Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $765M | $1.02B | $1.43B | $1.71B | $2.03B | $2.46B | $2.99B |
| Revenue growth | — | 33.1% | 40.7% | 19.5% | 18.4% | 21.2% | 21.9% |
| Operating income | $101M | $159M | $187M | $290M | $359M | $428M | $494M |
| Operating margin | 13.2% | 15.6% | 13.0% | 16.9% | 17.7% | 17.4% | 16.5% |
| Net income | $64.2M | $68.1M | $65.9M | $61.1M | $61.0M | $94.7M | $63.4M |
| Net margin | 8.4% | 6.7% | 4.6% | 3.6% | 3.0% | 3.9% | 2.1% |
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $150M | $135M | $273M | $336M | $477M | $515M | $644M |
| Capital expenditures | $100K | $5.24M | $343M | $7.71M | $0.00 | $0.00 | $3.01M |
| Free cash flow | $149M | $130M | -$69.7M | $328M | $477M | $515M | $641M |
| Dividends paid | — | — | — | $0.00 | $0.00 | $80.2M | $62.3M |
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Cash & equivalents | $402M | $896M | $1.14B | $993M | $839M | $540M | $158M |
| Total assets | — | $4.53B | $5.46B | $6.38B | $7.25B | $9.65B | $10.6B |
| Total liabilities | — | $4.22B | $4.86B | $5.57B | $6.27B | $8.55B | $9.31B |
| Long-term debt | — | $1.57B | $1.57B | $1.95B | $1.94B | $3.23B | $3.29B |
| Shareholders' equity | — | — | $595M | $478M | $560M | $628M | $648M |
| Retained earnings | — | — | -$7.06M | $54.0M | $114M | $123M | $120M |
Every figure is extracted from RYAN SPECIALTY HOLDINGS, INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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