Ryan Specialty Holdings, Inc. functions as a provider of specialized insurance products and comprehensive solutions for the benefit of insurance brokers, agents, ...
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Operator: Good afternoon, and thank you for joining us today for Ryan Specialty Holdings Second Quarter 26 Earnings Conference Call. In addition to this call, the company filed a press release with the SEC earlier this afternoon, which has also been posted to its website at ryanspecialty.com. On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements. Investors should not place undue reliance on any forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially from those discussed today. Listeners are encouraged to review the more detailed discussion of these risk factors contained in the company's filings with the SEC. The company assumes no duty to update such forward-looking statements in the future except as required by law. Additionally, certain non GAAP financial measures will be discussed on this call and should not be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Reconciliations of these non GAAP financial measures to the most closely comparable measures prepared in accordance with GAAP are included in the earnings release, which is filed with the SEC and available on the company's website. With that, I would now like to turn the call over to the Founder and Executive Chairman of Ryan Specialty, Patrick G. Ryan. Patrick G. Ryan: Good afternoon, and thank you for joining us. With me on today's call is our CEO, Timothy William Turner. Our CFO, Janice Hamilton, our CEO of underwriting managers, Miles Wuller, and our head of investor relations, Nicholas J. Mezick. For the quarter, total revenue grew 7.2% to $917 million. Primarily driven by organic revenue growth of 6.7%. As well as modest contributions from M&A. Adjusted EBITDAC grew 6% to $327 million. Adjusted EBITDAC margin declined 40 basis points to 35.7%. Adjusted earnings per share grew 12.1% to $0.74. For the first half of 26, we have grown organic revenue by 8.9%. Adjusted EBITDAC by 9.8%. And adjusted earnings per share by 16.2%. In the quarter, we repurchased 8.1 million shares for $260 million. And increased the authorization of the program by an additional $300 million to deploy opportunistically without a capital allocation framework. We are pleased with these results. Especially considering the headwinds industry continues to face. Our top and bottom line results speak to the resiliency of the platform we built What this quarter demonstrated is that even in a very challenging market, our people delivered. Utilizing their differentiated capabilities to execute on behalf of our clients and carrier trading partners. We earn our clients' business, our respect and trust every day. Through continuously delivering innovative solutions. Expanding into new products deepening and broadening relationships, with our retail broker …
Est. EPS $0.49 · Revenue $799.06M · 12 analysts
Est. EPS $0.47 · Revenue $794.63M · 11 analysts
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| The total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). |
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Amber Carver | President | USD 1,936,992 | Female | — | Active |
Brendan Martin Mulshine | Co-President | USD 1,668,622 |
| Male |
| 1966 |
| Active |
Benjamin Miles Wuller | Chief Executive officer of RSG Underwriting Managers | USD 1,653,419 | Male | 1977 | Active |
Mark Stephen Katz | Executive Vice President, General Counsel & Corporate Secretary | USD 1,573,750 | Male | 1970 | Active |
Timothy William Turner | Chief Executive Officer & Director | USD 1,454,058 | Male | 1961 | Active |
Patrick G. Ryan | Founder & Executive Chairman | USD 1,247,601 | Male | 1938 | Active |
Janice Hamilton | Executive Vice President & Chief Financial Officer | USD 985,750 | Female | 1983 | Active |
Stephen Keogh | Co-President & Chief Operating Officer | USD 776,828 | Male | 1968 | Active |
Michael Blackshear | Senior VP, Chief Compliance & Privacy Officer and Head of Culture & Inclusion | — | Male | — | Active |
Nicholas J. Mezick | Vice President of Investor Relations | — | Male | — | Active |
Bradley Eames Bodell | Chief Information Officer | — | Male | 1966 | Active |
Est. EPS $2.16 · Revenue $3.29B · 10 analysts
Est. EPS $0.54 · Revenue $854.25M · 4 analysts
$0.50 per share
$0.50 per share
| $3.1B |
| +21.3% |
| +15.3% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $63.4M | -33.0% | +167.0% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +90.6% | -9.4% | +1.4% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +20.5% | +89.1% | +29.7% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +2.1% | -44.8% | +131.6% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $575.7M | +23.1% | +252.7% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +18.9% | +1.5% | +232.5% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 544.8% | -1.3% | +27.1% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 7.51x | +1.5% | +7088.4% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $10.6B | +9.5% | +8.7% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 0.47 vs 2.01 | -76.6% | 0.33 vs 0.49 | -33.1% |
| Revenue Surprise | $3.1B vs $3.1B | -0.9% | $916.6M vs $799.1M | +14.7% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | CORTEZI NICHOLAS DOMINIC | director | Class B Common Stock | D | 1,841,019 | — |
| Aug 14, 2026 | CORTEZI NICHOLAS DOMINIC | director | Common Units | D | 1,841,019 | — |
| Aug 14, 2026 | CORTEZI NICHOLAS DOMINIC | director | Class B Common Stock | D | 313,116 | — |
| Aug 14, 2026 | CORTEZI NICHOLAS DOMINIC | director | Common Units | D | 313,116 | — |
| Aug 13, 2026 | Conklin Michael | officer: EVP & CHRO | Class A Common Stock | D | 2,043 | $42.26 |
