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Ryan Specialty Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$160M in Q3 2026 · $501M over twelve months

Operating cash flow$181M
Capital spending−$21.8M
Free cash flow+$160M
Cash / net income2.1×

Analysis

In Q3 2026, Ryan Specialty Holdings generated $181M of operating cash flow and spent $21.8M on capital projects, leaving free cash flow of $160M. That is $4.0M more than in Q3 2025 ($156M).

Over the twelve months to Sep 30, 2026, operating cash flow was $570M; the largest uses were other financing ($220M), acquisitions ($110M), capital spending ($69.5M); besides operations, cash came from net borrowing (+) / repaid (−) ($298M), other investing ($21.8M); the cash balance rose by $400M.

Operating cash flow was $181M against net income of $88.0M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: receivables +$121M, other liabilities −$94.4M, stock-based pay +$13.2M.

Free cash flow

Ryan Specialty Holdings: free cash flow by quarterRyan Specialty Holdings: free cash flow by quarter$242MQ4 2024−$160MQ1 2025$334MQ2 2025$156MQ3 2025$246MQ4 2025−$181MQ1 2026$276MQ2 2026$160MQ3 2026
Operating cash flow less capital spending.
Ryan Specialty Holdings: operating cash flow against capital spendingRyan Specialty Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$260M$17.3MQ4 2024−$143M$16.7MQ1 2025$354M$19.8MQ2 2025$170M$14.1MQ3 2025$263M$17.3MQ4 2025−$167M$13.3MQ1 2026$293M$17.2MQ2 2026$181M$21.8MQ3 2026
Latest (Q3 2026): Operating cash flow $181M, Capital spending $21.8M.

Capital allocation, year by year

Ryan Specialty Holdings: where the cash came from (up) and went (down), by fiscal yearRyan Specialty Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $273MFY2021: Net borrowing −$1.3MFY2021: Capital spending −$343MFY2021: Acquisitions −$109MFY2021: Buybacks −$78.3M$273MFY2021FY2022: Operating cash flow $336MFY2022: Net borrowing −$41KFY2022: Capital spending −$15.0M$336MFY2022FY2023: Operating cash flow $477MFY2023: Capital spending −$29.8MFY2023: Acquisitions −$447M$477MFY2023FY2024: Operating cash flow $515MFY2024: Capital spending −$47.0MFY2024: Acquisitions −$1.7BFY2024: Dividends −$80.2M$515MFY2024FY2025: Operating cash flow $644MFY2025: Net borrowing $71.4MFY2025: Capital spending −$68.0MFY2025: Acquisitions −$746MFY2025: Dividends −$62.3M$715MFY2025
Over these 5 years operating cash flow totalled $2.2B; the largest uses were acquisitions ($3.0B) and capital spending ($503M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$169M
Debt$3.3B
Net debt$3.2B
Due within a year$54.8M

Ryan Specialty Holdings funds itself: free cash flow was $501M over the last twelve months, and $169M of cash and investments stands against $3.3B of debt ($54.8M due within a year, 3.1× covered by cash).

Ryan Specialty Holdings: debt maturities by year (FY2025)Ryan Specialty Holdings: debt maturities by year (FY2025)$54.8MYear 1$17.0MYear 2$17.0MYear 3$90.2MYear 4$17.0MYear 5$3.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $169M of cash and investments now.

Where the cash came from and went

Ryan Specialty Holdings: sources (+) and uses (−) of cash, Q3 2026Ryan Specialty Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$181MBuybacks−$150MNet borrowing (+) / repaid (−)$65.6MOther financing−$58.8MOther investing$23.3MCapital spending−$21.8MDividends−$16.4MCash drawn (+) / kept (−)−$11.4MTaxes on employees’ shares−$11.4MExchange rates−$407K
Ryan Specialty Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Ryan Specialty Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$570MCash drawn (+) / kept (−)−$400MNet borrowing (+) / repaid (−)$298MOther financing−$220MAcquisitions−$110MCapital spending−$69.5MDividends−$65.7MOther investing$21.8MTaxes on employees’ shares−$19.7MExchange rates−$4.5M

From profit to cash

Ryan Specialty Holdings: net income to operating cash flow, Q3 2026Ryan Specialty Holdings: net income to operating cash flow, Q3 2026Net income$88.0MDepreciation & amortization$4.3MStock-based pay$13.2MDeferred taxes$6.5MReceivables$121MPrepaid and other assets−$2.9MOther liabilities−$94.4MOperating cash flow$181M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$181M−$21.8M—−$150M−$16.4M$65.6M−$11.4M$160M
Q2 2026$293M−$17.2M—−$260M−$16.9M$39.1M−$278M$276M
Q1 2026−$167M−$13.3M—−$40.0M−$16.8M$246M$99.6M−$181M
Q4 2025$263M−$17.3M−$110M—−$15.5M−$52.6M−$211M$246M
Q3 2025$170M−$14.1M−$71.8M—−$16.3M−$63.7M$145M$156M
Q2 2025$354M−$19.8M−$9.5M—−$15.4M−$236M−$207M$334M
Q1 2025−$143M−$16.7M−$556M—−$15.1M$424M$369M−$160M
Q4 2024$260M−$17.3M−$452M—−$13.7M—−$325M$242M

Ryan Specialty Holdings: income statement and cash flow

Ryan Specialty Holdings, Q3 2026: revenue $790M (+5% year over year), operating margin 17.8%. The chart follows the revenue to costs, profit and cash.

Ryan Specialty Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.