UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38466 GOOSEHEAD INSURANCE, INC. (Exact name of registrant as specified in its charter) Delaware 82-3886022 (State or other jurisdiction of incorpor ...

Core Insights - Goosehead Insurance, Inc. reported total revenues of $105.3 million in Q4 2025, a 12% increase year-over-year [1] - Core revenue reached $78.2 million in Q4 2025, reflecting a 15% increase from $68 million in Q4 2024, driven by strong client retention of 85%, rising premium rates, and increased agent productivity [2] - Total written premiums were $1.1 billion, marking a 13% year-over-year growth [3] Financial Performance - Net income for Q4 2025 decreased by 12.6% to $20.8 million from $23.8 million [2] - Total operating expenses rose to $74.4 million, a 12.6% increase from $66.1 million, with adjusted operating expenses increasing 17% to $66 million [3] - Earnings per share for Q4 2025 was $0.50, with a net income margin of 20% [4] Annual Overview - For the full year 2025, total revenue increased by 16% and core revenue also grew by 16% compared to 2024 [5] - Net income for the year declined by 9.4% to $44.5 million from $49.1 million, while adjusted EBITDA rose by 14% to $113.6 million [5] Strategic Developments - The company launched its Digital Agent 2.0 platform in Texas, enhancing the digital buying experience for insurance [5] - Goosehead emphasized the importance of deep relationships with carriers and complex integrations to support its digital binding capabilities [6] - The deployment of AI in service operations aims to enhance client experience and improve cost efficiency [6]

Core Insights - Goosehead Insurance (GSHD) reported revenue of $105.26 million for the quarter ended December 2025, reflecting a 12.1% increase year-over-year and a surprise of +9.1% over the Zacks Consensus Estimate of $96.48 million [1] - The earnings per share (EPS) for the quarter was $0.64, down from $0.79 in the same quarter last year, with an EPS surprise of +18.89% compared to the consensus estimate of $0.54 [1] Revenue Breakdown - Total Core Revenue was $78.15 million, slightly above the estimated $78.08 million, representing a year-over-year increase of +15% [4] - Ancillary Revenue from Contingent Commissions reached $24.87 million, exceeding the average estimate of $16.58 million, with a year-over-year change of +3.5% [4] - Total Cost Recovery Revenue was reported at $1.77 million, above the estimated $1.72 million, marking a +14.7% increase year-over-year [4] - Total Ancillary Revenue amounted to $25.34 million, surpassing the average estimate of $16.93 million, with a year-over-year change of +3.8% [4] Key Metrics Performance - Core Revenue from Agency Fees was $2.54 million, exceeding the average estimate of $2.25 million, reflecting a +21.6% year-over-year change [4] - Ancillary Revenue from Other Franchise Revenues was $0.48 million, slightly above the estimated $0.47 million, with a +21.7% change year-over-year [4] - Initial Franchise Fees under Cost Recovery Revenue were $1.63 million, above the estimated $1.45 million, representing a +22% increase year-over-year [4] - Interest Income under Cost Recovery Revenue was $0.14 million, below the estimated $0.18 million, showing a -32.4% change year-over-year [4] - New Business Royalty Fees were reported at $7.13 million, below the estimated $7.76 million, with a +6% year-over-year change [4] - New Business Commissions reached $7.15 million, exceeding the average estimate of $6.87 million, reflecting a +19.1% year-over-year change [4] - Renewal Royalty Fees were $42.46 million, slightly above the estimated $42.1 million, with a +21.3% year-over-year change [4] - Renewal Commissions were reported at $18.88 million, below the average estimate of $19.13 million, showing a +3.9% year-over-year change [4] Stock Performance - Goosehead's shares have returned -32% over the past month, compared to a -1.4% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Viewpoint - Goosehead Insurance (GSHD) reported quarterly earnings of $0.64 per share, exceeding the Zacks Consensus Estimate of $0.54 per share, but down from $0.79 per share a year ago, indicating an earnings surprise of +18.89% [1] Financial Performance - The company achieved revenues of $105.26 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 9.10% and up from $93.92 million year-over-year [2] - Over the last four quarters, Goosehead has exceeded consensus EPS estimates two times and topped revenue estimates twice [2] Stock Performance - Goosehead shares have declined approximately 33.9% since the beginning of the year, contrasting with the S&P 500's slight decline of 0.1% [3] - The current Zacks Rank for Goosehead is 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The consensus EPS estimate for the upcoming quarter is $0.24 on revenues of $90.24 million, while the estimate for the current fiscal year is $2.13 on revenues of $423.28 million [7] - The trend of earnings estimate revisions for Goosehead was mixed prior to the earnings release, which may influence future stock movements [5][6] Industry Context - The Insurance - Multi line industry, to which Goosehead belongs, is