RYAN SPECIALTY HOLDINGS, INC. (RYAN) FY2026 Q2 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2026-04-01 to 2026-06-30

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RYAN SPECIALTY HOLDINGS, INC. cash flow reconciliation, Apr 1, 2026 through Jun 30, 2026One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net income → Net cash from operating activities: $108,381,000.00Other current and non-current liabilities → Operating adjustments reconciliation: $173,100,000.00Amortization → Operating adjustments reconciliation: $64,387,000.00Accrued interest liability → Operating adjustments reconciliation: $21,828,000.00Non-cash equity-based compensation → Operating adjustments reconciliation: $21,389,000.00Deferred income tax expense → Operating adjustments reconciliation: $17,143,000.00Impairment of internally-developed software → Operating adjustments reconciliation: $11,982,000.00Prepaid and deferred compensation expense → Operating adjustments reconciliation: $4,658,000.00Depreciation → Operating adjustments reconciliation: $4,133,000.00Other current and non-current assets → Operating adjustments reconciliation: $2,878,000.00Amortization of deferred debt issuance costs → Operating adjustments reconciliation: $2,434,000.00Loss on Tax Receivable Agreement → Operating adjustments reconciliation: $380,000.00Operating adjustments reconciliation → Net cash from operating activities: $184,648,000.00Operating adjustments reconciliation → Commissions and fees receivable – net: $132,625,000.00Operating adjustments reconciliation → Income from equity method investments: $7,039,000.00Borrowings on Revolving Credit Facility → financing reconciliation: $370,632,000.00Net change in fiduciary liabilities → financing reconciliation: $292,834,000.00Receipt of taxes related to net share settlement of equity awards → financing reconciliation: $5,875,000.00financing reconciliation → Net cash from financing activities: $3,965,000.00financing reconciliation → Repayments on Revolving Credit Facility: $331,507,000.00financing reconciliation → Repurchases of Class A common stock: $260,163,000.00financing reconciliation → Payment of contingent consideration: $21,943,000.00financing reconciliation → Class A common stock dividends and Dividend Equivalents paid: $16,946,000.00financing reconciliation → Tax distributions to non-controlling LLC Unitholders: $16,659,000.00financing reconciliation → Distributions and Declared Distributions paid to non-controlling LLC Unitholders: $8,082,000.00financing reconciliation → Taxes paid related to net share settlement of equity awards: $5,826,000.00financing reconciliation → Repayment of term debt: $4,250,000.00Net cash used in investing activities → investing reconciliation: $18,723,000.00investing reconciliation → Capital expenditures: $17,167,000.00investing reconciliation → Asset acquisitions: $1,556,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $1,484,888,000.00Net cash from operating activities → Cash sources and uses: $293,029,000.00Net cash from financing activities → Cash sources and uses: $3,965,000.00Cash sources and uses → Exchange-rate effect: $274,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $1,762,885,000.00Cash sources and uses → Net cash used in investing activities: $18,723,000.00Net income: $108,381,000.00Net income+$108.38 MIncome from equity method investments: -$7,039,000.00Equity-method results−$7.04 MImpairment of internally-developed software: $11,982,000.00Finite intangible impairment+$11.98 MAmortization: $64,387,000.00Deferred charges amortization+$64.39 MDepreciation: $4,133,000.00Depreciation expense+$4.13 MPrepaid and deferred compensation expense: $4,658,000.00Prepaid & deferred comp expense+$4.66 MNon-cash equity-based compensation: $21,389,000.00Stock-based compensation+$21.39 MAmortization of deferred debt issuance costs: $2,434,000.00Debt issuance cost amortization+$2.43 MAmortization of interest rate cap premium: $0.00Loss on Tax Receivable Agreement: $380,000.00Loss on Tax Receivable Agreement+$380.00 KDeferred income tax expense: $17,143,000.00Deferred income taxes+$17.14 MDeferred income tax expense from common control reorganization: $0.00Commissions and fees receivable – net: -$132,625,000.00Receivables, net−$132.63 MAccrued interest liability: $21,828,000.00Accrued interest+$21.83 MOther current and non-current assets: $2,878,000.00Other operating assets+$2.88 MOther current and non-current liabilities: $173,100,000.00Other operating liabilities+$173.10 MNet cash from operating activities: $293,029,000.00Operating cash+$293.03 MOperating adjustments reconciliation: $324,312,000.00Borrowings on Revolving Credit Facility: $370,632,000.00Long-term credit line borrowings+$370.63 MRepayments on Revolving Credit Facility: -$331,507,000.00Long-term credit line repayments−$331.51 MDebt issuance costs paid: $0.00Repayment of term debt: -$4,250,000.00Other long-term debt repaid−$4.25 MReceipt of contingently returnable consideration: $0.00Payment of contingent consideration: -$21,943,000.00Contingent consideration paid−$21.94 MReceipt of taxes related to net share settlement of equity awards: $5,875,000.00Tax receipts on equity awards+$5.88 MTaxes paid related to net share settlement of equity awards: -$5,826,000.00Stock-award tax withholding−$5.83 MClass A common stock dividends and Dividend Equivalents paid: -$16,946,000.00Common dividends paid−$16.95 MDistributions and Declared Distributions paid to non-controlling LLC Unitholders: -$8,082,000.00Distributions to LLC unitholders−$8.08 MRepurchases of Class A common stock: -$260,163,000.00Common stock repurchases−$260.16 MPayments related to Ryan Re preferred units: $0.00Net change in fiduciary liabilities: $292,834,000.00Fiduciary liabilities, net+$292.83 MTax distributions to non-controlling LLC Unitholders: -$16,659,000.00LLC unitholder tax distributions−$16.66 MNet cash from financing activities: $3,965,000.00Financing cash+$3.97 Mfinancing reconciliation: $669,341,000.00Business combinations – net of cash acquired and cash held in a fiduciary capacity: $0.00Capital expenditures: -$17,167,000.00Capital improvements−$17.17 MEquity method investment in VSIC: $0.00Asset acquisitions: -$1,556,000.00Capital expenditures−$1.56 MNet cash used in investing activities: -$18,723,000.00. Cash required to fund net payments.Investing cash−$18.72 Minvesting reconciliation: $18,723,000.00Cash sources and uses: $1,781,882,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $1,484,888,000.00Beginning cash$1.48 BEnding cash: Cash, cash equivalents, and restricted cash: $1,762,885,000.00Ending cash$1.76 BExchange-rate effect: -$274,000.00FX effect−$274.00 KCASH RECONCILIATIONOperatingflowsFinancingflowsInvestingflowsFree cash flow$291.47 MOperating cash − cash spent on productive assetsCash flow / Net income2.70×Operating cash flow ÷ net incomeNet cash change+$278.00 MEnding cash − beginning cash
Chart details

