RYAN financial statements

The full income statement, balance sheet, and cash-flow statement for Ryan Specialty Holdings Inc. (RYAN), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 261.8M2024-09 261.8M2024-12 261.9M2025-03 262.4M2025-06 263.7M2025-09 263.8M2025-12 264.2M2026-03 263.7M2026-06 255.8M-2.3% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	2.99B YoY+19.0%	2.52B YoY+21.1%	2.08B YoY+21.4%	1.71B YoY+19.5%	1.43B YoY+40.7%
	2.56B YoY+22.5%	2.09B YoY+21.5%	1.72B YoY+19.7%	1.44B YoY+15.2%	1.25B YoY+44.9%
Selling, general & administrative	453M YoY+28.8%	352M YoY+27.5%	276M YoY+40.2%	197M YoY+41.8%	139M YoY+29.4%
General & administrative	453M YoY+28.8%	352M YoY+27.5%	276M YoY+40.2%	197M YoY+41.8%	139M YoY+29.4%
Restructuring	—	82.4M YoY+46.2%	56.4M YoY+885.8%	5.72M YoY-60.2%	14.4M YoY+32.7%
Amortization of intangibles	274M YoY+73.9%	158M YoY+47.8%	107M YoY+3.1%	104M YoY-3.8%	108M YoY+69.3%
Provision for credit losses	5.99M YoY+63.3%	3.67M YoY+66.6%	2.20M YoY+94.3%	1.13M YoY-49.2%	2.23M YoY+6.5%
Operating income	494M YoY+15.4%	428M YoY+19.1%	359M YoY+24.0%	290M YoY+55.1%	187M YoY+17.7%
Interest expense	—	—	120M YoY+14.0%	105M YoY+32.1%	79.4M YoY+68.0%
Other non-operating income	692K YoY+104.6%	-15.0M YoY-44.9%	-10.4M YoY-104.6%	-5.07M YoY+88.7%	-44.9M YoY-39.3%
Equity-method income	21.2M YoY+16.5%	18.2M YoY+108.8%	8.73M YoY+2208.9%	-414K YoY+45.5%	-759K YoY-272.5%
Pre-tax income	293M YoY+7.6%	273M YoY+14.6%	238M YoY+32.8%	179M YoY+191.1%	61.6M YoY-22.5%
Income tax	79.0M YoY+85.3%	42.6M YoY-1.9%	43.4M YoY+172.6%	15.9M YoY+223.1%	4.93M YoY-44.9%
	63.4M YoY-33.0%	94.7M YoY+55.1%	61.0M YoY-0.0%	61.1M YoY-7.3%	65.9M YoY-3.3%
Net income to non-controlling interest	151M YoY+11.5%	135M YoY+1.4%	133M YoY+30.6%	102M YoY+1206.0%	-9.24M YoY-483.6%
Preferred dividends	—	—	—	0.00	0.00 YoY-100.0%
Net income to common	63.4M YoY-33.0%	94.7M YoY+55.1%	61.0M YoY-1.3%	61.9M YoY+975.7%	-7.06M
Dividends per share	$0.24 YoY-23.0%	$0.31	—	—	—
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.06B YoY+5.7%	4.79B YoY+10.5%	4.34B YoY+11.3%	3.89B YoY+29.3%	3.01B YoY+20.8%
Cash & equivalents	158M YoY-70.7%	540M YoY-35.6%	839M YoY-15.5%	993M YoY-12.9%	1.14B YoY+27.2%
Accounts receivable	489M YoY+25.4%	390M YoY+32.5%	294M YoY+27.1%	231M YoY+10.1%	210M YoY+18.3%
Prepaid expenses	13.6M YoY+47.0%	9.22M YoY+5.7%	8.72M YoY+1.6%	8.58M YoY+11.1%	7.73M YoY-12.6%
Other current assets	100M YoY-8.7%	110M YoY+76.7%	62.2M YoY+25.2%	49.7M YoY+212.9%	15.9M YoY-0.8%
