Ryan Specialty, an international specialty insurance distribution firm, has announced its financial results for the third quarter of 2026, reporting $88 million in net income, an increase of 40.6% from $62.6 million in the same period last year.
According to the firm, year over year increase in net income was primarily driven by solid revenue growth and relatively flat total operating expenses, partially offset by a higher income tax expense.
Total revenue for Q3 2026 was $790 million, an increase of 4.7% compared to $754.6 million in the prior-year period.
This increase was primarily due to continued organic revenue growth of 4%, compared to 15% in Q3 2025, driven by new client wins, strong renewal retention, and expanded relationships with existing clients.
Contributing factors included continued flow into the specialty and E&S markets, and modest amounts of revenue from acquisitions completed within the trailing twelve months ended September 30, 2026.
From a segment perspective, Ryan Specialty saw performance gains across most casualty lines, offset by a moderate decline in its property portfolio.
Adjusted EBITDAC in Q3’26 grew 3.8% to $244.4 million from $235.5 million in the prior-year period. Adjusted EBITDAC margin for the quarter was 30.9%, compared to 31.2% reported for the same period last year
According to Ryan Specialty, the increase in Adjusted EBITDAC was driven primarily by solid revenue growth, partially offset by higher Adjusted compensation and benefits expense.
Adjusted net income for Q3’26 stood at $137.1 million, a 4.1% increase compared to $131.7 million seen in Q3’25. The adjusted net income margin was 17.4%, compared to 17.5% in the prior-year period, while adjusted diluted earnings per share for the quarter increased 8.5% to $0.51.
Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty, stated: “We are proud of our third quarter performance, in light of an increasingly challenging market and against our toughest year over year comparison. We grew total revenue 4.7%, driven by organic growth of 4.0%. We grew Adjusted EBITDAC by 3.8% and Adjusted Diluted EPS by 8.5%. We continued investing back into our business, with our second largest hiring class in late 2025, and displayed disciplined expense management, leading to an Adjusted EBITDAC margin that is down only 30 basis points year to date.
“We also returned capital to shareholders of over $500 million through dividends, distributions, and share repurchases. These results reflect the strength of our brokers and underwriters, and of the durable, scalable platform we have strategically built. We are confident our team will continue to perform throughout this cycle and emerge even stronger.”
“Our team delivered in the face of one of the most challenging markets we have ever seen, retaining high levels of existing business, winning significant new business, and building our pipelines,” added Timothy W. Turner, Chief Executive Officer of Ryan Specialty. “We continue to deliver for our clients through our differentiated talent, deep specialty expertise, and independence. We are investing in talent, technology, AI, and data that will widen our moat. We remain focused on controlling what we can control. We are well-positioned to keep winning and to create long-term value for our shareholders.”
