Filing Flows › Ryan Specialty Holdings (RYAN) › Q2 2026 › vs Q2 2025
Ryan Specialty Holdings (RYAN) Q2 2026 vs Q2 2025 (year over year)
Ryan Specialty Holdings's revenue rose $61.5M (+7%) from $855M in Q2 2025 to $917M in Q2 2026. The biggest changes: Underwriting Management +$34.6M (+13%); Wholesale Brokerage +$21.6M (+5%); Binding Authority +$5.6M (+6%). Operating margin 19.7% against 22.3% (-2.7 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 19.7% | 22.3% | -2.7 pts |
| Net margin | 4.6% | 6.1% | -1.5 pts |
| Free cash flow margin | 30.1% | 39.0% | -8.9 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Wholesale Brokerage | $499M | $477M | $21.6M | +5% |
| Underwriting Management | $304M | $269M | $34.6M | +13% |
| Binding Authority | $100M | $94.5M | $5.6M | +6% |
| Other revenues | $13.9M | $14.3M | −$394K | -3% |
| Revenue | $917M | $855M | $61.5M | +7% |
| Operating profit | $180M | $191M | −$10.7M | -6% |
| Costs & expenses | $736M | $664M | $72.2M | +11% |
| Pre-tax earnings | $131M | $138M | −$7.0M | -5% |
| Other expense, net | $49.6M | $53.3M | −$3.7M | -7% |
| General & admin | $119M | $107M | $11.6M | +11% |
| Other operating costs | $618M | $557M | $60.6M | +11% |
| Net earnings | $42.3M | $52.0M | −$9.7M | -19% |
| Minority interests | $66.1M | $72.7M | −$6.7M | -9% |
| Income tax | $22.4M | $13.0M | $9.3M | +72% |
| Depreciation | $4.1M | $2.9M | $1.2M | +43% |
| Share-based compensation | $21.4M | $19.9M | $1.5M | +7% |
| Working capital & other | $225M | $279M | −$53.6M | -19% |
| Operating cash flow | $293M | $354M | −$60.6M | -17% |
| Free cash flow (OCF − capex) | $276M | $334M | −$57.9M | -17% |
| Capital expenditures | $17.2M | $19.8M | −$2.6M | -13% |
Questions
How much did Ryan Specialty Holdings's revenue grow year over year in Q2 2026?
Ryan Specialty Holdings's revenue rose $61.5M (+7%) from $855M in Q2 2025 to $917M in Q2 2026.
What drove Ryan Specialty Holdings's revenue change in Q2 2026?
Underwriting Management +$34.6M (+13%); Wholesale Brokerage +$21.6M (+5%); Binding Authority +$5.6M (+6%).