Ryan Specialty Q4 EPS Misses by 9.4%, Revenue Falls 3.4% to $751M
Ryan Specialty reported Q4 adjusted EPS of $0.45 versus a consensus $0.50 and revenue of $751.2 million against a $777.9 million forecast, marking a 9.4% earnings miss and a 3.4% revenue shortfall. Net commissions and fees totaled $738.1 million vs. $771.1 million estimates, with binding authority at $84.1M vs. $85.8M.
1. Q4 Financial Results
Ryan Specialty delivered adjusted EPS of $0.45 per share for the quarter ended December 2025, falling short of the $0.50 consensus and matching prior-year earnings. Total revenue rose 13.2% year-over-year to $751.21 million but trailed the $777.88 million forecast by 3.4%, marking the company’s fourth consecutive revenue miss.
2. Segment Breakdown
Net commissions and fees reached $738.05 million versus the $771.1 million analyst estimate. Binding Authority revenue was $84.05 million against $85.81 million expected, Underwriting Management posted $268.31 million versus $276.94 million forecast, Wholesale Brokerage delivered $385.69 million against $406.7 million, and fiduciary investment income missed at $13.17 million versus $14.25 million.
3. Stock Performance and Outlook
Ryan Specialty shares are down about 16.6% year-to-date and have returned –14.2% over the past month compared with a –0.3% drop in the S&P 500. Analysts project Q1 EPS of $0.47 on $817.46 million revenue and full-year EPS of $2.38 on $3.57 billion revenue, while the stock holds a Zacks Rank #4 (Sell).