Here are 1-3 brief analogies for Goosehead Insurance (GSHD):

• The RE/MAX for personal lines insurance agencies.
• An H&R Block for your home and auto insurance needs.

• Home & Property Insurance: Offers various policies to protect residential properties and other personal property from risks such as fire, theft, flood, wind, and earthquakes.
• Automotive & Vehicle Insurance: Provides coverage for different types of vehicles, including cars, motorcycles, and recreational vehicles, against damage, theft, and liability.
• Liability Insurance: Offers policies that provide additional financial protection against legal liabilities, including umbrella coverage and general liability for various risks.
• Life Insurance: Provides financial security to beneficiaries upon the death of the insured.

• Homeowners and Property Owners: Individuals seeking insurance for their primary residences, rental properties, and related perils such as flood, wind, and earthquake.
• Vehicle Owners: Individuals requiring insurance coverage for their automobiles, motorcycles, and recreational vehicles.
• Individuals Seeking Broader Personal Risk Management: This category includes customers looking for comprehensive personal protection, such as excess liability (umbrella) coverage and life insurance.

The major suppliers for Goosehead Insurance (GSHD) are the insurance carriers whose policies they sell. Based on their partnerships, some of their major suppliers include:

• The Progressive Corporation (PGR)
• The Allstate Corporation (ALL)
• The Travelers Companies, Inc. (TRV)
• Chubb Limited (CB)
• The Hartford Financial Services Group, Inc. (HIG)
• Mercury General Corporation (MCY)

Mark Miller, President and Chief Executive Officer

Mr. Miller has served as the President and Chief Executive Officer for Goosehead since July 2024, having previously served as Chief Operating Officer since 2022. He joined the board in March 2018. For 15 years prior to Goosehead, he worked for prominent private equity firms, leading large-scale financial and operational transformations. Mr. Miller was the Chief Financial Officer for Pluralsight, Finastra, Marketo, and Active Networks, all of which were Vista Equity Partners portfolio companies at the time. He also held the CFO position at Sabre and L.H.P. Hospital Group and was instrumental in Sabre's initial public offering and subsequent $5 billion privatization transaction.

Mark Jones, Jr., Chief Financial Officer and Chief Operating Officer

Mr. Jones, Jr. joined Goosehead in 2016 as Controller, was promoted to Vice President – Finance in 2020, Chief Financial Officer in 2022, and added Chief Operating Officer to his title in 2025. He oversees the company's financial strategy, day-to-day operations, capital markets, accounting, partnerships, and capital allocation strategy. He played a central role in the company's 2018 initial public offering. Prior to joining Goosehead, Mr. Jones, Jr. worked in Ernst & Young's audit practice, primarily focusing on financial services companies.

Mark E. Jones, Executive Chairman

Mr. Jones is the co-founder of Goosehead Insurance, established in 2003, and served as its Chief Executive Officer from inception until July 2024, when he transitioned to Executive Chairman. Under his leadership, Goosehead grew to become one of the largest and fastest-growing personal lines insurance brokers in the United States. He has also served as CEO of N5B Capital, an alternative asset investment firm, since 2022. Before co-founding Goosehead, he was a Senior Partner and Director at Bain & Company, a global management consulting firm. Earlier in his career, he worked in the audit and mergers-and-acquisitions practice groups for Ernst & Young.

Robyn Jones, Vice Chairman

Ms. Jones is the co-founder of Goosehead Insurance, which she started in 2003 with her husband, Mark Jones. Her motivation stemmed from recognizing a lack of options and personalized service in the insurance market while working in real estate. She envisioned a company that provided clients with more choices and better support. Ms. Jones retired from day-to-day management in 2020, after having led facilities, recruiting, and the Women's Initiative Network, but continues to serve as Vice Chairman and a director.

John O'Connor, General Counsel and Corporate Secretary

Mr. O'Connor serves as the General Counsel and Corporate Secretary for Goosehead Insurance.

