Ryan Specialty Q2 Earnings Call Highlights

Second-quarter results remained solid: Revenue rose 7.2% to $917 million, organic growth reached 6.7%, adjusted EBITDA increased 6% to $327 million, and adjusted EPS climbed 12.1% to $0.74.

First-half organic revenue growth was 8.9%.

Market conditions were mixed: Property pricing and competition remained significant headwinds, while casualty, underwriting management, transactional liability and reinsurance delivered strong performance.

New products and alternative capital initiatives are expanding the company beyond the traditional property-and-casualty cycle.

2026 outlook calls for slower margins: Management expects full-year organic revenue growth toward the high end of its mid-single-digit range, but now forecasts a 50–100 basis-point decline in adjusted EBITDA margin.

Ryan Specialty also repurchased $260 million of stock during the quarter and increased its buyback authorization by $300 million.

Ryan Specialty NYSE: RYAN reported second-quarter revenue growth of 7.2% to $917 million, supported by 6.7% organic growth and modest contributions from acquisitions, as the specialty insurance services company navigated pricing pressure in property insurance and rising competition in several markets.

Adjusted EBITDA increased 6% to $327 million, while adjusted EBITDA margin declined 40 basis points year over year to 35.7%.

Adjusted earnings per share rose 12.1% to $0.74.

For the first half of 2026, the company said organic revenue grew 8.9%, adjusted EBITDA increased 9.8%, and adjusted EPS rose 16.2%.

Founder and Executive Chairman Pat Ryan said the quarter demonstrated the resilience of the company’s wholesale brokerage and delegated underwriting platform despite industry headwinds.

He highlighted Ryan Specialty’s specialty-product breadth, carrier relationships and ability to develop new underwriting programs as differentiators.

CEO Tim Turner said the company faced a “very challenging property pricing environment,” particularly in catastrophe-exposed and large-account business, where capacity continued to build and competition remained intense.

Pricing on some catastrophe business declined materially, although Ryan Specialty’s property book fell only modestly during the quarter, better than management had expected.

Turner attributed the relative performance to strong retention, new-business wins and a better-than-expected June.

He said the company continued to benefit from business flowing into the excess-and-surplus, or E&S, market, even as pricing conditions remained difficult.

In casualty, Ryan Specialty reported a strong quarter, aided by construction activity and several large project-based wins, including data center-related business.

Turner cautioned that construction project activity is inherently lumpy because the timing of client binding decisions can be difficult to predict.

Management said the pipeline for construction opportunities remains strong heading into the remainder of the year.

The company said casualty pricing remains firm in areas including transportation, habitational, sports and entertainment, portions of healthcare, public entity and human services.

However, it is seeing increased competition and some price moderation in small and medium-hazard risks, as well as certain other market segments.

Ryan Specialty’s underwriting management operations posted what management described as an excellent quarter, with strength in transactional liability, transportation, international specialty, casualty and reinsurance.

Transactional liability exceeded the company’s expectations, supported by a more constructive global merge...