Ryan Specialty Group (RYAN) Q4 2025 earnings summary

Executive summary

• Achieved $3.1 billion in total revenue for 2025, representing 21.3% year-over-year growth with 10.1% organic growth and significant M&A contributions.

• Fifteenth consecutive year of double-digit organic revenue growth, maintaining leading positions as the 2nd largest U.S. P&C wholesale broker and largest delegated underwriter by premium volume.

• Launched Project Empower, a three-year restructuring program targeting $80 million in annual savings by 2029, with $160 million in one-time charges through 2028.

• Authorized a $300 million share repurchase program and increased the regular quarterly dividend by 8% to $0.13 per share.

• Completed five acquisitions in 2025, expected to add over $125 million in annualized revenue.

Financial highlights

• Revenue grew from $2.52 billion in 2024 to $3.05 billion in 2025; Q4 2025 revenue was $751.2 million, up 13.2% year-over-year with 6.6% organic growth.

• Full-year adjusted EBITDAC rose 19.2% to $967 million, with a margin of 31.7%; Adjusted Diluted EPS increased 9.5% to $1.96.

• Net income for 2025 was $214 million, with Q4 net income down 26.6% year-over-year to $31.2 million due to higher expenses.

• Adjusted net income for 2025 rose 11.1% to $548.2 million; Q4 adjusted EBITDAC margin declined to 29.6% from 32.6%.

• Adjusted effective tax rate was 26% for both Q4 and full year.

Outlook and guidance

• 2026 organic revenue growth rate is guided to be in the high single digits, with Q1 expected to be the strongest quarter.

• Adjusted EBITDAC margin for 2026 is expected to be flat to moderately down versus 2025, due to lower interest income and higher benefit costs.

• Project Empower is expected to deliver $80 million in annual savings by 2029, with $160 million in cumulative special charges through 2028.

• Positioned for continued growth through organic expansion, strategic acquisitions, and new product launches.

• Ample M&A opportunities in a fragmented U.S. and international market, with panel consolidation expected to accelerate growth.