Ryan Specialty Organic Growth Slows to 4.0%

The Tip Desk · October 31, 2026 · 3 min read

Third-quarter revenue reached $790.0 million as year-over-year organic growth cooled from 6.7% in the second quarter.

Ryan Specialty Holdings, Inc. (RYAN), a specialty insurance firm, reported third-quarter revenue of $790.0 million, up 4.7% from $754.6 million a year earlier.

That year-over-year pace slowed from 7.2% in the second quarter and 15.2% two quarters earlier. Organic revenue growth, the company’s preferred measure of underlying demand, was 4.0%, down from 6.7% in the immediately preceding quarter and 11.8% in the first quarter.

The company said the increase was primarily due to continued organic growth driven by new client wins, strong renewal retention, and expanded relationships with existing clients, coupled with continued flow into the specialty and excess-and-surplus markets, and modest amounts of revenue from acquisitions completed within the trailing twelve months ended September 30, 2026. It experienced growth across the majority of casualty lines, offset by a moderate decline in the property portfolio.

Net commissions and fees were $775.1 million. Wholesale brokerage contributed $394.3 million, binding authority $93.0 million, and underwriting management $287.8 million. Net commissions and policy fees were $725.8 million. Supplemental and contingent commissions were $33.8 million. Loss mitigation and other fees were $15.5 million.

Total operating expenses were $649.1 million, up 0.8% from $643.8 million a year earlier. The company said the increase was primarily due to higher compensation and benefits from revenue growth and an increase in restructuring and related expense due to the Empower Program, partially offset by a decrease in acquisition-related expenses. Compensation and benefits were $484.2 million. General and administrative expense was $107.0 million.

Net income rose 40.6% to $88.0 million from $62.6 million a year earlier, after a 13.1% year-over-year decline in the second quarter. Diluted earnings were $0.29 a share. The company said the increase was primarily driven by solid revenue growth and relatively flat total operating expenses, partially offset by a higher income tax expense. Operating income was $140.8 million.

Adjusted EBITDAC grew 3.8% to $244.4 million from $235.5 million a year earlier. Adjusted EBITDAC margin was 30.9%. The company said the increase was driven primarily by solid revenue growth, partially offset by higher adjusted compensation and benefits expense. Adjusted net income increased 4.1% to $137.1 million. Adjusted diluted earnings per share increased 8.5% to $0.51.

In the third quarter, the company returned $173.7 million to shareholders through $150.0 million of Class A common stock repurchases, representing 3.5 million shares, and $23.7 million in dividends and distributions. As of September 30, 2026, it had $150.0 million of remaining authorization under its share repurchase program, cash and cash equivalents of $168.8 million, and outstanding debt principal of $3.7 billion. On October 29, 2026, the board declared a quarterly dividend of $0.13 a share on Class A common stock, payable November 24, 2026.

The company is maintaining its full-year 2026 guidance for organic revenue growth rate in the mid-single digits and is guiding to an adjusted EBITDAC margin that is down modestly for 2026 compared with the prior year.