Goosehead Insurance (GSHD) Q4 2025 earnings summary

Executive summary

• Total revenue grew 16% year-over-year to $365.3 million in 2025, with adjusted EBITDA up 14% to $113.6 million and a 31% margin.

• Net income for 2025 was $44.5 million, down from $49.1 million in 2024.

• Client retention improved sequentially, ending the year with upward momentum; policies in force grew 14% to 1.9 million.

• Technology investments, including Digital Agent 2.0 and AI-powered tools, are driving efficiency and client experience.

• Louis Goldberg was elected to the Board of Directors, bringing significant governance experience.

Financial highlights

• Q4 2025 revenue was $105.3 million, up 12% year-over-year; full-year revenue reached $365.3 million, up 16%.

• Core revenues for Q4 grew 15% to $78.2 million; full-year core revenues up 16% to $317.9 million.

• Adjusted EBITDA for Q4 was $39.2 million (+5%); full-year adjusted EBITDA was $113.6 million (+14%), with a 31% margin.

• Net income margin for Q4 was 20%, compared to 25% in the prior year.

• Total written premiums for Q4 were $1.1 billion (+13%); full-year premiums were $4.4 billion (+17%).

Outlook and guidance

• 2026 guidance: organic revenue growth of 10–19%, written premiums growth of 12–20%.

• Expect low double-digit core revenue growth in H1 2026, with acceleration in H2 as partnerships and technology investments scale.

• Margins expected to be modestly down in 2026 due to increased investment in AI and digital platforms.

• Contingent commissions expected between 60–85 basis points of total written premium in 2026.