	10.6B YoY+9.5%	9.65B YoY+33.2%	7.25B YoY+13.5%	6.38B YoY+16.9%	5.46B YoY+20.5%
Property, plant & equipment	69.5M YoY+38.3%	50.2M YoY+18.3%	42.4M YoY+35.7%	31.3M YoY+104.5%	15.3M YoY-12.2%
Operating lease right-of-use	130M YoY-2.1%	133M YoY+4.3%	128M YoY-11.2%	144M YoY+69.7%	84.8M YoY-9.5%
Goodwill	3.23B YoY+21.9%	2.65B YoY+60.7%	1.65B YoY+25.2%	1.31B YoY+0.4%	1.31B YoY+6.9%
Intangible assets	120M YoY+43.0%	83.7M YoY+118.7%	38.3M YoY+30.5%	29.3M YoY-94.9%	574M YoY-5.1%
Deferred tax assets	310M YoY-30.8%	448M YoY+16.8%	384M YoY-3.3%	397M YoY+3.7%	383M
Other non-current assets	14.6M YoY-21.7%	18.6M YoY-52.7%	39.3M YoY-31.0%	57.0M YoY+428.2%	10.8M YoY-12.2%
Total non-current assets	5.50B YoY+13.2%	4.86B YoY+67.0%	2.91B YoY+16.9%	2.49B YoY+1.7%	2.45B YoY+20.2%
	5.19B YoY+14.1%	4.55B YoY+21.5%	3.74B YoY+19.5%	3.13B YoY+7.4%	2.92B YoY+17.6%
Accrued liabilities	284M YoY+14.1%	249M YoY+82.8%	136M YoY+14.6%	119M YoY+19.7%	99.4M YoY-14.0%
Short-term & current debt	60.2M YoY+16.3%	51.7M YoY+46.2%	35.4M YoY+15.7%	30.6M YoY+30.3%	23.5M YoY+22.5%
Current lease liability	26.0M YoY+17.6%	22.1M YoY+3.5%	21.4M YoY-6.0%	22.7M YoY+21.1%	18.8M YoY-5.5%
Finance lease liability (current)	—	—	—	35.0K YoY-10.3%	39.0K YoY-73.5%
	9.31B YoY+8.9%	8.55B YoY+36.4%	6.27B YoY+12.6%	5.57B YoY+14.4%	4.86B YoY+15.3%
Long-term debt	3.29B YoY+1.9%	3.23B YoY+66.2%	1.94B YoY-0.4%	1.95B YoY+24.6%	1.57B YoY+0.0%
Non-current lease liability	153M YoY-3.9%	159M YoY+3.1%	154M YoY+1.7%	152M YoY+104.3%	74.4M YoY-11.2%
Operating lease liability (total)	179M YoY-1.2%	181M YoY+3.1%	176M YoY+0.7%	175M YoY+87.5%	93.2M
Finance lease liability (total)	—	—	0.00 YoY-100.0%	57.0K YoY-40.6%	96.0K YoY-57.3%
Finance lease liability	—	—	—	22.0K YoY-61.4%	57.0K YoY-26.9%
Deferred tax liabilities	49.8M YoY+24.8%	39.9M YoY+72485.5%	55.0K YoY-90.2%	562K YoY-10.9%	631K YoY+9.4%
Other non-current liabilities	97.9M YoY+13.0%	86.6M YoY+110.7%	41.1M YoY+84.1%	22.3M YoY-19.3%	27.7M YoY+65.6%
Total non-current liabilities	4.12B YoY+3.0%	4.00B YoY+58.6%	2.52B YoY+3.8%	2.43B YoY+25.0%	1.95B YoY+12.1%
	648M YoY+3.3%	628M YoY+12.1%	560M YoY+17.0%	478M YoY-19.6%	595M
Preferred stock	0.00	0.00	0.00	0.00	—
Additional paid-in capital	514M YoY+1.5%	506M YoY+14.5%	442M YoY+5.7%	418M YoY+19.9%	349M
Retained earnings	120M YoY-2.1%	123M YoY+7.4%	114M YoY+111.9%	54.0M YoY+864.3%	-7.06M YoY+98.0%
Accumulated other comprehensive income	13.8M YoY+870.9%	-1.80M YoY-158.4%	3.08M YoY-49.0%	6.04M YoY+252.1%	1.71M YoY-36.6%
Non-controlling interest	606M YoY+28.8%	471M YoY+12.1%	420M YoY+23.7%	339M	—
