Filing Flows › Ryan Specialty Holdings (RYAN) › Q2 2026
Ryan Specialty Holdings (RYAN) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 31, 2026
Ryan Specialty Holdings (RYAN) reported revenue of $917M for the second quarter 2026 (Q2 2026), +7% from a year earlier and +15% from the quarter before. Operating margin was 19.7%, net earnings $42.3M (4.6% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $917M | +15% | +7% |
| Operating profit | $180M | +91% | -6% |
| Net earnings | $42.3M | +140% | -19% |
| Operating cash flow | $293M | — | -17% |
| Free cash flow | $276M | — | -17% |
What changed
Revenue was $916.6M in Q2 2026, up 7% year over year and up 15% from the previous quarter. Wholesale Brokerage was the largest line at 54% of revenue. Underwriting Management added $34.6M year over year (up 13%), 56% of the total change.
Operating profit was $180.3M, a 19.7% margin (down 2.7 points year over year). Operating profit fell $10.7M even though revenue rose $61.5M versus Q2 2025, so costs grew faster than sales. Total costs grew 11% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+11%). Net earnings were $42.3M, down 19% year over year. The effective tax rate was 17.1%.
Operating cash flow was $293.0M (down 17% year over year), 270% of net income including minority interests. Non-cash charges added back $4.1M of depreciation and $21.4M of share-based compensation. Working capital and other items added $159.1M. Capital expenditures of $17.2M left free cash flow of $275.9M.
Questions
What was Ryan Specialty Holdings' revenue in the second quarter 2026?
Ryan Specialty Holdings (RYAN) reported revenue of $917M for the second quarter 2026 (Q2 2026), +7% from a year earlier and +15% from the quarter before.
Was Ryan Specialty Holdings profitable in the second quarter 2026?
Operating profit was $180M (19.7% of revenue) and net earnings $42.3M.