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Brown & Brown vs Ryan Specialty Holdings: BRO and RYAN compared
Brown & Brown is the larger company: $1.7B of revenue in its latest quarter (Q3 FY27) against $790M for Ryan Specialty Holdings (Q3 2026). Brown & Brown is growing faster (+7% against +5% a year earlier). Brown & Brown is more profitable, with an operating margin of 18.6% against 17.8%.
Where the money goes: BRO and RYAN
Brown & Brown (BRO) · Q3 FY27
Brown & Brown, Q3 FY27: revenue $1.7B (+7% year over year), operating margin 18.6%, net earnings $240M, operating cash flow $532M. The chart follows the revenue to costs, profit and cash.
Ryan Specialty Holdings (RYAN) · Q3 2026
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 follows the revenue to costs, profit and cash.
| Brown & Brown (BRO) | Ryan Specialty Holdings (RYAN) | |
|---|---|---|
| Latest quarter | Q3 FY27 | Q3 2026 |
| Revenue | $1.7B | $790M |
| Revenue growth, Y/Y | +7% | +5% |
| Operating margin | 18.6% | 17.8% |
| Net earnings | $240M | $36.7M |
| Net margin | 13.9% | 4.6% |
| Operating cash flow | $532M | $181M |
| Free cash flow | $493M | $160M |
| Market value | $23.9B | $12.1B |
| P/E | 23.2× | 115.6× |
| Analysts’ mean target | $74.78 | $49.66 |
Where the revenue comes from
Ryan Specialty Holdings
- Wholesale Brokerage: $394M (50%)
- Underwriting Management: $288M (36%)
- Binding Authority: $93.0M (12%)
- Other revenues: $14.9M (2%)
Questions
Which is bigger, Brown & Brown or Ryan Specialty Holdings?
Brown & Brown is the larger company: $1.7B of revenue in its latest quarter (Q3 FY27) against $790M for Ryan Specialty Holdings (Q3 2026).
Is Brown & Brown or Ryan Specialty Holdings growing faster?
Brown & Brown is growing faster (+7% against +5% a year earlier).
Which is more profitable, Brown & Brown or Ryan Specialty Holdings?
Brown & Brown is more profitable, with an operating margin of 18.6% against 17.8%.
More: Brown & Brown earnings · how Brown & Brown makes money · Ryan Specialty Holdings earnings · how Ryan Specialty Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 26, 2026; 10-Q filed Oct 30, 2026). Fiscal quarters can end on different dates. Not investment advice.