Ryan Specialty’s total revenue grew 23% to $855m in Q2’25

Ryan Specialty Holdings, Inc., an international specialty insurance firm, reported total revenue of $855.2 million for the second quarter of 2025, representing 23% growth compared to $695.4 million in the prior-year period.

The firm attributed the increase to continued organic revenue growth of 7.1%, driven by new client wins and expanded relationships with existing clients, E&S market expansion, recent acquisitions, changes in contingent commissions, and foreign exchange impacts. The firm saw growth in most casualty lines, with a modest decline in property.

Total operating expenses in Q2’25 were $664.1 million, up 25.1% from $531 million in Q2’24.

Net income rose 5.6% to $124.7 million from $118 million, driven by strong revenue growth and lower income tax expense, partially offset by higher operating and interest expenses.

Adjusted EBITDAC increased 24.5% to $308.4 million from $247.7 million a year earlier, with an adjusted EBITDAC margin of 36.1%, compared to 35.6%.

Adjusted net income rose 15% to $184.7 million, compared to $160.6 million, while adjusted net income margin was 21.6%, down from 23.1%.

Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty, said, “We delivered a solid second quarter, particularly in the context of the rapidly declining property rate environment and challenging year-over-year comparison, further highlighting the resiliency of our differentiated platform.

“We grew total revenue 23%, supported by another quarter of excellent contributions from our recent M&A cohort and organic growth in a very tough climate. We grew Adjusted EBITDAC 24.5%, further expanded our margins, and grew Adjusted Diluted EPS by 13.8%. In addition, we are expanding our strategic carrier alliances, which should significantly boost our already robust capabilities to generate significant amounts of new business moving forward. We remain relentless in our goal to yet again deliver double-digit organic growth for the full year and remain well positioned for the long-term.

“We are very proud of our team’s execution, particularly when considering the challenging property pricing environment, as they have been tireless in their successful pursuit of new business and market share expansion,” added Tim Turner, Chief Executive Officer of Ryan Specialty. “Along with our solid results, we successfully completed three acquisitions over the past few months, which will further solidify our leading position in delegated authority. Our specialized expertise, strong relationships, and ability to constantly invest and innovate on behalf of our clients and trading partners continues to position us well to deliver sustained long-term growth and create meaningful value for our shareholders.”