Ryan Specialty Organic Growth Reaches 7.3% Through Q3 2026

Ryan Specialty Holdings Inc. (NYSE: RYAN) reported organic revenue growth of 7.3% for the nine months ended September 30, 2026, while trailing-12-month adjusted EBITDAC exceeded $1 billion. The specialty insurance intermediary said its Empower efficiency program is intended to provide room for continued investment and support modest margin expansion in most years.

Net commissions and fees revenue grew 9.0% year over year in the first nine months of 2026. Excluding contingent commissions, the growth rate was 8.9%, with mergers and acquisitions contributing 1.4 percentage points and foreign exchange changes accounting for 0.2 percentage points. Organic revenue growth, a non-GAAP measure, was 7.3%.

For the 12 months ended September 30, total revenue was $3.25 billion, comprising $3.20 billion of net commissions and fees and $54.3 million of fiduciary investment income. Net income was $268.3 million, operating income was $507.3 million and adjusted EBITDAC was $1.03 billion. The adjusted EBITDAC margin was 31.5%, compared with 31.7% for full-year 2025. Adjusted EBITDAC excludes items including acquisition-related costs, restructuring expenses, equity-based compensation and certain other charges.

Ryan Specialty’s business remained nearly evenly divided between its two principal platforms. Wholesale distribution represented 52% of trailing-12-month net commissions and fees as of September 30, while delegated underwriting authority accounted for 48%, up from 33% in 2019.

The wholesale platform connects more than 35,000 retail brokers with carriers for complex and difficult-to-place risks. The delegated underwriting business works with brokers and carriers to design, underwrite, bind and administer specialty products. That platform includes more than 300 products across over 160 facilities and relationships with more than 190 carriers.

Management identified product development, talent recruitment and expansion into adjacent specialty markets as continuing priorities. Ryan Specialty has 13 active newly established managing general underwriters, while its Ryan Re operation is approaching $2 billion of premium. The company has also expanded into alternative risk and capital solutions, reinsurance underwriting and employee benefits.

The company continues to use acquisitions to add capabilities and geographic reach. Ryan Specialty has completed 63 transactions since its founding, including businesses representing about $530 million of acquired revenue since its initial public offering. It said it deployed approximately $2.7 billion of consideration for 12 acquisitions over the past two years.

Efficiency and capital allocation

Ryan Specialty’s Empower program is focused on streamlining broking and underwriting operations, optimizing shared business functions, expanding data and technology capabilities, and applying digital tools and artificial intelligence to clients, employees and processes. Management said the initiative should create operational flexibility to maintain growth investments while supporting its goal of modest margin expansion in most years.

The company said organic investment and acquisitions remain its first priorities for discretionary capital. Its capital framework also includes a sustainable dividend and opportunistic share repurchases. Ryan Specialty increased its quarterly dividend by 8% to $0.13 per Class A share in February 2026. Its share-repurchase authorization totaled $600 million, with $150 million remaining as of September 30.

Net leverage was 3.3 times trailing-12-month earnings at the end of September, within the company’s stated credit-basis leverage corridor of 3 to 4 times. Ryan Specialty had cash on hand and about $1 billion of available revolving-credit capacity. Most funded debt matures in 2030 or later, and the weighted average cost of debt was 6.25%.

The company cautioned that its outlook and operating objectives remain subject to risks and uncertainties that could cause actual results to differ materially from current expectations. It also noted that organic growth, adjusted EBITDAC, credit-adjusted EBITDAC and adjusted EBITDAC margin are non-GAAP measures that should be considered alongside, rather than as substitutes for, GAAP results.