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Erie Indemnity vs Ryan Specialty: revenue, profit, margins and growth compared

Erie Indemnity brought in $4.1B of revenue in fiscal 2025, Ryan Specialty $3.1B in fiscal 2025. Revenue changed by +7.2% at Erie Indemnity and +21.3% at Ryan Specialty on the year before, so Ryan Specialty grew faster. Erie Indemnity kept 13.8% of its revenue as net profit, Ryan Specialty 2.1%. Free cash flow was $571M at Erie Indemnity and $640.7M at Ryan Specialty.

Side by side, latest fiscal year

ERIERYAN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$4.1B$3.1B
Revenue growth+7.2%+21.3%
Net income$559.3M$63.4M
Net margin13.8%2.1%
Free cash flow$571M$640.7M
Free cash flow margin14.0%21.0%
Earnings per share (diluted)n/an/a
Cash$345.9M$158.3M
Debtn/a$3.3B
Price to earningsn/an/a
Market value$10.3B$9.7B
Dividend yieldn/an/a
Rank by revenue in sector#108 of 444 · Finance#122 of 444 · Finance

Over the years

Revenue
ERIE FY2018: $2.4BERIE FY2019: $2.5BERIE FY2020: $2.5BERIE FY2021: $2.6BERIE FY2022: $2.8BERIE FY2023: $3.3BERIE FY2024: $3.8BERIE FY2025: $4.1BRYAN FY2019: $765.1MRYAN FY2021: $1BRYAN FY2021: $1.4BRYAN FY2022: $1.7BRYAN FY2023: $2.1BRYAN FY2024: $2.5BRYAN FY2025: $3.1BFY18FY19FY20FY21FY22FY23FY24FY25
ERIE $4.1BRYAN $3.1B
Net income
ERIE FY2018: $288.2MERIE FY2019: $316.8MERIE FY2020: $293.3MERIE FY2021: $297.9MERIE FY2022: $298.6MERIE FY2023: $446.1MERIE FY2024: $600.3MERIE FY2025: $559.3MRYAN FY2019: $64.2MRYAN FY2021: $68.1MRYAN FY2021: $65.9MRYAN FY2022: $61.1MRYAN FY2023: $61MRYAN FY2024: $94.7MRYAN FY2025: $63.4MFY18FY19FY20FY21FY22FY23FY24FY25
ERIE $559.3MRYAN $63.4M
Net margin
ERIE FY2018: 12.1%ERIE FY2019: 12.8%ERIE FY2020: 11.6%ERIE FY2021: 11.3%ERIE FY2022: 10.5%ERIE FY2023: 13.6%ERIE FY2024: 15.8%ERIE FY2025: 13.8%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
ERIE 13.8%RYAN 2.1%
Revenue growth
ERIE FY2019: +4.0%ERIE FY2020: +2.4%ERIE FY2021: +3.8%ERIE FY2022: +7.8%ERIE FY2023: +15.1%ERIE FY2024: +16.1%ERIE FY2025: +7.2%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
ERIE +7.2%RYAN +21.3%
Free cash flow
ERIE FY2018: $207.3MERIE FY2019: $262.5MERIE FY2020: $287.1MERIE FY2021: $254MERIE FY2022: $298.9MERIE FY2023: $288.6MERIE FY2024: $486.4MERIE FY2025: $571MRYAN FY2019: $149.4MRYAN FY2021: $130.2MRYAN FY2021: -$69.7MRYAN FY2022: $327.8MRYAN FY2023: $477.2MRYAN FY2024: $514.9MRYAN FY2025: $640.7MFY18FY19FY20FY21FY22FY23FY24FY25
ERIE $571MRYAN $640.7M

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

Questions about Erie Indemnity and Ryan Specialty

Which is bigger by revenue, Erie Indemnity or Ryan Specialty?

Erie Indemnity is bigger by revenue: $4.1B in fiscal 2025, against $3.1B for Ryan Specialty in fiscal 2025.

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

Erie Indemnity had a net margin of 13.8% in fiscal 2025; Ryan Specialty had 2.1% in fiscal 2025.

Which grew revenue faster, Erie Indemnity or Ryan Specialty?

In their latest fiscal years revenue changed by +7.2% at Erie Indemnity 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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