Filing Flows › Ryan Specialty Holdings (RYAN) › Q1 2025
Ryan Specialty Holdings (RYAN) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 2, 2025
Ryan Specialty Holdings (RYAN) reported revenue of $690M for the first quarter 2025 (Q1 2025), +25% from a year earlier and +4% from the quarter before. Operating margin was 14.5%, net loss $4.4M (0.6% of revenue).
Ryan Specialty Holdings, Q1 2025: revenue $690M (+25% year over year), operating margin 14.5%, net loss $4.4M, operating cash flow −$143M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $690M | +4% | +25% |
| Operating profit | $100M | — | — |
| Net earnings | −$4.4M | — | — |
| Operating cash flow | −$143M | — | — |
What changed
Revenue was $690.2M in Q1 2025, up 25% year over year and up 4% from the previous quarter. Wholesale Brokerage was the largest line at 52% of revenue. Underwriting Management added $87.6M year over year (up 70%), 63% of the total change.
Operating profit was $100.2M, a 14.5% margin (up 1.4 points year over year). Of the extra revenue versus a year earlier, 20% reached operating profit, above the 13% margin then. Total costs grew 23% against revenue growth of 25%. The fastest-growing cost line was General & admin (+40%). The quarter ended with a net loss of $4.4M, after a profit of $42.6M the previous quarter. Net interest and other expense of $49.2M was the main reason.
Operating cash flow was −$142.8M. Non-cash charges added back $2.6M of depreciation and $19.9M of share-based compensation. Working capital and other items used $160.9M. Capital expenditures of $16.7M exceeded it, leaving free cash flow of −$159.6M.
Questions
What was Ryan Specialty Holdings' revenue in the first quarter 2025?
Ryan Specialty Holdings (RYAN) reported revenue of $690M for the first quarter 2025 (Q1 2025), +25% from a year earlier and +4% from the quarter before.
Was Ryan Specialty Holdings profitable in the first quarter 2025?
Operating profit was $100M (14.5% of revenue) and net loss $4.4M.