Ryan Specialty Group (RYAN) Q1 2026 earnings summary

Executive summary

• Total revenue for Q1 2026 increased 15.2% year-over-year to $795.2 million, driven by organic growth, acquisitions, and higher contingent commissions.

• Organic revenue growth rate was 11.8% for the quarter, up from 2.9% in the prior-year period.

• Adjusted EBITDAC grew 15.7% year-over-year to $232.0 million, with margin expanding to 29.2%.

• Net income improved to $40.6 million from a loss of $4.4 million in Q1 2025, reflecting revenue growth and lower income tax expense.

• Strategic focus remains on innovation, digital transformation, and expanding specialty insurance solutions.

Financial highlights

• Net commissions and fees rose 15.8% to $782.9 million, with Underwriting Management up 38.3%.

• Adjusted EBITDAC margin was 29.2%, up slightly from 29.1% year-over-year.

• Adjusted net income margin improved to 16.4% from 15.6% year-over-year.

• Adjusted diluted EPS rose 20.5% to $0.47; $40 million of stock was repurchased.

• Compensation and benefits expense ratio remained steady at 62.3%.

Outlook and guidance

• Full-year 2026 organic revenue growth now guided to mid-single digits (4%-6%), down from previous high-single-digit guidance.

• Adjusted EBITDAC margin expected to decline by 100–150 basis points for 2026 compared to the prior year.

• Q2 organic growth expected to be near zero due to property rate declines and increased competition.

• Continued property rate declines of 25%-35% for cat-exposed lines and moderate casualty growth anticipated.

• Management anticipates sufficient liquidity for the next 12 months and beyond, supported by strong cash flow and available credit.