Goosehead Insurance (NASDAQ: GSHD) is a personal lines insurance distribution company that operates both corporate and franchise sales channels to place clients with carriers across home, auto, and related coverage. Revenue comes from two primary streams: commissions paid directly by carriers on policies sold through corporate agents, and royalty fees collected from franchisees tied to the gross commissions those franchisees earn on new and renewal business. Both streams split into New Business Revenue (lower margin, transactional) and Renewal Revenue (higher margin, recurring), which together form what the company calls Core Revenue. As of the FY2025 10-K filed 2026-02-19, Goosehead works with over 200 carriers and has more than 2,600 licensed agents across its corporate and franchise network. Average commission rates in 2025 were 14% on new business premium and 12% on renewal business premium. The franchise model also generates Cost Recovery Revenue through initial franchise fees and interest income. The Digital Agent platform supports quoting and binding across the U.S.

Revenue model

Commission income from carriers (14% average on new business premium, 12% on renewal business premium, FY2025) through corporate agents; royalty fees from franchisees on carrier commissions earned; initial franchise fees and interest income classified as Cost Recovery Revenue. Renewal Revenue is recurring and higher-margin; New Business Revenue is transactional and lower-margin.

Products and services

Personal lines insurance placement across home, auto, and related coverages; franchise system for independent agents; Digital Agent platform for online quoting and binding; centralized service and renewals processing; agent training and back-office support for franchisees.

Customers and end markets

Individual personal lines insurance buyers (home and auto); franchise owners operating independent insurance agencies; insurance carriers seeking distribution scale. Referral partners in financial services provide client leads.

Value-chain role

Independent insurance distribution intermediary sitting between carriers and end consumers. Acts as a managing general agent structure with a franchise overlay. Centralizes service, renewals, quality control, and technology while franchise and corporate agents handle sales.

Geographic exposure

United States, with the Digital Agent platform available across the U.S. (per FY2025 10-K filed 2026-02-19). No international operations noted in filing excerpts.

Competitors

Captive insurance agents (single-carrier agencies)

Source: SEC 10-K, filed 2026-02-19

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