RYAN — what changed in the latest 10-Q
A section-by-section comparison of RYAN's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-31 vs the prior 10-Q · 2026-05-01
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +216 | −109 | ~87 | 340 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~6 | 21 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 15 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 4 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +17 | −12 | ~2 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-31
$39.3 million recognized over the first six months of 2026 representing cumulative costs since the inception of the
program. Of the cumulative $39.3 million expense, $25.2 million was incurred in general and administrative expense with
the remaining being workforce-related costs. Restructuring expense within general and administrative expense includes
costs relating to professional services, technology and data initiatives, license fees, and third-party contractors, as well as
non-cash expenses associated with the impairment of internally-developed software. Compensation and benefits
Text removed vs the prior filing · source: 10-Q · 2026-05-01
inception of the program. Of the cumulative $5.9 million expense, $3.4 million was incurred in general and administrative
expense with the remaining being workforce-related costs. While the current results of the Empower Program are in line
with expectations, changes to the total savings estimate and timing of the Empower Program may evolve as we continue to
related retention incentives, sublease income, and forfeitures of vested equity awards. For the three months ended
March 31, 2025, Other non-operating income consisted of seller reimbursement of acquisition-related retention incentives
Other information
Text added vs the prior filing · source: 10-Q · 2026-07-31
“10b5-1 Plan”). No sales of the Company’s Class A common stock occurred under the plan prior to its termination. Prior to
its termination, the plan had provided for the sale of (i) up to 5,500 shares of the Company’s Class A common stock
issuable upon conversion of LLC Common Units and (ii) a number of shares of Class A common stock issuable upon
conversion of up to 70,000 Class C Incentive Units of New LLC (the “Class C Units”), between the first potential sale date
of June 4, 2026, and the expiration of the 10b5-1 Plan on June 1, 2027. The Class C Units are profits interests with a
Text removed vs the prior filing · source: 10-Q · 2026-05-01
“10b5-1 Plan”) to sell (i) up to 5,500 shares of the Company’s Class A common stock that are issuable upon conversion of
LLC Common Units and (ii) a number of shares of Class A common stock issuable upon conversion of up to 70,000 Class
C Incentive Units of New LLC (the “Class C Units”), between the first potential sale date of June 4, 2026, and the
expiration of his 10b5-1 Plan on June 1, 2027. The Class C Units are profits interests with a participation threshold, as of
March 31, 2026, of $23.08. Pursuant to the terms of the award agreement for the Class C Units, the participation threshold
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice