RYAN

Earnings results often indicate what direction a company will take in the months ahead. With Q2 behind us, let’s have a look at Ryan Specialty (NYSE:RYAN) and its peers. The insurance brokerage industry, while influenced by insurance pricing cycles, benefits from durable secular tailwinds as rising risk complexity (climate, data privacy), regulatory scrutiny, and insurance pricing inflation. These increase demand for professional risk-management advice. Brokers operate models that rely on commissions and fees tied to premium volumes and growing contributions from recurring advisory, benefits, and compliance services. Scale is a key advantage, enabling better carrier access, stronger data and benchmarking, and efficient deployment of technology and compliance investments, which in turn supports ongoing industry consolidation. The headwinds are labor intensity and wage inflation for producers, regulatory complexity (this cuts both ways, as you can see), and execution risk when integrating new digital tools into legacy workflows. The 5 insurance brokers stocks we track reported a satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 0.8%. In light of this news, share prices of the companies have held steady as they are up 1.4% on average since the latest earnings results. Founded in 2010 by insurance industry veteran Patrick Ryan, Ryan Specialty (NYSE:RYAN) is a wholesale insurance broker and underwriting manager that helps retail brokers place complex or hard-to-place risks with insurance carriers. Ryan Specialty reported revenues of $916.6 million, up 7.2% year on year. This print exceeded analysts’ expectations by 5.3%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS estimates. Ryan Specialty pulled off the biggest analyst estimate beat of the whole group. The results were likely priced in, however, and the stock is flat since reporting. It currently trades at $44.21. Read why we think that Ryan Specialty is one of the best insurance brokers stocks, our full report is free. With roots dating back to 1871 and a presence in over 130 countries, Marsh (NYSE:MRSH) is a global professional services firm that helps organizations manage risk, strategy, and workforce challenges through its four specialized businesses. Marsh reported revenues of $7.40 billion, up 6.2% year on year, outperforming analysts’ expectations by 1.8%. The business had a strong quarter with a solid beat of analysts’ organic revenue and EPS estimates. The market seems content with the results as the stock is up 4.3% since reporting. It currently trades at $190. Is now the time to buy Marsh? Access our full analysis of the earnings results here, it’s free. With roots dating back to 1939 and operations spanning 44 U.S. states and 14 countries, Brown & Brown (NYSE:BRO) is an insurance brokerage and risk management firm that markets and sells insurance products across property, casualty, and employee benefits sectors. Brown & Brown reported revenues of $1.68 billion, up 30.4% year on year, falling short of analysts’ expectations by 2.5%. It was a softer quarter as it posted EPS in line with analysts’ estimates. Brown & Brown delivered the fastest revenue growth but had the weakest performance against analyst estimates in the group. Interestingly, the stock is up 1% since the results and currently trades at $70.40. Read our full analysis of Brown & Brown’s results here. Rebranded from BRP Group in May 2024, Baldwin Insurance Group (NASDAQ:BWIN) is an independent insurance distribution company that provides tailored insurance, risk management, and employee benefits solutions to businesses and individuals. Baldwin Insurance Group reported revenues of $492.9 million, up 30.1% year on year. This result met analysts’ expectations. Taking a step back, it was a mixed quarter as it also produced EPS in line with analysts’ estimates but a miss of analysts’ organic revenue estimates. The stock is up 3.9% since reporting and currently trades at $27.74. Read our full, actionable report on Baldwin Insurance Group here, it’s free. Founded in 1927 and operating in approximately 130 countries through direct operations and correspondent networks, Arthur J. Gallagher (NYSE:AJG) provides insurance brokerage, reinsurance, consulting, and third-party claims settlement services to businesses and individuals worldwide. Arthur J. Gallagher reported revenues of $4.00 billion, up 24.3% year on year. This print missed analysts’ expectations by 0.5%. All in all, it was a mixed quarter for the company. The stock is down 2.7% since reporting and currently trades at $249.42. 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Interested in Ryan Specialty Holdings Inc.? Here are five stocks we like better. Second-quarter results remained solid: Revenue rose 7.2% to $917 million, organic growth reached 6.7%, adjusted EBITDA increased 6% to $327 million, and adjusted EPS climbed 12.1% to $0.74. First-half organic revenue growth was 8.9%. Market conditions were mixed: Property pricing and competition remained significant headwinds, while casualty, underwriting management, transactional liability and reinsurance delivered strong performance. New products and alternative capital initiatives are expanding the company beyond the traditional property-and-casualty cycle. 2026 outlook calls for slower margins: Management expects full-year organic revenue growth toward the high end of its mid-single-digit range, but now forecasts a 50–100 basis-point decline in adjusted EBITDA margin. Ryan Specialty also repurchased $260 million of stock during the quarter and increased its buyback authorization by $300 million. 3 2021 IPOs Likely To Notch Further Big Price Gains Ryan Specialty (NYSE:RYAN) reported second-quarter revenue growth of 7.2% to $917 million, supported by 6.7% organic growth and modest contributions from acquisitions, as the specialty insurance services company navigated pricing pressure in property insurance and rising competition in several markets. Adjusted EBITDA increased 6% to $327 million, while adjusted EBITDA margin declined 40 basis points year over year to 35.7%. Adjusted earnings per share rose 12.1% to $0.74. For the first half of 2026, the company said organic revenue grew 8.9%, adjusted EBITDA increased 9.8%, and adjusted EPS rose 16.2%. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Founder and Executive Chairman Pat Ryan said the quarter demonstrated the resilience of the company’s wholesale brokerage and delegated underwriting platform despite industry headwinds. He highlighted Ryan Specialty’s specialty-product breadth, carrier relationships and ability to develop new underwriting programs as differentiators. CEO Tim Turner said the company faced a “very challenging property pricing environment,” particularly in catastrophe-exposed and large-account business, where capacity continued to build and competition remained intense. Pricing on some catastrophe business declined materially, although Ryan Specialty’s property book fell only modestly during the quarter, better than management had expected. → Microsoft Just Flipped the AI Spending Narrative Overnight Turner attributed the relative performance to strong retention, new-business wins and a better-than-expected June. He said the company continued to benefit from business flowing into the excess-and-surplus, or E&S, market, even as pricing conditions remained difficult. In casualty, Ryan Specialty reported a strong quarter, aided by construction activity and several large project-based wins, including data center-related business. Turner cautioned that construction project activity is inherently lumpy because the timing of client binding decisions can be difficult to predict. Management said the pipeline for construction opportunities remains strong heading into the remainder of the year. → Carrier Earnings Could Send the Stock to a New All-Time High The company said casualty pricing remains firm in areas including transportation, habitational, sports and entertainment, portions of healthcare, public entity and human services. However, it is seeing increased competition and some price moderation in small and medium-hazard risks, as well as certain other market segments. Ryan Specialty’s underwriting management operations posted what management described as an excellent quarter, with strength in transactional liability, transportation, international specialty, casualty and reinsurance. Transactional liability exceeded the company’s expectations, supported by a more constructive global mergers-and-acquisitions environment. Ryan Re, the company’s reinsurance managing underwriter, also delivered strong renewal retention despite a difficult pricing environment. Turner said Ryan Re remains on track to place $2 billion of reinsurance premium during 2026. Management noted continued pressure in builders risk, reflecting broader macroeconomic conditions. Its binding authority business grew revenue year over year but encountered heightened competition, particularly from new facilities competing for smaller commercial accounts. The company expects those competitive pressures to intensify in the second half. Ryan Specialty also discussed its efforts to expand beyond traditional managing general agency and managing general underwriter activities. Pat Ryan cited reinsurance underwriting, alternative capital solutions and benefits products as businesses intended to diversify the company from the property-and-casualty cycle. He said these newer businesses remain smaller than the company’s wholesale distribution and underwriting management operations but are becoming more meaningful contributors to growth, margins and earnings. In July, RSUM launched a Lloyd’s Consortium stamp that will take a 15% line on its syndicated business beginning Aug. 1. Turner said the initiative is designed to improve capital efficiency, support underwriting capacity and accelerate the company’s speed to market. CFO Janice Hamilton said Ryan Specialty continues to expect full-year organic revenue growth in the mid-single digits for 2026, but now expects results to fall toward the higher end of that range. The outlook assumes continued property price declines, heightened competition, softer binding-authority growth and ongoing builders-risk pressure. The company expects a moderate decline in its property book for the full year and a more normalized level of construction-project growth in the second half. Hamilton said the third quarter represents Ryan Specialty’s most difficult organic-growth comparison of the year, including comparisons against prior-year property growth and strong underwriting-management growth in transactional liability, structured solutions and reinsurance. Ryan Specialty now expects its full-year adjusted EBITDA margin to decline by approximately 50 to 100 basis points year over year. Hamilton said the outlook reflects market conditions, continued absorption of talent investments, lower fiduciary investment income and higher healthcare and benefits costs. Those pressures are expected to be partly offset by