Filing Flows › Ryan Specialty Holdings (RYAN) › Q4 2025
Ryan Specialty Holdings (RYAN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
Ryan Specialty Holdings (RYAN) reported revenue of $751M for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and -0.4% from the quarter before. Operating margin was 12.2%, net earnings $8.0M (1.1% of revenue).
Ryan Specialty Holdings, Q4 2025: revenue $751M (+13% year over year), operating margin 12.2%, net earnings $8.0M, operating cash flow $263M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $751M | -0.4% | +13% |
| Operating profit | $91.6M | -17% | -16% |
| Net earnings | $8.0M | -74% | -42% |
| Operating cash flow | $263M | +55% | +1% |
| Free cash flow | $246M | +58% | +1% |
What changed
Revenue was $751.2M in Q4 2025, up 13% year over year and roughly flat from the previous quarter. Wholesale Brokerage was the largest line at 51% of revenue.
Operating profit was $91.6M, a 12.2% margin (down 4.3 points year over year). Operating profit fell $17.8M even though revenue rose $87.7M versus a year earlier, so costs grew faster than sales. Total costs grew 19% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+19%). Net earnings were $8.0M, down 42% year over year. The effective tax rate was 30.0%.
Operating cash flow was $263.2M (up 1% year over year), 843% of net income including minority interests. Non-cash charges added back $278.4M of depreciation and amortization and $18.5M of share-based compensation. Working capital and other items used $64.8M. Capital expenditures of $17.3M left free cash flow of $246.0M.
Questions
What was Ryan Specialty Holdings' revenue in the fourth quarter 2025?
Ryan Specialty Holdings (RYAN) reported revenue of $751M for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and -0.4% from the quarter before.
Was Ryan Specialty Holdings profitable in the fourth quarter 2025?
Operating profit was $91.6M (12.2% of revenue) and net earnings $8.0M.