Filing Flows › Ryan Specialty Holdings (RYAN) › Q3 2026 › vs Q2 2026
Ryan Specialty Holdings (RYAN) Q3 2026 vs Q2 2026 (quarter over quarter)
Ryan Specialty Holdings's revenue fell $127M (-14%) from $917M in Q2 2026 to $790M in Q3 2026. The biggest changes: Wholesale Brokerage −$105M (-21%); Underwriting Management −$16.0M (-5%); Binding Authority −$7.2M (-7%). Operating margin 17.8% against 19.7% (-1.8 pts).
Ryan Specialty Holdings, Q3 2026: revenue $790M (+5% year over year), operating margin 17.8%, net earnings $36.7M, operating cash flow $181M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 17.8% | 19.7% | -1.8 pts |
| Net margin | 4.6% | 4.6% | +0.0 pts |
| Free cash flow margin | 20.2% | 30.1% | -9.9 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Wholesale Brokerage | $394M | $499M | −$105M | -21% |
| Underwriting Management | $288M | $304M | −$16.0M | -5% |
| Binding Authority | $93.0M | $100M | −$7.2M | -7% |
| Other revenues | $14.9M | $13.9M | $963K | +7% |
| Revenue | $790M | $917M | −$127M | -14% |
| Operating profit | $141M | $180M | −$39.5M | -22% |
| Costs & expenses | $649M | $736M | −$87.2M | -12% |
| Pre-tax earnings | $96.2M | $131M | −$34.5M | -26% |
| Other expense, net | $44.6M | $49.6M | −$4.9M | -10% |
| General & admin | $107M | $119M | −$11.7M | -10% |
| Other operating costs | $542M | $618M | −$75.5M | -12% |
| Net earnings | $36.7M | $42.3M | −$5.6M | -13% |
| Minority interests | $51.4M | $66.1M | −$14.7M | -22% |
| Income tax | $8.1M | $22.4M | −$14.2M | -64% |
| Depreciation | $4.3M | $4.1M | $197K | +5% |
| Share-based compensation | $13.2M | $21.4M | −$8.2M | -38% |
| Working capital & other | $127M | $225M | −$98.1M | -44% |
| Operating cash flow | $181M | $293M | −$112M | -38% |
| Free cash flow (OCF − capex) | $160M | $276M | −$116M | -42% |
| Capital expenditures | $21.8M | $17.2M | $4.6M | +27% |
Questions
How much did Ryan Specialty Holdings's revenue grow quarter over quarter in Q3 2026?
Ryan Specialty Holdings's revenue fell $127M (-14%) from $917M in Q2 2026 to $790M in Q3 2026.
What drove Ryan Specialty Holdings's revenue change in Q3 2026?
Wholesale Brokerage −$105M (-21%); Underwriting Management −$16.0M (-5%); Binding Authority −$7.2M (-7%).