cost discipline and early benefits from the company’s Empower operational-efficiency program. During the quarter, Ryan Specialty repurchased approximately 8.1 million shares for $260 million and increased its repurchase authorization by $300 million. The company also repurchased $42 million of stock in July. It ended the quarter with total net leverage of 3.3 times on a credit basis, within its stated 3-times-to-4-times comfort range. Hamilton said the company considers both acquisitions and repurchases priorities within its capital-allocation strategy, but it is unlikely to close a meaningful acquisition in 2026. Management said it is looking toward 2027 for larger acquisition opportunities, while remaining prepared to pursue assets that meet its strategic, cultural and financial criteria. The company also announced a planned leadership succession at RT Specialty. Brendan Mulshine will become CEO of RT Specialty, while Ed McCormack will transition to vice chairman of RT Specialty. Finally, management described ongoing technology and artificial-intelligence investments, including tools designed to accelerate reinsurance submission processing, improve treaty underwriting workflows and reduce manual property-inspection tasks. Turner said the company is using proprietary data and internal guardrails as it expands AI deployment across its operations. Ryan Specialty Group, Inc (NYSE: RYAN) is a global specialty insurance and reinsurance platform that partners with a network of insurers and reinsurers to deliver tailored risk solutions. The company focuses on complex and large-scale risks across multiple industry sectors, leveraging its underwriting expertise to structure coverage programs that meet clients' unique needs. Ryan Specialty's core offerings span a diverse range of specialty lines, including casualty, property, professional liability, marine and energy, program administration, and sports and entertainment. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Ryan Specialty Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

- Total Revenue grew 7.2% year-over-year to $916.6 million - - Organic Revenue Growth Rate* of 6.7% year-over-year - - Net Income of $108.4 million, or $0.33 per diluted share - - Adjusted EBITDAC* grew 6.0% year-over-year to $326.9 million - - Adjusted Net Income increased 7.6% year-over-year to $198.7 million - - Adjusted Diluted Earnings Per Share grew 12.1% or $0.74 per diluted share - - Returned approximately $284.5 million to shareholders, including $260.0 million of share repurchases, and $24.5 million of dividends and distributions - CHICAGO, July 30, 2026--(BUSINESS WIRE)--Ryan Specialty Holdings, Inc. (NYSE: RYAN) ("Ryan Specialty" or the "Company"), a leading international specialty insurance firm, today announced results for the second quarter ended June 30, 2026. Second Quarter 2026 Highlights Revenue grew 7.2% year-over-year to $916.6 million, compared to $855.2 million in the prior-year period Organic Revenue Growth Rate* was 6.7% for the quarter, compared to 7.1% in the prior-year period Net Income decreased 13.1% year-over-year to $108.4 million, compared to $124.7 million in the prior-year period. Diluted Earnings Per Share was $0.33 Adjusted EBITDAC* increased 6.0% to $326.9 million, compared to $308.4 million in the prior-year period Adjusted EBITDAC Margin* of 35.7%, compared to 36.1% in the prior-year period Adjusted Net Income* increased 7.6% to $198.7 million, compared to $184.7 million in the prior-year period Adjusted Diluted Earnings Per Share* increased 12.1% to $0.74, compared to $0.66 in the prior-year period Returned approximately $284.5 million to shareholders through $260.0 million of Class A common stock repurchases, representing 8.1 million shares, and $24.5 million in dividends and distributions "We are proud of our excellent second quarter performance, especially given the very challenging environment, as we continue to deliver for our clients and carrier trading partners," said Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty. "We grew total revenue 7.2%, driven primarily by organic growth of 6.7%. We grew Adjusted EBITDAC by 6.0% and Adjusted Diluted EPS by 12.1%. These results speak to the exceptional efforts of our brokers and underwriters, and to the differentiated, scalable platform we've built - one we believe is exceedingly difficult to replicate. Our consistent ability to anticipate specialty insurance needs and deliver unique, innovative solutions has positioned us with one of the broadest and most diverse product portfolios in the industry, spanning wholesale brokerage, delegated authority, reinsurance, benefits and alternative capital solutions. We also continued to return capital to shareholders through our dividend, repurchasing shares worth $260 million during the quarter, and expanding our repurchase authorization by an additional $300 million. As we move through the back half of the year, we remain confident that our platform, our talent, and our culture will continue to fuel durable, industry-leading growth, attractive margins, and further enhance our position as a leader in specialty insurance for years to come." "It was another standout quarter for Ryan Specialty as we continued to focus on delivering for our clients," added Timothy W. Turner, Chief Executive Officer of Ryan Specialty. "Positioned at the top of both specialty distribution and underwriting, the platform we've built over the past 16 years enables us to anticipate, identify, and meet the most pressing