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Ryan Specialty Group (RYAN) investor relations material
Ryan Specialty Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Total revenue for Q3 2025 rose 24.8% year-over-year to $754.6 million, driven by 15% organic growth and recent acquisitions.
Net income for Q3 2025 surged 118.6% to $62.6 million, with diluted EPS at $0.20 and adjusted EPS at $0.47.
Adjusted EBITDA/EBITDAC increased 23.8% to $236 million, with a margin of 31.2%.
Strategic investments in talent, technology, and innovative products are prioritized for long-term growth.
Leadership transitions include promotions to Co-Presidents and a focus on operational excellence.
Financial highlights
Q3 2025 revenue reached $754.6 million, up 24.8% year-over-year; LTM revenue was $2.96 billion, up 24.2% YTD.
Adjusted EBITDA/EBITDAC margin was 31.2%, slightly down from 31.5% year-over-year.
Net income margin increased to 8.3% from 4.7% in the prior year.
Compensation and benefits expense ratio improved to 58.4% from 65.0% year-over-year.
Cash and cash equivalents stood at $153.5 million, with $3.4 billion in outstanding debt principal.
Outlook and guidance
Full-year 2025 organic revenue growth rate is expected to be in the double digits, with margin flat to modestly down due to ongoing investments.
2027 timeline for 35% adjusted EBITDA margin target deferred; modest annual margin expansion anticipated longer-term.
Q4 organic growth expected to be lower than Q3 due to property headwinds and business mix.
Continued focus on organic growth, strategic acquisitions, and expansion into new specialty markets.
Why was 2025 EBITDAC margin guidance revised?
What drives Underwriting Management growth?
Evaluate M&A capacity with current debt.
New timeline for 35% EBITDAC margin?
What makes current E&S market unique?
Property market outlook beyond Q4?
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Next Ryan Specialty Group earnings date
Q4 202520 Feb, 2026
Next Ryan Specialty Group earnings date
Q4 202520 Feb, 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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