currently ranked in the bottom 38% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $105.3 million, up 12% year-over-year, and $365.3 million for the full year, growing 16% [30] - Adjusted EBITDA for Q4 grew 5% to $39.2 million, with a full year adjusted EBITDA of $113.6 million, growing 14% and producing an adjusted EBITDA margin of 31% [33] - Total written premiums for Q4 were $1.1 billion, growing 13% year-over-year, and $4.4 billion for the full year, up 17% over 2024 [32] Business Line Data and Key Metrics Changes - Core revenues for Q4 grew 15% to $78.2 million, and for the full year, they grew 16% to $317.9 million due to improved client retention and new business production [30] - Policies in force grew 14% to 1.9 million, accelerating from a 13% growth rate in Q3 2025 [33] - Gross payments per franchise increased by 29% year-over-year, indicating improved cash flow for franchise owners [11] Market Data and Key Metrics Changes - The company is transitioning out of a hard market where carriers raised rates and tightened underwriting, leading to improved underwriting profitability and a healthier product market [9] - The corporate agents outside of Texas increased from 30% in 2022 to 52% in 2025, indicating geographic expansion [13] Company Strategy and Development Direction - The company aims to accelerate growth within existing agencies, expand corporate sales, and invest in technology, particularly AI applications [18] - Goosehead is focused on maintaining a long-term mindset and prioritizing quality over quantity in its franchise network, which has led to increased productivity and healthier economics [22] - The Digital Agent 2.0 platform is a key strategic initiative, providing an end-to-end choice buying experience and enhancing client interactions [15][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for 2026, expecting low double-digit core revenue growth in the first half and acceleration in the second half as market conditions improve [31] - The company acknowledges the potential impact of regulatory changes on the insurance pricing environment but remains optimistic about its ability to adapt [42][44] - Management believes that AI will enhance agent productivity rather than disintermediate them, as the complexity of home insurance requires human interaction [48][50] Other Important Information - The company repurchased and retired 323,000 shares of Class A stock in Q4, totaling $22.5 million, with an additional $180 million share repurchase authorization announced [35][36] - Cash flow from operations for the year was $91.8 million, up 28% from the prior year, indicating strong cash generation capabilities [34] Q&A Session Summary Question: Guidance for next year regarding home closing transactions and insurance pricing environment - Management noted that housing construction has not been a significant headwind and that they do not expect improvements in housing to impact guidance for 2026 [40] - Pricing dynamics are expected to vary, with the bottom end of guidance assuming generally down pricing and the top end including moderate increases [41] Question: Impact of regulatory changes on business model - Management expressed uncertainty about the likelihood of profitability caps but noted that the Excess and Surplus Lines market may be more durable in such scenarios [44] Question: Use of AI and disintermediation of agents - Management believes that the complexity of home insurance will prevent disintermediation, as clients still prefer human guidance [48][50] Question: Digital Agent 2.0 platform and customer retention - Initial results indicate that the platform improves client retention by allowing existing clients to purchase additional policies [53] Question: Investment spending in 2026 - Management expects total cash investment spending in 2026 to be between $25 million and $35 million, with a portion impacting the P&L [65] Question: Producer trends and franchise consolidation - Management anticipates continued demand for new hires and expects producer counts to increase as consolidation occurs [77][79]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $105.3 million, up 12% year-over-year, and $365.3 million for the full year, growing 16% [37] - Adjusted EBITDA for Q4 grew 5% to $39.2 million, and for the full year, it was $113.6 million, growing 14% with an adjusted EBITDA margin of 31% [41] - Cash flow from operations for the year was $91.8 million, up 28% from the prior year [42] Business Line Data and Key Metrics Changes - Core revenues for Q4 grew 15% to $78.2 million, and for the full year, it grew 16% to $317.9 million due to improved client retention and new business production [37] - Policies in force grew 14% to 1.9 million, accelerating from a 13% growth rate in Q3 2025 [41] - Gross payments per franchise increased by 29% year-over-year, indicating stronger cash flow for franchise owners [13] Market Data and Key Metrics Changes - Total written premiums for Q4 were $1.1 billion, growing 13% year-over-year, and for the full year, it was $4.4 billion, up 17% [40] - Contingent commissions for the full year represented 86 basis points of total written