Filing Flows › Ryan Specialty Holdings (RYAN) › Q1 2026
Ryan Specialty Holdings (RYAN) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 1, 2026
Ryan Specialty Holdings (RYAN) reported revenue of $795M for the first quarter 2026 (Q1 2026), +15% from a year earlier and +6% from the quarter before. Operating margin was 11.9%, net earnings $17.6M (2.2% of revenue).
Ryan Specialty Holdings, Q1 2026: revenue $795M (+15% year over year), operating margin 11.9%, net earnings $17.6M, operating cash flow −$167M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $795M | +6% | +15% |
| Operating profit | $94.6M | +3% | -6% |
| Net earnings | $17.6M | +121% | — |
| Operating cash flow | −$167M | -164% | — |
What changed
Revenue was $795.2M in Q1 2026, up 15% year over year and up 6% from the previous quarter. Wholesale Brokerage was the largest line at 48% of revenue. Underwriting Management added $81.7M year over year (up 38%), 78% of the total change.
Operating profit was $94.6M, a 11.9% margin (down 2.6 points year over year). Operating profit fell $5.6M even though revenue rose $105.1M versus Q1 2025, so costs grew faster than sales. Total costs grew 19% against revenue growth of 15%. The fastest-growing cost line was Other operating costs (+22%). Net earnings were $17.6M. The effective tax rate was 13.8%.
Operating cash flow was −$167.4M. Non-cash charges added back $4.1M of depreciation and $17.4M of share-based compensation. Working capital and other items used $229.4M. Capital expenditures of $13.3M exceeded it, leaving free cash flow of −$180.7M.
Questions
What was Ryan Specialty Holdings' revenue in the first quarter 2026?
Ryan Specialty Holdings (RYAN) reported revenue of $795M for the first quarter 2026 (Q1 2026), +15% from a year earlier and +6% from the quarter before.
Was Ryan Specialty Holdings profitable in the first quarter 2026?
Operating profit was $94.6M (11.9% of revenue) and net earnings $17.6M.