Goosehead Insurance, Inc. (GSHD)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$402.2M

Revenue growth

17.7%

Net income, last twelve months

$35.3M

Earnings per share

$1.37

Operating margin

23.3%

Net margin

8.8%

Free cash flow

$79.7M

Market value

$1.6B

Price to earnings

33.7x

Cash

$23.7M

Debt

$317.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 22 July 2026.

• Revenue rose 21% to $113.4M. Total revenues were $113.4 million against $94.0 million a year earlier, with Core Revenue and contingent commissions both higher.
• Core Revenue up 10%. Core Revenue of $95.6 million rose 10% from $86.8 million, against 15% growth in the first quarter. Prior-year Core Revenue included $4.0 million of renewal items tied to a released constraint.
• Full-year revenue range raised. Full-year 2026 organic total revenue growth is now 12% to 19%, up from 10% to 19% in the first-quarter release.
• Earnings per share rose. Basic EPS was $0.42 against $0.20 and diluted EPS $0.41 against $0.18. Adjusted EPS was $0.64 against $0.49 a year earlier.
• Franchise revenues reached $63.8M. Franchise revenues were $63.8 million against $55.8 million, and commissions and agency fees were $49.5 million against $38.1 million.
• Contingent commissions rose to $15.7M. Contingent commissions were $15.7 million against $4.5 million, and total ancillary revenue was $16.3 million against $5.8 million. First-quarter contingent commissions were $10.7 million.
• Other franchise revenues declined. Other franchise revenues were $0.6 million against $1.3 million a year earlier, and $1.2 million in the first quarter.
• Policies in force growth accelerated. Policies in force reached about 2.1 million, up 15%, after 14% growth in the first quarter. The first-quarter count was 1,973,000.
• Client retention edged higher. Client retention was 86% against 84% a year earlier. Premium retention was 88% against 95% a year earlier.
• Satisfaction score reported for first time. Customer satisfaction score was 4.1 on a 1-to-5 scale, covering October 1, 2025 through June 30, 2026. The prior release reported a Net Promoter Score of 72.
• Operating expenses reached $86.8M. Total operating expenses were $86.8 million against $78.4 million. Adjusted total operating expenses were $75.4 million, up 16% from $64.9 million.
• Compensation rose on producers and tech. Employee compensation and benefits were $54.3 million against $50.4 million. Adjusted, excluding equity-based pay, they were $49.6 million against $44.4 million.
• G&A rose on technology and services. General and administrative expenses were $28.4 million against $24.6 million. Adjusted G&A was $25.4 million against $20.0 million, mainly on technology and professional services.
• Equity pay fell; termination costs added. Equity-based compensation was $4.8 million against $6.0 million. Contract termination costs of $3.1 million appear this quarter and are excluded from adjusted measures.

Company events

The newest 8-K filings of 62 held.

Every filing

The newest filings with the SEC of 144 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

262 funds held it at 30 Jun 2026: 99 added and 83 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Marsh & McLennan Companies, Inc. (MRSH): revenue $28.5B, market value $91.4B
• Aon plc (AON): revenue $17.7B, market value $67.0B
• Arthur J. Gallagher & Co. (AJG): revenue $15.8B, market value $66.8B
• Willis Towers Watson plc (WTW): revenue $10.1B, market value $29.9B
• Brown & Brown, Inc. (BRO): revenue $6.9B, market value $21.5B
• Equitable Holdings, Inc. (EQH): revenue $10.6B, market value $14.9B
• Erie Indemnity Co. (ERIE): revenue $4.1B, market value $12.9B
• Enact Holdings, Inc. (ACT): revenue $1.3B, market value $6.6B
• Hagerty, Inc. (HGTY): revenue –, market value $5.4B
• Corvel Corp. (CRVL): revenue $983.7M, market value $4.1B

What the company does

Goosehead Insurance is an independent insurance agency that distributes personal lines policies across the United States. It places business with over 200 carriers, 76 of which provide national coverage. Sales come from 13 corporate-owned sales offices with 489 corporate sales agents and from 1,009 operating franchises. At 31 December 2025 the company had 1.9 million policies in force and approximately 1.6 thousand full-time employees.

