Filing Flows › Ryan Specialty Holdings (RYAN) › Q2 2025
Ryan Specialty Holdings (RYAN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
Ryan Specialty Holdings (RYAN) reported revenue of $855M for the second quarter 2025 (Q2 2025), +23% from a year earlier and +24% from the quarter before. Operating margin was 22.3%, net earnings $52.0M (6.1% of revenue).
Ryan Specialty Holdings, Q2 2025: revenue $855M (+23% year over year), operating margin 22.3%, net earnings $52.0M, operating cash flow $354M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $855M | +24% | +23% |
| Operating profit | $191M | +91% | +16% |
| Net earnings | $52.0M | — | +11% |
| Operating cash flow | $354M | — | +31% |
| Free cash flow | $334M | — | +30% |
What changed
Revenue was $855.2M in Q2 2025, up 23% year over year and up 24% from the previous quarter. Wholesale Brokerage was the largest line at 56% of revenue. Underwriting Management added $113.7M year over year (up 73%), 71% of the total change.
Operating profit was $191.1M, a 22.3% margin (down 1.3 points year over year). Of the extra revenue versus a year earlier, 17% reached operating profit, below the 24% margin then. Total costs grew 25% against revenue growth of 23%. The fastest-growing cost line was General & admin (+29%). Net earnings were $52.0M, up 11% year over year. The effective tax rate was 9.5%.
Operating cash flow was $353.6M (up 31% year over year), 284% of net income including minority interests. Non-cash charges added back $2.9M of depreciation and $19.9M of share-based compensation. Working capital and other items added $206.1M. Capital expenditures of $19.8M left free cash flow of $333.8M.
Questions
What was Ryan Specialty Holdings' revenue in the second quarter 2025?
Ryan Specialty Holdings (RYAN) reported revenue of $855M for the second quarter 2025 (Q2 2025), +23% from a year earlier and +24% from the quarter before.
Was Ryan Specialty Holdings profitable in the second quarter 2025?
Operating profit was $191M (22.3% of revenue) and net earnings $52.0M.