needs of our clients, even in the most challenging environments. Propelled by incredible talent and deep client and carrier relationships, and enhanced by our ongoing investments in technology, AI, and data that will extend our moat, we are confident these advantages will continue to compound, driving durable, long-term value for our shareholders." Summary of Second Quarter 2026 Results Second Quarter 2026 Review* Total revenue for the second quarter of 2026 was $916.6 million, an increase of 7.2% compared to $855.2 million in the prior-year period. This increase was primarily due to continued organic revenue growth of 6.7%, driven by new client wins, strong renewal retention, and expanded relationships with existing clients, coupled with continued flow into the specialty and E&S markets, and modest amounts of revenue from acquisitions completed within the trailing twelve months ended June 30, 2026. We experienced growth across the majority of our casualty lines, offset by a moderate decline in our property portfolio. Total operating expenses for the second quarter of 2026 were $736.3 million, a 10.9% increase compared to $664.1 million in the prior-year period. This increase was primarily due to higher Compensation and benefits expenses resulting from growth in headcount and revenue and an increase in Restructuring and related expense due to the Empower Program, partially offset by a decrease in Acquisition related long-term incentive compensation related to the decline in acquisition activity compared to the prior period. General and administrative expense also increased compared to the prior-year period due to an increase in costs directly linked to revenue growth and an increase in Restructuring and related expense due to the Empower Program, partially offset by lower Acquisition-related expenses. Change in contingent consideration also increased compared to the prior-year period. Net income for the second quarter of 2026 decreased 13.1% to $108.4 million, compared to $124.7 million in the prior-year period, primarily driven by an increase in Total operating expenses and a higher Income tax expense, partially offset by strong revenue growth. Adjusted EBITDAC grew 6.0% to $326.9 million from $308.4 million in the prior-year period. Adjusted EBITDAC margin for the quarter was 35.7%, compared to 36.1% in the prior-year period. The increase in Adjusted EBITDAC was driven primarily by strong revenue growth, partially offset by higher Adjusted compensation and benefits expense and Adjusted general and administrative expense. Adjusted net income for the second quarter of 2026 increased 7.6% to $198.7 million, compared to $184.7 million in the prior-year period. Adjusted net income margin was 21.7%, compared to 21.6% in the prior-year period. Adjusted diluted earnings per share for the second quarter of 2026 increased 12.1% to $0.74, compared to $0.66 in the prior-year period. Second Quarter 2026 Net Commissions and Fees by Specialty and Revenue by Type Growth in Net commissions and fees in all specialties was primarily driven by solid organic growth. The following tables sets forth our revenue by type of commission and fees: Liquidity and Financial Condition As of June 30, 2026, the Company had Cash and cash equivalents of $140.1 million and outstanding debt principal of $3.6 billion. Capital Return In the second quarter, the Company returned approximately $284.5 million to shareholders through $260.0 million of Class A common stock repurchases, representing 8.1 million shares, and $24.5 million in dividends and distributions. As of June 30, 2026, the Company had $300.0 million of remaining authorization under its share repurchase program. Additionally, on July 30, 2026, the Company’s board of directors declared a quarterly dividend of $0.13 per share on the outstanding Class A common stock. The quarterly dividend will be payable on August 25, 2026, to stockholders of record as of the close of business on August 11, 2026. A portion of the dividend, $0.06 per share, will be funded by free cash flow from Ryan Specialty, LLC and will be paid to all holders of the Company’s Class A common stock and the holders of the LLC Common Units (as defined below). Full Year 2026 Guidance* The Company is maintaining its full year 2026 guidance for Organic Revenue Growth Rate and updating its full year 2026 guidance for Adjusted EBITDAC Margin as follows: We are guiding to an Organic Revenue Growth Rate in the mid-single digits for 2026 We are guiding to an Adjusted EBITDAC Margin that is down 50 - 100 basis points for 2026, as compared to the prior year Conference Call Information Ryan Specialty will hold a conference call to discuss the financial results at 4:45pm Eastern Time on July 30, 2026. Interested parties may access the conference call through the live webcast, which can be accessed at https://ryan-specialty-q2-2026-earnings-call.open-exchange.net/registration or by visiting the Company’s Investor Relations website. Please join the live webcast at least 10 minutes prior to the scheduled start time. A webcast replay of the call will be available on the Company’s website at ryanspecialty.com in its Investors section for one year following the call. About Ryan Specialty Founded in 2010, Ryan Specialty (NYSE: RYAN) is a service provider of specialty products and solutions for insurance brokers, agents, and carriers. Ryan Specialty provides distribution, underwriting, product development, administration, and risk management services by acting as a wholesale broker