Ryan Specialty Holdings, Inc. reported second-quarter 2026 net commissions and fees of $902.7 million, up 7.4% year-over-year. Total revenue for the quarter reached $916.6 million, a 7.2% increase from $855.2 million a year earlier.
Organic revenue growth came in at 6.7%, down from 7.1% in the prior-year period. The deceleration continues a trend across multiple quarters as the broader E&S market moderates. The company attributed the increase to new client wins, strong renewal retention, and expanded client relationships.
Underwriting management was the top-performing segment, with net commissions and fees up 12.8% to $303.8 million. Wholesale brokerage grew 4.5% to $498.8 million, while binding authority rose 6% to $100.2 million.
Ryan Specialty noted that casualty growth was partially offset by a decline in its property portfolio. Commercial property E&S premiums fell 2.8% in 2025, the first annual decline since 2017, according to S&P Global Market Intelligence. The data point signals how far softening has run in that line.
Adjusted EBITDAC grew 6% to $326.9 million from $308.4 million a year earlier. The adjusted EBITDAC margin came in at 35.7%, down from 36.1% in the prior-year period.
Adjusted net income rose 7.6% to $198.7 million. Adjusted diluted earnings per share increased 12.1% to $0.74 from $0.66 a year earlier. On a GAAP basis, net income fell 13.1% to $108.4 million from $124.7 million.
Total operating expenses rose 10.9% to $736.3 million, driven by headcount growth, higher income tax expense, and Empower Program restructuring charges.
The Empower Program is a three-year operational restructuring the board approved in February 2026. It targets $80 million in annual savings by 2029 and is expected to incur cumulative pre-tax charges of roughly $160 million through 2028.
For the first half of 2026, total revenue reached $1.71 billion, up 10.8% year-over-year. Adjusted EBITDAC for the period was $558.9 million, a 9.8% gain.
Ryan Specialty returned $284.5 million to shareholders in the quarter. That included $260 million in Class A common stock repurchases covering 8.1 million shares and $24.5 million in dividends and distributions. The board also expanded its repurchase authorization by $300 million.
As of June 30, the company held $140.1 million in cash and carried $3.6 billion in outstanding debt principal.
Patrick G. Ryan, founder and executive chairman, said the quarter reflected organic performance across the platform. "We grew total revenue 7.2%, driven primarily by organic growth of 6.7%. We grew Adjusted EBITDAC by 6.0% and Adjusted Diluted EPS by 12.1%," he said.
Chief executive officer Timothy W. Turner pointed to technology investment and client relationships as ongoing drivers. "Propelled by incredible talent and deep client and carrier relationships, and enhanced by our ongoing investments in technology, AI, and data that will extend our moat, we are confident these advantages will continue to compound, driving durable, long-term value for our shareholders," Turner said.
For full-year 2026, Ryan Specialty held its organic revenue growth guidance in the mid-single digits. The company updated its adjusted EBITDAC margin guidance to project a decline of 50 to 100 basis points compared to the prior year. That is a modest improvement on the 100-to-150-basis-point decline it had flagged after the first quarter.
