Ryan Specialty Group (RYAN) Q2 2026 earnings summary

Executive summary

• Total revenue for Q2 2026 grew 7.2% to $916.6 million, driven by 6.7% organic growth and recent acquisitions, with net income of $108.4 million, down 13.1% due to higher expenses and restructuring costs.

• Adjusted EBITDAC increased 6.0% to $326.9 million, with margin improving to 35.7%; adjusted EPS rose 12.1% to $0.74.

• The Empower Program, a multi-year restructuring initiative, incurred $39.3 million in costs in H1 2026, targeting $80 million in annual savings by 2029.

• $284.5 million was returned to shareholders in Q2 2026 via $260 million in share repurchases and $24.5 million in dividends/distributions; buyback authorization expanded by $300 million.

• Leadership emphasized resilience, innovation, and investments in digital transformation and AI to accelerate productivity and operational efficiency.

Financial highlights

• Q2 2026 total revenue: $916.6 million (up 7.2% year-over-year); six-month revenue: $1.71 billion (up 10.8%).

• Net income for Q2 2026: $108.4 million (down 13.1% year-over-year); six-month net income: $149.0 million (up 23.8%).

• Adjusted EBITDAC margin improved to 35.7% from 31% year-over-year.

• Compensation and benefits expense ratio was 58.0%, with adjusted ratio at 54.0%; general and administrative expense ratio was 12.9%, with adjusted ratio at 10.3%.

• Net income margin was 11.8%; adjusted net income margin reached 21.7%.

Outlook and guidance

• Full-year 2026 organic revenue growth rate is expected in the mid-single digits, at the higher end of the range.

• Adjusted EBITDAC margin is guided to decline by 50–100 basis points year-over-year.

• The Empower Program is expected to generate $80 million in annual savings by 2029, with $160 million in cumulative one-time charges through 2028.

• Guidance reflects continued property pricing declines, heightened competition, and moderate decline in the property book.

• No meaningful M&A expected to close in 2026; focus shifts to 2027.