Goosehead Insurance (GSHD) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 23% year-over-year to $93.1 million, with core revenue up 15% to $79.5 million and net income rising to $8.0 million, representing 9% of total revenues.

• Adjusted EBITDA increased 57% to $24.4 million, with a margin of 26%.

• Policies in force reached 1,973,000, up 14% year-over-year, and total written premiums increased 13% to $1.1 billion.

• Significant investments in digital and AI platforms enhanced operational efficiency and client experience.

• Corporate sales headcount grew 13% to 482, and total franchise agents increased 3% to 2,150.

Financial highlights

• Total revenue grew 23% year-over-year to $93.1 million; core revenue up 15% to $79.5 million.

• Adjusted EBITDA reached $24.4 million, up 57% year-over-year, with a margin of 26%.

• Net income was $8.0 million, with EPS at $0.20 and adjusted EPS at $0.37.

• Ancillary revenues, mainly contingent commissions, rose 141% to $11.9 million.

• Operating expenses increased 13% to $78.1 million, mainly due to tech and professional services investments.

Outlook and guidance

• Full-year 2026 guidance reiterated: total revenue growth of 10–19% and written premium growth of 12–20%.

• Core revenue growth in Q2 expected to be similar to Q1, adjusting for a $4 million prior-year item.

• Acceleration in policies in force and core revenue anticipated in H2 2026 as retention and new business improve.

• Management expects continued growth in core revenue streams, supported by increased agent productivity and retention.

• Cautions that carrier capacity and natural disasters could impact new business revenue growth.