Ryan Specialty Group (RYAN) Q2 2026 earnings summary

Executive summary

• Total revenue for Q2 2026 grew 7.2% to $916.6 million, driven by 6.7% organic growth, M&A, and strong client retention.

• Adjusted EBITDA/EBITDAC increased 6% to $327 million, with margin improving to 35.7%; adjusted EPS rose 12.1% to $0.74.

• Net income declined 13.1% year-over-year to $108.4 million due to higher expenses and restructuring costs.

• $284.5 million was returned to shareholders via $260 million in share repurchases and $24.5 million in dividends/distributions; buyback authorization expanded by $300 million.

• Investments in digital transformation, AI, and talent are accelerating productivity and operational efficiency.

Financial highlights

• Adjusted EBITDA/EBITDAC margin was 35.7%, down 40 basis points year-over-year.

• Adjusted net income margin reached 21.7%; net income margin was 11.8%.

• Compensation and benefits expense ratio was 58.0%, with adjusted ratio at 54.0%.

• General and administrative expense ratio was 12.9%, with adjusted ratio at 10.3%.

• For the first half of 2026, organic revenue grew 8.9%, adjusted EBITDA 9.8%, and adjusted EPS 16.2%.

Outlook and guidance

• Organic revenue growth for 2026 is expected at the higher end of mid-single digits.

• Full-year adjusted EBITDA/EBITDAC margin is guided to decline by 50–100 basis points year-over-year.

• Empower Program targets $80 million in annual savings by 2029, with $160 million in cumulative one-time charges through 2028.

• Guidance reflects continued property pricing declines, heightened competition, and moderate decline in the property book.

• No meaningful M&A expected to close in 2026; focus shifts to 2027.