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Earnings Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income attributable to Ryan Specialty Holdings, Inc. by the weighted- average number of shares of Class A common stock outstanding during the period. Diluted earnings per share is computed giving effect to potentially dilutive shares, including LLC equity awards and the non-controlling interests’ LLC Common Units that are exchangeable into Class A common stock. As shares of Class B common stock do not share in earnings and are not participating securities, they are not included in the Company’s calculation. A reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share of Class A common stock is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Net income | $62,603 |  | $28,643 |  | $182,919 |  | $187,358 |
Less: Net income attributable to non-controlling interests | 31,518 |  | 11,054 |  | 127,500 |  | 106,447 |
Net income attributable to Ryan Specialty Holdings, Inc. | $31,085 |  | $17,589 |  | $55,419 |  | $80,911 |
Numerator: |  |  |  |  |  |  |  |
Net income attributable to Class A common shareholders | $31,085 |  | $17,589 |  | $55,419 |  | $80,911 |
Add (less): Income attributed to substantively vested RSUs | — |  | 369 |  | — |  | (1,339) |
Net income attributable to Class A common shareholders – basic | $31,085 |  | $17,958 |  | $55,419 |  | $79,572 |
Add: Income attributed to dilutive shares | 23,376 |  | 7,886 |  | 1,233 |  | 79,624 |
Net income attributable to Class A common shareholders – diluted | $54,461 |  | $25,844 |  | $56,652 |  | $159,196 |
Denominator: |  |  |  |  |  |  |  |
Weighted-average shares of Class A common stock outstanding – basic | 127,940,211 |  | 121,915,952 |  | 126,623,069 |  | 119,383,234 |
Add: Dilutive shares | 145,521,423 |  | 150,770,317 |  | 11,466,811 |  | 151,900,158 |
Weighted-average shares of Class A common stock outstanding – diluted | 273,461,634 |  | 272,686,269 |  | 138,089,880 |  | 271,283,392 |
Earnings per share |  |  |  |  |  |  |  |
Earnings per share of Class A common stock – basic | $0.24 |  | $0.15 |  | $0.44 |  | $0.67 |
Earnings per share of Class A common stock – diluted | $0.20 |  | $0.09 |  | $0.41 |  | $0.59 |
The following number of shares were excluded from the calculation of diluted earnings per share because the effect of including such potentially dilutive shares would have been antidilutive:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Conversion of non-controlling interest LLC Common Units 1 | — |  | — |  | 135,643,591 |  | — |
Incentive RSUs | 468,126 |  | — |  | — |  | — |
Incentive Options | — |  | 150,000 |  | — |  | 150,000 |
1 Weighted average units outstanding during the period.

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