Key Risks to Goosehead Insurance (GSHD)

• Dependence on Housing Market and Carrier Relationships

  Goosehead Insurance's business is significantly influenced by the health of the housing market, as a substantial portion of its new accounts originates from referrals related to home closing transactions. Fluctuations in interest rates or slowdowns in housing market activity can directly impede the company's growth and new business generation.

  Furthermore, Goosehead's revenue model is heavily reliant on commission rates established by its partner insurance carriers, which are subject to change. The potential for rising claim costs and stricter underwriting practices from carriers, particularly in regions susceptible to natural catastrophes, could lead to a deceleration in policy growth. The company also faces risks related to the volatility of contingent commissions, which can impact its financial stability.

• Challenges within the Franchise Business Model

  A core component of Goosehead's growth strategy is its franchise channel, which inherently carries risks related to attracting, retaining, and adequately supporting its network of franchisees. Reports indicate concerns about the high failure rate of first-year franchisees and the limited income some franchisees generate, potentially leading to churn within the network. Conflicts with franchisees or an inability to scale support for the expanding franchise system could adversely affect Goosehead's financial performance.

• Competition and Digital Disruption

  Goosehead operates in a highly competitive insurance market, facing challenges from both established insurance brokers and emerging technology-driven entrants. The accelerating pace of digital disruption and the rise of direct-to-consumer insurance models pose a threat to the relevance and profitability of Goosehead's traditional agency and franchise approach. Larger competitors benefit from greater economies of scale, enabling them to exert pricing pressure and allocate more resources to marketing, research and development, and distribution, which could limit Goosehead's ability to maintain its market share.

The increasing sophistication and adoption of direct-to-consumer (D2C) digital platforms by insurance carriers and insurtech companies, which streamline the process of comparing and purchasing insurance without the need for an intermediary agent.

The growth of "embedded insurance," where insurance products are integrated directly into the purchase process of an unrelated primary product or service (e.g., auto insurance offered with a car purchase, homeowner's insurance bundled with a mortgage), thereby bypassing traditional independent agents.

Goosehead Insurance (GSHD) anticipates future revenue growth over the next 2-3 years to be driven by several key factors:

• Accelerated Investments in Technology and AI: The company is making significant investments in its Digital Agent 2.0 platform, AI-driven initiatives, and scaling enterprise partnerships. These technological advancements are expected to drive operational improvements, enhance scalability, and contribute to incremental long-term growth, with management viewing this as potentially the single largest growth driver in the company's history.
• Enhanced Client Retention and New Business Production: Goosehead has demonstrated consistent improvement in client retention rates, rising to 85%. This, combined with growth in new business production from both its corporate and franchise sales networks, is expected to lead to a continued acceleration in policies in force.
• Increased Productivity within the Franchise Channel: While the company is focusing on strategic franchise network consolidation to emphasize higher-performing agencies, the overall goal is to enhance productivity. Improvements in productivity per agency and an increase in producers per franchise are considered powerful levers for accelerating growth.
• Geographic Diversification: Goosehead has a stated strategy to diversify its premium mix by expanding beyond its historical concentration in Texas, which accounted for a notable portion of its 2025 premiums. This expansion into new markets aims to broaden its operational footprint and revenue sources.
• Favorable Premium Rate Environment: Rising premium rates in the insurance market have been identified as a contributor to core revenue growth. This trend allows for higher commission revenue on existing and new policies.

Share Repurchases

• Goosehead Insurance authorized a new $100 million share repurchase program through May 1, 2026.
• The company repurchased and retired 685,000 Class A shares for $58.7 million in Q3 2025.
• In February 2026, the share repurchase authorization was expanded by an additional $180 million, bringing the total to $280 million through May 1, 2027.

Share Issuance

• As of February 14, 2025, there were 24,709,559 Class A common shares and 12,593,687 Class B common shares outstanding.

Capital Expenditures

• Goosehead invested $10.9 million in its multi-year "digital agent" technology platform in 2025.
• Management anticipates investing $25 million to $35 million annually in the digital agent platform during both 2026 and 2027, with approximately 70% of these investments expected to be capitalized.
• Strategic investments, which include the digital agent platform, were $2.9 million in Q4 2025, with forecasts of $25 million to $35 million for total strategic investments in 2026.