Ryan Specialty Holdings (RYAN) Operating Expenses (2020 - 2026)
Ryan Specialty Holdings (RYAN) reported Operating Expenses of $700.6 million for Q1 2026, up 18.77% year-over-year from $589.9 million in Q1 2025, and up 6.21% quarter-over-quarter from $659.7 million in Q4 2025.
Ryan Specialty Holdings (RYAN) Operating Expenses (2020 - 2026) Analysis & Trends
Ryan Specialty Holdings (RYAN) has 7 years of Operating Expenses data on file, last reported at $700.6 million in Q1 2026.
- Operating Expenses for Q1 2026 came in at $700.6 million, up 18.77% year-over-year; the trailing twelve-month figure through Mar 2026 was $2.7 billion (up 21.37% YoY), and the FY2025 annual result was $2.6 billion, up 22.49% from the prior year.
- Operating Expenses climbed to $700.6 million in Q1 2026 per RYAN's latest filing, from $659.7 million in the prior quarter.
- Over five years, Operating Expenses peaked at $700.6 million in Q1 2026 and troughed at $343.5 million in Q1 2022.
- A 5-year average of $500.0 million and a median of $479.4 million in 2024 frame the typical range for Operating Expenses.
- On a YoY basis, Operating Expenses climbed as much as 29.56% in 2022 and fell as far as 0.8% in 2022.
- A 5-year view of Operating Expenses shows it stood at $355.8 million in 2022, then gained by 22.7% to $436.5 million in 2023, then rose by 26.96% to $554.2 million in 2024, then increased by 19.03% to $659.7 million in 2025, then rose by 6.21% to $700.6 million in 2026.
- Business Quant data shows RYAN's Operating Expenses at $700.6 million in Q1 2026, $659.7 million in Q4 2025, and $643.8 million in Q3 2025.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Fidelity National Financial | 12.87 Bn | 10.21 Bn | 2.62 Bn | 2.73 Bn |
| 2 | Axis Capital Holdings | 7.52 Bn | 6.65 Bn | - | 1.34 Bn |
| 3 | First American Financial | 6.80 Bn | 3.91 Bn | 1.24 Bn | 1.68 Bn |
| 4 | Enact Holdings | 6.01 Bn | 5.46 Bn | 205.74 Mn | 98.69 Mn |
| 5 | Mgic Investment | 5.57 Bn | 5.32 Bn | 202.12 Mn | 90.25 Mn |
| 6 | Essent | 5.47 Bn | 5.47 Bn | - | 129.35 Mn |
| 7 | Radian | 4.74 Bn | 4.66 Bn | 368.17 Mn | 292.67 Mn |
| 8 | Ryan Specialty Holdings | 4.62 Bn | 5.05 Bn | - | 700.63 Mn |
| 9 | Assured Guaranty | 3.42 Bn | -495.48 Mn | 216.00 Mn | 227.00 Mn |
| 10 | NMI Holdings | 2.82 Bn | 2.75 Bn | 152.85 Mn | 58.53 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 700.63 Mn |
| Dec 31, 2025 | 659.65 Mn |
| Sep 30, 2025 | 643.79 Mn |
| Jun 30, 2025 | 664.12 Mn |
| Mar 31, 2025 | 589.93 Mn |
| Dec 31, 2024 | 554.21 Mn |
| Sep 30, 2024 | 523.22 Mn |
| Jun 30, 2024 | 531.07 Mn |
| Mar 31, 2024 | 479.40 Mn |
| Dec 31, 2023 | 436.53 Mn |
| Sep 30, 2023 | 432.12 Mn |
| Jun 30, 2023 | 462.31 Mn |
| Mar 31, 2023 | 387.51 Mn |
| Dec 31, 2022 | 355.77 Mn |
| Sep 30, 2022 | 350.65 Mn |
| Jun 30, 2022 | 385.76 Mn |
| Mar 31, 2022 | 343.50 Mn |
| Dec 31, 2021 | 323.29 Mn |
| Sep 30, 2021 | 353.50 Mn |
| Jun 30, 2021 | 297.75 Mn |