Filing Flows › Ryan Specialty Holdings (RYAN) › How it makes money
How Ryan Specialty Holdings (RYAN) makes money
Ryan Specialty Holdings (RYAN) made $790M of revenue in the third quarter 2026 (Q3 2026), +5% from a year earlier. Wholesale Brokerage brought in $394M (50%); Underwriting Management brought in $288M (36%); Binding Authority brought in $93.0M (12%). Of every dollar of revenue, 18¢ was left as operating profit, 5¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Wholesale Brokerage | $394M | 49.9% | -21% | +5% |
| Underwriting Management | $288M | 36.4% | -5% | +5% |
| Binding Authority | $93.0M | 11.8% | -7% | +4% |
| Other revenues | $14.9M | 1.9% | +7% | -1% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $790M | 100.0% |
| Operating profit | $141M | 17.8% |
| Income tax | $8.1M | 1.0% |
| Net earnings | $36.7M | 4.6% |
| Operating cash flow | $181M | 23.0% |
| Free cash flow | $160M | 20.2% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $790M | +5% |
| Q2 2026 | $917M | +7% |
| Q1 2026 | $795M | +15% |
| Q4 2025 | $751M | +13% |
| Q3 2025 | $755M | +25% |
| Q2 2025 | $855M | +23% |
| Q1 2025 | $690M | +25% |
From Ryan Specialty Holdings' 10-Q filed Oct 30, 2026 (on EDGAR).
Questions
How does Ryan Specialty Holdings make money?
Ryan Specialty Holdings (RYAN) made $790M of revenue in the third quarter 2026 (Q3 2026), +5% from a year earlier. Wholesale Brokerage brought in $394M (50%); Underwriting Management brought in $288M (36%); Binding Authority brought in $93.0M (12%). Of every dollar of revenue, 18¢ was left as operating profit, 5¢ was left as net earnings.
What is Ryan Specialty Holdings' biggest business?
Wholesale Brokerage: $394M in the third quarter 2026, 50% of revenue, +5% from a year earlier.
What is Ryan Specialty Holdings' profit margin?
Net earnings were $36.7M, 4.6% of revenue, in the third quarter 2026; the operating margin was 17.8%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.