Key Highlights

  • Total Revenue rose 4.7% to $790.0 million from $754.6 million.
  • Organic revenue growth was 4.0%, compared with 15.0% a year earlier.
  • Net income increased 40.6% to $88.0 million, and diluted EPS was $0.29 versus $0.20.
  • Adjusted EBITDAC grew 3.8% to $244.4 million, with a Margin of 30.9%.
  • The company repurchased $450.3 million of Class A stock over the first nine months.

Revenue growth slows to 4.7%

Ryan Specialty (NYSE:RYAN) is a specialty insurance provider that works with retail brokers, agents and carriers to place hard-to-place risks, mostly in the excess and surplus lines market. Its specialties are Wholesale Brokerage, Binding Authority and Underwriting Management. It filed its Quarterly Report on October 30, 2026, covering the quarter ended September 30, 2026.

Total revenue increased $35.4 million, or 4.7%, to $790.0 million from $754.6 million. Organic revenue growth of $28.5 million accounted for 3.8 points of that change, with contingent commissions adding 0.6 points and acquisitions 0.3 points. The organic revenue growth rate was 4.0%, compared with 15.0% in the third quarter of 2025.

Casualty lines grew across most of the book, offset by a moderate pullback in property on declining rates and retailers placing coverage directly.

Specialty by specialty

Wholesale Brokerage net commissions and fees rose 4.6% to $394.3 million, mainly on organic growth. Binding Authority grew 3.8% to $93.0 million, driven by contingent commissions.

Underwriting Management was the fastest grower, up 5.4% to $287.8 million. Total net commissions and fees were $775.1 million, up 4.8%.

For the nine months, total revenue rose 8.8% to $2,501.8 million and organic growth was 7.3%. Underwriting Management net commissions and fees climbed to $886.6 million from $755.7 million, which is about 17.3% on a calculated basis.

Costs, margins and why Net Income outgrew revenue

Compensation and benefits expense rose 9.9% to $484.2 million, lifting the ratio to 61.3% of revenue from 58.4%. General and administrative expense fell 9.0% to $107.0 million, and its ratio improved to 13.5% from 15.6%.

Operating income was $140.8 million, up 27.1% from $110.8 million. Income tax expense was $8.1 million, compared with a $2.8 million benefit a year earlier.

Net income was $88.0 million, up from $62.6 million, and net margin was 11.1% against 8.3%. Diluted EPS was $0.29 versus $0.20.

Adjusted measures and the Empower restructuring

Adjusted EBITDAC rose 3.8% to $244.4 million, while the margin slipped to 30.9% from 31.2%. Adjusted diluted EPS was $0.51 versus $0.47.

The company began its Empower Program in the first quarter of 2026 to streamline brokerage, binding and underwriting operations and improve efficiencies across all specialties. It expects total restructuring costs of $160.0 million through December 31, 2028, and annual savings of about $80.0 million in 2029. Restructuring costs were $23.9 million in the quarter and $63.1 million over nine months.

For the nine months, net income was $237.0 million, up 29.6%, and adjusted EBITDAC was $803.4 million, up 7.9%, with a 32.1% margin.

Balance sheet and buybacks

Cash and cash equivalents were $168.8 million at September 30, 2026, up from $158.3 million at December 31, 2025. Total Debt was $3,676.5 million, compared with $3,351.6 million.

The company repurchased $450.3 million of Class A common stock in the first nine months of 2026, with none in the same period of 2025, and paid $50.2 million in Class A dividends and Dividend equivalents.

What to watch

Readers following the company will likely look at whether organic growth recovers from 4.0% as property rates and direct Placement trends evolve, whether compensation costs stay elevated, and how Empower Program savings arrive over the coming years.