Ryan Specialty Group (RYAN) financial statements
Ryan Specialty Group reported revenue of $3.0B in fiscal 2025, up 25.5% a year over 6 years.
Net income was $63M and the operating margin 16.5%, against 13.2% in 2019.
Free cash flow was $641M, and the company returned $62M in dividends.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ryan Specialty Group's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $765M | $1.0B | $1.4B | $1.7B | $2.0B | $2.5B | $3.0B |
| Selling, general and admin | $118M | $107M | $139M | $197M | $276M | $352M | $453M |
| Operating income | $101M | $159M | $187M | $290M | $359M | $428M | $494M |
| Interest expense | $36M | $47M | $79M | $105M | $120M | — | — |
| Pre-tax income | $68M | $79M | $62M | $179M | $238M | $273M | $293M |
| Income tax | $5M | $9M | $5M | $16M | $43M | $43M | $79M |
| Net income | $64M | $68M | $66M | $61M | $61M | $95M | $63M |
| Operating margin | 13.2% | 15.6% | 13.0% | 16.9% | 17.7% | 17.4% | 16.5% |
| Net margin | 8.4% | 6.7% | 4.6% | 3.6% | 3.0% | 3.9% | 2.1% |
Balance sheet
Fiscal years, from Ryan Specialty Group's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $402M | $896M | $1.1B | $993M | $839M | $540M | $158M |
| Receivables | — | $178M | $210M | $231M | $294M | $390M | $489M |
| Total current assets | — | $2.5B | $3.0B | $3.9B | $4.3B | $4.8B | $5.1B |
| Property, plant and equipment | — | $17M | $15M | $31M | $42M | $50M | $69M |
| Goodwill | $529M | $1.2B | $1.3B | $1.3B | $1.6B | $2.6B | $3.2B |
| Total assets | — | $4.5B | $5.5B | $6.4B | $7.2B | $9.6B | $10.6B |
| Total current liabilities | — | $2.5B | $2.9B | $3.1B | $3.7B | $4.5B | $5.2B |
| Long-term debt | — | $1.6B | $1.6B | $2.0B | $1.9B | $3.2B | $3.3B |
| Total liabilities | — | $4.2B | $4.9B | $5.6B | $6.3B | $8.6B | $9.3B |
| Shareholders' equity | — | — | $595M | $478M | $560M | $628M | $648M |
| Net debt | -$402M | $690M | $450M | $990M | $1.1B | $2.7B | $3.2B |
Cash flow
Fiscal years, from Ryan Specialty Group's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $150M | $135M | $273M | $336M | $477M | $515M | $644M |
| Capital spending | $100,000 | $5M | $343M | $8M | $0 | $0 | $3M |
| Free cash flow | $149M | $130M | -$70M | $328M | $477M | $515M | $641M |
| Stock-based compensation | $8M | $11M | $68M | $77M | $70M | $79M | $69M |
| Dividends paid | — | — | — | $0 | $0 | $80M | $62M |
| Free cash flow margin | 19.5% | 12.8% | -4.9% | 19.1% | 23.5% | 21.0% | 21.4% |
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Open RYAN in InvestinglyQuestions
What was Ryan Specialty Group's revenue in 2025?
$3.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Ryan Specialty Group generate?
$641M in fiscal 2025 (operating cash flow minus capital spending).
From Ryan Specialty Group's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.