How the business is organised

Goosehead Insurance, Inc. is a holding company. Its sole material asset is a controlling ownership and profits interest in Goosehead Financial, LLC, through which all of the business is conducted. The company describes three sales channels: corporate sales, franchise sales and enterprise sales.

Corporate sales consists of company-owned offices with employed agents, located in Texas, Illinois, Colorado, Ohio, Florida, North Carolina, Arizona and Tennessee. The company also uses these offices to develop sales practices and test new technology before rolling it out across the system. Franchise sales consists of agencies owned by Franchisees, each under a Franchise Agreement with a ten-year term. Enterprise sales sits within corporate sales and works with partners that send it leads.

Sales and service are separate. Agents in both channels concentrate on winning new clients. Four service centers staffed by licensed property and casualty agents handle fulfilment, quality control, renewals, policy changes, premium payments and help with claims.

What it sells

The company distributes mainly personal lines products: homeowner, automotive, dwelling property, flood, wind and earthquake, umbrella, and specialty lines such as motorcycle and recreational vehicle. It also places small business commercial lines and life insurance. By written premium, homeowner is 63%, automotive 34%, commercial 2% and other 1%.

Clients can get quotes through Digital Agent, the company's proprietary online platform. It quotes home and auto insurance from more than 100 carriers. A client enters three data points, name, address and date of birth, and the platform fills in details about homes and vehicles. Binding can happen in the platform for a limited number of carriers, or through a call with a licensed agent.

How it makes money

Carriers pay commissions as a percentage of premium. In states that allow it, such as Texas, the company also charges clients Agency Fees. In 2025 the average commission rate was 14% on new business premium and 12% on renewal premium, and rates typically range from 10.0% to 20.0%.

In corporate sales the company keeps 100% of commissions and Agency Fees. In franchise sales it earns Royalty Fees of 20% of commissions and Agency Fees in a policy's first term and 50% of commissions in each renewal term. Franchisees also pay an Initial Franchise Fee, recognised over the life of the agreement.

By share of total revenue, the streams are: - - Renewal Commissions, 22% - - - - Agency Fees, 3% - -

Contingent Commissions depend on the volume, growth and loss ratios of business placed with certain carriers, so they vary from year to year.

Who it works with

Most new accounts come from referral sources tied to home closing transactions. Agents build relationships with Referral Partners and the company does not pay them for leads. Enterprise partnerships with mortgage servicers, lenders and real estate companies send lead flow to the enterprise sales team, and the company pays those partners a fee. Some partners instead buy a franchise.

Two carriers each represented more than 10% of total revenue, at 19% and 13%. The company reports a Client Retention rate of 85% and a premium retention rate of 90% for 2025. Its Net Promoter Score was 77. Revenue from home insurance leads is higher from April to August and lower from October through January.

Where it operates and who it competes with

Franchises operate in 43 states, covering over 97% of the US population. Texas has the most, with 239 of the 1,009 operating agencies, followed by Florida with 80, California with 79 and Illinois with 43. The company says it is registered as a franchisor in all 50 states.

It competes with independent agencies, captive agencies and carriers that sell directly. Citing 2024 industry data, it gives their personal lines market shares as 39%, 35% and 25%. The company says it believes it is one of the largest independent insurance agencies focused primarily on personal lines.

Its people and regulation

The company had approximately 1.6 thousand full-time employees and no part-time employees at 31 December 2025, and none are represented by a union. Franchisees are independent businesses, so they and their employees are not in that count. There were 2,113 franchise agents. New corporate agents must hold a property and casualty licence, then go through a training class of approximately two weeks and a ramp-up curriculum over their first six months.

Franchise sales are regulated by the Federal Trade Commission through its Franchise Rule, which requires a franchise disclosure document, and by state franchise laws. The company and its designated employees must be licensed by state regulators, and it is subject to data privacy and cybersecurity laws.

*From Goosehead Insurance's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1726978/000172697826000010/gshd-20251231.htm)*

From the company's 10-K.