Filing Flows › Ryan Specialty Holdings (RYAN) › Q3 2025
Ryan Specialty Holdings (RYAN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 31, 2025
Ryan Specialty Holdings (RYAN) reported revenue of $755M for the third quarter 2025 (Q3 2025), +25% from a year earlier and -12% from the quarter before. Operating margin was 14.7%, net earnings $31.1M (4.1% of revenue).
Ryan Specialty Holdings, Q3 2025: revenue $755M (+25% year over year), operating margin 14.7%, net earnings $31.1M, operating cash flow $170M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $755M | -12% | +25% |
| Operating profit | $111M | -42% | +36% |
| Net earnings | $31.1M | -40% | +77% |
| Operating cash flow | $170M | -52% | +68% |
| Free cash flow | $156M | -53% | +66% |
What changed
Revenue was $754.6M in Q3 2025, up 25% year over year and down 12% from the previous quarter. Wholesale Brokerage was the largest line at 50% of revenue. Underwriting Management added $108.2M year over year (up 66%), 72% of the total change.
Operating profit was $110.8M, a 14.7% margin (up 1.2 points year over year). Of the extra revenue versus a year earlier, 20% reached operating profit, above the 13% margin then. Total costs grew 23% against revenue growth of 25%. The fastest-growing cost line was General & admin (+33%). Net earnings were $31.1M, up 77% year over year. The effective tax rate was -4.7%.
Operating cash flow was $169.7M (up 68% year over year), 271% of net income including minority interests. Non-cash charges added back $3.6M of depreciation and $11.2M of share-based compensation. Working capital and other items added $92.3M. Capital expenditures of $14.1M left free cash flow of $155.5M.
Questions
What was Ryan Specialty Holdings' revenue in the third quarter 2025?
Ryan Specialty Holdings (RYAN) reported revenue of $755M for the third quarter 2025 (Q3 2025), +25% from a year earlier and -12% from the quarter before.
Was Ryan Specialty Holdings profitable in the third quarter 2025?
Operating profit was $111M (14.7% of revenue) and net earnings $31.1M.