Filing Flows › Ryan Specialty Holdings (RYAN) › Q3 2026 › vs Q3 2025
Ryan Specialty Holdings (RYAN) Q3 2026 vs Q3 2025 (year over year)
Ryan Specialty Holdings's revenue rose $35.4M (+5%) from $755M in Q3 2025 to $790M in Q3 2026. The biggest changes: Wholesale Brokerage +$17.5M (+5%); Underwriting Management +$14.7M (+5%); Binding Authority +$3.4M (+4%). Operating margin 17.8% against 14.7% (+3.1 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 17.8% | 14.7% | +3.1 pts |
| Net margin | 4.6% | 4.1% | +0.5 pts |
| Free cash flow margin | 20.2% | 20.6% | -0.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Wholesale Brokerage | $394M | $377M | $17.5M | +5% |
| Underwriting Management | $288M | $273M | $14.7M | +5% |
| Binding Authority | $93.0M | $89.6M | $3.4M | +4% |
| Other revenues | $14.9M | $15.0M | −$143K | -1% |
| Revenue | $790M | $755M | $35.4M | +5% |
| Operating profit | $141M | $111M | $30.0M | +27% |
| Costs & expenses | $649M | $644M | $5.3M | +0.8% |
| Pre-tax earnings | $96.2M | $59.8M | $36.4M | +61% |
| Other expense, net | $44.6M | $51.0M | −$6.3M | -12% |
| General & admin | $107M | $118M | −$10.6M | -9% |
| Other operating costs | $542M | $526M | $16.0M | +3% |
| Net earnings | $36.7M | $31.1M | $5.6M | +18% |
| Minority interests | $51.4M | $31.5M | $19.8M | +63% |
| Income tax | $8.1M | −$2.8M | $10.9M | — |
| Depreciation | $4.3M | $3.6M | $723K | +20% |
| Share-based compensation | $13.2M | $11.2M | $2.0M | +18% |
| Working capital & other | $127M | $124M | $3.3M | +3% |
| Operating cash flow | $181M | $170M | $11.7M | +7% |
| Free cash flow (OCF − capex) | $160M | $156M | $4.0M | +3% |
| Capital expenditures | $21.8M | $14.1M | $7.7M | +54% |
Questions
How much did Ryan Specialty Holdings's revenue grow year over year in Q3 2026?
Ryan Specialty Holdings's revenue rose $35.4M (+5%) from $755M in Q3 2025 to $790M in Q3 2026.
What drove Ryan Specialty Holdings's revenue change in Q3 2026?
Wholesale Brokerage +$17.5M (+5%); Underwriting Management +$14.7M (+5%); Binding Authority +$3.4M (+4%).