How Ryan Specialty Holdings makes money

Period

FY2025

How does Ryan Specialty Holdings make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Ryan Specialty Holdings Inc. · FY2025 · year ended 2025-12-31

Revenue$3.0BGross profit$3.0B · 100%Cost of revenue$0 · 0%Operating income$494M · 16%Operating expenses$2.5B · 84%SG&A$453M · 15%Other opex$2.0B · 68%Pre-tax income$142M · 5%Other expense$351M · 12%Net income$63M · 2%Income tax$79M · 3%Wholesale Brokerage$1.6B · 53%Underwriting Management$1.0B · 34%Binding Authorities$370M · 12%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.