premiums, outperforming expectations [39] Company Strategy and Development Direction - The company aims to accelerate growth within existing agencies, expand corporate sales, and scale enterprise and partnership channels while investing in technology [22] - Goosehead is focused on maintaining a long-term mindset and prioritizing quality over quantity in its franchise network [26] - The company is investing heavily in technology, particularly in AI applications, to enhance efficiency and client experience [17][20] Management's Comments on Operating Environment and Future Outlook - Management believes the insurance market is transitioning from a hard market to a healthier environment, which is beneficial for Goosehead [11] - The company expects low double-digit core revenue growth for the first half of 2026, with acceleration anticipated in the second half as pricing dynamics stabilize [38] - Management is confident in the company's position and the potential for long-term growth driven by technology and strategic partnerships [23] Other Important Information - The company has authorized an additional $180 million for share repurchases, reflecting confidence in its valuation [43] - Goosehead has launched a mobile app and an AI-powered virtual assistant, enhancing client interactions and reducing agent involvement [21] Q&A Session Summary Question: How is the company thinking about home closing transactions and the insurance pricing environment for next year? - Management noted that housing construction has not been a significant headwind and that they are not counting on improvements in housing for guidance in 2026 [47] - Pricing guidance ranges from generally down to moderate increases in homeowners pricing [48] Question: How would regulatory changes like profitability caps impact the business model? - Management expressed uncertainty about the likelihood of such changes but noted that nimble markets may be more durable [50] Question: Why does the company believe agents will not be disintermediated through AI? - Management highlighted the complexity of home insurance and the continued demand for human guidance in the process [55] Question: How is the Digital Agent platform expected to impact customer retention? - Management indicated that existing clients purchasing additional policies through the platform could improve retention by rounding out their total account [60] Question: What is the expected investment spending for 2026? - Management expects total cash investment spending to be between $25 million and $35 million, with a portion impacting the P&L [71] Question: How is the health of the agency community and productivity in the franchise channel? - Management reported strong same-store sales growth of 19% in Q4 and noted that the franchise community is healthier than in the past [75]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $105.3 million, up 12% year-over-year, and $365.3 million for the full year, growing 16% [28] - Adjusted EBITDA for Q4 grew 5% to $39.2 million, with a full year adjusted EBITDA of $113.6 million, growing 14% and producing an adjusted EBITDA margin of 31% [31] - Total written premiums for Q4 were $1.1 billion, growing 13% year-over-year, and $4.4 billion for the full year, up 17% over 2024 [30] Business Line Data and Key Metrics Changes - Core revenues for Q4 grew 15% to $78.2 million, and for the full year, they grew 16% to $317.9 million due to improved client retention and new business production [28] - Policies in force grew 14% to 1.9 million, accelerating from a 13% growth rate in Q3 2025 [31] - Gross payments per franchise increased by 29% year-over-year, indicating improved cash flow for franchise owners [9] Market Data and Key Metrics Changes - The company is transitioning from a hard market to a healthier product market, which is expected to enhance growth opportunities [7] - The corporate agents outside of Texas increased from 30% in 2022 to 52% in 2025, indicating geographic expansion [11] - The enterprise sales and partnership network almost doubled new business production in 2025, addressing millions of mortgages serviced across the country [11] Company Strategy and Development Direction - The company aims to accelerate growth within existing agencies, expand corporate sales, and invest in technology, particularly AI applications [16] - Goosehead is focused on maintaining a long-term mindset and prioritizing quality over quantity in its franchise network [19] - The Digital Agent 2.0 platform is a key strategic initiative, providing an end-to-end choice buying experience and enhancing client interactions [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for 2026, anticipating low double-digit core revenue growth in the first half and acceleration in the second half [29] - The company acknowledges the evolving nature of insurance distribution due to technology advancements but remains committed to its core business model [12] - Management highlighted the importance of client retention and the positive impact of technology on service efficiency [26] Other Important Information - The company repurchased and retired 323,000 shares of Class A stock