and a managing underwriter with delegated authority from insurance carriers. Our mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents, and carriers. Learn more at ryanspecialty.com. Forward-Looking Statements All statements in this release and in the corresponding earnings call that are not historical are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties. For example, all statements the Company makes relating to its estimated and projected costs, expenditures, cash flows, growth rates and financial results, its plans, anticipated amount and timing of cost savings relating to the restructuring plan, or its plans and objectives for future operations, growth initiatives, or strategies and the statements under the caption "Full Year 2026 Outlook" are forward-looking statements. Words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely" and variations of such words and similar expressions are intended to identify such forward-looking statements. All forward-looking statements are subject to risks and uncertainties, known and unknown, that may cause actual results to differ materially from those that the Company expected. Specific factors that could cause such a difference include, but are not limited to, those disclosed previously in the Company’s filings with the Securities and Exchange Commission ("SEC"). For more detail on the risk factors that may affect the Company’s results, see the section entitled "Risk Factors" in our most recent annual report on Form 10-K filed with the SEC, and in other documents filed with, or furnished to, the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Given these factors, as well as other variables that may affect the Company’s operating results, you are cautioned not to place undue reliance on these forward-looking statements, not to assume that past financial performance will be a reliable indicator of future performance, and not to use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release and on the related earnings call relate only to events as of the date hereof. The Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events, changes in assumptions, or otherwise. Non-GAAP Financial Measures and Key Performance Indicators In assessing the performance of the Company’s business, non-GAAP financial measures are used that are derived from the Company’s consolidated financial information, but which are not presented in the Company’s consolidated financial statements prepared in accordance with GAAP. The Company considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax positions, depreciation, amortization, and certain other items that the Company believes are not representative of its core business. The Company uses the following non-GAAP measures for business planning purposes, in measuring performance relative to that of its competitors, to help investors to understand the nature of the Company’s growth, and to enable investors to evaluate the run-rate performance of the Company. Non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, the consolidated financial statements prepared and presented in accordance with GAAP. The footnotes to the reconciliation tables below should be read in conjunction with the unaudited consolidated quarterly financial statements in the Company’s Quarterly Report on form 10-Q filed with the SEC. Industry peers may provide similar supplemental information but may not define similarly-named metrics in the same way and may not make identical adjustments. Organic revenue growth rate: Organic revenue growth rate represents the percentage change in Net commissions and fees, as compared to the same period for the prior year, adjusted to eliminate revenue attributable to acquisitions for the first twelve months of ownership, revenue attributable to sold businesses for the subsequent twelve months after the sale, and other items such as contingent commissions and the impact of changes in foreign exchange rates. Adjusted compensation and benefits expense: Adjusted compensation and benefits expense is defined as Compensation and benefits expense adjusted to reflect items such as (i) equity-based compensation, (ii) acquisition and restructuring related compensation expenses, and (iii) other exceptional or non-recurring compensation expenses, as applicable. The most directly comparable GAAP financial metric is Compensation and benefits expense. Adjusted general and administrative expense: Adjusted general and administrative expense is defined as General and administrative expense adjusted to reflect items such as (i) acquisition and restructuring related general and administrative expenses, and (ii) other exceptional or non-recurring general and administrative expenses, as applicable. The most directly comparable GAAP financial metric is General and administrative expense. Adjusted compensation and benefits expense ratio: Adjusted compensation and benefits expense ratio is defined as the Adjusted compensation and benefits expense as a percentage of Total revenue. The most directly comparable GAAP financial metric is Compensation and benefits expense ratio. Adjusted general and administrative expense ratio: Adjusted general and administrative expense ratio is defined as the Adjusted general and administrative expense as a percentage of Total revenue. The most directly comparable GAAP financial metric is General and administrative expense ratio. Adjusted EBITDAC: Adjusted EBITDAC is defined as Net income before Interest expense, net, Income tax expense, Depreciation, Amortization, and