RYAN SPECIALTY HOLDINGS, INC. cash flow reconciliation, Apr 1, 2026 through Jun 30, 2026

Cash flows for Apr 1, 2026 through Jun 30, 2026. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Mar 31, 2026. Ending cash: Jun 30, 2026. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Mar 31, 2026
1,484,888,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
293,029,000 US dollars. Net cash provided.
Net income
108,381,000 US dollars
Income from equity method investments
negative 7,039,000 US dollars
Impairment of internally-developed software
11,982,000 US dollars
Amortization
64,387,000 US dollars
Depreciation
4,133,000 US dollars
Prepaid and deferred compensation expense
4,658,000 US dollars
Non-cash equity-based compensation
21,389,000 US dollars
Amortization of deferred debt issuance costs
2,434,000 US dollars
Amortization of interest rate cap premium
0 US dollars
Loss on Tax Receivable Agreement
380,000 US dollars
Deferred income tax expense
17,143,000 US dollars
Deferred income tax expense from common control reorganization
0 US dollars
Commissions and fees receivable – net
negative 132,625,000 US dollars
Accrued interest liability
21,828,000 US dollars
Other current and non-current assets
2,878,000 US dollars
Other current and non-current liabilities
173,100,000 US dollars
Investing activities
negative 18,723,000 US dollars. Net cash used.
Business combinations – net of cash acquired and cash held in a fiduciary capacity
0 US dollars
Capital expenditures
negative 17,167,000 US dollars
Equity method investment in VSIC
0 US dollars
Asset acquisitions
negative 1,556,000 US dollars
Financing activities
3,965,000 US dollars. Net cash provided.
Borrowings on Revolving Credit Facility
370,632,000 US dollars
Repayments on Revolving Credit Facility
negative 331,507,000 US dollars
Debt issuance costs paid
0 US dollars
Repayment of term debt
negative 4,250,000 US dollars
Receipt of contingently returnable consideration
0 US dollars
Payment of contingent consideration
negative 21,943,000 US dollars
Receipt of taxes related to net share settlement of equity awards
5,875,000 US dollars
Taxes paid related to net share settlement of equity awards
negative 5,826,000 US dollars
Class A common stock dividends and Dividend Equivalents paid
negative 16,946,000 US dollars
Distributions and Declared Distributions paid to non-controlling LLC Unitholders
negative 8,082,000 US dollars
Repurchases of Class A common stock
negative 260,163,000 US dollars
Payments related to Ryan Re preferred units
0 US dollars
Net change in fiduciary liabilities
292,834,000 US dollars
Tax distributions to non-controlling LLC Unitholders
negative 16,659,000 US dollars
Operating adjustment reconciliation
324,312,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
669,341,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
18,723,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
negative 274,000 US dollars
Ending cash on Jun 30, 2026
1,762,885,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
1,781,882,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
277,997,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
2.70×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
293,029,000 US dollars. Operating cash flow used in the free cash flow calculation.
cash spent on productive assets
1,556,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
291,473,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $184.65M after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash spent on productive assets equals free cash flow: 293,029,000 US dollars minus 1,556,000 US dollars equals 291,473,000 US dollars.
RYAN SPECIALTY HOLDINGS, INC. (RYAN) FY2026 Q2 Statement of Cash Flows Sankey chart
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