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Equitable vs Ryan Specialty: revenue, profit, margins and growth compared

Equitable brought in $11.7B of revenue in fiscal 2025, Ryan Specialty $3.1B in fiscal 2025. Revenue changed by -6.1% at Equitable and +21.3% at Ryan Specialty on the year before, so Ryan Specialty grew faster. Equitable kept -11.8% of its revenue as net profit, Ryan Specialty 2.1%.

Side by side, latest fiscal year

EQHRYAN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$11.7B$3.1B
Revenue growth-6.1%+21.3%
Net income-$1.4B$63.4M
Net margin-11.8%2.1%
Free cash flown/a$640.7M
Free cash flow marginn/a21.0%
Earnings per share (diluted)-$4.83n/a
Cash$12.5B$158.3M
Debt$3.8B$3.3B
Price to earningsn/an/a
Market value$14.7B$9.7B
Dividend yield1.95%n/a
Rank by revenue in sector#57 of 444 · Finance#122 of 444 · Finance

Over the years

Revenue
EQH FY2018: $12.1BEQH FY2019: $9.6BEQH FY2020: $12.4BEQH FY2021: $7.6BEQH FY2022: $12.6BEQH FY2023: $10.5BEQH FY2024: $12.4BEQH FY2025: $11.7BRYAN FY2019: $765.1MRYAN FY2021: $1BRYAN FY2021: $1.4BRYAN FY2022: $1.7BRYAN FY2023: $2.1BRYAN FY2024: $2.5BRYAN FY2025: $3.1BFY18FY19FY20FY21FY22FY23FY24FY25
EQH $11.7BRYAN $3.1B
Net income
EQH FY2018: $1.9BEQH FY2019: -$1.8BEQH FY2020: -$648MEQH FY2021: $1.8BEQH FY2022: $2.2BEQH FY2023: $1.3BEQH FY2024: $1.3BEQH FY2025: -$1.4BRYAN FY2019: $64.2MRYAN FY2021: $68.1MRYAN FY2021: $65.9MRYAN FY2022: $61.1MRYAN FY2023: $61MRYAN FY2024: $94.7MRYAN FY2025: $63.4MFY18FY19FY20FY21FY22FY23FY24FY25
EQH -$1.4BRYAN $63.4M
Net margin
EQH FY2018: 15.4%EQH FY2019: -18.3%EQH FY2020: -5.2%EQH FY2021: 23.0%EQH FY2022: 17.0%EQH FY2023: 12.3%EQH FY2024: 10.3%EQH FY2025: -11.8%RYAN FY2019: 8.4%RYAN FY2021: 6.7%RYAN FY2021: 4.6%RYAN FY2022: 3.5%RYAN FY2023: 2.9%RYAN FY2024: 3.8%RYAN FY2025: 2.1%FY18FY19FY20FY21FY22FY23FY24FY25
EQH -11.8%RYAN 2.1%
Revenue growth
EQH FY2019: -20.3%EQH FY2020: +29.1%EQH FY2021: -38.7%EQH FY2022: +66.1%EQH FY2023: -17.3%EQH FY2024: +18.8%EQH FY2025: -6.1%RYAN FY2021: +33.1%RYAN FY2021: +40.7%RYAN FY2022: +20.4%RYAN FY2023: +20.4%RYAN FY2024: +21.1%RYAN FY2025: +21.3%FY19FY20FY21FY22FY23FY24FY25
EQH -6.1%RYAN +21.3%
Free cash flow
RYAN FY2019: $149.4MRYAN FY2021: $130.2MRYAN FY2021: -$69.7MRYAN FY2022: $327.8MRYAN FY2023: $477.2MRYAN FY2024: $514.9MRYAN FY2025: $640.7MFY19FY21FY22FY23FY24FY25
EQHRYAN $640.7M

Fiscal years as each company reports them; the two may end in different months.

Questions about Equitable and Ryan Specialty

Which is bigger by revenue, Equitable or Ryan Specialty?

Equitable is bigger by revenue: $11.7B in fiscal 2025, against $3.1B for Ryan Specialty in fiscal 2025.

Which keeps more of its revenue as profit, Equitable or Ryan Specialty?

Equitable had a net margin of -11.8% in fiscal 2025; Ryan Specialty had 2.1% in fiscal 2025.

Which grew revenue faster, Equitable or Ryan Specialty?

In their latest fiscal years revenue changed by -6.1% at Equitable and +21.3% at Ryan Specialty.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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