Change in contingent consideration, adjusted to reflect items such as (i) equity-based compensation, (ii) acquisition-related expenses, and (iii) other exceptional or non-recurring items, as applicable. Acquisition-related expense includes one-time diligence, transaction-related, and integration costs. Acquisition-related long-term incentive compensation arises from long-term incentive plans associated with acquisitions. These plans require service requirements, and in some cases performance targets, to be met in order to be earned. Restructuring and related expense consists of compensation and benefits, contractors, professional services, and license fees related to the Empower Program, which was initiated at the beginning of 2026. Restructuring expense within general and administrative expense includes costs relating to professional services, technology and data initiatives, license fees, and third-party contractors, as well as non-cash expenses associated with the impairment of internally-developed software. Compensation and benefits restructuring costs include severance as well as employment costs for services rendered between the notification and termination dates and other termination payments. The compensation and benefits expense includes severance as well as employment costs related to services rendered between the notification and termination dates and other termination payments. Amortization and expense is composed of charges related to discontinued prepaid incentive programs. For the three months ended June 30, 2026, Other non-operating loss (income) consisted of $0.1 million of sublease income, $0.1 million of proceeds from the sale of a small non-subscription workers compensation book of business, $0.1 million of forfeitures of vested equity awards, and de minimis seller reimbursement of acquisition-related retention incentives offset by $0.4 million of TRA contractual interest and related charges. For the three months ended June 30, 2025, Other non-operating loss (income) consisted of $0.4 million of TRA contractual interest and related charges offset by $0.2 million of sublease income. For the six months ended June 30, 2026, Other non-operating loss (income) consisted of $0.6 million of forfeitures of vested equity awards, $0.3 million of sublease income, $0.1 million of proceeds from the sale of a small non-subscription workers compensation book of business, and $0.1 million of seller reimbursement of acquisition-related retention incentives offset by $0.4 million of TRA contractual interest and related charges. For the six months ended June 30, 2025, Other non-operating loss (income) consisted of $0.3 million of seller reimbursement of acquisition-related retention incentives and $0.3 million of sublease income offset by $0.4 million of TRA contractual interest and related charges. Equity-based compensation reflects non-cash equity-based expense. IPO related expenses consist of compensation-related expense primarily related to the expense for new awards issued at IPO, as well as expense related to the revaluation of existing equity awards at IPO. Adjusted EBITDAC margin: Adjusted EBITDAC margin is defined as Adjusted EBITDAC as a percentage of Total revenue. The most directly comparable GAAP financial metric is Net income margin. Adjusted net income: Adjusted net income is defined as tax-effected earnings before amortization and certain items of income and expense, gains and losses, equity-based compensation, acquisition related long-term incentive compensation, acquisition-related expenses, costs associated with our IPO, and certain exceptional or non-recurring items. The Company will be subject to United States federal income taxes, in addition to state, local, and foreign taxes, with respect to its allocable share of any net taxable income of Ryan Specialty, LLC (together with its parent New Ryan Specialty, LLC and their subsidiaries, the "LLC"). For comparability purposes, this calculation incorporates the impact of federal and state statutory tax rates on 100% of the Company’s adjusted pre-tax income as if the Company owned 100% of Ryan Specialty, LLC. The most directly comparable GAAP financial metric is Net income. Adjusted net income margin: Adjusted net income margin is defined as Adjusted net income as a percentage of Total revenue. The most directly comparable GAAP financial metric is Net income margin. Adjusted diluted earnings per share: Adjusted diluted earnings per share is defined as Adjusted net income divided by diluted shares outstanding after adjusting for the effect if 100% of the outstanding LLC Common Units ("LLC Common Units"), together with the shares of Class B common stock, vested Class C Incentive Units, vested but unexercised Options, and unvested equity awards were exchanged into shares of Class A common stock as if 100% of unvested equity awards were vested. The most directly comparable GAAP financial metric is Diluted earnings per share. Credit Adjusted EBITDAC: Credit Adjusted EBITDAC is defined as Adjusted EBITDAC as further adjusted without duplication for: acquired EBITDAC from the beginning of the applicable twelve month reference period through the acquisition close date, certain annualized run rate expected cost savings and initiatives, and certain other adjustments as permitted in calculating leverage ratios under our debt agreements. The Company presents Credit Adjusted EBITDAC as an additional measure of liquidity and leverage. The calculation of Credit Adjusted EBITDAC pursuant to our