GSHD Filings — Goosehead Insurance, Inc. - FilingSpy
GSHD
Goosehead Insurance, Inc.
An independent insurance agency that sells home and auto policies through its own offices and a nationwide franchise network, its Digital Agent platform letting clients compare quotes from over a hundred carriers in minutes. It was founded in 2003 by Robyn Jones, frustrated trying to insure real-estate properties she was buying, and her husband Mark, a former Bain consultant. The name nods to the goose, symbolizing the freedom to choose.
Contingent commissions more than tripled to $15.7M, driving a 21% revenue increase even as core growth slowed.
A increase in reshaped the quarter. rose 21% to $113.4M and more than doubled to $15.0M, but the gain was concentrated in unpredictable carrier payouts while growth decelerated to 10%. The company spent another $53.8M on buybacks, pushing the shareholders' deficit past $200M.
Key takeaways
rose to $15.7M from $4.5M a year ago, which management attributed to new agreements and favorable loss ratios, making it the largest single driver of the 21% increase in total to $113.4M.
grew 10% to $95.6M, a slower pace than the 18% growth reported in the same quarter last year, as Renewal Commissions fell 9% to $21.0M after the prior-year period included a $3.0M benefit from releasing a constraint.
more than doubled to $15.0M from $6.6M, and widened 7.4 points to 16.1%, as the high-margin flowed through while employee compensation costs rose only 5%.
Section summaries
Management's Discussion and Analysis
Total revenue rose 21% to $113.4M in Q2 2026, driven by a surge in contingent commissions and growth in core renewal and new business fees.
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Total increased 21% to $113.4M, with Core Revenue up 10% to $95.6M, primarily from higher policies in force and new agent productivity.
surged to $15.7M from $4.5M due to new agreements and favorable , making it the largest single driver of the increase.
The company repurchased $53.8M of Class A common stock and drew $26.0M on its , contributing to a shareholders' deficit of $204.2M and a 25% decline in cash and equivalents to $25.7M from the prior quarter.
General and administrative expenses rose 15% to $27.6M, which included $3.1M in contract termination costs, while rose 30% to $37.9M with the margin expanding to 33%.
fell 13% to $38.8M from $44.4M a year ago, though rose 4.7% sequentially to $21.2M as remained low.
What changed
The $4.7M asset charge flagged in Q2 2025 did not recur, removing a drag on that had contributed to a 24% decline in that period.
The 6% corporate-sourced Total Written Premium growth rate flagged in prior quarters has not accelerated; the filing did not update the metric, but growth decelerated to 10% from 18% a year ago, suggesting the expanded corporate agent force has yet to meaningfully lift the .
The $6.2M increase in from releasing constrained variable consideration in Q1 2026 was followed by an even larger $11.2M increase this quarter, indicating the stream has moved beyond a one-time recognition to a higher run rate driven by new agreements.
The $26.0M draw first noted in Q1 2026 was not repaid; instead, the company drew an additional amount and spent $53.8M on buybacks, deepening the pattern of using debt to fund share repurchases while the shareholders' deficit widened to $204.2M.
The 37% increase in general and administrative expenses flagged in Q1 2026 moderated to 15% growth this quarter, though $3.1M of the increase was tied to contract termination costs rather than the AI and professional services spending cited last quarter.
What to watch
Whether the $15.7M in represents a sustainable run rate under the new agreements, or whether this stream remains vulnerable to shifts in carrier loss ratios as seen in prior years.
Whether growth, which decelerated to 10% from 18% a year ago, stabilizes or continues to slow, and what that signals for the trajectory of the higher-margin Renewal Royalty Fees.
Whether the $53.8M in share repurchases this quarter continues at a pace that further widens the shareholders' deficit and increases under the $300M term loan.
The trajectory of the balance and whether the company uses to reduce it or continues to draw for share repurchases.
Renewal Royalty Fees grew 16% to $52.5M, while Renewal Commissions fell 9% to $21.0M, as prior-year results included a $3.0M benefit from releasing a constraint.
rose 30% to $37.9M, with margin expanding to 33%, as growth outpaced a 15% rise in general and administrative expenses, which included $3.1M in contract termination costs.
decreased to $38.8M from $44.4M, while $53.8M in share repurchases and a $26.0M draw on the drove a net cash use in financing activities of $35.0M.
Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to our exposure to market risks as described in "Item 7A. Quantitative and qualitative disclosure of market risks" in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
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There have been no material changes to our exposure to market risks as described in "Item 7A. Quantitative and qualitative disclosure of market risks" in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
The information required by this Item is incorporated by reference to "Part I, Item I, Note 15. Litigation" in the condensed consolidated financial statements included herein.
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The information required by this Item is incorporated by reference to "Part I, Item I, Note 15. Litigation" in the condensed consolidated financial statements included herein.
There have been no material changes to the risk factors disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
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There have been no material changes to the risk factors disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.