Q4 total revenue grew 13% YoY to $751M (CFO); organic revenue growth of 6.6% (CFO). Q4 adjusted EBITDAC grew 2.9% to $222M; margin 29.6% vs 32.6% prior year (CFO). Q4 adjusted diluted EPS $0.45, comparable YoY (CFO).
Full-year (FY) 2025 total revenue >$3B, up 21% YoY (CEO); organic revenue growth 10.1% (CEO) on top of 12.8% in 2024 (prepared). FY adjusted EBITDAC grew 19.2% to $967M (CFO); adjusted EBITDAC margin 31.7% vs 32.2% prior year (CFO). FY adjusted EPS grew 9.5% to $1.96 (CFO).
FY wholesale brokerage: Property declined only modestly for the full year (CEO); Q4 property pricing down 25%–35% on certain large accounts (CEO). Casualty had a very strong year (CEO); high-hazard lines saw price increases exceeding 10% in many cases (CEO).
Delegated authority revenue doubled over last 2 years to $1.4B, now 47% of total revenue (CEO), up from $700M and 35% two years ago (CEO). Delegated authority business manages >$10B in premium across >300 products (CEO). Velocity MGU ended year with impressive YoY growth (CEO).
Completed 5 acquisitions in 2025 with trailing revenue >$125M (CFO). Invested ~$2.7B toward 12 acquisitions over last 2 years (CEO). International presence expanded to 24 offices, up from 6 in 2023 (CEO).
Launched Project Empower, a 3-year restructuring program (CEO). Anticipated cumulative special charge ~$160M through 2028 (CFO); program expected to deliver ~$80M annual savings in 2029 (CFO). Savings aim to contribute to modest margin expansion in most years (CEO).
Board authorized first $300M share repurchase program (CEO). Regular quarterly dividend increased 8% to $0.13 per share for Class A stockholders (CFO). Total net leverage 3.2x on a credit basis at quarter end (CFO).
FY 2025 adjusted effective tax rate 26%, expected similar in 2026 (CFO). GAAP interest expense net of interest income expected ~$210M in 2026, with $55M in Q1 (CFO).
Official guidance
FY 2026 organic revenue growth: high single digits (CFO). Adjusted EBITDAC margin: flat to moderately down vs prior year (CFO). Q1 expected to be strongest quarter for organic growth, aided by Ryan Re (CFO). Guidance embedded headwinds include lower interest rates on fiduciary income, stable contingent commissions, and higher health care/benefits costs (CFO).
Mgmt quotes
"In many ways, 2025 was a strong year for Ryan Specialty, particularly considering the significant headwinds the industry faced." (Pat Ryan, CEO/Executive Chairman)
"We didn't build Ryan Specialty for the easy years. People do for years like this, the power through transitioning markets." (Pat Ryan, CEO/Executive Chairman)
"Over the last 2 years, we've doubled our delegated authority revenue to $1.4 billion, now reflecting 47% of our total." (Pat Ryan, CEO/Executive Chairman)
"In December, particularly on certain large accounts where pricing was down 25% to 35%." (Tim Turner, CEO)
"We are guiding to organic revenue growth in the high single digits for 2026." (Janice Hamilton, CFO)