Ryan Specialty Holdings Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	63.4	94.67	61.04	61.05	65.87
Depreciation & Amortization	314.17	190.09	140.5	132.34	132.68
Other Amortization	9.57	23.93	12.17	12.05	11.37
Loss (Gain) From Sale of Investments	6.96	6.96	6.96	4.64	-
Loss (Gain) on Equity Investments	-21.24	-18.23	-8.73	0.41	0.76
Stock-Based Compensation	108.23	109.83	81.94	106.31	114
Other Operating Activities	199.86	137.01	145.44	93.69	-21.76
Change in Accounts Receivable	-57.56	-22.01	-44.19	-20.37	-29.66
Change in Other Net Operating Assets	20.28	-7.37	82.08	-54.62	0.22
Operating Cash Flow	643.67	514.87	477.2	335.51	273.49
Operating Cash Flow Growth	25.02%	7.89%	42.23%	22.68%	102.00%
Capital Expenditures	-70.97	-47	-29.78	-22.76	-352.94
Cash Acquisitions	-746.49	-1,709	-446.68	-	-108.88
Investment in Securities	-16.56	-	-	-	-
Other Investing Activities	-	-	0.23	0.34	3.89
Investing Cash Flow	-834.01	-1,756	-476.23	-22.42	-457.94
Long-Term Debt Issued	1,333	2,545	-	394	-
Long-Term Debt Repaid	-1,279	-1,258	-16.5	-16.54	-17.74
Net Debt Issued (Repaid)	54.4	1,287	-16.5	377.46	-17.74
Issuance of Common Stock	-	-	-	-	1,448
Repurchase of Common Stock	-37.05	-27.46	-8.79	-7.17	-967.85
Common Dividends Paid	-62.34	-53.14	-	-	-47.1
Dividends Paid	-62.34	-53.14	-	-	-47.1
Other Financing Activities	123.1	-12.22	12.68	-55.54	92.12
Financing Cash Flow	78.12	1,167	-12.61	314.76	429.28
Foreign Exchange Rate Adjustments	15.9	-1.51	0.58	-0.13	-0.88
Net Cash Flow	-96.34	-75.53	-11.05	627.72	243.96
Free Cash Flow	572.7	467.87	447.43	312.76	-79.45
Free Cash Flow Growth	22.41%	4.57%	43.06%	-	-
Free Cash Flow Margin	19.13%	19.05%	22.08%	18.27%	-5.55%
Free Cash Flow Per Share	4.14	3.52	3.56	1.18	-0.75
Cash Interest Paid	-	-	-	-	79.36
Cash Income Tax Paid	14.34	27.33	16.4	11.23	6.76
Levered Free Cash Flow	506.21	523.28	382.08	258.73	-18.66
Unlevered Free Cash Flow	630.98	604.05	458.35	308.06	19.09
Change in Working Capital	-37.28	-29.38	37.9	-74.99	-29.44

Updated Feb 12, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q