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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $902.73M | $782.90M | $738.05M | $739.55M | $840.86M | $676.13M | $649.41M | $588.13M |
| Cost of revenue | $531.62M | $495.18M | $447.40M | $440.43M | $485.27M | $430.29M | $410.25M | $393.25M |
| Gross profit | $371.11M | $287.73M | $290.64M | $299.12M | $355.59M | $245.84M | $239.16M | $194.88M |
| Gross margin | 41.1% | 36.8% | 39.4% | 40.4% | 42.3% | 36.4% | 36.8% | 33.1% |
| Selling, general and administrative | $118.64M | $108.76M | $122.75M | $117.59M | $107.05M | $106.06M | $104.53M | $88.68M |
| Operating expenses | $204.71M | $205.46M | $212.25M | $203.35M | $178.85M | $159.64M | $143.96M | $129.97M |
| Operating income | $166.40M | $82.27M | $78.39M | $95.77M | $176.74M | $86.20M | $95.20M | $64.91M |
| Operating margin | 18.4% | 10.5% | 10.6% | 12.9% | 21.0% | 12.7% | 14.7% | 11.0% |
| EBITDA | $234.92M | $178.97M | $151.93M | $169.56M | $249.30M | $139.78M | $158.30M | $106.56M |
| Interest income | $13.92M | $12.33M | −$40.03M | −$41.32M | $14.31M | $14.04M | −$34.41M | −$32.82M |
| Interest expense | −$56.65M | −$53.73M | $0 | — | −$58.33M | −$54.51M | $0 | — |
| Income before taxes | $130.73M | $47.11M | $44.61M | $59.81M | $137.73M | $51.04M | $69.04M | $19.68M |
| Income taxes | $22.35M | $6.51M | $13.37M | −$2.80M | $13.03M | $55.43M | $26.49M | −$8.96M |
| Net income | $108.38M | $40.60M | $31.24M | $62.60M | $124.71M | −$4.39M | $42.56M | $28.64M |
| Net margin | 12.0% | 5.2% | 4.2% | 8.5% | 14.8% | -0.6% | 6.6% | 4.9% |
| EPS, basic | $0.34 | $0.14 | $0.06 | $0.24 | $0.41 | −$0.22 | $0.11 | $0.15 |
| EPS, diluted | $0.33 | $0.13 | — | $0.20 | $0.38 | −$0.22 | — | $0.09 |
| Diluted shares | 131.33M | 137.34M | — | 273.46M | 274.14M | 125.42M | — | 272.69M |
Figures describe Ryan Specialty shares, not any token. As of Jul 31, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.