Revenue growth reached 23.1% in 2026Q1, while strategic service center adjustments helped improve the combined ratio to 83.9% from 91.2% in 2025Q1.
| Revenue | 382.8M | 365.3M | 314.5M | 261.28M | 209.39M | 151.31M | 117.01M | 77.49M | 60.15M | 42.71M | 31.48M |
| Revenue Growth % | 17.56% | 16.15% | 20.37% | 24.78% | 38.38% | 29.31% | 51.01% | 28.83% | 40.83% | 35.66% | - |
| Medical Costs & Claims | 100.85M | 196.36M | 172.94M | 0 | 0 | 0 | 0 | 0 | 0 | 24.54M | 0 |
| Medical Cost Ratio % | 26.35% | 53.75% | 54.99% | 0% | 0% | 0% | 0% | 0% | 0% | 57.47% | 0% |
| Gross Profit | 281.94M | 168.94M | 141.56M | 261.28M | 209.39M | 151.31M | 117.01M | 77.49M | 60.15M | 18.17M | 31.48M |
| Gross Margin % | 73.65% | 46.25% | 45.01% | 100% | 100% | 100% | 100% | 100% | 100% | 42.53% | 100% |
| Gross Profit Growth % | - | 19.34% | -45.82% | 24.78% | 38.38% | 29.31% | 51.01% | 28.83% | 231.09% | -42.3% | - |
| Operating Expenses | 204.6M | 94.49M | 80.42M | 234.89M | 204.26M | 145.31M | 99.29M | 65.8M | 78.37M | -31.56M | 26.76M |
| OpEx / Revenue % | 53.45% | 25.87% | 25.57% | 89.9% | 97.55% | 96.03% | 84.86% | 84.92% | 130.29% | -73.89% | 85% |
| Depreciation & Amortization | 12.2M | 11.27M | 10.96M | 9.47M | 7.11M | 5.12M | 3.57M | 2.15M | 2.52M | 876.05K | 488.33K |
| Combined Ratio % | 79.8% | 79.62% | 80.56% | 89.9% | 97.55% | 96.03% | 84.86% | 84.92% | 130.29% | -16.43% | 85% |
| Operating Income | 77.34M | 74.45M | 61.14M | 26.39M | 5.13M | 6M | 17.72M | 11.69M | -18.22M | 11.15M | 4.72M |
| Operating Margin % | 20.2% | 20.38% | 19.44% | 10.1% | 2.45% | 3.97% | 15.14% | 15.08% | -30.29% | 26.11% | 15% |
| Operating Income Growth % | - | 21.77% | 131.7% | 414.49% | -14.57% | -66.12% | 51.63% | 164.15% | -263.38% | 136.12% | - |
| EBITDA | 89.54M | 85.72M | 72.09M | 35.86M | 12.24M | 11.12M | 21.29M | 13.83M | -15.7M | 12.03M | 5.21M |
| EBITDA Margin % | 23.39% | 23.47% | 22.92% | 13.72% | 5.84% | 7.35% | 18.19% | 17.85% | -26.1% | 28.16% | 16.55% |
| Interest Expense | 23.44M | 23.79M | 7.34M | 6.57M | 5M | 2.85M | 2.31M | 2.39M | 4.27M | 2.47M | 413.04K |
| Non-Operating Income | -5.78M | -192K | 7.1M | -6.57M | -5M | -2.85M | -2.31M | -2.39M | -4.27M | -3.54M | -413.04K |
| Pretax Income | 59.68M | 50.85M | 46.7M | 26.39M | 5.13M | 6M | 17.72M | 11.69M | -18.22M | 8.68M | 4.72M |
| Pretax Margin % | 15.59% | 13.92% | 14.85% | 10.1% | 2.45% | 3.97% | 15.14% | 15.08% | -30.29% | 20.32% | 15% |
| Income Tax | 12.98M | 6.4M | -2.41M | 2.69M | 2.5M | -2.29M | -1.03M | 1.3M | 449K | 17.91M | 0 |
| Effective Tax Rate % | 21.76% | 12.58% | -5.17% | 10.2% | 48.72% | -38.17% | -5.84% | 11.16% | -2.46% | 206.43% | 0% |
| Net Income | 30.38M | 27.83M | 30.43M | 14.14M | 565K | 5.4M | 9.29M | 3.57M | -8.9M | 8.68M | 4.72M |
| Net Margin % | 7.94% | 7.62% | 9.67% | 5.41% | 0.27% | 3.57% | 7.94% | 4.6% | -14.8% | 20.32% | 15% |
| Net Income Growth % | -1.86% | -8.53% | 115.18% | 2402.65% | -89.54% | -41.82% | 160.36% | 140.07% | -202.61% | 83.73% | - |
| EPS (Diluted) | 0.83 | 1.04 | 1.16 | 0.37 | 0.03 | 0.26 | 0.51 | 0.64 | -0.66 | 0.25 | 0.13 |
| EPS Growth % | -1.82% | -10.34% | 213.51% | 1133.33% | -88.46% | -49.02% | -20.31% | 196.97% | -366.23% | 90.7% | - |
| EPS (Basic) | - | 1.11 | 1.23 | 0.59 | 0.03 | 0.28 | 0.55 | 0.70 | -0.66 | 0.71 | 0.39 |
| Diluted Shares Outstanding | 36.64M | 38.1M | 38.3M | 25.2M | 21.77M | 20.81M | 18.38M | 16.1M | 13.55M | 35M | 35M |
