Ryan Specialty Holdings, Inc.

Second-quarter total revenue increased 7.2% year over year to $917 million, driven by organic revenue growth of 6.7% plus modest M&A contributions. Adjusted EBITDAC rose 6% to $327 million, and adjusted EBITDAC margin was 35.7% versus 36.1% a year ago, a decline of 40 basis points. Adjusted EPS increased 12.1% to $0.74. For the first half of 2026, organic revenue grew 8.9%, adjusted EBITDAC grew 9.8%, and adjusted EPS grew 16.2%. For full-year 2026, management continues to guide to mid-single-digit organic revenue growth, now toward the higher end of that range, and adjusted EBITDAC margin is now expected to be down approximately 50 to 100 basis points year over year. The company also said it ended the quarter at 3.3x total net leverage on a credit basis, expects 2026 GAAP interest expense net of interest income of about $226 million, with $58 million in Q3, and expects an adjusted effective tax rate of about 26% for the rest of 2026.

Patrick Ryan emphasized that Ryan Specialty’s model is built on differentiated pipeline creation, underwriting discipline, and a broad delegated authority platform. He highlighted more than 300 specialty products, relationships with more than 25 carriers, and growth beyond traditional MGA/MGU channels into reinsurance, alternative capital, and benefits. His tone was confident and defensive of the platform, repeatedly framing the business as resilient, innovative, and positioned to keep taking share through secular tailwinds.

Janice Hamilton said the quarter’s margin beat was helped by stronger-than-expected organic growth, expense discipline, cost management, and early Empower savings. She raised the full-year margin guide by 50 basis points on both ends, but said 2026 still reflects talent investments, lower fiduciary investment income, and higher health care and benefits costs, partly offset by discipline and Empower. On capital allocation, she noted $260 million of share repurchases in the quarter, $42 million more repurchased in July, a new $300 million authorization, and said a meaningful acquisition in 2026 looks unlikely, with 2027 now the more likely window.

Analysts focused on why margins beat expectations and whether second-half organic growth may slow sharply after an 8.9% first-half pace. Management said the Q2 margin outperformance came mainly from better organic growth and cost control, while second-half growth will be pressured by tougher comps, property pricing declines, stronger competition in casualty and binding authority, and continued builders’ risk headwinds. They also discussed the durability of underwriting management growth, with management pointing to new products, more capital under management, AI-driven efficiency, and alternative capital structures like RAC Re and the new Lloyd’s consortium stamp.