Total equity incl. non-controlling	1.25B YoY+14.2%	1.10B YoY+12.1%	980M YoY+19.8%	818M YoY+37.5%	595M
Total liabilities & equity	10.6B YoY+9.5%	9.65B YoY+33.2%	7.25B YoY+13.5%	6.38B YoY+16.9%	5.46B YoY+20.5%
	264M YoY+0.9%	262M YoY+0.6%	260M YoY+0.2%	260M YoY+0.2%	259M
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	644M YoY+25.0%	515M YoY+7.9%	477M YoY+42.2%	336M YoY+22.7%	273M YoY+102.0%
Depreciation & amortization	287M YoY+71.5%	168M YoY+44.7%	116M YoY+6.0%	109M YoY-2.9%	113M YoY+66.6%
Intangible amortization	274M YoY+73.9%	158M YoY+47.8%	107M YoY+3.1%	104M YoY-3.8%	108M YoY+69.3%
Share-based compensation	69.5M YoY-12.1%	79.0M YoY+13.3%	69.7M YoY-10.0%	77.5M YoY+14.7%	67.5M YoY+525.3%
Deferred income taxes	26.0M YoY+55.1%	16.8M YoY+135.5%	7.13M YoY-20.6%	8.99M YoY+878.7%	-1.15M YoY-668.5%
	-834M YoY+52.5%	-1.76B YoY-268.7%	-476M YoY-2024.1%	-22.4M YoY+95.1%	-458M YoY+40.4%
Capital expenditure	3.01M	0.00	0.00 YoY-100.0%	7.71M YoY-97.8%	343M YoY+6453.8%
Free cash flow	641M YoY+24.4%	515M YoY+7.9%	477M YoY+45.6%	328M YoY+570.5%	-69.7M YoY-153.5%
Acquisitions	746M YoY-56.3%	1.71B YoY+282.5%	447M	0.00	0.00
Purchases of investments	—	—	—	0.00	0.00 YoY-100.0%
Proceeds from sale of PP&E	—	—	—	—	0.00
	78.1M YoY-93.3%	1.17B YoY+9353.4%	-12.6M YoY-104.0%	315M YoY-26.7%	429M YoY-61.9%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	62.3M YoY-22.3%	80.2M	0.00	0.00	0.00
Other financing activities	—	0.00	0.00 YoY+100.0%	-36.0K YoY+72.1%	-129K
FX effect on cash	—	—	—	—	-883K YoY-165.3%
Net change in cash	-96.3M YoY-27.6%	-75.5M YoY-583.3%	-11.1M YoY-101.8%	628M YoY+157.3%	244M YoY-50.6%
Interest paid	196M YoY+43.1%	137M YoY+6.7%	128M YoY+45.1%	88.5M YoY+11.5%	79.4M YoY+93.4%
Income taxes paid	14.3M YoY-47.5%	27.3M YoY+66.6%	16.4M YoY+46.1%	11.2M YoY+66.0%	6.76M YoY-10.6%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	13.6B YoY-18.8%	16.8B YoY+50.1%	11.2B YoY+3.9%	10.8B YoY+3.1%	10.5B
P/E	215.1× YoY+21.2%	177.5× YoY-11.1%	199.6× YoY-1.4%	202.5× YoY+27.6%	158.7×
P/S	4.6× YoY-31.8%	6.7× YoY+2.1%	6.5× YoY+1.3%	6.5× YoY-11.5%	7.3×
P/B	21.0× YoY-21.4%	26.8× YoY+29.8%	20.6× YoY+44.9%	14.2× YoY-19.1%	17.6×
P/FCF	21.3× YoY-34.8%	32.6× YoY-4.5%	34.2× YoY-14.4%	39.9×	—
	0.46% YoY-17.5%	0.56% YoY+12.5%	0.50% YoY+1.5%	0.49% YoY-21.6%	0.63%
	4.7% YoY+53.3%	3.1% YoY+4.7%	2.9% YoY+16.8%	2.5%	—
	0.46% YoY-4.3%	0.48%	—	—	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: RYAN's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all RYAN filings on SEC EDGAR → Not investment advice.