v3.25.4

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Summary of Earnings (Loss) Per Share Basic And Diluted

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:

	Year Ended December 31,
	2025		2024		2023
Net income	$214,157		$229,913		$194,480
Less: Net income attributable to non-controlling interests	150,758		135,248		133,443
Net income attributable to Ryan Specialty Holdings, Inc.	$63,399		$94,665		$61,037
Numerator:
Net income attributable to Class A common shareholders	$63,399		$94,665		$61,037
Add (less): Income attributed to substantively vested RSUs	—		—		(10)
Net income attributable to Class A common shareholders – basic	$63,399		$94,665		$61,027
Add: Income attributed to dilutive shares	926		255		4,185
Net income attributable to Class A common shareholders – diluted	$64,325		$94,920		$65,212
Denominator:
Weighted-average shares of Class A common stock outstanding – basic	127,266,889		120,781,234		114,359,968
Add: Dilutive shares	10,979,525		12,110,253		11,385,171
Weighted-average shares of Class A common stock outstanding – diluted	138,246,414		132,891,487		125,745,139
Earnings per share
Earnings per share of Class A common stock – basic	$0.50		$0.78		$0.53
Earnings per share of Class A common stock – diluted	$0.47		$0.71		$0.52

Schedule of Number of Shares Excluded From Calculation of Diluted Earnings (Loss) Per Share

The following numbers 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:

	Year Ended December 31,
	2025		2024		2023
Conversion of non-controlling interest LLC Common Units1	135,429,254		138,979,885		142,383,621
Conversion of vested Class C Incentive Units1	—		—		76,397
Class C Incentive Units	—		—		495,822

1 Weighted-average units outstanding during the period.

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- References

No definition available.

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- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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X

- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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