v3.25.4

Segment Reporting | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting | SEGMENT REPORTING Segment Information Ryan Specialty is organized as a single operating and reporting segment. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The Company has identified its single operating segment utilizing a management approach that aligns with the manner in which the CODM utilizes the Company’s consolidated financial information for resource allocation and performance evaluation. Refer to Note 1, Basis of Presentation, for a description of the Company’s products and services and to Note 3, Revenue from Contracts with Customers, for the disaggregation of revenue by Specialty. The CODM utilizes consolidated net income as the primary metric to monitor budget versus actual results, assess the performance of the business, and make decisions regarding resource allocation. The following table provides information about the Company’s revenue and includes a reconciliation to net income:
| Year Ended December 31, |
| 2025 |  | 2024 |  | 2023 |
Net commissions and fees | $2,994,582 |  | $2,455,671 |  | $2,026,596 |
Fiduciary investment income | 56,544 |  | 60,039 |  | 50,953 |
Total revenue | $3,051,126 |  | $2,515,710 |  | $2,077,549 |
Compensation-related expense 1 | 1,692,000 |  | 1,426,674 |  | 1,222,342 |
General and administrative expense 2 | 392,384 |  | 277,813 |  | 230,467 |
Other segment items 3 | 172,465 |  | 238,640 |  | 144,401 |
Depreciation and amortization | 287,515 |  | 167,630 |  | 115,837 |
Change in contingent consideration | 13,122 |  | (22,859) |  | 5,421 |
Interest income | (7,649) |  | (21,509) |  | (31,986) |
Interest expense | 230,033 |  | 179,957 |  | 151,493 |
Income from equity method investments | (21,236) |  | (18,231) |  | (8,731) |
Other non-operating loss (income) | (692) |  | 15,041 |  | 10,380 |
Income tax expense | 79,027 |  | 42,641 |  | 43,445 |
Net income | $214,157 |  | $229,913 |  | $194,480 |
1 Compensation-related expense includes salaries, commissions, bonus compensation, benefits, payroll taxes, and contractor costs, and excludes equity-based compensation expense, and acquisition and restructuring related expenses. 2 General and administrative expense includes travel and entertainment, professional services, occupancy, IT related costs, and other operating costs, and excludes acquisition and restructuring related expenses. 3 Other segment items include equity-based compensation expense, and acquisition and restructuring related compensation and general and administrative expenses. Geographic Information Revenue is primarily recognized based on the country in which the services are performed. The following table illustrates the geographic regions for the Company’s revenue:
| Year Ended December 31, |
| 2025 |  | 2024 |  | 2023 |
United States | $2,864,242 |  | $2,391,980 |  | $2,022,579 |
Foreign | 186,884 |  | 123,730 |  | 54,970 |
Total revenue | $3,051,126 |  | $2,515,710 |  | $2,077,549 |
The Company did not have material revenue from operations in any individual foreign country for the years ended December 31, 2025, 2024, or 2023. Asset information is not presented to the CODM. Substantially all of the Company’s tangible long-lived assets are located in the United States; therefore, geographic information for long-lived assets is not presented.

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- Definition The entire disclosure for reporting segments including data and tables. 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