MAX earnings analysis
What we found in MAX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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%.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Record Revenue Growth
- Revenue increased by 17.3% to $310 million, up from $264.3 million year-over-year.
- Net Income Turnaround
- The net income was $14 million, a significant improvement from a loss of $2.3 million in Q1 2025.
- Strong Contribution Margin
- Contribution rose 10.6% to $48.7 million, although the contribution margin declined to 15.7%.
- Successful Cost Management
- Adjusted EBITDA increased by 6.8% to $31.4 million, showing effective cost management despite rising operational costs.
- Increased Share Buyback Program
- The board increased the repurchase program by $50 million, reaching up to $100 million.
- High Demand Partner Engagement
- 16 out of the top 20 auto insurance carriers were active partners, indicating strong market engagement.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Regulatory Headwinds
- The company faces increased scrutiny from the FTC regarding telemarketing practices and consent rules, which could affect operations.
- Health Insurance Revenue Decline
- A decrease in revenue from the health insurance vertical due to scaling back on under-65 health initiatives.
- Rising Interest Rate Exposure
- The new 2026 Credit Facilities expose the company to fluctuations in interest rates affecting interest expenses.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.21
- Segment
- P&C insurance
- Segment
- Health insurance
- Segment
- Life insurance
What they said about what is next.
Guidance for Q2 2026 anticipates revenue between $290 million and $310 million, reflecting continued growth in P&C insurance.
The filing reads better than the one before it.
What came before.
- 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.…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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