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Goosehead Insurance (GSHD) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Jul 23, 2026 · Goosehead Insurance (GSHD) Q2 2026 earnings results →

Q2 2026 Revenue up 21% year over year to $113M · 9¢ of every $1 of revenue kept as net profit · operating margin 23.5%

Goosehead Insurance made $113M in Q2 2026 (+21% Y/Y): Franchise revenues $64.1M, Commissions and agency fees $49.3M. Operating margin 23.5%, net earnings $10.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 23, 2026.

Revenue$113M
Year over year+21%
Operating margin23.5%
Net earnings$10.1M
Operating cash flow$15.9M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $113.4M in Q2 2026, up 21% year over year and up 22% from the previous quarter. Renewal Royalty Fees was the largest line at 46% of revenue. Contingent Commissions added $11.2M year over year (up 250%), 58% of the total change. Other Franchise Revenues declined 56%.

Operating profit was $26.6M, a 23.5% margin (up 6.8 points year over year). Of the extra revenue versus Q2 2025, 56% reached operating profit, above the 17% margin then. Total costs grew 11% against revenue growth of 21%. The fastest-growing cost line was General & admin (+15%). Net earnings were $10.1M, up 95% year over year. The effective tax rate was 19.5%.

Operating cash flow was $15.9M (down 45% year over year), 94% of net income including minority interests. Non-cash charges added back $3.5M of depreciation and amortization and $4.8M of share-based compensation. Working capital and other items used $9.4M. Capital expenditures of $1.5M left free cash flow of $14.4M.

Quarterly history

Goosehead Insurance revenue by quarterGoosehead Insurance revenue by quarter$93.9MQ4 2024$75.6MQ1 2025$94.0MQ2 2025$90.4MQ3 2025$105MQ4 2025$93.1MQ1 2026$113MQ2 2026
Goosehead Insurance net earnings by quarterGoosehead Insurance net earnings by quarter$14.9MQ4 2024$2.3MQ1 2025$5.2MQ2 2025$7.9MQ3 2025$12.4MQ4 2025$4.9MQ1 2026$10.1MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QJul 23, 2026$113M+21%23.5%$10.1M$15.9M
Q1 202610-QApr 23, 2026$93.1M+23%16.1%$4.9M$22.9M
Q4 202510-KFeb 19, 2026$105M+12%29.4%$12.4M$23.2M
Q3 202510-QOct 23, 2025$90.4M+16%23.5%$7.9M$24.2M
Q2 202510-QJul 24, 2025$94.0M+20%16.7%$5.2M$28.9M
Q1 202510-QApr 24, 2025$75.6M+17%8.8%$2.3M$15.5M
Q4 202410-KMar 3, 2025$93.9M+49%29.7%$14.9M$12.5M

Charts

Goosehead Insurance: revenue growth, year over year and quarter over quarterGoosehead Insurance: revenue growth, year over year and quarter over quarterY/YQ/Q+49%Q4 2024+17%-20%Q1 2025+20%+24%Q2 2025+16%-4%Q3 2025+12%+16%Q4 2025+23%-12%Q1 2026+21%+22%Q2 2026
Latest (Q2 2026): Y/Y +21%, Q/Q +22%.
Goosehead Insurance: where the cash came from (+) and went (−), TTM to Q2 2026Goosehead Insurance: where the cash came from (+) and went (−), TTM to Q2 2026Buybacks−$135MOperating cash flow$86.2MCash drawn (+) / kept (−)$68.1MOther investing−$22.9MNet borrowing (+) / repaid (−)$7.1MCapital spending−$6.5MShares issued$2.1MOther financing$857K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Goosehead Insurance: profit against cash, quarter by quarterGoosehead Insurance: profit against cash, quarter by quarterNet incomeOperating cash flow$12.6M$28.1MQ3 2024$23.8M$12.5MQ4 2024$2.6M$15.5MQ1 2025$8.3M$28.9MQ2 2025$12.7M$24.2MQ3 2025$20.8M$23.2MQ4 2025$8.0M$22.9MQ1 2026$17.0M$15.9MQ2 2026
Latest (Q2 2026): Net income $17.0M, Operating cash flow $15.9M.
Goosehead Insurance: diluted shares by fiscal year (split-adjusted)Goosehead Insurance: diluted shares by fiscal year (split-adjusted)37MFY202042MFY202144MFY202238MFY202338MFY202438MFY2025
+3.6% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2023.
Goosehead Insurance: long-term debt falling due (FY2025)Goosehead Insurance: long-term debt falling due (FY2025)$3.0M2026$3.0M2027$3.0M2028$3.0M2029$3.0M2030$284MLater
Cash $34.4M, short-term investments —, long-term debt — at 2025-12-31.
Goosehead Insurance in its industry: growth against margin (24 companies, SIC 6411)Goosehead Insurance in its industry: growth against margin (24 companies, SIC 6411)revenue growth, year over year →↑ operating marginmedian +8%median 17%MRSHAONAJGEQHWTWBROERIERYANBWINARXHGTYCRD-AACTSLQTCRVLLIFETWFGNPEHTHRDZNQDMIHITEZRAGSHD (+21%, 24%)
Insurance Agents, Brokers & Service; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Goosehead Insurance

We are a rapidly growing independent insurance agency, reinventing the traditional approach to distributing personal lines policies throughout the United States. Our differentiated business model and innovative technology platform have enabled us to deliver insurance customers a superior experience, as evidenced by our 77 Net Promoter Score, which is 3.5x the 2024 Industry Average according to Qualtrics XM Institute. To fully appreciate the value of our model, there are three lenses with which you can view us – from the perspective of 1) the insurance buyer; 2) the agent; and 3) the carrier.

In its own words, from its 10-K, filed Feb 19, 2026.

Goosehead Insurance against its Insurance Agents, Brokers & Service peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +21% against the peers' median +8%. Operating margin: 23.5% against the peers' median 18.6%.

CompanyQuarterRevenueY/YOp. margin
GSHD Goosehead InsuranceQ2 2026$113M+21%23.5%
MRSH Marsh & McLennan CompaniesQ3 2026$6.9B+8%17.7%
AON AonQ3 2026$4.1B+3%19.7%
AJG Arthur J. GallagherQ3 2026$4.0B+18%13.0%
EQH Equitable HoldingsQ3 2026$3.9B+168%35.8%
WTW Willis Towers WatsonQ3 2026$2.5B+8%17.4%
BRO Brown & BrownQ3 FY27$1.7B+7%18.6%
ERIE Erie IndemnityQ3 2026$1.1B+0.3%19.4%
RYAN Ryan Specialty HoldingsQ3 2026$790M+5%17.8%

Source: Goosehead Insurance 10-Q on SEC EDGAR · CIK 1726978 · Insurance Agents, Brokers & Service

13F: who owns GSHD and who is buying

Largest holders of GSHD (13F)Largest holders of GSHD (13F)Vanguard Group$189MBlackRock$177MWasatch Advisors LP$110MKayne Anderson Rudnick Investment…$105MCapital World Investors$98.3MDurable Capital Partners LP$89.1MVanguard Portfolio Management LLC$62.7MVanguard Capital Management LLC$48.6MState Street$44.6MDF Dent$37.6M
Funds' net buying of GSHD by quarter (13F)Funds' net buying of GSHD by quarter (13F)−$74.1M2024-09−$95.2M2024-12−$17.1M2025-03$138M2025-06−$31.5M2025-09−$11.2M2025-12−$23.3M2026-03−$44.1M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on GSHD

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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