debt agreements permits certain estimates and assumptions that may differ from actual results. The summary unaudited consolidated financial data presented for the twelve months ended June 30, 2026, was derived by adding the consolidated financial data of the Company for the twelve months ended December 31, 2025, to the consolidated financial data of the Company for the six months ended June 30, 2026, and subtracting the consolidated financial data of the Company for the six months ended June 30, 2025. The summary unaudited consolidated financial data for the twelve months ended June 30, 2026, has been prepared for illustrative purposes only and is not necessarily representative of our results of operations for any future period or our financial condition at any future date. The reconciliation of the above non-GAAP measures to each of their most directly comparable GAAP financial measure is set forth in the reconciliation table accompanying this release. With respect to the Organic revenue growth rate and Adjusted EBITDAC margin outlook presented in the "Full Year 2026 Outlook" section of this press release, the Company is unable to provide a comparable outlook for, or a reconciliation to, Total revenue growth rate or Net income margin because it cannot provide a meaningful or accurate calculation or estimation of certain reconciling items without unreasonable effort. Its inability to do so is due to the inherent difficulty in forecasting the timing of items that have not yet occurred and quantifying certain amounts that are necessary for such reconciliation, including variations in effective tax rate, expenses to be incurred for acquisition activities, and other one-time or exceptional items. Consolidated Statements of Income (Unaudited) Non-GAAP Financial Measures (Unaudited) Consolidated Balance Sheets (Unaudited) Consolidated Statements of Cash Flows (Unaudited) Reconciliation of Organic Revenue Growth Rate Reconciliation of Adjusted Compensation and Benefits Expense to Compensation and Benefits Expense Reconciliation of Adjusted General and Administrative Expense to General and Administrative Expense Reconciliation of Adjusted EBITDAC to Net Income Reconciliation of Adjusted Net Income to Net Income Reconciliation of Adjusted Diluted Earnings per Share to Diluted Earnings per Share Reconciliation of Credit Adjusted EBITDAC to Net Income View source version on businesswire.com: https://www.businesswire.com/news/home/20260730473290/en/ Contacts Investor Relations Nicholas MezickVP, Investor RelationsRyan [email protected] Phone: (312) 784-6152 Media Relations Alice Phillips ToppingSVP, Chief Marketing & Communications OfficerRyan [email protected] Phone: (312) 635-5976

Ryan Specialty Group (RYAN) came out with quarterly earnings of $0.74 per share, beating the Zacks Consensus Estimate of $0.61 per share. This compares to earnings of $0.66 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +21.31%. A quarter ago, it was expected that this insurance company would post earnings of $0.43 per share when it actually produced earnings of $0.47, delivering a surprise of +9.3%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Ryan Specialty, which belongs to the Zacks Insurance - Brokerage industry, posted revenues of $916.65 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.91%. This compares to year-ago revenues of $855.17 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Ryan Specialty shares have lost about 10% since the beginning of the year versus the S&P 500's gain of 6.9%. While Ryan Specialty has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Ryan Specialty was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.51 on $805.01 million in revenues for the coming quarter and $2.06 on $3.27 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Brokerage is currently in the bottom 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Accelerant Holdings (ARX), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 13. This company is expected to post quarterly earnings of $0.16 per share in its upcoming report, which represents a year-over-year change of +14.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Accelerant Holdings' revenues are expected to be $274.08 million, up 25.1% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ryan Specialty Holdings Inc. (RYAN) : Free Stock Analysis Report Accelerant Holdings (ARX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Brown & Brown (BRO) came out with quarterly earnings of $1.07 per share, missing the Zacks Consensus Estimate of $1.08 per share. This compares to earnings of $1.03 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -0.93%. A quarter ago, it was expected that this insurance company would post earnings of $1.36 per share when it actually produced earnings of $1.39, delivering a surprise of +2.21%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Brown & Brown, which belongs to the Zacks Insurance - Brokerage industry, posted revenues of $1.68 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 2.67%. This compares to year-ago revenues of $1.29 billion. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Brown & Brown shares have lost about 15.1% since the beginning of the year versus the S&P 500's gain of 8.3%. While Brown & Brown has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Brown & Brown was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.06 on $1.8 billion in revenues for the coming quarter and $4.50 on $7.1 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Brokerage is currently in the bottom 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Ryan Specialty Group (RYAN), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 30. This insurance company is expected to post quarterly earnings of $0.61 per share in its upcoming report, which represents a year-over-year change of -7.