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Ryan Specialty Group (RYAN) investor relations material
Ryan Specialty Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Total revenue for 2025 increased 21.3% year-over-year to $3.05 billion, with 10.1% organic growth and significant M&A contributions.
Fifteenth consecutive year of double-digit organic revenue growth, despite industry headwinds and volatile property markets.
Launched Project Empower, a three-year restructuring program to drive efficiency, innovation, and margin expansion.
Authorized a $300 million share repurchase program and increased quarterly dividend by 8.3% to $0.13 per share.
Five acquisitions closed in 2025 are expected to add over $125 million in annualized revenue.
Financial highlights
Q4 2025 revenue grew 13.2% to $751.2 million, with 6.6% organic growth and M&A adding over five percentage points.
Full-year adjusted EBITDAC rose 19.2% to $966.7 million; adjusted EBITDAC margin was 31.7% (down from 32.2%).
Adjusted EPS increased 9.5% to $1.96; Q4 adjusted EPS was $0.45, flat year-over-year.
Full-year 2025 net income decreased 6.9% to $214.2 million; Adjusted Net Income rose 11.1% to $548.2 million.
Net income for Q4 2025 decreased 26.6% year-over-year to $31.2 million, mainly due to higher operating and interest expenses.
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.
2026 adjusted EBITDAC margin expected to be flat to moderately down versus prior year, due to lower interest income, stable contingent commissions, and higher benefit costs.
Project Empower expected to deliver $80 million in annual savings by 2029, with a cumulative special charge of $160 million through 2028.
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