Short answer
Goosehead Insurance, Inc. (GSHD) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $365M (+16.2% year over year) and net income of $28M.
- Top risk flagged: Regulatory risk: Credit Agreement limits distributions from Goosehead Financial, LLC, restricting dividend payments and cash flow availability
FY2025 key financial metrics · XBRL
- Revenue
- $365M
- +16.2% YoY
- Net income
- $28M
- −8.5% YoY
- Operating margin
- 20.4%
- +0.9 pp YoY
- EPS (diluted)
- $1.04
- −10.3% YoY
- ROE
- -29.1%
- −98.5 pp YoY
- Operating cash flow
- $92M
- +28.3% YoY
Source: XBRL data from the Goosehead Insurance, Inc. (GSHD) FY2025 10-K on SEC EDGAR. USD.
Goosehead Insurance, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Independent insurance agency distributing personal lines via proprietary tech platform and agent-franchise network
- New emphasis: Expanded Digital Agent platform enabling self-quotes and limited binding from 100+ carriers, leveraging 20+ years of data
- Strategic shift: Transitioned top corporate sales agents to franchise ownership, enhancing talent recruitment and expanding franchise network
- Quantitative highlight: Total Written Premium grew 17% to $4.4B in 2025; franchise locations down 9% to 1,009; franchise agent count +1%
- Noteworthy fact: Despite NPS decline from 89 to 77, company remains 3.5x industry average with 85% client retention driving premium retention of 90%
Management Discussion & Analysis
- Revenue $365.3M in 2025, up 16% from $314.5M in 2024
- Operating margin 20.4% ($74.4M income from operations/$365.3M revenue) in 2025 vs 19.4% ($61.1M/$314.5M) in 2024
- Best segment: Franchise revenues $209.2M, up 20% YoY, Renewal Royalty Fees grew 23% to $170.8M
- Worst segment: Interest income fell to $0.7M from $0.9M, Initial Franchise Fees down 15% to $5.6M
- Operating cash flow $91.8M in 2025, up from $71.5M; Financing outflows $88.3M due to $81.7M share repurchases and $205M special dividend
- Management expects liquidity sufficient via cash, working capital, credit for foreseeable needs; extended $100M share repurchase program authorization through 2027
Risk Factors
- Regulatory risk: Credit Agreement limits distributions from Goosehead Financial, LLC, restricting dividend payments and cash flow availability
- Financial risk: Holding company structure depends on Goosehead Financial, LLC distributions, which may be legally or contractually restricted
- Legal risk: Potential securities class action lawsuits due to stock price volatility risk substantial defense costs and management distraction
- Market risk: Stock price volatility may impair liquidity and investor ability to sell Class A shares
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