Ryan Specialty posted revenue of $751.2 million for the fourth quarter ended Dec. 31, 2025, representing a 13.2% increase from $663.5 million in the same period a year earlier, though the specialty insurance firm saw profit margins decline as it absorbed costs from technology initiatives and acquisitions.
Net income for the quarter declined 26.6% year on year to $31.2 million, compared with $42.6 million in the fourth quarter of 2024. The drop was driven by higher total operating expenses and increased interest expense, which were only partially offset by strong revenue growth, company filings showed.
General and administrative expenses rose during the period due to professional services and IT charges tied to ongoing technology and data initiatives, as well as costs linked to revenue growth including recruiter fees and expenses to support both organic and acquisition-driven expansion, the company said.
Adjusted EBITDAC rose 2.9% to $222.3 million from $216.0 million in the prior-year quarter, while the adjusted EBITDAC margin was 29.6%, down from 32.6% a year earlier. Adjusted diluted earnings per share remained flat at $0.45.
Read more: Ryan reshapes leadership after rebrand
The international specialty insurance intermediary posted organic revenue growth of 6.6% for the quarter, down from 11.0% in the prior-year period.
Timothy W. Turner, chief executive officer, said the company is "continuing to absorb" significant talent and technology investments made in the fourth quarter as it moves into 2026.
The firm also announced a new three-year restructuring program called "Empower" aimed at streamlining operations.
For the full year 2025, Ryan Specialty recorded revenue of $3.05 billion, up 21.3% from $2.52 billion in 2024. Organic revenue growth for the year was 10.1%, compared with 12.8% in the prior year.
Adjusted EBITDAC climbed 19.2% to $966.7 million from $811.2 million in the prior year. Adjusted diluted earnings per share increased 9.5% to $1.96 from $1.79.
Patrick G. Ryan (pictured above), founder and executive chairman, said the company achieved its seventh consecutive year of 20% or higher total revenue growth. He noted that five acquisitions completed during the year added more than $125 million in annualized revenue.
In December 2025, the firm rebranded its North American Professional Liability team as Ryan Financial Lines, marking a strategic expansion of its financial lines capabilities. The rebranding included the establishment of a London office to provide cross-border financial lines coverage.
The company returned $88.1 million to stockholders and LLC unit holders through regular dividends and distributions during 2025. The board authorized a $300 million share repurchase program.
Ryan Specialty issued guidance for fiscal 2026, projecting organic revenue growth in the high single digits. The company expects its adjusted EBITDAC margin to be flat to moderately down compared with 2025.
