Filing Flows › Ryan Specialty Holdings (RYAN) › Q2 2026 › vs Q1 2026
Ryan Specialty Holdings (RYAN) Q2 2026 vs Q1 2026 (quarter over quarter)
Ryan Specialty Holdings's revenue rose $121M (+15%) from $795M in Q1 2026 to $917M in Q2 2026. The biggest changes: Wholesale Brokerage +$121M (+32%); Binding Authority −$9.8M (-9%); Underwriting Management +$8.6M (+3%). Operating margin 19.7% against 11.9% (+7.8 pts).
Ryan Specialty Holdings, Q2 2026: revenue $917M (+7% year over year), operating margin 19.7%, net earnings $42.3M, operating cash flow $293M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 19.7% | 11.9% | +7.8 pts |
| Net margin | 4.6% | 2.2% | +2.4 pts |
| Free cash flow margin | 30.1% | -22.7% | +52.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Wholesale Brokerage | $499M | $378M | $121M | +32% |
| Underwriting Management | $304M | $295M | $8.6M | +3% |
| Binding Authority | $100M | $110M | −$9.8M | -9% |
| Other revenues | $13.9M | $12.3M | $1.6M | +13% |
| Revenue | $917M | $795M | $121M | +15% |
| Operating profit | $180M | $94.6M | $85.7M | +91% |
| Costs & expenses | $736M | $701M | $35.7M | +5% |
| Pre-tax earnings | $131M | $47.1M | $83.6M | +178% |
| Other expense, net | $49.6M | $47.5M | $2.1M | +4% |
| General & admin | $119M | $109M | $9.9M | +9% |
| Other operating costs | $618M | $592M | $25.8M | +4% |
| Net earnings | $42.3M | $17.6M | $24.7M | +140% |
| Minority interests | $66.1M | $23.0M | $43.1M | +188% |
| Income tax | $22.4M | $6.5M | $15.8M | +243% |
| Depreciation | $4.1M | $4.1M | $71K | +2% |
| Share-based compensation | $21.4M | $17.4M | $4.0M | +23% |
| Working capital & other | $225M | −$206M | $432M | — |
| Operating cash flow | $293M | −$167M | $460M | — |
| Free cash flow (OCF − capex) | $276M | −$181M | $457M | — |
| Capital expenditures | $17.2M | $13.3M | $3.9M | +29% |
Questions
How much did Ryan Specialty Holdings's revenue grow quarter over quarter in Q2 2026?
Ryan Specialty Holdings's revenue rose $121M (+15%) from $795M in Q1 2026 to $917M in Q2 2026.
What drove Ryan Specialty Holdings's revenue change in Q2 2026?
Wholesale Brokerage +$121M (+32%); Binding Authority −$9.8M (-9%); Underwriting Management +$8.6M (+3%).