Ryan Specialty Holdings Reports 23% Revenue Growth to $855.2 Million in Latest Quarter

Ryan Specialty Holdings, Inc. reported significant financial growth in its latest quarterly results, with total revenue reaching $855.2 million for the three months ended June 30, 2025, a 23% increase from $695.4 million in the same period last year. The company's net commissions and fees rose by 23.6% to $840.9 million, driven by strong performance across its three specialties: Wholesale Brokerage, Binding Authority, and Underwriting Management. The Underwriting Management segment saw a notable 73.1% increase in net commissions, attributed to both organic growth and contributions from recent acquisitions.

In terms of profitability, Ryan Specialty's net income for the second quarter was $124.7 million, up 5.6% from $118.0 million a year earlier. However, net income attributable to Ryan Specialty Holdings, Inc. specifically was $52.0 million, compared to $46.8 million in the prior year. The company experienced a rise in operating income, which increased by 16.2% to $191.1 million, despite a significant increase in expenses, particularly in compensation and benefits, which rose by 17.2% to $485.3 million.

The company has been active in expanding its market presence through acquisitions, completing several significant transactions in 2025. Notably, it acquired Velocity Risk Underwriters for $548.6 million, USQRisk Holdings for $28.7 million, and 360° Underwriting for $28.2 million. These acquisitions are expected to enhance Ryan Specialty's capabilities in specialty insurance and contribute to future revenue growth. The company also reported a 5.6% increase in employee headcount, bringing the total to 5,692 as of June 30, 2025.

Operationally, Ryan Specialty's geographic reach continues to expand, with a significant portion of its revenue generated from the United States, which accounted for approximately 93.6% of total revenue in the latest quarter. The company also reported a decline in fiduciary investment income, which fell to $14.3 million, reflecting lower interest rates compared to the previous year. The company’s cash and cash equivalents decreased to $172.6 million, primarily due to increased cash outflows related to acquisitions and operational expenses.

Looking ahead, Ryan Specialty remains optimistic about its growth trajectory, emphasizing its commitment to pursuing strategic acquisitions and deepening relationships with retail broker trading partners. The company anticipates that its investments in technology and operational capabilities will further enhance its competitive position in the specialty insurance market. However, it acknowledges potential challenges, including fluctuations in the economic environment and market conditions that could impact its performance.