Ryan Specialty Holdings has announced record financial results for the fourth quarter and full year ended Dec. 31.
Its total revenue grew 24.5% while organic revenue increased 11.0%.
Fourth quarter revenue reached $663.5 million, up from $532.9 million in Q4 2023. Net income was down to $42.6 million, or $0.10 per diluted share, compared to $58.5 million, or $0.18 per diluted share, in the prior-year period.
The decrease in net income was attributed to higher income tax expense and interest expense, partially offset by strong revenue growth.
Adjusted EBITDAC showed remarkable growth, increasing 36.2% to $216 million compared to $158.6 million in Q4 2023. The adjusted EBITDAC margin expanded to 32.6% from 29.8% in the prior-year period.
The company delivered strong full-year 2024 performance across key metrics. Total revenue grew 21.1% to $2.52 billion, while organic revenue growth reached 12.8%. Net income increased 18.2% to $229.9 million, and adjusted EBITDAC rose 29.8% to $811.2 million.
"It was another outstanding year for Ryan Specialty," said founder and executive chairman Patrick G. Ryan. "For the year, we grew total revenue 21%, supported by organic growth of 12.8% and strong contributions from M&A, which added 7% to our top line. This marked our sixth consecutive year growing total revenue 20% or more."
"We produced excellent results in 2024, driven by significant new business growth while maintaining strong renewal retention,” said CEO Tim Turner. “Our recent acquisitions have not only increased our market share but greatly expanded our total addressable market."
Looking ahead to 2025, the company projects organic revenue growth of 11% to 13% and adjusted EBITDAC margin between 32.5% and 33.5%.
The board declared a quarterly cash dividend of $0.12 per share of Class A common stock, representing a 9.1% increase. The dividend will be payable on March 18, 2025, to stockholders of record as of March 4, 2025.
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