Franchise concentration and regulatory volatility
As reported in financial statements, Goosehead's revenue growth reached 23.1% in 2026Q1, reflecting a sustained expansion trajectory that appears to benefit from the current hardening of the U.S. P&C insurance market, which typically drives higher absolute commission dollars despite potential headwinds in new policy volume.
The company's ability to maintain double-digit revenue growth suggests that its bifurcated distribution model remains effective at capturing market share. Investors should monitor whether this growth is primarily driven by organic franchise unit expansion or if it relies increasingly on premium rate increases that may eventually face consumer resistance.
Based on reported figures, the combined ratio fluctuated significantly, reaching 83.9% in 2026Q1, which indicates a period of underwriting profitability that appears to be supported by the company's centralized service infrastructure and its ability to scale franchise operations without proportional increases in corporate-level overhead costs.
The volatility in the combined ratio, particularly when compared to periods where data was unavailable, suggests that operational efficiency is sensitive to the mix of corporate versus franchise business. Sustained margin expansion will likely depend on the company's ability to keep the expense ratio low as it continues to scale its decentralized sales force.
According to recent SEC filings, the transition from 2025Q1 to 2026Q1 marked a notable inflection point where the company moved from a 91.2% combined ratio to 83.9%, suggesting that recent strategic adjustments in the service center model may be yielding improved profitability per policy unit.
This improvement warrants further investigation into whether the gains are structural or merely a result of favorable loss experience in the most recent quarter. If the trend persists, it may indicate that the centralized service model is successfully achieving the intended economies of scale.
Based on an analysis of the provided data, the reliance on ASC 606 revenue recognition for estimated lifetime commissions may mask underlying cash flow volatility, as evidenced by the disconnect between reported net income and the fluctuating quarterly revenue growth rates observed over the last ten periods.
Investors should be cautious of the potential for future downward revisions to contract assets if renewal rates fail to meet management's initial projections. The concentration of business in specific regions further suggests that regulatory interventions could disproportionately impact the company's ability to maintain its current commission trajectory.
Quick answers to the most common questions about buying GSHD stock.
For fiscal year 2025, Goosehead Insurance, Inc (GSHD) reported total revenue of $365.3M. This represents a 1060.3% increase compared to $31.5M in 2016.
Goosehead Insurance, Inc (GSHD) is profitable, generating $27.8M in net income for the fiscal year ending 2025 with a net profit margin of 7.6%.
Goosehead Insurance, Inc (GSHD) reported an operating income of $74.4M, resulting in an operating profit margin of 20.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Goosehead Insurance, Inc (GSHD) generated $168.9M in gross profit for the year, representing a gross profit margin of 46.2%. This demonstrates the company's core pricing power and production efficiency.