10-K · February 23, 2026
MediaAlpha reports strong scale in 2025, with Transaction Value of $2.2 billion (up 44.5% YoY) and revenue of $1.1 billion (up 28.8% YoY), driven primarily by increased P&C carrier spend and higher Consumer Referrals.…
Earnings analysis · 10-Q
MAX earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
MediaAlpha reported Q1 2026 results with revenue of $310 million, an increase of 17.3% from the prior year, driven by strong customer acquisition spending, particularly in the P&C insurance vertical. The company…
Read full summary
MediaAlpha reported Q1 2026 results with revenue of $310 million, an increase of 17.3% from the prior year, driven by strong customer acquisition spending, particularly in the P&C insurance vertical. The company incurred a net income of $14 million, shifting from a loss of $2.3 million in Q1 2025, despite a decline in gross margin to 15.7%.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.21
- Segment
- P&C insurance
- Segment
- Health insurance
- Segment
- Life insurance
What stood out
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Record Revenue Growth
Revenue increased by 17.3% to $310 million, up from $264.3 million year-over-year.
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Net Income Turnaround
The net income was $14 million, a significant improvement from a loss of $2.3 million in Q1 2025.
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Strong Contribution Margin
Contribution rose 10.6% to $48.7 million, although the contribution margin declined to 15.7%.
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Successful Cost Management
Adjusted EBITDA increased by 6.8% to $31.4 million, showing effective cost management despite rising operational costs.
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Increased Share Buyback Program
The board increased the repurchase program by $50 million, reaching up to $100 million.
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High Demand Partner Engagement
16 out of the top 20 auto insurance carriers were active partners, indicating strong market engagement.
What to watch
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Regulatory Headwinds
The company faces increased scrutiny from the FTC regarding telemarketing practices and consent rules, which could affect operations.
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Health Insurance Revenue Decline
A decrease in revenue from the health insurance vertical due to scaling back on under-65 health initiatives.
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Rising Interest Rate Exposure
The new 2026 Credit Facilities expose the company to fluctuations in interest rates affecting interest expenses.
Management's outlook
Guidance for Q2 2026 anticipates revenue between $290 million and $310 million, reflecting continued growth in P&C insurance.
Earlier filings 4
10-Q · October 29, 2025
MediaAlpha reported Q3 revenue of $306.514M and GAAP diluted EPS of $0.26 for the three months ended September 30, 2025. Revenue and operating income improved year-over-year, operating cash flow was strong on a…
10-Q · April 30, 2025
MediaAlpha reported revenue of $264.309 million for Q1 2025 (up from $126.649 million in Q1 2024) while GAAP diluted EPS was a loss of $(0.04). Operating income was effectively flat at $0.1 million (operating margin…
10-K · February 24, 2025
MediaAlpha reports a very strong 2024 driven by P&C carrier spending: Transaction Value was $1.5 billion and revenue was $864.7 million, increases of 151.4% and 122.8% vs. 2023 respectively. The company emphasizes…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.