guided to be in the high single digits, with Q1 expected to be the strongest quarter.
Adjusted EBITDAC margin for 2026 is expected to be flat to moderately down versus 2025, due to lower interest income and higher benefit costs.
Project Empower is expected to deliver $80 million in annual savings by 2029, with $160 million in cumulative special charges through 2028.
Positioned for continued growth through organic expansion, strategic acquisitions, and new product launches.
Ample M&A opportunities in a fragmented U.S. and international market, with panel consolidation expected to accelerate growth.
Empower's impact on delegated authority?
Property pricing impact on 2026 organic growth?
AI's role in Ryan Specialty's competitive moat?
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Next Ryan Specialty Group earnings date
Q1 202630 Apr, 2026
Ryan Specialty Group
Next Ryan Specialty Group earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Ryan Specialty Group Holdings Inc. provides specialty insurance products and services through wholesale brokerage and underwriting management. The company serves insurance brokers, agents, and carriers, offering customized solutions across diverse industries and risks. Its operations span both domestic and international markets. The company is headquartered in Chicago, Illinois, and its shares are listed on the NYSE.
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