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Ryan Specialty Group's revenues are expected to be $873.71 million, up 2.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Brown & Brown, Inc. (BRO) : Free Stock Analysis Report Ryan Specialty Holdings Inc. (RYAN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Wall Street expects a year-over-year decline in earnings on higher revenues when Ryan Specialty Group (RYAN) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on July 30, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This insurance company is expected to post quarterly earnings of $0.61 per share in its upcoming report, which represents a year-over-year change of -7.6%. Revenues are expected to be $873.71 million, up 2.2% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 0.78% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Ryan Specialty, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination makes it difficult to conclusively predict that Ryan Specialty will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Ryan Specialty would post earnings of $0.43 per share when it actually produced earnings of $0.47, delivering a surprise of +9.30%. Over the last four quarters, the company has beaten consensus EPS estimates just once. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Ryan Specialty doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ryan Specialty Holdings Inc. (RYAN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Ryan Specialty Holdings stock has fallen 36.4% over the past year, yet on Simply Wall St’s checks it still screens as expensive rather than a clear bargain, which puts recent sentiment at odds with the valuation tools. The share price is down 36.4% over the past year, which raises the question of whether the current level reflects a reset in expectations or an overreaction by the market. The new Lloyd’s consortium support for Ryan Specialty Underwriting Managers may back longer term business volume and fee potential. However, execution risk around integrating this capacity and managing delegated portfolios can still weigh on how investors price the stock. Ryan Specialty Holdings passes 0 of 6 valuation checks on Simply Wall St’s model, indicating it does not currently stand out as cheap on broader measures of price versus fundamentals, with more detail available in the valuation summary. The issue now is whether Ryan Specialty Holdings’ weaker share price already reflects these concerns, or if the current valuation still leaves limited margin for error. Find out why Ryan Specialty Holdings' -36.4% return over the last year is lagging behind its peers. The P/E ratio is a useful way to think about what you are paying today for each dollar of Ryan Specialty Holdings’ earnings. Right now, the stock trades on a P/E of about 48.4x, which is well above the Insurance industry average of roughly 12.2x and higher than the peer group average of about 31.5x. According to Simply Wall St’s model, a P/E of around 21.5x would be more in line with what might be expected for Ryan Specialty Holdings after considering its sector, size and risk profile. This suggests that the current multiple sits well above that fair ratio. Even with the recent Lloyd’s consortium support providing a clearer business pipeline, the share price still implies investors are paying a premium multiple for the company’s earnings compared with both the industry and the modelled fair range. On this P/E measure, Ryan Specialty Holdings stock appears overvalued relative to both peers and the model’s fair ratio. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for Ryan Specialty Holdings act as the link between today’s high P/E and what would need to happen next in growth, margins and earnings for the stock to be worth significantly more or less than its current price. They sit on the company’s Community page. Each connects its number to a clear view on how Ryan Specialty Holdings' growth, profitability and risks could evolve, giving you something specific to revisit as new information comes through. Community views on Ryan Specialty Holdings are split between those focused on earnings resilience and those worried about structural pressure on broker economics. Bull case: 6% undervalued Read the full Bull Case to see why Ryan Specialty Holdings could be undervalued Bear case: 13% overvalued Read the full Bear Case to see why Ryan Specialty Holdings could be overvalued Do you think there's more to the story for Ryan Specialty Holdings? Head over to our Community to see what others are saying! For Ryan Specialty Holdings, the current picture is that the stock screens as overvalued on market multiples, with the P/E ratio sitting well above both industry and peer averages. The low value score and failed valuation checks suggest the burden of proof now sits with the company to justify this premium. From here, the key question is whether future earnings strength and margins can live up to what the current multiple implies, or whether investor expectations eventually settle closer to sector norms. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include RYAN. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]