in Q4, representing $22.5 million, with an additional $180 million share repurchase authorization approved [33] - Cash flow from operations for the year was $91.8 million, up 28% from the prior year [32] - The company is investing heavily in technology to enhance its competitive advantage and improve client experience [12] Q&A Session Summary Question: How is the company thinking about home closing transactions and the insurance pricing environment for next year? - Management noted that housing construction has not been a significant headwind and that they are not counting on improvements in housing for guidance in 2026 [37] - Pricing dynamics are expected to vary, with the bottom end of guidance including generally down pricing and the top end reflecting moderate increases [38] Question: How would regulatory changes like profitability caps impact the business model? - Management indicated that such changes could affect carrier appetite and commission economics, but the impact remains uncertain [40] Question: Why does the company believe agents will not be disintermediated through AI? - Management emphasized the complexity of home insurance sales and the continued demand for human guidance, suggesting that AI will enhance agent productivity rather than replace them [44][46] Question: How is the Digital Agent 2.0 platform performing in terms of customer retention? - Initial results show that existing clients are using the platform to purchase additional policies, which is expected to improve client retention [49] Question: What is the company's outlook on buybacks given the current stock valuation? - Management expressed a strong appetite for buybacks, citing the undervaluation of the stock and the strong cash flow generation capabilities [58]

GOOSEHEAD INSURANCE, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS – Total Revenue Increased 16% and Core Revenue* Grew 16% over the prior year – – 2025 Net Income of $44.5 million versus $49.1 million in 2024 – – Adjusted EBITDA* in 2025 up 14% to $113.6 million – – Repurchased $81.7 million of shares for the year at an average price of $80.60 – – Share Repurchase Authorization expanded by $180.0 million through May 1, 2027 – – Louis Goldberg elected to Board of Directors – WESTLAKE, TEXAS – Feb ...

Core Financial Performance - Total revenue for 2025 increased by 16% compared to the previous year, reaching $365.3 million [1][5] - Core revenue, which excludes certain non-GAAP items, also grew by 16% to $317.9 million [1][5] - Adjusted EBITDA for 2025 rose by 14% to $113.6 million, with an adjusted EBITDA margin of 31% [1][6][35] Fourth Quarter Highlights - In Q4 2025, total revenues were $105.3 million, a 12% increase from Q4 2024 [5][6] - Core revenues for Q4 were $78.2 million, reflecting a 15% growth year-over-year [5][6] - Net income for Q4 was $20.8 million, down from $23.8 million in the prior year, resulting in a net income margin of 20% [6][8] Share Repurchase and Capital Management - The company repurchased $81.7 million of shares at an average price of $80.60 during the year [1] - The share repurchase authorization was expanded by $180 million, extending through May 1, 2027 [1][11] Strategic Developments - The company launched its Digital Agent 2.0 platform in Texas, enhancing its digital insurance buying experience [4] - AI technologies were deployed to improve service efficiency and client experience [4] Board of Directors Update - Louis Goldberg was elected to the Board of Directors, bringing over 28 years of experience in corporate governance [12][14] - Thomas McConnon will step down from the Board effective February 18, 2026 [17] 2026 Outlook - The company expects total revenues to grow organically between 10% and 19% and total written premiums to increase between 12% and 20% [15]

Company Overview - Goosehead Insurance (GSHD) shares increased by 5.8% to close at $52.35, following a notable trading volume, despite a 30.5% loss over the past four weeks [1] - The company has formed a strategic franchise partnership with Planet Insurance to enhance customer experience in insurance [1] Management Strategy - The management is focused on expanding existing agencies, placing new franchise owners in optimal locations, and enhancing corporate support for agency growth [2] - Investments are being made in service talent and technology to deliver an industry-leading client experience [2] Earnings Expectations - Goosehead is projected to report quarterly earnings of $0.54 per share, reflecting a year-over-year decline of 31.7%, with revenues expected to reach $96.48 million, a 2.7% increase from the previous year [3] - The consensus EPS estimate has remained unchanged over the last 30 days, indicating that stock price movements may be limited without earnings estimate revisions [4] Industry Context - Goosehead operates within the Zacks Insurance - Multi line industry, where another company, Fidelity National Financial (FNF), has a consensus EPS estimate of $1.51, showing a year-over-year increase of 17.1% [4][5] - Fidelity National Financial currently holds a Zacks Rank of 4 (Sell), contrasting with Goosehead's Zacks Rank of 3 (Hold) [4][5]